Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 08, 2023 | Jun. 30, 2022 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6 | ||
Entity Common Stock, Shares Outstanding | 329,165,608 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Denver Colorado | ||
Auditor Firm ID | 42 | ||
Entity Central Index Key | 0000074208 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate owned: | ||
Real estate held for investment | $ 15,365,928 | $ 14,352,234 |
Less: accumulated depreciation | (5,762,205) | (5,136,589) |
Real estate held for investment, net | 9,603,723 | 9,215,645 |
Real estate under development (net of accumulated depreciation of $296 and $507, respectively) | 189,809 | 388,062 |
Real estate held for disposition (net of accumulated depreciation of $0 and $0, respectively) | 14,039 | |
Total real estate owned, net of accumulated depreciation | 9,807,571 | 9,603,707 |
Cash and cash equivalents | 1,193 | 967 |
Restricted cash | 29,001 | 27,451 |
Notes receivable, net | 54,707 | 26,860 |
Investment in and advances to unconsolidated joint ventures, net | 754,446 | 702,461 |
Operating lease right-of-use assets | 194,081 | 197,463 |
Other assets | 197,471 | 216,311 |
Total assets | 11,038,470 | 10,775,220 |
Liabilities: | ||
Secured debt, net | 1,052,281 | 1,057,380 |
Unsecured debt, net | 4,435,022 | 4,355,407 |
Operating lease liabilities | 189,238 | 192,488 |
Real estate taxes payable | 37,681 | 33,095 |
Accrued interest payable | 46,671 | 45,980 |
Security deposits and prepaid rent | 51,999 | 55,441 |
Distributions payable | 134,213 | 124,729 |
Accounts payable, accrued expenses, and other liabilities | 153,220 | 136,954 |
Total liabilities | 6,100,325 | 6,001,474 |
Commitments and contingencies (Note 15) | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 839,850 | 1,299,442 |
Equity: | ||
Common stock, $0.01 par value; 450,000,000 shares authorized at December 31, 2022 and December 31, 2021: 328,993,088 and 318,149,635 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 3,290 | 3,181 |
Additional paid-in capital | 7,493,423 | 6,884,269 |
Distributions in excess of net income | (3,451,587) | (3,485,080) |
Accumulated other comprehensive income/(loss), net | 8,344 | (4,261) |
Total stockholders' equity | 4,098,085 | 3,442,874 |
Noncontrolling interests | 210 | 31,430 |
Total equity | 4,098,295 | 3,474,304 |
Total liabilities and equity | 11,038,470 | 10,775,220 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity: | ||
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2022 and December 31, 2021: | 44,614 | 44,764 |
Series F | ||
Equity: | ||
Preferred stock, no par value; 50,000,000 shares authorized at December 31, 2022 and December 31, 2021: | $ 1 | $ 1 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Real estate owned: | ||
Real estate under development accumulated depreciation | $ 296 | $ 507 |
Real estate held for disposition accumulated depreciation | $ 0 | $ 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 | 450,000,000 | 450,000,000 |
Common stock, shares issued | 328,993,088 | 318,149,635 |
Common stock, shares outstanding | 328,993,088 | 318,149,635 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity: | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, dividend rate percentage | 8% | 8% |
Preferred stock, shares issued | 2,686,308 | 2,695,363 |
Preferred stock, shares outstanding | 2,686,308 | 2,695,363 |
Series F | ||
Equity: | ||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 12,100,514 | 12,582,575 |
Preferred stock, shares outstanding | 12,100,514 | 12,582,575 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES: | |||
Rental income | $ 1,512,364 | $ 1,284,665 | $ 1,236,096 |
Joint venture management and other fees | $ 5,022 | $ 6,102 | $ 5,069 |
Type of revenue | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember |
Total revenues | $ 1,517,386 | $ 1,290,767 | $ 1,241,165 |
OPERATING EXPENSES: | |||
Property operating and maintenance | 250,310 | 218,094 | 201,944 |
Real estate taxes and insurance | 221,662 | 199,446 | 180,450 |
Property management | 49,152 | 38,540 | 35,538 |
Other operating expenses | 17,493 | 21,649 | 22,762 |
Real estate depreciation and amortization | 665,228 | 606,648 | 608,616 |
General and administrative | 64,144 | 57,541 | 49,885 |
Casualty-related charges/(recoveries), net | 9,733 | 3,748 | 2,131 |
Other depreciation and amortization | 14,344 | 13,185 | 10,013 |
Total operating expenses | 1,292,066 | 1,158,851 | 1,111,339 |
Gain/(loss) on sale of real estate owned | 25,494 | 136,052 | 119,277 |
Operating income | 250,814 | 267,968 | 249,103 |
Income/(loss) from unconsolidated entities | 4,947 | 65,646 | 18,844 |
Interest expense | (155,900) | (186,267) | (202,706) |
Interest income and other income/(expense), net | (6,933) | 15,085 | 6,274 |
Income/(loss) before income taxes | 92,928 | 162,432 | 71,515 |
Tax (provision)/benefit, net | (349) | (1,439) | (2,545) |
Net income/(loss) | 92,579 | 160,993 | 68,970 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (5,613) | (10,873) | (4,543) |
Net income/(loss) attributable to noncontrolling interests | (42) | (104) | (161) |
Net income/(loss) attributable to UDR, Inc. | 86,924 | 150,016 | 64,266 |
Distributions to preferred stockholders - Series E (Convertible) | (4,412) | (4,229) | (4,230) |
Net income/(loss) attributable to common stockholders | $ 82,512 | $ 145,787 | $ 60,036 |
Income/(loss) per weighted average common share - basic | $ 0.26 | $ 0.49 | $ 0.20 |
Income/(loss) per weighted average common share - diluted | $ 0.26 | $ 0.48 | $ 0.20 |
Weighted average number of common shares outstanding - basic | 321,671 | 300,326 | 294,545 |
Weighted average number of common shares outstanding - diluted | 322,700 | 301,703 | 294,927 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | |||
Net income/(loss) | $ 92,579 | $ 160,993 | $ 68,970 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | 14,489 | 3,502 | (3,382) |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | (998) | 1,755 | 4,827 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 13,491 | 5,257 | 1,445 |
Comprehensive income/(loss) | 106,070 | 166,250 | 70,415 |
Comprehensive (income)/loss attributable to noncontrolling interests | (6,541) | (11,351) | (4,845) |
Comprehensive income/(loss) attributable to UDR, Inc. | $ 99,529 | $ 154,899 | $ 65,570 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Preferred Stock | Common Stock | Paid-in Capital | Distributions in Excess of Net Income Adjustment | Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | Adjustment | Total |
Consolidated Statements of Changes in Equity | |||||||||
Cumulative effect upon adoption of ASC 326 | $ 46,201 | $ 2,946 | $ 5,781,975 | $ (2,182) | $ (2,462,132) | $ (10,448) | $ 30,772 | $ (2,182) | $ 3,389,314 |
Beginning Balance at Dec. 31, 2019 | 46,201 | 2,946 | 5,781,975 | $ (2,182) | (2,462,132) | (10,448) | 30,772 | $ (2,182) | 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 | (161) | ||||||||
Net income/(loss) attributable to noncontrolling interests | 99 | 99 | |||||||
Redemption of noncontrolling interests in consolidated real estate | (125) | (125) | |||||||
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) | |||||||
Repurchase of common shares | (6) | (19,789) | (19,795) | ||||||
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 at Dec. 31, 2020 | 44,765 | 2,966 | 5,881,383 | (2,685,770) | (9,144) | 24,391 | 3,258,591 | ||
Consolidated Statements of Changes in Equity | |||||||||
Cumulative effect upon adoption of ASC 326 | 44,765 | 2,966 | 5,881,383 | (2,685,770) | (9,144) | 24,391 | 3,258,591 | ||
Net income/(loss) attributable to UDR, Inc. | 150,016 | 150,016 | |||||||
Net income/(loss) attributable to noncontrolling interests | (104) | ||||||||
Net income/(loss) attributable to noncontrolling interests | 80 | 80 | |||||||
Redemption of noncontrolling interests in consolidated real estate | (125) | (125) | |||||||
Long Term Incentive Plan Unit grants/(vestings), net | 7,084 | 7,084 | |||||||
Other comprehensive income/(loss) | 4,883 | 4,883 | |||||||
Issuance/(forfeiture) of common and restricted shares, net | 1 | 4,115 | 4,116 | ||||||
Issuance of common shares through public offering, net | 195 | 898,858 | 899,053 | ||||||
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership | 19 | 99,913 | 99,932 | ||||||
Common stock distributions declared | (442,329) | (442,329) | |||||||
Preferred stock distributions declared-Series E | (4,229) | (4,229) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | (502,768) | (502,768) | |||||||
Ending Balance at Dec. 31, 2021 | 44,765 | 3,181 | 6,884,269 | (3,485,080) | (4,261) | 31,430 | 3,474,304 | ||
Consolidated Statements of Changes in Equity | |||||||||
Cumulative effect upon adoption of ASC 326 | 44,765 | 3,181 | 6,884,269 | (3,485,080) | (4,261) | 31,430 | 3,474,304 | ||
Net income/(loss) attributable to UDR, Inc. | 86,924 | 86,924 | |||||||
Net income/(loss) attributable to noncontrolling interests | (42) | ||||||||
Long Term Incentive Plan Unit grants/(vestings), net | (31,220) | (31,220) | |||||||
Other comprehensive income/(loss) | 12,605 | 12,605 | |||||||
Issuance/(forfeiture) of common and restricted shares, net | 1 | 4,847 | 4,848 | ||||||
Issuance of common shares through public offering, net | 115 | 629,437 | 629,552 | ||||||
Conversion of Series E Cumulative Convertible shares | (150) | 1 | 149 | ||||||
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership | 4 | 23,737 | 23,741 | ||||||
Common stock distributions declared | (493,312) | (493,312) | |||||||
Repurchase of common shares | (12) | (49,016) | (49,028) | ||||||
Preferred stock distributions declared-Series E | (4,412) | (4,412) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | 444,293 | 444,293 | |||||||
Ending Balance at Dec. 31, 2022 | 44,615 | 3,290 | 7,493,423 | (3,451,587) | 8,344 | 210 | 4,098,295 | ||
Consolidated Statements of Changes in Equity | |||||||||
Cumulative effect upon adoption of ASC 326 | $ 44,615 | $ 3,290 | $ 7,493,423 | $ (3,451,587) | $ 8,344 | $ 210 | $ 4,098,295 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||
Common stock distributions declared per share | $ 1.52 | $ 1.45 | $ 1.44 |
Preferred stock distributions declared | $ 1.6456 | $ 1.570 | $ 1.5592 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net income/(loss) | $ 92,579 | $ 160,993 | $ 68,970 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 679,572 | 619,833 | 618,629 |
(Gain)/loss on sale of real estate owned | (25,494) | (136,052) | (119,277) |
(Income)/loss from unconsolidated entities | (4,947) | (65,646) | (18,844) |
Return on investment in unconsolidated joint ventures and partnerships | 22,369 | 23,269 | 20,664 |
Amortization of share-based compensation | 27,505 | 22,052 | 19,616 |
Loss on extinguishment of debt, net | 42,336 | 49,190 | |
Other | 31,835 | 19,182 | 12,193 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | 9,792 | (33,454) | (44,670) |
Increase/(decrease) in operating liabilities | (13,140) | 11,447 | (2,155) |
Net cash provided by/(used in) operating activities | 820,071 | 663,960 | 604,316 |
Investing Activities | |||
Acquisition of real estate assets | (341,149) | (1,244,508) | (407,829) |
Proceeds from sales of real estate investments, net | 40,808 | 280,077 | 277,886 |
Development of real estate assets | (198,022) | (178,029) | (121,240) |
Capital expenditures and other major improvements - real estate assets | (214,833) | (156,384) | (163,105) |
Capital expenditures - non-real estate assets | (21,180) | (10,140) | (11,008) |
Investment in unconsolidated joint ventures and partnerships | (201,412) | (112,321) | (76,073) |
Distributions received from unconsolidated joint ventures and partnerships | 81,443 | 37,362 | 49,342 |
Purchase deposits on pending acquisitions | (1,530) | ||
Repayment/(issuance) of notes receivable, net | (75,183) | 111,690 | (7,285) |
Net cash provided by/(used in) investing activities | (929,528) | (1,272,253) | (460,842) |
Financing Activities | |||
Payments on secured debt | (1,141) | (1,096) | (425,839) |
Proceeds from the issuance of secured debt | 160,930 | ||
Payments on unsecured debt | (300,000) | (300,000) | |
Net proceeds from the issuance of unsecured debt | 511,552 | 959,419 | |
Net proceeds/(repayment) of commercial paper | 80,000 | 30,000 | (110,000) |
Net proceeds/(repayment) of revolving bank debt | (1,531) | 1,522 | 11,441 |
Proceeds from the issuance of common shares through public offering, net | 629,552 | 899,053 | 102,234 |
Repurchase of common shares | (49,028) | (19,795) | |
Distributions paid to redeemable noncontrolling interests | (34,255) | (33,663) | (32,038) |
Distributions paid to preferred stockholders | (4,381) | (4,225) | (4,217) |
Distributions paid to common stockholders | (483,624) | (433,780) | (419,350) |
Payment of prepayment and extinguishment costs | (40,769) | (62,645) | |
Other | (24,359) | (16,054) | (12,734) |
Net cash provided by/(used in) financing activities | 111,233 | 612,540 | (152,594) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 1,776 | 4,247 | (9,120) |
Cash, cash equivalents, and restricted cash, beginning of year | 28,418 | 24,171 | 33,291 |
Cash, cash equivalents, and restricted cash, end of year | 30,194 | 28,418 | 24,171 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 154,911 | 136,978 | 159,386 |
Operating cash flows from operating leases | 12,502 | 12,502 | 12,502 |
Cash paid/(refunds received) for income taxes | 1,145 | 4,778 | 1,029 |
Non-cash transactions: | |||
Secured debt assumed upon acquisition of real estate assets | 201,296 | ||
Acquisition of land parcel pursuant to a deed in lieu of foreclosure | 25,000 | ||
Cancellation of secured note receivable pursuant to a deed in lieu of foreclosure | 24,869 | ||
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned | 16,425 | 14,700 | |
OP Units issued for real estate, net | 48,533 | ||
Acquisition of intellectual property in exchange for cancellation of secured note receivable | 2,250 | ||
Recognition of allowance for credit losses | 2,182 | ||
Redeemable long-term and short-term incentive plan units | 56,568 | 14,578 | 23,501 |
Development costs and capital expenditures incurred, but not yet paid | 56,336 | 39,856 | 31,387 |
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (502,868 shares in 2022; 1,916,613 shares in 2021; and 303,146 shares in 2020) | 23,741 | 99,932 | 12,666 |
Distribution of equity securities from unconsolidated real estate technology investments | 18,018 | ||
Dividends declared, but not yet paid | $ 134,213 | $ 124,729 | $ 115,795 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above: | ||||
Cash and cash equivalents | $ 1,193 | $ 967 | $ 1,409 | $ 8,106 |
Restricted cash | 29,001 | 27,451 | 22,762 | 25,185 |
Total cash, cash equivalents, and restricted cash as shown above | $ 30,194 | $ 28,418 | $ 24,171 | $ 33,291 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-cash transactions: | |||
Conversion of OP Units into common shares | 502,868 | 1,916,613 | 303,146 |
CONSOLIDATION AND BASIS OF PRES
CONSOLIDATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2022 | |
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 in targeted markets located in the United States. At December 31, 2022, our consolidated apartment portfolio consisted of 165 communities with a total of 54,999 apartment homes located in 21 markets. In addition, the Company has an ownership interest in 9,099 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 6,262 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 and Note 5 , Joint Ventures and Partnerships The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2022 and 2021, there were 186.1 million and 186.1 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.3 million, or 94.7%, and 176.2 million, or 94.7%, respectively, were owned by UDR and 9.8 million, or 5.3%, and 9.9 million, or 5.3%, respectively, were owned by outside limited partners. As of December 31, 2022 and 2021, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 21.1 million, or 65.1%, and 20.6 million, or 63.6%, respectively, were owned by UDR and its subsidiaries and 11.3 million, or 34.9%, and 11.8 million, or 36.4%, 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 3, Real Estate Owned Joint Ventures and Partnerships |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Reference Rate Reform (Topic 848) In September 2022, we amended our unsecured term loan and its related interest rate swap agreements to change the interest rate benchmark from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company applied the practical expedients in the ASU related to the cash flow hedges, which did not have a material impact on the consolidated financial statements. (See Note 7, Secured and Unsecured Debt, Net for further discussion.) The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. The ASU has not had a material impact on the consolidated financial statements and the Company does not expect the ASU to have a material impact on the consolidated financial statements on a prospective basis. 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, 2022, 2021 and 2020, 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 support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2022, 2021, and 2020 were $17.9 million, $11.3 million and $12.0 million, respectively. During the years ended December 31, 2022, 2021, and 2020, total interest capitalized was $13.4 million, $9.7 million and $7.0 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash 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 assets of the borrower that may include real estate 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 of the existing loans. 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, 2022 and 2021 ( dollars in thousands Interest rate at Balance Outstanding December 31, December 31, December 31, 2022 2022 2021 Note due May 2022 (a) N/A $ — $ 2,760 Note due December 2023 (b) 10.00 % 30,377 24,235 Note due December 2026 (c) 11.00 % 17,292 — Note due December 2026 (d) 11.00 % 5,813 — Note due June 2027 (e) 18.00 % 1,500 — Notes Receivable 54,982 26,995 Allowance for credit losses (275) (135) Total notes receivable, net $ 54,707 $ 26,860 (a) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million. The note was secured by a parcel of land located in Kissimmee, Florida. In March 2022, the unaffiliated third party repaid the $2.8 million secured note in full. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million. During 2022, the terms of this secured note were amended to increase the aggregate commitment from $25.4 million to $31.4 million and to extend the maturity date to December 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which will accrue and be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and 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) December 2023. (c) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2025, with an aggregate commitment of $59.7 million, of which $17.3 million was funded during the year ended December 31, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (d) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be completed in 2025, with an aggregate commitment of $24.4 million, of which $5.8 million was funded during the year ended December 31, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (e) In June 2022, the Company and a syndicate of lenders entered into a $16.0 million secured credit facility with an unaffiliated third party. The Company’s share of the facility was $1.5 million, all of which was funded during the year ended December 31, 2022. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027. The Company recognized $3.5 million, $5.3 million, and $9.1 million of interest income for the notes receivable during the years ended December 31, 2022, 2021, and 2020, respectively, none of which was related party interest. Interest income is 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, 2022, the Company held one investment in a joint venture that qualified as a VIE where we were determined to be the primary beneficiary (See Note 5, Joint Ventures and Partnerships, for further discussion) 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, 2022 and 2021, UDR’s net deferred tax asset/(liability) was $(0.8) million and $(0.8) 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 and evaluates its tax positions 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 a 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, 2022. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2019 through 2021 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, 2022, 2021, and 2020, 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 From time to time 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 the entity’s 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 repor |
REAL ESTATE OWNED
REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, the Company owned and consolidated 165 communities in 13 states plus the District of Columbia totaling 54,999 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Land $ 2,539,499 $ 2,342,385 Depreciable property — held and used: Land improvements 254,578 241,905 Building, improvements, and furniture, fixtures and equipment 12,521,838 11,717,931 Real estate intangible assets 50,013 50,013 Under development: Land and land improvements 43,711 74,399 Building, improvements, and furniture, fixtures and equipment 146,394 314,170 Real estate held for disposition: Building, improvements, and furniture, fixtures and equipment 14,039 — Real estate owned 15,570,072 14,740,803 Accumulated depreciation (a) (5,762,501) (5,137,096) Real estate owned, net $ 9,807,571 $ 9,603,707 (a) Accumulated depreciation is inclusive of $13.1 million and $8.8 million of accumulated amortization related to real estate intangible assets as of December 31, 2022 and 2021, respectively. Acquisitions In April 2022, the Company acquired a to-be-developed parcel of land located in Fort Lauderdale, Florida for approximately $16.0 million. In June 2022, the Company acquired a 433 apartment home operating community located in Danvers, Massachusetts for approximately $207.5 million. The Company increased its real estate assets owned by approximately $203.7 million and recorded $3.8 million of in-place lease intangibles. In June 2022, the Company acquired three contiguous to-be-developed parcels of land located in Dallas, Texas for approximately $90.2 million. In June 2022, the Company acquired a to-be-developed parcel of land, which included two operating retail components, located in Riverside, California for approximately $29.0 million. The Company increased its real estate assets owned by approximately $28.2 million and recorded $0.8 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 an above-market mortgage note payable secured by the community with an outstanding balance of approximately $51.8 million. The Company increased its real estate assets owned by approximately $82.0 million, recorded $2.0 million of in-place lease intangibles, and recorded a $6.6 million debt premium in connection with the above-market debt assumed. In April 2021, the Company acquired a 636 apartment home operating community located in Farmers Branch, Texas, for approximately $110.2 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $42.0 million. The Company increased its real estate assets owned by approximately $111.5 million, recorded $3.0 million of in-place lease intangibles, and recorded a $4.3 million debt premium in connection with the above-market debt assumed. The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California. In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. The Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations. In May 2021, the Company acquired a to-be-developed parcel of land located in Tampa, Florida, for approximately $6.6 million. In May 2021, the Company acquired a 945 apartment home operating community located in Frisco, Texas, for approximately $166.9 million. In connection with the acquisition, the Company assumed an above-market mortgage note payable secured by the community with an outstanding balance of approximately $89.5 million. The Company increased its real estate assets owned by approximately $169.9 million, recorded $4.1 million of in-place lease intangibles, and recorded a $7.1 million debt premium in connection with the above-market debt assumed. In June 2021, the Company acquired a 468 apartment home operating community located in Germantown, Maryland, for approximately $121.9 million. The Company increased its real estate assets owned by approximately $119.3 million and recorded $2.6 million of in-place lease intangibles. In July 2021, the Company acquired a 259 apartment home operating community located in Bellevue, Washington, for approximately $171.9 million. The Company previously had a $115.0 million secured note receivable associated with this operating community. The Company increased its real estate assets owned by approximately $169.1 million and recorded $2.8 million of in-place lease intangibles. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. In August 2021, the Company acquired a 544 apartment home operating community located in Germantown, Maryland, for approximately $127.2 million. The Company increased its real estate assets owned by approximately $124.4 million and recorded $2.8 million of in-place lease intangibles. In September 2021, the Company acquired a 320 apartment home operating community located in King of Prussia, Pennsylvania, for approximately $116.2 million. The Company increased its real estate assets owned by approximately $113.8 million and recorded $2.4 million of in-place lease intangibles. In September 2021, the Company acquired a 192 apartment home operating community located in Towson, Maryland, for approximately $57.6 million. The Company increased its real estate assets owned by approximately $54.0 million and recorded $2.4 million of real estate tax intangibles and $1.2 million of in-place lease intangibles. In September 2021, the Company acquired a 339 apartment home operating community located in Philadelphia, Pennsylvania, for approximately $147.0 million. The Company increased its real estate assets owned by approximately $136.7 million and recorded $7.1 million of real estate tax intangibles and $3.2 million of in-place lease intangibles. In October 2021, the Company acquired its joint venture partner’s common equity interest in a 330 apartment home operating community located in Orlando, Florida, for a total purchase price of approximately $106.0 million. The Company paid for the community by issuing approximately 0.9 million OP Units (valued at $53.00 per unit per the agreement) to the seller, which equaled $47.9 million. As a result, in October 2021, the Company increased its ownership interest to 100% and consolidated the operating community In October 2021, the Company acquired a 663 apartment home operating community located in Orlando, Florida, for approximately $177.8 million. The Company increased its real estate assets owned by approximately $174.1 million and recorded and $3.7 million of in-place lease intangibles. In November 2021, the Company acquired a 430 apartment home operating community located in Towson, Maryland, for approximately $125.3 million. The Company increased its real estate assets owned by approximately $122.6 million and recorded and $2.7 million of in-place lease intangibles. Dispositions In January 2023, the Company sold the retail component of a development community located in Washington D.C. for gross proceeds of approximately $14.4 million, resulting in an estimated gain of less than $0.1 million. In November 2022, the Company sold an operating community located in Orange County, California with a total of 90 apartment homes for gross proceeds of $41.5 million, resulting in a gain of approximately $25.5 million. In February 2021, the Company sold an operating community located 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 October 2021, the Company sold an operating community located in Anaheim, California, with a total of 265 apartment homes for a sales price of $126.0 million, resulting in a gain of approximately $85.2 million. 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. 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. Developments At December 31, 2022, the Company was developing three wholly-owned communities totaling 715 homes, of which 161 have been completed, in which we have an investment of $190.1 million. The communities are estimated to be completed between the first quarter of 2023 and the second quarter of 2024. 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, 2022 2023 2024 2025 2026 2027 Thereafter Real estate intangible assets, net (a) $ 36,932 $ 4,162 $ 3,995 $ 3,858 $ 3,723 $ 3,590 $ 17,604 In-place lease intangible assets, net (b) 3,375 665 627 583 476 406 618 Total $ 40,307 $ 4,827 $ 4,622 $ 4,441 $ 4,199 $ 3,996 $ 18,222 (a) Real estate intangible assets, net is recorded net of accumulated amortization of $13.1 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $4.3 million and $3.0 million, respectively, 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 $14.4 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $22.5 million and $20.3 million, respectively, was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2022 | |
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. |
JOINT VENTURES AND PARTNERSHIPS
JOINT VENTURES AND PARTNERSHIPS | 12 Months Ended |
Dec. 31, 2022 | |
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. Consolidated joint venture The Company has a preferred equity investment in a joint venture that owns 1532 Harrison, a 136 home community located in San Francisco, California. In September 2022, the joint venture defaulted on its senior construction loan, and the Company subsequently purchased the loan for its unpaid balance of $47.2 million pursuant to an agreement entered into with the lender at the time the preferred equity investment was made. As a result, the joint venture was deemed to be a VIE. The Company concluded that it is the primary beneficiary of the VIE, and therefore began consolidating the joint venture. The consolidated assets and liabilities related to the VIE were initially recorded at fair value during September 2022 and the book values were approximately $85.7 million and $0.1 million, respectively, as of December 31, 2022. The senior construction loan payable and related interest expense due from the joint venture eliminate upon consolidation of the Company’s consolidated financial statements. Unconsolidated 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 for 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, 2022 and 2021 (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 Ventures Properties 2022 2022 2022 2021 2022 2021 2022 2021 2020 Operating: UDR/MetLife I Los Angeles, CA 1 150 $ 20,815 $ 23,880 50.0 % 50.0 % $ (2,027) $ (2,544) $ (2,639) UDR/MetLife II Various 7 1,250 174,645 181,023 50.0 % 50.0 % 1,245 (3,303) (1,044) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 51,700 66,012 50.6 % 50.6 % (6,822) (11,938) (10,444) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments $ 247,160 $ 270,915 $ (7,604) $ (17,785) $ (14,127) Investment at Income/(loss) from investments Developer Capital Program Years To UDR December 31, December 31, Year Ended December 31, and Real Estate Technology Investments (b) Location Rate Maturity Commitment (c) 2022 2021 2022 2021 2020 Preferred equity investments: Junction Santa Monica, CA 12.5 % 0.8 $ 8,800 $ 14,865 $ 13,183 $ 1,682 $ 1,484 $ 1,321 1532 Harrison (d) San Francisco, CA N/A — — — 35,248 5,152 2,354 3,519 1200 Broadway (e) (f) Nashville, TN N/A — — — 61,326 11,889 6,043 5,309 1300 Fairmount (f) Philadelphia, PA 8.5 % 0.8 51,393 70,501 64,780 5,721 5,237 4,843 Modera Lake Merritt (f) Oakland, CA 9.0 % 1.4 27,250 32,672 33,828 (1,156) 2,899 2,592 Thousand Oaks (f) Thousand Oaks, CA 9.0 % 2.1 20,059 24,898 22,764 2,134 1,924 763 Vernon Boulevard (f) Queens, NY 13.0 % 2.5 40,000 54,880 48,210 6,652 5,845 2,348 Makers Rise (f) Herndon, VA 9.0 % 3.0 30,208 34,059 22,828 2,865 926 — 121 at Watters (f) Allen, TX 9.0 % 3.2 19,843 22,511 14,134 1,861 749 — Infield Phase I Kissimmee, FL 14.0 % 1.4 16,044 17,816 — 1,743 — — Upton Place Washington, D.C. 9.7 % 4.9 52,163 56,832 29,566 4,429 92 — Meetinghouse (g) Portland, OR 8.25 % 4.2 11,600 12,134 — 716 — — Heirloom (h) Portland, OR 8.25 % 4.4 16,185 16,714 — 676 — — Portfolio Recapitalization (i) Various 8.0 % 6.5 102,000 102,705 — 3,616 — — Real estate technology investments: RETV I (j) N/A N/A N/A 18,000 16,601 71,464 (35,507) 50,795 5,143 RETV II N/A N/A N/A 18,000 11,670 8,130 (265) 1,101 (206) RETV III (k) N/A N/A N/A 15,000 — — — — — RET Strategic Fund (l) N/A N/A N/A 25,000 8,078 — 496 — — RET ESG (m) N/A N/A N/A 10,000 2,898 — (153) — — Total Preferred Equity Investments and Real Estate Technology Investments 499,834 425,461 12,551 79,449 25,632 Sold joint ventures and other investments — — — 3,982 7,339 Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) $ 746,994 $ 696,376 $ 4,947 $ 65,646 $ 18,844 (a) As of December 31, 2022 and 2021, the Company’s negative investment in 13 th and Market Properties LLC of $7.5 million and $6.1 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 Sheets. (b) 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. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (d) As disclosed above, the Company began consolidating the 1532 Harrison joint venture in September 2022. The Company recorded $5.2 million in Income/(loss) from unconsolidated entities in connection with recording the joint venture’s assets and liabilities at fair value on the date of consolidation. (e) In J anuary 2022, the joint venture sold its community, a 313 apartment home operating community located in Nashville, Tennessee, for a sales price of approximately $294.0 million. As a result, the Company recorded variable upside participation on the sale of approximately $10.6 million, net of associated costs. (f) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (g) In March 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 232 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $11.6 million earns a preferred return of 8.25% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (h) In June 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 286 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $16.2 million earns a preferred return of 8.25% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (i) In July 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate 14 communities located in various markets across the United States. The Company’s preferred equity investment of $102.0 million earns a preferred return of 8.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (j) The Company recognized $(35.5) million and $50.8 million of investment income/(loss) from RETV I for the years ended December 31, 2022 and 2021, respectively, which primarily related to unrealized gains/(losses) from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”). In 2021, SmartRent, a provider of smart home automation solutions, went public through a merger with a publicly traded special purpose acquisition company. As a result, SmartRent began trading on the New York Stock Exchange under the ticker symbol “SMRT.” Due to the merger, all shares of SmartRent that RETV I held were converted to publicly traded SmartRent shares based on a pre-determined conversion factor. Following the merger and stock conversion, RETV I began recording its investment in SmartRent based on the share price at the end of the applicable reporting period . (k) In November 2022, the Company entered into a real estate technology investment as a limited partner, for a total commitment of $15.0 million. As of December 31, 2022, no funding to the limited partnership had occurred. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (l) In January 2022, the Company entered into a real estate technology investment as a limited partner, for a total commitment of $25.0 million. The Company funded $7.5 million to the limited partnership during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (m) In April 2022, the Company entered into a real estate technology ESG investment as a limited partner, for a total commitment of $10.0 million. The Company funded $3.0 million to the limited partnership during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. As of December 31, 2022 and 2021, the Company had deferred fees of $8.1 million and $8.7 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 $5.0 million, $6.1 million, and $5.1 million during the years ended December 31, 2022, 2021, and 2020, 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 venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did not incur any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures during the years ended December 31, 2022, 2021, and 2020. 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, 2022, 2021, and 2020 ( dollars in thousands): Developer Other Total Capital Program As of and For the UDR/ UDR/ UDR/MetLife Excluding and Other Year Ended December 31, 2022 MetLife I MetLife II Joint Ventures RETV I DCP Investments Total Condensed Statements of Operations: Total revenues $ 10,813 $ 58,163 $ 61,253 $ 42 $ 130,271 $ 38,145 $ 168,416 Property operating expenses 5,011 25,950 24,301 1,596 56,858 23,622 80,480 Real estate depreciation and amortization 6,033 18,478 31,069 — 55,580 20,064 75,644 Gain/(loss) on sale of real estate — — — — — 127,542 127,542 Operating income/(loss) (231) 13,735 5,883 (1,554) 17,833 122,001 139,834 Interest expense (3,068) (10,124) (17,318) (21) (30,531) (16,383) (46,914) Other income/(loss) — — — — — (90) (90) Net realized gain/(loss) on held investments (a) — — — 101,954 101,954 3,601 105,555 Net unrealized gain/(loss) on held investments (a) — — — (308,202) (308,202) (569) (308,771) Net income/(loss) $ (3,299) $ 3,611 $ (11,435) $ (207,823) $ (218,946) $ 108,560 $ (110,386) Condensed Balance Sheets: Total real estate, net $ 102,900 $ 623,994 $ 531,058 $ — $ 1,257,952 $ 1,481,832 $ 2,739,784 Investments, at fair value — — — 96,118 96,118 117,625 213,743 Cash and cash equivalents 1,863 6,586 7,105 1,160 16,714 22,285 38,999 Other assets 1,464 9,142 3,814 52 14,472 107,287 121,759 Total assets 106,227 639,722 541,977 97,330 1,385,256 1,729,029 3,114,285 Third party debt, net 71,059 334,687 452,163 — 857,909 1,079,420 1,937,329 Accounts payable and accrued liabilities 1,105 7,590 5,460 70 14,225 202,923 217,148 Total liabilities 72,164 342,277 457,623 70 872,134 1,282,343 2,154,477 Total equity $ 34,063 $ 297,445 $ 84,354 $ 97,260 $ 513,122 $ 446,686 $ 959,808 (a) Net unrealized and realized gain/(loss) on held investments related to RETV I primarily related to unrealized and realized gains from SmartRent. For the year ended December 31, 2022, the Company recorded its share of net losses related to RETV I of $(35.5) million. Of that amount, $(37.2) million related to SmartRent, which are recorded in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. Developer Other West Coast Total Capital Program As of and For the UDR/ UDR/ UDR/MetLife Development Excluding and Other Year Ended December 31, 2021 MetLife I MetLife II Joint Ventures Joint Ventures RETV I DCP Investments Total Condensed Statements of Operations: Total revenues $ 9,186 $ 52,324 $ 52,614 $ 184 $ 6 $ 114,314 $ 18,509 $ 132,823 Property operating expenses 4,506 24,165 23,090 333 1,445 53,539 15,626 69,165 Real estate depreciation and amortization 5,948 19,006 33,532 — — 58,486 8,429 66,915 Gain/(loss) on sale of real estate — — — 34,757 — 34,757 — 34,757 Operating income/(loss) (1,268) 9,153 (4,008) 34,608 (1,439) 37,046 (5,546) 31,500 Interest expense (3,068) (11,873) (17,366) (41) (17) (32,365) (11,161) (43,526) Other income/(loss) — — — (1,238) — (1,238) (623) (1,861) Net realized gain/(loss) on held investments — — — — 12,341 12,341 — 12,341 Net unrealized gain/(loss) on held investments (a) — — — — 285,155 285,155 16,276 301,431 Net income/(loss) $ (4,336) $ (2,720) $ (21,374) $ 33,329 $ 296,040 $ 300,939 $ (1,054) $ 299,885 Condensed Balance Sheets: Total real estate, net $ 108,340 $ 636,674 $ 558,680 $ — $ — $ 1,303,694 $ 739,464 $ 2,043,158 Investments, at fair value — — — — 405,675 405,675 54,566 460,241 Real estate assets held for sale — — — — — — 168,668 168,668 Cash and cash equivalents 1,378 5,864 5,668 — 3,681 16,591 6,300 22,891 Other assets 1,804 10,483 5,419 — 14 17,720 11,228 28,948 Total assets 111,522 653,021 569,767 — 409,370 1,743,680 980,226 2,723,906 Third party debt, net 71,003 336,533 453,182 — — 860,718 355,200 1,215,918 Liabilities held for sale — — — — — — 106,990 106,990 Accounts payable and accrued liabilities 1,059 7,360 5,866 — 90 14,375 37,314 51,689 Total liabilities 72,062 343,893 459,048 — 90 875,093 499,504 1,374,597 Total equity $ 39,460 $ 309,128 $ 110,719 $ — $ 409,280 $ 868,587 $ 480,722 $ 1,349,309 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. Developer Other West Coast Total Capital Program For the UDR/ UDR/ UDR/MetLife Development Excluding and Other Year Ended December 31, 2020 MetLife I MetLife II Joint Ventures Joint Ventures RETV I DCP Investments Total Condensed Statements of Operations: Total revenues $ 9,480 $ 56,274 $ 57,781 $ 8,668 $ 19 $ 132,222 $ 16,170 $ 148,392 Property operating expenses 4,978 21,951 22,870 4,477 2,382 56,658 5,850 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 (2,363) 11,880 6,825 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 unrealized gain/(loss) on held investments — — — — 36,151 36,151 (10) 36,141 Net income/(loss) $ (4,553) $ 229 $ (18,000) $ (428) $ 33,788 $ 11,036 $ 3,729 $ 14,765 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2022 | |
