UDR (UDR) 10-K 18 Feb 21 2020 FY Annual report Financial data

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, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Title of 12(b) Security	Common Stock, $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. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 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 “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2020 and 2019, there were 184.8 million and 184.1 million units, respectively, in the Operating Partnership (“OP Units”) 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 (“DownREIT Units”) 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 (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ 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. ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ 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 Instruments—Credit Losses, ​ 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 Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair 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 Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property. ​ Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities. 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 19,685 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 158,685 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (693) ​ ​ — Total notes receivable, net ​ $ 157,992 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. 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 seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy 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 “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 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 investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(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, UDR’s 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 (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost 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 stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement

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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 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: ​ ​ Land and land improvements ​ 73,702 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 174,175 ​ 40,551 Real estate held for disposition: ​ ​ Land and land improvements ​ 15,184 ​ — Building, improvements, and furniture, fixtures and equipment ​ 101,471 ​ — Real estate owned ​ 13,071,472 ​ 12,602,101 Accumulated depreciation (a) ​ (4,605,366) ​ (4,131,353) Real estate owned, net ​ $ 8,466,106 ​ $ 8,470,748 (a) Accumulated depreciation is inclusive of $5.8 million of accumulated amortization related to real estate intangible assets. ​ 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 ​ In August 2020, the Company acquired a to-be-developed parcel of land located in King of Prussia, Pennsylvania for approximately $16.2 million. ​ 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. ​ 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. ​ 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. ​ In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 million. In connection with the acquisition, the Company repaid approximately $59.8 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as an equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 million. In connection with the acquisition, the Company repaid approximately $26.0 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.1 million. In February 2019, the Company acquired a to-be-developed parcel of land located in Denver, Colorado for approximately $13.7 million. In February 2019, the Company acquired a 188 apartment home operating community located in Brooklyn, New York for approximately $132.1 million. The Company increased its real estate assets owned by approximately $97.5 million and recorded approximately $33.6 million of real estate intangibles and approximately $1.0 million of in-place lease intangibles. In February 2019, the Company acquired a 381 apartment home operating community located in St. Petersburg, Florida for approximately $98.3 million . ​ In April 2019, the Company acquired a 498 apartment home operating community located in Towson, Maryland for approximately $86.4 million. ​ In May 2019, the Company acquired a 313 apartment home operating community located in King of Prussia, Pennsylvania for approximately $107.3 million. The Company increased its real estate assets owned by approximately $106.4 million and recorded approximately $0.9 million of in-place lease intangibles. ​ In May 2019, the Company acquired a 240 apartment home operating community located in St. Petersburg, Florida for approximately $49.4 million. The Company increased its real estate assets owned by approximately $48.2 million and recorded approximately $1.2 million of in-place lease intangibles. ​ In June 2019, the Company acquired a 200 apartment home operating community located in Waltham, Massachusetts for approximately $84.6 million. The Company increased its real estate assets owned by approximately $82.6 million and recorded approximately $2.0 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 914 apartment home operating community located in Norwood, Massachusetts for approximately $270.2 million. The Company increased its real estate assets owned by approximately $260.1 million and recorded approximately $10.1 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 185 apartment home operating community located in Englewood, New Jersey for approximately $83.6 million. The Company increased its real estate assets owned by approximately $77.5 million and recorded approximately $4.6 million of real estate intangibles and approximately $1.5 million of in-place lease intangibles. ​ In August 2019, the Company purchased a 292 apartment home operating community in Washington, D.C., directly from the UDR/KFH joint venture, thereby increasing its ownership interest from 30% to 100%, for a purchase price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition (see Note 5, Joint Ventures and Partnerships ​ In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDR’s share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDR’s share, to MetLife, and recognized a net gain on sale of $114.9 million at our share. The Company paid $109.2 million directly to MetLife to complete the transaction. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships million. The Company recorded the debt at its fair value in Secured debt net ​ The following table summarizes the 10 communities, one development community and four land parcels acquired from the UDR/MetLife II and the UDR/MetLife Vitruvian Park ® ​ ​ ​ ​ ​ Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park ® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park ® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed. 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. ​ 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. ​ 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. ​ 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 ​ 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 ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter Real estate intangible assets, net (a) ​ $ 34,782 ​ $ 2,840 ​ $ 2,740 ​ $ 2,643 ​ $ 2,525 ​ $ 2,436 ​ $ 21,598 In-place lease intangible assets, net (b) ​ ​ 2,631 ​ ​ 553 ​ ​ 518 ​ ​ 403 ​ ​ 375 ​ ​ 318 ​ ​ 464 Total ​ $ 37,413 ​ $ 3,393 ​ $ 3,258 ​ $ 3,046 ​ $ 2,900 ​ $ 2,754 ​ $ 22,062 ​ ​ ​ (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. ​ (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 Company’s role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership. See the consolidated financial statements of the Operating Partnership presented within this Report and Note 4, Unconsolidated Entities

JOINT VENTURES AND PARTNERSHIPS

JOINT VENTURES AND PARTNERSHIPS	12 Months Ended
	Dec. 31, 2020
JOINT VENTURES AND PARTNERSHIPS
JOINT VENTURES AND PARTNERSHIPS	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to own, operate, acquire, renovate, develop, redevelop, dispose of, and manage real estate assets that are either consolidated and included in Real estate owned Investment in and advances to unconsolidated joint ventures, net UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are typically limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the communities held by the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Income/(loss) from investments ​ Location of December 31, December 31, December 31, December 31, ​ December 31, ​ December 31, ​ Year Ended December 31, Joint Venture Properties 2020 2020 2020 2019 ​ 2020 ​ 2019 ​ 2020 2019 2018 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 26,426 ​ $ 28,812 ​ 50.0 % ​ 50.0 % ​ $ (2,639) ​ $ (2,108) ​ $ (2,750) UDR/MetLife II Various 7 1,250 ​ 151,353 ​ 150,893 ​ 50.0 % ​ 50.0 % ​ ​ (1,044) ​ ​ 117,574 ​ ​ 2,954 Other UDR/MetLife Joint Ventures (h) Various 5 1,437 ​ 82,072 ​ 98,441 ​ 50.6 % ​ 50.6 % ​ ​ (10,444) ​ ​ (6,349) ​ ​ (7,639) West Coast Development Joint Ventures (c) ​ Los Angeles, CA ​ 1 ​ 293 ​ ​ 30,080 ​ ​ 34,907 ​ 47.0 % ​ 47.0 % ​ ​ (325) ​ ​ (993) ​ ​ (237) Sold Joint Ventures ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ — % ​ — % ​ ​ — ​ ​ 6,123 ​ ​ (7,694) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 289,931 ​ $ 313,053 ​ ​ ​ ​ $ (14,452) ​ $ 114,247 ​ $ (15,366) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Other Investments (a) Location Rate Maturity ​ Commitment (b) 2020 2019 2020 2019 2018 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ — ​ $ 17,064 ​ $ (46) ​ $ (447) ​ $ 865 1532 Harrison ​ San Francisco, CA ​ 11.0 % 1.5 ​ ​ 24,645 ​ ​ 34,135 ​ ​ 30,585 ​ ​ 3,519 ​ ​ 3,147 ​ ​ 2,228 1200 Broadway (d) ​ Nashville, TN ​ 8.0 % 1.7 ​ ​ 55,558 ​ ​ 69,330 ​ ​ 63,958 ​ ​ 5,309 ​ ​ 4,888 ​ ​ 2,970 Junction ​ Santa Monica, CA ​ 12.0 % 1.6 ​ ​ 8,800 ​ ​ 11,699 ​ ​ 10,379 ​ ​ 1,321 ​ ​ 1,169 ​ ​ 406 1300 Fairmount (d) ​ Philadelphia, PA ​ Variable ​ 2.6 ​ ​ 51,393 ​ ​ 59,544 ​ ​ 51,215 ​ ​ 4,843 ​ ​ 3,098 ​ ​ 159 Essex ​ Orlando, FL ​ 12.5 % 2.6 ​ ​ 12,886 ​ ​ 16,770 ​ ​ 14,804 ​ ​ 1,965 ​ ​ 1,639 ​ ​ 258 Modera Lake Merritt (d) ​ Oakland, CA ​ 9.0 % 3.2 ​ ​ 27,250 ​ ​ 30,928 ​ ​ 22,653 ​ ​ 2,592 ​ ​ 1,067 ​ ​ — Thousand Oaks (e) ​ Thousand Oaks, CA ​ 9.0 % 4.1 ​ ​ 20,059 ​ ​ 17,919 ​ ​ — ​ ​ 763 ​ ​ — ​ ​ — Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 4.5 ​ ​ 40,000 ​ ​ 42,360 ​ ​ — ​ ​ 2,348 ​ ​ — ​ ​ — Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals (g) ​ Washington, D.C. ​ 11.0 % N/A ​ ​ — ​ ​ — ​ ​ 48,181 ​ ​ 5,745 ​ ​ 5,012 ​ ​ 3,692 Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 34,500 ​ ​ 22,870 ​ ​ 13,598 ​ ​ 4,937 ​ ​ 4,053 ​ ​ (267) Total Preferred Equity Investments and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 305,555 ​ ​ 272,437 ​ ​ 33,296 ​ ​ 23,626 ​ ​ 10,311 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program Investments, net (h) ​ ​ ​ ​ $ 595,486 ​ $ 585,490 ​ $ 18,844 ​ $ 137,873 ​ $ (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 UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In January 2020, the Company increased its ownership interest from 49% to 100% in 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 Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (e) In February 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 142 apartment home community in Thousand Oaks, CA. The Company’s preferred equity investment of up to $20.1 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and, therefore, accounts for it under the equity method of accounting. (f) In July 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 534 apartment home community in Queens, New York. The Company’s preferred equity investment of $40.0 million earns a preferred return of 13.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (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 Company’s 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 Company’s 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 ​ 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 ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 132,203 ​ $ 16,189 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 54,276 ​ 8,232 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ 14,243 ​ 4,462 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ — ​ 204 ​ — ​ 63 ​ 267 ​ 35 ​ 302 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,141 ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ (22,752) ​ $ 37,517 ​ $ 14,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 114,192 ​ $ 650,593 ​ $ 589,822 ​ $ — ​ $ 1,354,607 ​ $ 550,198 ​ $ 1,904,805 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 88,458 ​ ​ 88,458 ​ ​ — ​ ​ 88,458 Cash and cash equivalents ​ 2,585 ​ 4,369 ​ 7,049 ​ — ​ 14,003 ​ 8,275 ​ 22,278 Other assets ​ 1,622 ​ 14,133 ​ 6,214 ​ — ​ 21,969 ​ 128,925 ​ 150,894 Total assets ​ 118,399 ​ 669,095 ​ 603,085 ​ 88,458 ​ 1,479,037 ​ 687,398 ​ 2,166,435 Third party debt, net ​ 70,946 ​ 416,364 ​ 454,153 ​ — ​ 941,463 ​ 247,247 ​ 1,188,710 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 55,440 ​ ​ 55,440 ​ ​ — ​ ​ 55,440 Accounts payable and accrued liabilities ​ 3,507 ​ 6,764 ​ 8,593 ​ — ​ 18,864 ​ 21,692 ​ 40,556 Total liabilities ​ 74,453 ​ 423,128 ​ 462,746 ​ 55,440 ​ 1,015,767 ​ 268,939 ​ 1,284,706 Total equity ​ $ 43,946 ​ $ 245,967 ​ $ 140,339 ​ $ 33,018 ​ $ 463,270 ​ $ 418,459 ​ $ 881,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 102,888 ​ $ 14,058 ​ $ 278,006 ​ $ 11,242 ​ $ 289,248 Property operating expenses ​ 4,533 ​ 54,445 ​ 39,542 ​ 6,829 ​ ​ 105,349 ​ ​ 3,432 ​ 108,781 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 50,579 ​ 5,440 ​ ​ 105,883 ​ ​ — ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 128,283 ​ 1,789 ​ 182,290 ​ 7,810 ​ 190,100 Interest expense ​ (3,070) ​ (44,825) ​ (27,647) ​ (4,656) ​ ​ (80,198) ​ ​ — ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ 25,711 ​ ​ — ​ ​ 483,906 ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ 159 ​ ​ 159 ​ ​ (68) ​ 91 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,417 ​ ​ 26,417 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ 126,347 ​ $ (2,708) ​ $ 586,157 ​ $ 34,159 ​ $ 620,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ 140,224 ​ $ 1,545,106 ​ $ 355,975 ​ $ 1,901,081 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ 5,692 ​ ​ 20,190 ​ ​ 9,633 ​ 29,823 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ 1,305 ​ ​ 17,535 ​ ​ 155,406 ​ 172,941 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ 147,221 ​ 1,582,831 ​ 521,014 ​ 2,103,845 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ 90,498 ​ ​ 1,041,663 ​ ​ 106,385 ​ 1,148,048 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ 3,440 ​ ​ 26,537 ​ ​ 28,577 ​ 55,114 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ 93,938 ​ 1,068,200 ​ 134,962 ​ 1,203,162 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ 53,283 ​ $ 514,631 ​ $ 386,052 ​ $ 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 Park® 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ ​ ​ ​ MetLife ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ ​ ​ ​ Vitruvian ​ Year Ended December 31, 2018 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total ​ ​ ​ Park ® ​ Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 3,187 ​ $ 158,738 ​ $ 108,766 ​ $ 16,392 ​ $ 287,083 ​ $ 5,977 ​ $ 293,060 ​ ​ ​ $ 26,096 ​ Property operating expenses ​ 3,066 ​ 56,403 ​ 44,048 ​ 8,830 ​ 112,347 ​ 1,789 ​ 114,136 ​ ​ ​ 13,732 ​ Real estate depreciation and amortization ​ 3,392 ​ 44,721 ​ 59,419 ​ 7,679 ​ 115,211 ​ — ​ 115,211 ​ ​ ​ 9,495 ​ Operating income/(loss) ​ (3,271) ​ 57,614 ​ 5,299 ​ (117) ​ 59,525 ​ 4,188 ​ 63,713 ​ ​ ​ 2,869 ​ Interest expense ​ (1,872) ​ (49,118) ​ (30,198) ​ (6,175) ​ (87,363) ​ — ​ (87,363) ​ ​ ​ (6,051) ​ Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ 148 ​ ​ 148 ​ ​ — ​ ​ 148 ​ ​ ​ ​ — ​ Net income/(loss) ​ $ (5,143) ​ $ 8,496 ​ $ (24,899) ​ $ (6,144) ​ $ (27,690) ​ $ 4,188 ​ $ (23,502) ​ ​ ​ $ (3,182) ​ ​ ​

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 Company’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral. The weighted average remaining lease term for these leases was 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): ​ ​ ​ ​ ​ ​ Ground Leases 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) Total operating lease liabilities (discounted) ​ $ 195,592 ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,821 ​ $ 8,272 Variable lease expense (a) ​ ​ 119 ​ ​ 664 Total operating lease expense (b)(c) ​ $ 12,940 ​ $ 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 - Apartment Home, Retail and Commercial Space Leases ​ UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 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 ​ We previously owned a parcel of land subject to a ground lease under which UDR was the lessor, expiring in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. In June 2019, the lessee exercised the purchase option and acquired the parcel of land for $38.0 million. (See Note 3, Real Estate Owned ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 23,970 2022 ​ ​ 22,749 2023 ​ ​ 20,855 2024 ​ ​ 19,132 2025 ​ ​ 15,972 Thereafter ​ ​ 70,396 Total future minimum lease payments (a) ​ $ 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 tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.2 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 824,550 ​ $ 884,869 3.31 % 7.2 11 Credit facilities (b) ​ — ​ 204,590 — % — — Deferred financing costs and other non-cash adjustments (b) ​ 10,665 ​ 33,046 Total fixed rate secured debt, net ​ 835,215 ​ 1,122,505 3.31 % 7.2 11 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.84 % 11.2 1 Deferred financing costs ​ (68) ​ (64) Total variable rate secured debt, net ​ 26,932 ​ 26,936 0.84 % 11.2 1 Total Secured Debt, net ​ 862,147 ​ 1,149,441 3.23 % 7.3 12 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ​ — ​ — — % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ​ ​ 190,000 ​ ​ 300,000 ​ 0.27 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2022 ​ 28,024 ​ 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ​ 35,000 ​ 35,000 1.05 % 2.8 Fixed Rate Debt ​ ​ Term Loan due September 2023 (d) (p) ​ ​ 315,000 ​ 315,000 2.55 % 2.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ​ — ​ 299,530 — % — 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ​ 299,673 ​ 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ​ 300,000 ​ 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ​ ​ 299,542 ​ ​ 299,471 ​ 3.50 % 6.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ​ ​ 299,165 ​ ​ 299,046 ​ 3.50 % 7.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ​ ​ 299,995 ​ ​ 299,995 ​ 4.27 % 8.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ​ ​ 612,412 ​ ​ 402,281 ​ 3.32 % 9.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ​ ​ 398,973 ​ ​ 398,877 ​ 3.01 % 10.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ​ ​ 399,592 ​ ​ — ​ 2.10 % 11.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ​ ​ 348,529 ​ ​ — ​ 1.90 % 12.2 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ​ ​ 298,779 ​ ​ 298,691 ​ 3.13 % 13.8 ​ ​ Other ​ 10 ​ 13 Deferred financing costs ​ (25,937) ​ (21,652) Total Unsecured Debt, net ​ 4,114,401 ​ 3,558,083 2.98 % 8.1 Total Debt, net ​ $ 4,976,548 ​ $ 4,707,524 2.91 % 8.0 ​ For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of December 31, 2020, secured debt encumbered $1.4 billion or 10.6% of UDR’s total real estate owned based upon gross book value ($11.7 billion or 89.4% of UDR’s 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 Company’s borrowings under its unsecured commercial paper program. ​ 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. ​ 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 ​ 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 ​ (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 “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2023, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 75 to 145 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 80 to 165 basis points. The 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% . ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 2019 ​ Total revolving credit facility ​ $ 1,100,000 ​ $ 1,100,000 ​ Borrowings outstanding at end of year (1) ​ — ​ — ​ 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 ​ 1.4 % 2.6 % Interest rate at end of the year ​ — % — % (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 Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 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 ​ 0.9 % 2.5 % Interest rate at end of the year ​ 0.3 % 2.0 % ​ 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 “Working Capital Credit Facility”) with a previously scheduled maturity date of January 15, 2021. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points. Depending on the Company’s credit rating, the margin ranges from 75 to 145 basis points. In 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Total working capital 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 ​ 1.4 % 3.1 % Interest rate at end of the year ​ 1.0 % 2.6 % ​ (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 “2024 Notes”). . 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 “2030 Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2020. The notes were priced at 105.660% of the principal amount at issuance. This was a further issuance of the 2030 Notes, and forms a single series with, the $300.0 million aggregate principal amount of the Company’s 2030 Notes that were issued in July 2019 and the $100.0 million aggregate principal amount of the Company’s 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 “2033 Notes”). 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 “green” 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2021 ​ $ 1,097 ​ $ — ​ $ 1,097 ​ $ 190,000 (a) $ 191,097 2022 ​ ​ 1,140 ​ ​ — ​ ​ 1,140 ​ ​ 28,024 ​ ​ 29,164 2023 ​ 1,183 ​ — ​ 1,183 ​ 350,000 ​ 351,183 2024 ​ 95,280 ​ — ​ 95,280 ​ 15,644 ​ 110,924 2025 ​ 173,189 ​ — ​ 173,189 ​ 300,000 ​ 473,189 2026 ​ 51,070 ​ — ​ 51,070 ​ 300,000 ​ 351,070 2027 ​ 1,111 ​ — ​ 1,111 ​ 300,000 ​ 301,111 2028 ​ 122,466 ​ — ​ 122,466 ​ 300,000 ​ 422,466 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 2030 ​ 72,500 ​ — ​ 72,500 ​ 600,000 ​ 672,500 Thereafter ​ 160,930 ​ 27,000 ​ 187,930 ​ 1,450,000 ​ 1,637,930 Subtotal ​ 824,550 ​ 27,000 ​ 851,550 ​ 4,133,668 ​ 4,985,218 Non-cash (b) ​ 10,665 ​ (68) ​ 10,597 ​ (19,267) ​ (8,670) Total ​ $ 835,215 ​ $ 26,932 ​ $ 862,147 ​ $ 4,114,401 ​ $ 4,976,548 (a) All unsecured debt due in the remainder of 2021 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. 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. ​

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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ 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) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 60,036 ​ $ 180,861 ​ $ 199,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 294,808 ​ 285,509 ​ 268,513 Non-vested restricted stock awards ​ (263) ​ (262) ​ (334) Denominator for basic income/(loss) per share ​ 294,545 ​ 285,247 ​ 268,179 Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ​ 382 ​ 768 ​ 1,304 Denominator for diluted income/(loss) per share ​ 294,927 ​ 286,015 ​ 269,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.20 ​ $ 0.63 ​ $ 0.74 Diluted ​ $ 0.20 ​ $ 0.63 ​ $ 0.74 ​ Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the years ended December 31, 2020, 2019, and 2018, the effect of the conversion of the OP Units, DownREIT Units, LTIP Units, the Company’s Series E preferred stock and shares issuable upon settlement of forward sales agreements was not dilutive and therefore not included in the above calculation. In July 2017, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in April 2017, which replaced the prior at-the-market equity offering program entered into in April 2012. During the year ended December 31, 2020, the Company sold 2.1 million shares of common stock through its ATM program pursuant to the Company’s forward sales agreement described below. In connection with any forward sales agreement under the Company’s ATM program, the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of shares of the Company’s common stock equal to the number of shares underlying the agreement. The Company does not initially receive any proceeds from any sale of borrowed shares by the forward seller. ​ During the 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. ​ 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. ​ As of December 31, 2020, we had 9.6 million shares of common stock available for future issuance under the ATM program. ​ 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. ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 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