LEASES | |
LEASES | 6. LEASES Lessee - Ground Leases UDR has six communities that are subject to ground leases, under which UDR is the lessee, that expire 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, 2022 and 2021. As of December 31, 2022 and 2021, 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 42.6 years and 43.2 years at December 31, 2022 and 2021, respectively, and the weighted average discount rate was 5.0% at both December 31, 2022 and 2021. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2022 are as follows (dollars in thousands): Ground Leases 2023 $ 12,442 2024 12,442 2025 12,442 2026 12,442 2027 12,442 Thereafter 417,895 Total future minimum lease payments (undiscounted) 480,105 Difference between future undiscounted cash flows and discounted cash flows (290,867) Total operating lease liabilities (discounted) $ 189,238 For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. The components of operating lease expenses were as follows (dollars in thousands) Year Ended December 31, 2022 2021 2020 Lease expense: Contractual lease expense $ 12,991 $ 12,924 $ 12,821 Variable lease expense (a) 112 78 119 Total operating lease expense (b)(c) $ 13,103 $ 13,002 $ 12,940 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue. (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, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.4 million and $3.3 million, respectively, for the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively, and 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. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.3 million and $0.3 million of total operating lease expense during the years ended December 31, 2022, 2021 and 2020, 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, 2022, our apartment home leases generally have initial terms of 12 months or less. As of December 31, 2022, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1% to 2% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential changes 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 Future minimum lease payments from our retail and commercial leases as of December 31, 2022 are as follows (dollars in thousands): Retail and Commercial Leases 2023 $ 26,907 2024 25,232 2025 21,971 2026 19,174 2027 15,214 Thereafter 66,864 Total future minimum lease payments (a) $ 175,362 (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 $0.8 million, $0.4 million and $0.2 million during the years ended December 31, 2022, 2021 and 2020, respectively. |
SECURED AND UNSECURED DEBT, NET
SECURED AND UNSECURED DEBT, NET | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 ( dollars in thousands): Principal Outstanding As of December 31, 2022 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2022 2021 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 1,005,622 $ 1,006,762 3.42 % 5.4 14 Deferred financing costs and other non-cash adjustments (b) 19,712 23,678 Total fixed rate secured debt, net 1,025,334 1,030,440 3.42 % 5.4 14 Variable Rate Debt Tax-exempt secured notes payable (c) 27,000 27,000 2.76 % 9.2 1 Deferred financing costs (53) (60) Total variable rate secured debt, net 26,947 26,940 2.76 % 9.2 1 Total Secured Debt, net 1,052,281 1,057,380 3.40 % 5.5 15 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) — — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2023 (e) (m) 300,000 220,000 4.70 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2024 28,015 29,546 5.18 % 1.0 Term Loan due January 2027 (d) (m) 175,000 35,000 4.90 % 4.1 Fixed Rate Debt Term Loan due January 2027 (d) (m) 175,000 315,000 1.43 % 4.1 8.50% Debentures due September 2024 15,644 15,644 8.50 % 1.7 2.95% Medium-Term Notes due September 2026 (g) (m) 300,000 300,000 2.89 % 3.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $317 and $388, respectively) (h) (m) 299,683 299,612 4.03 % 4.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $598 and $717, respectively) (m) 299,402 299,283 3.50 % 5.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $4, respectively) (i) (m) 299,996 299,996 4.27 % 6.1 3.20% Medium-Term Notes due January 2030 (net of premiums of $9,667 and $11,040, respectively) (j) (m) 609,667 611,040 3.32 % 7.0 3.00% Medium-Term Notes due August 2031 (net of premiums of $10,304 and $11,498, respectively) (k) (m) 610,304 611,498 3.01 % 8.6 2.10% Medium-Term Notes due August 2032 (net of discounts of $338 and $373, respectively) (m) 399,662 399,627 2.10 % 9.6 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,230 and $1,351, respectively) (m) 348,770 348,649 1.90 % 10.2 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,041 and $1,140, respectively) (m) 298,959 298,860 2.10 % 10.5 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,045 and $1,133, respectively) (l) (m) 298,955 298,867 3.13 % 11.8 Other 5 7 Deferred financing costs (24,040) (27,222) Total Unsecured Debt, net 4,435,022 4,355,407 3.17 % 6.8 Total Debt, net $ 5,487,303 $ 5,412,787 3.17 % 6.7 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, 2022, secured debt encumbered approximately 11% of UDR’s total real estate owned based upon gross book value (approximately 89% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2022, 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 4.39%. During the year ended December 31, 2021, the Company assumed three fixed rate mortgage notes payable with an aggregate outstanding balance of $183.3 million and a fair value of $201.3 million in connection with the acquisition of three operating properties, which carry a weighted average interest rate of 3.93% . Real Estate Owned . The Company did not incur any net extinguishment costs during years ended December 31, 2022 and 2021, and incurred $8.5 million of net extinguishment costs during the year ended December 31, 2020, 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 term of the underlying debt instrument. (b) During the years ended December 31, 2022, 2021, and 2020, the Company had $4.5 million, $3.9 million, and $22.4 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, 2022, the variable interest rate on the mortgage note was (d) The Company has a $1.3 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 $2.5 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, 2026, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of January 31, 2027. In September 2022, the Company amended the Credit Agreement to change the interest rate benchmark from LIBOR to SOFR. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to SOFR plus a margin of 85.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to SOFR plus a margin of 93.0 basis points. The margins urther, the Credit Agreement includes sustainability adjustments pursuant to which the applicable margin for the Revolving Credit Facility and the Term Loan were reduced by two basis points in September 2022 upon the Company receiving certain green building certifications, which is reflected in the margins noted above In August 2021, the Company entered into two interest rate swaps totaling a $175.0 million notional value, which became effective in July 2022, to hedge against interest rate risk on the Term Loan until July 2025. The all-in weighted average interest rate, inclusive of the impact of the interest rate swaps, was 1.48% . 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, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Total revolving credit facility $ 1,300,000 $ 1,300,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 3,776 13,068 Maximum daily borrowings during the period ended 205,000 305,000 Weighted average interest rate during the period ended 3.9 % 0.9 % Interest rate at end of the period — % — % (1) Excludes $2.6 million and $2.6 million of letters of credit at December 31, 2022 and 2021, 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 $700.0 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, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Total unsecured commercial paper program $ 700,000 $ 700,000 Borrowings outstanding at end of period 300,000 220,000 Weighted average daily borrowings during the period ended 405,671 419,563 Maximum daily borrowings during the period ended 700,000 700,000 Weighted average interest rate during the period ended 2.3 % 0.2 % Interest rate at end of the period 4.7 % 0.3 % (f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 12, 2024. In September 2022, the Company amended its Working Capital Credit Facility to change the interest rate benchmark from LIBOR to SOFR. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to SOFR plus a margin of 87.5 basis points. The margin noted for the current interest rate includes a 10 basis point adjustment related to the SOFR transition. Depending on the Company’s credit rating, the margin ranges from 70 to 140 basis points. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 28,015 29,546 Weighted average daily borrowings during the period ended 15,080 10,473 Maximum daily borrowings during the period ended 55,812 46,038 Weighted average interest rate during the period ended 3.0 % 0.9 % Interest rate at end of the period 5.2 % 0.9 % (g) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 2.89%. (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 4.03%. (i) 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%. (j) The Company previously entered into forward starting interest rate swaps and treasury lock to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% . (k) (l) . (m) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2022 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2023 $ 1,242 $ — $ 1,242 $ 300,000 (a) $ 301,242 2024 96,747 — 96,747 43,659 140,406 2025 174,793 — 174,793 — 174,793 2026 52,744 — 52,744 300,000 352,744 2027 2,860 — 2,860 650,000 652,860 2028 162,310 — 162,310 300,000 462,310 2029 191,986 — 191,986 300,000 491,986 2030 162,010 — 162,010 600,000 762,010 2031 160,930 — 160,930 600,000 760,930 2032 27,000 27,000 400,000 427,000 Thereafter — — — 950,000 950,000 Subtotal 1,005,622 27,000 1,032,622 4,443,659 5,476,281 Non-cash (b) 19,712 (53) 19,659 (8,637) 11,022 Total $ 1,025,334 $ 26,947 $ 1,052,281 $ 4,435,022 $ 5,487,303 (a) All unsecured debt due in 2023 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, 2022 and 2021, the Company amortized $3.8 million and $4.7 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2022. |
INCOME_(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Numerator for income/(loss) per share: Net income/(loss) $ 92,579 $ 160,993 $ 68,970 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (5,613) (10,873) (4,543) Net (income)/loss attributable to noncontrolling interests (42) (104) (161) Net income/(loss) attributable to UDR, Inc. 86,924 150,016 64,266 Distributions to preferred stockholders — Series E (Convertible) (4,412) (4,229) (4,230) Income/(loss) attributable to common stockholders - basic and diluted $ 82,512 $ 145,787 $ 60,036 Denominator for income/(loss) per share: Weighted average common shares outstanding 321,949 300,579 294,808 Non-vested restricted stock awards (278) (253) (263) Denominator for basic income/(loss) per share 321,671 300,326 294,545 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements 1,029 1,377 382 Denominator for diluted income/(loss) per share 322,700 301,703 294,927 Income/(loss) per weighted average common share: Basic $ 0.26 $ 0.49 $ 0.20 Diluted $ 0.26 $ 0.48 $ 0.20 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”), performance 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, 2022, 2021, and 2020, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. In July 2021, 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 July 2017. During the year ended December 31, 2022, the Company settled 4.4 million shares of common stock through its ATM program pursuant to the Company’s forward sales agreements described below. As of December 31, 2022, we had 14.0 million shares of common stock available for future issuance under the ATM program. 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. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. The Company currently expects to fully physically settle each forward sales agreement with the relevant forward purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sales agreement, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sales agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Company may also elect, in its discretion, to cash settle or net share settle a particular forward sales agreement, in which case the Company may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Company may owe cash (in the case of cash settlement) or shares of UDR common stock (in the case of net share settlement) to the relevant forward purchaser. In June 2022, the Company settled all million shares under the outstanding forward sales agreements under its ATM program at a weighted average forward price per share of $ , 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 over the term of the agreements and commissions paid to sales agents of approximately $ million, for net proceeds of $ million. In March 2022, in connection with an underwritten public offering, the Company entered into forward sales agreements to sell 7.0 million shares of its common stock at an initial forward price per share of $57.565. The actual forward price per share received by the Company upon settlement was determined on the applicable settlement dates 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 agreements. During the year ended December 31, 2022, the Company settled all 7.0 million shares under the forward sales agreements at a weighted average forward price per share of $57.07, which is inclusive of adjustments made to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock, for net proceeds of $399.5 million. As described above, during the year ended December 31, 2022, the Company settled all 11.4 million shares in aggregate under previously announced forward sales agreements, including under the ATM program, for net proceeds of $630.4 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $629.6 million. In March 2021, the Company entered into forward sales agreements to sell 7.0 million shares of its common stock at an initial forward price per share of $43.51. The actual 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 agreements. In September 2021, the Company settled all 7.0 million shares at a forward price per share of $42.65, 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 $6.0 million, for net proceeds of $298.5 million. In June 2021, the Company entered into forward sales agreements to sell 6.1 million shares of its common stock at an initial forward price per share of $49.22. The actual 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 2021, the Company settled all 6.1 million shares at a forward price per share of $48.33, 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 $5.4 million, for net proceeds of $294.8 million. During the year ended December 31, 2022, the Company repurchased 1.2 million shares of its common stock at an average price of $41.14 per share for total consideration of approximately $49.0 million under its share repurchase program. During the year ended December 31, 2021, the Company did not repurchase any shares of its common stock. 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, 2022, 2021, and 2020 (in thousands) Year Ended December 31, 2022 2021 2020 OP/DownREIT Units 21,478 22,418 22,310 Convertible preferred stock 2,916 2,918 2,950 Unvested LTIP Units and unvested restricted stock 1,029 1,377 382 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
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’s authorized capital was 450.0 million shares of common stock and 50.0 million shares of preferred stock as of December 31, 2022. 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, 2022, 2021 and 2020: Common Preferred Stock Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Forfeiture of Series F shares — — (1,858) Balance at December 31, 2021 318,150 2,695 12,583 Issuance/(forfeiture) of common and restricted shares, net 120 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 11,402 — — Repurchase of common shares (1,192) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 499 — — Conversion of Series E Cumulative Convertible shares 10 (9) — Forfeiture of Series F shares — — (482) Balance at December 31, 2022 328,993 2,686 12,101 Common Stock In July 2021, 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 July 2017. During the year ended December 31, 2022, the Company entered into the following equity transactions for our common stock: ● Settled 11.4 million shares in aggregate under forward sales agreements under the ATM program and previously announced forward sales agreements at a weighted average forward price per share of $55.29 , for net proceeds of approximately $630.4 million. Aggregate net proceeds from such forward sales, after deducting related expenses, were $629.6 million; ● Repurchased 1.2 million shares of common stock at a weighted average price per share of $41.14 , for total consideration of approximately $49.0 million. ● Issued 0.1 million shares, net of forfeitures, of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); and ● Issued 0.5 million shares of common stock upon redemption of DownREIT Units, resulting in the forfeiture of 0.5 million Series F Preferred shares. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2022, 2021, and 2020 totaled $1.52, $1.45, and $1.44 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, 2022, 2021, and 2020 were $1.65, $1.57, and $1.56 per share, respectively. The Series E is not listed on any exchange. At December 31, 2022 and 2021, a total of 2.7 million and 2.7 million, 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 certain 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, 2022 and 2021, 0.5 million and 1.9 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, 2022 and 2021, a total of 12.1 million and 12.6 million shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,210 and $1,258, 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, 2022. During the year ended December 31, 2022, UDR acquired all shares issued through the open market. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2022 | |
EMPLOYEE BENEFIT PLANS | |
EMPLOYEE BENEFIT PLANS | In May 2022, the stockholders of UDR approved an amendment and restatement to the LTIP. 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, partnership interests in the Operating Partnership designated as LTIP Units, performance partnership interests in the Operating Partnership designated as Performance Units, 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. LTIP Units and Performance 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 or Performance Units is less than the value of an equal number of shares of our common stock. As of December 31, 2022, 35.0 million shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2022, there were 14.4 million common shares available for issuance under the LTIP. The LTIP contains double trigger change of control provisions allowing for the vesting of an award when certain conditions are met upon qualifying 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 Performance Units, LTIP Units, restricted stock and option activities during the year ended December 31, 2022 is as follows ( shares in thousands Unvested Performance Units Outstanding Performance Units Exercisable Unvested Stock Options Outstanding Stock Options Exercisable LTIP Units Restricted Stock Weighted Weighted Weighted Weighted Weighted Weighted Average Fair Average Average Average Average Average Fair Value Per Number of Exercise Number of Exercise Number of Exercise Number of Exercise Number of Value Per Number Restricted Units Price Units Price Options Price Options Price LTIP Units LTIP Unit of shares Stock Balance, December 31, 2021 2,962 $ 42.30 — $ — — $ — — $ — 420 $ 41.94 248 $ 40.30 Granted 1,610 45.60 — — 1,225 45.91 — — 397 55.29 187 51.93 Exercised — — — — — — — — — — — — Vested (1,823) 36.85 1,823 36.85 — — — — (326) 40.51 (142) 40.02 Forfeited — — — — — — — — — — (20) 45.38 Balance, December 31, 2022 2,749 $ 44.66 1,823 $ 36.85 1,225 $ 45.91 — $ - 491 $ 53.69 273 $ 48.77 As of December 31, 2022, the Company had granted 6.7 million shares of restricted stock, 2.8 million LTIP Units, 4.6 million Performance Units, and 1.2 million stock options under the LTIP. Stock Option Plan UDR has granted stock options to our employees and Company directors. Subject to certain conditions, each stock option is exercisable into one share of UDR common stock. The total remaining compensation cost on unvested stock options was $5.1 million as of December 31, 2022. During the year ended December 31, 2022, no stock options were exercised. The weighted average remaining contractual life on all stock options outstanding as of December 31, 2022 is 4.7 years and such options have a weighted average exercise price of $45.91. During the year ended December 31, 2022, we recognized $0.7 million, of net compensation expense related to outstanding stock options. No compensation expense related to outstanding stock options was recognized during the years ended December 31, 2021 and 2020. 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 Performance Unit Awards UDR has granted Performance Units to our employees and Company directors, subject to certain conditions. Each Performance Unit is exercisable into one Operating Partnership common unit. The total remaining compensation cost on unvested Performance Units was $11.7 million as of December 31, 2022. During the year ended December 31, 2022, no Performance Units were exercised. The weighted average remaining contractual life on all Performance Units outstanding as of December 31, 2022 is 3.6 years and such Performance Units have a weighted average exercise price of $44.66. During the years ended December 31, 2022 and 2021, we recognized $5.2 million and $11.7 million, respectively, of net compensation expense related to outstanding Performance Units. No compensation expense was recognized during the year ended December 31, 2020. Short-Term Incentive Compensation Compensation - Stock Compensation Compensation - Stock Compensation . In January 2020, certain officers of the Company were awarded STI Unit grants 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 . Long-Term Incentive Compensation In January 2022, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2022 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2022 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 2022 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 2022 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 $59.90 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 $27.04 per unit on the grant date, inclusive of a 9.7% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $28.72 per unit on the grant date, inclusive of a 4.1% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $66.83 per share for the comparable apartment REITs component and $68.02 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 33.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $31.95 per unit, inclusive of a 4.1% discount, for the comparable apartment REITs component and $32.85 per unit, inclusive of a 4.1% 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 33.0%. In January 2021, certain officers of the Company were awarded either a restricted stock grant, an LTIP Unit grant, or an LTIP Performance Unit grant, or a combination of all three, under the 2021 LTI. For all three restricted stock grants, LTIP Unit grants and Performance Unit grants, thirty percent of the 2021 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 2021 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 2021 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 all three 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 $36.85 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $16.69 per unit on the grant date, inclusive of a 9.4% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $17.71 per unit on the grant date, inclusive of a 3.9% discount. Because LTIP Performance Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Performance Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Performance Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $2.67 per unit on the grant date, inclusive of a 9.4% discount, a volatility factor of 27.0%, an expected life of 5.5 years, an annualized risk-free rate of 0.49%, and an annual dividend yield of 3.4%, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $2.85 per unit on the grant date, inclusive of a 3.9% discount, a volatility factor of 26.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.57%, and an annual dividend yield of 3.4%. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $40.09 per share for the comparable apartment REITs component and $39.95 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 33.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $19.43 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $19.37 per unit, inclusive of a 3.9% 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 33.0%. The portion of the LTIP Performance Unit grant based upon relative TSR was valued for compensation expense purposes at $3.59 per unit, inclusive of a 3.9% discount, for the comparable apartment REITs component and $3.70 per unit, inclusive of a 3.9% 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 33.0%, an expected life of 6.5 years, an annualized risk-free rate of 0.16%, and an annual dividend yield of 3.5%. 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%. For the years ended December 31, 2022, 2021, and 2020, we recognized $9.0 million, $5.9 million and $10.2 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 $7.3 million and had a weighted average remaining contractual life of 1.7 years as of December 31, 2022. 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, 2022 | |
INCOME TAXES | |
INCOME TAXES | 11. INCOME TAXES For 2022, 2021, and 2020, 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, 2022, 2021 and 2020 ( unaudited Year Ended December 31, 2022 2021 2020 Ordinary income $ 1.3329 $ 0.9798 $ 1.0320 Qualified ordinary income 0.0001 0.0405 0.0039 Long-term capital gain 0.1521 0.3577 0.2974 Unrecaptured section 1250 gain 0.0174 0.0695 0.0892 Total $ 1.5025 $ 1.4475 $ 1.4225 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, 2022, 2021, and 2020 (dollars in thousands) Year Ended December 31, 2022 2021 2020 Income tax (benefit)/provision Current Federal $ — $ 2,693 $ (148) State 440 1,236 1,374 Total current 440 3,929 1,226 Deferred Federal (27) (1,770) 894 State (16) (672) 451 Investment tax credit (48) (48) (26) Total deferred (91) (2,490) 1,319 Total income tax (benefit)/provision $ 349 $ 1,439 $ 2,545 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, 2022, 2021, and 2020 (dollars in thousands): Year Ended December 31, 2022 2021 2020 Deferred tax assets: Federal and state tax attributes $ 157 $ 60 $ 6 Other 64 102 147 Total deferred tax assets 221 162 153 Valuation allowance (33) (32) (23) Net deferred tax assets 188 130 130 Deferred tax liabilities: Book/tax depreciation and basis (876) (860) (638) Other investment ventures — — (2,665) Other (67) (68) (67) Total deferred tax liabilities (943) (928) (3,370) Net deferred tax assets/(liabilities) $ (755) $ (798) $ (3,240) 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, 2022, 2020, and 2019 as follows (dollars in thousands): Year Ended December 31, 2022 2021 2020 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ (109) $ 1,058 $ 1,240 State income tax provision 914 664 1,434 Other items (409) (246) (165) Solar credit amortization (48) (48) (26) ITC basis adjustment — 2 58 Valuation allowance 1 9 4 Total income tax provision/(benefit) $ 349 $ 1,439 $ 2,545 As of December 31, 2022, the Company had federal net operating loss carryovers (“NOL”) of $24.6 million expiring in 2032 through 2035 and state NOLs of $65.4 million expiring in 2022 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, 2022 and 2021, 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 2019 through 2021 remain open to examination by the major taxing jurisdictions to which the Company is subject . |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 ( dollars in thousands Year Ended December 31, 2022 2021 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year $ 1,299,442 $ 856,294 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (444,293) 502,768 OP Units issued for real estate, net — 48,533 Conversion of OP Units/DownREIT Units to Common Stock or Cash (44,346) (99,932) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 5,613 10,873 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (34,020) (34,044) Redeemable Long-Term and Short-Term Incentive Plan Units 56,568 14,576 Allocation of other comprehensive income/(loss) 886 374 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year $ 839,850 $ 1,299,442 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners 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 |
FAIR VALUE OF DERIVATIVES AND F
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 are summarized as follows (dollars in thousands) Fair Value at December 31, 2022, 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 2022 (a) 2022 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 54,707 $ 55,514 $ — $ — $ 55,514 Equity securities (c) 9,707 9,707 9,707 — — Derivatives - Interest rate contracts (d) 15,270 15,270 — 15,270 — Total assets $ 79,684 $ 80,491 $ 9,707 $ 15,270 $ 55,514 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,028,169 $ 909,041 $ — $ — $ 909,041 Secured debt instruments - variable rate: (e) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Unsecured debt instruments: (e) Working capital credit facility 28,015 28,015 — — 28,015 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 4,131,047 3,448,632 — — 3,448,632 Total liabilities $ 5,514,231 $ 4,712,688 $ — $ — $ 4,712,688 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 839,850 $ 839,850 $ — $ 839,850 $ — Fair Value at December 31, 2021, 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 2021 (a) 2021 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 26,860 $ 27,372 $ — $ — $ 27,372 Equity securities (c) 3,230 3,230 — — 3,230 Derivatives - Interest rate contracts (d) 3,279 3,279 — 3,279 — Total assets $ 33,369 $ 33,881 $ — $ 3,279 $ 30,602 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,033,764 $ 1,032,582 $ — $ — $ 1,032,582 Secured debt instruments - variable rate: (e) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Unsecured debt instruments: (e) Working capital credit facility 29,546 29,546 — — 29,546 Commercial paper program 220,000 220,000 — — 220,000 Unsecured notes 4,133,083 4,199,363 — — 4,199,363 Total liabilities $ 5,443,393 $ 5,508,491 $ — $ — $ 5,508,491 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 1,299,442 $ 1,299,442 $ — $ 1,299,442 $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) The Company holds a direct investment in a publicly traded real estate technology company, SmartRent, that was previously subject to a lock-up restriction on selling or transferring the investment, which expired in February 2022. The investment is valued at the market price on December 31, 2022, and as of December 31, 2021, was valued at the market price on December 31, 2021 less an illiquidity discount of 15.0% . Since the lock-up restriction expired, the Company currently classifies the investment as Level 1 in the fair value hierarchy. The Company previously classified the investment as Level 3 in the fair value hierarchy based upon the lock-up restriction. During the year ended December 31, 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests . Other than described in footnote (c) above, there were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2022 and 2021. 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, 2022 and 2021, 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, 2022, 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, 2022 | |
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, 2022, 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 3 $ 194,880 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of December 31, 2022, no derivatives not designated as hedges were held by the Company. Tabular Disclosure of Fair Values of Derivative Instruments on the 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, 2022 and 2021 ( 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, 2022 2021 2022 2021 Derivatives designated as hedging instruments: Interest rate products $ 15,270 $ 3,279 $ — $ — 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, 2022, 2021, and 2020 ( 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 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate products $ 14,489 $ 3,502 $ (3,382) $ 998 $ (1,755) $ (4,827) $ — $ — $ — Year Ended December 31, 2022 2021 2020 Total amount of Interest expense $ 155,900 $ 186,267 $ 202,706 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, 2022 and 2021 ( dollars in thousands Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2022 $ 15,270 $ — $ 15,270 $ — $ — $ 15,270 December 31, 2021 $ 3,279 $ — $ 3,279 $ — $ — $ 3,279 (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 Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ — $ — $ — $ — $ — $ — (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, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES Commitments The following summarizes the Company’s commitments at December 31, 2022 ( dollars in thousands Number UDR's UDR's Remaining Properties Investment (a) Commitment Real estate commitments Wholly-owned — under development 3 $ 190,105 $ 142,395 Wholly-owned — redevelopment (b) 6 24,157 57,843 Unconsolidated joint ventures and partnerships: Real estate technology investments: RETV I (c) - 16,601 4,320 RETV II - 11,670 6,300 RETV III (d) - — 15,000 RET Strategic Fund - 8,078 17,500 Climate Technology Funds (e) - 5,741 4,079 RET ESG Fund (f) - 2,898 7,000 Total $ 259,250 $ 254,437 (a) Represents UDR’s investment as of December 31, 2022. (b) Projects consist of unit additions or unit renovations and renovation of related common area amenities. (c) Includes the impact of unrealized losses for the year ended December 31, 2022, which primarily relate to a decrease in SmartRent’s public share price. (See Note 5, Joint Ventures and Partnerships) . (d) In November 2022, the Company committed to invest $15.0 million in a real estate technology investment. As December 31, 2022, no funding to the limited partnership had occurred. As of December 31, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. (e) In March 2022, the Company committed to invest $10.0 million in climate technology funds and funded $5.7 million. As of December 31, 2022, the investment is recorded in Other Assets on the Consolidated Balance Sheets. (f) In April 2022, the Company committed to invest $10.0 million in an ESG technology fund and funded $2.9 million. As of December 31, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. 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, 2022 | |
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 3.25% 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, 2021 and held as of December 31, 2022. 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, 2022, 2021, and 2020. 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, 2022, 2021, and 2020, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) Year Ended December 31, 2022 2021 2020 Reportable apartment home segment lease revenue Same-Store Communities (a) West Region $ 459,179 $ 417,450 $ 414,705 Mid-Atlantic Region 271,034 253,877 246,101 Northeast Region 266,951 237,295 235,343 Southeast Region 189,465 162,178 143,171 Southwest Region 109,034 97,213 93,557 Non-Mature Communities/Other 169,173 77,874 65,414 Total segment and consolidated lease revenue $ 1,464,836 $ 1,245,887 $ 1,198,291 Reportable apartment home segment other revenue Same-Store Communities (a) West Region $ 12,360 $ 10,731 $ 12,433 Mid-Atlantic Region 10,807 8,941 7,210 Northeast Region 6,082 5,180 6,106 Southeast Region 7,907 7,124 6,037 Southwest Region 4,184 3,932 3,599 Non-Mature Communities/Other 6,188 2,870 2,420 Total segment and consolidated other revenue $ 47,528 $ 38,778 $ 37,805 Total reportable apartment home segment rental income Same-Store Communities (a) West Region $ 471,539 $ 428,181 $ 427,138 Mid-Atlantic Region 281,841 262,818 253,311 Northeast Region 273,033 242,475 241,449 Southeast Region 197,372 169,302 149,208 Southwest Region 113,218 101,145 97,156 Non-Mature Communities/Other 175,361 80,744 67,834 Total segment and consolidated rental income $ 1,512,364 $ 1,284,665 $ 1,236,096 Reportable apartment home segment NOI Same-Store Communities (a) West Region $ 352,675 $ 314,791 $ 316,334 Mid-Atlantic Region 194,926 180,693 177,206 Northeast Region 178,156 149,930 153,883 Southeast Region 135,313 112,960 99,856 Southwest Region 71,783 63,321 59,281 Non-Mature Communities/Other 107,539 45,430 47,142 Total segment and consolidated NOI 1,040,392 867,125 853,702 Reconciling items: Joint venture management and other fees 5,022 6,102 5,069 Property management (49,152) (38,540) (35,538) Other operating expenses (17,493) (21,649) (22,762) Real estate depreciation and amortization (665,228) (606,648) (608,616) General and administrative (64,144) (57,541) (49,885) Casualty-related (charges)/recoveries, net (9,733) (3,748) (2,131) Other depreciation and amortization (14,344) (13,185) (10,013) Gain/(loss) on sale of real estate owned 25,494 136,052 119,277 Income/(loss) from unconsolidated entities 4,947 65,646 18,844 Interest expense (155,900) (186,267) (202,706) Interest income and other income/(expense), net (6,933) 15,085 6,274 Tax (provision)/benefit, net (349) (1,439) (2,545) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (5,613) (10,873) (4,543) Net (income)/loss attributable to noncontrolling interests (42) (104) (161) Net income/(loss) attributable to UDR, Inc. $ 86,924 $ 150,016 $ 64,266 (a) Same-Store Community population consisted of 47,360 apartment homes. The following table details the assets of UDR’s reportable segments as of December 31, 2022 and 2021 (dollars in thousands) December 31, December 31, 2022 2021 Reportable apartment home segment assets: Same-Store Communities (a): West Region $ 4,330,820 $ 4,264,381 Mid-Atlantic Region 2,882,898 2,856,143 Northeast Region 3,368,586 3,338,497 Southeast Region 1,232,858 1,208,183 Southwest Region 928,638 900,931 Non-Mature Communities/Other 2,826,272 2,172,668 Total segment assets 15,570,072 14,740,803 Accumulated depreciation (5,762,501) (5,137,096) Total segment assets — net book value 9,807,571 9,603,707 Reconciling items: Cash and cash equivalents 1,193 967 Restricted cash 29,001 27,451 Notes receivable, net 54,707 26,860 Investment in and advances to unconsolidated joint ventures, net 754,446 702,461 Operating lease right-of-use assets 194,081 197,463 Other assets 197,471 216,311 Total consolidated assets $ 11,038,470 $ 10,775,220 (a) Same-Store Community population consisted of 47,360 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, New York and Philadelphia 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, 2022 | |
Schedule III - Real Estate Owned | |