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company had the ability to issue 350.0 million shares of common stock and 50.0 million shares of preferred shares as of December 31, 2020. The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2017 267,822 2,781 15,852 Issuance/(forfeiture) of common and restricted shares, net 47 — — Issuance of common shares upon exercise of stock options ​ 772 ​ — ​ — Issuance of common shares through public offering 7,150 ​ — ​ — Repurchase of common shares ​ (593) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 337 — — Forfeiture of Series F shares ​ — — (50) Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 — — Issuance of common shares through public offering ​ 7,500 — — Issuance of common shares though ATM program ​ 6,988 ​ — ​ — Issuance of common shares through forward sales agreement ​ 1,339 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,196 — — Forfeiture of Series F shares — — (1,111) Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 2,121 — — Repurchase of common shares ​ (597) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 300 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (86) ​ — Forfeiture of Series F shares — — (250) Balance at December 31, 2020 296,612 2,695 14,441 ​ Common Stock The Company has an equity distribution agreement which allows it from time to time, through its sales agents, to offer and sell up to 20.0 million shares of its common stock. Sales of such shares will be made by means of ordinary brokers’ transactions on the NYSE at market prices. In July 2017, the Company updated its equity distribution agreement to also permit the entry into separate forward sales agreements to or through its forward purchasers. As of December 31, 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: ● Issued 2.1 million shares of common stock through a forward sales agreement under the Company’s ATM program at a forward price per share of $48.23, for aggregate net proceeds of approximately $102.2 million after deducting related expenses; ● 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 ● Issued 0.1 million shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); ● 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 ● 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. UDR’s 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 (“Series E”) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time at the holder’s option into one share of our common stock prior to a “Special Dividend” declared in 2008 (1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption. Distributions declared on the Series E for the years ended December 31, 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 (“Series F”). The Series F may be purchased by holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP/DownREIT Unit held. During the years ended December 31, 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 UDR’s Distribution Reinvestment and Stock Purchase Plan (the “Stock Purchase Plan”) allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends and by making additional cash payments, additional shares of UDR’s common stock. From inception through December 31, 2008, shareholders have elected to utilize the Stock Purchase Plan to reinvest their distribution for the equivalent of 10.0 million shares of Company common stock. Shares in the amount of 11.0 million were reserved for issuance under the Stock Purchase Plan as of December 31, 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 (“LTIP”), which supersedes the 1985 Stock Option Plan. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. During the year ended December 31, 2015, the LTIP was amended to set forth the terms of new classes of partnership interests in the Operating Partnership designated as LTIP Units. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP units is less than the value of an equal number of shares of our common stock. As of December 31, 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 UDR’s LTIP Units and restricted stock activities during the year ended December 31, 2020 is as follows ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ ​ Number of ​ Value Per ​ Number ​ Restricted ​ ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2019 858 ​ $ 37.77 248 ​ $ 37.29 Granted 641 ​ 42.64 188 ​ 44.16 Vested (772) ​ 39.29 (174) ​ 36.74 Forfeited — ​ — (25) ​ 45.68 Balance, December 31, 2020 727 ​ $ 41.58 237 ​ $ 42.31 ​ 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 (“2020 LTI”). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation . In January 2019, certain officers of the Company were awarded a STI Unit grant under the 2019 Long-Term Incentive Program (“2019 LTI”). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation Long-Term Incentive Compensation In January 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 (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $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 (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $38.39 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $17.47 per unit on the grant date, inclusive of a 9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.24 per unit on the grant date, inclusive of a 5% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $43.63 per share for the comparable apartment REITs component and $43.42 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $20.89 per unit, inclusive of a 5% discount, for the comparable apartment REITs component and $20.79 per unit, inclusive of a 5% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.0%. In January 2018, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2018 Long-Term Incentive Program (“2018 LTI”). For both restricted stock grants and LTIP Unit grants, thirty percent of the 2018 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2018 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2018 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $38.06 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $17.13 per unit on the grant date, inclusive of a 10% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.08 per unit on the grant date, inclusive of a 5% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $42.18 per share for the comparable apartment REITs component and $40.49 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 17.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $20.12 per unit, inclusive of a 5% discount, for the comparable apartment REITs component and $19.35 per unit, inclusive of a 5% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 17.0%. 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 “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in 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 stockholder’s basis in their common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholder’s basis in the common shares, it generally will be treated as a gain from the sale or exchange of that stockholder’s common shares. Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2020, 2019 and 2018 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 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 Unrecaptured section 1250 gain ​ 0.089 ​ 0.063 ​ 0.233 Nondividend distributions ​ ​ — ​ ​ 0.281 ​ ​ 0.207 Total ​ $ 1.423 ​ $ 1.350 ​ $ 1.278 ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 Income tax (benefit)/provision ​ ​ ​ 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 (benefit)/provision ​ $ 2,545 ​ $ 3,838 ​ $ 688 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 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 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 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 ​ As of December 31, 2020, the Company had federal net operating loss carryovers (“NOL”) 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 Company’s Tax benefit/(provision), net The Company evaluates our tax position using a two-step process. First, we determine whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. 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 Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 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 ​ (143,741) ​ 183,884 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 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 ​ 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: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 157,992 ​ $ 170,411 ​ $ — ​ $ — ​ $ 170,411 Derivatives - Interest rate contracts (b) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 157,994 ​ $ 170,413 ​ $ — ​ $ 2 ​ $ 170,411 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,024 ​ ​ 28,024 ​ ​ — ​ ​ — ​ ​ 28,024 Commercial paper program ​ ​ 190,000 ​ ​ 190,000 ​ ​ — ​ ​ — ​ ​ 190,000 Unsecured notes ​ ​ 3,922,314 ​ ​ 4,283,045 ​ ​ — ​ ​ — ​ ​ 4,283,045 Total liabilities ​ $ 5,004,978 ​ $ 5,382,320 ​ $ — ​ $ 167 ​ $ 5,382,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 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 counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 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 FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At December 31, 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 Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of 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 ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps (a) ​ 2 ​ $ 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 Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. 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 Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 2 ​ $ 6 ​ $ 167 ​ $ 142 ​ Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,382) ​ $ (8,437) ​ $ 4,806 ​ $ (4,827) ​ $ 2,770 ​ $ 1,948 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 Total amount of Interest expense ​ $ 202,706 ​ $ 170,917 ​ $ 134,168 ​ Interest income and other income/(expense), net ​ Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Assets ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount December 31, 2020 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Liabilities ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ​ $ 167 ​ $ — ​ $ 167 ​ $ — ​ $ — ​ $ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	​ 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 247,877 ​ $ 243,623 Joint ventures: ​ ​ Preferred equity investments 1 ​ ​ 17,919 (b) ​ 2,921 (b) Other investments ​ - ​ ​ 22,870 ​ ​ 19,245 ​ Total ​ $ 288,666 ​ $ 265,789 (a) Represents UDR’s investment as of December 31, 2020. (b) Represents UDR’s 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 segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.875% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDR’s Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities Non-Mature Communities/Other ● Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 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. ● Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community Non-Mature Community/Other All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2020, 2019, and 2018. ​ The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue ​ Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. ​ Joint venture management and other fees ​ The Joint venture management and other fees Joint venture management and other fees ​ The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 385,959 ​ $ 402,901 ​ $ 387,215 Mid-Atlantic Region ​ 211,633 ​ 211,401 ​ 205,324 Northeast Region ​ ​ 108,073 ​ ​ 122,008 ​ ​ 119,540 Southeast Region ​ 123,993 ​ 120,289 ​ 116,011 Southwest Region ​ 65,713 ​ 64,970 ​ 63,287 Non-Mature Communities/Other ​ 302,920 ​ 180,668 ​ 111,272 Total segment and consolidated lease revenue ​ $ 1,198,291 ​ $ 1,102,237 ​ $ 1,002,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 11,803 ​ $ 12,339 ​ $ 10,738 Mid-Atlantic Region ​ 6,329 ​ 7,216 ​ 6,357 Northeast Region ​ 2,697 ​ 2,760 ​ 2,623 Southeast Region ​ 5,395 ​ 6,444 ​ 6,223 Southwest Region ​ 2,543 ​ 2,793 ​ 2,664 Non-Mature Communities/Other ​ 9,038 ​ 4,349 ​ 3,851 Total segment and consolidated other revenue ​ $ 37,805 ​ $ 35,901 ​ $ 32,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 397,762 ​ $ 415,240 ​ $ 397,953 Mid-Atlantic Region ​ 217,962 ​ 218,617 ​ 211,681 Northeast Region ​ 110,770 ​ 124,768 ​ 122,163 Southeast Region ​ 129,388 ​ 126,733 ​ 122,234 Southwest Region ​ 68,256 ​ 67,763 ​ 65,951 Non-Mature Communities/Other ​ 311,958 ​ 185,017 ​ 115,123 Total segment and consolidated rental income ​ $ 1,236,096 ​ $ 1,138,138 ​ $ 1,035,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 295,065 ​ $ 315,812 ​ $ 300,745 Mid-Atlantic Region ​ 152,131 ​ 154,082 ​ 148,057 Northeast Region ​ 65,553 ​ 83,832 ​ 84,059 Southeast Region ​ 88,518 ​ 88,467 ​ 85,219 Southwest Region ​ 42,931 ​ 42,210 ​ 39,631 Non-Mature Communities/Other ​ 209,504 ​ 123,900 ​ 74,404 Total segment and consolidated NOI ​ 853,702 ​ 808,303 ​ 732,115 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 5,069 ​ 14,055 ​ 11,754 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 income 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 (a) Same-Store Community population consisted of 37,607 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,732,329 ​ $ 3,696,544 Mid-Atlantic Region ​ 2,255,449 ​ 2,222,405 Northeast Region ​ 1,507,878 ​ 1,500,597 Southeast Region ​ 827,683 ​ 806,830 Southwest Region ​ 614,647 ​ 600,350 Non-Mature Communities/Other ​ 4,133,486 ​ 3,775,375 Total segment assets ​ 13,071,472 ​ 12,602,101 Accumulated depreciation ​ (4,605,366) ​ (4,131,353) Total segment assets — net book value ​ 8,466,106 ​ 8,470,748 Reconciling items: ​ ​ 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 consolidated assets ​ $ 9,637,533 ​ $ 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 — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston and New York iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — 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 — REAL ESTATE OWNED DECEMBER 31, 2020 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired WEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Harbor at Mesa Verde ​ $ — ​ $ 20,476 ​ $ 28,538 ​ $ 49,014 ​ $ 23,282 ​ $ 22,317 ​ $ 49,979 ​ $ 72,296 ​ $ 37,780 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 106,411 ​ ​ 116,177 ​ ​ 200,207 ​ ​ 316,384 ​ ​ 147,609 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 14,742 ​ ​ 9,302 ​ ​ 35,981 ​ ​ 45,283 ​ ​ 27,136 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 4,129 ​ ​ 11,052 ​ ​ 7,435 ​ ​ 18,487 ​ ​ 5,837 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 46,676 ​ ​ 69,331 ​ ​ 85,943 ​ ​ 155,274 ​ ​ 64,662 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 37,225 ​ ​ 60,961 ​ ​ 85,116 ​ ​ 146,077 ​ ​ 59,802 ​ 1968/2000/2016 ​ Mar-05 Foxborough ​ ​ — ​ ​ 12,071 ​ ​ 6,187 ​ ​ 18,258 ​ ​ 5,034 ​ ​ 12,576 ​ ​ 10,716 ​ ​ 23,292 ​ ​ 8,033 ​ 1969 ​ Sep-04 1818 Platinum Triangle ​ ​ — ​ ​ 16,663 ​ ​ 51,905 ​ ​ 68,568 ​ ​ 4,556 ​ ​ 17,090 ​ ​ 56,034 ​ ​ 73,124 ​ ​ 33,489 ​ 2009 ​ Aug-10 Beach & Ocean ​ ​ — ​ ​ 12,878 ​ ​ — ​ ​ 12,878 ​ ​ 39,458 ​ ​ 13,121 ​ ​ 39,215 ​ ​ 52,336 ​ ​ 15,074 ​ 2014 ​ Aug-11 The Residences at Bella Terra ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ 129,847 ​ ​ 25,658 ​ ​ 129,189 ​ ​ 154,847 ​ ​ 58,013 ​ 2013 ​ Oct-11 Los Alisos at Mission Viejo ​ ​ — ​ ​ 17,298 ​ ​ — ​ ​ 17,298 ​ ​ 70,880 ​ ​ 16,685 ​ ​ 71,493 ​ ​ 88,178 ​ ​ 30,904 ​ 2014 ​ Jun-04 The Residences at Pacific City ​ ​ — ​ ​ 78,085 ​ ​ — ​ ​ 78,085 ​ ​ 276,948 ​ ​ 78,227 ​ ​ 276,806 ​ ​ 355,033 ​ ​ 55,308 ​ 2018 ​ Jan-14 ORANGE COUNTY, CA ​ — ​ 411,385 ​ 330,038 ​ 741,423 ​ 759,188 ​ 452,497 ​ 1,048,114 ​ 1,500,611 ​ 543,647 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 37,292 ​ ​ 14,417 ​ ​ 77,314 ​ ​ 91,731 ​ ​ 46,827 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 10,462 ​ ​ 1,409 ​ ​ 30,114 ​ ​ 31,523 ​ ​ 18,789 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 29,045 ​ ​ 8,086 ​ ​ 51,823 ​ ​ 59,909 ​ ​ 39,256 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 14,413 ​ ​ 1,336 ​ ​ 43,217 ​ ​ 44,553 ​ ​ 26,198 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 8,941 ​ ​ 22,998 ​ ​ 48,241 ​ ​ 71,239 ​ ​ 33,870 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 39,859 ​ ​ 16,681 ​ ​ 67,746 ​ ​ 84,427 ​ ​ 51,728 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 7,598 ​ ​ 11,679 ​ ​ 18,922 ​ ​ 30,601 ​ ​ 12,980 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,361 ​ ​ 5,782 ​ ​ 29,491 ​ ​ 35,273 ​ ​ 21,081 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 13,128 ​ ​ 30,804 ​ ​ 96,853 ​ ​ 127,657 ​ ​ 61,120 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 9,940 ​ ​ 981 ​ ​ 52,068 ​ ​ 53,049 ​ ​ 33,775 ​ 1999 ​ Jul-08 388 Beale ​ ​ — ​ ​ 14,253 ​ ​ 74,104 ​ ​ 88,357 ​ ​ 15,269 ​ ​ 14,643 ​ ​ 88,983 ​ ​ 103,626 ​ ​ 48,151 ​ 1999 ​ Apr-11 Channel Mission Bay ​ ​ — ​ ​ 23,625 ​ ​ — ​ ​ 23,625 ​ ​ 131,470 ​ ​ 24,039 ​ ​ 131,056 ​ ​ 155,095 ​ ​ 56,161 ​ 2014 ​ Sep-10 SAN FRANCISCO, CA ​ 27,000 ​ 145,665 ​ 414,240 ​ 559,905 ​ 328,778 ​ 152,855 ​ 735,828 ​ 888,683 ​ 449,936 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 9,928 ​ ​ 3,237 ​ ​ 15,614 ​ ​ 18,851 ​ ​ 11,696 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 6,882 ​ ​ 3,053 ​ ​ 13,411 ​ ​ 16,464 ​ ​ 9,868 ​ 1985 ​ Dec-98 The Hawthorne ​ ​ — ​ ​ 6,474 ​ ​ 30,226 ​ ​ 36,700 ​ ​ 9,397 ​ ​ 7,137 ​ ​ 38,960 ​ ​ 46,097 ​ ​ 27,979 ​ 2003 ​ Jul-05 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 4,403 ​ ​ 6,317 ​ ​ 26,572 ​ ​ 32,889 ​ ​ 17,882 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 9,325 ​ ​ 7,311 ​ ​ 39,784 ​ ​ 47,095 ​ ​ 24,773 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 7,991 ​ ​ 21,674 ​ ​ 96,990 ​ ​ 118,664 ​ ​ 61,271 ​ 2007 ​ Jul-08 elements too ​ ​ — ​ ​ 27,468 ​ ​ 72,036 ​ ​ 99,504 ​ ​ 20,580 ​ ​ 30,347 ​ ​ 89,737 ​ ​ 120,084 ​ ​ 67,882 ​ 2010 ​ Feb-10 989elements ​ ​ — ​ ​ 8,541 ​ ​ 45,990 ​ ​ 54,531 ​ ​ 5,668 ​ ​ 8,683 ​ ​ 51,516 ​ ​ 60,199 ​ ​ 29,943 ​ 2006 ​ Dec-09 Lightbox ​ ​ — ​ ​ 6,449 ​ ​ 38,884 ​ ​ 45,333 ​ ​ 1,265 ​ ​ 6,474 ​ ​ 40,124 ​ ​ 46,598 ​ ​ 15,968 ​ 2014 ​ Aug-14 Ashton Bellevue ​ ​ — ​ ​ 8,287 ​ ​ 124,939 ​ ​ 133,226 ​ ​ 3,185 ​ ​ 8,368 ​ ​ 128,043 ​ ​ 136,411 ​ ​ 30,424 ​ 2009 ​ Oct-16 TEN20 ​ ​ — ​ ​ 5,247 ​ ​ 76,587 ​ ​ 81,834 ​ ​ 4,110 ​ ​ 5,293 ​ ​ 80,651 ​ ​ 85,944 ​ ​ 19,241 ​ 2009 ​ Oct-16 Milehouse ​ ​ — ​ ​ 5,976 ​ ​ 63,041 ​ ​ 69,017 ​ ​ 929 ​ ​ 6,007 ​ ​ 63,939 ​ ​ 69,946 ​ ​ 17,016 ​ 2016 ​ Nov-16 CityLine ​ ​ — ​ ​ 11,220 ​ ​ 85,787 ​ ​ 97,007 ​ ​ 420 ​ ​ 11,228 ​ ​ 86,199 ​ ​ 97,427 ​ ​ 21,804 ​ 2016 ​ Jan-17 CityLine II ​ ​ — ​ ​ 3,723 ​ ​ 56,843 ​ ​ 60,566 ​ ​ 451 ​ ​ 3,723 ​ ​ 57,294 ​ ​ 61,017 ​ ​ 8,079 ​ 2018 ​ Jan-19 SEATTLE, WA ​ — ​ 122,356 ​ 750,796 ​ 873,152 ​ 84,534 ​ 128,852 ​ 828,834 ​ 957,686 ​ 363,826 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 11,521 ​ ​ 3,363 ​ ​ 19,086 ​ ​ 22,449 ​ ​ 12,517 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 6,791 ​ ​ 1,616 ​ ​ 10,251 ​ ​ 11,867 ​ ​ 6,763 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 18,790 ​ ​ 5,721 ​ ​ 28,991 ​ ​ 34,712 ​ ​ 19,495 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 7,999 ​ ​ 2,469 ​ ​ 11,949 ​ ​ 14,418 ​ ​ 7,870 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 34,192 ​ ​ 10,392 ​ ​ 54,042 ​ ​ 64,434 ​ ​ 35,017 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 12,411 ​ ​ 3,624 ​ ​ 18,859 ​ ​ 22,483 ​ ​ 12,598 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 8,198 ​ ​ 2,361 ​ ​ 12,500 ​ ​ 14,861 ​ ​ 8,071 ​ 1975 ​ Dec-98 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 99,902 ​ 29,546 ​ 155,678 ​ 185,224 ​ 102,331 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 6,859 ​ ​ 8,917 ​ ​ 23,805 ​ ​ 32,722 ​ ​ 17,614 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 9,294 ​ ​ 40,031 ​ ​ 45,528 ​ ​ 85,559 ​ ​ 28,994 ​ 1998 ​ Dec-07 The Westerly ​ ​ — ​ ​ 48,182 ​ ​ 102,364 ​ ​ 150,546 ​ ​ 43,809 ​ ​ 50,893 ​ ​ 143,462 ​ ​ 194,355 ​ ​ 91,044 ​ 1993/2013 ​ Sep-10 Jefferson at Marina del Rey ​ ​ — ​ ​ 55,651 ​ ​ — ​ ​ 55,651 ​ ​ 94,879 ​ ​ 61,607 ​ ​ 88,923 ​ ​ 150,530 ​ ​ 57,719 ​ 2008 ​ Sep-07 LOS ANGELES, CA ​ — ​ 151,833 ​ 156,492 ​ 308,325 ​ 154,841 ​ 161,448 ​ 301,718 ​ 463,166 ​ 195,371 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 59,704 ​ ​ 24,355 ​ ​ 52,551 ​ ​ 76,906 ​ ​ 44,276 ​ 2006 ​ Oct-02 Windemere at Sycamore Highland ​ ​ — ​ ​ 5,810 ​ ​ 23,450 ​ ​ 29,260 ​ ​ 5,513 ​ ​ 6,371 ​ ​ 28,402 ​ ​ 34,773 ​ ​ 22,167 ​ 2001 ​ Nov-02 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired Strata ​ ​ — ​ ​ 14,278 ​ ​ 84,242 ​ ​ 98,520 ​ ​ 1,086 ​ ​ 14,278 ​ ​ 85,328 ​ ​ 99,606 ​ ​ 5,273 ​ 2010 ​ Nov-19 OTHER SOUTHERN CA ​ — ​ 33,645 ​ 111,337 ​ 144,982 ​ 66,303 ​ 45,004 ​ 166,281 ​ 211,285 ​ 71,716 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 9,974 ​ ​ 4,285 ​ ​ 18,096 ​ ​ 22,381 ​ ​ 13,414 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 8,861 ​ ​ 6,564 ​ ​ 23,181 ​ ​ 29,745 ​ ​ 18,262 ​ 1985 ​ Sep-04 The Arbory ​ ​ — ​ ​ 4,366 ​ ​ 63,457 ​ ​ 67,823 ​ ​ 375 ​ ​ 4,366 ​ ​ 63,832 ​ ​ 68,198 ​ ​ 3,990 ​ 2018 ​ Jan-20 PORTLAND, OR ​ — ​ 13,653 ​ 87,461 ​ 101,114 ​ 19,210 ​ 15,215 ​ 105,109 ​ 120,324 ​ 35,666 ​ ​ ​ ​ TOTAL WEST REGION ​ 27,000 ​ 895,475 ​ 1,918,748 ​ 2,814,223 ​ 1,512,756 ​ 985,417 ​ 3,341,562 ​ 4,326,979 ​ 1,762,493 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dominion Middle Ridge ​ ​ — ​ ​ 3,311 ​ ​ 13,283 ​ ​ 16,594 ​ ​ 16,175 ​ ​ 4,452 ​ ​ 28,317 ​ ​ 32,769 ​ ​ 17,485 ​ 1990 ​ Jun-96 Dominion Lake Ridge ​ ​ — ​ ​ 2,366 ​ ​ 8,387 ​ ​ 10,753 ​ ​ 10,034 ​ ​ 3,170 ​ ​ 17,617 ​ ​ 20,787 ​ ​ 13,548 ​ 1987 ​ Feb-96 Presidential Greens ​ ​ — ​ ​ 11,238 ​ ​ 18,790 ​ ​ 30,028 ​ ​ 13,875 ​ ​ 11,878 ​ ​ 32,025 ​ ​ 43,903 ​ ​ 25,745 ​ 1938 ​ May-02 The Whitmore ​ ​ — ​ ​ 6,418 ​ ​ 13,411 ​ ​ 19,829 ​ ​ 25,175 ​ ​ 7,624 ​ ​ 37,380 ​ ​ 45,004 ​ ​ 30,124 ​ 1962/2008 ​ Apr-02 Ridgewood -apts side ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 13,198 ​ ​ 6,482 ​ ​ 32,414 ​ ​ 38,896 ​ ​ 25,282 ​ 1988 ​ Aug-02 Waterside Towers ​ ​ — ​ ​ 13,001 ​ ​ 49,657 ​ ​ 62,658 ​ ​ 33,767 ​ ​ 50,752 ​ ​ 45,673 ​ ​ 96,425 ​ ​ 31,613 ​ 1971 ​ Dec-03 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 21,633 ​ ​ 14,971 ​ ​ 56,474 ​ ​ 71,445 ​ ​ 43,548 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 7,059 ​ ​ 320 ​ ​ 66,870 ​ ​ 67,190 ​ ​ 41,876 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 15,501 ​ ​ 1,867 ​ ​ 118,447 ​ ​ 120,314 ​ ​ 76,621 ​ 2007 ​ Dec-07 Delancey at Shirlington ​ ​ — ​ ​ 21,606 ​ ​ 66,765 ​ ​ 88,371 ​ ​ 7,683 ​ ​ 21,713 ​ ​ 74,341 ​ ​ 96,054 ​ ​ 46,351 ​ 2006/2007 ​ Mar-08 View 14 ​ ​ — ​ ​ 5,710 ​ ​ 97,941 ​ ​ 103,651 ​ ​ 6,254 ​ ​ 5,785 ​ ​ 104,120 ​ ​ 109,905 ​ ​ 55,928 ​ 2009 ​ Jun-11 Signal Hill Apartments ​ ​ — ​ ​ 13,290 ​ ​ — ​ ​ 13,290 ​ ​ 72,684 ​ ​ 25,594 ​ ​ 60,380 ​ ​ 85,974 ​ ​ 44,807 ​ 2010 ​ Mar-07 Capitol View on 14th ​ ​ — ​ ​ 31,393 ​ ​ — ​ ​ 31,393 ​ ​ 97,182 ​ ​ 31,478 ​ ​ 97,097 ​ ​ 128,575 ​ ​ 46,206 ​ 2013 ​ Sep-07 Domain College Park ​ ​ — ​ ​ 7,300 ​ ​ — ​ ​ 7,300 ​ ​ 60,855 ​ ​ 7,526 ​ ​ 60,629 ​ ​ 68,155 ​ ​ 26,385 ​ 2014 ​ Jun-11 1200 East West ​ ​ — ​ ​ 9,748 ​ ​ 68,022 ​ ​ 77,770 ​ ​ 3,650 ​ ​ 9,888 ​ ​ 71,532 ​ ​ 81,420 ​ ​ 20,981 ​ 2010 ​ Oct-15 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 4,923 ​ ​ 28,115 ​ ​ 116,435 ​ ​ 144,550 ​ ​ 39,391 ​ 2011 ​ Oct-15 Eleven55 Ripley ​ ​ — ​ ​ 15,566 ​ ​ 107,539 ​ ​ 123,105 ​ ​ 5,122 ​ ​ 15,897 ​ ​ 112,330 ​ ​ 128,227 ​ ​ 32,511 ​ 2014 ​ Oct-15 Arbor Park of Alexandria ​ ​ 160,930 ​ ​ 50,881 ​ ​ 159,728 ​ ​ 210,609 ​ ​ 6,975 ​ ​ 51,562 ​ ​ 166,022 ​ ​ 217,584 ​ ​ 55,367 ​ 1969/2015 ​ Oct-15 Courts at Dulles ​ ​ — ​ ​ 14,697 ​ ​ 83,834 ​ ​ 98,531 ​ ​ 10,718 ​ ​ 14,782 ​ ​ 94,467 ​ ​ 109,249 ​ ​ 33,782 ​ 2000 ​ Oct-15 Newport Village ​ ​ 127,600 ​ ​ 55,283 ​ ​ 177,454 ​ ​ 232,737 ​ ​ 24,041 ​ ​ 55,725 ​ ​ 201,053 ​ ​ 256,778 ​ ​ 68,828 ​ 1968 ​ Oct-15 1301 Thomas Circle ​ ​ — ​ ​ 27,836 ​ ​ 128,191 ​ ​ 156,027 ​ ​ 1,543 ​ ​ 27,842 ​ ​ 129,728 ​ ​ 157,570 ​ ​ 11,545 ​ 2006 ​ Aug-19 Crescent Falls Church ​ ​ — ​ ​ 13,687 ​ ​ 88,692 ​ ​ 102,379 ​ ​ 1,101 ​ ​ 13,694 ​ ​ 89,786 ​ ​ 103,480 ​ ​ 6,495 ​ 2010 ​ Nov-19 Station on Silver ​ ​ — ​ ​ 16,661 ​ ​ 109,198 ​ ​ 125,859 ​ ​ 11 ​ ​ 16,661 ​ ​ 109,209 ​ ​ 125,870 ​ ​ 600 ​ 2018 ​ Dec-20 METROPOLITAN, D.C. ​ 288,530 ​ 368,426 ​ 1,522,539 ​ 1,890,965 ​ 459,159 ​ 427,778 ​ 1,922,346 ​ 2,350,124 ​ 795,019 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 9,911 ​ ​ 5,196 ​ ​ 33,815 ​ ​ 39,011 ​ ​ 26,175 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 12,428 ​ ​ 12,454 ​ ​ 57,314 ​ ​ 69,768 ​ ​ 36,827 ​ 2003 ​ Mar-08 Domain Brewers Hill ​ ​ — ​ ​ 4,669 ​ ​ 40,630 ​ ​ 45,299 ​ ​ 2,719 ​ ​ 4,833 ​ ​ 43,185 ​ ​ 48,018 ​ ​ 24,816 ​ 2009 ​ Aug-10 Rodgers Forge ​ ​ — ​ ​ 15,392 ​ ​ 67,958 ​ ​ 83,350 ​ ​ 5,183 ​ ​ 15,565 ​ ​ 72,968 ​ ​ 88,533 ​ ​ 8,648 ​ 1945 ​ Apr-19 Towson Promenade ​ ​ 58,600 ​ ​ 12,599 ​ ​ 78,847 ​ ​ 91,446 ​ ​ 1,571 ​ ​ 12,607 ​ ​ 80,410 ​ ​ 93,017 ​ ​ 5,829 ​ 2009 ​ Nov-19 BALTIMORE, MD ​ 58,600 ​ 48,818 ​ 257,717 ​ 306,535 ​ 31,812 ​ 50,655 ​ 287,692 ​ 338,347 ​ 102,295 ​ ​ ​ ​ Gayton Pointe Townhomes ​ ​ — ​ ​ 826 ​ ​ 5,148 ​ ​ 5,974 ​ ​ 31,643 ​ ​ 3,600 ​ ​ 34,017 ​ ​ 37,617 ​ ​ 31,703 ​ 1973/2007 ​ Sep-95 Waterside At Ironbridge ​ ​ — ​ ​ 1,844 ​ ​ 13,239 ​ ​ 15,083 ​ ​ 10,278 ​ ​ 2,642 ​ ​ 22,719 ​ ​ 25,361 ​ ​ 17,564 ​ 1987 ​ Sep-97 Carriage Homes at Wyndham ​ ​ — ​ ​ 474 ​ ​ 30,997 ​ ​ 31,471 ​ ​ 10,870 ​ ​ 4,158 ​ ​ 38,183 ​ ​ 42,341 ​ ​ 29,877 ​ 1998 ​ Nov-03 Legacy at Mayland ​ ​ — ​ ​ 1,979 ​ ​ 11,524 ​ ​ 13,503 ​ ​ 35,084 ​ ​ 5,546 ​ ​ 43,041 ​ ​ 48,587 ​ ​ 39,006 ​ 1973/2007 ​ Dec-91 RICHMOND, VA ​ — ​ 5,123 ​ 60,908 ​ 66,031 ​ 87,875 ​ 15,946 ​ 137,960 ​ 153,906 ​ 118,150 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ 347,130 ​ 422,367 ​ 1,841,164 ​ 2,263,531 ​ 578,846 ​ 494,379 ​ 2,347,998 ​ 2,842,377 ​ 1,015,464 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 29,075 ​ ​ 41,815 ​ ​ 247,675 ​ ​ 289,490 ​ ​ 116,732 ​ 2005 ​ Apr-11 21 Chelsea ​ ​ — ​ ​ 36,399 ​ ​ 107,154 ​ ​ 143,553 ​ ​ 15,361 ​ ​ 36,530 ​ ​ 122,384 ​ ​ 158,914 ​ ​ 62,144 ​ 2001 ​ Aug-11 View 34 ​ ​ — ​ ​ 114,410 ​ ​ 324,920 ​ ​ 439,330 ​ ​ 114,384 ​ ​ 116,048 ​ ​ 437,666 ​ ​ 553,714 ​ ​ 227,237 ​ 1985/2013 ​ Jul-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 10,873 ​ ​ 58,084 ​ ​ 276,681 ​ ​ 334,765 ​ ​ 156,590 ​ 2008 ​ Aug-11 Leonard Pointe ​ ​ — ​ ​ 38,010 ​ ​ 93,204 ​ ​ 131,214 ​ ​ 1,406 ​ ​ 38,016 ​ ​ 94,604 ​ ​ 132,620 ​ ​ 12,161 ​ 2015 ​ Feb-19 One William ​ ​ — ​ ​ 6,422 ​ ​ 75,527 ​ ​ 81,949 ​ ​ 906 ​ ​ 6,459 ​ ​ 76,396 ​ ​ 82,855 ​ ​ 7,574 ​ 2018 ​ Aug-19 NEW YORK, NY ​ — ​ 294,310 ​ 1,086,043 ​ 1,380,353 ​ 172,005 ​ 296,952 ​ 1,255,406 ​ 1,552,358 ​ 582,438 ​ ​ ​ ​ Garrison Square ​ ​ — ​ ​ 6,475 ​ ​ 91,027 ​ ​ 97,502 ​ ​ 25,999 ​ ​ 6,617 ​ ​ 116,884 ​ ​ 123,501 ​ ​ 60,567 ​ 1887/1990 ​ Sep-10 Ridge at Blue Hills ​ ​ 25,000 ​ ​ 6,039 ​ ​ 34,869 ​ ​ 40,908 ​ ​ 5,909 ​ ​ 6,470 ​ ​ 40,347 ​ ​ 46,817 ​ ​ 23,250 ​ 2007 ​ Sep-10 Inwood West ​ ​ 80,000 ​ ​ 20,778 ​ ​ 88,096 ​ ​ 108,874 ​ ​ 14,388 ​ ​ 19,826 ​ ​ 103,436 ​ ​ 123,262 ​ ​ 59,007 ​ 2006 ​ Apr-11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 13,923 ​ ​ 11,483 ​ ​ 64,576 ​ ​ 76,059 ​ ​ 38,209 ​ 2005 ​ Apr-11 100 Pier 4 ​ ​ — ​ ​ 24,584 ​ ​ — ​ ​ 24,584 ​ ​ 203,340 ​ ​ 24,825 ​ ​ 203,099 ​ ​ 227,924 ​ ​ 61,812 ​ 2015 ​ Dec-15 345 Harrison ​ ​ — ​ ​ 32,938 ​ ​ — ​ ​ 32,938 ​ ​ 328,608 ​ ​ 44,894 ​ ​ 316,652 ​ ​ 361,546 ​ ​ 44,083 ​ 2018 ​ Nov-11 Currents on the Charles ​ ​ — ​ ​ 12,580 ​ ​ 70,149 ​ ​ 82,729 ​ ​ 1,571 ​ ​ 12,693 ​ ​ 71,607 ​ ​ 84,300 ​ ​ 7,350 ​ 2015 ​ Jun-19 The Commons at Windsor Gardens ​ ​ — ​ ​ 34,609 ​ ​ 225,515 ​ ​ 260,124 ​ ​ 13,146 ​ ​ 34,613 ​ ​ 238,657 ​ ​ 273,270 ​ ​ 27,794 ​ 1969 ​ Aug-19 Charles River Landing ​ ​ — ​ ​ 17,068 ​ ​ 112,777 ​ ​ 129,845 ​ ​ 1,094 ​ ​ 17,070 ​ ​ 113,869 ​ ​ 130,939 ​ ​ 8,229 ​ 2010 ​ Nov-19 Lenox Farms ​ ​ 94,050 ​ ​ 17,692 ​ ​ 115,899 ​ ​ 133,591 ​ ​ 3,002 ​ ​ 17,695 ​ ​ 118,898 ​ ​ 136,593 ​ ​ 8,616 ​ 2009 ​ Nov-19 Lodge at Ames Pond ​ ​ — ​ ​ 12,645 ​ ​ 70,653 ​ ​ 83,298 ​ ​ 1,872 ​ ​ 12,645 ​ ​ 72,525 ​ ​ 85,170 ​ ​ 5,320 ​ 2010 ​ Nov-19 BOSTON, MA ​ 271,550 ​ 196,369 ​ 860,160 ​ 1,056,529 ​ 612,852 ​ 208,831 ​ 1,460,550 ​ 1,669,381 ​ 344,237 ​ ​ ​ ​ Park Square ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 1,321 ​ ​ 10,484 ​ ​ 97,252 ​ ​ 107,736 ​ ​ 11,306 ​ 2018 ​ May-19 PHILADELPHIA, PA ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 1,321 ​ ​ 10,484 ​ ​ 97,252 ​ ​ 107,736 ​ ​ 11,306 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 271,550 ​ 501,044 ​ 2,042,253 ​ 2,543,297 ​ 786,178 ​ 516,267 ​ 2,813,208 ​ 3,329,475 ​ 937,981 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summit West ​ ​ — ​ ​ 2,176 ​ ​ 4,710 ​ ​ 6,886 ​ ​ 13,247 ​ ​ 4,027 ​ ​ 16,106 ​ ​ 20,133 ​ ​ 14,234 ​ 1972 ​ Dec-92 The Breyley ​ ​ — ​ ​ 1,780 ​ ​ 2,458 ​ ​ 4,238 ​ ​ 19,516 ​ ​ 3,912 ​ ​ 19,842 ​ ​ 23,754 ​ ​ 19,568 ​ 1977/2007 ​ Sep-93 Lakewood Place ​ ​ — ​ ​ 1,395 ​ ​ 10,647 ​ ​ 12,042 ​ ​ 13,985 ​ ​ 3,257 ​ ​ 22,770 ​ ​ 26,027 ​ ​ 18,921 ​ 1986 ​ Mar-94 Cambridge Woods ​ ​ — ​ ​ 1,791 ​ ​ 7,166 ​ ​ 8,957 ​ ​ 13,118 ​ ​ 3,612 ​ ​ 18,463 ​ ​ 22,075 ​ ​ 15,045 ​ 1985 ​ Jun-97 Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 21,301 ​ ​ 10,609 ​ ​ 41,544 ​ ​ 52,153 ​ ​ 34,547 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 14,572 ​ ​ 12,417 ​ ​ 49,882 ​ ​ 62,299 ​ ​ 36,966 ​ 2001 ​ Dec-04 The Vintage Lofts at West End ​ ​ — ​ ​ 6,611 ​ ​ 37,663 ​ ​ 44,274 ​ ​ 23,410 ​ ​ 15,868 ​ ​ 51,816 ​ ​ 67,684 ​ ​ 36,077 ​ 2009 ​ Jul-09 Peridot Palms ​ ​ — ​ ​ 6,293 ​ ​ 89,752 ​ ​ 96,045 ​ ​ 1,446 ​ ​ 6,305 ​ ​ 91,186 ​ ​ 97,491 ​ ​ 11,914 ​ 2017 ​ Feb-19 The Preserve at Gateway ​ ​ — ​ ​ 4,467 ​ ​ 43,723 ​ ​ 48,190 ​ ​ 1,390 ​ ​ 4,471 ​ ​ 45,109 ​ ​ 49,580 ​ ​ 5,053 ​ 2013 ​ May-19 The Slade at Channelside ​ ​ — ​ ​ 10,216 ​ ​ 72,786 ​ ​ 83,002 ​ ​ 2,015 ​ ​ 10,258 ​ ​ 74,759 ​ ​ 85,017 ​ ​ 4,719 ​ 2009 ​ Jan-20 Andover Place at Cross Creek ​ ​ — ​ ​ 11,702 ​ ​ 107,761 ​ ​ 119,463 ​ ​ 76 ​ ​ 11,709 ​ ​ 107,830 ​ ​ 119,539 ​ ​ 1,223 ​ 1997/1999 ​ Nov-20 TAMPA, FL ​ — ​ 65,002 ​ 436,674 ​ 501,676 ​ 124,076 ​ 86,445 ​ 539,307 ​ 625,752 ​ 198,267 ​ ​ ​ ​ Seabrook ​ ​ — ​ ​ 1,846 ​ ​ 4,155 ​ ​ 6,001 ​ ​ 10,785 ​ ​ 3,194 ​ ​ 13,592 ​ ​ 16,786 ​ ​ 11,946 ​ 1984/2004 ​ Feb-96 Altamira Place ​ ​ — ​ ​ 1,533 ​ ​ 11,076 ​ ​ 12,609 ​ ​ 23,989 ​ ​ 4,040 ​ ​ 32,558 ​ ​ 36,598 ​ ​ 29,899 ​ 1984/2007 ​ Apr-94 Regatta Shore ​ ​ — ​ ​ 757 ​ ​ 6,608 ​ ​ 7,365 ​ ​ 18,996 ​ ​ 2,396 ​ ​ 23,965 ​ ​ 26,361 ​ ​ 21,164 ​ 1988/2007 ​ Jun-94 Alafaya Woods ​ ​ — ​ ​ 1,653 ​ ​ 9,042 ​ ​ 10,695 ​ ​ 13,417 ​ ​ 2,871 ​ ​ 21,241 ​ ​ 24,112 ​ ​ 17,240 ​ 1989/2006 ​ Oct-94 Los Altos ​ ​ — ​ ​ 2,804 ​ ​ 12,349 ​ ​ 15,153 ​ ​ 14,349 ​ ​ 4,587 ​ ​ 24,915 ​ ​ 29,502 ​ ​ 20,338 ​ 1990/2004 ​ Oct-96 Lotus Landing ​ ​ — ​ ​ 2,185 ​ ​ 8,639 ​ ​ 10,824 ​ ​ 13,198 ​ ​ 3,121 ​ ​ 20,901 ​ ​ 24,022 ​ ​ 15,939 ​ 1985/2006 ​ Jul-97 Seville On The Green ​ ​ — ​ ​ 1,282 ​ ​ 6,498 ​ ​ 7,780 ​ ​ 8,929 ​ ​ 1,920 ​ ​ 14,789 ​ ​ 16,709 ​ ​ 11,816 ​ 1986/2004 ​ Oct-97 Ashton Waterford ​ ​ — ​ ​ 3,872 ​ ​ 17,538 ​ ​ 21,410 ​ ​ 7,597 ​ ​ 4,607 ​ ​ 24,400 ​ ​ 29,007 ​ ​ 17,840 ​ 2000 ​ May-98 Arbors at Lee Vista ​ ​ — ​ ​ 6,692 ​ ​ 12,860 ​ ​ 19,552 ​ ​ 17,453 ​ ​ 7,759 ​ ​ 29,246 ​ ​ 37,005 ​ ​ 22,157 ​ 1992/2007 ​ Aug-06 ORLANDO, FL ​ — ​ 22,624 ​ 88,765 ​ 111,389 ​ 128,713 ​ 34,495 ​ 205,607 ​ 240,102 ​ 168,339 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 11,324 ​ ​ 2,041 ​ ​ 16,298 ​ ​ 18,339 ​ ​ 13,833 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 14,873 ​ ​ 2,684 ​ ​ 25,242 ​ ​ 27,926 ​ ​ 18,126 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 39,856 ​ ​ 5,016 ​ ​ 36,957 ​ ​ 41,973 ​ ​ 28,441 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 7,786 ​ ​ 1,495 ​ ​ 12,460 ​ ​ 13,955 ​ ​ 9,894 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 7,329 ​ ​ 1,539 ​ ​ 14,270 ​ ​ 15,809 ​ ​ 10,882 ​ 1986 ​ Mar-97 Colonnade ​ ​ — ​ ​ 1,460 ​ ​ 16,015 ​ ​ 17,475 ​ ​ 9,392 ​ ​ 2,440 ​ ​ 24,427 ​ ​ 26,867 ​ ​ 17,504 ​ 1998 ​ Jan-99 The Preserve at Brentwood ​ ​ — ​ ​ 3,182 ​ ​ 24,674 ​ ​ 27,856 ​ ​ 11,689 ​ ​ 4,187 ​ ​ 35,358 ​ ​ 39,545 ​ ​ 27,778 ​ 1998 ​ Jun-04 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 18,537 ​ ​ 6,216 ​ ​ 33,197 ​ ​ 39,413 ​ ​ 27,438 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 15,433 ​ 87,608 ​ 103,041 ​ 120,786 ​ 25,618 ​ 198,209 ​ 223,827 ​ 153,896 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 17,261 ​ ​ 16,900 ​ ​ 72,730 ​ ​ 89,630 ​ ​ 52,555 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 17,261 ​ 16,900 ​ 72,730 ​ 89,630 ​ 52,555 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 119,027 ​ 669,448 ​ 788,475 ​ 390,836 ​ 163,458 ​ 1,015,853 ​ 1,179,311 ​ 573,057 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty377 ​ ​ 25,000 ​ ​ 24,036 ​ ​ 32,951 ​ ​ 56,987 ​ ​ 21,167 ​ ​ 26,212 ​ ​ 51,942 ​ ​ 78,154 ​ ​ 36,152 ​ 1999/2007 ​ Aug-06 Legacy Village ​ ​ 90,000 ​ ​ 16,882 ​ ​ 100,102 ​ ​ 116,984 ​ ​ 26,248 ​ ​ 21,391 ​ ​ 121,841 ​ ​ 143,232 ​ ​ 79,544 ​ 2005/06/07 ​ Mar-08 Addison Apts at The Park ​ ​ — ​ ​ 22,041 ​ ​ 11,228 ​ ​ 33,269 ​ ​ 14,434 ​ ​ 31,199 ​ ​ 16,504 ​ ​ 47,703 ​ ​ 11,917 ​ 1977/78/79 ​ May-07 Addison Apts at The Park II ​ ​ — ​ ​ 7,903 ​ ​ 554 ​ ​ 8,457 ​ ​ 7,752 ​ ​ 11,055 ​ ​ 5,154 ​ ​ 16,209 ​ ​ 3,682 ​ 1970 ​ May-07 Addison Apts at The Park I ​ ​ — ​ ​ 10,440 ​ ​ 634 ​ ​ 11,074 ​ ​ 1,883 ​ ​ 8,453 ​ ​ 4,504 ​ ​ 12,957 ​ ​ 2,993 ​ 1975 ​ May-07 Savoye ​ ​ — ​ ​ 8,432 ​ ​ 50,483 ​ ​ 58,915 ​ ​ 2,508 ​ ​ 8,471 ​ ​ 52,952 ​ ​ 61,423 ​ ​ 3,868 ​ 2009 ​ Nov-19 Savoye 2 ​ ​ — ​ ​ 6,451 ​ ​ 56,615 ​ ​ 63,066 ​ ​ 1,232 ​ ​ 6,461 ​ ​ 57,837 ​ ​ 64,298 ​ ​ 4,165 ​ 2011 ​ Nov-19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired Fiori on Vitruvian Park ​ ​ 49,553 ​ ​ 7,934 ​ ​ 78,575 ​ ​ 86,509 ​ ​ 2,090 ​ ​ 7,938 ​ ​ 80,661 ​ ​ 88,599 ​ ​ 5,878 ​ 2013 ​ Nov-19 Vitruvian West Phase 1 ​ ​ 41,317 ​ ​ 6,273 ​ ​ 61,418 ​ ​ 67,691 ​ ​ 852 ​ ​ 6,279 ​ ​ 62,264 ​ ​ 68,543 ​ ​ 4,739 ​ 2018 ​ Nov-19 DALLAS, TX ​ 205,870 ​ 110,392 ​ 392,560 ​ 502,952 ​ 78,166 ​ 127,459 ​ 453,659 ​ 581,118 ​ 152,938 ​ ​ ​ ​ Barton Creek Landing ​ ​ — ​ ​ 3,151 ​ ​ 14,269 ​ ​ 17,420 ​ ​ 25,130 ​ ​ 5,439 ​ ​ 37,111 ​ ​ 42,550 ​ ​ 31,281 ​ 1986/2012 ​ Mar-02 Residences at the Domain ​ ​ — ​ ​ 4,034 ​ ​ 55,256 ​ ​ 59,290 ​ ​ 15,761 ​ ​ 4,608 ​ ​ 70,443 ​ ​ 75,051 ​ ​ 44,676 ​ 2007 ​ Aug-08 Red Stone Ranch ​ ​ — ​ ​ 5,084 ​ ​ 17,646 ​ ​ 22,730 ​ ​ 6,068 ​ ​ 5,704 ​ ​ 23,094 ​ ​ 28,798 ​ ​ 13,419 ​ 2000 ​ Apr-12 Lakeline Villas ​ ​ — ​ ​ 4,148 ​ ​ 16,869 ​ ​ 21,017 ​ ​ 4,066 ​ ​ 4,674 ​ ​ 20,409 ​ ​ 25,083 ​ ​ 12,009 ​ 2002 ​ Apr-12 AUSTIN, TX ​ — ​ 16,417 ​ 104,040 ​ 120,457 ​ 51,025 ​ 20,425 ​ 151,057 ​ 171,482 ​ 101,385 ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,400 ​ ​ 138,986 ​ ​ 6,012 ​ ​ 8,640 ​ ​ 136,358 ​ ​ 144,998 ​ ​ 25,139 ​ 2015 ​ Oct-17 DENVER, CO ​ ​ — ​ 8,586 ​ 130,400 ​ 138,986 ​ 6,012 ​ 8,640 ​ 136,358 ​ 144,998 ​ 25,139 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ 205,870 ​ 135,395 ​ 627,000 ​ 762,395 ​ 135,203 ​ 156,524 ​ 741,074 ​ 897,598 ​ 279,462 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 851,550 ​ 2,073,308 ​ 7,098,613 ​ 9,171,921 ​ 3,403,819 ​ 2,316,045 ​ 10,259,695 ​ 12,575,740 ​ 4,568,457 ​ ​ ​ ​ REAL ESTATE UNDER DEVELOPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian West Phase 2 ​ ​ — ​ ​ 6,451 ​ ​ 15,798 ​ ​ 22,249 ​ ​ 34,775 ​ ​ 6,451 ​ ​ 50,573 ​ ​ 57,024 ​ ​ 1,010 ​ ​ ​ ​ Cirrus ​ ​ — ​ ​ 13,853 ​ ​ — ​ ​ 13,853 ​ ​ 53,272 ​ ​ 13,853 ​ ​ 53,272 ​ ​ 67,125 ​ ​ — ​ ​ ​ ​ 5421 at Dublin Station ​ ​ — ​ ​ 8,922 ​ ​ — ​ ​ 8,922 ​ ​ 48,877 ​ ​ 8,922 ​ ​ 48,877 ​ ​ 57,799 ​ ​ — ​ ​ ​ ​ 440 Penn Street ​ ​ — ​ ​ 27,135 ​ ​ — ​ ​ 27,135 ​ ​ 18,784 ​ ​ 27,135 ​ ​ 18,784 ​ ​ 45,919 ​ ​ — ​ ​ ​ ​ Village at Valley Forge ​ ​ — ​ ​ 17,341 ​ ​ — ​ ​ 17,341 ​ ​ 2,669 ​ ​ 17,341 ​ ​ 2,669 ​ ​ 20,010 ​ ​ — ​ ​ ​ ​ TOTAL REAL ESTATE UNDER DEVELOPMENT ​ — ​ 73,702 ​ 15,798 ​ 89,500 ​ 158,377 ​ 73,702 ​ 174,175 ​ 247,877 ​ 1,010 ​ ​ ​ ​ LAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian Park® ​ ​ — ​ ​ 39,609 ​ ​ 4,997 ​ ​ 44,606 ​ ​ 17,076 ​ ​ 46,664 ​ ​ 15,018 ​ ​ 61,682 ​ ​ 2,818 ​ ​ ​ ​ TOTAL LAND ​ — ​ 39,609 ​ 4,997 ​ 44,606 ​ 17,076 ​ 46,664 ​ 15,018 ​ 61,682 ​ 2,818 ​ ​ ​ ​ HELD FOR DISPOSITION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parallel ​ ​ — ​ ​ 15,181 ​ ​ 100,595 ​ ​ 115,776 ​ ​ 879 ​ ​ 15,184 ​ ​ 101,471 ​ ​ 116,655 ​ ​ 13,779 ​ ​ ​ ​ TOTAL HELD FOR DISPOSITION ​ — ​ 15,181 ​ 100,595 ​ 115,776 ​ 879 ​ 15,184 ​ 101,471 ​ 116,655 ​ 13,779 ​ ​ ​ ​ COMMERCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookhaven Shopping Center ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,927 ​ ​ 7,793 ​ ​ 22,134 ​ ​ 29,927 ​ ​ 14,646 ​ ​ ​ ​ TOTAL COMMERCIAL ​ — ​ — ​ — ​ — ​ 29,927 ​ 7,793 ​ 22,134 ​ 29,927 ​ 14,646 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,007 ​ ​ — ​ ​ 14,007 ​ ​ 14,007 ​ ​ 94 ​ ​ ​ ​ 1745 Shea Center I ​ ​ — ​ ​ 3,034 ​ ​ 20,534 ​ ​ 23,568 ​ ​ 2,016 ​ ​ 3,086 ​ ​ 22,498 ​ ​ 25,584 ​ ​ 4,562 ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 16,023 ​ 3,086 ​ 36,505 ​ 39,591 ​ 4,656 ​ ​ ​ ​ TOTAL COMMERCIAL & CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 45,950 ​ 10,879 ​ 58,639 ​ 69,518 ​ 19,302 ​ ​ ​ ​ Deferred Financing Costs and Other Non-Cash Adjustments ​ ​ 10,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 862,147 ​ $ 2,204,834 ​ $ 7,240,537 ​ $ 9,445,371 ​ $ 3,626,101 ​ $ 2,462,474 ​ $ 10,608,998 ​ $ 13,071,472 ​ $ 4,605,366 ​ ​ ​ ​ (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. ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 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 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 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 ​

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 (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ 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. ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ 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 Instruments—Credit 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 Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair 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 Company’s cash and cash equivalents are held at major commercial banks.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property.
Allowance for Credit Losses	Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible.
Notes Receivable	Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities. 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 19,685 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 158,685 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (693) ​ ​ — Total notes receivable, net ​ $ 157,992 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. 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 seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy 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 “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 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 investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements.
Derivative Financial Instruments	Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership	Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date.
Income Taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(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, UDR’s 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 (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned
Stock-Based Employee Compensation Plans	Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost 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 stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt.
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Forward Sales Agreements	Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. ​ Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the 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. ​ 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. ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 19,685 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 158,685 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (693) ​ ​ — Total notes receivable, net ​ $ 157,992 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. 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 seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy 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)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 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: ​ ​ Land and land improvements ​ 73,702 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 174,175 ​ 40,551 Real estate held for disposition: ​ ​ Land and land improvements ​ 15,184 ​ — Building, improvements, and furniture, fixtures and equipment ​ 101,471 ​ — Real estate owned ​ 13,071,472 ​ 12,602,101 Accumulated depreciation (a) ​ (4,605,366) ​ (4,131,353) Real estate owned, net ​ $ 8,466,106 ​ $ 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	​ ​ ​ ​ ​ Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park ® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park ® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed.
Schedule of future amortization	The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter Real estate intangible assets, net (a) ​ $ 34,782 ​ $ 2,840 ​ $ 2,740 ​ $ 2,643 ​ $ 2,525 ​ $ 2,436 ​ $ 21,598 In-place lease intangible assets, net (b) ​ ​ 2,631 ​ ​ 553 ​ ​ 518 ​ ​ 403 ​ ​ 375 ​ ​ 318 ​ ​ 464 Total ​ $ 37,413 ​ $ 3,393 ​ $ 3,258 ​ $ 3,046 ​ $ 2,900 ​ $ 2,754 ​ $ 22,062 ​ ​ ​ (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. ​ (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 Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Income/(loss) from investments ​ Location of December 31, December 31, December 31, December 31, ​ December 31, ​ December 31, ​ Year Ended December 31, Joint Venture Properties 2020 2020 2020 2019 ​ 2020 ​ 2019 ​ 2020 2019 2018 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 26,426 ​ $ 28,812 ​ 50.0 % ​ 50.0 % ​ $ (2,639) ​ $ (2,108) ​ $ (2,750) UDR/MetLife II Various 7 1,250 ​ 151,353 ​ 150,893 ​ 50.0 % ​ 50.0 % ​ ​ (1,044) ​ ​ 117,574 ​ ​ 2,954 Other UDR/MetLife Joint Ventures (h) Various 5 1,437 ​ 82,072 ​ 98,441 ​ 50.6 % ​ 50.6 % ​ ​ (10,444) ​ ​ (6,349) ​ ​ (7,639) West Coast Development Joint Ventures (c) ​ Los Angeles, CA ​ 1 ​ 293 ​ ​ 30,080 ​ ​ 34,907 ​ 47.0 % ​ 47.0 % ​ ​ (325) ​ ​ (993) ​ ​ (237) Sold Joint Ventures ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ — % ​ — % ​ ​ — ​ ​ 6,123 ​ ​ (7,694) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 289,931 ​ $ 313,053 ​ ​ ​ ​ $ (14,452) ​ $ 114,247 ​ $ (15,366) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Other Investments (a) Location Rate Maturity ​ Commitment (b) 2020 2019 2020 2019 2018 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ — ​ $ 17,064 ​ $ (46) ​ $ (447) ​ $ 865 1532 Harrison ​ San Francisco, CA ​ 11.0 % 1.5 ​ ​ 24,645 ​ ​ 34,135 ​ ​ 30,585 ​ ​ 3,519 ​ ​ 3,147 ​ ​ 2,228 1200 Broadway (d) ​ Nashville, TN ​ 8.0 % 1.7 ​ ​ 55,558 ​ ​ 69,330 ​ ​ 63,958 ​ ​ 5,309 ​ ​ 4,888 ​ ​ 2,970 Junction ​ Santa Monica, CA ​ 12.0 % 1.6 ​ ​ 8,800 ​ ​ 11,699 ​ ​ 10,379 ​ ​ 1,321 ​ ​ 1,169 ​ ​ 406 1300 Fairmount (d) ​ Philadelphia, PA ​ Variable ​ 2.6 ​ ​ 51,393 ​ ​ 59,544 ​ ​ 51,215 ​ ​ 4,843 ​ ​ 3,098 ​ ​ 159 Essex ​ Orlando, FL ​ 12.5 % 2.6 ​ ​ 12,886 ​ ​ 16,770 ​ ​ 14,804 ​ ​ 1,965 ​ ​ 1,639 ​ ​ 258 Modera Lake Merritt (d) ​ Oakland, CA ​ 9.0 % 3.2 ​ ​ 27,250 ​ ​ 30,928 ​ ​ 22,653 ​ ​ 2,592 ​ ​ 1,067 ​ ​ — Thousand Oaks (e) ​ Thousand Oaks, CA ​ 9.0 % 4.1 ​ ​ 20,059 ​ ​ 17,919 ​ ​ — ​ ​ 763 ​ ​ — ​ ​ — Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 4.5 ​ ​ 40,000 ​ ​ 42,360 ​ ​ — ​ ​ 2,348 ​ ​ — ​ ​ — Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals (g) ​ Washington, D.C. ​ 11.0 % N/A ​ ​ — ​ ​ — ​ ​ 48,181 ​ ​ 5,745 ​ ​ 5,012 ​ ​ 3,692 Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 34,500 ​ ​ 22,870 ​ ​ 13,598 ​ ​ 4,937 ​ ​ 4,053 ​ ​ (267) Total Preferred Equity Investments and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 305,555 ​ ​ 272,437 ​ ​ 33,296 ​ ​ 23,626 ​ ​ 10,311 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program Investments, net (h) ​ ​ ​ ​ $ 595,486 ​ $ 585,490 ​ $ 18,844 ​ $ 137,873 ​ $ (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 UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In January 2020, the Company increased its ownership interest from 49% to 100% in 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 Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (e) In February 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 142 apartment home community in Thousand Oaks, CA. The Company’s preferred equity investment of up to $20.1 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and, therefore, accounts for it under the equity method of accounting. (f) In July 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 534 apartment home community in Queens, New York. The Company’s preferred equity investment of $40.0 million earns a preferred return of 13.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (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 Company’s 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 Company’s 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 ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 132,203 ​ $ 16,189 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 54,276 ​ 8,232 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ 14,243 ​ 4,462 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ — ​ 204 ​ — ​ 63 ​ 267 ​ 35 ​ 302 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,141 ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ (22,752) ​ $ 37,517 ​ $ 14,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 114,192 ​ $ 650,593 ​ $ 589,822 ​ $ — ​ $ 1,354,607 ​ $ 550,198 ​ $ 1,904,805 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 88,458 ​ ​ 88,458 ​ ​ — ​ ​ 88,458 Cash and cash equivalents ​ 2,585 ​ 4,369 ​ 7,049 ​ — ​ 14,003 ​ 8,275 ​ 22,278 Other assets ​ 1,622 ​ 14,133 ​ 6,214 ​ — ​ 21,969 ​ 128,925 ​ 150,894 Total assets ​ 118,399 ​ 669,095 ​ 603,085 ​ 88,458 ​ 1,479,037 ​ 687,398 ​ 2,166,435 Third party debt, net ​ 70,946 ​ 416,364 ​ 454,153 ​ — ​ 941,463 ​ 247,247 ​ 1,188,710 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 55,440 ​ ​ 55,440 ​ ​ — ​ ​ 55,440 Accounts payable and accrued liabilities ​ 3,507 ​ 6,764 ​ 8,593 ​ — ​ 18,864 ​ 21,692 ​ 40,556 Total liabilities ​ 74,453 ​ 423,128 ​ 462,746 ​ 55,440 ​ 1,015,767 ​ 268,939 ​ 1,284,706 Total equity ​ $ 43,946 ​ $ 245,967 ​ $ 140,339 ​ $ 33,018 ​ $ 463,270 ​ $ 418,459 ​ $ 881,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 102,888 ​ $ 14,058 ​ $ 278,006 ​ $ 11,242 ​ $ 289,248 Property operating expenses ​ 4,533 ​ 54,445 ​ 39,542 ​ 6,829 ​ ​ 105,349 ​ ​ 3,432 ​ 108,781 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 50,579 ​ 5,440 ​ ​ 105,883 ​ ​ — ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 128,283 ​ 1,789 ​ 182,290 ​ 7,810 ​ 190,100 Interest expense ​ (3,070) ​ (44,825) ​ (27,647) ​ (4,656) ​ ​ (80,198) ​ ​ — ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ 25,711 ​ ​ — ​ ​ 483,906 ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ 159 ​ ​ 159 ​ ​ (68) ​ 91 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,417 ​ ​ 26,417 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ 126,347 ​ $ (2,708) ​ $ 586,157 ​ $ 34,159 ​ $ 620,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ 140,224 ​ $ 1,545,106 ​ $ 355,975 ​ $ 1,901,081 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ 5,692 ​ ​ 20,190 ​ ​ 9,633 ​ 29,823 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ 1,305 ​ ​ 17,535 ​ ​ 155,406 ​ 172,941 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ 147,221 ​ 1,582,831 ​ 521,014 ​ 2,103,845 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ 90,498 ​ ​ 1,041,663 ​ ​ 106,385 ​ 1,148,048 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ 3,440 ​ ​ 26,537 ​ ​ 28,577 ​ 55,114 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ 93,938 ​ 1,068,200 ​ 134,962 ​ 1,203,162 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ 53,283 ​ $ 514,631 ​ $ 386,052 ​ $ 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 Park® 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ ​ ​ ​ MetLife ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ ​ ​ ​ Vitruvian ​ Year Ended December 31, 2018 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total ​ ​ ​ Park ® ​ Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 3,187 ​ $ 158,738 ​ $ 108,766 ​ $ 16,392 ​ $ 287,083 ​ $ 5,977 ​ $ 293,060 ​ ​ ​ $ 26,096 ​ Property operating expenses ​ 3,066 ​ 56,403 ​ 44,048 ​ 8,830 ​ 112,347 ​ 1,789 ​ 114,136 ​ ​ ​ 13,732 ​ Real estate depreciation and amortization ​ 3,392 ​ 44,721 ​ 59,419 ​ 7,679 ​ 115,211 ​ — ​ 115,211 ​ ​ ​ 9,495 ​ Operating income/(loss) ​ (3,271) ​ 57,614 ​ 5,299 ​ (117) ​ 59,525 ​ 4,188 ​ 63,713 ​ ​ ​ 2,869 ​ Interest expense ​ (1,872) ​ (49,118) ​ (30,198) ​ (6,175) ​ (87,363) ​ — ​ (87,363) ​ ​ ​ (6,051) ​ Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ 148 ​ ​ 148 ​ ​ — ​ ​ 148 ​ ​ ​ ​ — ​ Net income/(loss) ​ $ (5,143) ​ $ 8,496 ​ $ (24,899) ​ $ (6,144) ​ $ (27,690) ​ $ 4,188 ​ $ (23,502) ​ ​ ​ $ (3,182) ​