Schedule III - Real Estate Owned | UDR, INC. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2022 (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 $ 26,231 $ 22,654 $ 52,591 $ 75,245 $ 42,182 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 110,936 117,060 203,849 320,909 167,309 1979/2013 Oct-04 Huntington Vista — 8,055 22,486 30,541 16,824 9,519 37,846 47,365 29,670 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 4,756 11,141 7,973 19,114 6,524 1969 Dec-03 Eight 80 Newport Beach - North — 62,516 46,082 108,598 53,501 69,464 92,635 162,099 72,382 1968/2000/2016 Oct-04 Eight 80 Newport Beach - South — 58,785 50,067 108,852 49,901 61,042 97,711 158,753 66,872 1968/2000/2016 Mar-05 Beach & Ocean — 12,878 — 12,878 40,711 13,391 40,198 53,589 19,638 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 131,109 25,854 130,255 156,109 72,928 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 72,370 16,797 72,871 89,668 39,174 2014 Jun-04 The Residences at Pacific City — 78,085 — 78,085 279,094 78,481 278,698 357,179 90,862 2018 Jan-14 ORANGE COUNTY, CA — 382,651 271,946 654,597 785,433 425,403 1,014,627 1,440,030 607,541 2000 Post Street — 9,861 44,578 54,439 45,591 14,623 85,407 100,030 52,577 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 11,502 1,481 31,082 32,563 20,938 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 30,277 8,231 52,910 61,141 42,172 1991/2010 Dec-98 Marina Playa — 6,224 23,916 30,140 15,627 1,532 44,235 45,767 28,953 1971 Dec-98 River Terrace — 22,161 40,137 62,298 10,515 23,025 49,788 72,813 37,683 2005 Aug-05 CitySouth — 14,031 30,537 44,568 41,554 16,811 69,311 86,122 56,314 1972/2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 8,867 11,693 20,177 31,870 14,418 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,685 5,782 29,815 35,597 22,422 1968/2010 Oct-07 Edgewater — 30,657 83,872 114,529 13,847 30,833 97,543 128,376 67,597 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 12,506 1,064 54,551 55,615 37,382 1999 Jul-08 388 Beale — 14,253 74,104 88,357 22,388 14,693 96,052 110,745 55,485 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 133,685 24,420 132,890 157,310 71,366 2014 Sep-10 5421 at Dublin Station 8,922 — 8,922 115,674 8,922 115,674 124,596 1,690 2022 Sep-16 1532 Harrison 19,938 65,816 85,754 — 19,938 65,816 85,754 1,314 2021 Sep-22 SAN FRANCISCO, CA 27,000 174,525 480,056 654,581 473,718 183,048 945,251 1,128,299 510,311 Crowne Pointe — 2,486 6,437 8,923 11,118 3,280 16,761 20,041 13,234 1987 Dec-98 Hilltop — 2,174 7,408 9,582 7,596 3,129 14,049 17,178 11,070 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 10,909 7,234 40,375 47,609 30,940 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 6,048 6,371 28,163 34,534 19,972 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 10,838 7,349 41,259 48,608 27,789 2000 May-08 Island Square — 21,284 89,389 110,673 9,605 21,745 98,533 120,278 67,055 2007 Jul-08 elements too — 27,468 72,036 99,504 23,278 30,362 92,420 122,782 74,433 2010 Feb-10 989elements — 8,541 45,990 54,531 7,629 8,703 53,457 62,160 33,755 2006 Dec-09 Lightbox — 6,449 38,884 45,333 1,620 6,488 40,465 46,953 20,508 2014 Aug-14 Ashton Bellevue — 8,287 124,939 133,226 5,075 8,384 129,917 138,301 43,738 2009 Oct-16 TEN20 — 5,247 76,587 81,834 5,793 5,308 82,319 87,627 27,893 2009 Oct-16 Milehouse — 5,976 63,041 69,017 1,507 6,043 64,481 70,524 24,707 2016 Nov-16 CityLine — 11,220 85,787 97,007 759 11,229 86,537 97,766 32,194 2016 Jan-17 CityLine II — 3,723 56,843 60,566 545 3,723 57,388 61,111 16,339 2018 Jan-19 Brio — 21,780 147,188 168,968 1,949 21,800 149,117 170,917 13,232 2020 Jul-21 SEATTLE, WA — 144,136 897,984 1,042,120 104,269 151,148 995,241 1,146,389 456,859 Rosebeach — 8,414 17,449 25,863 8,102 9,019 24,946 33,965 19,586 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 10,714 40,081 46,898 86,979 32,631 1998 Dec-07 The Westerly — 48,182 102,364 150,546 47,632 51,152 147,026 198,178 101,385 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 97,657 61,727 91,581 153,308 67,756 2008 Sep-07 LOS ANGELES, CA — 151,833 156,492 308,325 164,105 161,979 310,451 472,430 221,358 Boronda Manor — 1,946 8,982 10,928 12,816 3,467 20,277 23,744 13,932 1979 Dec-98 Garden Court — 888 4,188 5,076 7,396 1,684 10,788 12,472 7,535 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 20,028 5,857 30,093 35,950 21,818 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 8,405 2,475 12,349 14,824 8,981 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 35,869 10,487 55,624 66,111 39,229 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 13,463 3,700 19,835 23,535 14,098 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 9,000 2,398 13,265 15,663 9,111 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 106,977 30,068 162,231 192,299 114,704 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 63,847 24,630 56,419 81,049 49,104 2006 Oct-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 Windemere at Sycamore Highland — 5,810 23,450 29,260 10,138 6,408 32,990 39,398 24,710 2001 Nov-02 Strata — 14,278 84,242 98,520 2,126 14,340 86,306 100,646 15,180 2010 Nov-19 OTHER SOUTHERN CA — 33,645 111,337 144,982 76,111 45,378 175,715 221,093 88,994 Tualatin Heights — 3,273 9,134 12,407 11,320 4,468 19,259 23,727 15,061 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 9,867 6,659 24,092 30,751 19,727 1985 Sep-04 The Arbory — 4,366 63,457 67,823 555 4,384 63,994 68,378 12,752 2018 Jan-20 PORTLAND, OR — 13,653 87,461 101,114 21,742 15,511 107,345 122,856 47,540 TOTAL WEST REGION 27,000 917,381 2,073,660 2,991,041 1,732,355 1,012,535 3,710,861 4,723,396 2,047,307 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 18,130 4,682 30,042 34,724 20,914 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 11,483 3,273 18,963 22,236 15,087 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 17,517 11,912 35,633 47,545 28,184 1938 May-02 The Whitmore — 6,418 13,411 19,829 27,018 7,841 39,006 46,847 32,719 1962/2008 Apr-02 Ridgewood -apts side — 5,612 20,086 25,698 16,600 6,675 35,623 42,298 28,054 1988 Aug-02 Waterside Towers — 13,001 49,657 62,658 37,604 50,967 49,295 100,262 37,095 1971 Dec-03 Wellington Place at Olde Town — 13,753 36,059 49,812 23,383 15,132 58,063 73,195 47,012 1987/2008 Sep-05 Andover House — 183 59,948 60,131 8,094 355 67,870 68,225 45,961 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 19,649 2,005 122,457 124,462 84,903 2007 Dec-07 Delancey at Shirlington — 21,606 66,765 88,371 10,444 21,713 77,102 98,815 51,635 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 7,752 5,787 105,616 111,403 63,299 2009 Jun-11 Signal Hill Apartments — 13,290 — 13,290 74,400 25,673 62,017 87,690 49,067 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 98,738 31,505 98,626 130,131 57,682 2013 Sep-07 Domain College Park — 7,300 — 7,300 62,319 7,549 62,070 69,619 33,812 2014 Jun-11 1200 East West — 9,748 68,022 77,770 5,420 9,947 73,243 83,190 28,323 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 7,189 28,190 118,626 146,816 52,985 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 7,608 15,935 114,778 130,713 43,742 2014 Oct-15 Arbor Park of Alexandria 160,930 50,881 159,728 210,609 10,098 51,684 169,023 220,707 74,960 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 13,171 14,880 96,822 111,702 45,627 2000 Oct-15 Newport Village 127,600 50,046 177,454 227,500 20,238 50,866 196,872 247,738 90,904 1968 Oct-15 1301 Thomas Circle — 27,836 128,191 156,027 3,864 27,860 132,031 159,891 29,502 2006 Aug-19 Crescent Falls Church — 13,687 88,692 102,379 2,751 13,732 91,398 105,130 18,772 2010 Nov-19 Station on Silver — 16,661 109,198 125,859 1,350 16,684 110,525 127,209 15,946 2018 Dec-20 Seneca Place — 21,184 98,173 119,357 7,669 21,189 105,837 127,026 16,205 1985 Jun-21 Canterbury Apartments — 24,456 100,011 124,467 7,969 24,472 107,964 132,436 12,200 1986 Aug-21 METROPOLITAN, D.C. 288,530 408,829 1,720,723 2,129,552 520,458 470,508 2,179,502 2,650,010 1,024,590 Calvert's Walk — 4,408 24,692 29,100 12,566 5,432 36,234 41,666 28,604 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 15,545 12,492 60,393 72,885 41,143 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 3,922 5,076 44,145 49,221 27,374 2009 Aug-10 Rodgers Forge — 15,392 67,958 83,350 8,006 15,607 75,749 91,356 19,775 1945 Apr-19 Towson Promenade 58,600 12,599 78,847 91,446 3,968 12,772 82,642 95,414 17,033 2009 Nov-19 1274 at Towson — 7,807 46,238 54,045 3,390 7,823 49,612 57,435 4,630 2020 Sep-21 Quarters at Towson Town Center — 16,111 106,453 122,564 10,628 16,111 117,081 133,192 14,714 2008 Nov-21 BALTIMORE, MD 58,600 72,736 410,408 483,144 58,025 75,313 465,856 541,169 153,273 Gayton Pointe Townhomes — 826 5,148 5,974 32,633 3,735 34,872 38,607 33,213 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 11,834 2,932 23,985 26,917 19,221 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 12,294 4,465 39,300 43,765 32,375 1998 Nov-03 Legacy at Mayland — 1,979 11,524 13,503 37,473 6,084 44,892 50,976 42,048 1973/2007 Dec-91 RICHMOND, VA — 5,123 60,908 66,031 94,234 17,216 143,049 160,265 126,857 TOTAL MID-ATLANTIC REGION 347,130 486,688 2,192,039 2,678,727 672,717 563,037 2,788,407 3,351,444 1,304,720 NORTHEAST REGION Garrison Square — 6,475 91,027 97,502 29,803 6,773 120,532 127,305 70,255 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 7,736 6,490 42,154 48,644 26,443 2007 Sep-10 Inwood West 80,000 20,778 88,096 108,874 17,583 20,005 106,452 126,457 67,473 2006 Apr-11 14 North 72,500 10,961 51,175 62,136 17,917 11,759 68,294 80,053 44,403 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 205,399 24,854 205,129 229,983 81,254 2015 Dec-15 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 345 Harrison — 32,938 — 32,938 331,065 44,940 319,063 364,003 80,819 2018 Nov-11 Currents on the Charles — 12,580 70,149 82,729 2,495 12,784 72,440 85,224 17,463 2015 Jun-19 The Commons at Windsor Gardens — 34,609 225,515 260,124 23,963 34,710 249,377 284,087 64,326 1969 Aug-19 Charles River Landing — 17,068 112,777 129,845 2,763 17,132 115,476 132,608 23,596 2010 Nov-19 Lenox Farms 94,050 17,692 115,899 133,591 8,125 17,878 123,838 141,716 25,400 2009 Nov-19 Lodge at Ames Pond — 12,645 70,653 83,298 5,003 12,848 75,453 88,301 16,003 2010 Nov-19 Union Place 51,800 9,902 72,242 82,144 5,992 9,946 78,190 88,136 10,312 2005 Jan-21 Bradlee Danvers — 28,669 175,114 203,783 1,953 28,676 177,060 205,736 7,026 1874/2008 Jun-22 BOSTON, MA 323,350 234,940 1,107,516 1,342,456 659,797 248,795 1,753,458 2,002,253 534,773 10 Hanover Square — 41,432 218,983 260,415 34,167 41,879 252,703 294,582 133,654 2005/2020 Apr-11 21 Chelsea — 36,399 107,154 143,553 17,009 36,531 124,031 160,562 70,621 2001 Aug-11 View 34 — 114,410 324,920 439,330 120,038 116,094 443,274 559,368 261,302 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 14,379 58,309 279,962 338,271 174,747 2008 Aug-11 Leonard Pointe — 38,010 93,204 131,214 2,186 38,078 95,322 133,400 24,738 2015 Feb-19 One William — 6,422 75,527 81,949 1,796 6,478 77,267 83,745 17,264 2018 Aug-19 NEW YORK, NY — 294,310 1,086,043 1,380,353 189,575 297,369 1,272,559 1,569,928 682,326 Park Square — 10,365 96,050 106,415 2,048 10,533 97,930 108,463 25,021 2018 May-19 The Smith Valley Forge — 17,853 95,973 113,826 1,240 17,861 97,205 115,066 8,880 2019 Sep-21 322 on North Broad — 12,240 124,524 136,764 8,776 12,255 133,285 145,540 12,283 2018 Sep-21 The George Apartments — 17,341 — 17,341 48,920 17,349 48,912 66,261 1,950 2022 Aug-20 PHILADELPHIA, PA — 57,799 316,547 374,346 60,984 57,998 377,332 435,330 48,134 TOTAL NORTHEAST REGION 323,350 587,049 2,510,106 3,097,155 910,356 604,162 3,403,349 4,007,511 1,265,233 SOUTHEAST REGION Summit West — 2,176 4,710 6,886 15,054 4,134 17,806 21,940 15,827 1972 Dec-92 The Breyley — 1,780 2,458 4,238 21,263 4,297 21,204 25,501 20,749 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 15,415 3,285 24,172 27,457 20,984 1986 Mar-94 Cambridge Woods — 1,791 7,166 8,957 14,666 3,635 19,988 23,623 16,801 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 24,590 10,889 44,553 55,442 38,111 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 16,847 12,785 51,789 64,574 41,298 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 24,858 16,005 53,127 69,132 40,741 2009 Jul-09 Peridot Palms — 6,293 89,752 96,045 2,786 6,434 92,397 98,831 24,996 2017 Feb-19 The Preserve at Gateway — 4,467 43,723 48,190 2,160 4,523 45,827 50,350 11,654 2013 May-19 The Slade at Channelside — 10,216 72,786 83,002 5,112 10,394 77,720 88,114 15,637 2009 Jan-20 Andover Place at Cross Creek — 11,702 107,761 119,463 8,375 11,718 116,120 127,838 21,214 1997/1999 Nov-20 TAMPA, FL — 65,002 436,674 501,676 151,126 88,099 564,703 652,802 268,012 Seabrook — 1,846 4,155 6,001 11,621 3,260 14,362 17,622 12,981 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 24,496 4,060 33,045 37,105 31,722 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 20,579 2,633 25,311 27,944 22,814 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 14,550 2,946 22,299 25,245 19,120 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 15,732 4,644 26,241 30,885 22,407 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 15,297 3,399 22,722 26,121 17,771 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 10,455 1,966 16,269 18,235 12,783 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 8,724 4,680 25,454 30,134 19,847 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 19,134 8,053 30,633 38,686 23,493 1992/2007 Aug-06 Arbors at Maitland Summit — 15,929 158,079 174,008 10,363 15,940 168,431 184,371 22,624 1998 Oct-21 Essex Luxe — 9,068 94,487 103,555 706 9,075 95,186 104,261 8,180 2020 Oct-21 ORLANDO, FL — 47,621 341,331 388,952 151,657 60,656 479,953 540,609 213,742 Legacy Hill — 1,148 5,867 7,015 12,524 2,165 17,374 19,539 15,107 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 17,215 2,877 27,391 30,268 20,713 1989 Dec-95 Carrington Hills — 2,117 — 2,117 41,053 5,043 38,127 43,170 31,283 1999 Dec-95 Brookridge — 708 5,461 6,169 8,700 1,604 13,265 14,869 11,117 1986 Mar-96 Breckenridge — 766 7,714 8,480 8,449 1,862 15,067 16,929 12,167 1986 Mar-97 Colonnade — 1,460 16,015 17,475 10,397 2,620 25,252 27,872 19,750 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 13,329 4,327 36,858 41,185 30,439 1998 Jun-04 Polo Park — 4,583 16,293 20,876 19,590 6,397 34,069 40,466 29,113 1987/2008 May-06 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 NASHVILLE, TN — 15,433 87,608 103,041 131,257 26,895 207,403 234,298 169,689 The Reserve and Park at Riverbridge — 15,968 56,401 72,369 21,423 17,147 76,645 93,792 58,189 1999/2001 Dec-04 OTHER FLORIDA — 15,968 56,401 72,369 21,423 17,147 76,645 93,792 58,189 TOTAL SOUTHEAST REGION — 144,024 922,014 1,066,038 455,463 192,797 1,328,704 1,521,501 709,632 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 22,898 26,447 53,438 79,885 41,315 1999/2007 Aug-06 Legacy Village 90,000 16,882 100,102 116,984 30,307 23,285 124,006 147,291 88,321 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 18,527 31,613 20,183 51,796 14,351 1977/78/79 May-07 Addison Apts at The Park I — 7,903 554 8,457 8,666 11,058 6,065 17,123 4,630 1970 May-07 Addison Apts at The Park II — 10,440 634 11,074 2,513 8,458 5,129 13,587 3,785 1975 May-07 Savoye — 8,432 50,483 58,915 4,483 8,934 54,464 63,398 10,795 2009 Nov-19 Savoye 2 — 6,451 56,615 63,066 3,156 6,942 59,280 66,222 11,991 2011 Nov-19 Fiori on Vitruvian Park 47,316 7,934 78,575 86,509 4,202 8,423 82,288 90,711 16,822 2013 Nov-19 Vitruvian West Phase I 41,317 6,273 61,418 67,691 2,801 6,533 63,959 70,492 13,244 2018 Nov-19 Vitruvian West Phase II — 6,451 15,798 22,249 39,832 6,649 55,432 62,081 8,019 2021 Nov-19 Vitruvian West Phase III — 7,141 2,754 9,895 63,231 7,342 65,784 73,126 3,202 2022 Nov-19 The Canal 42,000 12,671 98,813 111,484 3,278 12,716 102,046 114,762 12,295 2017 Apr-21 Cool Springs at Frisco Bridges 89,510 18,325 151,982 170,307 11,544 18,338 163,513 181,851 23,927 2012 May-21 DALLAS, TX 335,143 154,980 661,907 816,887 215,438 176,738 855,587 1,032,325 252,697 Barton Creek Landing — 3,151 14,269 17,420 26,292 5,603 38,109 43,712 33,360 1986/2012 Mar-02 Residences at the Domain — 4,034 55,256 59,290 16,784 4,901 71,173 76,074 49,658 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 10,278 5,804 27,204 33,008 16,955 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 7,666 4,761 23,922 28,683 14,862 2002 Apr-12 AUSTIN, TX — 16,417 104,040 120,457 61,020 21,069 160,408 181,477 114,835 Steele Creek — 8,586 130,400 138,986 7,793 8,789 137,990 146,779 41,118 2015 Oct-17 Cirrus — 13,853 — 13,853 87,591 13,854 87,590 101,444 3,498 2022 Feb-19 DENVER, CO — 22,439 130,400 152,839 95,384 22,643 225,580 248,223 44,616 TOTAL SOUTHWEST REGION 335,143 193,836 896,347 1,090,183 371,842 220,450 1,241,575 1,462,025 412,148 TOTAL OPERATING COMMUNITIES 1,032,623 2,328,978 8,594,166 10,923,144 4,142,733 2,592,981 12,472,896 15,065,877 5,739,040 REAL ESTATE UNDER DEVELOPMENT The MO — 27,135 — 27,135 108,328 27,136 108,327 135,463 296 Villas at Fiori — 9,921 776 10,697 7,035 9,964 7,768 17,732 — Meridian — 6,611 — 6,611 30,299 6,611 30,299 36,910 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 43,667 776 44,443 145,662 43,711 146,394 190,105 296 LAND Vitruvian Park® — 22,547 1,467 24,014 10,937 30,293 4,658 34,951 660 Alameda Point Block 11 — 25,006 — 25,006 5,609 25,006 5,609 30,615 — Newport Village II — 5,237 — 5,237 10,287 5,237 10,287 15,524 — 2727 Turtle Creek — 90,205 — 90,205 2,302 90,205 2,302 92,507 — 488 Riverwalk — 16,053 — 16,053 1,817 16,053 1,817 17,870 — 3001 Iowa Ave — 13,468 — 13,468 1,083 13,468 1,083 14,551 — TOTAL LAND — 172,516 1,467 173,983 32,035 180,262 25,756 206,018 660 HELD FOR DISPOSITION The MO - Retail — — — — 14,039 — 14,039 14,039 — TOTAL HELD FOR DISPOSITION — — — — 14,039 — 14,039 14,039 — COMMERCIAL Brookhaven Shopping Center — — — — 30,241 7,793 22,448 30,241 15,354 3001 Iowa Ave Commercial — 9,882 4,861 14,743 1 9,882 4,862 14,744 180 TOTAL COMMERCIAL — 9,882 4,861 14,743 30,242 17,675 27,310 44,985 15,534 Other (b) — — — — 21,241 78 21,163 21,241 581 1745 Shea Center I — 3,034 20,534 23,568 4,239 3,081 24,726 27,807 6,390 TOTAL CORPORATE — 3,034 20,534 23,568 25,480 3,159 45,889 49,048 6,971 TOTAL COMMERCIAL & CORPORATE — 12,916 25,395 38,311 55,722 20,834 73,199 94,033 22,505 Deferred Financing Costs and Other Non-Cash Adjustments 19,658 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 TOTAL REAL ESTATE OWNED $ 1,052,281 $ 2,558,077 $ 8,621,804 $ 11,179,881 $ 4,390,191 $ 2,837,788 $ 12,732,284 $ 15,570,072 $ 5,762,501 (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 $14.9 billion at December 31, 2022 ( 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) 2022 2021 2020 Balance at beginning of the year $ 14,740,803 $ 13,071,472 $ 12,602,101 Real estate acquired (including joint venture consolidation) 409,263 1,513,106 413,488 Capital expenditures and development 444,009 346,365 299,986 Real estate sold (24,003) (190,140) (244,103) Balance at end of the year $ 15,570,072 $ 14,740,803 $ 13,071,472 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands 2022 2021 2020 Balance at beginning of the year $ 5,137,096 $ 4,605,366 $ 4,131,353 Depreciation expense for the year 634,424 584,228 560,876 Accumulated depreciation on sales (9,019) (52,498) (86,863) Balance at end of year $ 5,762,501 $ 5,137,096 $ 4,605,366 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Reference Rate Reform (Topic 848) In September 2022, we amended our unsecured term loan and its related interest rate swap agreements to change the interest rate benchmark from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The Company applied the practical expedients in the ASU related to the cash flow hedges, which did not have a material impact on the consolidated financial statements. (See Note 7, Secured and Unsecured Debt, Net for further discussion.) The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. The ASU has not had a material impact on the consolidated financial statements and the Company does not expect the ASU to have a material impact on the consolidated financial statements on a prospective basis. |
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, 2022, 2021 and 2020, 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 support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2022, 2021, and 2020 were $17.9 million, $11.3 million and $12.0 million, respectively. During the years ended December 31, 2022, 2021, and 2020, total interest capitalized was $13.4 million, $9.7 million and $7.0 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. |
Restricted Cash | Restricted Cash Restricted cash 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 assets of the borrower that may include real estate 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 of the existing loans. 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, 2022 and 2021 ( dollars in thousands Interest rate at Balance Outstanding December 31, December 31, December 31, 2022 2022 2021 Note due May 2022 (a) N/A $ — $ 2,760 Note due December 2023 (b) 10.00 % 30,377 24,235 Note due December 2026 (c) 11.00 % 17,292 — Note due December 2026 (d) 11.00 % 5,813 — Note due June 2027 (e) 18.00 % 1,500 — Notes Receivable 54,982 26,995 Allowance for credit losses (275) (135) Total notes receivable, net $ 54,707 $ 26,860 (a) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million. The note was secured by a parcel of land located in Kissimmee, Florida. In March 2022, the unaffiliated third party repaid the $2.8 million secured note in full. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million. During 2022, the terms of this secured note were amended to increase the aggregate commitment from $25.4 million to $31.4 million and to extend the maturity date to December 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which will accrue and be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and 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) December 2023. (c) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2025, with an aggregate commitment of $59.7 million, of which $17.3 million was funded during the year ended December 31, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (d) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be completed in 2025, with an aggregate commitment of $24.4 million, of which $5.8 million was funded during the year ended December 31, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (e) In June 2022, the Company and a syndicate of lenders entered into a $16.0 million secured credit facility with an unaffiliated third party. The Company’s share of the facility was $1.5 million, all of which was funded during the year ended December 31, 2022. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027. The Company recognized $3.5 million, $5.3 million, and $9.1 million of interest income for the notes receivable during the years ended December 31, 2022, 2021, and 2020, respectively, none of which was related party interest. Interest income is 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, 2022, the Company held one investment in a joint venture that qualified as a VIE where we were determined to be the primary beneficiary (See Note 5, Joint Ventures and Partnerships, for further discussion) 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, 2022 and 2021, UDR’s net deferred tax asset/(liability) was $(0.8) million and $(0.8) 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 and evaluates its tax positions 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 a 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, 2022. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2019 through 2021 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, 2022, 2021, and 2020, 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 From time to time 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 the entity’s 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 We continue to monitor the status and respond to the effects of the COVID-19 pandemic and its impact on our business. While the pandemic and related government measures adversely impacted our business in certain prior periods, the extent of the impact generally has decreased. Future developments regarding COVID-19, however, continue to be uncertain and difficult to predict. There can be no assurances that closures or restrictions in response to COVID-19, including due to new variants, will not be imposed in the future or that other developments related to COVID-19 will not adversely affect our business, results of operations, financial condition and cash flows in future periods. During the years ended December 31, 2022 and 2021, 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 reduced its reserve to approximately $8.7 million for multifamily tenant lease receivables and reduced its reserve to approximately $4.3 million for retail tenant lease receivables (inclusive of $3.2 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures during the year ended December 31, 2022. In aggregate, the reduction in reserve is reflected as a $6.0 million increase to Rental income and a $0.5 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2022. During the year ended December 31, 2021, the Company reduced its reserve to approximately $13.2 million for multifamily tenant lease receivables and increased its reserve to approximately $6.1 million for retail tenant lease receivables (inclusive of $4.0 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reduction in reserve is reflected as a $0.1 million increase to Rental income and a $0.1 million increase to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2021 . The impact to deferred leasing commissions was not material for the years ended December 31, 2022 and 2021. 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 years ended December 31, 2022, 2021 and 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, 2022, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Metropolitan D.C., Boston, Massachusetts and New York, New York markets. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Summary of notes receivable, net | The following table summarizes our Notes receivable, net as of December 31, 2022 and 2021 ( dollars in thousands Interest rate at Balance Outstanding December 31, December 31, December 31, 2022 2022 2021 Note due May 2022 (a) N/A $ — $ 2,760 Note due December 2023 (b) 10.00 % 30,377 24,235 Note due December 2026 (c) 11.00 % 17,292 — Note due December 2026 (d) 11.00 % 5,813 — Note due June 2027 (e) 18.00 % 1,500 — Notes Receivable 54,982 26,995 Allowance for credit losses (275) (135) Total notes receivable, net $ 54,707 $ 26,860 (a) The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million. The note was secured by a parcel of land located in Kissimmee, Florida. In March 2022, the unaffiliated third party repaid the $2.8 million secured note in full. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $31.4 million. During 2022, the terms of this secured note were amended to increase the aggregate commitment from $25.4 million to $31.4 million and to extend the maturity date to December 2023. Interest payments are due monthly, with the exception of payments from June 2022 to December 2023, which will accrue and be due at maturity of the note. The note is secured by substantially all of the borrower’s assets and 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) December 2023. (c) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 482 apartment home community located in Riverside, California, which is expected to be completed in 2025, with an aggregate commitment of $59.7 million, of which $17.3 million was funded during the year ended December 31, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (d) In June 2022, the Company entered into a secured mezzanine loan with a third party developer of a 237 apartment home community located in Menifee, California, which is expected to be completed in 2025, with an aggregate commitment of $24.4 million, of which $5.8 million was funded during the year ended December 31, 2022. Interest payments accrue for 36 months and are due monthly after the loan has been outstanding for 36 months . The secured mezzanine loan has a scheduled maturity date in December 2026, with two one-year extension options. (e) In June 2022, the Company and a syndicate of lenders entered into a $16.0 million secured credit facility with an unaffiliated third party. The Company’s share of the facility was $1.5 million, all of which was funded during the year ended December 31, 2022. Interest payments will accrue and be due at maturity of the facility. The facility is secured by substantially all of the borrower’s assets and matures at the earliest of the following: (a) acceleration in the event of default; or (b) June 2027. |
REAL ESTATE OWNED (Tables)
REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
REAL ESTATE OWNED | |
Summary of carrying amounts for real estate owned (at cost) | The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Land $ 2,539,499 $ 2,342,385 Depreciable property — held and used: Land improvements 254,578 241,905 Building, improvements, and furniture, fixtures and equipment 12,521,838 11,717,931 Real estate intangible assets 50,013 50,013 Under development: Land and land improvements 43,711 74,399 Building, improvements, and furniture, fixtures and equipment 146,394 314,170 Real estate held for disposition: Building, improvements, and furniture, fixtures and equipment 14,039 — Real estate owned 15,570,072 14,740,803 Accumulated depreciation (a) (5,762,501) (5,137,096) Real estate owned, net $ 9,807,571 $ 9,603,707 (a) Accumulated depreciation is inclusive of $13.1 million and $8.8 million of accumulated amortization related to real estate intangible assets as of December 31, 2022 and 2021, respectively. |
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, 2022 2023 2024 2025 2026 2027 Thereafter Real estate intangible assets, net (a) $ 36,932 $ 4,162 $ 3,995 $ 3,858 $ 3,723 $ 3,590 $ 17,604 In-place lease intangible assets, net (b) 3,375 665 627 583 476 406 618 Total $ 40,307 $ 4,827 $ 4,622 $ 4,441 $ 4,199 $ 3,996 $ 18,222 (a) Real estate intangible assets, net is recorded net of accumulated amortization of $13.1 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $4.3 million and $3.0 million, respectively, 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 $14.4 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2022 and 2021, $22.5 million and $20.3 million, respectively, 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, 2022 | |
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, 2022 and 2021 (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 Ventures Properties 2022 2022 2022 2021 2022 2021 2022 2021 2020 Operating: UDR/MetLife I Los Angeles, CA 1 150 $ 20,815 $ 23,880 50.0 % 50.0 % $ (2,027) $ (2,544) $ (2,639) UDR/MetLife II Various 7 1,250 174,645 181,023 50.0 % 50.0 % 1,245 (3,303) (1,044) Other UDR/MetLife Joint Ventures (a) Various 5 1,437 51,700 66,012 50.6 % 50.6 % (6,822) (11,938) (10,444) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and real estate technology investments $ 247,160 $ 270,915 $ (7,604) $ (17,785) $ (14,127) Investment at Income/(loss) from investments Developer Capital Program Years To UDR December 31, December 31, Year Ended December 31, and Real Estate Technology Investments (b) Location Rate Maturity Commitment (c) 2022 2021 2022 2021 2020 Preferred equity investments: Junction Santa Monica, CA 12.5 % 0.8 $ 8,800 $ 14,865 $ 13,183 $ 1,682 $ 1,484 $ 1,321 1532 Harrison (d) San Francisco, CA N/A — — — 35,248 5,152 2,354 3,519 1200 Broadway (e) (f) Nashville, TN N/A — — — 61,326 11,889 6,043 5,309 1300 Fairmount (f) Philadelphia, PA 8.5 % 0.8 51,393 70,501 64,780 5,721 5,237 4,843 Modera Lake Merritt (f) Oakland, CA 9.0 % 1.4 27,250 32,672 33,828 (1,156) 2,899 2,592 Thousand Oaks (f) Thousand Oaks, CA 9.0 % 2.1 20,059 24,898 22,764 2,134 1,924 763 Vernon Boulevard (f) Queens, NY 13.0 % 2.5 40,000 54,880 48,210 6,652 5,845 2,348 Makers Rise (f) Herndon, VA 9.0 % 3.0 30,208 34,059 22,828 2,865 926 — 121 at Watters (f) Allen, TX 9.0 % 3.2 19,843 22,511 14,134 1,861 749 — Infield Phase I Kissimmee, FL 14.0 % 1.4 16,044 17,816 — 1,743 — — Upton Place Washington, D.C. 9.7 % 4.9 52,163 56,832 29,566 4,429 92 — Meetinghouse (g) Portland, OR 8.25 % 4.2 11,600 12,134 — 716 — — Heirloom (h) Portland, OR 8.25 % 4.4 16,185 16,714 — 676 — — Portfolio Recapitalization (i) Various 8.0 % 6.5 102,000 102,705 — 3,616 — — Real estate technology investments: RETV I (j) N/A N/A N/A 18,000 16,601 71,464 (35,507) 50,795 5,143 RETV II N/A N/A N/A 18,000 11,670 8,130 (265) 1,101 (206) RETV III (k) N/A N/A N/A 15,000 — — — — — RET Strategic Fund (l) N/A N/A N/A 25,000 8,078 — 496 — — RET ESG (m) N/A N/A N/A 10,000 2,898 — (153) — — Total Preferred Equity Investments and Real Estate Technology Investments 499,834 425,461 12,551 79,449 25,632 Sold joint ventures and other investments — — — 3,982 7,339 Total Joint Ventures and Developer Capital Program and Real Estate Technology Investments, net (a) $ 746,994 $ 696,376 $ 4,947 $ 65,646 $ 18,844 (a) As of December 31, 2022 and 2021, the Company’s negative investment in 13 th and Market Properties LLC of $7.5 million and $6.1 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 Sheets. (b) 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. (c) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (d) As disclosed above, the Company began consolidating the 1532 Harrison joint venture in September 2022. The Company recorded $5.2 million in Income/(loss) from unconsolidated entities in connection with recording the joint venture’s assets and liabilities at fair value on the date of consolidation. (e) In J anuary 2022, the joint venture sold its community, a 313 apartment home operating community located in Nashville, Tennessee, for a sales price of approximately $294.0 million. As a result, the Company recorded variable upside participation on the sale of approximately $10.6 million, net of associated costs. (f) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (g) In March 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 232 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $11.6 million earns a preferred return of 8.25% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (h) In June 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate a 286 apartment home community in Portland, Oregon. The Company’s preferred equity investment of $16.2 million earns a preferred return of 8.25% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (i) In July 2022, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to operate 14 communities located in various markets across the United States. The Company’s preferred equity investment of $102.0 million earns a preferred return of 8.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting . (j) The Company recognized $(35.5) million and $50.8 million of investment income/(loss) from RETV I for the years ended December 31, 2022 and 2021, respectively, which primarily related to unrealized gains/(losses) from one portfolio investment held by RETV I, SmartRent, Inc. (“SmartRent”). In 2021, SmartRent, a provider of smart home automation solutions, went public through a merger with a publicly traded special purpose acquisition company. As a result, SmartRent began trading on the New York Stock Exchange under the ticker symbol “SMRT.” Due to the merger, all shares of SmartRent that RETV I held were converted to publicly traded SmartRent shares based on a pre-determined conversion factor. Following the merger and stock conversion, RETV I began recording its investment in SmartRent based on the share price at the end of the applicable reporting period . (k) In November 2022, the Company entered into a real estate technology investment as a limited partner, for a total commitment of $15.0 million. As of December 31, 2022, no funding to the limited partnership had occurred. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (l) In January 2022, the Company entered into a real estate technology investment as a limited partner, for a total commitment of $25.0 million. The Company funded $7.5 million to the limited partnership during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. (m) In April 2022, the Company entered into a real estate technology ESG investment as a limited partner, for a total commitment of $10.0 million. The Company funded $3.0 million to the limited partnership during the year ended December 31, 2022. The Company has concluded that it does not control the limited partnership and accounts for it under the equity method of accounting. |
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, 2022, 2021, and 2020 ( dollars in thousands): Developer Other Total Capital Program As of and For the UDR/ UDR/ UDR/MetLife Excluding and Other Year Ended December 31, 2022 MetLife I MetLife II Joint Ventures RETV I DCP Investments Total Condensed Statements of Operations: Total revenues $ 10,813 $ 58,163 $ 61,253 $ 42 $ 130,271 $ 38,145 $ 168,416 Property operating expenses 5,011 25,950 24,301 1,596 56,858 23,622 80,480 Real estate depreciation and amortization 6,033 18,478 31,069 — 55,580 20,064 75,644 Gain/(loss) on sale of real estate — — — — — 127,542 127,542 Operating income/(loss) (231) 13,735 5,883 (1,554) 17,833 122,001 139,834 Interest expense (3,068) (10,124) (17,318) (21) (30,531) (16,383) (46,914) Other income/(loss) — — — — — (90) (90) Net realized gain/(loss) on held investments (a) — — — 101,954 101,954 3,601 105,555 Net unrealized gain/(loss) on held investments (a) — — — (308,202) (308,202) (569) (308,771) Net income/(loss) $ (3,299) $ 3,611 $ (11,435) $ (207,823) $ (218,946) $ 108,560 $ (110,386) Condensed Balance Sheets: Total real estate, net $ 102,900 $ 623,994 $ 531,058 $ — $ 1,257,952 $ 1,481,832 $ 2,739,784 Investments, at fair value — — — 96,118 96,118 117,625 213,743 Cash and cash equivalents 1,863 6,586 7,105 1,160 16,714 22,285 38,999 Other assets 1,464 9,142 3,814 52 14,472 107,287 121,759 Total assets 106,227 639,722 541,977 97,330 1,385,256 1,729,029 3,114,285 Third party debt, net 71,059 334,687 452,163 — 857,909 1,079,420 1,937,329 Accounts payable and accrued liabilities 1,105 7,590 5,460 70 14,225 202,923 217,148 Total liabilities 72,164 342,277 457,623 70 872,134 1,282,343 2,154,477 Total equity $ 34,063 $ 297,445 $ 84,354 $ 97,260 $ 513,122 $ 446,686 $ 959,808 (a) Net unrealized and realized gain/(loss) on held investments related to RETV I primarily related to unrealized and realized gains from SmartRent. For the year ended December 31, 2022, the Company recorded its share of net losses related to RETV I of $(35.5) million. Of that amount, $(37.2) million related to SmartRent, which are recorded in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. Developer Other West Coast Total Capital Program As of and For the UDR/ UDR/ UDR/MetLife Development Excluding and Other Year Ended December 31, 2021 MetLife I MetLife II Joint Ventures Joint Ventures RETV I DCP Investments Total Condensed Statements of Operations: Total revenues $ 9,186 $ 52,324 $ 52,614 $ 184 $ 6 $ 114,314 $ 18,509 $ 132,823 Property operating expenses 4,506 24,165 23,090 333 1,445 53,539 15,626 69,165 Real estate depreciation and amortization 5,948 19,006 33,532 — — 58,486 8,429 66,915 Gain/(loss) on sale of real estate — — — 34,757 — 34,757 — 34,757 Operating income/(loss) (1,268) 9,153 (4,008) 34,608 (1,439) 37,046 (5,546) 31,500 Interest expense (3,068) (11,873) (17,366) (41) (17) (32,365) (11,161) (43,526) Other income/(loss) — — — (1,238) — (1,238) (623) (1,861) Net realized gain/(loss) on held investments — — — — 12,341 12,341 — 12,341 Net unrealized gain/(loss) on held investments (a) — — — — 285,155 285,155 16,276 301,431 Net income/(loss) $ (4,336) $ (2,720) $ (21,374) $ 33,329 $ 296,040 $ 300,939 $ (1,054) $ 299,885 Condensed Balance Sheets: Total real estate, net $ 108,340 $ 636,674 $ 558,680 $ — $ — $ 1,303,694 $ 739,464 $ 2,043,158 Investments, at fair value — — — — 405,675 405,675 54,566 460,241 Real estate assets held for sale — — — — — — 168,668 168,668 Cash and cash equivalents 1,378 5,864 5,668 — 3,681 16,591 6,300 22,891 Other assets 1,804 10,483 5,419 — 14 17,720 11,228 28,948 Total assets 111,522 653,021 569,767 — 409,370 1,743,680 980,226 2,723,906 Third party debt, net 71,003 336,533 453,182 — — 860,718 355,200 1,215,918 Liabilities held for sale — — — — — — 106,990 106,990 Accounts payable and accrued liabilities 1,059 7,360 5,866 — 90 14,375 37,314 51,689 Total liabilities 72,062 343,893 459,048 — 90 875,093 499,504 1,374,597 Total equity $ 39,460 $ 309,128 $ 110,719 $ — $ 409,280 $ 868,587 $ 480,722 $ 1,349,309 (a) Net unrealized gain/(loss) on held investments primarily related to unrealized gains from SmartRent, which became a public company in 2021. For the year ended December 31, 2021, the Company recorded its share of the net unrealized gain/(loss) on held investments of $49.9 million, of which $48.9 million related to SmartRent, in Income/(loss) from unconsolidated entities on the Consolidated Statement Operations. Developer Other West Coast Total Capital Program For the UDR/ UDR/ UDR/MetLife Development Excluding and Other Year Ended December 31, 2020 MetLife I MetLife II Joint Ventures Joint Ventures RETV I DCP Investments Total Condensed Statements of Operations: Total revenues $ 9,480 $ 56,274 $ 57,781 $ 8,668 $ 19 $ 132,222 $ 16,170 $ 148,392 Property operating expenses 4,978 21,951 22,870 4,477 2,382 56,658 5,850 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 (2,363) 11,880 6,825 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 unrealized gain/(loss) on held investments — — — — 36,151 36,151 (10) 36,141 Net income/(loss) $ (4,553) $ 229 $ (18,000) $ (428) $ 33,788 $ 11,036 $ 3,729 $ 14,765 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 are as follows (dollars in thousands): Ground Leases 2023 $ 12,442 2024 12,442 2025 12,442 2026 12,442 2027 12,442 Thereafter 417,895 Total future minimum lease payments (undiscounted) 480,105 Difference between future undiscounted cash flows and discounted cash flows (290,867) Total operating lease liabilities (discounted) $ 189,238 |
Lessee - components of operating lease expenses | The components of operating lease expenses were as follows (dollars in thousands) Year Ended December 31, 2022 2021 2020 Lease expense: Contractual lease expense $ 12,991 $ 12,924 $ 12,821 Variable lease expense (a) 112 78 119 Total operating lease expense (b)(c) $ 13,103 $ 13,002 $ 12,940 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue. (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, 2022, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.4 million and $3.3 million, respectively, for the year ended December 31, 2021, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.1 million, respectively, and 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. Due to the net impact of the amortization, the Company recorded $0.1 million, $0.3 million and $0.3 million of total operating lease expense during the years ended December 31, 2022, 2021 and 2020, respectively. |
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of December 31, 2022 are as follows (dollars in thousands): Retail and Commercial Leases 2023 $ 26,907 2024 25,232 2025 21,971 2026 19,174 2027 15,214 Thereafter 66,864 Total future minimum lease payments (a) $ 175,362 (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, 2022 | |
Unsecured Debt | |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2022 and 2021 ( dollars in thousands): Principal Outstanding As of December 31, 2022 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2022 2021 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 1,005,622 $ 1,006,762 3.42 % 5.4 14 Deferred financing costs and other non-cash adjustments (b) 19,712 23,678 Total fixed rate secured debt, net 1,025,334 1,030,440 3.42 % 5.4 14 Variable Rate Debt Tax-exempt secured notes payable (c) 27,000 27,000 2.76 % 9.2 1 Deferred financing costs (53) (60) Total variable rate secured debt, net 26,947 26,940 2.76 % 9.2 1 Total Secured Debt, net 1,052,281 1,057,380 3.40 % 5.5 15 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2026 (d) (m) — — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2023 (e) (m) 300,000 220,000 4.70 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2024 28,015 29,546 5.18 % 1.0 Term Loan due January 2027 (d) (m) 175,000 35,000 4.90 % 4.1 Fixed Rate Debt Term Loan due January 2027 (d) (m) 175,000 315,000 1.43 % 4.1 8.50% Debentures due September 2024 15,644 15,644 8.50 % 1.7 2.95% Medium-Term Notes due September 2026 (g) (m) 300,000 300,000 2.89 % 3.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $317 and $388, respectively) (h) (m) 299,683 299,612 4.03 % 4.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $598 and $717, respectively) (m) 299,402 299,283 3.50 % 5.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $4 and $4, respectively) (i) (m) 299,996 299,996 4.27 % 6.1 3.20% Medium-Term Notes due January 2030 (net of premiums of $9,667 and $11,040, respectively) (j) (m) 609,667 611,040 3.32 % 7.0 3.00% Medium-Term Notes due August 2031 (net of premiums of $10,304 and $11,498, respectively) (k) (m) 610,304 611,498 3.01 % 8.6 2.10% Medium-Term Notes due August 2032 (net of discounts of $338 and $373, respectively) (m) 399,662 399,627 2.10 % 9.6 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,230 and $1,351, respectively) (m) 348,770 348,649 1.90 % 10.2 2.10% Medium-Term Notes due June 2033 (net of discounts of $1,041 and $1,140, respectively) (m) 298,959 298,860 2.10 % 10.5 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,045 and $1,133, respectively) (l) (m) 298,955 298,867 3.13 % 11.8 Other 5 7 Deferred financing costs (24,040) (27,222) Total Unsecured Debt, net 4,435,022 4,355,407 3.17 % 6.8 Total Debt, net $ 5,487,303 $ 5,412,787 3.17 % 6.7 |
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt | The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2022 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2023 $ 1,242 $ — $ 1,242 $ 300,000 (a) $ 301,242 2024 96,747 — 96,747 43,659 140,406 2025 174,793 — 174,793 — 174,793 2026 52,744 — 52,744 300,000 352,744 2027 2,860 — 2,860 650,000 652,860 2028 162,310 — 162,310 300,000 462,310 2029 191,986 — 191,986 300,000 491,986 2030 162,010 — 162,010 600,000 762,010 2031 160,930 — 160,930 600,000 760,930 2032 27,000 27,000 400,000 427,000 Thereafter — — — 950,000 950,000 Subtotal 1,005,622 27,000 1,032,622 4,443,659 5,476,281 Non-cash (b) 19,712 (53) 19,659 (8,637) 11,022 Total $ 1,025,334 $ 26,947 $ 1,052,281 $ 4,435,022 $ 5,487,303 (a) All unsecured debt due in 2023 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, 2022 and 2021, the Company amortized $3.8 million and $4.7 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, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Total unsecured commercial paper program $ 700,000 $ 700,000 Borrowings outstanding at end of period 300,000 220,000 Weighted average daily borrowings during the period ended 405,671 419,563 Maximum daily borrowings during the period ended 700,000 700,000 Weighted average interest rate during the period ended 2.3 % 0.2 % Interest rate at end of the period 4.7 % 0.3 % |
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, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Total revolving credit facility $ 1,300,000 $ 1,300,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 3,776 13,068 Maximum daily borrowings during the period ended 205,000 305,000 Weighted average interest rate during the period ended 3.9 % 0.9 % Interest rate at end of the period — % — % (1) Excludes $2.6 million and $2.6 million of letters of credit at December 31, 2022 and 2021, respectively. |
Working Capital Credit Facility - 2021 | |
Unsecured Debt | |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2022 and 2021 (dollars in thousands): December 31, December 31, 2022 2021 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 28,015 29,546 Weighted average daily borrowings during the period ended 15,080 10,473 Maximum daily borrowings during the period ended 55,812 46,038 Weighted average interest rate during the period ended 3.0 % 0.9 % Interest rate at end of the period 5.2 % 0.9 % |
INCOME_(LOSS) PER SHARE (Tables
INCOME/(LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Numerator for income/(loss) per share: Net income/(loss) $ 92,579 $ 160,993 $ 68,970 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (5,613) (10,873) (4,543) Net (income)/loss attributable to noncontrolling interests (42) (104) (161) Net income/(loss) attributable to UDR, Inc. 86,924 150,016 64,266 Distributions to preferred stockholders — Series E (Convertible) (4,412) (4,229) (4,230) Income/(loss) attributable to common stockholders - basic and diluted $ 82,512 $ 145,787 $ 60,036 Denominator for income/(loss) per share: Weighted average common shares outstanding 321,949 300,579 294,808 Non-vested restricted stock awards (278) (253) (263) Denominator for basic income/(loss) per share 321,671 300,326 294,545 Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements 1,029 1,377 382 Denominator for diluted income/(loss) per share 322,700 301,703 294,927 Income/(loss) per weighted average common share: Basic $ 0.26 $ 0.49 $ 0.20 Diluted $ 0.26 $ 0.48 $ 0.20 |
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, 2022, 2021, and 2020 (in thousands) Year Ended December 31, 2022 2021 2020 OP/DownREIT Units 21,478 22,418 22,310 Convertible preferred stock 2,916 2,918 2,950 Unvested LTIP Units and unvested restricted stock 1,029 1,377 382 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020: Common Preferred Stock Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 97 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 19,517 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 44 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,880 — — Forfeiture of Series F shares — — (1,858) Balance at December 31, 2021 318,150 2,695 12,583 Issuance/(forfeiture) of common and restricted shares, net 120 — — Issuance of common shares through forward sales public offering, net (forward sales agreement) 11,402 — — Repurchase of common shares (1,192) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 499 — — Conversion of Series E Cumulative Convertible shares 10 (9) — Forfeiture of Series F shares — — (482) Balance at December 31, 2022 328,993 2,686 12,101 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
EMPLOYEE BENEFIT PLANS | |
Summary of LTIP Units and restricted stock activities | A summary of UDR’s Performance Units, LTIP Units, restricted stock and option activities during the year ended December 31, 2022 is as follows ( shares in thousands Unvested Performance Units Outstanding Performance Units Exercisable Unvested Stock Options Outstanding Stock Options Exercisable LTIP Units Restricted Stock Weighted Weighted Weighted Weighted Weighted Weighted Average Fair Average Average Average Average Average Fair Value Per Number of Exercise Number of Exercise Number of Exercise Number of Exercise Number of Value Per Number Restricted Units Price Units Price Options Price Options Price LTIP Units LTIP Unit of shares Stock Balance, December 31, 2021 2,962 $ 42.30 — $ — — $ — — $ — 420 $ 41.94 248 $ 40.30 Granted 1,610 45.60 — — 1,225 45.91 — — 397 55.29 187 51.93 Exercised — — — — — — — — — — — — Vested (1,823) 36.85 1,823 36.85 — — — — (326) 40.51 (142) 40.02 Forfeited — — — — — — — — — — (20) 45.38 Balance, December 31, 2022 2,749 $ 44.66 1,823 $ 36.85 1,225 $ 45.91 — $ - 491 $ 53.69 273 $ 48.77 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 ( unaudited Year Ended December 31, 2022 2021 2020 Ordinary income $ 1.3329 $ 0.9798 $ 1.0320 Qualified ordinary income 0.0001 0.0405 0.0039 Long-term capital gain 0.1521 0.3577 0.2974 Unrecaptured section 1250 gain 0.0174 0.0695 0.0892 Total $ 1.5025 $ 1.4475 $ 1.4225 |
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, 2022, 2021, and 2020 (dollars in thousands) Year Ended December 31, 2022 2021 2020 Income tax (benefit)/provision Current Federal $ — $ 2,693 $ (148) State 440 1,236 1,374 Total current 440 3,929 1,226 Deferred Federal (27) (1,770) 894 State (16) (672) 451 Investment tax credit (48) (48) (26) Total deferred (91) (2,490) 1,319 Total income tax (benefit)/provision $ 349 $ 1,439 $ 2,545 |
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, 2022, 2021, and 2020 (dollars in thousands): Year Ended December 31, 2022 2021 2020 Deferred tax assets: Federal and state tax attributes $ 157 $ 60 $ 6 Other 64 102 147 Total deferred tax assets 221 162 153 Valuation allowance (33) (32) (23) Net deferred tax assets 188 130 130 Deferred tax liabilities: Book/tax depreciation and basis (876) (860) (638) Other investment ventures — — (2,665) Other (67) (68) (67) Total deferred tax liabilities (943) (928) (3,370) Net deferred tax assets/(liabilities) $ (755) $ (798) $ (3,240) |
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, 2022, 2020, and 2019 as follows (dollars in thousands): Year Ended December 31, 2022 2021 2020 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ (109) $ 1,058 $ 1,240 State income tax provision 914 664 1,434 Other items (409) (246) (165) Solar credit amortization (48) (48) (26) ITC basis adjustment — 2 58 Valuation allowance 1 9 4 Total income tax provision/(benefit) $ 349 $ 1,439 $ 2,545 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 ( dollars in thousands Year Ended December 31, 2022 2021 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at beginning of year $ 1,299,442 $ 856,294 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (444,293) 502,768 OP Units issued for real estate, net — 48,533 Conversion of OP Units/DownREIT Units to Common Stock or Cash (44,346) (99,932) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 5,613 10,873 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (34,020) (34,044) Redeemable Long-Term and Short-Term Incentive Plan Units 56,568 14,576 Allocation of other comprehensive income/(loss) 886 374 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year $ 839,850 $ 1,299,442 |
FAIR VALUE OF DERIVATIVES AND_2
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 are summarized as follows (dollars in thousands) Fair Value at December 31, 2022, 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 2022 (a) 2022 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 54,707 $ 55,514 $ — $ — $ 55,514 Equity securities (c) 9,707 9,707 9,707 — — Derivatives - Interest rate contracts (d) 15,270 15,270 — 15,270 — Total assets $ 79,684 $ 80,491 $ 9,707 $ 15,270 $ 55,514 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,028,169 $ 909,041 $ — $ — $ 909,041 Secured debt instruments - variable rate: (e) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Unsecured debt instruments: (e) Working capital credit facility 28,015 28,015 — — 28,015 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 4,131,047 3,448,632 — — 3,448,632 Total liabilities $ 5,514,231 $ 4,712,688 $ — $ — $ 4,712,688 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 839,850 $ 839,850 $ — $ 839,850 $ — Fair Value at December 31, 2021, 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 2021 (a) 2021 (Level 1) (Level 2) (Level 3) Description: Notes receivable, net (b) $ 26,860 $ 27,372 $ — $ — $ 27,372 Equity securities (c) 3,230 3,230 — — 3,230 Derivatives - Interest rate contracts (d) 3,279 3,279 — 3,279 — Total assets $ 33,369 $ 33,881 $ — $ 3,279 $ 30,602 Secured debt instruments - fixed rate: (e) Mortgage notes payable $ 1,033,764 $ 1,032,582 $ — $ — $ 1,032,582 Secured debt instruments - variable rate: (e) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Unsecured debt instruments: (e) Working capital credit facility 29,546 29,546 — — 29,546 Commercial paper program 220,000 220,000 — — 220,000 Unsecured notes 4,133,083 4,199,363 — — 4,199,363 Total liabilities $ 5,443,393 $ 5,508,491 $ — $ — $ 5,508,491 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (f) $ 1,299,442 $ 1,299,442 $ — $ 1,299,442 $ — (a) Certain balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) The Company holds a direct investment in a publicly traded real estate technology company, SmartRent, that was previously subject to a lock-up restriction on selling or transferring the investment, which expired in February 2022. The investment is valued at the market price on December 31, 2022, and as of December 31, 2021, was valued at the market price on December 31, 2021 less an illiquidity discount of 15.0% . Since the lock-up restriction expired, the Company currently classifies the investment as Level 1 in the fair value hierarchy. The Company previously classified the investment as Level 3 in the fair value hierarchy based upon the lock-up restriction. During the year ended December 31, 2022, the Company increased its direct investment in SmartRent due to stock distributions from its unconsolidated real estate technology investments. (d) See Note 14, Derivatives and Hedging Activity . (e) See Note 7, Secured and Unsecured Debt, Net . (f) See Note 12, Noncontrolling Interests . |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVES AND HEDGING ACTIVITY | |
Schedule of outstanding interest rate derivatives | As of December 31, 2022, 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 3 $ 194,880 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2022 and 2021 ( 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, 2022 2021 2022 2021 Derivatives designated as hedging instruments: Interest rate products $ 15,270 $ 3,279 $ — $ — |
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, 2022, 2021, and 2020 ( 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 2022 2021 2020 2022 2021 2020 2022 2021 2020 Interest rate products $ 14,489 $ 3,502 $ (3,382) $ 998 $ (1,755) $ (4,827) $ — $ — $ — |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Year Ended December 31, 2022 2021 2020 Total amount of Interest expense $ 155,900 $ 186,267 $ 202,706 |
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, 2022 and 2021 ( dollars in thousands Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2022 $ 15,270 $ — $ 15,270 $ — $ — $ 15,270 December 31, 2021 $ 3,279 $ — $ 3,279 $ — $ — $ 3,279 (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 Sheets Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2022 $ — $ — $ — $ — $ — $ — December 31, 2021 $ — $ — $ — $ — $ — $ — (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, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
Summary of real estate commitments | The following summarizes the Company’s commitments at December 31, 2022 ( dollars in thousands Number UDR's UDR's Remaining Properties Investment (a) Commitment Real estate commitments Wholly-owned — under development 3 $ 190,105 $ 142,395 Wholly-owned — redevelopment (b) 6 24,157 57,843 Unconsolidated joint ventures and partnerships: Real estate technology investments: RETV I (c) - 16,601 4,320 RETV II - 11,670 6,300 RETV III (d) - — 15,000 RET Strategic Fund - 8,078 17,500 Climate Technology Funds (e) - 5,741 4,079 RET ESG Fund (f) - 2,898 7,000 Total $ 259,250 $ 254,437 (a) Represents UDR’s investment as of December 31, 2022. (b) Projects consist of unit additions or unit renovations and renovation of related common area amenities. (c) Includes the impact of unrealized losses for the year ended December 31, 2022, which primarily relate to a decrease in SmartRent’s public share price. (See Note 5, Joint Ventures and Partnerships) . (d) In November 2022, the Company committed to invest $15.0 million in a real estate technology investment. As December 31, 2022, no funding to the limited partnership had occurred. As of December 31, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. (e) In March 2022, the Company committed to invest $10.0 million in climate technology funds and funded $5.7 million. As of December 31, 2022, the investment is recorded in Other Assets on the Consolidated Balance Sheets. (f) In April 2022, the Company committed to invest $10.0 million in an ESG technology fund and funded $2.9 million. As of December 31, 2022, the investment is recorded in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. |
REPORTABLE SEGMENTS (Tables)
REPORTABLE SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021, and 2020, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) Year Ended December 31, 2022 2021 2020 Reportable apartment home segment lease revenue Same-Store Communities (a) West Region $ 459,179 $ 417,450 $ 414,705 Mid-Atlantic Region 271,034 253,877 246,101 Northeast Region 266,951 237,295 235,343 Southeast Region 189,465 162,178 143,171 Southwest Region 109,034 97,213 93,557 Non-Mature Communities/Other 169,173 77,874 65,414 Total segment and consolidated lease revenue $ 1,464,836 $ 1,245,887 $ 1,198,291 Reportable apartment home segment other revenue Same-Store Communities (a) West Region $ 12,360 $ 10,731 $ 12,433 Mid-Atlantic Region 10,807 8,941 7,210 Northeast Region 6,082 5,180 6,106 Southeast Region 7,907 7,124 6,037 Southwest Region 4,184 3,932 3,599 Non-Mature Communities/Other 6,188 2,870 2,420 Total segment and consolidated other revenue $ 47,528 $ 38,778 $ 37,805 Total reportable apartment home segment rental income Same-Store Communities (a) West Region $ 471,539 $ 428,181 $ 427,138 Mid-Atlantic Region 281,841 262,818 253,311 Northeast Region 273,033 242,475 241,449 Southeast Region 197,372 169,302 149,208 Southwest Region 113,218 101,145 97,156 Non-Mature Communities/Other 175,361 80,744 67,834 Total segment and consolidated rental income $ 1,512,364 $ 1,284,665 $ 1,236,096 Reportable apartment home segment NOI Same-Store Communities (a) West Region $ 352,675 $ 314,791 $ 316,334 Mid-Atlantic Region 194,926 180,693 177,206 Northeast Region 178,156 149,930 153,883 Southeast Region 135,313 112,960 99,856 Southwest Region 71,783 63,321 59,281 Non-Mature Communities/Other 107,539 45,430 47,142 Total segment and consolidated NOI 1,040,392 867,125 853,702 Reconciling items: Joint venture management and other fees 5,022 6,102 5,069 Property management (49,152) (38,540) (35,538) Other operating expenses (17,493) (21,649) (22,762) Real estate depreciation and amortization (665,228) (606,648) (608,616) General and administrative (64,144) (57,541) (49,885) Casualty-related (charges)/recoveries, net (9,733) (3,748) (2,131) Other depreciation and amortization (14,344) (13,185) (10,013) Gain/(loss) on sale of real estate owned 25,494 136,052 119,277 Income/(loss) from unconsolidated entities 4,947 65,646 18,844 Interest expense (155,900) (186,267) (202,706) Interest income and other income/(expense), net (6,933) 15,085 6,274 Tax (provision)/benefit, net (349) (1,439) (2,545) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (5,613) (10,873) (4,543) Net (income)/loss attributable to noncontrolling interests (42) (104) (161) Net income/(loss) attributable to UDR, Inc. $ 86,924 $ 150,016 $ 64,266 (a) Same-Store Community population consisted of 47,360 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, 2022 and 2021 (dollars in thousands) December 31, December 31, 2022 2021 Reportable apartment home segment assets: Same-Store Communities (a): West Region $ 4,330,820 $ 4,264,381 Mid-Atlantic Region 2,882,898 2,856,143 Northeast Region 3,368,586 3,338,497 Southeast Region 1,232,858 1,208,183 Southwest Region 928,638 900,931 Non-Mature Communities/Other 2,826,272 2,172,668 Total segment assets 15,570,072 14,740,803 Accumulated depreciation (5,762,501) (5,137,096) Total segment assets — net book value 9,807,571 9,603,707 Reconciling items: Cash and cash equivalents 1,193 967 Restricted cash 29,001 27,451 Notes receivable, net 54,707 26,860 Investment in and advances to unconsolidated joint ventures, net 754,446 702,461 Operating lease right-of-use assets 194,081 197,463 Other assets 197,471 216,311 Total consolidated assets $ 11,038,470 $ 10,775,220 (a) Same-Store Community population consisted of 47,360 apartment homes. |
CONSOLIDATION AND BASIS OF PR_2
CONSOLIDATION AND BASIS OF PRESENTATION (Details) shares in Millions | 12 Months Ended | |
Dec. 31, 2022 community home item shares | Dec. 31, 2021 shares | |
Consolidation And Basis Of Presentation | ||
Number of Real Estate Properties | community | 165 | |
Number of Markets Operating Within | item | 21 | |
Number Of Apartment Homes Owned And Consolidated By Company | home | 54,999 | |
Joint venture, number of completed or to be completed homes in communities | home | 9,099 | |
Preferred equity investment,, number of apartment homes | home | 6,262 | |
Operating Partnership outstanding units | 186.1 | 186.1 |
United Dominion Reality L.P. | ||
Consolidation And Basis Of Presentation | ||
Operating Partnership units outstanding related to limited partner | 176.3 | 176.2 |
Percentage of units outstanding in Partnership | 94.70% | 94.70% |
UDR Lighthouse DownREIT L.P. | ||
Consolidation And Basis Of Presentation | ||
General Partners' ownership (as a percent) | 63.60% | |
UDR Lighthouse DownREIT L.P. | ||
Consolidation And Basis Of Presentation | ||
Operating Partnership outstanding units | 32.4 | |
Non-affiliated Partners | ||
Consolidation And Basis Of Presentation | ||
Operating Partnership units outstanding related to limited partner | 9.8 | |
Operating Partnership outstanding units | 11.3 | 9.9 |
Percentage of units outstanding in Partnership | 5.30% | 5.30% |
Non-affiliated Partners | UDR Lighthouse DownREIT L.P. | ||
Consolidation And Basis Of Presentation | ||
Operating Partnership outstanding units | 11.8 | |
Percentage of units outstanding in Partnership | 34.90% | 36.40% |
UDR, Inc. | ||
Consolidation And Basis Of Presentation | ||
General Partners' ownership (as a percent) | 65.10% | |
Operating Partnership outstanding units | 21.1 | 20.6 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies | |||||
Gain on extinguishment of debt | $ (42,336) | $ (49,190) | |||
Note receivable interest income | $ 3,500 | 5,300 | 9,100 | ||
Interest income, related party | 0 | 0 | $ 0 | ||
Allocation of other comprehensive income/(loss) | 886 | 374 | |||
Current income tax expense (benefit) | 0 | ||||
Development Costs Excluding Direct Costs and Capitalized Interest | 17,900 | 11,300 | 12,000 | ||
Capitalized interest during period | 13,400 | 9,700 | 7,000 | ||
Net deferred tax assets/(liabilities) | $ (800) | (800) | |||
Minimum Period of Time Units Have Been Outstanding Prior to Redemption | 1 year | ||||
Unrecognized tax benefit, accrued interest or penalties due to examination | $ 0 | ||||
Advertising expense | 8,700 | 8,300 | 7,900 | ||
Credit losses | 100 | (600) | |||
Adjustment to rental income | 6,000 | 100 | |||
Adjustment to income (loss) | $ 500 | 100 | |||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 10% | ||||
Minimum | Joint Venture and Partnership Investment | |||||
Significant Accounting Policies | |||||
Ownership (as a percent) | 100% | ||||
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 May 2022, One | |||||
Significant Accounting Policies | |||||
Gain on extinguishment of debt | $ 100 | ||||
Note due January 2023 | |||||
Significant Accounting Policies | |||||
Aggregate commitment on note receivable | $ 25,400 | ||||
Multifamily tenant lease | |||||
Significant Accounting Policies | |||||
Allowance for lease receivables | 8,700 | 13,200 | |||
Retail tenant lease | |||||
Significant Accounting Policies | |||||
Allowance for lease receivables | 4,300 | 6,100 | |||
Straight-line lease | |||||
Significant Accounting Policies | |||||
Allowance for lease receivables | 3,200 | 4,000 | |||
Noncontrollings Interest | |||||
Significant Accounting Policies | |||||
Allocation of other comprehensive income/(loss) | $ 900 | $ 400 | $ 100 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Notes Receivables (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 USD ($) home item | Jul. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) home item | Dec. 31, 2022 USD ($) item | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 30, 2021 USD ($) | |
Accounting Policies [Line Items] | |||||||
Notes receivable | $ 54,982 | $ 26,995 | |||||
Allowance for credit losses | (275) | (135) | |||||
Notes receivable, net | 54,707 | 26,860 | |||||
Total real estate, net | 9,807,571 | 9,603,707 | |||||
Unpaid accrued interest | 46,671 | 45,980 | |||||
Home Community, Riverside, California | |||||||
Accounting Policies [Line Items] | |||||||
Payment to acquire real estate | $ 29,000 | ||||||
Bellevue, WA 259 Home Community | |||||||
Accounting Policies [Line Items] | |||||||
Aggregate Commitment on Note Receivable | $ 115,000 | ||||||
Payment to acquire real estate | $ 171,900 | ||||||
Note due May 2022 | |||||||
Accounting Policies [Line Items] | |||||||
Notes receivable | 2,760 | ||||||
Aggregate Commitment on Note Receivable | $ 2,800 | ||||||
Note due May 2022, One | |||||||
Accounting Policies [Line Items] | |||||||
Notes receivable | $ 20,000 | ||||||
Total real estate, net | $ 25,000 | ||||||
Note due January 2023 | |||||||
Accounting Policies [Line Items] | |||||||
Aggregate Commitment on Note Receivable | 25,400 | ||||||
Note due December 2023 | |||||||
Accounting Policies [Line Items] | |||||||
Notes receivable | $ 30,377 | $ 24,235 | |||||
Note Receivable Interest Rate | 10% | ||||||
Aggregate Commitment on Note Receivable | $ 31,400 | ||||||
Note maturity public capital threshold | 5,000 | ||||||
Note Due December 2026. | Home Community, Riverside, California | |||||||
Accounting Policies [Line Items] | |||||||
Notes receivable | $ 17,292 | ||||||
Note Receivable Interest Rate | 11% | ||||||
Number of apartment homes | home | 482 | 482 | |||||
Aggregate commitment funded on note receivable | $ 59,700 | $ 59,700 | $ 17,300 | ||||
Interest payment accrual | 36 months | ||||||
Number of extension options | item | 2 | ||||||
Term of notes receivable extension options | 1 year | ||||||
Note Due December 2026. | Home Community, Menifee, California | |||||||
Accounting Policies [Line Items] | |||||||
Number of apartment homes | home | 237 | 237 | |||||
Aggregate Commitment on Note Receivable | $ 24,400 | $ 24,400 | |||||
Aggregate commitment funded on note receivable | $ 5,800 | ||||||
Interest payment accrual | 36 months | ||||||
Number of extension options | item | 2 | 2 | |||||
Term of notes receivable extension options | 1 year | ||||||
Note Due December 2026 | Home Community, Menifee, California | |||||||
Accounting Policies [Line Items] | |||||||
Notes receivable | $ 5,813 | ||||||
Note Receivable Interest Rate | 11% | ||||||
Note Due June 2027 | |||||||
Accounting Policies [Line Items] | |||||||
Notes receivable | $ 1,500 | ||||||
Note Receivable Interest Rate | 18% | ||||||
Total revolving credit facility | $ 16,000 | $ 16,000 | |||||
Company's share of the facility funded during the period | $ 1,500 |
REAL ESTATE OWNED - Summarizes
REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate owned | ||
Land | $ 2,539,499 | $ 2,342,385 |
Depreciable property - held and used: | ||
Land improvements | 254,578 | 241,905 |
Building, improvements, and furniture, fixtures and equipment | 12,521,838 | 11,717,931 |
Real estate intangible assets | 50,013 | 50,013 |
Under development: | ||
Real estate under development | 189,809 | 388,062 |
Real estate owned | 15,570,072 | 14,740,803 |
Accumulated depreciation | (5,762,501) | (5,137,096) |
Total real estate owned, net of accumulated depreciation | 9,807,571 | 9,603,707 |
Accumulated amortization | 13,100 | 8,800 |
Land and land improvements | ||
Under development: | ||
Real estate under development | 43,711 | 74,399 |
Building, improvements and furniture, fixtures and equipment | ||
Under development: | ||
Real estate under development | 146,394 | $ 314,170 |
Real estate assets held for sale | $ 14,039 |
REAL ESTATE OWNED - Additional
REAL ESTATE OWNED - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2023 USD ($) | Nov. 30, 2022 USD ($) home | Jun. 30, 2022 USD ($) home item | Apr. 30, 2022 USD ($) | Nov. 30, 2021 USD ($) home | Oct. 31, 2021 USD ($) home $ / shares shares | Sep. 30, 2021 USD ($) home | Aug. 31, 2021 USD ($) home | Jul. 31, 2021 USD ($) home | Jun. 30, 2021 USD ($) home | May 31, 2021 USD ($) home | Apr. 30, 2021 USD ($) home | Feb. 28, 2021 USD ($) home | Jan. 31, 2021 USD ($) home | Oct. 31, 2020 USD ($) home | May 31, 2020 USD ($) home | Dec. 31, 2022 USD ($) state community home | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 31, 2022 USD ($) home | |
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of real estate properties | community | 165 | |||||||||||||||||||
Number of states in which there are owned and consolidated communities | state | 13 | |||||||||||||||||||
Number of apartment homes owned and consolidated | home | 54,999 | |||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 25,494 | $ 136,052 | $ 119,277 | |||||||||||||||||
Total real estate, net | 9,807,571 | 9,603,707 | ||||||||||||||||||
In-place intangibles | 50,013 | 50,013 | ||||||||||||||||||
Investment in unconsolidated entities | 746,994 | 696,376 | ||||||||||||||||||
Long-term Debt | $ 5,476,281 | |||||||||||||||||||
Number of communities under development | community | 3 | |||||||||||||||||||
Number of homes under development | home | 715 | |||||||||||||||||||
Number of Homes Completed | home | 161 | |||||||||||||||||||
Investment | $ 190,100 | |||||||||||||||||||
Home Community, Riverside, California | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Real estate acquired | $ 28,200 | |||||||||||||||||||
In-place intangibles | $ 800 | |||||||||||||||||||
Number of acquired operating retail components | item | 2 | |||||||||||||||||||
Payment to acquire real estate | $ 29,000 | |||||||||||||||||||
Retail Component of Development Community Located in Washington D.C. | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Proceeds from sale of real estate | $ 14,400 | |||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 100 | |||||||||||||||||||
386 Home Operating Community In Anaheim | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes sold | home | 386 | |||||||||||||||||||
Proceeds from sale of real estate | $ 156,000 | |||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 50,800 | |||||||||||||||||||
Operating Community 265 Homes in Anaheim | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes sold | home | 265 | |||||||||||||||||||
Proceeds from sale of real estate | $ 126,000 | |||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 85,200 | |||||||||||||||||||
Note due February 2021 | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Proceeds from secured notes receivable | $ 4,000 | |||||||||||||||||||
Note due May 2022, One | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Total real estate, net | $ 25,000 | |||||||||||||||||||
Preferred Equity Investment Meetinghouse Portland, OR | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes | home | 232 | |||||||||||||||||||
Investment in unconsolidated entities | $ 11,600 | |||||||||||||||||||
Home Operating Community, Danvers | Operating Community | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 433 | |||||||||||||||||||
Real estate acquired | $ 203,700 | |||||||||||||||||||
In-place intangibles | 3,800 | |||||||||||||||||||
Payment to acquire real estate | $ 207,500 | |||||||||||||||||||
300 Home Operating Community in Franklin | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 300 | |||||||||||||||||||
Real estate acquired | $ 82,000 | |||||||||||||||||||
In-place intangibles | 2,000 | |||||||||||||||||||
Unamortized net premium | 6,600 | |||||||||||||||||||
Payment to acquire real estate | 77,400 | |||||||||||||||||||
Long-term Debt | $ 51,800 | |||||||||||||||||||
636 Home Operating Community in Farmers Branch, Texas | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 636 | |||||||||||||||||||
Real estate acquired | $ 111,500 | |||||||||||||||||||
In-place intangibles | 3,000 | |||||||||||||||||||
Unamortized net premium | 4,300 | |||||||||||||||||||
Payment to acquire real estate | 110,200 | |||||||||||||||||||
Long-term Debt | $ 42,000 | |||||||||||||||||||
945 Home Operating Community in Frisco, Texas | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 945 | |||||||||||||||||||
Real estate acquired | $ 169,900 | |||||||||||||||||||
In-place intangibles | 4,100 | |||||||||||||||||||
Unamortized net premium | 7,100 | |||||||||||||||||||
Payment to acquire real estate | 166,900 | |||||||||||||||||||
Long-term Debt | 89,500 | |||||||||||||||||||
Bellevue, WA 259 Home Community | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 259 | |||||||||||||||||||
Real estate acquired | $ 169,100 | |||||||||||||||||||
In-place intangibles | 2,800 | |||||||||||||||||||
Payment to acquire real estate | $ 171,900 | |||||||||||||||||||
468 Home Operating Community in Germantown, Maryland | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 468 | |||||||||||||||||||
Real estate acquired | $ 119,300 | |||||||||||||||||||
In-place intangibles | 2,600 | |||||||||||||||||||
Payment to acquire real estate | $ 121,900 | |||||||||||||||||||
Operating Community 544 Apartment Home Germantown Maryland [Member] | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 544 | |||||||||||||||||||
Real estate acquired | $ 124,400 | |||||||||||||||||||
In-place intangibles | 2,800 | |||||||||||||||||||
Payment to acquire real estate | $ 127,200 | |||||||||||||||||||
Operating Community 330 Apartment Home Orlando Florida [Member] | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 330 | |||||||||||||||||||
Gain or loss on consolidation | $ 0 | |||||||||||||||||||
Real estate acquired | 103,600 | |||||||||||||||||||
In-place intangibles | 2,400 | |||||||||||||||||||
Payment to acquire real estate | $ 106,000 | |||||||||||||||||||
Number of community issued (in shares) | shares | 0.9 | |||||||||||||||||||
Number of valued (per unit) | $ / shares | $ 53 | |||||||||||||||||||
Number of valued | $ 47,900 | |||||||||||||||||||
Repayment of construction loan | $ 39,600 | |||||||||||||||||||
Investment in unconsolidated entities | $ 16,400 | |||||||||||||||||||
Operating Community 330 Apartment Home Orlando Florida [Member] | UDR/MetLife operating communities | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Ownership (as a percent) | 100% | |||||||||||||||||||
Operating Community 663 Apartment Home Orlando Florida | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 663 | |||||||||||||||||||
Real estate acquired | $ 174,100 | |||||||||||||||||||
In-place intangibles | 3,700 | |||||||||||||||||||
Payment to acquire real estate | $ 177,800 | |||||||||||||||||||
430 Home Operating Community in Towson, Maryland | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 430 | |||||||||||||||||||
Real estate acquired | $ 122,600 | |||||||||||||||||||
In-place intangibles | 2,700 | |||||||||||||||||||
Payment to acquire real estate | $ 125,300 | |||||||||||||||||||
Operating community in Philadelphia, PA | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 339 | |||||||||||||||||||
Real estate acquired | $ 136,700 | |||||||||||||||||||
In-place intangibles | 3,200 | |||||||||||||||||||
Payment to acquire real estate | 147,000 | |||||||||||||||||||
Real estate intangibles | $ 7,100 | |||||||||||||||||||
332 Home Operating Community in Alexandria, Virginia | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes sold | home | 332 | |||||||||||||||||||
Proceeds from sale of real estate | $ 145,000 | |||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 58,000 | |||||||||||||||||||
71 Home Operating Community in Bellevue | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of 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 | ||||||||||||||||||||
Number of apartment homes sold | home | 196 | |||||||||||||||||||
Proceeds from sale of real estate | $ 92,900 | |||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 31,700 | |||||||||||||||||||
Operating Community in Orange Country California | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes sold | home | 90 | |||||||||||||||||||
Proceeds from sale of real estate | $ 41,500 | |||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 25,500 | |||||||||||||||||||
To Be Developed Parcel Of Land In Tampa, Florida | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Payment to acquire real estate | $ 16,000 | $ 6,600 | ||||||||||||||||||
Operating Community In Towson Maryland | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 192 | |||||||||||||||||||
Real estate acquired | $ 54,000 | |||||||||||||||||||
In-place intangibles | 1,200 | |||||||||||||||||||
Payment to acquire real estate | 57,600 | |||||||||||||||||||
Real estate intangibles | $ 2,400 | |||||||||||||||||||
Operating Community In King Of Prussia Pennsylvania | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of apartment homes acquired | home | 320 | |||||||||||||||||||
Real estate acquired | $ 113,800 | |||||||||||||||||||
In-place intangibles | 2,400 | |||||||||||||||||||
Payment to acquire real estate | $ 116,200 | |||||||||||||||||||
Land Contiguous To Be Developed, Dallas, Texas | ||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||
Number of parcels of lands acquired | item | 3 | |||||||||||||||||||
Acquisition of real estate assets | $ 90,200 |
REAL ESTATE OWNED - Amortizatio
REAL ESTATE OWNED - Amortization of intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets, net | ||
Balance as of December 31, 2022 | $ 40,307 | |
2023 | 4,827 | |
2024 | 4,622 | |
2025 | 4,441 | |
2026 | 4,199 | |
2027 | 3,996 | |
Thereafter | 18,222 | |
Accumulated depreciation | 5,762,205 | $ 5,136,589 |
Real estate | ||
Intangible assets, net | ||
Balance as of December 31, 2022 | 36,932 | |
2023 | 4,162 | |
2024 | 3,995 | |
2025 | 3,858 | |
2026 | 3,723 | |
2027 | 3,590 | |
Thereafter | 17,604 | |
Accumulated depreciation | 13,100 | |
Amortization expense | 4,300 | 3,000 |
In-place lease | ||
Intangible assets, net | ||
Balance as of December 31, 2022 | 3,375 | |
2023 | 665 | |
2024 | 627 | |
2025 | 583 | |
2026 | 476 | |
2027 | 406 | |
Thereafter | 618 | |
Accumulated depreciation | 14,400 | |
Amortization expense | $ 22,500 | $ 20,300 |
JOINT VENTURES AND PARTNERSHI_3
JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) community home property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 31, 2022 USD ($) home | Jun. 30, 2022 USD ($) home | Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) home | |
Schedule of Equity Method Investments [Line Items] | |||||||
Number of real estate properties | community | 165 | ||||||
Investment in unconsolidated entities | $ 746,994 | $ 696,376 | |||||
Income/(loss) from investments | 4,947 | 65,646 | $ 18,844 | ||||
Sold joint ventures and other investments | 3,982 | 7,339 | |||||
Unconsolidated Joint Ventures | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 247,160 | 270,915 | |||||
Income/(loss) from investments | $ (7,604) | (17,785) | (14,127) | ||||
Preferred Equity Investment 1532 Harrison San Francisco, CA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of apartment homes | home | 136 | ||||||
Real estate technology investments RETV I | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Income/(loss) from investments | $ (35,500) | ||||||
Preferred Equity Investment Meetinghouse Portland, OR | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of apartment homes | home | 232 | ||||||
Investment in unconsolidated entities | $ 11,600 | ||||||
Rate | 8.25% | ||||||
Real estate technology investments RET ESG | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 3,000 | ||||||
UDR Commitment | $ 10,000 | ||||||
Preferred Equity Investment Heirloom Portland, OR | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of apartment homes | home | 286 | ||||||
Investment in unconsolidated entities | $ 16,200 | ||||||
Rate | 8.25% | ||||||
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 35,248 | ||||||
Income/(loss) from investments | 5,152 | 2,354 | 3,519 | ||||
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 61,326 | ||||||
Income/(loss) from investments | 11,889 | 6,043 | 5,309 | ||||
Development Community | Preferred Equity Investment 1641 Lincoln Santa Monica CA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 14,865 | 13,183 | |||||
Rate | 12.50% | ||||||
Years to Maturity | 9 months 18 days | ||||||
UDR Commitment | $ 8,800 | ||||||
Income/(loss) from investments | 1,682 | 1,484 | 1,321 | ||||
Development Community | Preferred Equity Investment 1300 Fairmount Philadelphia, PA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 70,501 | 64,780 | |||||
Rate | 8.50% | ||||||
Years to Maturity | 9 months 18 days | ||||||
UDR Commitment | $ 51,393 | ||||||
Income/(loss) from investments | 5,721 | 5,237 | 4,843 | ||||
Development Community | Preferred Equity Investment Modera Lake Merritt, Oakland | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 32,672 | 33,828 | |||||
Rate | 9% | ||||||
Years to Maturity | 1 year 4 months 24 days | ||||||
UDR Commitment | $ 27,250 | ||||||
Income/(loss) from investments | (1,156) | 2,899 | 2,592 | ||||
Development Community | Preferred Equity Investment Thousand Oaks, CA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 24,898 | 22,764 | |||||
Rate | 9% | ||||||
Years to Maturity | 2 years 1 month 6 days | ||||||
UDR Commitment | $ 20,059 | ||||||
Income/(loss) from investments | 2,134 | 1,924 | 763 | ||||
Development Community | Preferred Equity Investment Queens, NY | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 54,880 | 48,210 | |||||
Rate | 13% | ||||||
Years to Maturity | 2 years 6 months | ||||||
UDR Commitment | $ 40,000 | ||||||
Income/(loss) from investments | 6,652 | 5,845 | 2,348 | ||||