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): ​ ​ ​ ​ ​ ​ Ground Leases 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) Total operating lease liabilities (discounted) ​ $ 195,592
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,821 ​ $ 8,272 Variable lease expense (a) ​ ​ 119 ​ ​ 664 Total operating lease expense (b)(c) ​ $ 12,940 ​ $ 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): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 23,970 2022 ​ ​ 22,749 2023 ​ ​ 20,855 2024 ​ ​ 19,132 2025 ​ ​ 15,972 Thereafter ​ ​ 70,396 Total future minimum lease payments (a) ​ $ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 824,550 ​ $ 884,869 3.31 % 7.2 11 Credit facilities (b) ​ — ​ 204,590 — % — — Deferred financing costs and other non-cash adjustments (b) ​ 10,665 ​ 33,046 Total fixed rate secured debt, net ​ 835,215 ​ 1,122,505 3.31 % 7.2 11 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.84 % 11.2 1 Deferred financing costs ​ (68) ​ (64) Total variable rate secured debt, net ​ 26,932 ​ 26,936 0.84 % 11.2 1 Total Secured Debt, net ​ 862,147 ​ 1,149,441 3.23 % 7.3 12 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ​ — ​ — — % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ​ ​ 190,000 ​ ​ 300,000 ​ 0.27 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2022 ​ 28,024 ​ 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ​ 35,000 ​ 35,000 1.05 % 2.8 Fixed Rate Debt ​ ​ Term Loan due September 2023 (d) (p) ​ ​ 315,000 ​ 315,000 2.55 % 2.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ​ — ​ 299,530 — % — 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ​ 299,673 ​ 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ​ 300,000 ​ 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ​ ​ 299,542 ​ ​ 299,471 ​ 3.50 % 6.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ​ ​ 299,165 ​ ​ 299,046 ​ 3.50 % 7.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ​ ​ 299,995 ​ ​ 299,995 ​ 4.27 % 8.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ​ ​ 612,412 ​ ​ 402,281 ​ 3.32 % 9.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ​ ​ 398,973 ​ ​ 398,877 ​ 3.01 % 10.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ​ ​ 399,592 ​ ​ — ​ 2.10 % 11.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ​ ​ 348,529 ​ ​ — ​ 1.90 % 12.2 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ​ ​ 298,779 ​ ​ 298,691 ​ 3.13 % 13.8 ​ ​ Other ​ 10 ​ 13 Deferred financing costs ​ (25,937) ​ (21,652) Total Unsecured Debt, net ​ 4,114,401 ​ 3,558,083 2.98 % 8.1 Total Debt, net ​ $ 4,976,548 ​ $ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2021 ​ $ 1,097 ​ $ — ​ $ 1,097 ​ $ 190,000 (a) $ 191,097 2022 ​ ​ 1,140 ​ ​ — ​ ​ 1,140 ​ ​ 28,024 ​ ​ 29,164 2023 ​ 1,183 ​ — ​ 1,183 ​ 350,000 ​ 351,183 2024 ​ 95,280 ​ — ​ 95,280 ​ 15,644 ​ 110,924 2025 ​ 173,189 ​ — ​ 173,189 ​ 300,000 ​ 473,189 2026 ​ 51,070 ​ — ​ 51,070 ​ 300,000 ​ 351,070 2027 ​ 1,111 ​ — ​ 1,111 ​ 300,000 ​ 301,111 2028 ​ 122,466 ​ — ​ 122,466 ​ 300,000 ​ 422,466 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 2030 ​ 72,500 ​ — ​ 72,500 ​ 600,000 ​ 672,500 Thereafter ​ 160,930 ​ 27,000 ​ 187,930 ​ 1,450,000 ​ 1,637,930 Subtotal ​ 824,550 ​ 27,000 ​ 851,550 ​ 4,133,668 ​ 4,985,218 Non-cash (b) ​ 10,665 ​ (68) ​ 10,597 ​ (19,267) ​ (8,670) Total ​ $ 835,215 ​ $ 26,932 ​ $ 862,147 ​ $ 4,114,401 ​ $ 4,976,548 (a) All unsecured debt due in the remainder of 2021 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 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 ​ 0.9 % 2.5 % Interest rate at end of the year ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 2019 ​ Total revolving credit facility ​ $ 1,100,000 ​ $ 1,100,000 ​ Borrowings outstanding at end of year (1) ​ — ​ — ​ 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 ​ 1.4 % 2.6 % Interest rate at end of the year ​ — % — % (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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Total working capital 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 ​ 1.4 % 3.1 % Interest rate at end of the year ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ 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) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 60,036 ​ $ 180,861 ​ $ 199,238 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 294,808 ​ 285,509 ​ 268,513 Non-vested restricted stock awards ​ (263) ​ (262) ​ (334) Denominator for basic income/(loss) per share ​ 294,545 ​ 285,247 ​ 268,179 Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ​ 382 ​ 768 ​ 1,304 Denominator for diluted income/(loss) per share ​ 294,927 ​ 286,015 ​ 269,483 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.20 ​ $ 0.63 ​ $ 0.74 Diluted ​ $ 0.20 ​ $ 0.63 ​ $ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 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 Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2017 267,822 2,781 15,852 Issuance/(forfeiture) of common and restricted shares, net 47 — — Issuance of common shares upon exercise of stock options ​ 772 ​ — ​ — Issuance of common shares through public offering 7,150 ​ — ​ — Repurchase of common shares ​ (593) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 337 — — Forfeiture of Series F shares ​ — — (50) Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 — — Issuance of common shares through public offering ​ 7,500 — — Issuance of common shares though ATM program ​ 6,988 ​ — ​ — Issuance of common shares through forward sales agreement ​ 1,339 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,196 — — Forfeiture of Series F shares — — (1,111) Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) ​ 2,121 — — Repurchase of common shares ​ (597) ​ — ​ — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 300 — — Conversion of Series E Cumulative Convertible shares ​ 93 ​ (86) ​ — Forfeiture of Series F shares — — (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ ​ Number of ​ Value Per ​ Number ​ Restricted ​ ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2019 858 ​ $ 37.77 248 ​ $ 37.29 Granted 641 ​ 42.64 188 ​ 44.16 Vested (772) ​ 39.29 (174) ​ 36.74 Forfeited — ​ — (25) ​ 45.68 Balance, December 31, 2020 727 ​ $ 41.58 237 ​ $ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 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 Unrecaptured section 1250 gain ​ 0.089 ​ 0.063 ​ 0.233 Nondividend distributions ​ ​ — ​ ​ 0.281 ​ ​ 0.207 Total ​ $ 1.423 ​ $ 1.350 ​ $ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 Income tax (benefit)/provision ​ ​ ​ 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 (benefit)/provision ​ $ 2,545 ​ $ 3,838 ​ $ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 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)
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 ​ 2018 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 ​

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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 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 ​ (143,741) ​ 183,884 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 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 ​

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 Company’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 157,992 ​ $ 170,411 ​ $ — ​ $ — ​ $ 170,411 Derivatives - Interest rate contracts (b) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 157,994 ​ $ 170,413 ​ $ — ​ $ 2 ​ $ 170,411 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,024 ​ ​ 28,024 ​ ​ — ​ ​ — ​ ​ 28,024 Commercial paper program ​ ​ 190,000 ​ ​ 190,000 ​ ​ — ​ ​ — ​ ​ 190,000 Unsecured notes ​ ​ 3,922,314 ​ ​ 4,283,045 ​ ​ — ​ ​ — ​ ​ 4,283,045 Total liabilities ​ $ 5,004,978 ​ $ 5,382,320 ​ $ — ​ $ 167 ​ $ 5,382,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 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 ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps (a) ​ 2 ​ $ 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 Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 2 ​ $ 6 ​ $ 167 ​ $ 142
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,382) ​ $ (8,437) ​ $ 4,806 ​ $ (4,827) ​ $ 2,770 ​ $ 1,948 ​ $ — ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 Total amount of Interest expense ​ $ 202,706 ​ $ 170,917 ​ $ 134,168 ​
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Assets ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount December 31, 2020 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
Offsetting of Derivative Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Liabilities ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ​ $ 167 ​ $ — ​ $ 167 ​ $ — ​ $ — ​ $ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 247,877 ​ $ 243,623 Joint ventures: ​ ​ Preferred equity investments 1 ​ ​ 17,919 (b) ​ 2,921 (b) Other investments ​ - ​ ​ 22,870 ​ ​ 19,245 ​ Total ​ $ 288,666 ​ $ 265,789 (a) Represents UDR’s investment as of December 31, 2020. (b) Represents UDR’s 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 UDR’s 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 385,959 ​ $ 402,901 ​ $ 387,215 Mid-Atlantic Region ​ 211,633 ​ 211,401 ​ 205,324 Northeast Region ​ ​ 108,073 ​ ​ 122,008 ​ ​ 119,540 Southeast Region ​ 123,993 ​ 120,289 ​ 116,011 Southwest Region ​ 65,713 ​ 64,970 ​ 63,287 Non-Mature Communities/Other ​ 302,920 ​ 180,668 ​ 111,272 Total segment and consolidated lease revenue ​ $ 1,198,291 ​ $ 1,102,237 ​ $ 1,002,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 11,803 ​ $ 12,339 ​ $ 10,738 Mid-Atlantic Region ​ 6,329 ​ 7,216 ​ 6,357 Northeast Region ​ 2,697 ​ 2,760 ​ 2,623 Southeast Region ​ 5,395 ​ 6,444 ​ 6,223 Southwest Region ​ 2,543 ​ 2,793 ​ 2,664 Non-Mature Communities/Other ​ 9,038 ​ 4,349 ​ 3,851 Total segment and consolidated other revenue ​ $ 37,805 ​ $ 35,901 ​ $ 32,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 397,762 ​ $ 415,240 ​ $ 397,953 Mid-Atlantic Region ​ 217,962 ​ 218,617 ​ 211,681 Northeast Region ​ 110,770 ​ 124,768 ​ 122,163 Southeast Region ​ 129,388 ​ 126,733 ​ 122,234 Southwest Region ​ 68,256 ​ 67,763 ​ 65,951 Non-Mature Communities/Other ​ 311,958 ​ 185,017 ​ 115,123 Total segment and consolidated rental income ​ $ 1,236,096 ​ $ 1,138,138 ​ $ 1,035,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 295,065 ​ $ 315,812 ​ $ 300,745 Mid-Atlantic Region ​ 152,131 ​ 154,082 ​ 148,057 Northeast Region ​ 65,553 ​ 83,832 ​ 84,059 Southeast Region ​ 88,518 ​ 88,467 ​ 85,219 Southwest Region ​ 42,931 ​ 42,210 ​ 39,631 Non-Mature Communities/Other ​ 209,504 ​ 123,900 ​ 74,404 Total segment and consolidated NOI ​ 853,702 ​ 808,303 ​ 732,115 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 5,069 ​ 14,055 ​ 11,754 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 income 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 (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 UDR’s reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,732,329 ​ $ 3,696,544 Mid-Atlantic Region ​ 2,255,449 ​ 2,222,405 Northeast Region ​ 1,507,878 ​ 1,500,597 Southeast Region ​ 827,683 ​ 806,830 Southwest Region ​ 614,647 ​ 600,350 Non-Mature Communities/Other ​ 4,133,486 ​ 3,775,375 Total segment assets ​ 13,071,472 ​ 12,602,101 Accumulated depreciation ​ (4,605,366) ​ (4,131,353) Total segment assets — net book value ​ 8,466,106 ​ 8,470,748 Reconciling items: ​ ​ 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 consolidated assets ​ $ 9,637,533 ​ $ 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. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 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 “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2020 and 2019, there were 184.8 million and 184.1 million units, respectively, in the Operating Partnership (“OP Units”) 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 (“DownREIT Units”) 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. (“UDR, L.P.,” the “Operating Partnership,” “we” or “our”) is a Delaware limited partnership, that owns, acquires, renovates, redevelops, manages, and disposes of multifamily apartment communities generally located in high barrier to entry markets located in the United States. The high barrier to entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. UDR, L.P. is a subsidiary of UDR, Inc. (“UDR” or the “General Partner”), a self-administered real estate investment trust, or REIT, through which UDR conducts a significant portion of its business. During the years ended December 31, 2020, 2019, and 2018, rental revenues of the Operating Partnership represented 35%, 39%, and 42%, respectively, of the General Partner’s consolidated rental revenues. As of December 31, 2020, the Operating Partnership’s 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 (“OP Units”). The Operating Partnership’s net income is allocated to the partners, which is initially based on their respective distributions made during the year and secondly, their percentage interests. Distributions are made in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of United Dominion Realty, L.P. (the “Operating Partnership Agreement”), on a per unit basis that is generally equal to the dividend per share on UDR’s common stock, which is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “UDR.” As of December 31, 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 (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ 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. ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ 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 Instruments—Credit Losses, ​ 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 Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair 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 Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain or loss on consolidation of a property. ​ Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities. 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 19,685 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 158,685 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (693) ​ ​ — Total notes receivable, net ​ $ 157,992 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. 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 seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy 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 “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 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 investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(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, UDR’s 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 (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost 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 stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement
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 (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ 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. ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ 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 Instruments—Credit Losses, ​ 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 Partnership’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair 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 Partnership’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ​ Sale transactions to entities in which the Operating Partnership sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Operating Partnership will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Operating Partnership will record a full gain or loss in the period the property is contributed. ​ To the extent that the Operating Partnership acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Operating Partnership will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Operating Partnership will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Operating Partnership will not recognize a gain 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 Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Noncontrolling Interests The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (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 entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on reasonably anticipated benefits to the parties. (See Note 7, Related Party Transactions Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Impact of COVID-19 Pandemic ​ The Operating Partnership continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the ’s future financial condition, results of operations and cash flows could be material ​ During the 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. ​ 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. ​ 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 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 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: ​ ​ Land and land improvements ​ 73,702 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 174,175 ​ 40,551 Real estate held for disposition: ​ ​ Land and land improvements ​ 15,184 ​ — Building, improvements, and furniture, fixtures and equipment ​ 101,471 ​ — Real estate owned ​ 13,071,472 ​ 12,602,101 Accumulated depreciation (a) ​ (4,605,366) ​ (4,131,353) Real estate owned, net ​ $ 8,466,106 ​ $ 8,470,748 (a) Accumulated depreciation is inclusive of $5.8 million of accumulated amortization related to real estate intangible assets. ​ 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 ​ In August 2020, the Company acquired a to-be-developed parcel of land located in King of Prussia, Pennsylvania for approximately $16.2 million. ​ 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. ​ 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. ​ 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. ​ In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 million. In connection with the acquisition, the Company repaid approximately $59.8 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as an equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 million. In connection with the acquisition, the Company repaid approximately $26.0 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.1 million. In February 2019, the Company acquired a to-be-developed parcel of land located in Denver, Colorado for approximately $13.7 million. In February 2019, the Company acquired a 188 apartment home operating community located in Brooklyn, New York for approximately $132.1 million. The Company increased its real estate assets owned by approximately $97.5 million and recorded approximately $33.6 million of real estate intangibles and approximately $1.0 million of in-place lease intangibles. In February 2019, the Company acquired a 381 apartment home operating community located in St. Petersburg, Florida for approximately $98.3 million . ​ In April 2019, the Company acquired a 498 apartment home operating community located in Towson, Maryland for approximately $86.4 million. ​ In May 2019, the Company acquired a 313 apartment home operating community located in King of Prussia, Pennsylvania for approximately $107.3 million. The Company increased its real estate assets owned by approximately $106.4 million and recorded approximately $0.9 million of in-place lease intangibles. ​ In May 2019, the Company acquired a 240 apartment home operating community located in St. Petersburg, Florida for approximately $49.4 million. The Company increased its real estate assets owned by approximately $48.2 million and recorded approximately $1.2 million of in-place lease intangibles. ​ In June 2019, the Company acquired a 200 apartment home operating community located in Waltham, Massachusetts for approximately $84.6 million. The Company increased its real estate assets owned by approximately $82.6 million and recorded approximately $2.0 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 914 apartment home operating community located in Norwood, Massachusetts for approximately $270.2 million. The Company increased its real estate assets owned by approximately $260.1 million and recorded approximately $10.1 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 185 apartment home operating community located in Englewood, New Jersey for approximately $83.6 million. The Company increased its real estate assets owned by approximately $77.5 million and recorded approximately $4.6 million of real estate intangibles and approximately $1.5 million of in-place lease intangibles. ​ In August 2019, the Company purchased a 292 apartment home operating community in Washington, D.C., directly from the UDR/KFH joint venture, thereby increasing its ownership interest from 30% to 100%, for a purchase price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition (see Note 5, Joint Ventures and Partnerships ​ In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDR’s share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDR’s share, to MetLife, and recognized a net gain on sale of $114.9 million at our share. The Company paid $109.2 million directly to MetLife to complete the transaction. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships million. The Company recorded the debt at its fair value in Secured debt net ​ The following table summarizes the 10 communities, one development community and four land parcels acquired from the UDR/MetLife II and the UDR/MetLife Vitruvian Park ® ​ ​ ​ ​ ​ Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park ® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park ® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed. 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. ​ 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. ​ 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. ​ 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 ​ 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 ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ 2025 ​ Thereafter Real estate intangible assets, net (a) ​ $ 34,782 ​ $ 2,840 ​ $ 2,740 ​ $ 2,643 ​ $ 2,525 ​ $ 2,436 ​ $ 21,598 In-place lease intangible assets, net (b) ​ ​ 2,631 ​ ​ 553 ​ ​ 518 ​ ​ 403 ​ ​ 375 ​ ​ 318 ​ ​ 464 Total ​ $ 37,413 ​ $ 3,393 ​ $ 3,258 ​ $ 3,046 ​ $ 2,900 ​ $ 2,754 ​ $ 22,062 ​ ​ ​ (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. ​ (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): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 730,559 ​ $ 711,256 Depreciable property — held and used: ​ ​ ​ ​ Land improvements ​ ​ 101,470 ​ ​ 96,864 Buildings, improvements, and furniture, fixtures and equipment ​ 3,211,696 ​ 3,067,040 Real estate owned ​ 4,043,725 ​ 3,875,160 Accumulated depreciation ​ (1,892,011) ​ (1,796,568) Real estate owned, net ​ $ 2,151,714 ​ $ 2,078,592 ​ 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. ​ 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. ​ 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. ​ 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 UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are typically limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the communities held by the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Income/(loss) from investments ​ Location of December 31, December 31, December 31, December 31, ​ December 31, ​ December 31, ​ Year Ended December 31, Joint Venture Properties 2020 2020 2020 2019 ​ 2020 ​ 2019 ​ 2020 2019 2018 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 26,426 ​ $ 28,812 ​ 50.0 % ​ 50.0 % ​ $ (2,639) ​ $ (2,108) ​ $ (2,750) UDR/MetLife II Various 7 1,250 ​ 151,353 ​ 150,893 ​ 50.0 % ​ 50.0 % ​ ​ (1,044) ​ ​ 117,574 ​ ​ 2,954 Other UDR/MetLife Joint Ventures (h) Various 5 1,437 ​ 82,072 ​ 98,441 ​ 50.6 % ​ 50.6 % ​ ​ (10,444) ​ ​ (6,349) ​ ​ (7,639) West Coast Development Joint Ventures (c) ​ Los Angeles, CA ​ 1 ​ 293 ​ ​ 30,080 ​ ​ 34,907 ​ 47.0 % ​ 47.0 % ​ ​ (325) ​ ​ (993) ​ ​ (237) Sold Joint Ventures ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ — % ​ — % ​ ​ — ​ ​ 6,123 ​ ​ (7,694) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 289,931 ​ $ 313,053 ​ ​ ​ ​ $ (14,452) ​ $ 114,247 ​ $ (15,366) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income/(loss) from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Other Investments (a) Location Rate Maturity ​ Commitment (b) 2020 2019 2020 2019 2018 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ — ​ $ 17,064 ​ $ (46) ​ $ (447) ​ $ 865 1532 Harrison ​ San Francisco, CA ​ 11.0 % 1.5 ​ ​ 24,645 ​ ​ 34,135 ​ ​ 30,585 ​ ​ 3,519 ​ ​ 3,147 ​ ​ 2,228 1200 Broadway (d) ​ Nashville, TN ​ 8.0 % 1.7 ​ ​ 55,558 ​ ​ 69,330 ​ ​ 63,958 ​ ​ 5,309 ​ ​ 4,888 ​ ​ 2,970 Junction ​ Santa Monica, CA ​ 12.0 % 1.6 ​ ​ 8,800 ​ ​ 11,699 ​ ​ 10,379 ​ ​ 1,321 ​ ​ 1,169 ​ ​ 406 1300 Fairmount (d) ​ Philadelphia, PA ​ Variable ​ 2.6 ​ ​ 51,393 ​ ​ 59,544 ​ ​ 51,215 ​ ​ 4,843 ​ ​ 3,098 ​ ​ 159 Essex ​ Orlando, FL ​ 12.5 % 2.6 ​ ​ 12,886 ​ ​ 16,770 ​ ​ 14,804 ​ ​ 1,965 ​ ​ 1,639 ​ ​ 258 Modera Lake Merritt (d) ​ Oakland, CA ​ 9.0 % 3.2 ​ ​ 27,250 ​ ​ 30,928 ​ ​ 22,653 ​ ​ 2,592 ​ ​ 1,067 ​ ​ — Thousand Oaks (e) ​ Thousand Oaks, CA ​ 9.0 % 4.1 ​ ​ 20,059 ​ ​ 17,919 ​ ​ — ​ ​ 763 ​ ​ — ​ ​ — Vernon Boulevard (f) ​ Queens, NY ​ 13.0 % 4.5 ​ ​ 40,000 ​ ​ 42,360 ​ ​ — ​ ​ 2,348 ​ ​ — ​ ​ — Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals (g) ​ Washington, D.C. ​ 11.0 % N/A ​ ​ — ​ ​ — ​ ​ 48,181 ​ ​ 5,745 ​ ​ 5,012 ​ ​ 3,692 Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 34,500 ​ ​ 22,870 ​ ​ 13,598 ​ ​ 4,937 ​ ​ 4,053 ​ ​ (267) Total Preferred Equity Investments and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 305,555 ​ ​ 272,437 ​ ​ 33,296 ​ ​ 23,626 ​ ​ 10,311 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Joint Ventures and Developer Capital Program Investments, net (h) ​ ​ ​ ​ $ 595,486 ​ $ 585,490 ​ $ 18,844 ​ $ 137,873 ​ $ (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 UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In January 2020, the Company increased its ownership interest from 49% to 100% in 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 Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (e) In February 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 142 apartment home community in Thousand Oaks, CA. The Company’s preferred equity investment of up to $20.1 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and, therefore, accounts for it under the equity method of accounting. (f) In July 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 534 apartment home community in Queens, New York. The Company’s preferred equity investment of $40.0 million earns a preferred return of 13.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (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 Company’s 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 Company’s 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 ​ 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 ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 132,203 ​ $ 16,189 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 54,276 ​ 8,232 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ 14,243 ​ 4,462 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ — ​ 204 ​ — ​ 63 ​ 267 ​ 35 ​ 302 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,141 ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ (22,752) ​ $ 37,517 ​ $ 14,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 114,192 ​ $ 650,593 ​ $ 589,822 ​ $ — ​ $ 1,354,607 ​ $ 550,198 ​ $ 1,904,805 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 88,458 ​ ​ 88,458 ​ ​ — ​ ​ 88,458 Cash and cash equivalents ​ 2,585 ​ 4,369 ​ 7,049 ​ — ​ 14,003 ​ 8,275 ​ 22,278 Other assets ​ 1,622 ​ 14,133 ​ 6,214 ​ — ​ 21,969 ​ 128,925 ​ 150,894 Total assets ​ 118,399 ​ 669,095 ​ 603,085 ​ 88,458 ​ 1,479,037 ​ 687,398 ​ 2,166,435 Third party debt, net ​ 70,946 ​ 416,364 ​ 454,153 ​ — ​ 941,463 ​ 247,247 ​ 1,188,710 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 55,440 ​ ​ 55,440 ​ ​ — ​ ​ 55,440 Accounts payable and accrued liabilities ​ 3,507 ​ 6,764 ​ 8,593 ​ — ​ 18,864 ​ 21,692 ​ 40,556 Total liabilities ​ 74,453 ​ 423,128 ​ 462,746 ​ 55,440 ​ 1,015,767 ​ 268,939 ​ 1,284,706 Total equity ​ $ 43,946 ​ $ 245,967 ​ $ 140,339 ​ $ 33,018 ​ $ 463,270 ​ $ 418,459 ​ $ 881,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 102,888 ​ $ 14,058 ​ $ 278,006 ​ $ 11,242 ​ $ 289,248 Property operating expenses ​ 4,533 ​ 54,445 ​ 39,542 ​ 6,829 ​ ​ 105,349 ​ ​ 3,432 ​ 108,781 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 50,579 ​ 5,440 ​ ​ 105,883 ​ ​ — ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 128,283 ​ 1,789 ​ 182,290 ​ 7,810 ​ 190,100 Interest expense ​ (3,070) ​ (44,825) ​ (27,647) ​ (4,656) ​ ​ (80,198) ​ ​ — ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ 25,711 ​ ​ — ​ ​ 483,906 ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ 159 ​ ​ 159 ​ ​ (68) ​ 91 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,417 ​ ​ 26,417 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ 126,347 ​ $ (2,708) ​ $ 586,157 ​ $ 34,159 ​ $ 620,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ 140,224 ​ $ 1,545,106 ​ $ 355,975 ​ $ 1,901,081 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ 5,692 ​ ​ 20,190 ​ ​ 9,633 ​ 29,823 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ 1,305 ​ ​ 17,535 ​ ​ 155,406 ​ 172,941 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ 147,221 ​ 1,582,831 ​ 521,014 ​ 2,103,845 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ 90,498 ​ ​ 1,041,663 ​ ​ 106,385 ​ 1,148,048 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ 3,440 ​ ​ 26,537 ​ ​ 28,577 ​ 55,114 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ 93,938 ​ 1,068,200 ​ 134,962 ​ 1,203,162 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ 53,283 ​ $ 514,631 ​ $ 386,052 ​ $ 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 Park® 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ ​ ​ ​ MetLife ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ ​ ​ ​ Vitruvian ​ Year Ended December 31, 2018 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total ​ ​ ​ Park ® ​ Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 3,187 ​ $ 158,738 ​ $ 108,766 ​ $ 16,392 ​ $ 287,083 ​ $ 5,977 ​ $ 293,060 ​ ​ ​ $ 26,096 ​ Property operating expenses ​ 3,066 ​ 56,403 ​ 44,048 ​ 8,830 ​ 112,347 ​ 1,789 ​ 114,136 ​ ​ ​ 13,732 ​ Real estate depreciation and amortization ​ 3,392 ​ 44,721 ​ 59,419 ​ 7,679 ​ 115,211 ​ — ​ 115,211 ​ ​ ​ 9,495 ​ Operating income/(loss) ​ (3,271) ​ 57,614 ​ 5,299 ​ (117) ​ 59,525 ​ 4,188 ​ 63,713 ​ ​ ​ 2,869 ​ Interest expense ​ (1,872) ​ (49,118) ​ (30,198) ​ (6,175) ​ (87,363) ​ — ​ (87,363) ​ ​ ​ (6,051) ​ Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ 148 ​ ​ 148 ​ ​ — ​ ​ 148 ​ ​ ​ ​ — ​ Net income/(loss) ​ $ (5,143) ​ $ 8,496 ​ $ (24,899) ​ $ (6,144) ​ $ (27,690) ​ $ 4,188 ​ $ (23,502) ​ ​ ​ $ (3,182) ​ ​ ​
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 Partnership’s 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2020 2019 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 Other liabilities ​ 28,800 ​ 28,087 Total liabilities ​ 535,405 ​ 455,679 Total capital ​ $ 821,601 ​ $ 878,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 ​ 2018 Total 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 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 Company’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral. The weighted average remaining lease term for these leases was 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): ​ ​ ​ ​ ​ ​ Ground Leases 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) Total operating lease liabilities (discounted) ​ $ 195,592 ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,821 ​ $ 8,272 Variable lease expense (a) ​ ​ 119 ​ ​ 664 Total operating lease expense (b)(c) ​ $ 12,940 ​ $ 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 - Apartment Home, Retail and Commercial Space Leases ​ UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 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 ​ We previously owned a parcel of land subject to a ground lease under which UDR was the lessor, expiring in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. In June 2019, the lessee exercised the purchase option and acquired the parcel of land for $38.0 million. (See Note 3, Real Estate Owned ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 23,970 2022 ​ ​ 22,749 2023 ​ ​ 20,855 2024 ​ ​ 19,132 2025 ​ ​ 15,972 Thereafter ​ ​ 70,396 Total future minimum lease payments (a) ​ $ 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 tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.2 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 Partnership’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral. The weighted average remaining lease term for these leases was 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Leases ​ Equipment Leases ​ Total 2021 ​ $ 12,442 ​ $ 179 ​ $ 12,621 2022 ​ ​ 12,442 ​ ​ 183 ​ ​ 12,625 2023 ​ ​ 12,442 ​ ​ 187 ​ ​ 12,629 2024 ​ ​ 12,442 ​ ​ 191 ​ ​ 12,633 2025 ​ ​ 12,442 ​ ​ 195 ​ ​ 12,637 Thereafter ​ ​ 442,778 ​ ​ 813 ​ ​ 443,591 Total future minimum lease payments (undiscounted) ​ ​ 504,988 ​ ​ 1,748 ​ ​ 506,736 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (309,396) ​ ​ (205) ​ ​ (309,601) Total operating lease liabilities (discounted) ​ $ 195,592 ​ $ 1,543 ​ $ 197,135 ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Ground lease expense: ​ ​ ​ ​ ​ ​ Contractual ground lease rent expense ​ $ 12,821 ​ $ 8,272 Variable ground lease expense (a) ​ ​ 119 ​ ​ 664 Total ground lease expense (b) ​ ​ 12,940 ​ ​ 8,936 Contractual equipment lease expense (b) ​ ​ 155 ​ ​ 19 Total operating lease expense (c) ​ $ 13,095 ​ $ 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 - Apartment Home and Retail and Commercial Leases ​ The Operating Partnership’s communities and retail and commercial space are leased to tenants under operating leases. As of 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 ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 6,808 2022 ​ ​ 6,389 2023 ​ ​ 6,110 2024 ​ ​ 5,368 2025 ​ ​ 4,777 Thereafter ​ ​ 9,115 Total future minimum lease payments (a) ​ $ 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 tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Operating Partnership recorded variable percentage rents of 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 824,550 ​ $ 884,869 3.31 % 7.2 11 Credit facilities (b) ​ — ​ 204,590 — % — — Deferred financing costs and other non-cash adjustments (b) ​ 10,665 ​ 33,046 Total fixed rate secured debt, net ​ 835,215 ​ 1,122,505 3.31 % 7.2 11 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.84 % 11.2 1 Deferred financing costs ​ (68) ​ (64) Total variable rate secured debt, net ​ 26,932 ​ 26,936 0.84 % 11.2 1 Total Secured Debt, net ​ 862,147 ​ 1,149,441 3.23 % 7.3 12 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ​ — ​ — — % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ​ ​ 190,000 ​ ​ 300,000 ​ 0.27 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2022 ​ 28,024 ​ 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ​ 35,000 ​ 35,000 1.05 % 2.8 Fixed Rate Debt ​ ​ Term Loan due September 2023 (d) (p) ​ ​ 315,000 ​ 315,000 2.55 % 2.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ​ — ​ 299,530 — % — 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ​ 299,673 ​ 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ​ 300,000 ​ 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ​ ​ 299,542 ​ ​ 299,471 ​ 3.50 % 6.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ​ ​ 299,165 ​ ​ 299,046 ​ 3.50 % 7.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ​ ​ 299,995 ​ ​ 299,995 ​ 4.27 % 8.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ​ ​ 612,412 ​ ​ 402,281 ​ 3.32 % 9.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ​ ​ 398,973 ​ ​ 398,877 ​ 3.01 % 10.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ​ ​ 399,592 ​ ​ — ​ 2.10 % 11.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ​ ​ 348,529 ​ ​ — ​ 1.90 % 12.2 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ​ ​ 298,779 ​ ​ 298,691 ​ 3.13 % 13.8 ​ ​ Other ​ 10 ​ 13 Deferred financing costs ​ (25,937) ​ (21,652) Total Unsecured Debt, net ​ 4,114,401 ​ 3,558,083 2.98 % 8.1 Total Debt, net ​ $ 4,976,548 ​ $ 4,707,524 2.91 % 8.0 ​ For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of December 31, 2020, secured debt encumbered $1.4 billion or 10.6% of UDR’s total real estate owned based upon gross book value ($11.7 billion or 89.4% of UDR’s 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 Company’s borrowings under its unsecured commercial paper program. ​ 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. ​ 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 ​ 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 ​ (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 “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2023, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 75 to 145 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 80 to 165 basis points. The 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% . ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 2019 ​ Total revolving credit facility ​ $ 1,100,000 ​ $ 1,100,000 ​ Borrowings outstanding at end of year (1) ​ — ​ — ​ 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 ​ 1.4 % 2.6 % Interest rate at end of the year ​ — % — % (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 Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2020 and 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 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 ​ 0.9 % 2.5 % Interest rate at end of the year ​ 0.3 % 2.0 % ​ 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 “Working Capital Credit Facility”) with a previously scheduled maturity date of January 15, 2021. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points. Depending on the Company’s credit rating, the margin ranges from 75 to 145 basis points. In 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Total working capital 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 ​ 1.4 % 3.1 % Interest rate at end of the year ​ 1.0 % 2.6 % ​ (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 “2024 Notes”). . 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 “2030 Notes”). Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2020. The notes were priced at 105.660% of the principal amount at issuance. This was a further issuance of the 2030 Notes, and forms a single series with, the $300.0 million aggregate principal amount of the Company’s 2030 Notes that were issued in July 2019 and the $100.0 million aggregate principal amount of the Company’s 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 “2033 Notes”). 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 “green” 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2021 ​ $ 1,097 ​ $ — ​ $ 1,097 ​ $ 190,000 (a) $ 191,097 2022 ​ ​ 1,140 ​ ​ — ​ ​ 1,140 ​ ​ 28,024 ​ ​ 29,164 2023 ​ 1,183 ​ — ​ 1,183 ​ 350,000 ​ 351,183 2024 ​ 95,280 ​ — ​ 95,280 ​ 15,644 ​ 110,924 2025 ​ 173,189 ​ — ​ 173,189 ​ 300,000 ​ 473,189 2026 ​ 51,070 ​ — ​ 51,070 ​ 300,000 ​ 351,070 2027 ​ 1,111 ​ — ​ 1,111 ​ 300,000 ​ 301,111 2028 ​ 122,466 ​ — ​ 122,466 ​ 300,000 ​ 422,466 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 2030 ​ 72,500 ​ — ​ 72,500 ​ 600,000 ​ 672,500 Thereafter ​ 160,930 ​ 27,000 ​ 187,930 ​ 1,450,000 ​ 1,637,930 Subtotal ​ 824,550 ​ 27,000 ​ 851,550 ​ 4,133,668 ​ 4,985,218 Non-cash (b) ​ 10,665 ​ (68) ​ 10,597 ​ (19,267) ​ (8,670) Total ​ $ 835,215 ​ $ 26,932 ​ $ 862,147 ​ $ 4,114,401 ​ $ 4,976,548 (a) All unsecured debt due in the remainder of 2021 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. 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. ​
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ December 31, ​ December 31, ​ Average ​ Years to ​ Communities ​ ​ 2020 ​ 2019 ​ Interest Rate ​ Maturity ​ Encumbered Fixed Rate Debt ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 72,500 3.10 % 9.1 1 Deferred financing costs ​ (328) ​ (365) Total fixed rate secured debt, net ​ 72,172 ​ 72,135 3.10 % 9.3 1 Variable Rate Debt ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 0.84 % 11.2 1 Deferred financing costs ​ (68) ​ (64) Total variable rate secured debt, net ​ 26,932 ​ 26,936 0.84 % 11.2 1 Total Secured Debt, Net ​ $ 99,104 ​ $ 99,071 2.54 % 9.7 2 ​ The Operating Partnership may from time to time acquire properties subject to fixed rate debt instruments. In those situations, management will record the secured debt at its estimated fair value and amortize any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The Operating Partnership did not have any unamortized fair value adjustments associated with the fixed rate debt instruments on the Operating Partnership’s 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 Partner’s unsecured revolving credit facility with an aggregate borrowing capacity of $1.1 billion, an unsecured commercial paper program with an aggregate borrowing capacity of $500 million, a $350 million term loan due September 2023, $300 million of medium-term notes due 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 Partnership’s allocable share of costs incurred by the General Partner for (a) general and administrative costs, and (b) shared services of corporate level property management employees and related support functions and costs. 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 Partnership’s Notes payable due to the General Partner as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, ​ December 31, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due August 2021 5.34 % ​ $ 5,500 ​ $ 5,500 Note due December 2023 5.18 % ​ 83,196 ​ 83,196 Note due April 2026 4.12 % ​ 184,638 ​ 184,638 Note due November 2028 ​ 4.69 % ​ ​ 133,205 ​ ​ 133,205 Note due December 2028 (a) ​ 2.91 % ​ ​ 404,161 ​ ​ 230,694 Total notes payable due to the General Partner ​ ​ $ 810,700 ​ $ 637,233 (a) There is no limit on the total commitments under this unsecured revolving note. Interest is incurred on the unpaid principal balance at a variable interest rate equivalent to the General Partner’s weighted average interest rate on borrowings, or 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: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 157,992 ​ $ 170,411 ​ $ — ​ $ — ​ $ 170,411 Derivatives - Interest rate contracts (b) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 157,994 ​ $ 170,413 ​ $ — ​ $ 2 ​ $ 170,411 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,024 ​ ​ 28,024 ​ ​ — ​ ​ — ​ ​ 28,024 Commercial paper program ​ ​ 190,000 ​ ​ 190,000 ​ ​ — ​ ​ — ​ ​ 190,000 Unsecured notes ​ ​ 3,922,314 ​ ​ 4,283,045 ​ ​ — ​ ​ — ​ ​ 4,283,045 Total liabilities ​ $ 5,004,978 ​ $ 5,382,320 ​ $ — ​ $ 167 ​ $ 5,382,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 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 counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 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 FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At December 31, 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: ● ● ● The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ Total ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Derivatives- Interest rate contracts (b) ​ $ 2 ​ $ 2 ​ $ — ​ $ 2 ​ $ — Total assets ​ $ 2 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instrument - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 75,182 ​ $ — ​ $ — ​ $ 75,182 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 810,700 ​ ​ 810,700 ​ ​ — ​ ​ — ​ ​ 810,700 Total liabilities ​ $ 910,200 ​ $ 912,882 ​ $ — ​ $ — ​ $ 912,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, Using ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ ​ Markets ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ for Identical ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ Assets ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 72,500 ​ $ 71,976 ​ $ — ​ $ — ​ $ 71,976 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 637,233 ​ ​ 637,233 ​ ​ — ​ ​ — ​ ​ 637,233 Total liabilities ​ $ 736,733 ​ $ 736,209 ​ $ — ​ $ — ​ $ 736,209 (a) Balances exclude deferred financing costs. (b) See Note 9, Derivatives and Hedging Activity (c) See Note 6, Debt, Net (d) See Note 7, Related Party Transactions ​ There were no transfers into or out of each of the levels of the fair value hierarchy during the 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 counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Operating Partnership has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the General Partner, on behalf of the Operating Partnership, has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 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 FASB’s fair value measurement guidance, the Operating Partnership made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Financial Instruments Not Carried at Fair Value As of December 31, 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 Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of 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 ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps (a) ​ 2 ​ $ 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 Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. 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 Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 2 ​ $ 6 ​ $ 167 ​ $ 142 ​ Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,382) ​ $ (8,437) ​ $ 4,806 ​ $ (4,827) ​ $ 2,770 ​ $ 1,948 ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 Total amount of Interest expense ​ $ 202,706 ​ $ 170,917 ​ $ 134,168 ​ Interest income and other income/(expense), net ​ Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Assets ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount December 31, 2020 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Liabilities ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ​ $ 167 ​ $ — ​ $ 167 ​ $ — ​ $ — ​ $ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
United Dominion Realty L.P.
Entity information
DERIVATIVES AND HEDGING ACTIVITY	9. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Operating Partnership is exposed to certain risks arising from both its business operations and economic conditions. The General Partner principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The General Partner manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the General Partner enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The General Partner’s and the Operating Partnership’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the General Partner’s known or expected cash payments principally related to the General Partner’s borrowings. Cash Flow Hedges of Interest Rate Risk The General Partner’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the General Partner primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the General Partner making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net 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 Partnership’s 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 ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Product ​ Instruments ​ Notional Interest rate caps 1 ​ $ 19,880 ​ Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnership’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of December 31, 2020, no derivatives not designated as hedges were held by the Operating Partnership. ​ Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets) ​ (Included in Other liabilities) ​ ​ Fair Value at: ​ Fair Value at: ​ December 31, December 31, December 31, December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate caps ​ $ 2 ​ $ — ​ $ — ​ $ — ​ Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Operating Partnership’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 ​ 2018 2020 2019 ​ 2018 2020 2019 ​ 2018 Interest rate caps ​ $ (49) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 Total amount of Interest expense ​ $ 2,831 ​ $ 1,639 ​ ​ 8,733 (a) Excludes Interest expense on notes payable due to the General Partner for the years ended December 31, 2020, 2019, and 2018. ​ Credit-risk-related Contingent Features The General Partner has agreements with its derivative counterparties that contain a provision where the General Partner could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the General Partner’s default on the indebtedness. The General Partner has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the General Partner or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement.