Development Community | Preferred Equity Investment Makers Rise, Herndon, VA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 34,059 | 22,828 | |||||
Rate | 9% | ||||||
Years to Maturity | 3 years | ||||||
UDR Commitment | $ 30,208 | ||||||
Income/(loss) from investments | 2,865 | 926 | |||||
Development Community | Preferred Equity Investment 121 at Watters, Allen, TX | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 22,511 | 14,134 | |||||
Rate | 9% | ||||||
Years to Maturity | 3 years 2 months 12 days | ||||||
UDR Commitment | $ 19,843 | ||||||
Income/(loss) from investments | 1,861 | 749 | |||||
Development Community | Preferred Equity Investments and Real Estate Technology Investments | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 499,834 | 425,461 | |||||
Income/(loss) from investments | 12,551 | 79,449 | 25,632 | ||||
Development Community | Preferred Equity Investment Infield Phase I, Kissimmee, FL | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 17,816 | ||||||
Rate | 14% | ||||||
Years to Maturity | 1 year 4 months 24 days | ||||||
UDR Commitment | $ 16,044 | ||||||
Income/(loss) from investments | 1,743 | ||||||
Development Community | Real estate technology investments RETV I | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 16,601 | 71,464 | |||||
UDR Commitment | 18,000 | ||||||
Income/(loss) from investments | (35,507) | 50,795 | 5,143 | ||||
Development Community | Real estate technology investments RETV II | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 11,670 | 8,130 | |||||
UDR Commitment | 18,000 | ||||||
Income/(loss) from investments | (265) | 1,101 | (206) | ||||
Development Community | Real estate technology investments RETV III | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
UDR Commitment | 15,000 | ||||||
Development Community | Preferred Equity Investment Upton Place, Washington, D C | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 56,832 | 29,566 | |||||
Rate | 9.70% | ||||||
Years to Maturity | 4 years 10 months 24 days | ||||||
UDR Commitment | $ 52,163 | ||||||
Income/(loss) from investments | 4,429 | 92 | |||||
Development Community | Preferred Equity Investment Meetinghouse Portland, OR | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 12,134 | ||||||
Rate | 8.25% | ||||||
Years to Maturity | 4 years 2 months 12 days | ||||||
UDR Commitment | $ 11,600 | ||||||
Income/(loss) from investments | 716 | ||||||
Development Community | Real estate technology investments RET ESG | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 2,898 | ||||||
UDR Commitment | 10,000 | ||||||
Income/(loss) from investments | (153) | ||||||
Development Community | Preferred Equity Investment Stabilized Portfolio Member | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of apartment homes | home | 14 | ||||||
Investment in unconsolidated entities | $ 102,705 | $ 102,000 | |||||
Rate | 8% | 8% | |||||
Years to Maturity | 6 years 6 months | ||||||
UDR Commitment | $ 102,000 | ||||||
Income/(loss) from investments | 3,616 | ||||||
Development Community | Preferred Equity Investment Heirloom Portland, OR | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | $ 16,714 | ||||||
Rate | 8.25% | ||||||
Years to Maturity | 4 years 4 months 24 days | ||||||
UDR Commitment | $ 16,185 | ||||||
Income/(loss) from investments | 676 | ||||||
Development Community | Real estate technology investments RET Strategic Fund | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in unconsolidated entities | 8,078 | ||||||
UDR Commitment | 25,000 | ||||||
Income/(loss) from investments | $ 496 | ||||||
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 | $ 20,815 | $ 23,880 | |||||
UDR's Ownership Interest | 50% | 50% | |||||
Income/(loss) from investments | $ (2,027) | $ (2,544) | (2,639) | ||||
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 | $ 174,645 | $ 181,023 | |||||
UDR's Ownership Interest | 50% | 50% | |||||
Income/(loss) from investments | $ 1,245 | $ (3,303) | (1,044) | ||||
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 | $ 51,700 | $ 66,012 | |||||
UDR's Ownership Interest | 50.60% | 50.60% | |||||
Income/(loss) from investments | $ (6,822) | $ (11,938) | $ (10,444) |
JOINT VENTURES AND PARTNERSHI_4
JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2022 USD ($) community | Dec. 31, 2022 USD ($) home | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Nov. 30, 2022 USD ($) | Jul. 31, 2022 USD ($) home | Jun. 30, 2022 USD ($) home | Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) home | |
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 746,994 | $ 696,376 | |||||||
Gain/(loss) on sale of real estate owned | 25,494 | 136,052 | $ 119,277 | ||||||
Deferred fees from the sale of properties | 8,100 | 8,700 | |||||||
Joint venture management and other fees | $ 5,022 | $ 6,102 | $ 5,069 | ||||||
Type of revenue | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | ||||||
Total assets | $ 11,038,470 | $ 10,775,220 | |||||||
Total liabilities | 6,100,325 | 6,001,474 | |||||||
Variable Interest Entity, Primary Beneficiary | |||||||||
Joint Ventures | |||||||||
Total assets | 85,700 | ||||||||
Total liabilities | 100 | ||||||||
Limited Partner | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 0 | ||||||||
Commitment | $ 15,000 | ||||||||
Management Service | |||||||||
Joint Ventures | |||||||||
Joint venture management and other fees | 5,000 | 6,100 | $ 5,100 | ||||||
Unconsolidated Joint Venture UDR Met Life I Partnership | Operating Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 20,815 | $ 23,880 | |||||||
UDR's Ownership Interest | 50% | 50% | |||||||
Number of apartment homes | home | 150 | ||||||||
Unconsolidated Joint Venture UDR MetLife II Partnership | Operating Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 174,645 | $ 181,023 | |||||||
UDR's Ownership Interest | 50% | 50% | |||||||
Number of apartment homes | home | 1,250 | ||||||||
Unconsolidated Joint Venture Other MetLife | Operating Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 51,700 | $ 66,012 | |||||||
UDR's Ownership Interest | 50.60% | 50.60% | |||||||
Number of apartment homes | home | 1,437 | ||||||||
Preferred Equity Investment 1200 Broadway Nashville TN | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 61,326 | ||||||||
Preferred Equity Investment 1641 Lincoln Santa Monica CA | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 14,865 | 13,183 | |||||||
Preferred return (as a percent) | 12.50% | ||||||||
Years to Maturity | 9 months 18 days | ||||||||
Commitment | $ 8,800 | ||||||||
Preferred Equity Investment 1300 Fairmount Philadelphia, PA | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 70,501 | 64,780 | |||||||
Preferred return (as a percent) | 8.50% | ||||||||
Years to Maturity | 9 months 18 days | ||||||||
Commitment | $ 51,393 | ||||||||
Preferred Equity Investment Modera Lake Merritt, Oakland | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 32,672 | 33,828 | |||||||
Preferred return (as a percent) | 9% | ||||||||
Years to Maturity | 1 year 4 months 24 days | ||||||||
Commitment | $ 27,250 | ||||||||
Preferred Equity Investment Thousand Oaks, CA | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 24,898 | 22,764 | |||||||
Preferred return (as a percent) | 9% | ||||||||
Years to Maturity | 2 years 1 month 6 days | ||||||||
Commitment | $ 20,059 | ||||||||
Real estate technology investments RETV I | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 16,601 | 71,464 | |||||||
Commitment | 18,000 | ||||||||
Real estate technology investments RETV II | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 11,670 | 8,130 | |||||||
Commitment | 18,000 | ||||||||
Real estate technology investments RET ESG | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 3,000 | ||||||||
Commitment | $ 10,000 | ||||||||
Real estate technology investments RET ESG | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 2,898 | ||||||||
Commitment | 10,000 | ||||||||
Real estate technology investments RET Strategic Fund | Limited Partner | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 7,500 | ||||||||
Commitment | $ 25,000 | ||||||||
Real estate technology investments RET Strategic Fund | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 8,078 | ||||||||
Commitment | 25,000 | ||||||||
Preferred Equity Investments and Real Estate Technology Investments | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 499,834 | 425,461 | |||||||
Preferred Equity Investment Upton Place, Washington, D C | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 56,832 | 29,566 | |||||||
Preferred return (as a percent) | 9.70% | ||||||||
Years to Maturity | 4 years 10 months 24 days | ||||||||
Commitment | $ 52,163 | ||||||||
Preferred Equity Investment Meetinghouse Portland, OR | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 11,600 | ||||||||
Number of apartment homes | home | 232 | ||||||||
Preferred return (as a percent) | 8.25% | ||||||||
Preferred Equity Investment Meetinghouse Portland, OR | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 12,134 | ||||||||
Preferred return (as a percent) | 8.25% | ||||||||
Years to Maturity | 4 years 2 months 12 days | ||||||||
Commitment | $ 11,600 | ||||||||
Preferred Equity Investment Heirloom Portland, OR | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 16,200 | ||||||||
Number of apartment homes | home | 286 | ||||||||
Preferred return (as a percent) | 8.25% | ||||||||
Preferred Equity Investment Heirloom Portland, OR | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 16,714 | ||||||||
Preferred return (as a percent) | 8.25% | ||||||||
Years to Maturity | 4 years 4 months 24 days | ||||||||
Commitment | $ 16,185 | ||||||||
Preferred Equity Investment Stabilized Portfolio Member | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ 102,705 | $ 102,000 | |||||||
Number of apartment homes | home | 14 | ||||||||
Preferred return (as a percent) | 8% | 8% | |||||||
Years to Maturity | 6 years 6 months | ||||||||
Commitment | $ 102,000 | ||||||||
Preferred Equity Investment 1532 Harrison San Francisco, CA | |||||||||
Joint Ventures | |||||||||
Number of apartment homes | home | 136 | ||||||||
Unpaid balance of defaulted loan | $ 47,200 | ||||||||
Preferred Equity Investment 1532 Harrison San Francisco, CA | Development Community | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | 35,248 | ||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 13th and Market Properties LLC | |||||||||
Joint Ventures | |||||||||
Investment in unconsolidated entities | $ (7,500) | $ (6,100) | |||||||
Preferred Equity Investment Home Operating Community, Nashville Tennessee [Member] | Operating Community | |||||||||
Joint Ventures | |||||||||
Number of communities sold | community | 313 | ||||||||
Equity method investment amount sold | $ 294,000 | ||||||||
Variable participation on the sale of community | $ 10,600 |
JOINT VENTURES AND PARTNERSHI_5
JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | $ 1,517,386 | $ 1,290,767 | $ 1,241,165 | |
Property operating expenses | 250,310 | 218,094 | 201,944 | |
Real estate depreciation and amortization | 665,228 | 606,648 | 608,616 | |
Gain/(loss) on sale of real estate owned | 25,494 | 136,052 | 119,277 | |
Operating income | 250,814 | 267,968 | 249,103 | |
Interest expense | (155,900) | (186,267) | (202,706) | |
Other income/(loss) | (6,933) | 15,085 | 6,274 | |
Net unrealized gain/(loss) on held investments | 49,900 | |||
Net income/(loss) | 92,579 | 160,993 | 68,970 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 9,807,571 | 9,603,707 | ||
Investments, at fair value | 754,446 | 702,461 | ||
Cash and cash equivalents | 1,193 | 967 | 1,409 | $ 8,106 |
Other assets | 197,471 | 216,311 | ||
Total assets | 11,038,470 | 10,775,220 | ||
Accounts payable and accrued liabilities | 153,220 | 136,954 | ||
Total liabilities | 6,100,325 | 6,001,474 | ||
Total equity | 4,098,295 | 3,474,304 | 3,258,591 | $ 3,389,314 |
Real estate technology investments RETV I | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Net unrealized/realized gain/(loss) on held investments | (35,500) | |||
SmartRent, Inc. | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Net unrealized/realized gain/(loss) on held investments | (37,200) | |||
Net unrealized gain/(loss) on held investments | 48,900 | |||
Unconsolidated Joint Venture UDR Met Life I Partnership | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 10,813 | 9,186 | 9,480 | |
Property operating expenses | 5,011 | 4,506 | 4,978 | |
Real estate depreciation and amortization | 6,033 | 5,948 | 5,980 | |
Operating income | (231) | (1,268) | (1,478) | |
Interest expense | (3,068) | (3,068) | (3,075) | |
Net income/(loss) | (3,299) | (4,336) | (4,553) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 102,900 | 108,340 | ||
Cash and cash equivalents | 1,863 | 1,378 | ||
Other assets | 1,464 | 1,804 | ||
Total assets | 106,227 | 111,522 | ||
Third party debt, net | 71,059 | 71,003 | ||
Accounts payable and accrued liabilities | 1,105 | 1,059 | ||
Total liabilities | 72,164 | 72,062 | ||
Total equity | 34,063 | 39,460 | ||
Unconsolidated Joint Venture UDR MetLife II Partnership | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 58,163 | 52,324 | 56,274 | |
Property operating expenses | 25,950 | 24,165 | 21,951 | |
Real estate depreciation and amortization | 18,478 | 19,006 | 18,912 | |
Operating income | 13,735 | 9,153 | 15,411 | |
Interest expense | (10,124) | (11,873) | (15,386) | |
Other income/(loss) | 204 | |||
Net income/(loss) | 3,611 | (2,720) | 229 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 623,994 | 636,674 | ||
Cash and cash equivalents | 6,586 | 5,864 | ||
Other assets | 9,142 | 10,483 | ||
Total assets | 639,722 | 653,021 | ||
Third party debt, net | 334,687 | 336,533 | ||
Accounts payable and accrued liabilities | 7,590 | 7,360 | ||
Total liabilities | 342,277 | 343,893 | ||
Total equity | 297,445 | 309,128 | ||
Unconsolidated Joint Venture Other MetLife | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 61,253 | 52,614 | 57,781 | |
Property operating expenses | 24,301 | 23,090 | 22,870 | |
Real estate depreciation and amortization | 31,069 | 33,532 | 35,454 | |
Operating income | 5,883 | (4,008) | (543) | |
Interest expense | (17,318) | (17,366) | (17,457) | |
Net income/(loss) | (11,435) | (21,374) | (18,000) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 531,058 | 558,680 | ||
Cash and cash equivalents | 7,105 | 5,668 | ||
Other assets | 3,814 | 5,419 | ||
Total assets | 541,977 | 569,767 | ||
Third party debt, net | 452,163 | 453,182 | ||
Accounts payable and accrued liabilities | 5,460 | 5,866 | ||
Total liabilities | 457,623 | 459,048 | ||
Total equity | 84,354 | 110,719 | ||
Preferred Equity Investment West Coast Development JV | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 184 | 8,668 | ||
Property operating expenses | 333 | 4,477 | ||
Real estate depreciation and amortization | 3,338 | |||
Gain/(loss) on sale of real estate owned | 34,757 | |||
Operating income | 34,608 | 853 | ||
Interest expense | (41) | (1,344) | ||
Other income/(loss) | (1,238) | 63 | ||
Net income/(loss) | 33,329 | (428) | ||
Real estate technology investments RETV I | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 42 | 6 | 19 | |
Property operating expenses | 1,596 | 1,445 | 2,382 | |
Operating income | (1,554) | (1,439) | (2,363) | |
Interest expense | (21) | (17) | ||
Net realized gain/(loss) on held investments | 101,954 | 12,341 | ||
Net unrealized gain/(loss) on held investments | (308,202) | 285,155 | 36,151 | |
Net income/(loss) | (207,823) | 296,040 | 33,788 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Investments, at fair value | 96,118 | 405,675 | ||
Cash and cash equivalents | 1,160 | 3,681 | ||
Other assets | 52 | 14 | ||
Total assets | 97,330 | 409,370 | ||
Accounts payable and accrued liabilities | 70 | 90 | ||
Total liabilities | 70 | 90 | ||
Total equity | 97,260 | 409,280 | ||
Total Excluding DCP | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 130,271 | 114,314 | 132,222 | |
Property operating expenses | 56,858 | 53,539 | 56,658 | |
Real estate depreciation and amortization | 55,580 | 58,486 | 63,684 | |
Gain/(loss) on sale of real estate owned | 34,757 | |||
Operating income | 17,833 | 37,046 | 11,880 | |
Interest expense | (30,531) | (32,365) | (37,262) | |
Other income/(loss) | (1,238) | 267 | ||
Net realized gain/(loss) on held investments | 101,954 | 12,341 | ||
Net unrealized gain/(loss) on held investments | (308,202) | 285,155 | 36,151 | |
Net income/(loss) | (218,946) | 300,939 | 11,036 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 1,257,952 | 1,303,694 | ||
Investments, at fair value | 96,118 | 405,675 | ||
Cash and cash equivalents | 16,714 | 16,591 | ||
Other assets | 14,472 | 17,720 | ||
Total assets | 1,385,256 | 1,743,680 | ||
Third party debt, net | 857,909 | 860,718 | ||
Accounts payable and accrued liabilities | 14,225 | 14,375 | ||
Total liabilities | 872,134 | 875,093 | ||
Total equity | 513,122 | 868,587 | ||
Developer Capital Program and Other Investments | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 38,145 | 18,509 | 16,170 | |
Property operating expenses | 23,622 | 15,626 | 5,850 | |
Real estate depreciation and amortization | 20,064 | 8,429 | 3,495 | |
Gain/(loss) on sale of real estate owned | 127,542 | |||
Operating income | 122,001 | (5,546) | 6,825 | |
Interest expense | (16,383) | (11,161) | (3,121) | |
Other income/(loss) | (90) | (623) | 35 | |
Net realized gain/(loss) on held investments | 3,601 | |||
Net unrealized gain/(loss) on held investments | (569) | 16,276 | (10) | |
Net income/(loss) | 108,560 | (1,054) | 3,729 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 1,481,832 | 739,464 | ||
Investments, at fair value | 117,625 | 54,566 | ||
Real estate assets held for sale | 168,668 | |||
Cash and cash equivalents | 22,285 | 6,300 | ||
Other assets | 107,287 | 11,228 | ||
Total assets | 1,729,029 | 980,226 | ||
Third party debt, net | 1,079,420 | 355,200 | ||
Liabilities held for sale | 106,990 | |||
Accounts payable and accrued liabilities | 202,923 | 37,314 | ||
Total liabilities | 1,282,343 | 499,504 | ||
Total equity | 446,686 | 480,722 | ||
Unconsolidated Joint Ventures and Partnerships | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 168,416 | 132,823 | 148,392 | |
Property operating expenses | 80,480 | 69,165 | 62,508 | |
Real estate depreciation and amortization | 75,644 | 66,915 | 67,179 | |
Gain/(loss) on sale of real estate owned | 127,542 | 34,757 | ||
Operating income | 139,834 | 31,500 | 18,705 | |
Interest expense | (46,914) | (43,526) | (40,383) | |
Other income/(loss) | (90) | (1,861) | 302 | |
Net realized gain/(loss) on held investments | 105,555 | 12,341 | ||
Net unrealized gain/(loss) on held investments | (308,771) | 301,431 | 36,141 | |
Net income/(loss) | (110,386) | 299,885 | $ 14,765 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 2,739,784 | 2,043,158 | ||
Investments, at fair value | 213,743 | 460,241 | ||
Real estate assets held for sale | 168,668 | |||
Cash and cash equivalents | 38,999 | 22,891 | ||
Other assets | 121,759 | 28,948 | ||
Total assets | 3,114,285 | 2,723,906 | ||
Third party debt, net | 1,937,329 | 1,215,918 | ||
Liabilities held for sale | 106,990 | |||
Accounts payable and accrued liabilities | 217,148 | 51,689 | ||
Total liabilities | 2,154,477 | 1,374,597 | ||
Total equity | $ 959,808 | $ 1,349,309 |
LEASES - Lessee Future Minimum
LEASES - Lessee Future Minimum Payments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) community | Dec. 31, 2021 USD ($) | |
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 | $ 194,081 | $ 197,463 |
Weighted average remaining lease term | 42 years 7 months 6 days | 43 years 2 months 12 days |
Weighted average discount rate | 5% | 5% |
Future minimum lease payments | ||
Total operating lease liabilities (discounted) | $ 189,238 | $ 192,488 |
Ground Leases | ||
Future minimum lease payments | ||
2023 | 12,442 | |
2024 | 12,442 | |
2025 | 12,442 | |
2026 | 12,442 | |
2027 | 12,442 | |
Thereafter | 417,895 | |
Total future minimum lease payments (undiscounted) | 480,105 | |
Difference between future undiscounted cash flows and discounted cash flows | (290,867) | |
Total operating lease liabilities (discounted) | $ 189,238 |
LEASES - Lessee Expenses (Detai
LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease expense: | |||
Contractual lease expense | $ 100 | $ 300 | $ 300 |
Variable lease expense | 800 | 400 | 200 |
Operating lease right-of-use asset amortization | 3,400 | 3,500 | 3,300 |
Operating lease liabilities amortization | 3,300 | 3,100 | 3,000 |
Ground Leases | |||
Lease expense: | |||
Contractual lease expense | 12,991 | 12,924 | 12,821 |
Variable lease expense | 112 | 78 | 119 |
Ground Leases | Other operating expense | |||
Lease expense: | |||
Total operating lease expense | $ 13,103 | $ 13,002 | $ 12,940 |
LEASES - Lessor (Details)
LEASES - Lessor (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Future minimum lease payments | |||
2023 | $ 26,907 | ||
2024 | 25,232 | ||
2025 | 21,971 | ||
2026 | 19,174 | ||
2027 | 15,214 | ||
Thereafter | 66,864 | ||
Total future minimum payments | 175,362 | ||
Variable lease expense | $ 800 | $ 400 | $ 200 |
Apartment Homes | |||
Lessor leases | |||
Option to extend | true | ||
Apartment Homes | Maximum | |||
Lessor leases | |||
Lease terms | 12 months | ||
Retail and Commercial Spaces | |||
Lessor leases | |||
Option to extend | true | ||
Retail and Commercial Spaces | Minimum | |||
Lessor leases | |||
Lease terms | 5 years | ||
Percentage of lease revenue | 1% | ||
Retail and Commercial Spaces | Maximum | |||
Lessor leases | |||
Lease terms | 15 years | ||
Percentage of lease revenue | 2% |
SECURED AND UNSECURED DEBT, N_3
SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) community | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | |
Secured debt instruments | |||
Total Debt, net | $ 5,487,303 | $ 5,412,787 | |
Long-term Debt | $ 5,476,281 | ||
Weighted average interest rate (as a percent) | 3.17% | ||
Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 6 years 8 months 12 days | ||
3.00% Medium-Term Notes due August 2031 | |||
Secured debt instruments | |||
Long-term Debt | $ 600,000 | ||
Secured Debt | |||
Secured debt instruments | |||
Total Debt, net | $ 1,052,281 | 1,057,380 | |
Long-term Debt | $ 1,032,622 | ||
Weighted average interest rate (as a percent) | 3.40% | ||
Number of Communities Encumbered | community | 15 | ||
Secured Debt | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 5 years 6 months | ||
Unsecured Debt | |||
Secured debt instruments | |||
Total Debt, net | $ 4,435,022 | 4,355,407 | |
Long-term Debt | $ 4,443,659 | ||
Weighted average interest rate (as a percent) | 3.17% | ||
Deferred finance costs, net | $ (24,040) | (27,222) | |
Unsecured Debt | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 6 years 9 months 18 days | ||
Fixed Rate Debt | |||
Secured debt instruments | |||
Long-term Debt | 183,300 | ||
Fixed Rate Debt | Secured Debt | |||
Secured debt instruments | |||
Total Debt, net | $ 1,025,334 | ||
Long-term Debt | 1,005,622 | ||
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | |||
Secured debt instruments | |||
Total Debt, net | 1,005,622 | 1,006,762 | |
Deferred financing costs and other non-cash adjustments | (19,712) | (23,678) | |
Long-term Debt | $ 1,025,334 | 1,030,440 | |
Weighted average interest rate (as a percent) | 3.42% | ||
Number of Communities Encumbered | community | 14 | ||
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 5 years 4 months 24 days | ||
Fixed Rate Debt | Unsecured Debt | Term Loan due January 2027 | |||
Secured debt instruments | |||
Total Debt, net | $ 175,000 | 315,000 | |
Weighted average interest rate (as a percent) | 1.43% | ||
Fixed Rate Debt | Unsecured Debt | Term Loan due January 2027 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 4 years 1 month 6 days | ||
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024 | |||
Secured debt instruments | |||
Total Debt, net | $ 15,644 | $ 15,644 | |
Stated interest rate | 8.50% | 8.50% | |
Weighted average interest rate (as a percent) | 8.50% | ||
Fixed Rate Debt | Unsecured Debt | 8.50% Debentures, Due September 2024 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 1 year 8 months 12 days | ||
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026 | |||
Secured debt instruments | |||
Total Debt, net | $ 300,000 | $ 300,000 | |
Stated interest rate | 2.95% | 2.95% | |
Weighted average interest rate (as a percent) | 2.89% | ||
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 3 years 8 months 12 days | ||
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027 | |||
Secured debt instruments | |||
Total Debt, net | $ 299,683 | $ 299,612 | |
Stated interest rate | 3.50% | 3.50% | |
Unamortized discount | $ 317 | $ 388 | |
Weighted average interest rate (as a percent) | 4.03% | ||
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 4 years 6 months | ||
Fixed Rate Debt | Unsecured Debt | 3.50% Medium-Term Notes Due January 2028 | |||
Secured debt instruments | |||
Total Debt, net | $ 299,402 | $ 299,283 | |
Stated interest rate | 3.50% | 3.50% | |
Unamortized discount | $ 598 | $ 717 | |
Weighted average interest rate (as a percent) | 3.50% | ||
Fixed Rate Debt | Unsecured Debt | 3.50% Medium-Term Notes Due January 2028 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 5 years | ||
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029 | |||
Secured debt instruments | |||
Total Debt, net | $ 299,996 | $ 299,996 | |
Stated interest rate | 4.40% | 4.40% | |
Unamortized discount | $ 4 | $ 4 | |
Weighted average interest rate (as a percent) | 4.27% | ||
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 6 years 1 month 6 days | ||
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030 | |||
Secured debt instruments | |||
Total Debt, net | $ 609,667 | $ 611,040 | |
Stated interest rate | 3.20% | 3.20% | |
Unamortized net premium | $ 9,667 | $ 11,040 | |
Weighted average interest rate (as a percent) | 3.32% | ||
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 7 years | ||
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031 | |||
Secured debt instruments | |||
Total Debt, net | $ 610,304 | $ 611,498 | |
Stated interest rate | 3% | 3% | |
Unamortized discount | $ 10,304 | $ 11,498 | |
Weighted average interest rate (as a percent) | 3.01% | ||
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 8 years 7 months 6 days | ||
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032 | |||
Secured debt instruments | |||
Total Debt, net | $ 399,662 | $ 399,627 | |
Stated interest rate | 2.10% | 2.10% | |
Unamortized discount | $ 338 | $ 373 | |
Weighted average interest rate (as a percent) | 2.10% | ||
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 9 years 7 months 6 days | ||
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033 | |||
Secured debt instruments | |||
Total Debt, net | $ 348,770 | $ 348,649 | |
Stated interest rate | 1.90% | 1.90% | |
Unamortized discount | $ 1,230 | $ 1,351 | |
Weighted average interest rate (as a percent) | 1.90% | ||
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 10 years 2 months 12 days | ||
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033 | |||
Secured debt instruments | |||
Total Debt, net | $ 298,959 | $ 298,860 | |
Stated interest rate | 2.10% | 2.10% | |
Unamortized discount | $ 1,041 | $ 1,140 | |
Weighted average interest rate (as a percent) | 2.10% | ||
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 10 years 6 months | ||
Fixed Rate Debt | Unsecured Debt | 3.10% Medium-Term Notes due November 2034 | |||
Secured debt instruments | |||
Total Debt, net | $ 298,955 | $ 298,867 | |
Stated interest rate | 3.10% | 3.10% | |
Unamortized discount | $ 1,045 | $ 1,133 | |
Weighted average interest rate (as a percent) | 3.13% | ||
Fixed Rate Debt | Unsecured Debt | 3.10% Medium-Term Notes due November 2034 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 11 years 9 months 18 days | ||
Fixed Rate Debt | Unsecured Debt | Other [Member] | |||
Secured debt instruments | |||
Total Debt, net | $ 5 | 7 | |
Variable Rate Debt | Secured Debt | |||
Secured debt instruments | |||
Total Debt, net | 26,947 | ||
Long-term Debt | 27,000 | ||
Variable Rate Debt | Secured Debt | Tax-exempt notes payable | |||
Secured debt instruments | |||
Total Debt, net | 26,947 | 26,940 | |
Long-term Debt | $ 27,000 | 27,000 | |
Weighted average interest rate (as a percent) | 2.76% | ||
Number of Communities Encumbered | community | 1 | ||
Deferred finance costs, net | $ (53) | (60) | |
Variable Rate Debt | Secured Debt | Tax-exempt notes payable | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 9 years 2 months 12 days | ||
Variable Rate Debt | Unsecured Debt | Commercial Paper | |||
Secured debt instruments | |||
Borrowings outstanding | $ 300,000 | 220,000 | |
Weighted average interest rate (as a percent) | 4.70% | ||
Variable Rate Debt | Unsecured Debt | Commercial Paper | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 1 month 6 days | ||
Variable Rate Debt | Unsecured Debt | Unsecured Revolving Credit Facility Due January 2026 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 3 years 1 month 6 days | ||
Variable Rate Debt | Unsecured Debt | Working capital credit facility | |||
Secured debt instruments | |||
Borrowings outstanding | $ 28,015 | 29,546 | |
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility - 2021 | |||
Secured debt instruments | |||
Borrowings outstanding | $ 28,015 | 29,546 | |
Weighted average interest rate (as a percent) | 5.18% | ||
Variable Rate Debt | Unsecured Debt | Working Capital Credit Facility - 2021 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 1 year | ||
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027 | |||
Secured debt instruments | |||
Total Debt, net | $ 175,000 | $ 35,000 | |
Weighted average interest rate (as a percent) | 4.90% | ||
Variable Rate Debt | Unsecured Debt | Term Loan due January 2027 | Weighted Average | |||
Secured debt instruments | |||
Years to maturity | 4 years 1 month 6 days |
SECURED AND UNSECURED DEBT, N_4
SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 USD ($) instrument | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2021 USD ($) instrument | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Gain on extinguishment of debt | $ (42,336) | $ (49,190) | |||
Revolving Credit Facility | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Total revolving credit facility | $ 1,300,000 | ||||
Potential maximum available | $ 2,500,000 | ||||
Number of Extensions of loan | loan | 2 | ||||
Extension period of option on loan | 6 months | ||||
Gain on extinguishment of debt | $ (8,500) | ||||
Revolving credit facility due 2023 | Letter of Credit | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Borrowings outstanding at end of period | $ 2,600 | 2,600 | |||
Borrowings outstanding at end of period | $ 2,600 | 2,600 | |||
Revolving credit facility due 2023 | Unsecured Debt | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Basis points added to to variable rate | 0.855% | ||||
Commitment fee | 0.15% | ||||
Basis points added to to variable rate, adjustment related to SOFR transition | 0.10% | ||||
Revolving credit facility due 2023 | Unsecured Debt | Minimum | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Basis points added to to variable rate | 0.70% | ||||
Commitment fee | 0.10% | ||||
Revolving credit facility due 2023 | Unsecured Debt | Maximum | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Basis points added to to variable rate | 1.40% | ||||
Commitment fee | 0.30% | ||||
Revolving credit facility due 2023 | Revolving Credit Facility | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Total revolving credit facility | $ 1,300,000 | 1,300,000 | |||
Weighted average daily borrowings during the period ended | 3,776 | 13,068 | |||
Maximum daily borrowings during the period ended | $ 205,000 | $ 305,000 | |||
Weighted average interest rate during the period ended | 3.90% | 0.90% | |||
Term Loan due September 2023 | Unsecured Debt | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Basis points added to to variable rate | 0.93% | ||||
Basis points added to to variable rate, adjustment related to SOFR transition | 0.10% | ||||
basis point subtracted from variable rate for Company receiving green building certifications | 0.02% | ||||
Term Loan due September 2023 | Unsecured Debt | Minimum | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Basis points added to to variable rate | 0.75% | ||||
Term Loan due September 2023 | Unsecured Debt | Maximum | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Basis points added to to variable rate | 1.60% | ||||
Term Loan Facility Due January 2027 | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Total revolving credit facility | $ 350,000 | ||||
Term Loan Facility Due July 2025 | Unsecured Debt | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Notional | $ 175,000 | $ 175,000 | |||
Number of interest rate swaps | instrument | 2 | 2 | |||
All-in weighted average interest rate | 1.43% | 1.48% | |||
Working Capital Credit Facility - 2021 | Variable Rate Debt | Unsecured Debt | |||||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||||
Total revolving credit facility | 75,000 | ||||
Borrowings outstanding at end of period | 28,015 | $ 29,546 | |||
Borrowings outstanding at end of period | $ 28,015 | $ 29,546 |
SECURED AND UNSECURED DEBT, N_5
SECURED AND UNSECURED DEBT, NET - Working Capital Credit Facility (Details) - Working capital credit facility - Variable Rate Debt - Unsecured Debt - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||
Total revolving credit facility | $ 75,000 | $ 75,000 | |
Borrowings outstanding at end of period | 28,015 | 29,546 | |
Weighted average daily borrowings during the period ended | 15,080 | 10,473 | |
Maximum daily borrowings during the period ended | $ 55,812 | $ 46,038 | |
Weighted average interest rate during the period ended | 3% | 0.90% | |
Interest rate at end of the period | 5.20% | 0.90% | |
Basis points added to to variable rate | 0.875% | ||
Basis points added to to variable rate, adjustment related to SOFR transition | 0.10% | ||
Minimum | |||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||
Basis points added to to variable rate | 0.70% | ||
Maximum | |||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||
Basis points added to to variable rate | 1.40% |
SECURED AND UNSECURED DEBT, N_6
SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Variable Rate Debt - Unsecured Debt - Commercial Paper - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Unsecured Debt | ||
Total unsecured commercial paper program | $ 700,000 | $ 700,000 |
Borrowings outstanding at end of period | 300,000 | 220,000 |
Weighted average daily borrowings during the period ended | 405,671 | 419,563 |
Maximum daily borrowings during the period ended | $ 700,000 | $ 700,000 |
Weighted average interest rate during the period ended | 2.30% | 0.20% |
Interest rate at end of the period | 4.70% | 0.30% |
SECURED AND UNSECURED DEBT, N_7
SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Aggregate maturities of unsecured debt | ||
2023 | $ 301,242 | |
2024 | 140,406 | |
2025 | 174,793 | |
2026 | 352,744 | |
2027 | 652,860 | |
2028 | 462,310 | |
2029 | 491,986 | |
2030 | 762,010 | |
2031 | 760,930 | |
2032 | 427,000 | |
Thereafter | 950,000 | |
Subtotal | 5,476,281 | |
Non-cash | 11,022 | |
Total | 5,487,303 | $ 5,412,787 |
Interest expense | ||
Aggregate maturities of unsecured debt | ||
Amortization of financing costs | 3,800 | 4,700 |
Fixed Rate Debt | ||
Aggregate maturities of unsecured debt | ||
Subtotal | 183,300 | |
Secured Debt | ||
Aggregate maturities of unsecured debt | ||
2023 | 1,242 | |
2024 | 96,747 | |
2025 | 174,793 | |
2026 | 52,744 | |
2027 | 2,860 | |
2028 | 162,310 | |
2029 | 191,986 | |
2030 | 162,010 | |
2031 | 160,930 | |
2032 | 27,000 | |
Subtotal | 1,032,622 | |
Non-cash | 19,659 | |
Total | 1,052,281 | 1,057,380 |
Secured Debt | Fixed Rate Debt | ||
Aggregate maturities of unsecured debt | ||
2023 | 1,242 | |
2024 | 96,747 | |
2025 | 174,793 | |
2026 | 52,744 | |
2027 | 2,860 | |
2028 | 162,310 | |
2029 | 191,986 | |
2030 | 162,010 | |
2031 | 160,930 | |
Subtotal | 1,005,622 | |
Non-cash | 19,712 | |
Total | 1,025,334 | |
Secured Debt | Variable Rate Debt | ||
Aggregate maturities of unsecured debt | ||
2032 | 27,000 | |
Subtotal | 27,000 | |
Non-cash | (53) | |
Total | 26,947 | |
Unsecured Debt | ||
Aggregate maturities of unsecured debt | ||
2023 | 300,000 | |
2024 | 43,659 | |
2026 | 300,000 | |
2027 | 650,000 | |
2028 | 300,000 | |
2029 | 300,000 | |
2030 | 600,000 | |
2031 | 600,000 | |
2032 | 400,000 | |
Thereafter | 950,000 | |
Subtotal | 4,443,659 | |
Non-cash | (8,637) | |
Total | $ 4,435,022 | $ 4,355,407 |
SECURED AND UNSECURED DEBT, N_8
SECURED AND UNSECURED DEBT, NET - Narrative (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property loan | Dec. 31, 2020 USD ($) | Sep. 30, 2021 USD ($) | Feb. 28, 2021 | |
Secured Debt | |||||
Percentage of secured debt which encumbers real estate owned based upon book value | 11% | ||||
Percentage of secured debt of real estate owned which is unencumbered | 89% | ||||
Long-term Debt | $ 5,476,281 | ||||
Extinguishment of debt costs | $ 40,769 | $ 62,645 | |||
3.00% Medium-Term Notes due August 2031 | |||||
Secured Debt | |||||
Long-term Debt | $ 600,000 | ||||
Interest rate risk | $ 250,000 | ||||
All-in weighted average interest rate | 3.01% | ||||
Unsecured Debt | |||||
Secured Debt | |||||
Long-term Debt | 4,443,659 | ||||
Secured Debt | |||||
Secured Debt | |||||
Long-term Debt | $ 1,032,622 | ||||
Fixed Rate Debt | |||||
Secured Debt | |||||
Number of mortgage loans payable assumed | loan | 3 | ||||
Long-term Debt | $ 183,300 | ||||
Long term debt fair value | $ 201,300 | ||||
Number of operating properties acquired | property | 3 | ||||
Long-term Debt, Weighted Average Interest Rate | 3.93% | ||||
Fixed Rate Debt | Mortgages Notes Payable | Minimum | |||||
Secured Debt | |||||
Notes payable maximum interest rates range | 2.62% | ||||
Fixed Rate Debt | Mortgages Notes Payable | Maximum | |||||
Secured Debt | |||||
Notes payable maximum interest rates range | 4.39% | ||||
Fixed Rate Debt | Unsecured Debt | 2.95% Medium-Term Note due September 2026 | |||||
Secured Debt | |||||
Stated interest rate | 2.95% | 2.95% | |||
Portion of medium term note subject to interest rate swaps | $ 100,000 | ||||
All-in weighted average interest rate | 2.89% | ||||
Fixed Rate Debt | Unsecured Debt | 3.50 Medium-Term Note due July 2027 | |||||
Secured Debt | |||||
Stated interest rate | 3.50% | 3.50% | |||
Portion of medium term note subject to interest rate swaps | $ 200,000 | ||||
All-in weighted average interest rate | 4.03% | ||||
Fixed Rate Debt | Unsecured Debt | 4.40% Medium-Term Notes due January 2029 | |||||
Secured Debt | |||||
Principal outstanding | $ 300,000 | ||||
Stated interest rate | 4.40% | 4.40% | |||
Portion of medium term note subject to interest rate swaps | $ 150,000 | ||||
All-in weighted average interest rate | 4.27% | ||||
Fixed Rate Debt | Unsecured Debt | 3.20% Medium-Term Notes due January 2030 | |||||
Secured Debt | |||||
Stated interest rate | 3.20% | 3.20% | |||
All-in weighted average interest rate | 3.32% | ||||
Unamortized net premium | $ 9,667 | $ 11,040 | |||
Fixed Rate Debt | Unsecured Debt | 3.00% Medium-Term Notes due August 2031 | |||||
Secured Debt | |||||
Stated interest rate | 3% | 3% | |||
Fixed Rate Debt | Unsecured Debt | 2.10% Medium Term Note Due August 2032 | |||||
Secured Debt | |||||
Stated interest rate | 2.10% | 2.10% | |||
Fixed Rate Debt | Unsecured Debt | 2.10% Medium-Term Note due June 2033 | |||||
Secured Debt | |||||
Stated interest rate | 2.10% | 2.10% | |||
Fixed Rate Debt | Unsecured Debt | 3.10% senior unsecured notes due 2034 | |||||
Secured Debt | |||||
All-in weighted average interest rate | 3.13% | ||||
Fixed Rate Debt | Unsecured Debt | 1.90% Medium-Term Notes due March 2033 | |||||
Secured Debt | |||||
Stated interest rate | 1.90% | 1.90% | |||
Fixed Rate Debt | Secured Debt | |||||
Secured Debt | |||||
Long-term Debt | $ 1,005,622 | ||||
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | |||||
Secured Debt | |||||
Long-term Debt | 1,025,334 | $ 1,030,440 | |||
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Interest expense | |||||
Secured Debt | |||||
Amortization of debt discount (Premium) | 4,500 | 3,900 | $ 22,400 | ||
Fixed Rate Debt | Debt Assumed As Part of Acquisition | Mortgages Notes Payable | |||||
Secured Debt | |||||
Unamortized net premium | 22,500 | $ 27,000 | |||
Variable Rate Debt | Secured Debt | |||||
Secured Debt | |||||
Long-term Debt | $ 27,000 | ||||
Variable Rate Debt | Tax-exempt notes payable | Mortgages Notes Payable | |||||
Secured Debt | |||||
Notes payable maximum interest rates range | 2.76% |
INCOME_(LOSS) PER SHARE (Detail
INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2021 | |
Antidilutive securities | ||||||||||
Net income/(loss) | $ 92,579 | $ 160,993 | $ 68,970 | |||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (5,613) | (10,873) | (4,543) | |||||||
Net (income)/loss attributable to noncontrolling interests | (42) | (104) | (161) | |||||||
Net income/(loss) attributable to UDR, Inc. | 86,924 | 150,016 | 64,266 | |||||||
Distributions to preferred stockholders - Series E (Convertible) | (4,412) | (4,229) | (4,230) | |||||||
Net income/(loss) attributable to common stockholders | 82,512 | 145,787 | 60,036 | |||||||
Income/(loss) attributable to common stockholders - diluted | $ 82,512 | $ 145,787 | $ 60,036 | |||||||
Denominator for income/(loss) per share: | ||||||||||
Weighted average common shares outstanding | 321,949,000 | 300,579,000 | 294,808,000 | |||||||
Non-vested restricted stock awards | (278,000) | (253,000) | (263,000) | |||||||
Denominator for basic income/(loss) per share | 321,671,000 | 300,326,000 | 294,545,000 | |||||||
Incremental shares issuable from assumed conversion of unvested LTIP Units, performance units, unvested restricted stock and shares issuable upon settlement of forward sales agreements | 1,029,000 | 1,377,000 | 382,000 | |||||||
Denominator for diluted income/(loss) per share | 322,700,000 | 301,703,000 | 294,927,000 | |||||||
Income/(loss) per weighted average common share - basic | $ 0.26 | $ 0.49 | $ 0.20 | |||||||
Income/(loss) per weighted average common share - diluted | $ 0.26 | $ 0.48 | $ 0.20 | |||||||
Number of shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | |||||||
Aggregate net proceeds | $ 629,552 | $ 899,053 | $ 102,234 | |||||||
Number of shares agreed to repurchase (in shares) | 1,200,000 | |||||||||
Average price of shares to be repurchased (dollar per share) | $ 41.14 | |||||||||
Approximate amount committed for the repurchase of common shares | $ 49,000 | |||||||||
Issuance of common shares through public offering, net | $ 629,552 | $ 899,053 | $ 102,234 | |||||||
OP/DownREIT Units | ||||||||||
Antidilutive securities | ||||||||||
Antidilutive securities | 21,478,000 | 22,418,000 | 22,310,000 | |||||||
Convertible Preferred Stock | ||||||||||
Antidilutive securities | ||||||||||
Antidilutive securities | 2,916,000 | 2,918,000 | 2,950,000 | |||||||
Unvested LTIP Units and unvested restricted stock | ||||||||||
Antidilutive securities | ||||||||||
Antidilutive securities | 1,029,000 | 1,377,000 | 382,000 | |||||||
ATM | ||||||||||
Denominator for income/(loss) per share: | ||||||||||
Number of shares authorized | 20,000,000 | |||||||||
Number of shares sold | 4,400,000 | |||||||||
Net proceeds | $ 630,400 | |||||||||
Aggregate net proceeds | $ 629,600 | |||||||||
Forward price | $ 55.29 | |||||||||
Shares of common stock available for future issuance | 14,000,000 | |||||||||
Shares settled | 11,400,000 | |||||||||
Forward Sales Agreement | ||||||||||
Denominator for income/(loss) per share: | ||||||||||
Commissions paid to sales agents | $ 7,500 | $ 5,400 | $ 6,000 | |||||||
Net proceeds | $ 230,900 | $ 298,500 | $ 399,500 | |||||||
Forward price | $ 52.46 | $ 57.565 | $ 48.33 | $ 42.65 | $ 49.22 | $ 43.51 | $ 57.07 | |||
Shares of common stock available for future issuance | 7,000,000 | 6,100,000 | 7,000,000 | |||||||
Shares settled | 4,400,000 | 6,100,000 | 7,000,000 | 7,000,000 | ||||||
Issuance of common shares through public offering, net | $ 294,800 |
STOCKHOLDERS' EQUITY - Shares R
STOCKHOLDERS' EQUITY - Shares Rollforward (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Repurchase of common shares | (1,200) | ||
Common Stock | |||
Shares issued, beginning of period | 318,150 | 296,612 | 294,588 |
Issuance/(forfeiture) of common and restricted shares, net | 120 | 97 | 104 |
Issuance of common shares through forward sales public offering, net (forward sales agreement) | 11,402 | 19,517 | 2,121 |
Repurchase of common shares | (1,192) | (597) | |
Conversion of Series E Cumulative Convertible shares | 10 | 93 | |
Shares issued, end of period | 328,993 | 318,150 | 296,612 |
8.00% Series E Cumulative Convertible Preferred Stock | |||
Shares issued, beginning of period | 2,695 | 2,695 | 2,781 |
Conversion of Series E Cumulative Convertible shares | (9) | (86) | |
Shares issued, end of period | 2,686 | 2,695 | 2,695 |
Series F | |||
Shares issued, beginning of period | 12,583 | 14,441 | 14,691 |
Forfeiture of Series F shares | (482) | (1,858) | (250) |
Shares issued, end of period | 12,101 | 12,583 | 14,441 |
Series F | Maximum | |||
Forfeiture of Series F shares | (1,900) | ||
United Dominion Reality L.P. | Common Stock | |||
Adjustment for conversion of non-controlling interest of unitholders | 4 | 44 | 3 |
UDR Lighthouse DownREIT L.P. | Common Stock | |||
Adjustment for conversion of non-controlling interest of unitholders | 499 | 1,880 | 300 |
UDR Lighthouse DownREIT L.P. | Series F | |||
Forfeiture of Series F shares | 500 |
STOCKHOLDERS' EQUITY - Other in
STOCKHOLDERS' EQUITY - Other information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2008 | Jul. 31, 2021 | |
Stockholders' equity | |||||||||||
Preferred stock, no par value | $ 0 | $ 0 | $ 0 | ||||||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||
Proceeds from the issuance of common shares through public offering, net | $ 629,552 | $ 899,053 | $ 102,234 | ||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Common distributions declared per share | $ 1.52 | $ 1.45 | $ 1.44 | ||||||||
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 | ||||||||||
Repurchase of common shares | 1,200,000 | ||||||||||
Weighted average price per share | $ 41.14 | ||||||||||
Repurchase of common shares in total consideration | $ 49,028 | $ 19,795 | |||||||||
8.00% Series E Cumulative Convertible Preferred Stock | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock, no par value | $ 0 | $ 0 | 0 | ||||||||
Preferred stock, liquidation preference per share | $ 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 | $ 1.65 | $ 1.57 | $ 1.56 | ||||||||
Preferred Stock, Shares Issued | 2,695,363 | 2,686,308 | 2,695,363 | ||||||||
Series F | |||||||||||
Stockholders' equity | |||||||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||
Share Price | $ 0.0001 | ||||||||||
Preferred stock, value, issued | $ 1,258 | $ 1,210 | $ 1,258 | ||||||||
Preferred Stock, Shares Issued | 12,582,575 | 12,100,514 | 12,582,575 | ||||||||
Common Stock | |||||||||||
Stockholders' equity | |||||||||||
Repurchase of common shares in total consideration | $ 12 | $ 6 | |||||||||
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 | ||||||||||
Shares settled | 11,400,000 | ||||||||||
Forward price | $ 55.29 | ||||||||||
Net proceeds | $ 630,400 | ||||||||||
Proceeds from the issuance of common shares through public offering, net | $ 629,600 | ||||||||||
Shares of common stock available for future issuance | 14,000,000 | ||||||||||
Forward Sales Agreement | |||||||||||
Stockholders' equity | |||||||||||
Shares settled | 4,400,000 | 6,100,000 | 7,000,000 | 7,000,000 | |||||||
Forward price | $ 52.46 | $ 57.565 | $ 48.33 | $ 42.65 | $ 49.22 | $ 43.51 | $ 57.07 | ||||
Net proceeds | $ 230,900 | $ 298,500 | $ 399,500 | ||||||||
Shares of common stock available for future issuance | 7,000,000 | 6,100,000 | 7,000,000 |
EMPLOYEE BENEFIT PLANS - Rollfo
EMPLOYEE BENEFIT PLANS - Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options | ||
Options Exercisable, Number of Options | ||
Granted | 1,225,000 | |
Exercised | 0 | |
Balance, December 31, 2022 | 1,225,000 | |
Options Exercisable, Weighted Average Exercise Price | ||
Granted (in dollars per share) | $ 45.91 | |
Balance, December 31, 2022 (in dollars per share) | $ 45.91 | |
Long Term Incentive Plan | ||
Employee benefits | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 7.3 | |
Options Exercisable, Number of Options | ||
Balance, December 31, 2021 | 420,000 | |
Granted | 397,000 | |
Vested | (326,000) | |
Balance, December 31, 2022 | 491,000 | 420,000 |
Options Exercisable, Weighted Average Exercise Price | ||
Balance, December 31, 2021 (in dollars per share) | $ 41.94 | |
Granted (in dollars per share) | 55.29 | |
Vested (in dollars per share) | 40.51 | |
Balance, December 31, 2022 (in dollars per share) | $ 53.69 | $ 41.94 |
Restricted Stock | ||
Employee benefits | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 5.4 | |
LTIP Units and Restricted Stock, Number Of shares | ||
Balance, December 31, 2021 | 248,000 | |
Granted | 187,000 | |
Vested | (142,000) | |
Forfeited | (20,000) | |
Balance, December 31, 2022 | 273,000 | 248,000 |
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Balance, December 31, 2021 (in dollars per share) | $ 40.30 | |
Granted (in dollars per share) | 51.93 | |
Vested (in dollars per share) | 40.02 | |
Forfeited (in dollars per share) | 45.38 | |
Balance, December 31, 2022 (in dollars per share) | $ 48.77 | $ 40.30 |
Performance Units | ||
Employee benefits | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 11.7 | |
LTIP Units and Restricted Stock, Number Of shares | ||
Exercised | 0 | |
Unvested Performance Units Outstanding | ||
LTIP Units and Restricted Stock, Number Of shares | ||
Balance, December 31, 2021 | 2,962,000 | |
Granted | 1,610,000 | |
Vested | (1,823,000) | |
Balance, December 31, 2022 | 2,749,000 | 2,962,000 |
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Balance, December 31, 2021 (in dollars per share) | $ 42.30 | |
Granted (in dollars per share) | 45.60 | |
Vested (in dollars per share) | 36.85 | |
Balance, December 31, 2022 (in dollars per share) | 44.66 | $ 42.30 |
Performance Units Outstanding | ||
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Balance, December 31, 2021 (in dollars per share) | $ 44.66 | |
Balance, December 31, 2022 (in dollars per share) | $ 44.66 | |
Performance Units Exercisable | ||
Options Exercisable, Number of Options | ||
Vested | 1,823,000 | |
Balance, December 31, 2022 | 1,823,000 | |
Performance Stock Units, Weighted Average Exercise Price | ||
Vested (in dollars per share) | $ 36.85 | |
Balance, December 31, 2022 | $ 36.85 |
EMPLOYEE BENEFIT PLANS - Other
EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options | ||||||
Employee benefits | ||||||
Share-based compensation arrangement by share-based payment award, options, issued | 1,200,000 | |||||
Options exercisable per share of common stock | 1 | |||||
Number of share options exercisable | 1,225,000 | |||||
Stock based compensation expense | $ 700,000 | $ 0 | $ 0 | |||
Unrecognized compensation expense | $ 5,100,000 | |||||
Options exercised | 0 | |||||
Weighted average remaining contractual life | 4 years 8 months 12 days | |||||
Weighted average exercise price | $ 45.91 | |||||
Restricted Stock | ||||||
Employee benefits | ||||||
Share-based compensation arrangement by share-based payment award, options, issued | 6,700,000 | |||||
Total remaining compensation cost related to unvested share options | $ 5,400,000 | |||||
Weighted average remaining contractual life | 2 years 2 months 12 days | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 51.93 | |||||
Stock based compensation expense | $ 6,100,000 | $ 4,100,000 | 5,300,000 | |||
Initial performance period to make adjustments | 1 year | |||||
Restricted Stock | Minimum | ||||||
Employee benefits | ||||||
Vesting period | 3 years | |||||
Restricted Stock | Maximum | ||||||
Employee benefits | ||||||
Vesting period | 4 years | |||||
Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Share-based compensation arrangement by share-based payment award, options, issued | 2,800,000 | |||||
Total remaining compensation cost related to unvested share options | $ 7,300,000 | |||||
Shares available for issuance under plan | 14,400,000 | |||||
Weighted average remaining contractual life | 1 year 8 months 12 days | |||||
Number of share options exercisable | 491,000 | 420,000 | ||||
Stock based compensation expense | $ 9,000,000 | $ 5,900,000 | 10,200,000 | |||
Performance Units | ||||||
Employee benefits | ||||||
Share-based compensation arrangement by share-based payment award, options, issued | 4,600,000 | |||||
Number of operating partnership common unit exercisable from each performance unit | 1 | |||||
Total remaining compensation cost related to unvested share options | $ 11,700,000 | |||||
Exercised | 0 | |||||
Performance Units Outstanding | ||||||
Employee benefits | ||||||
Weighted average remaining contractual life | 3 years 7 months 6 days | |||||
Stock based compensation expense | $ 5,200,000 | $ 11,700,000 | 0 | |||
2022 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 | $ 66.83 | |||||
2022 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 | $ 68.02 | |||||
Volatility factor | 0.33% | |||||
2022 LTIP | Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Vesting percentage | 100% | |||||
FFO as Adjusted Per Share, Value | $ 28.72 | |||||
Share Price | $ 59.90 | |||||
Volatility factor | 0.33% | |||||
Discount rate | 0.041% | |||||
Vesting period | 3 years | |||||
2022 LTIP | Long Term Incentive Plan | First portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 30% | |||||
FFO as Adjusted Per Share, Value | $ 27.04 | |||||
Discount rate | 9.70% | |||||
Vesting period | 1 year | |||||
2022 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Vesting percentage | 50% | |||||
2022 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Vesting percentage | 50% | |||||
2022 LTIP | Long Term Incentive Plan | Second portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 15% | |||||
Vesting period | 3 years | |||||
2022 LTIP | Long Term Incentive Plan | Third portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 55% | |||||
Vesting period | 3 years | |||||
2022 LTIP | Long Term Incentive Plan | Relative component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 31.95 | |||||
Discount rate | 0.041% | |||||
2022 LTIP | Long Term Incentive Plan | Absolute component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 32.85 | |||||
Discount rate | 0.041% | |||||
2022 LTIP | Short Term Incentive Plan | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 51.10 | |||||
Stock based compensation expense | 6,500,000 | |||||
Vesting period | 1 year | |||||
Initial performance period to make adjustments | 1 year | |||||
Unrecognized compensation expense | $ 0 | |||||
2021 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 | $ 40.09 | |||||
2021 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 | $ 39.95 | |||||
Volatility factor | 33% | |||||
2021 LTIP | Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Vesting percentage | 100% | |||||
FFO as Adjusted Per Share, Value | $ 17.71 | |||||
Share Price | $ 36.85 | |||||
Volatility factor | 33% | |||||
Discount rate | 3.90% | |||||
Vesting period | 3 years | |||||
2021 LTIP | Long Term Incentive Plan | First portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 30% | |||||
FFO as Adjusted Per Share, Value | $ 16.69 | |||||
Discount rate | 9.40% | |||||
Vesting period | 1 year | |||||
2021 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Vesting percentage | 50% | |||||
2021 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Vesting percentage | 50% | |||||
2021 LTIP | Long Term Incentive Plan | Second portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 15% | |||||
FFO as Adjusted Per Share, Value | $ 2.67 | |||||
Volatility factor | 27% | |||||
Expected life | 5 years 6 months | |||||
Annualized risk-free rate | 0.49% | |||||
Annual dividend yield | 3.40% | |||||
Discount rate | 9.40% | |||||
Vesting period | 3 years | |||||
2021 LTIP | Long Term Incentive Plan | Third portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 55% | |||||
FFO as Adjusted Per Share, Value | $ 2.85 | |||||
Volatility factor | 26% | |||||
Expected life | 6 years 6 months | |||||
Annualized risk-free rate | 0.57% | |||||
Annual dividend yield | 3.40% | |||||
Discount rate | 3.90% | |||||
Vesting period | 3 years | |||||
2021 LTIP | Long Term Incentive Plan | Relative component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 19.43 | |||||
Discount rate | 3.90% | |||||
2021 LTIP | Long Term Incentive Plan | Absolute component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 19.37 | |||||
Discount rate | 3.90% | |||||
2021 LTIP | Short Term Incentive Plan | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 5.06 | |||||
Volatility factor | 27% | |||||
Expected life | 5 years 6 months | |||||
Annualized risk-free rate | 0.49% | |||||
Annual dividend yield | 3.40% | |||||
Vesting period | 1 year | 1 year | ||||
Initial performance period to make adjustments | 1 year | |||||
Unrecognized compensation expense | $ 0 | |||||
2021 LTIP | Performance Units | ||||||
Employee benefits | ||||||
Volatility factor | 33% | |||||
Expected life | 6 years 6 months | |||||
Annualized risk-free rate | 0.16% | |||||
Annual dividend yield | 3.50% | |||||
2021 LTIP | Performance Units | Relative component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 3.59 | |||||
Discount rate | 3.90% | |||||
2021 LTIP | Performance Units | Absolute component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 3.70 | |||||
Discount rate | 3.90% | |||||
2020 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 | $ 53.94 | |||||
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 | $ 49.35 | |||||
Volatility factor | 16% | |||||
2020 LTIP | Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Vesting percentage | 100% | |||||
FFO as Adjusted Per Share, Value | $ 22.23 | |||||
Share Price | $ 46.12 | |||||
Volatility factor | 16% | |||||
Discount rate | 3.60% | |||||
Vesting period | 3 years | |||||
2020 LTIP | Long Term Incentive Plan | First portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 30% | |||||
FFO as Adjusted Per Share, Value | $ 21.24 | |||||
Discount rate | 7.90% | |||||
Vesting period | 2 years | |||||
2020 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Vesting percentage | 50% | |||||
2020 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Vesting percentage | 50% | |||||
2020 LTIP | Long Term Incentive Plan | Second portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 15% | |||||
Vesting period | 3 years | |||||
2020 LTIP | Long Term Incentive Plan | Third portion of awards | ||||||
Employee benefits | ||||||
Vesting percentage | 55% | |||||
Vesting period | 3 years | |||||
2020 LTIP | Long Term Incentive Plan | Relative component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 26.18 | |||||
Discount rate | 3.60% | |||||
2020 LTIP | Long Term Incentive Plan | Absolute component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 23.98 | |||||
Discount rate | 3.60% | |||||
2020 LTIP | Short Term Incentive Plan | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 40.77 | |||||
Stock based compensation expense | $ 3,100,000 | |||||
Vesting period | 1 year | 1 year | ||||
Initial performance period to make adjustments | 1 year | |||||
Unrecognized compensation expense | $ 0 | |||||
Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Shares reserved for issuance under plan | 35,000,000 | |||||
Profit Sharing Plan | General and administrative expense | ||||||
Employee benefits | ||||||
Aggregate provisions for contributions | $ 1,700,000 | $ 1,400,000 | $ 1,500,000 |
INCOME TAXES - Taxable Distribu
INCOME TAXES - Taxable Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxable Distributions Paid Per Common Share [Abstract] | |||
Ordinary income | $ 1.3329 | $ 0.9798 | $ 1.0320 |
Qualified ordinary income | 0.0001 | 0.0405 | 0.0039 |
Long-term capital gain | 0.1521 | 0.3577 | 0.2974 |
Unrecapture section 1250 gain | 0.0174 | 0.0695 | 0.0892 |
Taxable distributions per common share | $ 1.5025 | $ 1.4475 | $ 1.4225 |
INCOME TAXES - Provision (Detai
INCOME TAXES - Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current | |||
Total current | $ 0 | ||
Deferred | |||
Total income tax provision/(benefit) | 349 | $ 1,439 | $ 2,545 |
TRS | |||
Current | |||
Federal | 2,693 | (148) | |
State | 440 | 1,236 | 1,374 |
Total current | 440 | 3,929 | 1,226 |
Deferred | |||
Federal | (27) | (1,770) | 894 |
State | (16) | (672) | 451 |
Investment tax credit | (48) | (48) | (26) |
Total deferred | (91) | (2,490) | 1,319 |
Total income tax provision/(benefit) | $ 349 | $ 1,439 | $ 2,545 |
INCOME TAXES - Deferred Taxes (
INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | |||
Net deferred tax assets/(liabilities) | $ (800) | $ (800) | |
TRS | |||
Deferred tax assets: | |||
Federal and state tax attributes | 157 | 60 | $ 6 |
Other | 64 | 102 | 147 |
Total deferred tax assets | 221 | 162 | 153 |
Valuation allowance | (33) | (32) | (23) |
Net deferred tax assets | 188 | 130 | 130 |
Deferred tax liabilities: | |||
Book/tax depreciation and basis | (876) | (860) | (638) |
Other investment ventures | (2,665) | ||
Other | (67) | (68) | (67) |
Total deferred tax liabilities | (943) | (928) | (3,370) |
Net deferred tax assets/(liabilities) | $ (755) | $ (798) | $ (3,240) |
INCOME TAXES - Effective Tax Ra
INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. federal corporate income tax rate | 21% | 21% | 21% |
Income tax provision/(benefit) | |||
Total income tax provision/(benefit) | $ 349 | $ 1,439 | $ 2,545 |
TRS | |||
Income tax provision/(benefit) | |||
U.S. federal income tax provision/(benefit) | (109) | 1,058 | 1,240 |
State income tax provision | 914 | 664 | 1,434 |
Other items | (409) | (246) | (165) |
Solar credit amortization | (48) | (48) | (26) |
ITC basis adjustment | 2 | 58 | |
Valuation allowance | 1 | 9 | 4 |
Total income tax provision/(benefit) | $ 349 | $ 1,439 | $ 2,545 |
INCOME TAXES - Other Informatio
INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Carryforwards | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Tax benefit/(provision), net | $ 349 | $ 1,439 | $ 2,545 |
Increase (decrease) in tax benefit | (1,100) | ||
Internal Revenue Service (IRS) | |||
Carryforwards | |||
Net loss carryforwards | 24,600 | ||
State | |||
Carryforwards | |||
Net loss carryforwards | 65,400 | ||
UDR, Inc. | |||
Carryforwards | |||
Unrecognized Tax Benefits | 0 | $ 0 | |
Taxable REIT Subsidiaries | |||
Carryforwards | |||
Increase (decrease) in tax benefit | $ 5,600 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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, at beginning of year | $ 1,299,442 | $ 856,294 | |
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (444,293) | 502,768 | $ (143,741) |
OP Units issued for real estate, net | 48,533 | ||
Conversion of OP Units/DownREIT Units to Common Stock | 44,346 | 99,932 | |
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 5,613 | 10,873 | 4,543 |
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (34,020) | (34,044) | |
Redeemable Long-Term and Short-Term Incentive Plan Units | 56,568 | 14,576 | |
Allocation of other comprehensive income/(loss) | 886 | 374 | |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, at end of year | 839,850 | 1,299,442 | 856,294 |
Net income/(loss) attributable to noncontrolling interests | (42) | (104) | (161) |
Maximum | |||
Redeemable noncontrolling interests in the Operating Partnership | |||
Net income/(loss) attributable to noncontrolling interests | $ (100) | $ (100) | $ (200) |
FAIR VALUE OF DERIVATIVES AND_3
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value | ||
Notes receivable, net | $ 54,707 | $ 26,860 |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 15,270 | 3,279 |
Debt instruments - fair value | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | $ 839,850 | $ 1,299,442 |
Equity Securities | ||
Debt instruments - fair value | ||
Percentage Of illiquidity discount | 15% | 15% |
Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Notes receivable | $ 54,707 | $ 26,860 |
Total assets | 79,684 | 33,369 |
Debt instruments - fair value | ||
Total liabilities | 5,514,231 | 5,443,393 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 839,850 | 1,299,442 |
Carrying (Reported) Amount, Fair Value Disclosure | 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 | 15,270 | 3,279 |
Carrying (Reported) Amount, Fair Value Disclosure | Equity Securities | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Equity securities | 9,707 | 3,230 |
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Notes receivable | 55,514 | 27,372 |
Total assets | 80,491 | 33,881 |
Debt instruments - fair value | ||
Total liabilities | 4,712,688 | 5,508,491 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 839,850 | 1,299,442 |
Estimate of Fair Value, Fair Value Disclosure | 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 | 15,270 | 3,279 |
Estimate of Fair Value, Fair Value Disclosure | Equity Securities | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Equity securities | 9,707 | 3,230 |
Estimate of Fair Value, Fair Value Disclosure | Level 1 | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 9,707 | |
Estimate of Fair Value, Fair Value Disclosure | Level 1 | Equity Securities | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Equity securities | 9,707 | |
Estimate of Fair Value, Fair Value Disclosure | Level 2 | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 15,270 | 3,279 |
Debt instruments - fair value | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 839,850 | 1,299,442 |
Estimate of Fair Value, Fair Value Disclosure | 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 | 15,270 | 3,279 |
Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Notes receivable | 55,514 | 27,372 |
Total assets | 55,514 | 30,602 |
Debt instruments - fair value | ||
Total liabilities | 4,712,688 | 5,508,491 |
Estimate of Fair Value, Fair Value Disclosure | Level 3 | Equity Securities | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Equity securities | 3,230 | |
Unsecured Debt | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 4,131,047 | 4,133,083 |
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 3,448,632 | 4,199,363 |
Unsecured Debt | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 3,448,632 | 4,199,363 |
Unsecured Debt | Commercial Paper | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 300,000 | 220,000 |
Unsecured Debt | Commercial Paper | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 300,000 | 220,000 |
Unsecured Debt | Commercial Paper | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 300,000 | 220,000 |
Unsecured Debt | Working Capital Credit Facility - 2021 | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 28,015 | 29,546 |
Unsecured Debt | Working Capital Credit Facility - 2021 | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 28,015 | 29,546 |
Unsecured Debt | Working Capital Credit Facility - 2021 | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 28,015 | 29,546 |
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 1,028,169 | 1,033,764 |
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 909,041 | 1,032,582 |
Fixed Rate Debt | Secured Debt | Mortgages Notes Payable | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 909,041 | 1,032,582 |
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Carrying (Reported) Amount, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 27,000 | 27,000 |
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 27,000 | 27,000 |
Variable Rate Debt | Secured Debt | Tax-exempt secured notes payable | Estimate of Fair Value, Fair Value Disclosure | Level 3 | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | $ 27,000 | $ 27,000 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands | Dec. 31, 2022 USD ($) instrument | Dec. 31, 2021 USD ($) |
Derivatives | ||
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ 6,100 | |
Designated as Hedging Instrument | Interest rate swap and caps | ||
Derivatives | ||
Number of Interest Rate Derivatives Held | instrument | 3 | |
Notional | $ 194,880 | |
Not Designated as Hedging Instrument | ||
Derivatives | ||
Notional | $ 0 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 15,270 | $ 3,279 |
Interest rate contracts | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 15,270 | $ 3,279 |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Unrealized holding gain/(loss) | $ 14,489 | $ 3,502 | $ (3,382) |
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense | 998 | (1,755) | (4,827) |
Interest rate contracts | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Unrealized holding gain/(loss) | 14,489 | 3,502 | (3,382) |
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense | $ 998 | $ (1,755) | $ (4,827) |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives and hedging activity | |||
Total amount of Interest expense presented on the Consolidated Statements of Operations | $ 155,900 | $ 186,267 | $ 202,706 |
DERIVATIVES AND HEDGING ACTIV_7
DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting derivative assets | ||
Gross Amounts of Recognized Assets | $ 15,270 | $ 3,279 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 15,270 | 3,279 |
Net Amount | $ 15,270 | $ 3,279 |
Offsetting derivative liabilities | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities |
Interest rate contracts | Designated as Hedging Instrument | ||
Offsetting derivative assets | ||
Gross Amounts of Recognized Assets | $ 15,270 | $ 3,279 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets. | Other Assets. |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) community | Nov. 30, 2022 USD ($) | Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) |
Commitments | ||||
Number of communities owned (in communities) | community | 165 | |||
Cost Incurred to Date | $ 259,250 | |||
UDR's Remaining Commitment | $ 254,437 | |||
Wholly owned - under development | ||||
Commitments | ||||
Number of communities owned (in communities) | community | 3 | |||
Cost Incurred to Date | $ 190,105 | |||
UDR's Remaining Commitment | $ 142,395 | |||
Wholly owned - redevelopment | ||||
Commitments | ||||
Number of communities owned (in communities) | community | 6 | |||
Cost Incurred to Date | $ 24,157 | |||
UDR's Remaining Commitment | 57,843 | |||
Real estate technology investments RETV I | ||||
Commitments | ||||
Cost Incurred to Date | 16,601 | |||
UDR's Remaining Commitment | 4,320 | |||
Real estate technology investments RETV II | ||||
Commitments | ||||
Cost Incurred to Date | 11,670 | |||
UDR's Remaining Commitment | 6,300 | |||
Real estate technology investments RETV III | ||||
Commitments | ||||
UDR's Remaining Commitment | 15,000 | |||
Real estate technology investments RET Strategic Fund | ||||
Commitments | ||||
Cost Incurred to Date | 8,078 | |||
UDR's Remaining Commitment | 17,500 | |||
Climate Technology Fund | ||||
Commitments | ||||
Contractual commitment | $ 10,000 | |||
Cost Incurred to Date | 5,741 | $ 5,700 | ||
UDR's Remaining Commitment | 4,079 | |||
RET ESG Technology Fund | ||||
Commitments | ||||
Contractual commitment | $ 10,000 | |||
Cost Incurred to Date | 2,898 | $ 2,900 | ||
UDR's Remaining Commitment | 7,000 | |||
Real Estate Technology Investment | ||||
Commitments | ||||
Contractual commitment | $ 15,000 | |||
Cost Incurred to Date | $ 0 |
REPORTABLE SEGMENTS (Details)
REPORTABLE SEGMENTS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) home segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Segments | ||||
Same store communities | home | 47,360 | |||
Reportable Segments | ||||
Number of reportable segments | segment | 2 | |||
Community Threshold, Percent Occupancy Threshold | 90% | |||
Time to maintain percent occupancy to be considered a community | 3 months | |||
Practical expedient, single lease component | true | |||
Capital expenditures and development | $ 444,009 | $ 346,365 | $ 299,986 | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Rental income | 1,512,364 | 1,284,665 | 1,236,096 | |
Reconciling items: | ||||
Joint venture management and other fees | $ 5,022 | $ 6,102 | $ 5,069 | |
Type of revenue | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | |
Property management | $ (49,152) | $ (38,540) | $ (35,538) | |
Other operating expenses | (17,493) | (21,649) | (22,762) | |
Real estate depreciation and amortization | (665,228) | (606,648) | (608,616) | |
General and administrative | (64,144) | (57,541) | (49,885) | |
Casualty-related (charges)/recoveries, net | (9,733) | (3,748) | (2,131) | |
Other depreciation and amortization | (14,344) | (13,185) | (10,013) | |
Gain/(loss) on sale of real estate owned | 25,494 | 136,052 | 119,277 | |
Income/(loss) from unconsolidated entities | 4,947 | 65,646 | 18,844 | |
Interest expense | (155,900) | (186,267) | (202,706) | |
Interest income and other income/(expense), net | (6,933) | 15,085 | 6,274 | |
Tax (provision)/benefit, net | (349) | (1,439) | (2,545) | |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (5,613) | (10,873) | (4,543) | |
Net (income)/loss attributable to noncontrolling interests | (42) | (104) | (161) | |
Net income/(loss) attributable to UDR, Inc. | 86,924 | 150,016 | 64,266 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 15,570,072 | 14,740,803 | ||
Accumulated depreciation | (5,762,501) | (5,137,096) | ||
Total real estate owned, net of accumulated depreciation | 9,807,571 | 9,603,707 | ||
Reconciling items: | ||||
Cash and cash equivalents | 1,193 | 967 | 1,409 | $ 8,106 |
Restricted cash | 29,001 | 27,451 | 22,762 | $ 25,185 |
Notes receivable, net | 54,707 | 26,860 | ||
Investment in and advances to unconsolidated joint ventures, net | 754,446 | 702,461 | ||
Operating lease right-of-use assets | 194,081 | 197,463 | ||
Other assets | 197,471 | 216,311 | ||
Total consolidated assets | 11,038,470 | 10,775,220 | ||
Same Store Communities Western Region | ||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Lease revenue | 459,179 | 417,450 | 414,705 | |
Other revenue | 12,360 | 10,731 | 12,433 | |
Rental income | 471,539 | 428,181 | 427,138 | |
Reportable apartment home segment NOI | 352,675 | 314,791 | 316,334 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 4,330,820 | 4,264,381 | ||
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 | 271,034 | 253,877 | 246,101 | |
Other revenue | 10,807 | 8,941 | 7,210 | |
Rental income | 281,841 | 262,818 | 253,311 | |
Reportable apartment home segment NOI | 194,926 | 180,693 | 177,206 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 2,882,898 | 2,856,143 | ||
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 | 266,951 | 237,295 | 235,343 | |
Other revenue | 6,082 | 5,180 | 6,106 | |
Rental income | 273,033 | 242,475 | 241,449 | |
Reportable apartment home segment NOI | 178,156 | 149,930 | 153,883 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 3,368,586 | 3,338,497 | ||
Same Store Communities Southeastern Region | ||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Lease revenue | 189,465 | 162,178 | 143,171 | |
Other revenue | 7,907 | 7,124 | 6,037 | |
Rental income | 197,372 | 169,302 | 149,208 | |
Reportable apartment home segment NOI | 135,313 | 112,960 | 99,856 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 1,232,858 | 1,208,183 | ||
Same Store Communities Southwestern Region | ||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Lease revenue | 109,034 | 97,213 | 93,557 | |
Other revenue | 4,184 | 3,932 | 3,599 | |
Rental income | 113,218 | 101,145 | 97,156 | |
Reportable apartment home segment NOI | 71,783 | 63,321 | 59,281 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 928,638 | 900,931 | ||
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 | 169,173 | 77,874 | 65,414 | |
Other revenue | 6,188 | 2,870 | 2,420 | |
Rental income | 175,361 | 80,744 | 67,834 | |
Reportable apartment home segment NOI | 107,539 | 45,430 | 47,142 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 2,826,272 | 2,172,668 | ||
Total Communities | ||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Lease revenue | 1,464,836 | 1,245,887 | 1,198,291 | |
Other revenue | 47,528 | 38,778 | 37,805 | |
Rental income | 1,512,364 | 1,284,665 | 1,236,096 | |
Reportable apartment home segment NOI | $ 1,040,392 | $ 867,125 | $ 853,702 | |
Taxable REIT Subsidiaries | ||||
Reportable Segments | ||||
Management fee (as a percent) | 3.25% |
SCHEDULE III - REAL ESTATE OW_2
SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate and Accumulated Depreciation | |||
Encumbrances | $ 1,052,281 | ||
Initial Costs, Land and Land Improvements | 2,558,077 | ||
Initial Costs, Buildings and Improvements | 8,621,804 | ||
Total Initial Acquisition Costs | 11,179,881 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,390,191 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,837,788 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,732,284 | ||
Total Carrying Value | 15,570,072 | $ 14,740,803 | $ 13,071,472 |
Accumulated Depreciation | 5,762,501 | 5,137,096 | 4,605,366 |
Aggregate cost for federal income tax purposes | 14,900,000 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at beginning of the year | 14,740,803 | 13,071,472 | 12,602,101 |
Real estate acquired (including joint venture consolidation) | 409,263 | 1,513,106 | 413,488 |
Capital expenditures and development | 444,009 | 346,365 | 299,986 |
Real estate sold | (24,003) | (190,140) | (244,103) |
Balance at end of the year | 15,570,072 | 14,740,803 | 13,071,472 |
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at beginning of the year | 5,137,096 | 4,605,366 | 4,131,353 |
Depreciation expense for the year | 634,424 | 584,228 | 560,876 |
Accumulated depreciation on sales | (9,019) | (52,498) | (86,863) |
Balance at end of year | $ 5,762,501 | $ 5,137,096 | $ 4,605,366 |
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 | $ 43,667 | ||
Initial Costs, Buildings and Improvements | 776 | ||
Total Initial Acquisition Costs | 44,443 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 145,662 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 43,711 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 146,394 | ||
Total Carrying Value | 190,105 | ||
Accumulated Depreciation | 296 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 190,105 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 296 | ||
REAL ESTATE UNDER DEVELOPMENT | The MO | |||
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 | 108,328 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,136 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 108,327 | ||
Total Carrying Value | 135,463 | ||
Accumulated Depreciation | 296 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 135,463 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 296 | ||
REAL ESTATE UNDER DEVELOPMENT | Villas at Fiori | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 9,921 | ||
Initial Costs, Buildings and Improvements | 776 | ||
Total Initial Acquisition Costs | 10,697 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,035 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,964 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,768 | ||
Total Carrying Value | 17,732 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 17,732 | ||
REAL ESTATE UNDER DEVELOPMENT | Meridian | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 6,611 | ||
Total Initial Acquisition Costs | 6,611 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,299 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,611 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,299 | ||
Total Carrying Value | 36,910 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 36,910 | ||
LAND | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 172,516 | ||
Initial Costs, Buildings and Improvements | 1,467 | ||
Total Initial Acquisition Costs | 173,983 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 32,035 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 180,262 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,756 | ||
Total Carrying Value | 206,018 | ||
Accumulated Depreciation | 660 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 206,018 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 660 | ||
LAND | Vitruvian Park | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 22,547 | ||
Initial Costs, Buildings and Improvements | 1,467 | ||
Total Initial Acquisition Costs | 24,014 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,937 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,293 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,658 | ||
Total Carrying Value | 34,951 | ||
Accumulated Depreciation | 660 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 34,951 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 660 | ||
LAND | Alameda Point Block 11 | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 25,006 | ||
Total Initial Acquisition Costs | 25,006 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,609 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,006 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,609 | ||
Total Carrying Value | 30,615 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 30,615 | ||
LAND | Newport Village II | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 5,237 | ||
Total Initial Acquisition Costs | 5,237 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,287 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,237 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,287 | ||
Total Carrying Value | 15,524 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 15,524 | ||
LAND | 2727 Turtle Creek | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 90,205 | ||
Total Initial Acquisition Costs | 90,205 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,302 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 90,205 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,302 | ||
Total Carrying Value | 92,507 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 92,507 | ||
LAND | 488 Riverwalk | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 16,053 | ||
Total Initial Acquisition Costs | 16,053 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,817 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,053 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,817 | ||
Total Carrying Value | 17,870 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 17,870 | ||
LAND | 3001 Iowa Ave | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 13,468 | ||
Total Initial Acquisition Costs | 13,468 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,083 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,468 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,083 | ||
Total Carrying Value | 14,551 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 14,551 | ||
HELD FOR DISPOSITION | |||