CAPITAL STRUCTURE (UNITED DOMIN

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 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 partners’ capital is adjusted to redemption value at the end of each reporting period with the corresponding offset against UDR’s limited partner capital account based on the redemption rights noted above. The aggregate value upon redemption of the then-outstanding OP Units held by non-affiliated limited partners was $331.0 million and $366.4 million as of December 31, 2020 and 2019, respectively, based on the value of UDR’s common stock at each period end. A limited partner has no right to receive any distributions from the Operating Partnership on or after the date of redemption of its OP Units. Class A Limited Partnership Units Class A Limited Partnership Units have a cumulative, annual, non-compounded preferred return, which is equal to 8% based on a value of $16.61 per Class A Limited Partnership Unit. Holders of the Class A Limited Partnership Units exclusively possess certain voting rights. The Operating Partnership may not do the following without approval of the holders of the Class A Limited Partnership Units: (i) increase the authorized or issued amount of Class A Limited Partnership Units, (ii) reclassify any other partnership interest into Class A Limited Partnership Units, (iii) create, authorize or issue any obligations or security convertible into or the right to purchase Class A Limited Partnership Units, (iv) enter into a merger or acquisition, or (v) amend or modify the Operating Partnership Agreement in a manner that adversely affects the relative rights, preferences or privileges of the Class A Limited Partnership Units. The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2020, 2019, and 2018 ( units in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR, Inc. ​ ​ ​ Class A ​ ​ Class A ​ ​ ​ ​ Limited ​ Limited ​ Limited ​ Limited ​ General ​ ​ ​ ​ Partners ​ Partners ​ Partner ​ Partner ​ Partner ​ Total Ending balance at December 31, 2017 1,752 7,361 174,006 121 ​ 111 183,351 Vesting of LTIP Units — ​ 286 ​ — ​ — ​ — ​ 286 OP redemptions for UDR stock ​ — (11) ​ 11 — — — Ending balance at December 31, 2018 1,752 7,636 174,017 121 111 183,637 Vesting of LTIP Units ​ — ​ 427 ​ — ​ — ​ — ​ 427 OP redemptions for UDR stock ​ — (1,969) ​ 1,969 — — — Ending balance at December 31, 2019 ​ 1,752 ​ 6,094 ​ 175,986 ​ 121 ​ 111 ​ 184,064 Vesting of LTIP Units ​ — ​ 772 ​ — ​ — ​ — ​ 772 OP redemptions for UDR stock — (3) ​ 3 — — — Ending balance at December 31, 2020 1,752 6,863 175,989 121 111 184,836 ​ LTIP Units UDR grants short-term and long-term incentive plan units (“LTIP Units”) to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have voting and distribution rights consistent with OP Units. The LTIP Units are subject to the terms of UDR’s long-term incentive plan. Two classes of LTIP Units are granted, Class 1 LTIP Units and Class 2 LTIP Units. Class 1 LTIP Units are granted to certain employees and non-employee directors and vest over a period of up to four years. Class 2 LTIP Units are granted to certain employees and vest over a period from one Allocation of Profits and Losses Profit of the Operating Partnership is allocated in the following order: (i) to the General Partner and the Limited Partners in proportion to and up to the amount of cash distributions made during the year, and (ii) to the General Partner and Limited Partners in accordance with their percentage interests. Losses and depreciation and amortization expenses, non-recourse liabilities are allocated to the General Partner and Limited Partners in accordance with their percentage interests. Losses allocated to the Limited Partners are capped to the extent that such an allocation would not cause a deficit in the Limited Partners’ capital account. Such losses are, therefore, allocated to the General Partner. If any Partner’s capital balance were to fall into a deficit, any income and gains are allocated to each Partner sufficient to eliminate its negative capital balance.

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2020
Entity information
COMMITMENTS AND CONTINGENCIES	​ 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 5 ​ $ 247,877 ​ $ 243,623 Joint ventures: ​ ​ Preferred equity investments 1 ​ ​ 17,919 (b) ​ 2,921 (b) Other investments ​ - ​ ​ 22,870 ​ ​ 19,245 ​ Total ​ $ 288,666 ​ $ 265,789 (a) Represents UDR’s investment as of December 31, 2020. (b) Represents UDR’s 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 Partnership’s financial condition, results of operations or cash flows.