Real Estate and Accumulated Depreciation | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,039 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,039 | ||
Total Carrying Value | 14,039 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 14,039 | ||
HELD FOR DISPOSITION | The MO - Retail | |||
Real Estate and Accumulated Depreciation | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,039 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,039 | ||
Total Carrying Value | 14,039 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 14,039 | ||
COMMERCIAL | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 9,882 | ||
Initial Costs, Buildings and Improvements | 4,861 | ||
Total Initial Acquisition Costs | 14,743 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,242 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,675 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 27,310 | ||
Total Carrying Value | 44,985 | ||
Accumulated Depreciation | 15,534 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 44,985 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,534 | ||
COMMERCIAL | Brookhaven Shopping Center | |||
Real Estate and Accumulated Depreciation | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,241 | ||
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 | 22,448 | ||
Total Carrying Value | 30,241 | ||
Accumulated Depreciation | 15,354 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 30,241 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,354 | ||
COMMERCIAL | 3001 Iowa Ave Commercial | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 9,882 | ||
Initial Costs, Buildings and Improvements | 4,861 | ||
Total Initial Acquisition Costs | 14,743 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,882 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,862 | ||
Total Carrying Value | 14,744 | ||
Accumulated Depreciation | 180 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 14,744 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 180 | ||
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 | 25,480 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,159 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,889 | ||
Total Carrying Value | 49,048 | ||
Accumulated Depreciation | 6,971 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 49,048 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 6,971 | ||
CORPORATE | Other | |||
Real Estate and Accumulated Depreciation | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,241 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,163 | ||
Total Carrying Value | 21,241 | ||
Accumulated Depreciation | 581 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 21,241 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 581 | ||
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 | 4,239 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,081 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,726 | ||
Total Carrying Value | 27,807 | ||
Accumulated Depreciation | 6,390 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 27,807 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 6,390 | ||
TOTAL COMMERCIAL & CORPORATE | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 12,916 | ||
Initial Costs, Buildings and Improvements | 25,395 | ||
Total Initial Acquisition Costs | 38,311 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,722 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 20,834 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 73,199 | ||
Total Carrying Value | 94,033 | ||
Accumulated Depreciation | 22,505 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 94,033 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 22,505 | ||
TOTAL OPERATING COMMUNITIES | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 1,032,623 | ||
Initial Costs, Land and Land Improvements | 2,328,978 | ||
Initial Costs, Buildings and Improvements | 8,594,166 | ||
Total Initial Acquisition Costs | 10,923,144 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,142,733 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,592,981 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,472,896 | ||
Total Carrying Value | 15,065,877 | ||
Accumulated Depreciation | 5,739,040 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 15,065,877 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 5,739,040 | ||
WEST REGION | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 27,000 | ||
Initial Costs, Land and Land Improvements | 917,381 | ||
Initial Costs, Buildings and Improvements | 2,073,660 | ||
Total Initial Acquisition Costs | 2,991,041 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,732,355 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,012,535 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,710,861 | ||
Total Carrying Value | 4,723,396 | ||
Accumulated Depreciation | 2,047,307 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 4,723,396 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 2,047,307 | ||
ORANGE COUNTY, CA | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 382,651 | ||
Initial Costs, Buildings and Improvements | 271,946 | ||
Total Initial Acquisition Costs | 654,597 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 785,433 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 425,403 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,014,627 | ||
Total Carrying Value | 1,440,030 | ||
Accumulated Depreciation | 607,541 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 1,440,030 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 607,541 | ||
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 | 26,231 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,654 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,591 | ||
Total Carrying Value | 75,245 | ||
Accumulated Depreciation | 42,182 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 75,245 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 42,182 | ||
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 | 110,936 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 117,060 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 203,849 | ||
Total Carrying Value | 320,909 | ||
Accumulated Depreciation | 167,309 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 320,909 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 167,309 | ||
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 | 16,824 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,519 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,846 | ||
Total Carrying Value | 47,365 | ||
Accumulated Depreciation | 29,670 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 47,365 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 29,670 | ||
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 | 4,756 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,141 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,973 | ||
Total Carrying Value | 19,114 | ||
Accumulated Depreciation | 6,524 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 19,114 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 6,524 | ||
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 | 53,501 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 69,464 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 92,635 | ||
Total Carrying Value | 162,099 | ||
Accumulated Depreciation | 72,382 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 162,099 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 72,382 | ||
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 | 49,901 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 61,042 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,711 | ||
Total Carrying Value | 158,753 | ||
Accumulated Depreciation | 66,872 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 158,753 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 66,872 | ||
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 | 40,711 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,391 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,198 | ||
Total Carrying Value | 53,589 | ||
Accumulated Depreciation | 19,638 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 53,589 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,638 | ||
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 | 131,109 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,854 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,255 | ||
Total Carrying Value | 156,109 | ||
Accumulated Depreciation | 72,928 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 156,109 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 72,928 | ||
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 | 72,370 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,797 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,871 | ||
Total Carrying Value | 89,668 | ||
Accumulated Depreciation | 39,174 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 89,668 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 39,174 | ||
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 | 279,094 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78,481 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 278,698 | ||
Total Carrying Value | 357,179 | ||
Accumulated Depreciation | 90,862 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 357,179 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 90,862 | ||
SAN FRANCISCO, CA | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 27,000 | ||
Initial Costs, Land and Land Improvements | 174,525 | ||
Initial Costs, Buildings and Improvements | 480,056 | ||
Total Initial Acquisition Costs | 654,581 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 473,718 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 183,048 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 945,251 | ||
Total Carrying Value | 1,128,299 | ||
Accumulated Depreciation | 510,311 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 1,128,299 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 510,311 | ||
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 | 45,591 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,623 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,407 | ||
Total Carrying Value | 100,030 | ||
Accumulated Depreciation | 52,577 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 100,030 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 52,577 | ||
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 | 11,502 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,481 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,082 | ||
Total Carrying Value | 32,563 | ||
Accumulated Depreciation | 20,938 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 32,563 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 20,938 | ||
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 | 30,277 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,231 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,910 | ||
Total Carrying Value | 61,141 | ||
Accumulated Depreciation | 42,172 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 61,141 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 42,172 | ||
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 | 15,627 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,532 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,235 | ||
Total Carrying Value | 45,767 | ||
Accumulated Depreciation | 28,953 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 45,767 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 28,953 | ||
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 | 10,515 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,025 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,788 | ||
Total Carrying Value | 72,813 | ||
Accumulated Depreciation | 37,683 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 72,813 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 37,683 | ||
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 | 41,554 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,811 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 69,311 | ||
Total Carrying Value | 86,122 | ||
Accumulated Depreciation | 56,314 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 86,122 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 56,314 | ||
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 | 8,867 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,693 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,177 | ||
Total Carrying Value | 31,870 | ||
Accumulated Depreciation | 14,418 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 31,870 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 14,418 | ||
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 | 11,685 | ||
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 | 29,815 | ||
Total Carrying Value | 35,597 | ||
Accumulated Depreciation | 22,422 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 35,597 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 22,422 | ||
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 | 13,847 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,833 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,543 | ||
Total Carrying Value | 128,376 | ||
Accumulated Depreciation | 67,597 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 128,376 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 67,597 | ||
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 | 12,506 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,064 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,551 | ||
Total Carrying Value | 55,615 | ||
Accumulated Depreciation | 37,382 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 55,615 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 37,382 | ||
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 | 22,388 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,693 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,052 | ||
Total Carrying Value | 110,745 | ||
Accumulated Depreciation | 55,485 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 110,745 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 55,485 | ||
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 | 133,685 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,420 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 132,890 | ||
Total Carrying Value | 157,310 | ||
Accumulated Depreciation | 71,366 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 157,310 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 71,366 | ||
SAN FRANCISCO, CA | 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 | 115,674 | ||
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 | 115,674 | ||
Total Carrying Value | 124,596 | ||
Accumulated Depreciation | 1,690 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 124,596 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 1,690 | ||
SAN FRANCISCO, CA | 1532 Harrison | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 19,938 | ||
Initial Costs, Buildings and Improvements | 65,816 | ||
Total Initial Acquisition Costs | 85,754 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,938 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,816 | ||
Total Carrying Value | 85,754 | ||
Accumulated Depreciation | 1,314 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 85,754 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 1,314 | ||
SEATTLE, WA | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 144,136 | ||
Initial Costs, Buildings and Improvements | 897,984 | ||
Total Initial Acquisition Costs | 1,042,120 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 104,269 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 151,148 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 995,241 | ||
Total Carrying Value | 1,146,389 | ||
Accumulated Depreciation | 456,859 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 1,146,389 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 456,859 | ||
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 | 11,118 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,280 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,761 | ||
Total Carrying Value | 20,041 | ||
Accumulated Depreciation | 13,234 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 20,041 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 13,234 | ||
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 | 7,596 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,129 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,049 | ||
Total Carrying Value | 17,178 | ||
Accumulated Depreciation | 11,070 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 17,178 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 11,070 | ||
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 | 10,909 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,234 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,375 | ||
Total Carrying Value | 47,609 | ||
Accumulated Depreciation | 30,940 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 47,609 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 30,940 | ||
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 | 6,048 | ||
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 | 28,163 | ||
Total Carrying Value | 34,534 | ||
Accumulated Depreciation | 19,972 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 34,534 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,972 | ||
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 | 10,838 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,349 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,259 | ||
Total Carrying Value | 48,608 | ||
Accumulated Depreciation | 27,789 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 48,608 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 27,789 | ||
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 | 9,605 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,745 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 98,533 | ||
Total Carrying Value | 120,278 | ||
Accumulated Depreciation | 67,055 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 120,278 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 67,055 | ||
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 | 23,278 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,362 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 92,420 | ||
Total Carrying Value | 122,782 | ||
Accumulated Depreciation | 74,433 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 122,782 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 74,433 | ||
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 | 7,629 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,703 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,457 | ||
Total Carrying Value | 62,160 | ||
Accumulated Depreciation | 33,755 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 62,160 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 33,755 | ||
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 | 1,620 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,488 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,465 | ||
Total Carrying Value | 46,953 | ||
Accumulated Depreciation | 20,508 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 46,953 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 20,508 | ||
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 | 5,075 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,384 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 129,917 | ||
Total Carrying Value | 138,301 | ||
Accumulated Depreciation | 43,738 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 138,301 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 43,738 | ||
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 | 5,793 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,308 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 82,319 | ||
Total Carrying Value | 87,627 | ||
Accumulated Depreciation | 27,893 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 87,627 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 27,893 | ||
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 | 1,507 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,043 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,481 | ||
Total Carrying Value | 70,524 | ||
Accumulated Depreciation | 24,707 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 70,524 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 24,707 | ||
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 | 759 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,229 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 86,537 | ||
Total Carrying Value | 97,766 | ||
Accumulated Depreciation | 32,194 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 97,766 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 32,194 | ||
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 | 545 | ||
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 | 57,388 | ||
Total Carrying Value | 61,111 | ||
Accumulated Depreciation | 16,339 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 61,111 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 16,339 | ||
SEATTLE, WA | Brio | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 21,780 | ||
Initial Costs, Buildings and Improvements | 147,188 | ||
Total Initial Acquisition Costs | 168,968 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,949 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,800 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 149,117 | ||
Total Carrying Value | 170,917 | ||
Accumulated Depreciation | 13,232 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 170,917 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 13,232 | ||
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 | 164,105 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 161,979 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 310,451 | ||
Total Carrying Value | 472,430 | ||
Accumulated Depreciation | 221,358 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 472,430 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 221,358 | ||
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 | 8,102 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,019 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,946 | ||
Total Carrying Value | 33,965 | ||
Accumulated Depreciation | 19,586 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 33,965 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,586 | ||
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 | 10,714 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,081 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 46,898 | ||
Total Carrying Value | 86,979 | ||
Accumulated Depreciation | 32,631 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 86,979 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 32,631 | ||
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 | 47,632 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 51,152 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 147,026 | ||
Total Carrying Value | 198,178 | ||
Accumulated Depreciation | 101,385 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 198,178 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 101,385 | ||
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 | 97,657 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 61,727 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 91,581 | ||
Total Carrying Value | 153,308 | ||
Accumulated Depreciation | 67,756 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 153,308 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 67,756 | ||
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 | 106,977 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,068 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 162,231 | ||
Total Carrying Value | 192,299 | ||
Accumulated Depreciation | 114,704 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 192,299 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 114,704 | ||
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 | 12,816 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,467 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,277 | ||
Total Carrying Value | 23,744 | ||
Accumulated Depreciation | 13,932 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 23,744 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 13,932 | ||
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 | 7,396 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,684 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,788 | ||
Total Carrying Value | 12,472 | ||
Accumulated Depreciation | 7,535 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 12,472 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 7,535 | ||
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 | 20,028 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,857 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,093 | ||
Total Carrying Value | 35,950 | ||
Accumulated Depreciation | 21,818 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 35,950 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 21,818 | ||
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 | 8,405 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,475 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,349 | ||
Total Carrying Value | 14,824 | ||
Accumulated Depreciation | 8,981 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 14,824 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 8,981 | ||
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 | 35,869 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,487 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,624 | ||
Total Carrying Value | 66,111 | ||
Accumulated Depreciation | 39,229 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 66,111 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 39,229 | ||
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 | 13,463 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,700 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,835 | ||
Total Carrying Value | 23,535 | ||
Accumulated Depreciation | 14,098 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 23,535 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 14,098 | ||
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 | 9,000 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,398 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,265 | ||
Total Carrying Value | 15,663 | ||
Accumulated Depreciation | 9,111 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 15,663 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 9,111 | ||
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 | 76,111 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 45,378 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 175,715 | ||
Total Carrying Value | 221,093 | ||
Accumulated Depreciation | 88,994 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 221,093 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 88,994 | ||
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 | 63,847 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,630 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,419 | ||
Total Carrying Value | 81,049 | ||
Accumulated Depreciation | 49,104 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 81,049 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 49,104 | ||
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 | 10,138 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,408 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,990 | ||
Total Carrying Value | 39,398 | ||
Accumulated Depreciation | 24,710 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 39,398 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 24,710 | ||
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 | 2,126 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,340 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 86,306 | ||
Total Carrying Value | 100,646 | ||
Accumulated Depreciation | 15,180 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 100,646 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,180 | ||
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 | 21,742 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,511 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,345 | ||
Total Carrying Value | 122,856 | ||
Accumulated Depreciation | 47,540 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 122,856 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 47,540 | ||
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 | 11,320 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,468 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,259 | ||
Total Carrying Value | 23,727 | ||
Accumulated Depreciation | 15,061 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 23,727 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,061 | ||
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 | 9,867 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,659 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,092 | ||
Total Carrying Value | 30,751 | ||
Accumulated Depreciation | 19,727 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 30,751 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,727 | ||
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 | 555 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,384 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,994 | ||
Total Carrying Value | 68,378 | ||
Accumulated Depreciation | 12,752 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 68,378 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 12,752 | ||
MID-ATLANTIC REGION | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 347,130 | ||
Initial Costs, Land and Land Improvements | 486,688 | ||
Initial Costs, Buildings and Improvements | 2,192,039 | ||
Total Initial Acquisition Costs | 2,678,727 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 672,717 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 563,037 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,788,407 | ||
Total Carrying Value | 3,351,444 | ||
Accumulated Depreciation | 1,304,720 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 3,351,444 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 1,304,720 | ||
METROPOLITAN, D.C. | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 288,530 | ||
Initial Costs, Land and Land Improvements | 408,829 | ||
Initial Costs, Buildings and Improvements | 1,720,723 | ||
Total Initial Acquisition Costs | 2,129,552 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 520,458 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 470,508 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,179,502 | ||
Total Carrying Value | 2,650,010 | ||
Accumulated Depreciation | 1,024,590 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 2,650,010 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 1,024,590 | ||
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 | 18,130 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,682 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,042 | ||
Total Carrying Value | 34,724 | ||
Accumulated Depreciation | 20,914 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 34,724 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 20,914 | ||
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 | 11,483 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,273 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,963 | ||
Total Carrying Value | 22,236 | ||
Accumulated Depreciation | 15,087 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 22,236 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,087 | ||
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 | 17,517 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,912 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,633 | ||
Total Carrying Value | 47,545 | ||
Accumulated Depreciation | 28,184 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 47,545 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 28,184 | ||
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 | 27,018 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,841 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,006 | ||
Total Carrying Value | 46,847 | ||
Accumulated Depreciation | 32,719 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 46,847 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 32,719 | ||
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 | 16,600 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,675 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,623 | ||
Total Carrying Value | 42,298 | ||
Accumulated Depreciation | 28,054 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 42,298 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 28,054 | ||
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 | 37,604 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,967 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,295 | ||
Total Carrying Value | 100,262 | ||
Accumulated Depreciation | 37,095 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 100,262 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 37,095 | ||
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 | 23,383 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,132 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,063 | ||
Total Carrying Value | 73,195 | ||
Accumulated Depreciation | 47,012 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 73,195 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 47,012 | ||
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 | 8,094 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 355 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,870 | ||
Total Carrying Value | 68,225 | ||
Accumulated Depreciation | 45,961 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 68,225 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 45,961 | ||
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 | 19,649 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,005 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 122,457 | ||
Total Carrying Value | 124,462 | ||
Accumulated Depreciation | 84,903 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 124,462 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 84,903 | ||
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 | 10,444 | ||
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 | 77,102 | ||
Total Carrying Value | 98,815 | ||
Accumulated Depreciation | 51,635 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 98,815 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 51,635 | ||
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 | 7,752 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,787 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 105,616 | ||
Total Carrying Value | 111,403 | ||
Accumulated Depreciation | 63,299 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 111,403 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 63,299 | ||
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 | 74,400 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,673 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 62,017 | ||
Total Carrying Value | 87,690 | ||
Accumulated Depreciation | 49,067 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 87,690 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 49,067 | ||
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 | 98,738 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,505 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 98,626 | ||
Total Carrying Value | 130,131 | ||
Accumulated Depreciation | 57,682 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 130,131 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 57,682 | ||
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 | 62,319 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,549 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 62,070 | ||
Total Carrying Value | 69,619 | ||
Accumulated Depreciation | 33,812 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 69,619 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 33,812 | ||
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 | 5,420 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,947 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 73,243 | ||
Total Carrying Value | 83,190 | ||
Accumulated Depreciation | 28,323 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 83,190 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 28,323 | ||
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 | 7,189 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,190 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 118,626 | ||
Total Carrying Value | 146,816 | ||
Accumulated Depreciation | 52,985 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 146,816 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 52,985 | ||
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 | 7,608 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,935 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 114,778 | ||
Total Carrying Value | 130,713 | ||
Accumulated Depreciation | 43,742 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 130,713 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 43,742 | ||
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 | 10,098 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 51,684 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 169,023 | ||
Total Carrying Value | 220,707 | ||
Accumulated Depreciation | 74,960 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 220,707 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 74,960 | ||
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 | 13,171 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,880 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,822 | ||
Total Carrying Value | 111,702 | ||
Accumulated Depreciation | 45,627 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 111,702 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 45,627 | ||
METROPOLITAN, D.C. | Newport Village | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 127,600 | ||
Initial Costs, Land and Land Improvements | 50,046 | ||
Initial Costs, Buildings and Improvements | 177,454 | ||
Total Initial Acquisition Costs | 227,500 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,238 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,866 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 196,872 | ||
Total Carrying Value | 247,738 | ||
Accumulated Depreciation | 90,904 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 247,738 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 90,904 | ||
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 | 3,864 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,860 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 132,031 | ||
Total Carrying Value | 159,891 | ||
Accumulated Depreciation | 29,502 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 159,891 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 29,502 | ||
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 | 2,751 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,732 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 91,398 | ||
Total Carrying Value | 105,130 | ||
Accumulated Depreciation | 18,772 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 105,130 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 18,772 | ||
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 | 1,350 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,684 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 110,525 | ||
Total Carrying Value | 127,209 | ||
Accumulated Depreciation | 15,946 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 127,209 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,946 | ||
METROPOLITAN, D.C. | Seneca Place | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 21,184 | ||
Initial Costs, Buildings and Improvements | 98,173 | ||
Total Initial Acquisition Costs | 119,357 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,669 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,189 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 105,837 | ||
Total Carrying Value | 127,026 | ||
Accumulated Depreciation | 16,205 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 127,026 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 16,205 | ||
METROPOLITAN, D.C. | Canterbury Apartments | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 24,456 | ||
Initial Costs, Buildings and Improvements | 100,011 | ||
Total Initial Acquisition Costs | 124,467 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,969 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,472 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,964 | ||
Total Carrying Value | 132,436 | ||
Accumulated Depreciation | 12,200 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 132,436 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 12,200 | ||
BALTIMORE, MD | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 58,600 | ||
Initial Costs, Land and Land Improvements | 72,736 | ||
Initial Costs, Buildings and Improvements | 410,408 | ||
Total Initial Acquisition Costs | 483,144 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 58,025 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 75,313 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 465,856 | ||
Total Carrying Value | 541,169 | ||
Accumulated Depreciation | 153,273 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 541,169 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 153,273 | ||
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 | 12,566 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,432 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,234 | ||
Total Carrying Value | 41,666 | ||
Accumulated Depreciation | 28,604 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 41,666 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 28,604 | ||
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 | 15,545 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,492 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,393 | ||
Total Carrying Value | 72,885 | ||
Accumulated Depreciation | 41,143 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 72,885 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 41,143 | ||
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 | 3,922 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,076 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,145 | ||
Total Carrying Value | 49,221 | ||
Accumulated Depreciation | 27,374 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 49,221 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 27,374 | ||
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 | 8,006 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,607 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 75,749 | ||
Total Carrying Value | 91,356 | ||
Accumulated Depreciation | 19,775 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 91,356 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,775 | ||
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 | 3,968 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,772 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 82,642 | ||
Total Carrying Value | 95,414 | ||
Accumulated Depreciation | 17,033 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 95,414 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 17,033 | ||
BALTIMORE, MD | 1274 at Towson | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 7,807 | ||
Initial Costs, Buildings and Improvements | 46,238 | ||
Total Initial Acquisition Costs | 54,045 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,390 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,823 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,612 | ||
Total Carrying Value | 57,435 | ||
Accumulated Depreciation | 4,630 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 57,435 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 4,630 | ||
BALTIMORE, MD | Quarters at Towson Town Center | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 16,111 | ||
Initial Costs, Buildings and Improvements | 106,453 | ||
Total Initial Acquisition Costs | 122,564 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,628 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,111 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,081 | ||
Total Carrying Value | 133,192 | ||
Accumulated Depreciation | 14,714 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 133,192 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 14,714 | ||
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 | 94,234 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,216 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 143,049 | ||
Total Carrying Value | 160,265 | ||
Accumulated Depreciation | 126,857 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 160,265 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 126,857 | ||
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 | 32,633 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,735 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,872 | ||
Total Carrying Value | 38,607 | ||
Accumulated Depreciation | 33,213 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 38,607 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 33,213 | ||
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 | 11,834 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,932 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,985 | ||
Total Carrying Value | 26,917 | ||
Accumulated Depreciation | 19,221 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 26,917 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,221 | ||
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 | 12,294 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,465 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,300 | ||
Total Carrying Value | 43,765 | ||
Accumulated Depreciation | 32,375 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 43,765 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 32,375 | ||
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 | 37,473 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,084 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,892 | ||
Total Carrying Value | 50,976 | ||
Accumulated Depreciation | 42,048 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 50,976 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 42,048 | ||
NORTHEAST REGION | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 323,350 | ||
Initial Costs, Land and Land Improvements | 587,049 | ||
Initial Costs, Buildings and Improvements | 2,510,106 | ||
Total Initial Acquisition Costs | 3,097,155 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 910,356 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 604,162 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,403,349 | ||
Total Carrying Value | 4,007,511 | ||
Accumulated Depreciation | 1,265,233 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 4,007,511 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 1,265,233 | ||
BOSTON, MA | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 323,350 | ||
Initial Costs, Land and Land Improvements | 234,940 | ||
Initial Costs, Buildings and Improvements | 1,107,516 | ||
Total Initial Acquisition Costs | 1,342,456 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 659,797 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 248,795 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,753,458 | ||
Total Carrying Value | 2,002,253 | ||
Accumulated Depreciation | 534,773 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 2,002,253 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 534,773 | ||
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 | 29,803 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,773 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 120,532 | ||
Total Carrying Value | 127,305 | ||
Accumulated Depreciation | 70,255 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 127,305 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 70,255 | ||
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 | 7,736 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,490 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 42,154 | ||
Total Carrying Value | 48,644 | ||
Accumulated Depreciation | 26,443 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 48,644 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 26,443 | ||
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 | 17,583 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 20,005 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 106,452 | ||
Total Carrying Value | 126,457 | ||
Accumulated Depreciation | 67,473 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 126,457 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 67,473 | ||
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 | 17,917 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,759 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,294 | ||
Total Carrying Value | 80,053 | ||
Accumulated Depreciation | 44,403 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 80,053 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 44,403 | ||
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 | 205,399 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,854 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 205,129 | ||
Total Carrying Value | 229,983 | ||
Accumulated Depreciation | 81,254 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 229,983 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 81,254 | ||
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 | 331,065 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 44,940 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 319,063 | ||
Total Carrying Value | 364,003 | ||
Accumulated Depreciation | 80,819 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 364,003 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 80,819 | ||
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 | 2,495 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,784 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,440 | ||
Total Carrying Value | 85,224 | ||
Accumulated Depreciation | 17,463 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 85,224 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 17,463 | ||
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 | 23,963 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 34,710 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 249,377 | ||
Total Carrying Value | 284,087 | ||
Accumulated Depreciation | 64,326 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 284,087 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 64,326 | ||
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 | 2,763 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,132 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 115,476 | ||
Total Carrying Value | 132,608 | ||
Accumulated Depreciation | 23,596 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 132,608 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 23,596 | ||
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 | 8,125 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,878 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 123,838 | ||
Total Carrying Value | 141,716 | ||
Accumulated Depreciation | 25,400 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 141,716 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 25,400 | ||
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 | 5,003 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,848 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 75,453 | ||
Total Carrying Value | 88,301 | ||
Accumulated Depreciation | 16,003 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 88,301 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 16,003 | ||
BOSTON, MA | Union Place | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 51,800 | ||
Initial Costs, Land and Land Improvements | 9,902 | ||
Initial Costs, Buildings and Improvements | 72,242 | ||
Total Initial Acquisition Costs | 82,144 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,992 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,946 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 78,190 | ||
Total Carrying Value | 88,136 | ||
Accumulated Depreciation | 10,312 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 88,136 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 10,312 | ||
BOSTON, MA | Bradlee Danvers | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 28,669 | ||
Initial Costs, Buildings and Improvements | 175,114 | ||
Total Initial Acquisition Costs | 203,783 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,953 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,676 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 177,060 | ||
Total Carrying Value | 205,736 | ||
Accumulated Depreciation | 7,026 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 205,736 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 7,026 | ||
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 | 189,575 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 297,369 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,272,559 | ||
Total Carrying Value | 1,569,928 | ||
Accumulated Depreciation | 682,326 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 1,569,928 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 682,326 | ||
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 | 34,167 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,879 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 252,703 | ||
Total Carrying Value | 294,582 | ||
Accumulated Depreciation | 133,654 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 294,582 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 133,654 | ||
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 | 17,009 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,531 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 124,031 | ||
Total Carrying Value | 160,562 | ||
Accumulated Depreciation | 70,621 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 160,562 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 70,621 | ||
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 | 120,038 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 116,094 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 443,274 | ||
Total Carrying Value | 559,368 | ||
Accumulated Depreciation | 261,302 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 559,368 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 261,302 | ||
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 | 14,379 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 58,309 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 279,962 | ||
Total Carrying Value | 338,271 | ||
Accumulated Depreciation | 174,747 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 338,271 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 174,747 | ||
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 | 2,186 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 38,078 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,322 | ||
Total Carrying Value | 133,400 | ||
Accumulated Depreciation | 24,738 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 133,400 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 24,738 | ||
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 | 1,796 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,478 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 77,267 | ||
Total Carrying Value | 83,745 | ||
Accumulated Depreciation | 17,264 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 83,745 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 17,264 | ||
PHILADELPHIA, PA | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 57,799 | ||
Initial Costs, Buildings and Improvements | 316,547 | ||
Total Initial Acquisition Costs | 374,346 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 60,984 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,998 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 377,332 | ||
Total Carrying Value | 435,330 | ||
Accumulated Depreciation | 48,134 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 435,330 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 48,134 | ||
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 | 2,048 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,533 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,930 | ||
Total Carrying Value | 108,463 | ||
Accumulated Depreciation | 25,021 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 108,463 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 25,021 | ||
PHILADELPHIA, PA | The Smith Valley Forge | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 17,853 | ||
Initial Costs, Buildings and Improvements | 95,973 | ||
Total Initial Acquisition Costs | 113,826 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,240 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,861 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,205 | ||
Total Carrying Value | 115,066 | ||
Accumulated Depreciation | 8,880 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 115,066 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 8,880 | ||
PHILADELPHIA, PA | 322 on North Broad | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 12,240 | ||
Initial Costs, Buildings and Improvements | 124,524 | ||
Total Initial Acquisition Costs | 136,764 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,776 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,255 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 133,285 | ||
Total Carrying Value | 145,540 | ||
Accumulated Depreciation | 12,283 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 145,540 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 12,283 | ||
PHILADELPHIA, PA | The George Apartments | |||
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 | 48,920 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,349 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,912 | ||
Total Carrying Value | 66,261 | ||
Accumulated Depreciation | 1,950 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 66,261 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 1,950 | ||
SOUTHEAST REGION | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 144,024 | ||
Initial Costs, Buildings and Improvements | 922,014 | ||
Total Initial Acquisition Costs | 1,066,038 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 455,463 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 192,797 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,328,704 | ||
Total Carrying Value | 1,521,501 | ||
Accumulated Depreciation | 709,632 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 1,521,501 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 709,632 | ||
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 | 151,126 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 88,099 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 564,703 | ||
Total Carrying Value | 652,802 | ||
Accumulated Depreciation | 268,012 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 652,802 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 268,012 | ||
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 | 15,054 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,134 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,806 | ||
Total Carrying Value | 21,940 | ||
Accumulated Depreciation | 15,827 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 21,940 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,827 | ||
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 | 21,263 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,297 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,204 | ||
Total Carrying Value | 25,501 | ||
Accumulated Depreciation | 20,749 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 25,501 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 20,749 | ||
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 | 15,415 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,285 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,172 | ||
Total Carrying Value | 27,457 | ||
Accumulated Depreciation | 20,984 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 27,457 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 20,984 | ||
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 | 14,666 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,635 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,988 | ||
Total Carrying Value | 23,623 | ||
Accumulated Depreciation | 16,801 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 23,623 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 16,801 | ||
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 | 24,590 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,889 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,553 | ||
Total Carrying Value | 55,442 | ||
Accumulated Depreciation | 38,111 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 55,442 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 38,111 | ||
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 | 16,847 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,785 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,789 | ||
Total Carrying Value | 64,574 | ||
Accumulated Depreciation | 41,298 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 64,574 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 41,298 | ||
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 | 24,858 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,005 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,127 | ||
Total Carrying Value | 69,132 | ||
Accumulated Depreciation | 40,741 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 69,132 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 40,741 | ||
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 | 2,786 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,434 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 92,397 | ||
Total Carrying Value | 98,831 | ||
Accumulated Depreciation | 24,996 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 98,831 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 24,996 | ||
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 | 2,160 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,523 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,827 | ||
Total Carrying Value | 50,350 | ||
Accumulated Depreciation | 11,654 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 50,350 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 11,654 | ||
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 | 5,112 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,394 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 77,720 | ||
Total Carrying Value | 88,114 | ||
Accumulated Depreciation | 15,637 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 88,114 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,637 | ||
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 | 8,375 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,718 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,120 | ||
Total Carrying Value | 127,838 | ||
Accumulated Depreciation | 21,214 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 127,838 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 21,214 | ||
ORLANDO, FL | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 47,621 | ||
Initial Costs, Buildings and Improvements | 341,331 | ||
Total Initial Acquisition Costs | 388,952 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 151,657 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,656 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 479,953 | ||
Total Carrying Value | 540,609 | ||
Accumulated Depreciation | 213,742 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 540,609 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 213,742 | ||
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 | 11,621 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,260 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,362 | ||
Total Carrying Value | 17,622 | ||
Accumulated Depreciation | 12,981 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 17,622 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 12,981 | ||
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 | 24,496 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,060 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,045 | ||
Total Carrying Value | 37,105 | ||
Accumulated Depreciation | 31,722 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 37,105 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 31,722 | ||
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 | 20,579 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,633 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,311 | ||
Total Carrying Value | 27,944 | ||
Accumulated Depreciation | 22,814 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 27,944 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 22,814 | ||
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 | 14,550 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,946 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,299 | ||
Total Carrying Value | 25,245 | ||
Accumulated Depreciation | 19,120 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 25,245 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,120 | ||
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 | 15,732 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,644 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,241 | ||
Total Carrying Value | 30,885 | ||
Accumulated Depreciation | 22,407 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 30,885 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 22,407 | ||
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 | 15,297 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,399 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,722 | ||
Total Carrying Value | 26,121 | ||
Accumulated Depreciation | 17,771 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 26,121 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 17,771 | ||
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 | 10,455 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,966 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,269 | ||
Total Carrying Value | 18,235 | ||
Accumulated Depreciation | 12,783 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 18,235 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 12,783 | ||
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 | 8,724 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,680 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,454 | ||
Total Carrying Value | 30,134 | ||
Accumulated Depreciation | 19,847 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 30,134 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,847 | ||
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 | 19,134 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,053 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,633 | ||
Total Carrying Value | 38,686 | ||
Accumulated Depreciation | 23,493 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 38,686 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 23,493 | ||
ORLANDO, FL | Arbors at Maitland Summit | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 15,929 | ||
Initial Costs, Buildings and Improvements | 158,079 | ||
Total Initial Acquisition Costs | 174,008 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,363 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,940 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 168,431 | ||
Total Carrying Value | 184,371 | ||
Accumulated Depreciation | 22,624 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 184,371 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 22,624 | ||
ORLANDO, FL | Essex Luxe | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 9,068 | ||
Initial Costs, Buildings and Improvements | 94,487 | ||
Total Initial Acquisition Costs | 103,555 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 706 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,075 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,186 | ||
Total Carrying Value | 104,261 | ||
Accumulated Depreciation | 8,180 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 104,261 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 8,180 | ||
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 | 131,257 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 26,895 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 207,403 | ||
Total Carrying Value | 234,298 | ||
Accumulated Depreciation | 169,689 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 234,298 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 169,689 | ||
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 | 12,524 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,165 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,374 | ||
Total Carrying Value | 19,539 | ||
Accumulated Depreciation | 15,107 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 19,539 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 15,107 | ||
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 | 17,215 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,877 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 27,391 | ||
Total Carrying Value | 30,268 | ||
Accumulated Depreciation | 20,713 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 30,268 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 20,713 | ||
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 | 41,053 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,043 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,127 | ||
Total Carrying Value | 43,170 | ||
Accumulated Depreciation | 31,283 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 43,170 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 31,283 | ||
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 | 8,700 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,604 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,265 | ||
Total Carrying Value | 14,869 | ||
Accumulated Depreciation | 11,117 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 14,869 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 11,117 | ||
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 | 8,449 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,862 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,067 | ||
Total Carrying Value | 16,929 | ||
Accumulated Depreciation | 12,167 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 16,929 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 12,167 | ||
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 | 10,397 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,620 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,252 | ||
Total Carrying Value | 27,872 | ||
Accumulated Depreciation | 19,750 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 27,872 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 19,750 | ||
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 | 13,329 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,327 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,858 | ||
Total Carrying Value | 41,185 | ||
Accumulated Depreciation | 30,439 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 41,185 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 30,439 | ||
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 | 19,590 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,397 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,069 | ||
Total Carrying Value | 40,466 | ||
Accumulated Depreciation | 29,113 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 40,466 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 29,113 | ||
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 | 21,423 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,147 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 76,645 | ||
Total Carrying Value | 93,792 | ||
Accumulated Depreciation | 58,189 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 93,792 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 58,189 | ||
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 | 21,423 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,147 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 76,645 | ||
Total Carrying Value | 93,792 | ||
Accumulated Depreciation | 58,189 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 93,792 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 58,189 | ||
SOUTHWEST REGION | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 335,143 | ||
Initial Costs, Land and Land Improvements | 193,836 | ||
Initial Costs, Buildings and Improvements | 896,347 | ||
Total Initial Acquisition Costs | 1,090,183 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 371,842 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 220,450 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,241,575 | ||
Total Carrying Value | 1,462,025 | ||
Accumulated Depreciation | 412,148 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 1,462,025 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 412,148 | ||
DALLAS, TX | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 335,143 | ||
Initial Costs, Land and Land Improvements | 154,980 | ||
Initial Costs, Buildings and Improvements | 661,907 | ||
Total Initial Acquisition Costs | 816,887 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 215,438 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 176,738 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 855,587 | ||
Total Carrying Value | 1,032,325 | ||
Accumulated Depreciation | 252,697 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 1,032,325 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 252,697 | ||
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 | 22,898 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 26,447 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,438 | ||
Total Carrying Value | 79,885 | ||
Accumulated Depreciation | 41,315 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 79,885 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 41,315 | ||
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 | 30,307 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,285 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 124,006 | ||
Total Carrying Value | 147,291 | ||
Accumulated Depreciation | 88,321 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 147,291 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 88,321 | ||
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 | 18,527 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,613 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,183 | ||
Total Carrying Value | 51,796 | ||
Accumulated Depreciation | 14,351 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 51,796 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 14,351 | ||
DALLAS, TX | Addison Apts at The Park I | |||
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 | 8,666 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,058 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,065 | ||
Total Carrying Value | 17,123 | ||
Accumulated Depreciation | 4,630 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 17,123 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 4,630 | ||
DALLAS, TX | Addison Apts at The Park II | |||
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 | 2,513 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,458 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,129 | ||
Total Carrying Value | 13,587 | ||
Accumulated Depreciation | 3,785 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 13,587 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 3,785 | ||
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 | 4,483 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,934 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,464 | ||
Total Carrying Value | 63,398 | ||
Accumulated Depreciation | 10,795 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 63,398 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 10,795 | ||
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 | 3,156 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,942 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 59,280 | ||
Total Carrying Value | 66,222 | ||
Accumulated Depreciation | 11,991 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 66,222 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 11,991 | ||
DALLAS, TX | Fiori on Vitruvian Park | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 47,316 | ||
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 | 4,202 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,423 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 82,288 | ||
Total Carrying Value | 90,711 | ||
Accumulated Depreciation | 16,822 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 90,711 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 16,822 | ||
DALLAS, TX | Vitruvian West Phase I | |||
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 | 2,801 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,533 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,959 | ||
Total Carrying Value | 70,492 | ||
Accumulated Depreciation | 13,244 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 70,492 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 13,244 | ||
DALLAS, TX | Vitruvian West Phase II | |||
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 | 39,832 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,649 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,432 | ||
Total Carrying Value | 62,081 | ||
Accumulated Depreciation | 8,019 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 62,081 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 8,019 | ||
DALLAS, TX | Vitruvian West Phase III | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 7,141 | ||
Initial Costs, Buildings and Improvements | 2,754 | ||
Total Initial Acquisition Costs | 9,895 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 63,231 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,342 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,784 | ||
Total Carrying Value | 73,126 | ||
Accumulated Depreciation | 3,202 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 73,126 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 3,202 | ||
DALLAS, TX | The Canal | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 42,000 | ||
Initial Costs, Land and Land Improvements | 12,671 | ||
Initial Costs, Buildings and Improvements | 98,813 | ||
Total Initial Acquisition Costs | 111,484 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,278 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,716 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 102,046 | ||
Total Carrying Value | 114,762 | ||
Accumulated Depreciation | 12,295 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 114,762 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 12,295 | ||
DALLAS, TX | Cool Springs at Frisco Bridges | |||
Real Estate and Accumulated Depreciation | |||
Encumbrances | 89,510 | ||
Initial Costs, Land and Land Improvements | 18,325 | ||
Initial Costs, Buildings and Improvements | 151,982 | ||
Total Initial Acquisition Costs | 170,307 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,544 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,338 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 163,513 | ||
Total Carrying Value | 181,851 | ||
Accumulated Depreciation | 23,927 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 181,851 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 23,927 | ||
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 | 61,020 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,069 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 160,408 | ||
Total Carrying Value | 181,477 | ||
Accumulated Depreciation | 114,835 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 181,477 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 114,835 | ||
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 | 26,292 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,603 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,109 | ||
Total Carrying Value | 43,712 | ||
Accumulated Depreciation | 33,360 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 43,712 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 33,360 | ||
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 | 16,784 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,901 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 71,173 | ||
Total Carrying Value | 76,074 | ||
Accumulated Depreciation | 49,658 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 76,074 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 49,658 | ||
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 | 10,278 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,804 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 27,204 | ||
Total Carrying Value | 33,008 | ||
Accumulated Depreciation | 16,955 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 33,008 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 16,955 | ||
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 | 7,666 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,761 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,922 | ||
Total Carrying Value | 28,683 | ||
Accumulated Depreciation | 14,862 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 28,683 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 14,862 | ||
DENVER, CO | |||
Real Estate and Accumulated Depreciation | |||
Initial Costs, Land and Land Improvements | 22,439 | ||
Initial Costs, Buildings and Improvements | 130,400 | ||
Total Initial Acquisition Costs | 152,839 | ||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 95,384 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,643 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 225,580 | ||
Total Carrying Value | 248,223 | ||
Accumulated Depreciation | 44,616 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 248,223 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 44,616 | ||
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 | 7,793 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,789 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,990 | ||
Total Carrying Value | 146,779 | ||
Accumulated Depreciation | 41,118 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 146,779 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 41,118 | ||
DENVER, CO | 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 | 87,591 | ||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,854 | ||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,590 | ||
Total Carrying Value | 101,444 | ||
Accumulated Depreciation | 3,498 | ||
Reconciliation of the carrying amount of total real estate owned | |||
Balance at end of the year | 101,444 | ||
Reconciliation of total accumulated depreciation for real estate owned | |||
Balance at end of year | 3,498 | ||
Secured Debt | |||
Real Estate and Accumulated Depreciation | |||
Deferred Financing Costs and Other Non-Cash Adjustments | $ 19,658 |