REPORTABLE SEGMENTS (UNITED DOM

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 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 segments’ performance. UDR’s Chief Operating Decision Maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.875% of property revenue, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDR’s Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities Non-Mature Communities/Other ● Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 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. ● Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community Non-Mature Community/Other All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2020, 2019, and 2018. ​ The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue ​ Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. ​ Joint venture management and other fees ​ The Joint venture management and other fees Joint venture management and other fees ​ The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 385,959 ​ $ 402,901 ​ $ 387,215 Mid-Atlantic Region ​ 211,633 ​ 211,401 ​ 205,324 Northeast Region ​ ​ 108,073 ​ ​ 122,008 ​ ​ 119,540 Southeast Region ​ 123,993 ​ 120,289 ​ 116,011 Southwest Region ​ 65,713 ​ 64,970 ​ 63,287 Non-Mature Communities/Other ​ 302,920 ​ 180,668 ​ 111,272 Total segment and consolidated lease revenue ​ $ 1,198,291 ​ $ 1,102,237 ​ $ 1,002,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 11,803 ​ $ 12,339 ​ $ 10,738 Mid-Atlantic Region ​ 6,329 ​ 7,216 ​ 6,357 Northeast Region ​ 2,697 ​ 2,760 ​ 2,623 Southeast Region ​ 5,395 ​ 6,444 ​ 6,223 Southwest Region ​ 2,543 ​ 2,793 ​ 2,664 Non-Mature Communities/Other ​ 9,038 ​ 4,349 ​ 3,851 Total segment and consolidated other revenue ​ $ 37,805 ​ $ 35,901 ​ $ 32,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 397,762 ​ $ 415,240 ​ $ 397,953 Mid-Atlantic Region ​ 217,962 ​ 218,617 ​ 211,681 Northeast Region ​ 110,770 ​ 124,768 ​ 122,163 Southeast Region ​ 129,388 ​ 126,733 ​ 122,234 Southwest Region ​ 68,256 ​ 67,763 ​ 65,951 Non-Mature Communities/Other ​ 311,958 ​ 185,017 ​ 115,123 Total segment and consolidated rental income ​ $ 1,236,096 ​ $ 1,138,138 ​ $ 1,035,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 295,065 ​ $ 315,812 ​ $ 300,745 Mid-Atlantic Region ​ 152,131 ​ 154,082 ​ 148,057 Northeast Region ​ 65,553 ​ 83,832 ​ 84,059 Southeast Region ​ 88,518 ​ 88,467 ​ 85,219 Southwest Region ​ 42,931 ​ 42,210 ​ 39,631 Non-Mature Communities/Other ​ 209,504 ​ 123,900 ​ 74,404 Total segment and consolidated NOI ​ 853,702 ​ 808,303 ​ 732,115 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 5,069 ​ 14,055 ​ 11,754 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 income 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 (a) Same-Store Community population consisted of 37,607 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,732,329 ​ $ 3,696,544 Mid-Atlantic Region ​ 2,255,449 ​ 2,222,405 Northeast Region ​ 1,507,878 ​ 1,500,597 Southeast Region ​ 827,683 ​ 806,830 Southwest Region ​ 614,647 ​ 600,350 Non-Mature Communities/Other ​ 4,133,486 ​ 3,775,375 Total segment assets ​ 13,071,472 ​ 12,602,101 Accumulated depreciation ​ (4,605,366) ​ (4,131,353) Total segment assets — net book value ​ 8,466,106 ​ 8,470,748 Reconciling items: ​ ​ 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 consolidated assets ​ $ 9,637,533 ​ $ 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 — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Baltimore and Richmond iii. Northeast Region — Boston and New York iv. Southeast Region — Tampa, Orlando, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver
United Dominion Realty L.P.
Entity information
REPORTABLE SEGMENTS	12. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segments’ performance. The Operating Partnership has the same Chief Operating Decision Maker as that of its parent, the General Partner. The Chief Operating Decision Maker consists of several members of UDR’s executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. The Operating Partnership owns and operates multifamily apartment communities throughout the United States that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures of the Operating Partnership’s apartment communities are rental income and net operating income (“NOI”), and are included in the Chief Operating Decision Maker’s assessment of the Operating Partnership’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI are property management costs, which are the Operating Partnership’s allocable share of costs incurred by the General Partner for shared services of corporate level property management employees and related support functions and costs. The Chief Operating Decision Maker of the General Partner utilizes NOI as the key measure of segment profit or loss. The Operating Partnership’s two reportable segments are Same-Store Communities Non-Mature Communities/Other ● Same-Store Communities three ● Non-Mature Communities/Other Same-Store Communities Management of the General Partner evaluates the performance of each of the Operating Partnership’s apartment communities on a Same-Store Community Non-Mature Community/Other All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of the Operating Partnership’s total revenues during the years ended December 31, 2020, 2019, and 2018. The following is a description of the principal streams from which the Operating Partnership generates its revenue: Lease Revenue ​ Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Operating Partnership transfers a service to the lessee other than the right to use the underlying asset. The Operating Partnership has elected the practical expedient from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ ​ ​ The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to OP unitholders (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ West Region ​ $ 240,776 ​ $ 248,474 ​ $ 238,886 Mid-Atlantic Region ​ ​ 50,566 ​ ​ 50,975 ​ ​ 50,131 Northeast Region ​ ​ 27,701 ​ ​ 32,224 ​ ​ 31,693 Southeast Region ​ ​ 52,471 ​ ​ 50,795 ​ ​ 49,132 Southwest Region ​ ​ 7,118 ​ ​ 7,632 ​ ​ 7,463 Non-Mature Communities/Other ​ ​ 35,559 ​ ​ 37,658 ​ ​ 41,577 Total segment and consolidated lease revenue ​ $ 414,191 ​ $ 427,758 ​ $ 418,882 Reportable apartment home segment other revenue ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 7,388 ​ $ 7,873 ​ $ 7,161 Mid-Atlantic Region ​ 1,593 ​ 1,706 ​ 1,489 Northeast Region ​ ​ 476 ​ ​ 646 ​ ​ 622 Southeast Region ​ 2,542 ​ 2,925 ​ 2,764 Southwest Region ​ ​ 217 ​ ​ 301 ​ ​ 238 Non-Mature Communities/Other ​ 2,340 ​ 564 ​ 764 Total segment and consolidated other revenue ​ $ 14,556 ​ ​ 14,015 ​ $ 13,038 Total reportable apartment home segment rental income ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 248,164 ​ $ 256,347 ​ $ 246,047 Mid-Atlantic Region ​ 52,159 ​ 52,681 ​ 51,620 Northeast Region ​ ​ 28,177 ​ ​ 32,870 ​ ​ 32,315 Southeast Region ​ 55,013 ​ 53,720 ​ 51,896 Southwest Region ​ ​ 7,335 ​ ​ 7,933 ​ ​ 7,701 Non-Mature Communities/Other ​ 37,899 ​ 38,222 ​ 42,341 Total segment and consolidated rental income ​ $ 428,747 ​ $ 441,773 ​ $ 431,920 Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 186,290 ​ $ 196,302 ​ $ 187,664 Mid-Atlantic Region ​ 36,043 ​ 36,830 ​ 36,028 Northeast Region ​ ​ 17,340 ​ ​ 24,103 ​ ​ 24,578 Southeast Region ​ 37,577 ​ 37,340 ​ 35,948 Southwest Region ​ ​ 5,199 ​ ​ 5,621 ​ ​ 5,125 Non-Mature Communities/Other ​ 20,838 ​ 22,810 ​ 28,037 Total segment and consolidated NOI ​ $ 303,287 ​ $ 323,006 ​ $ 317,380 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 sale 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 (a) Same-Store Community population consisted of 15,609 apartment homes. ​ The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 2,037,133 ​ $ 2,011,495 Mid-Atlantic Region ​ 551,003 ​ 541,481 Northeast Region ​ 410,406 ​ 408,703 Southeast Region ​ 361,497 ​ 352,790 Southwest Region ​ ​ 144,959 ​ ​ 144,210 Non-Mature Communities/Other ​ 538,727 ​ 416,481 Total segment assets ​ 4,043,725 ​ 3,875,160 Accumulated depreciation ​ (1,892,011) ​ (1,796,568) Total segment assets - net book value ​ 2,151,714 ​ 2,078,592 Reconciling items: ​ ​ 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 consolidated assets ​ $ 2,457,567 ​ $ 2,398,745 (a) Same-Store Community population consisted of 15,609 apartment homes. ​ Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C. and Baltimore iii. Northeast Region — Boston and New York iv. Southeast Region — Tampa, Nashville and Other Florida v. Southwest — 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 — REAL ESTATE OWNED DECEMBER 31, 2020 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired WEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Harbor at Mesa Verde ​ $ — ​ $ 20,476 ​ $ 28,538 ​ $ 49,014 ​ $ 23,282 ​ $ 22,317 ​ $ 49,979 ​ $ 72,296 ​ $ 37,780 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 106,411 ​ ​ 116,177 ​ ​ 200,207 ​ ​ 316,384 ​ ​ 147,609 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 14,742 ​ ​ 9,302 ​ ​ 35,981 ​ ​ 45,283 ​ ​ 27,136 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 4,129 ​ ​ 11,052 ​ ​ 7,435 ​ ​ 18,487 ​ ​ 5,837 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 46,676 ​ ​ 69,331 ​ ​ 85,943 ​ ​ 155,274 ​ ​ 64,662 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 37,225 ​ ​ 60,961 ​ ​ 85,116 ​ ​ 146,077 ​ ​ 59,802 ​ 1968/2000/2016 ​ Mar-05 Foxborough ​ ​ — ​ ​ 12,071 ​ ​ 6,187 ​ ​ 18,258 ​ ​ 5,034 ​ ​ 12,576 ​ ​ 10,716 ​ ​ 23,292 ​ ​ 8,033 ​ 1969 ​ Sep-04 1818 Platinum Triangle ​ ​ — ​ ​ 16,663 ​ ​ 51,905 ​ ​ 68,568 ​ ​ 4,556 ​ ​ 17,090 ​ ​ 56,034 ​ ​ 73,124 ​ ​ 33,489 ​ 2009 ​ Aug-10 Beach & Ocean ​ ​ — ​ ​ 12,878 ​ ​ — ​ ​ 12,878 ​ ​ 39,458 ​ ​ 13,121 ​ ​ 39,215 ​ ​ 52,336 ​ ​ 15,074 ​ 2014 ​ Aug-11 The Residences at Bella Terra ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ 129,847 ​ ​ 25,658 ​ ​ 129,189 ​ ​ 154,847 ​ ​ 58,013 ​ 2013 ​ Oct-11 Los Alisos at Mission Viejo ​ ​ — ​ ​ 17,298 ​ ​ — ​ ​ 17,298 ​ ​ 70,880 ​ ​ 16,685 ​ ​ 71,493 ​ ​ 88,178 ​ ​ 30,904 ​ 2014 ​ Jun-04 The Residences at Pacific City ​ ​ — ​ ​ 78,085 ​ ​ — ​ ​ 78,085 ​ ​ 276,948 ​ ​ 78,227 ​ ​ 276,806 ​ ​ 355,033 ​ ​ 55,308 ​ 2018 ​ Jan-14 ORANGE COUNTY, CA ​ — ​ 411,385 ​ 330,038 ​ 741,423 ​ 759,188 ​ 452,497 ​ 1,048,114 ​ 1,500,611 ​ 543,647 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 37,292 ​ ​ 14,417 ​ ​ 77,314 ​ ​ 91,731 ​ ​ 46,827 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 10,462 ​ ​ 1,409 ​ ​ 30,114 ​ ​ 31,523 ​ ​ 18,789 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 29,045 ​ ​ 8,086 ​ ​ 51,823 ​ ​ 59,909 ​ ​ 39,256 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 14,413 ​ ​ 1,336 ​ ​ 43,217 ​ ​ 44,553 ​ ​ 26,198 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 8,941 ​ ​ 22,998 ​ ​ 48,241 ​ ​ 71,239 ​ ​ 33,870 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 39,859 ​ ​ 16,681 ​ ​ 67,746 ​ ​ 84,427 ​ ​ 51,728 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 7,598 ​ ​ 11,679 ​ ​ 18,922 ​ ​ 30,601 ​ ​ 12,980 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,361 ​ ​ 5,782 ​ ​ 29,491 ​ ​ 35,273 ​ ​ 21,081 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 13,128 ​ ​ 30,804 ​ ​ 96,853 ​ ​ 127,657 ​ ​ 61,120 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 9,940 ​ ​ 981 ​ ​ 52,068 ​ ​ 53,049 ​ ​ 33,775 ​ 1999 ​ Jul-08 388 Beale ​ ​ — ​ ​ 14,253 ​ ​ 74,104 ​ ​ 88,357 ​ ​ 15,269 ​ ​ 14,643 ​ ​ 88,983 ​ ​ 103,626 ​ ​ 48,151 ​ 1999 ​ Apr-11 Channel Mission Bay ​ ​ — ​ ​ 23,625 ​ ​ — ​ ​ 23,625 ​ ​ 131,470 ​ ​ 24,039 ​ ​ 131,056 ​ ​ 155,095 ​ ​ 56,161 ​ 2014 ​ Sep-10 SAN FRANCISCO, CA ​ 27,000 ​ 145,665 ​ 414,240 ​ 559,905 ​ 328,778 ​ 152,855 ​ 735,828 ​ 888,683 ​ 449,936 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 9,928 ​ ​ 3,237 ​ ​ 15,614 ​ ​ 18,851 ​ ​ 11,696 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 6,882 ​ ​ 3,053 ​ ​ 13,411 ​ ​ 16,464 ​ ​ 9,868 ​ 1985 ​ Dec-98 The Hawthorne ​ ​ — ​ ​ 6,474 ​ ​ 30,226 ​ ​ 36,700 ​ ​ 9,397 ​ ​ 7,137 ​ ​ 38,960 ​ ​ 46,097 ​ ​ 27,979 ​ 2003 ​ Jul-05 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 4,403 ​ ​ 6,317 ​ ​ 26,572 ​ ​ 32,889 ​ ​ 17,882 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 9,325 ​ ​ 7,311 ​ ​ 39,784 ​ ​ 47,095 ​ ​ 24,773 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 7,991 ​ ​ 21,674 ​ ​ 96,990 ​ ​ 118,664 ​ ​ 61,271 ​ 2007 ​ Jul-08 elements too ​ ​ — ​ ​ 27,468 ​ ​ 72,036 ​ ​ 99,504 ​ ​ 20,580 ​ ​ 30,347 ​ ​ 89,737 ​ ​ 120,084 ​ ​ 67,882 ​ 2010 ​ Feb-10 989elements ​ ​ — ​ ​ 8,541 ​ ​ 45,990 ​ ​ 54,531 ​ ​ 5,668 ​ ​ 8,683 ​ ​ 51,516 ​ ​ 60,199 ​ ​ 29,943 ​ 2006 ​ Dec-09 Lightbox ​ ​ — ​ ​ 6,449 ​ ​ 38,884 ​ ​ 45,333 ​ ​ 1,265 ​ ​ 6,474 ​ ​ 40,124 ​ ​ 46,598 ​ ​ 15,968 ​ 2014 ​ Aug-14 Ashton Bellevue ​ ​ — ​ ​ 8,287 ​ ​ 124,939 ​ ​ 133,226 ​ ​ 3,185 ​ ​ 8,368 ​ ​ 128,043 ​ ​ 136,411 ​ ​ 30,424 ​ 2009 ​ Oct-16 TEN20 ​ ​ — ​ ​ 5,247 ​ ​ 76,587 ​ ​ 81,834 ​ ​ 4,110 ​ ​ 5,293 ​ ​ 80,651 ​ ​ 85,944 ​ ​ 19,241 ​ 2009 ​ Oct-16 Milehouse ​ ​ — ​ ​ 5,976 ​ ​ 63,041 ​ ​ 69,017 ​ ​ 929 ​ ​ 6,007 ​ ​ 63,939 ​ ​ 69,946 ​ ​ 17,016 ​ 2016 ​ Nov-16 CityLine ​ ​ — ​ ​ 11,220 ​ ​ 85,787 ​ ​ 97,007 ​ ​ 420 ​ ​ 11,228 ​ ​ 86,199 ​ ​ 97,427 ​ ​ 21,804 ​ 2016 ​ Jan-17 CityLine II ​ ​ — ​ ​ 3,723 ​ ​ 56,843 ​ ​ 60,566 ​ ​ 451 ​ ​ 3,723 ​ ​ 57,294 ​ ​ 61,017 ​ ​ 8,079 ​ 2018 ​ Jan-19 SEATTLE, WA ​ — ​ 122,356 ​ 750,796 ​ 873,152 ​ 84,534 ​ 128,852 ​ 828,834 ​ 957,686 ​ 363,826 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 11,521 ​ ​ 3,363 ​ ​ 19,086 ​ ​ 22,449 ​ ​ 12,517 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 6,791 ​ ​ 1,616 ​ ​ 10,251 ​ ​ 11,867 ​ ​ 6,763 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 18,790 ​ ​ 5,721 ​ ​ 28,991 ​ ​ 34,712 ​ ​ 19,495 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 7,999 ​ ​ 2,469 ​ ​ 11,949 ​ ​ 14,418 ​ ​ 7,870 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 34,192 ​ ​ 10,392 ​ ​ 54,042 ​ ​ 64,434 ​ ​ 35,017 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 12,411 ​ ​ 3,624 ​ ​ 18,859 ​ ​ 22,483 ​ ​ 12,598 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 8,198 ​ ​ 2,361 ​ ​ 12,500 ​ ​ 14,861 ​ ​ 8,071 ​ 1975 ​ Dec-98 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 99,902 ​ 29,546 ​ 155,678 ​ 185,224 ​ 102,331 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 6,859 ​ ​ 8,917 ​ ​ 23,805 ​ ​ 32,722 ​ ​ 17,614 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 9,294 ​ ​ 40,031 ​ ​ 45,528 ​ ​ 85,559 ​ ​ 28,994 ​ 1998 ​ Dec-07 The Westerly ​ ​ — ​ ​ 48,182 ​ ​ 102,364 ​ ​ 150,546 ​ ​ 43,809 ​ ​ 50,893 ​ ​ 143,462 ​ ​ 194,355 ​ ​ 91,044 ​ 1993/2013 ​ Sep-10 Jefferson at Marina del Rey ​ ​ — ​ ​ 55,651 ​ ​ — ​ ​ 55,651 ​ ​ 94,879 ​ ​ 61,607 ​ ​ 88,923 ​ ​ 150,530 ​ ​ 57,719 ​ 2008 ​ Sep-07 LOS ANGELES, CA ​ — ​ 151,833 ​ 156,492 ​ 308,325 ​ 154,841 ​ 161,448 ​ 301,718 ​ 463,166 ​ 195,371 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 59,704 ​ ​ 24,355 ​ ​ 52,551 ​ ​ 76,906 ​ ​ 44,276 ​ 2006 ​ Oct-02 Windemere at Sycamore Highland ​ ​ — ​ ​ 5,810 ​ ​ 23,450 ​ ​ 29,260 ​ ​ 5,513 ​ ​ 6,371 ​ ​ 28,402 ​ ​ 34,773 ​ ​ 22,167 ​ 2001 ​ Nov-02 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired Strata ​ ​ — ​ ​ 14,278 ​ ​ 84,242 ​ ​ 98,520 ​ ​ 1,086 ​ ​ 14,278 ​ ​ 85,328 ​ ​ 99,606 ​ ​ 5,273 ​ 2010 ​ Nov-19 OTHER SOUTHERN CA ​ — ​ 33,645 ​ 111,337 ​ 144,982 ​ 66,303 ​ 45,004 ​ 166,281 ​ 211,285 ​ 71,716 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 9,974 ​ ​ 4,285 ​ ​ 18,096 ​ ​ 22,381 ​ ​ 13,414 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 8,861 ​ ​ 6,564 ​ ​ 23,181 ​ ​ 29,745 ​ ​ 18,262 ​ 1985 ​ Sep-04 The Arbory ​ ​ — ​ ​ 4,366 ​ ​ 63,457 ​ ​ 67,823 ​ ​ 375 ​ ​ 4,366 ​ ​ 63,832 ​ ​ 68,198 ​ ​ 3,990 ​ 2018 ​ Jan-20 PORTLAND, OR ​ — ​ 13,653 ​ 87,461 ​ 101,114 ​ 19,210 ​ 15,215 ​ 105,109 ​ 120,324 ​ 35,666 ​ ​ ​ ​ TOTAL WEST REGION ​ 27,000 ​ 895,475 ​ 1,918,748 ​ 2,814,223 ​ 1,512,756 ​ 985,417 ​ 3,341,562 ​ 4,326,979 ​ 1,762,493 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dominion Middle Ridge ​ ​ — ​ ​ 3,311 ​ ​ 13,283 ​ ​ 16,594 ​ ​ 16,175 ​ ​ 4,452 ​ ​ 28,317 ​ ​ 32,769 ​ ​ 17,485 ​ 1990 ​ Jun-96 Dominion Lake Ridge ​ ​ — ​ ​ 2,366 ​ ​ 8,387 ​ ​ 10,753 ​ ​ 10,034 ​ ​ 3,170 ​ ​ 17,617 ​ ​ 20,787 ​ ​ 13,548 ​ 1987 ​ Feb-96 Presidential Greens ​ ​ — ​ ​ 11,238 ​ ​ 18,790 ​ ​ 30,028 ​ ​ 13,875 ​ ​ 11,878 ​ ​ 32,025 ​ ​ 43,903 ​ ​ 25,745 ​ 1938 ​ May-02 The Whitmore ​ ​ — ​ ​ 6,418 ​ ​ 13,411 ​ ​ 19,829 ​ ​ 25,175 ​ ​ 7,624 ​ ​ 37,380 ​ ​ 45,004 ​ ​ 30,124 ​ 1962/2008 ​ Apr-02 Ridgewood -apts side ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 13,198 ​ ​ 6,482 ​ ​ 32,414 ​ ​ 38,896 ​ ​ 25,282 ​ 1988 ​ Aug-02 Waterside Towers ​ ​ — ​ ​ 13,001 ​ ​ 49,657 ​ ​ 62,658 ​ ​ 33,767 ​ ​ 50,752 ​ ​ 45,673 ​ ​ 96,425 ​ ​ 31,613 ​ 1971 ​ Dec-03 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 21,633 ​ ​ 14,971 ​ ​ 56,474 ​ ​ 71,445 ​ ​ 43,548 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 7,059 ​ ​ 320 ​ ​ 66,870 ​ ​ 67,190 ​ ​ 41,876 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 15,501 ​ ​ 1,867 ​ ​ 118,447 ​ ​ 120,314 ​ ​ 76,621 ​ 2007 ​ Dec-07 Delancey at Shirlington ​ ​ — ​ ​ 21,606 ​ ​ 66,765 ​ ​ 88,371 ​ ​ 7,683 ​ ​ 21,713 ​ ​ 74,341 ​ ​ 96,054 ​ ​ 46,351 ​ 2006/2007 ​ Mar-08 View 14 ​ ​ — ​ ​ 5,710 ​ ​ 97,941 ​ ​ 103,651 ​ ​ 6,254 ​ ​ 5,785 ​ ​ 104,120 ​ ​ 109,905 ​ ​ 55,928 ​ 2009 ​ Jun-11 Signal Hill Apartments ​ ​ — ​ ​ 13,290 ​ ​ — ​ ​ 13,290 ​ ​ 72,684 ​ ​ 25,594 ​ ​ 60,380 ​ ​ 85,974 ​ ​ 44,807 ​ 2010 ​ Mar-07 Capitol View on 14th ​ ​ — ​ ​ 31,393 ​ ​ — ​ ​ 31,393 ​ ​ 97,182 ​ ​ 31,478 ​ ​ 97,097 ​ ​ 128,575 ​ ​ 46,206 ​ 2013 ​ Sep-07 Domain College Park ​ ​ — ​ ​ 7,300 ​ ​ — ​ ​ 7,300 ​ ​ 60,855 ​ ​ 7,526 ​ ​ 60,629 ​ ​ 68,155 ​ ​ 26,385 ​ 2014 ​ Jun-11 1200 East West ​ ​ — ​ ​ 9,748 ​ ​ 68,022 ​ ​ 77,770 ​ ​ 3,650 ​ ​ 9,888 ​ ​ 71,532 ​ ​ 81,420 ​ ​ 20,981 ​ 2010 ​ Oct-15 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 4,923 ​ ​ 28,115 ​ ​ 116,435 ​ ​ 144,550 ​ ​ 39,391 ​ 2011 ​ Oct-15 Eleven55 Ripley ​ ​ — ​ ​ 15,566 ​ ​ 107,539 ​ ​ 123,105 ​ ​ 5,122 ​ ​ 15,897 ​ ​ 112,330 ​ ​ 128,227 ​ ​ 32,511 ​ 2014 ​ Oct-15 Arbor Park of Alexandria ​ ​ 160,930 ​ ​ 50,881 ​ ​ 159,728 ​ ​ 210,609 ​ ​ 6,975 ​ ​ 51,562 ​ ​ 166,022 ​ ​ 217,584 ​ ​ 55,367 ​ 1969/2015 ​ Oct-15 Courts at Dulles ​ ​ — ​ ​ 14,697 ​ ​ 83,834 ​ ​ 98,531 ​ ​ 10,718 ​ ​ 14,782 ​ ​ 94,467 ​ ​ 109,249 ​ ​ 33,782 ​ 2000 ​ Oct-15 Newport Village ​ ​ 127,600 ​ ​ 55,283 ​ ​ 177,454 ​ ​ 232,737 ​ ​ 24,041 ​ ​ 55,725 ​ ​ 201,053 ​ ​ 256,778 ​ ​ 68,828 ​ 1968 ​ Oct-15 1301 Thomas Circle ​ ​ — ​ ​ 27,836 ​ ​ 128,191 ​ ​ 156,027 ​ ​ 1,543 ​ ​ 27,842 ​ ​ 129,728 ​ ​ 157,570 ​ ​ 11,545 ​ 2006 ​ Aug-19 Crescent Falls Church ​ ​ — ​ ​ 13,687 ​ ​ 88,692 ​ ​ 102,379 ​ ​ 1,101 ​ ​ 13,694 ​ ​ 89,786 ​ ​ 103,480 ​ ​ 6,495 ​ 2010 ​ Nov-19 Station on Silver ​ ​ — ​ ​ 16,661 ​ ​ 109,198 ​ ​ 125,859 ​ ​ 11 ​ ​ 16,661 ​ ​ 109,209 ​ ​ 125,870 ​ ​ 600 ​ 2018 ​ Dec-20 METROPOLITAN, D.C. ​ 288,530 ​ 368,426 ​ 1,522,539 ​ 1,890,965 ​ 459,159 ​ 427,778 ​ 1,922,346 ​ 2,350,124 ​ 795,019 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 9,911 ​ ​ 5,196 ​ ​ 33,815 ​ ​ 39,011 ​ ​ 26,175 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 12,428 ​ ​ 12,454 ​ ​ 57,314 ​ ​ 69,768 ​ ​ 36,827 ​ 2003 ​ Mar-08 Domain Brewers Hill ​ ​ — ​ ​ 4,669 ​ ​ 40,630 ​ ​ 45,299 ​ ​ 2,719 ​ ​ 4,833 ​ ​ 43,185 ​ ​ 48,018 ​ ​ 24,816 ​ 2009 ​ Aug-10 Rodgers Forge ​ ​ — ​ ​ 15,392 ​ ​ 67,958 ​ ​ 83,350 ​ ​ 5,183 ​ ​ 15,565 ​ ​ 72,968 ​ ​ 88,533 ​ ​ 8,648 ​ 1945 ​ Apr-19 Towson Promenade ​ ​ 58,600 ​ ​ 12,599 ​ ​ 78,847 ​ ​ 91,446 ​ ​ 1,571 ​ ​ 12,607 ​ ​ 80,410 ​ ​ 93,017 ​ ​ 5,829 ​ 2009 ​ Nov-19 BALTIMORE, MD ​ 58,600 ​ 48,818 ​ 257,717 ​ 306,535 ​ 31,812 ​ 50,655 ​ 287,692 ​ 338,347 ​ 102,295 ​ ​ ​ ​ Gayton Pointe Townhomes ​ ​ — ​ ​ 826 ​ ​ 5,148 ​ ​ 5,974 ​ ​ 31,643 ​ ​ 3,600 ​ ​ 34,017 ​ ​ 37,617 ​ ​ 31,703 ​ 1973/2007 ​ Sep-95 Waterside At Ironbridge ​ ​ — ​ ​ 1,844 ​ ​ 13,239 ​ ​ 15,083 ​ ​ 10,278 ​ ​ 2,642 ​ ​ 22,719 ​ ​ 25,361 ​ ​ 17,564 ​ 1987 ​ Sep-97 Carriage Homes at Wyndham ​ ​ — ​ ​ 474 ​ ​ 30,997 ​ ​ 31,471 ​ ​ 10,870 ​ ​ 4,158 ​ ​ 38,183 ​ ​ 42,341 ​ ​ 29,877 ​ 1998 ​ Nov-03 Legacy at Mayland ​ ​ — ​ ​ 1,979 ​ ​ 11,524 ​ ​ 13,503 ​ ​ 35,084 ​ ​ 5,546 ​ ​ 43,041 ​ ​ 48,587 ​ ​ 39,006 ​ 1973/2007 ​ Dec-91 RICHMOND, VA ​ — ​ 5,123 ​ 60,908 ​ 66,031 ​ 87,875 ​ 15,946 ​ 137,960 ​ 153,906 ​ 118,150 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ 347,130 ​ 422,367 ​ 1,841,164 ​ 2,263,531 ​ 578,846 ​ 494,379 ​ 2,347,998 ​ 2,842,377 ​ 1,015,464 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 29,075 ​ ​ 41,815 ​ ​ 247,675 ​ ​ 289,490 ​ ​ 116,732 ​ 2005 ​ Apr-11 21 Chelsea ​ ​ — ​ ​ 36,399 ​ ​ 107,154 ​ ​ 143,553 ​ ​ 15,361 ​ ​ 36,530 ​ ​ 122,384 ​ ​ 158,914 ​ ​ 62,144 ​ 2001 ​ Aug-11 View 34 ​ ​ — ​ ​ 114,410 ​ ​ 324,920 ​ ​ 439,330 ​ ​ 114,384 ​ ​ 116,048 ​ ​ 437,666 ​ ​ 553,714 ​ ​ 227,237 ​ 1985/2013 ​ Jul-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 10,873 ​ ​ 58,084 ​ ​ 276,681 ​ ​ 334,765 ​ ​ 156,590 ​ 2008 ​ Aug-11 Leonard Pointe ​ ​ — ​ ​ 38,010 ​ ​ 93,204 ​ ​ 131,214 ​ ​ 1,406 ​ ​ 38,016 ​ ​ 94,604 ​ ​ 132,620 ​ ​ 12,161 ​ 2015 ​ Feb-19 One William ​ ​ — ​ ​ 6,422 ​ ​ 75,527 ​ ​ 81,949 ​ ​ 906 ​ ​ 6,459 ​ ​ 76,396 ​ ​ 82,855 ​ ​ 7,574 ​ 2018 ​ Aug-19 NEW YORK, NY ​ — ​ 294,310 ​ 1,086,043 ​ 1,380,353 ​ 172,005 ​ 296,952 ​ 1,255,406 ​ 1,552,358 ​ 582,438 ​ ​ ​ ​ Garrison Square ​ ​ — ​ ​ 6,475 ​ ​ 91,027 ​ ​ 97,502 ​ ​ 25,999 ​ ​ 6,617 ​ ​ 116,884 ​ ​ 123,501 ​ ​ 60,567 ​ 1887/1990 ​ Sep-10 Ridge at Blue Hills ​ ​ 25,000 ​ ​ 6,039 ​ ​ 34,869 ​ ​ 40,908 ​ ​ 5,909 ​ ​ 6,470 ​ ​ 40,347 ​ ​ 46,817 ​ ​ 23,250 ​ 2007 ​ Sep-10 Inwood West ​ ​ 80,000 ​ ​ 20,778 ​ ​ 88,096 ​ ​ 108,874 ​ ​ 14,388 ​ ​ 19,826 ​ ​ 103,436 ​ ​ 123,262 ​ ​ 59,007 ​ 2006 ​ Apr-11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 13,923 ​ ​ 11,483 ​ ​ 64,576 ​ ​ 76,059 ​ ​ 38,209 ​ 2005 ​ Apr-11 100 Pier 4 ​ ​ — ​ ​ 24,584 ​ ​ — ​ ​ 24,584 ​ ​ 203,340 ​ ​ 24,825 ​ ​ 203,099 ​ ​ 227,924 ​ ​ 61,812 ​ 2015 ​ Dec-15 345 Harrison ​ ​ — ​ ​ 32,938 ​ ​ — ​ ​ 32,938 ​ ​ 328,608 ​ ​ 44,894 ​ ​ 316,652 ​ ​ 361,546 ​ ​ 44,083 ​ 2018 ​ Nov-11 Currents on the Charles ​ ​ — ​ ​ 12,580 ​ ​ 70,149 ​ ​ 82,729 ​ ​ 1,571 ​ ​ 12,693 ​ ​ 71,607 ​ ​ 84,300 ​ ​ 7,350 ​ 2015 ​ Jun-19 The Commons at Windsor Gardens ​ ​ — ​ ​ 34,609 ​ ​ 225,515 ​ ​ 260,124 ​ ​ 13,146 ​ ​ 34,613 ​ ​ 238,657 ​ ​ 273,270 ​ ​ 27,794 ​ 1969 ​ Aug-19 Charles River Landing ​ ​ — ​ ​ 17,068 ​ ​ 112,777 ​ ​ 129,845 ​ ​ 1,094 ​ ​ 17,070 ​ ​ 113,869 ​ ​ 130,939 ​ ​ 8,229 ​ 2010 ​ Nov-19 Lenox Farms ​ ​ 94,050 ​ ​ 17,692 ​ ​ 115,899 ​ ​ 133,591 ​ ​ 3,002 ​ ​ 17,695 ​ ​ 118,898 ​ ​ 136,593 ​ ​ 8,616 ​ 2009 ​ Nov-19 Lodge at Ames Pond ​ ​ — ​ ​ 12,645 ​ ​ 70,653 ​ ​ 83,298 ​ ​ 1,872 ​ ​ 12,645 ​ ​ 72,525 ​ ​ 85,170 ​ ​ 5,320 ​ 2010 ​ Nov-19 BOSTON, MA ​ 271,550 ​ 196,369 ​ 860,160 ​ 1,056,529 ​ 612,852 ​ 208,831 ​ 1,460,550 ​ 1,669,381 ​ 344,237 ​ ​ ​ ​ Park Square ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 1,321 ​ ​ 10,484 ​ ​ 97,252 ​ ​ 107,736 ​ ​ 11,306 ​ 2018 ​ May-19 PHILADELPHIA, PA ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 1,321 ​ ​ 10,484 ​ ​ 97,252 ​ ​ 107,736 ​ ​ 11,306 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 271,550 ​ 501,044 ​ 2,042,253 ​ 2,543,297 ​ 786,178 ​ 516,267 ​ 2,813,208 ​ 3,329,475 ​ 937,981 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summit West ​ ​ — ​ ​ 2,176 ​ ​ 4,710 ​ ​ 6,886 ​ ​ 13,247 ​ ​ 4,027 ​ ​ 16,106 ​ ​ 20,133 ​ ​ 14,234 ​ 1972 ​ Dec-92 The Breyley ​ ​ — ​ ​ 1,780 ​ ​ 2,458 ​ ​ 4,238 ​ ​ 19,516 ​ ​ 3,912 ​ ​ 19,842 ​ ​ 23,754 ​ ​ 19,568 ​ 1977/2007 ​ Sep-93 Lakewood Place ​ ​ — ​ ​ 1,395 ​ ​ 10,647 ​ ​ 12,042 ​ ​ 13,985 ​ ​ 3,257 ​ ​ 22,770 ​ ​ 26,027 ​ ​ 18,921 ​ 1986 ​ Mar-94 Cambridge Woods ​ ​ — ​ ​ 1,791 ​ ​ 7,166 ​ ​ 8,957 ​ ​ 13,118 ​ ​ 3,612 ​ ​ 18,463 ​ ​ 22,075 ​ ​ 15,045 ​ 1985 ​ Jun-97 Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 21,301 ​ ​ 10,609 ​ ​ 41,544 ​ ​ 52,153 ​ ​ 34,547 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 14,572 ​ ​ 12,417 ​ ​ 49,882 ​ ​ 62,299 ​ ​ 36,966 ​ 2001 ​ Dec-04 The Vintage Lofts at West End ​ ​ — ​ ​ 6,611 ​ ​ 37,663 ​ ​ 44,274 ​ ​ 23,410 ​ ​ 15,868 ​ ​ 51,816 ​ ​ 67,684 ​ ​ 36,077 ​ 2009 ​ Jul-09 Peridot Palms ​ ​ — ​ ​ 6,293 ​ ​ 89,752 ​ ​ 96,045 ​ ​ 1,446 ​ ​ 6,305 ​ ​ 91,186 ​ ​ 97,491 ​ ​ 11,914 ​ 2017 ​ Feb-19 The Preserve at Gateway ​ ​ — ​ ​ 4,467 ​ ​ 43,723 ​ ​ 48,190 ​ ​ 1,390 ​ ​ 4,471 ​ ​ 45,109 ​ ​ 49,580 ​ ​ 5,053 ​ 2013 ​ May-19 The Slade at Channelside ​ ​ — ​ ​ 10,216 ​ ​ 72,786 ​ ​ 83,002 ​ ​ 2,015 ​ ​ 10,258 ​ ​ 74,759 ​ ​ 85,017 ​ ​ 4,719 ​ 2009 ​ Jan-20 Andover Place at Cross Creek ​ ​ — ​ ​ 11,702 ​ ​ 107,761 ​ ​ 119,463 ​ ​ 76 ​ ​ 11,709 ​ ​ 107,830 ​ ​ 119,539 ​ ​ 1,223 ​ 1997/1999 ​ Nov-20 TAMPA, FL ​ — ​ 65,002 ​ 436,674 ​ 501,676 ​ 124,076 ​ 86,445 ​ 539,307 ​ 625,752 ​ 198,267 ​ ​ ​ ​ Seabrook ​ ​ — ​ ​ 1,846 ​ ​ 4,155 ​ ​ 6,001 ​ ​ 10,785 ​ ​ 3,194 ​ ​ 13,592 ​ ​ 16,786 ​ ​ 11,946 ​ 1984/2004 ​ Feb-96 Altamira Place ​ ​ — ​ ​ 1,533 ​ ​ 11,076 ​ ​ 12,609 ​ ​ 23,989 ​ ​ 4,040 ​ ​ 32,558 ​ ​ 36,598 ​ ​ 29,899 ​ 1984/2007 ​ Apr-94 Regatta Shore ​ ​ — ​ ​ 757 ​ ​ 6,608 ​ ​ 7,365 ​ ​ 18,996 ​ ​ 2,396 ​ ​ 23,965 ​ ​ 26,361 ​ ​ 21,164 ​ 1988/2007 ​ Jun-94 Alafaya Woods ​ ​ — ​ ​ 1,653 ​ ​ 9,042 ​ ​ 10,695 ​ ​ 13,417 ​ ​ 2,871 ​ ​ 21,241 ​ ​ 24,112 ​ ​ 17,240 ​ 1989/2006 ​ Oct-94 Los Altos ​ ​ — ​ ​ 2,804 ​ ​ 12,349 ​ ​ 15,153 ​ ​ 14,349 ​ ​ 4,587 ​ ​ 24,915 ​ ​ 29,502 ​ ​ 20,338 ​ 1990/2004 ​ Oct-96 Lotus Landing ​ ​ — ​ ​ 2,185 ​ ​ 8,639 ​ ​ 10,824 ​ ​ 13,198 ​ ​ 3,121 ​ ​ 20,901 ​ ​ 24,022 ​ ​ 15,939 ​ 1985/2006 ​ Jul-97 Seville On The Green ​ ​ — ​ ​ 1,282 ​ ​ 6,498 ​ ​ 7,780 ​ ​ 8,929 ​ ​ 1,920 ​ ​ 14,789 ​ ​ 16,709 ​ ​ 11,816 ​ 1986/2004 ​ Oct-97 Ashton Waterford ​ ​ — ​ ​ 3,872 ​ ​ 17,538 ​ ​ 21,410 ​ ​ 7,597 ​ ​ 4,607 ​ ​ 24,400 ​ ​ 29,007 ​ ​ 17,840 ​ 2000 ​ May-98 Arbors at Lee Vista ​ ​ — ​ ​ 6,692 ​ ​ 12,860 ​ ​ 19,552 ​ ​ 17,453 ​ ​ 7,759 ​ ​ 29,246 ​ ​ 37,005 ​ ​ 22,157 ​ 1992/2007 ​ Aug-06 ORLANDO, FL ​ — ​ 22,624 ​ 88,765 ​ 111,389 ​ 128,713 ​ 34,495 ​ 205,607 ​ 240,102 ​ 168,339 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 11,324 ​ ​ 2,041 ​ ​ 16,298 ​ ​ 18,339 ​ ​ 13,833 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 14,873 ​ ​ 2,684 ​ ​ 25,242 ​ ​ 27,926 ​ ​ 18,126 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 39,856 ​ ​ 5,016 ​ ​ 36,957 ​ ​ 41,973 ​ ​ 28,441 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 7,786 ​ ​ 1,495 ​ ​ 12,460 ​ ​ 13,955 ​ ​ 9,894 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 7,329 ​ ​ 1,539 ​ ​ 14,270 ​ ​ 15,809 ​ ​ 10,882 ​ 1986 ​ Mar-97 Colonnade ​ ​ — ​ ​ 1,460 ​ ​ 16,015 ​ ​ 17,475 ​ ​ 9,392 ​ ​ 2,440 ​ ​ 24,427 ​ ​ 26,867 ​ ​ 17,504 ​ 1998 ​ Jan-99 The Preserve at Brentwood ​ ​ — ​ ​ 3,182 ​ ​ 24,674 ​ ​ 27,856 ​ ​ 11,689 ​ ​ 4,187 ​ ​ 35,358 ​ ​ 39,545 ​ ​ 27,778 ​ 1998 ​ Jun-04 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 18,537 ​ ​ 6,216 ​ ​ 33,197 ​ ​ 39,413 ​ ​ 27,438 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 15,433 ​ 87,608 ​ 103,041 ​ 120,786 ​ 25,618 ​ 198,209 ​ 223,827 ​ 153,896 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 17,261 ​ ​ 16,900 ​ ​ 72,730 ​ ​ 89,630 ​ ​ 52,555 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 17,261 ​ 16,900 ​ 72,730 ​ 89,630 ​ 52,555 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 119,027 ​ 669,448 ​ 788,475 ​ 390,836 ​ 163,458 ​ 1,015,853 ​ 1,179,311 ​ 573,057 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty377 ​ ​ 25,000 ​ ​ 24,036 ​ ​ 32,951 ​ ​ 56,987 ​ ​ 21,167 ​ ​ 26,212 ​ ​ 51,942 ​ ​ 78,154 ​ ​ 36,152 ​ 1999/2007 ​ Aug-06 Legacy Village ​ ​ 90,000 ​ ​ 16,882 ​ ​ 100,102 ​ ​ 116,984 ​ ​ 26,248 ​ ​ 21,391 ​ ​ 121,841 ​ ​ 143,232 ​ ​ 79,544 ​ 2005/06/07 ​ Mar-08 Addison Apts at The Park ​ ​ — ​ ​ 22,041 ​ ​ 11,228 ​ ​ 33,269 ​ ​ 14,434 ​ ​ 31,199 ​ ​ 16,504 ​ ​ 47,703 ​ ​ 11,917 ​ 1977/78/79 ​ May-07 Addison Apts at The Park II ​ ​ — ​ ​ 7,903 ​ ​ 554 ​ ​ 8,457 ​ ​ 7,752 ​ ​ 11,055 ​ ​ 5,154 ​ ​ 16,209 ​ ​ 3,682 ​ 1970 ​ May-07 Addison Apts at The Park I ​ ​ — ​ ​ 10,440 ​ ​ 634 ​ ​ 11,074 ​ ​ 1,883 ​ ​ 8,453 ​ ​ 4,504 ​ ​ 12,957 ​ ​ 2,993 ​ 1975 ​ May-07 Savoye ​ ​ — ​ ​ 8,432 ​ ​ 50,483 ​ ​ 58,915 ​ ​ 2,508 ​ ​ 8,471 ​ ​ 52,952 ​ ​ 61,423 ​ ​ 3,868 ​ 2009 ​ Nov-19 Savoye 2 ​ ​ — ​ ​ 6,451 ​ ​ 56,615 ​ ​ 63,066 ​ ​ 1,232 ​ ​ 6,461 ​ ​ 57,837 ​ ​ 64,298 ​ ​ 4,165 ​ 2011 ​ Nov-19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land and ​ Buildings ​ Total Initial ​ Subsequent ​ Land and ​ Buildings & ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ and ​ Acquisition ​ to Acquisition ​ Land ​ Buildings ​ Carrying ​ Accumulated ​ Date of ​ Date ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ Construction(a) ​ Acquired Fiori on Vitruvian Park ​ ​ 49,553 ​ ​ 7,934 ​ ​ 78,575 ​ ​ 86,509 ​ ​ 2,090 ​ ​ 7,938 ​ ​ 80,661 ​ ​ 88,599 ​ ​ 5,878 ​ 2013 ​ Nov-19 Vitruvian West Phase 1 ​ ​ 41,317 ​ ​ 6,273 ​ ​ 61,418 ​ ​ 67,691 ​ ​ 852 ​ ​ 6,279 ​ ​ 62,264 ​ ​ 68,543 ​ ​ 4,739 ​ 2018 ​ Nov-19 DALLAS, TX ​ 205,870 ​ 110,392 ​ 392,560 ​ 502,952 ​ 78,166 ​ 127,459 ​ 453,659 ​ 581,118 ​ 152,938 ​ ​ ​ ​ Barton Creek Landing ​ ​ — ​ ​ 3,151 ​ ​ 14,269 ​ ​ 17,420 ​ ​ 25,130 ​ ​ 5,439 ​ ​ 37,111 ​ ​ 42,550 ​ ​ 31,281 ​ 1986/2012 ​ Mar-02 Residences at the Domain ​ ​ — ​ ​ 4,034 ​ ​ 55,256 ​ ​ 59,290 ​ ​ 15,761 ​ ​ 4,608 ​ ​ 70,443 ​ ​ 75,051 ​ ​ 44,676 ​ 2007 ​ Aug-08 Red Stone Ranch ​ ​ — ​ ​ 5,084 ​ ​ 17,646 ​ ​ 22,730 ​ ​ 6,068 ​ ​ 5,704 ​ ​ 23,094 ​ ​ 28,798 ​ ​ 13,419 ​ 2000 ​ Apr-12 Lakeline Villas ​ ​ — ​ ​ 4,148 ​ ​ 16,869 ​ ​ 21,017 ​ ​ 4,066 ​ ​ 4,674 ​ ​ 20,409 ​ ​ 25,083 ​ ​ 12,009 ​ 2002 ​ Apr-12 AUSTIN, TX ​ — ​ 16,417 ​ 104,040 ​ 120,457 ​ 51,025 ​ 20,425 ​ 151,057 ​ 171,482 ​ 101,385 ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,400 ​ ​ 138,986 ​ ​ 6,012 ​ ​ 8,640 ​ ​ 136,358 ​ ​ 144,998 ​ ​ 25,139 ​ 2015 ​ Oct-17 DENVER, CO ​ ​ — ​ 8,586 ​ 130,400 ​ 138,986 ​ 6,012 ​ 8,640 ​ 136,358 ​ 144,998 ​ 25,139 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ 205,870 ​ 135,395 ​ 627,000 ​ 762,395 ​ 135,203 ​ 156,524 ​ 741,074 ​ 897,598 ​ 279,462 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 851,550 ​ 2,073,308 ​ 7,098,613 ​ 9,171,921 ​ 3,403,819 ​ 2,316,045 ​ 10,259,695 ​ 12,575,740 ​ 4,568,457 ​ ​ ​ ​ REAL ESTATE UNDER DEVELOPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian West Phase 2 ​ ​ — ​ ​ 6,451 ​ ​ 15,798 ​ ​ 22,249 ​ ​ 34,775 ​ ​ 6,451 ​ ​ 50,573 ​ ​ 57,024 ​ ​ 1,010 ​ ​ ​ ​ Cirrus ​ ​ — ​ ​ 13,853 ​ ​ — ​ ​ 13,853 ​ ​ 53,272 ​ ​ 13,853 ​ ​ 53,272 ​ ​ 67,125 ​ ​ — ​ ​ ​ ​ 5421 at Dublin Station ​ ​ — ​ ​ 8,922 ​ ​ — ​ ​ 8,922 ​ ​ 48,877 ​ ​ 8,922 ​ ​ 48,877 ​ ​ 57,799 ​ ​ — ​ ​ ​ ​ 440 Penn Street ​ ​ — ​ ​ 27,135 ​ ​ — ​ ​ 27,135 ​ ​ 18,784 ​ ​ 27,135 ​ ​ 18,784 ​ ​ 45,919 ​ ​ — ​ ​ ​ ​ Village at Valley Forge ​ ​ — ​ ​ 17,341 ​ ​ — ​ ​ 17,341 ​ ​ 2,669 ​ ​ 17,341 ​ ​ 2,669 ​ ​ 20,010 ​ ​ — ​ ​ ​ ​ TOTAL REAL ESTATE UNDER DEVELOPMENT ​ — ​ 73,702 ​ 15,798 ​ 89,500 ​ 158,377 ​ 73,702 ​ 174,175 ​ 247,877 ​ 1,010 ​ ​ ​ ​ LAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian Park® ​ ​ — ​ ​ 39,609 ​ ​ 4,997 ​ ​ 44,606 ​ ​ 17,076 ​ ​ 46,664 ​ ​ 15,018 ​ ​ 61,682 ​ ​ 2,818 ​ ​ ​ ​ TOTAL LAND ​ — ​ 39,609 ​ 4,997 ​ 44,606 ​ 17,076 ​ 46,664 ​ 15,018 ​ 61,682 ​ 2,818 ​ ​ ​ ​ HELD FOR DISPOSITION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Parallel ​ ​ — ​ ​ 15,181 ​ ​ 100,595 ​ ​ 115,776 ​ ​ 879 ​ ​ 15,184 ​ ​ 101,471 ​ ​ 116,655 ​ ​ 13,779 ​ ​ ​ ​ TOTAL HELD FOR DISPOSITION ​ — ​ 15,181 ​ 100,595 ​ 115,776 ​ 879 ​ 15,184 ​ 101,471 ​ 116,655 ​ 13,779 ​ ​ ​ ​ COMMERCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookhaven Shopping Center ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 29,927 ​ ​ 7,793 ​ ​ 22,134 ​ ​ 29,927 ​ ​ 14,646 ​ ​ ​ ​ TOTAL COMMERCIAL ​ — ​ — ​ — ​ — ​ 29,927 ​ 7,793 ​ 22,134 ​ 29,927 ​ 14,646 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,007 ​ ​ — ​ ​ 14,007 ​ ​ 14,007 ​ ​ 94 ​ ​ ​ ​ 1745 Shea Center I ​ ​ — ​ ​ 3,034 ​ ​ 20,534 ​ ​ 23,568 ​ ​ 2,016 ​ ​ 3,086 ​ ​ 22,498 ​ ​ 25,584 ​ ​ 4,562 ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 16,023 ​ 3,086 ​ 36,505 ​ 39,591 ​ 4,656 ​ ​ ​ ​ TOTAL COMMERCIAL & CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 45,950 ​ 10,879 ​ 58,639 ​ 69,518 ​ 19,302 ​ ​ ​ ​ Deferred Financing Costs and Other Non-Cash Adjustments ​ ​ 10,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 862,147 ​ $ 2,204,834 ​ $ 7,240,537 ​ $ 9,445,371 ​ $ 3,626,101 ​ $ 2,462,474 ​ $ 10,608,998 ​ $ 13,071,472 ​ $ 4,605,366 ​ ​ ​ ​ (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. ​ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 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 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 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 ​
United Dominion Realty L.P.
Real Estate and Accumulated Depreciation
Schedule III - Real Estate Owned	UNITED DOMINION REALTY, L.P. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2020 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Initial ​ Subsequent to ​ ​ ​ ​ Buildings & ​ ​ ​ ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ Land and Land ​ Building and ​ Acquisition ​ Acquisition ​ Land and Land ​ Buildings ​ Total Carrying ​ Accumulated ​ Construction ​ ​ ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ (a) ​ Date Acquired WEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ Harbor at Mesa Verde ​ $ — ​ $ 20,476 ​ $ 28,538 ​ $ 49,014 ​ $ 23,282 ​ $ 22,317 ​ $ 49,979 ​ $ 72,296 ​ $ 37,780 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 106,411 ​ ​ 116,177 ​ ​ 200,207 ​ ​ 316,384 ​ ​ 147,609 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 14,742 ​ ​ 9,302 ​ ​ 35,981 ​ ​ 45,283 ​ ​ 27,136 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 4,129 ​ ​ 11,052 ​ ​ 7,435 ​ ​ 18,487 ​ ​ 5,837 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 46,676 ​ ​ 69,331 ​ ​ 85,943 ​ ​ 155,274 ​ ​ 64,662 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 37,225 ​ ​ 60,961 ​ ​ 85,116 ​ ​ 146,077 ​ ​ 59,802 ​ 1968/2000/2016 ​ Mar-05 ORANGE COUNTY, CA ​ — ​ 249,390 ​ 271,946 ​ 521,336 ​ 232,465 ​ 289,140 ​ 464,661 ​ 753,801 ​ 342,826 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 24,689 ​ ​ 11,126 ​ ​ 68,002 ​ ​ 79,128 ​ ​ 39,177 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 10,462 ​ ​ 1,409 ​ ​ 30,114 ​ ​ 31,523 ​ ​ 18,789 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 29,045 ​ ​ 8,086 ​ ​ 51,823 ​ ​ 59,909 ​ ​ 39,256 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 14,413 ​ ​ 1,336 ​ ​ 43,217 ​ ​ 44,553 ​ ​ 26,198 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 8,941 ​ ​ 22,998 ​ ​ 48,241 ​ ​ 71,239 ​ ​ 33,870 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 39,859 ​ ​ 16,681 ​ ​ 67,746 ​ ​ 84,427 ​ ​ 51,728 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 7,598 ​ ​ 11,679 ​ ​ 18,922 ​ ​ 30,601 ​ ​ 12,980 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,361 ​ ​ 5,782 ​ ​ 29,491 ​ ​ 35,273 ​ ​ 21,081 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 13,128 ​ ​ 30,804 ​ ​ 96,853 ​ ​ 127,657 ​ ​ 61,120 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 9,940 ​ ​ 981 ​ ​ 52,068 ​ ​ 53,049 ​ ​ 33,775 ​ 1999 ​ Jul-08 SAN FRANCISCO, CA ​ 27,000 ​ 107,787 ​ 340,136 ​ 447,923 ​ 169,436 ​ 110,882 ​ 506,477 ​ 617,359 ​ 337,974 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 9,928 ​ ​ 3,237 ​ ​ 15,614 ​ ​ 18,851 ​ ​ 11,696 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 6,882 ​ ​ 3,053 ​ ​ 13,411 ​ ​ 16,464 ​ ​ 9,868 ​ 1985 ​ Dec-98 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 4,403 ​ ​ 6,317 ​ ​ 26,572 ​ ​ 32,889 ​ ​ 17,882 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 9,325 ​ ​ 7,311 ​ ​ 39,784 ​ ​ 47,095 ​ ​ 24,773 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 7,991 ​ ​ 21,674 ​ ​ 96,990 ​ ​ 118,664 ​ ​ 61,271 ​ 2007 ​ Jul-08 SEATTLE, WA ​ — ​ 38,971 ​ 156,463 ​ 195,434 ​ 38,529 ​ 41,592 ​ 192,371 ​ 233,963 ​ 125,490 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 11,521 ​ ​ 3,363 ​ ​ 19,086 ​ ​ 22,449 ​ ​ 12,517 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 6,791 ​ ​ 1,616 ​ ​ 10,251 ​ ​ 11,867 ​ ​ 6,763 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 18,790 ​ ​ 5,721 ​ ​ 28,991 ​ ​ 34,712 ​ ​ 19,495 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 7,999 ​ ​ 2,469 ​ ​ 11,949 ​ ​ 14,418 ​ ​ 7,870 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 34,192 ​ ​ 10,392 ​ ​ 54,042 ​ ​ 64,434 ​ ​ 35,017 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 12,411 ​ ​ 3,624 ​ ​ 18,859 ​ ​ 22,483 ​ ​ 12,598 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 8,198 ​ ​ 2,361 ​ ​ 12,500 ​ ​ 14,861 ​ ​ 8,071 ​ 1975 ​ Dec-98 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 99,902 ​ 29,546 ​ 155,678 ​ 185,224 ​ 102,331 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 6,859 ​ ​ 8,917 ​ ​ 23,805 ​ ​ 32,722 ​ ​ 17,614 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 9,294 ​ ​ 40,031 ​ ​ 45,528 ​ ​ 85,559 ​ ​ 28,994 ​ 1998 ​ Dec-07 LOS ANGELES, CA ​ — ​ 48,000 ​ 54,128 ​ 102,128 ​ 16,153 ​ 48,948 ​ 69,333 ​ 118,281 ​ 46,608 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 59,704 ​ ​ 24,355 ​ ​ 52,551 ​ ​ 76,906 ​ ​ 44,276 ​ 2006 ​ Oct-02 OTHER SOUTHERN CA ​ — ​ 13,557 ​ 3,645 ​ 17,202 ​ 59,704 ​ 24,355 ​ 52,551 ​ 76,906 ​ 44,276 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 9,974 ​ ​ 4,285 ​ ​ 18,096 ​ ​ 22,381 ​ ​ 13,414 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 8,861 ​ ​ 6,564 ​ ​ 23,181 ​ ​ 29,745 ​ ​ 18,262 ​ 1985 ​ Sep-04 PORTLAND, OR ​ — ​ 9,287 ​ 24,004 ​ 33,291 ​ 18,835 ​ 10,849 ​ 41,277 ​ 52,126 ​ 31,676 ​ ​ ​ ​ TOTAL WEST REGION ​ 27,000 ​ 483,930 ​ 918,706 ​ 1,402,636 ​ 635,024 ​ 555,312 ​ 1,482,348 ​ 2,037,660 ​ 1,031,181 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ridgewood -apts side ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 13,198 ​ ​ 6,482 ​ ​ 32,414 ​ ​ 38,896 ​ ​ 25,282 ​ 1988 ​ Aug-02 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 21,633 ​ ​ 14,971 ​ ​ 56,474 ​ ​ 71,445 ​ ​ 43,548 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 7,059 ​ ​ 320 ​ ​ 66,870 ​ ​ 67,190 ​ ​ 41,876 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 15,438 ​ ​ 1,870 ​ ​ 118,381 ​ ​ 120,251 ​ ​ 76,556 ​ 2007 ​ Dec-07 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 4,923 ​ ​ 28,115 ​ ​ 116,435 ​ ​ 144,550 ​ ​ 39,391 ​ 1973 ​ Dec-98 Station on Silver ​ ​ — ​ ​ 16,661 ​ ​ 109,198 ​ ​ 125,859 ​ ​ 11 ​ ​ 16,661 ​ ​ 109,209 ​ ​ 125,870 ​ ​ 600 ​ 2018 ​ Dec-20 METROPOLITAN D.C. ​ — ​ 65,095 ​ 440,845 ​ 505,940 ​ 62,262 ​ 68,419 ​ 499,783 ​ 568,202 ​ 227,253 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 9,911 ​ ​ 5,196 ​ ​ 33,815 ​ ​ 39,011 ​ ​ 26,175 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 12,428 ​ ​ 12,454 ​ ​ 57,314 ​ ​ 69,768 ​ ​ 36,827 ​ 2003 ​ Mar-08 BALTIMORE, MD ​ — ​ 16,158 ​ 70,282 ​ 86,440 ​ 22,339 ​ 17,650 ​ 91,129 ​ 108,779 ​ 63,002 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ — ​ 81,253 ​ 511,127 ​ 592,380 ​ 84,601 ​ ​ 86,069 ​ 590,912 ​ 676,981 ​ 290,255 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Amount at Which ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial Costs ​ ​ ​ ​ ​ ​ ​ Carried at Close of Period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Initial ​ Subsequent to ​ ​ ​ ​ Buildings & ​ ​ ​ ​ ​ ​ ​ Date of ​ ​ ​ ​ ​ ​ ​ Land and Land ​ Building and ​ Acquisition ​ Acquisition ​ Land and Land ​ Buildings ​ Total Carrying ​ Accumulated ​ Construction ​ ​ ​ ​ Encumbrances ​ Improvements ​ Improvements ​ Costs ​ Costs ​ Improvements ​ Improvements ​ Value ​ Depreciation ​ (a) ​ Date Acquired NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 29,075 ​ ​ 41,815 ​ ​ 247,675 ​ ​ 289,490 ​ ​ 116,732 ​ 2005 ​ Apr-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 10,873 ​ ​ 58,084 ​ ​ 276,681 ​ ​ 334,765 ​ ​ 156,590 ​ 2008 ​ Aug-11 NEW YORK, NY ​ — ​ 99,069 ​ 485,238 ​ 584,307 ​ 39,948 ​ 99,899 ​ 524,356 ​ 624,255 ​ 273,322 ​ ​ ​ ​ 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 13,923 ​ ​ 11,483 ​ ​ 64,576 ​ ​ 76,059 ​ ​ 38,209 ​ 2005 ​ Apr-11 BOSTON, MA ​ 72,500 ​ 10,961 ​ 51,175 ​ 62,136 ​ 13,923 ​ 11,483 ​ 64,576 ​ 76,059 ​ 38,209 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 72,500 ​ 110,030 ​ 536,413 ​ 646,443 ​ 53,871 ​ 111,382 ​ 588,932 ​ 700,314 ​ 311,531 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 21,301 ​ ​ 10,609 ​ ​ 41,544 ​ ​ 52,153 ​ ​ 34,547 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 14,572 ​ ​ 12,417 ​ ​ 49,882 ​ ​ 62,299 ​ ​ 36,966 ​ 2001 ​ Dec-04 Andover Place at Cross Creek ​ ​ — ​ ​ 11,702 ​ ​ 107,761 ​ ​ 119,463 ​ ​ 76 ​ ​ 11,709 ​ ​ 107,830 ​ ​ 119,539 ​ ​ 1,223 ​ 1997/1999 ​ Nov-20 TAMPA, FL ​ — ​ 30,273 ​ 167,769 ​ 198,042 ​ 35,949 ​ 34,735 ​ 199,256 ​ 233,991 ​ 72,736 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 11,324 ​ ​ 2,041 ​ ​ 16,298 ​ ​ 18,339 ​ ​ 13,833 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 14,873 ​ ​ 2,684 ​ ​ 25,242 ​ ​ 27,926 ​ ​ 18,126 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 39,856 ​ ​ 5,016 ​ ​ 36,957 ​ ​ 41,973 ​ ​ 28,441 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 7,786 ​ ​ 1,495 ​ ​ 12,460 ​ ​ 13,955 ​ ​ 9,894 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 7,329 ​ ​ 1,539 ​ ​ 14,270 ​ ​ 15,809 ​ ​ 10,882 ​ 1986 ​ Mar-97 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 18,537 ​ ​ 6,216 ​ ​ 33,197 ​ ​ 39,413 ​ ​ 27,438 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 10,791 ​ 46,919 ​ 57,710 ​ 99,705 ​ 18,991 ​ 138,424 ​ 157,415 ​ 108,614 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 17,261 ​ ​ 16,900 ​ ​ 72,730 ​ ​ 89,630 ​ ​ 52,555 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 17,261 ​ 16,900 ​ 72,730 ​ 89,630 ​ 52,555 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 57,032 ​ 271,089 ​ 328,121 ​ 152,915 ​ 70,626 ​ 410,410 ​ 481,036 ​ 233,905 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,400 ​ ​ 138,986 ​ ​ 6,012 ​ ​ 8,640 ​ ​ 136,358 ​ ​ 144,998 ​ ​ 25,139 ​ 2015 ​ Oct-17 DENVER, CO ​ ​ — ​ 8,586 ​ 130,400 ​ 138,986 ​ 6,012 ​ 8,640 ​ 136,358 ​ 144,998 ​ 25,139 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ — ​ 8,586 ​ 130,400 ​ 138,986 ​ 6,012 ​ 8,640 ​ 136,358 ​ 144,998 ​ 25,139 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 99,500 ​ 740,831 ​ 2,367,735 ​ 3,108,566 ​ 932,423 ​ 832,029 ​ 3,208,960 ​ 4,040,989 ​ 1,892,011 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,736 ​ ​ — ​ ​ 2,736 ​ ​ 2,736 ​ ​ — ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ — ​ — ​ — ​ 2,736 ​ — ​ 2,736 ​ 2,736 ​ — ​ ​ ​ ​ Deferred Financing Costs ​ ​ (396) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 99,104 ​ $ 740,831 ​ $ 2,367,735 ​ $ 3,108,566 ​ $ 935,159 ​ $ 832,029 ​ $ 3,211,696 ​ $ 4,043,725 ​ $ 1,892,011 ​ ​ ​ ​ (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. ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 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 year ​ $ 4,043,725 ​ $ 3,875,160 ​ $ 3,811,985 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 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 ​

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 (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ 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. ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ 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 Instruments—Credit 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 Company’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair 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 Company’s cash and cash equivalents are held at major commercial banks.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain 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 (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of December 31, 2020 and 2019, UDR’s 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 (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned
Advertising Costs	Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the 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. ​ 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. ​ 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 (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ 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. ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ 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 Instruments—Credit 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 Partnership’s intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ​ If a real estate property has indicators of impairment, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair 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 Partnership’s cash and cash equivalents are held at major commercial banks.
Restricted Cash	Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ​ Sale transactions to entities in which the Operating Partnership sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Operating Partnership will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Operating Partnership will record a full gain or loss in the period the property is contributed. ​ To the extent that the Operating Partnership acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Operating Partnership will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Operating Partnership will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Operating Partnership will not recognize a gain 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 Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership.
Income Taxes	Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (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 entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned
Allocation of General and Administrative Expenses	Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on reasonably anticipated benefits to the parties. (See Note 7, Related Party Transactions
Advertising Costs	Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity,
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic ​ The Operating Partnership continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the ’s future financial condition, results of operations and cash flows could be material ​ During the 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. ​ 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. ​ 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)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 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: ​ ​ Land and land improvements ​ 73,702 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 174,175 ​ 40,551 Real estate held for disposition: ​ ​ Land and land improvements ​ 15,184 ​ — Building, improvements, and furniture, fixtures and equipment ​ 101,471 ​ — Real estate owned ​ 13,071,472 ​ 12,602,101 Accumulated depreciation (a) ​ (4,605,366) ​ (4,131,353) Real estate owned, net ​ $ 8,466,106 ​ $ 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)	​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 730,559 ​ $ 711,256 Depreciable property — held and used: ​ ​ ​ ​ Land improvements ​ ​ 101,470 ​ ​ 96,864 Buildings, improvements, and furniture, fixtures and equipment ​ 3,211,696 ​ 3,067,040 Real estate owned ​ 4,043,725 ​ 3,875,160 Accumulated depreciation ​ (1,892,011) ​ (1,796,568) Real estate owned, net ​ $ 2,151,714 ​ $ 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 ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2020 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,480 ​ $ 56,274 ​ $ 57,781 ​ $ 8,668 ​ $ 132,203 ​ $ 16,189 ​ $ 148,392 Property operating expenses ​ 4,978 ​ 21,951 ​ 22,870 ​ 4,477 ​ 54,276 ​ 8,232 ​ 62,508 Real estate depreciation and amortization ​ 5,980 ​ 18,912 ​ 35,454 ​ 3,338 ​ 63,684 ​ 3,495 ​ 67,179 Operating income/(loss) ​ (1,478) ​ 15,411 ​ (543) ​ 853 ​ 14,243 ​ 4,462 ​ 18,705 Interest expense ​ (3,075) ​ (15,386) ​ (17,457) ​ (1,344) ​ (37,262) ​ (3,121) ​ (40,383) Other income/(loss) ​ — ​ 204 ​ — ​ 63 ​ 267 ​ 35 ​ 302 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 36,141 ​ ​ 36,141 Net income/(loss) ​ $ (4,553) ​ $ 229 ​ $ (18,000) ​ $ (428) ​ $ (22,752) ​ $ 37,517 ​ $ 14,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 114,192 ​ $ 650,593 ​ $ 589,822 ​ $ — ​ $ 1,354,607 ​ $ 550,198 ​ $ 1,904,805 Real estate assets held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 88,458 ​ ​ 88,458 ​ ​ — ​ ​ 88,458 Cash and cash equivalents ​ 2,585 ​ 4,369 ​ 7,049 ​ — ​ 14,003 ​ 8,275 ​ 22,278 Other assets ​ 1,622 ​ 14,133 ​ 6,214 ​ — ​ 21,969 ​ 128,925 ​ 150,894 Total assets ​ 118,399 ​ 669,095 ​ 603,085 ​ 88,458 ​ 1,479,037 ​ 687,398 ​ 2,166,435 Third party debt, net ​ 70,946 ​ 416,364 ​ 454,153 ​ — ​ 941,463 ​ 247,247 ​ 1,188,710 Liabilities held for sale ​ ​ — ​ ​ — ​ ​ — ​ ​ 55,440 ​ ​ 55,440 ​ ​ — ​ ​ 55,440 Accounts payable and accrued liabilities ​ 3,507 ​ 6,764 ​ 8,593 ​ — ​ 18,864 ​ 21,692 ​ 40,556 Total liabilities ​ 74,453 ​ 423,128 ​ 462,746 ​ 55,440 ​ 1,015,767 ​ 268,939 ​ 1,284,706 Total equity ​ $ 43,946 ​ $ 245,967 ​ $ 140,339 ​ $ 33,018 ​ $ 463,270 ​ $ 418,459 ​ $ 881,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 102,888 ​ $ 14,058 ​ $ 278,006 ​ $ 11,242 ​ $ 289,248 Property operating expenses ​ 4,533 ​ 54,445 ​ 39,542 ​ 6,829 ​ ​ 105,349 ​ ​ 3,432 ​ 108,781 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 50,579 ​ 5,440 ​ ​ 105,883 ​ ​ — ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 128,283 ​ 1,789 ​ 182,290 ​ 7,810 ​ 190,100 Interest expense ​ (3,070) ​ (44,825) ​ (27,647) ​ (4,656) ​ ​ (80,198) ​ ​ — ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ 25,711 ​ ​ — ​ ​ 483,906 ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ 159 ​ ​ 159 ​ ​ (68) ​ 91 Net realized/unrealized gain/(loss) on held investments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,417 ​ ​ 26,417 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ 126,347 ​ $ (2,708) ​ $ 586,157 ​ $ 34,159 ​ $ 620,316 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ 140,224 ​ $ 1,545,106 ​ $ 355,975 ​ $ 1,901,081 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ 5,692 ​ ​ 20,190 ​ ​ 9,633 ​ 29,823 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ 1,305 ​ ​ 17,535 ​ ​ 155,406 ​ 172,941 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ 147,221 ​ 1,582,831 ​ 521,014 ​ 2,103,845 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ 90,498 ​ ​ 1,041,663 ​ ​ 106,385 ​ 1,148,048 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ 3,440 ​ ​ 26,537 ​ ​ 28,577 ​ 55,114 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ 93,938 ​ 1,068,200 ​ 134,962 ​ 1,203,162 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ 53,283 ​ $ 514,631 ​ $ 386,052 ​ $ 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 Park® 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developer ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ West Coast ​ Total ​ Capital Program ​ ​ ​ ​ ​ MetLife ​ For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Development ​ Excluding ​ and Other ​ ​ ​ ​ ​ Vitruvian ​ Year Ended December 31, 2018 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Joint Ventures ​ DCP ​ Investments ​ Total ​ ​ ​ Park ® ​ Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 3,187 ​ $ 158,738 ​ $ 108,766 ​ $ 16,392 ​ $ 287,083 ​ $ 5,977 ​ $ 293,060 ​ ​ ​ $ 26,096 ​ Property operating expenses ​ 3,066 ​ 56,403 ​ 44,048 ​ 8,830 ​ 112,347 ​ 1,789 ​ 114,136 ​ ​ ​ 13,732 ​ Real estate depreciation and amortization ​ 3,392 ​ 44,721 ​ 59,419 ​ 7,679 ​ 115,211 ​ — ​ 115,211 ​ ​ ​ 9,495 ​ Operating income/(loss) ​ (3,271) ​ 57,614 ​ 5,299 ​ (117) ​ 59,525 ​ 4,188 ​ 63,713 ​ ​ ​ 2,869 ​ Interest expense ​ (1,872) ​ (49,118) ​ (30,198) ​ (6,175) ​ (87,363) ​ — ​ (87,363) ​ ​ ​ (6,051) ​ Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ 148 ​ ​ 148 ​ ​ — ​ ​ 148 ​ ​ ​ ​ — ​ Net income/(loss) ​ $ (5,143) ​ $ 8,496 ​ $ (24,899) ​ $ (6,144) ​ $ (27,690) ​ $ 4,188 ​ $ (23,502) ​ ​ ​ $ (3,182) ​
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2020 2019 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 Other liabilities ​ 28,800 ​ 28,087 Total liabilities ​ 535,405 ​ 455,679 Total capital ​ $ 821,601 ​ $ 878,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2020 2019 ​ 2018 Total 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_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): ​ ​ ​ ​ ​ ​ Ground Leases 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) Total operating lease liabilities (discounted) ​ $ 195,592
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 12,821 ​ $ 8,272 Variable lease expense (a) ​ ​ 119 ​ ​ 664 Total operating lease expense (b)(c) ​ $ 12,940 ​ $ 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): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 23,970 2022 ​ ​ 22,749 2023 ​ ​ 20,855 2024 ​ ​ 19,132 2025 ​ ​ 15,972 Thereafter ​ ​ 70,396 Total future minimum lease payments (a) ​ $ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Leases ​ Equipment Leases ​ Total 2021 ​ $ 12,442 ​ $ 179 ​ $ 12,621 2022 ​ ​ 12,442 ​ ​ 183 ​ ​ 12,625 2023 ​ ​ 12,442 ​ ​ 187 ​ ​ 12,629 2024 ​ ​ 12,442 ​ ​ 191 ​ ​ 12,633 2025 ​ ​ 12,442 ​ ​ 195 ​ ​ 12,637 Thereafter ​ ​ 442,778 ​ ​ 813 ​ ​ 443,591 Total future minimum lease payments (undiscounted) ​ ​ 504,988 ​ ​ 1,748 ​ ​ 506,736 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (309,396) ​ ​ (205) ​ ​ (309,601) Total operating lease liabilities (discounted) ​ $ 195,592 ​ $ 1,543 ​ $ 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Ground lease expense: ​ ​ ​ ​ ​ ​ Contractual ground lease rent expense ​ $ 12,821 ​ $ 8,272 Variable ground lease expense (a) ​ ​ 119 ​ ​ 664 Total ground lease expense (b) ​ ​ 12,940 ​ ​ 8,936 Contractual equipment lease expense (b) ​ ​ 155 ​ ​ 19 Total operating lease expense (c) ​ $ 13,095 ​ $ 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): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2021 ​ $ 6,808 2022 ​ ​ 6,389 2023 ​ ​ 6,110 2024 ​ ​ 5,368 2025 ​ ​ 4,777 Thereafter ​ ​ 9,115 Total future minimum lease payments (a) ​ $ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 824,550 ​ $ 884,869 3.31 % 7.2 11 Credit facilities (b) ​ — ​ 204,590 — % — — Deferred financing costs and other non-cash adjustments (b) ​ 10,665 ​ 33,046 Total fixed rate secured debt, net ​ 835,215 ​ 1,122,505 3.31 % 7.2 11 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.84 % 11.2 1 Deferred financing costs ​ (68) ​ (64) Total variable rate secured debt, net ​ 26,932 ​ 26,936 0.84 % 11.2 1 Total Secured Debt, net ​ 862,147 ​ 1,149,441 3.23 % 7.3 12 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ​ — ​ — — % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ​ ​ 190,000 ​ ​ 300,000 ​ 0.27 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2022 ​ 28,024 ​ 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ​ 35,000 ​ 35,000 1.05 % 2.8 Fixed Rate Debt ​ ​ Term Loan due September 2023 (d) (p) ​ ​ 315,000 ​ 315,000 2.55 % 2.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ​ — ​ 299,530 — % — 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ​ 299,673 ​ 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ​ 300,000 ​ 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ​ ​ 299,542 ​ ​ 299,471 ​ 3.50 % 6.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ​ ​ 299,165 ​ ​ 299,046 ​ 3.50 % 7.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ​ ​ 299,995 ​ ​ 299,995 ​ 4.27 % 8.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ​ ​ 612,412 ​ ​ 402,281 ​ 3.32 % 9.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ​ ​ 398,973 ​ ​ 398,877 ​ 3.01 % 10.6 ​ ​ 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ​ ​ 399,592 ​ ​ — ​ 2.10 % 11.6 ​ ​ 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ​ ​ 348,529 ​ ​ — ​ 1.90 % 12.2 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ​ ​ 298,779 ​ ​ 298,691 ​ 3.13 % 13.8 ​ ​ Other ​ 10 ​ 13 Deferred financing costs ​ (25,937) ​ (21,652) Total Unsecured Debt, net ​ 4,114,401 ​ 3,558,083 2.98 % 8.1 Total Debt, net ​ $ 4,976,548 ​ $ 4,707,524 2.91 % 8.0
United Dominion Realty L.P.
Entity information
Schedule of debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ December 31, ​ December 31, ​ Average ​ Years to ​ Communities ​ ​ 2020 ​ 2019 ​ Interest Rate ​ Maturity ​ Encumbered Fixed Rate Debt ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 72,500 3.10 % 9.1 1 Deferred financing costs ​ (328) ​ (365) Total fixed rate secured debt, net ​ 72,172 ​ 72,135 3.10 % 9.3 1 Variable Rate Debt ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 0.84 % 11.2 1 Deferred financing costs ​ (68) ​ (64) Total variable rate secured debt, net ​ 26,932 ​ 26,936 0.84 % 11.2 1 Total Secured Debt, Net ​ $ 99,104 ​ $ 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 Partnership’s Notes payable due to the General Partner as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, ​ December 31, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due August 2021 5.34 % ​ $ 5,500 ​ $ 5,500 Note due December 2023 5.18 % ​ 83,196 ​ 83,196 Note due April 2026 4.12 % ​ 184,638 ​ 184,638 Note due November 2028 ​ 4.69 % ​ ​ 133,205 ​ ​ 133,205 Note due December 2028 (a) ​ 2.91 % ​ ​ 404,161 ​ ​ 230,694 Total notes payable due to the General Partner ​ ​ $ 810,700 ​ $ 637,233 (a) There is no limit on the total commitments under this unsecured revolving note. Interest is incurred on the unpaid principal balance at a variable interest rate equivalent to the General Partner’s weighted average interest rate on borrowings, or 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 Company’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 157,992 ​ $ 170,411 ​ $ — ​ $ — ​ $ 170,411 Derivatives - Interest rate contracts (b) ​ 2 ​ 2 ​ — ​ 2 ​ — Total assets ​ $ 157,994 ​ $ 170,413 ​ $ — ​ $ 2 ​ $ 170,411 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 167 ​ $ 167 ​ $ — ​ $ 167 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 837,473 ​ ​ 854,084 ​ ​ — ​ ​ — ​ ​ 854,084 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 28,024 ​ ​ 28,024 ​ ​ — ​ ​ — ​ ​ 28,024 Commercial paper program ​ ​ 190,000 ​ ​ 190,000 ​ ​ — ​ ​ — ​ ​ 190,000 Unsecured notes ​ ​ 3,922,314 ​ ​ 4,283,045 ​ ​ — ​ ​ — ​ ​ 4,283,045 Total liabilities ​ $ 5,004,978 ​ $ 5,382,320 ​ $ — ​ $ 167 ​ $ 5,382,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 856,294 ​ $ 856,294 ​ $ — ​ $ 856,294 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, Using ​ ​ Total ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ Active ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 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 Partnership’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2020, Using ​ Total ​ ​ Quoted ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ Markets ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ for Identical ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ Assets or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Derivatives- Interest rate contracts (b) ​ $ 2 ​ $ 2 ​ $ — ​ $ 2 ​ $ — Total assets ​ $ 2 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instrument - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 75,182 ​ $ — ​ $ — ​ $ 75,182 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 810,700 ​ ​ 810,700 ​ ​ — ​ ​ — ​ ​ 810,700 Total liabilities ​ $ 910,200 ​ $ 912,882 ​ $ — ​ $ — ​ $ 912,882 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, Using ​ ​ ​ ​ ​ Quoted ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ Prices in ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ Active ​ ​ ​ ​ ​ ​ ​ ​ Amount in ​ ​ ​ ​ Markets ​ ​ ​ ​ ​ ​ ​ ​ Statement of ​ ​ ​ ​ for Identical ​ Significant ​ ​ ​ ​ ​ Financial ​ Fair Value ​ Assets ​ Other ​ Significant ​ ​ Position at ​ Estimate at ​ or ​ Observable ​ Unobservable ​ ​ December 31, ​ December 31, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 72,500 ​ $ 71,976 ​ $ — ​ $ — ​ $ 71,976 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 637,233 ​ ​ 637,233 ​ ​ — ​ ​ — ​ ​ 637,233 Total liabilities ​ $ 736,733 ​ $ 736,209 ​ $ — ​ $ — ​ $ 736,209 (a) Balances exclude deferred financing costs. (b) See Note 9, Derivatives and Hedging Activity (c) See Note 6, Debt, Net (d) See Note 7, Related Party Transactions ​

DERIVATIVES AND HEDGING ACTIV_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 ​ ​ ​ ​ ​ ​ ​ Number of ​ Product ​ Instruments ​ Notional Interest rate swaps and caps (a) ​ 2 ​ $ 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 Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 2 ​ $ 6 ​ $ 167 ​ $ 142
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,382) ​ $ (8,437) ​ $ 4,806 ​ $ (4,827) ​ $ 2,770 ​ $ 1,948 ​ $ — ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 Total amount of Interest expense ​ $ 202,706 ​ $ 170,917 ​ $ 134,168 ​
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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Assets ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Assets ​ Assets ​ Sheets ​ (a) ​ Instruments Received Net Amount December 31, 2020 ​ $ 2 ​ $ — ​ $ 2 ​ $ — ​ $ — ​ $ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
Offsetting of Derivative Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Net Amounts of Gross Amounts Not Offset ​ ​ ​ ​ ​ ​ ​ ​ Amounts ​ Liabilities ​ in the Consolidated ​ ​ ​ ​ ​ Gross ​ Offset in the ​ Presented in the ​ Balance Sheet ​ ​ ​ ​ ​ Amounts of ​ Consolidated ​ Consolidated ​ ​ ​ ​ Cash ​ ​ ​ ​ ​ Recognized ​ Balance ​ Balance Sheets ​ Financial ​ Collateral ​ ​ ​ Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ​ $ 167 ​ $ — ​ $ 167 ​ $ — ​ $ — ​ $ 167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
United Dominion Realty L.P.
Entity information
Schedule of outstanding interest rate derivatives	As of 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 ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Product ​ Instruments ​ Notional Interest rate caps 1 ​ $ 19,880
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets) ​ (Included in Other liabilities) ​ ​ Fair Value at: ​ Fair Value at: ​ December 31, December 31, December 31, December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate caps ​ $ 2 ​ $ — ​ $ — ​ $ —
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Operating Partnership’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ ​ ​ Gain/(Loss) Reclassified ​ Interest expense ​ ​ Unrealized holding gain/(loss) ​ from Accumulated OCI into ​ (Amount Excluded from ​ ​ Recognized in OCI ​ Interest expense ​ Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 ​ 2018 2020 2019 ​ 2018 2020 2019 ​ 2018 Interest rate caps ​ $ (49) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2020 ​ 2019 ​ 2018 Total amount of Interest expense ​ $ 2,831 ​ $ 1,639 ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR, Inc. ​ ​ ​ Class A ​ ​ Class A ​ ​ ​ ​ Limited ​ Limited ​ Limited ​ Limited ​ General ​ ​ ​ ​ Partners ​ Partners ​ Partner ​ Partner ​ Partner ​ Total Ending balance at December 31, 2017 1,752 7,361 174,006 121 ​ 111 183,351 Vesting of LTIP Units — ​ 286 ​ — ​ — ​ — ​ 286 OP redemptions for UDR stock ​ — (11) ​ 11 — — — Ending balance at December 31, 2018 1,752 7,636 174,017 121 111 183,637 Vesting of LTIP Units ​ — ​ 427 ​ — ​ — ​ — ​ 427 OP redemptions for UDR stock ​ — (1,969) ​ 1,969 — — — Ending balance at December 31, 2019 ​ 1,752 ​ 6,094 ​ 175,986 ​ 121 ​ 111 ​ 184,064 Vesting of LTIP Units ​ — ​ 772 ​ — ​ — ​ — ​ 772 OP redemptions for UDR stock — (3) ​ 3 — — — 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 UDR’s 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 385,959 ​ $ 402,901 ​ $ 387,215 Mid-Atlantic Region ​ 211,633 ​ 211,401 ​ 205,324 Northeast Region ​ ​ 108,073 ​ ​ 122,008 ​ ​ 119,540 Southeast Region ​ 123,993 ​ 120,289 ​ 116,011 Southwest Region ​ 65,713 ​ 64,970 ​ 63,287 Non-Mature Communities/Other ​ 302,920 ​ 180,668 ​ 111,272 Total segment and consolidated lease revenue ​ $ 1,198,291 ​ $ 1,102,237 ​ $ 1,002,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 11,803 ​ $ 12,339 ​ $ 10,738 Mid-Atlantic Region ​ 6,329 ​ 7,216 ​ 6,357 Northeast Region ​ 2,697 ​ 2,760 ​ 2,623 Southeast Region ​ 5,395 ​ 6,444 ​ 6,223 Southwest Region ​ 2,543 ​ 2,793 ​ 2,664 Non-Mature Communities/Other ​ 9,038 ​ 4,349 ​ 3,851 Total segment and consolidated other revenue ​ $ 37,805 ​ $ 35,901 ​ $ 32,456 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 397,762 ​ $ 415,240 ​ $ 397,953 Mid-Atlantic Region ​ 217,962 ​ 218,617 ​ 211,681 Northeast Region ​ 110,770 ​ 124,768 ​ 122,163 Southeast Region ​ 129,388 ​ 126,733 ​ 122,234 Southwest Region ​ 68,256 ​ 67,763 ​ 65,951 Non-Mature Communities/Other ​ 311,958 ​ 185,017 ​ 115,123 Total segment and consolidated rental income ​ $ 1,236,096 ​ $ 1,138,138 ​ $ 1,035,105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 295,065 ​ $ 315,812 ​ $ 300,745 Mid-Atlantic Region ​ 152,131 ​ 154,082 ​ 148,057 Northeast Region ​ 65,553 ​ 83,832 ​ 84,059 Southeast Region ​ 88,518 ​ 88,467 ​ 85,219 Southwest Region ​ 42,931 ​ 42,210 ​ 39,631 Non-Mature Communities/Other ​ 209,504 ​ 123,900 ​ 74,404 Total segment and consolidated NOI ​ 853,702 ​ 808,303 ​ 732,115 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 5,069 ​ 14,055 ​ 11,754 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 income 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 (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 UDR’s reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,732,329 ​ $ 3,696,544 Mid-Atlantic Region ​ 2,255,449 ​ 2,222,405 Northeast Region ​ 1,507,878 ​ 1,500,597 Southeast Region ​ 827,683 ​ 806,830 Southwest Region ​ 614,647 ​ 600,350 Non-Mature Communities/Other ​ 4,133,486 ​ 3,775,375 Total segment assets ​ 13,071,472 ​ 12,602,101 Accumulated depreciation ​ (4,605,366) ​ (4,131,353) Total segment assets — net book value ​ 8,466,106 ​ 8,470,748 Reconciling items: ​ ​ 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 consolidated assets ​ $ 9,637,533 ​ $ 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 Partnership’s 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) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2020 2019 2018 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ West Region ​ $ 240,776 ​ $ 248,474 ​ $ 238,886 Mid-Atlantic Region ​ ​ 50,566 ​ ​ 50,975 ​ ​ 50,131 Northeast Region ​ ​ 27,701 ​ ​ 32,224 ​ ​ 31,693 Southeast Region ​ ​ 52,471 ​ ​ 50,795 ​ ​ 49,132 Southwest Region ​ ​ 7,118 ​ ​ 7,632 ​ ​ 7,463 Non-Mature Communities/Other ​ ​ 35,559 ​ ​ 37,658 ​ ​ 41,577 Total segment and consolidated lease revenue ​ $ 414,191 ​ $ 427,758 ​ $ 418,882 Reportable apartment home segment other revenue ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 7,388 ​ $ 7,873 ​ $ 7,161 Mid-Atlantic Region ​ 1,593 ​ 1,706 ​ 1,489 Northeast Region ​ ​ 476 ​ ​ 646 ​ ​ 622 Southeast Region ​ 2,542 ​ 2,925 ​ 2,764 Southwest Region ​ ​ 217 ​ ​ 301 ​ ​ 238 Non-Mature Communities/Other ​ 2,340 ​ 564 ​ 764 Total segment and consolidated other revenue ​ $ 14,556 ​ ​ 14,015 ​ $ 13,038 Total reportable apartment home segment rental income ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 248,164 ​ $ 256,347 ​ $ 246,047 Mid-Atlantic Region ​ 52,159 ​ 52,681 ​ 51,620 Northeast Region ​ ​ 28,177 ​ ​ 32,870 ​ ​ 32,315 Southeast Region ​ 55,013 ​ 53,720 ​ 51,896 Southwest Region ​ ​ 7,335 ​ ​ 7,933 ​ ​ 7,701 Non-Mature Communities/Other ​ 37,899 ​ 38,222 ​ 42,341 Total segment and consolidated rental income ​ $ 428,747 ​ $ 441,773 ​ $ 431,920 Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 186,290 ​ $ 196,302 ​ $ 187,664 Mid-Atlantic Region ​ 36,043 ​ 36,830 ​ 36,028 Northeast Region ​ ​ 17,340 ​ ​ 24,103 ​ ​ 24,578 Southeast Region ​ 37,577 ​ 37,340 ​ 35,948 Southwest Region ​ ​ 5,199 ​ ​ 5,621 ​ ​ 5,125 Non-Mature Communities/Other ​ 20,838 ​ 22,810 ​ 28,037 Total segment and consolidated NOI ​ $ 303,287 ​ $ 323,006 ​ $ 317,380 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 sale 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 (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 Partnership’s reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 2,037,133 ​ $ 2,011,495 Mid-Atlantic Region ​ 551,003 ​ 541,481 Northeast Region ​ 410,406 ​ 408,703 Southeast Region ​ 361,497 ​ 352,790 Southwest Region ​ ​ 144,959 ​ ​ 144,210 Non-Mature Communities/Other ​ 538,727 ​ 416,481 Total segment assets ​ 4,043,725 ​ 3,875,160 Accumulated depreciation ​ (1,892,011) ​ (1,796,568) Total segment assets - net book value ​ 2,151,714 ​ 2,078,592 Reconciling items: ​ ​ 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 consolidated assets ​ $ 2,457,567 ​ $ 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