Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Entity information | |||
Entity Registrant Name | UDR, Inc. | ||
Entity Central Index Key | 74,208 | ||
Document Type | 10-K | ||
Document period end date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3.6 | ||
Entity Common Stock, Shares Outstanding | 268,160,029 | ||
United Dominion Reality L.P. | |||
Entity information | |||
Entity Registrant Name | United Dominion Realty, L.P. | ||
Entity Central Index Key | 1,018,254 | ||
Document Type | 10-K | ||
Document period end date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate owned: | ||
Real estate held for investment | $ 9,584,716 | $ 9,271,847 |
Less: accumulated depreciation | (3,326,312) | (2,923,072) |
Real estate held for investment, net | 6,258,404 | 6,348,775 |
Real estate under development (net of accumulated depreciation of $3,854 and $0, respectively) | 588,636 | 342,282 |
Real estate held for disposition (net of accumulated depreciation of $0 and $553, respectively) | 1,071 | |
Total real estate owned, net of accumulated depreciation | 6,847,040 | 6,692,128 |
Cash and cash equivalents | 2,038 | 2,112 |
Restricted cash | 19,792 | 19,994 |
Notes receivable, net | 19,469 | 19,790 |
Investment in and advances to unconsolidated joint ventures, net | 720,830 | 827,025 |
Other assets | 124,104 | 118,535 |
Total assets | 7,733,273 | 7,679,584 |
Liabilities: | ||
Secured debt, net | 803,269 | 1,130,858 |
Unsecured debt, net | 2,868,394 | 2,270,620 |
Real estate taxes payable | 18,349 | 17,388 |
Accrued interest payable | 33,432 | 29,257 |
Security deposits and prepaid rent | 31,916 | 34,238 |
Distributions payable | 91,455 | 86,936 |
Accounts payable, accrued expenses, and other liabilities | 102,956 | 103,835 |
Total liabilities | 3,949,771 | 3,673,132 |
Commitments and contingencies (Note 14) | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 948,138 | 909,482 |
Equity: | ||
Common stock, $0.01 par value; 350,000,000 shares authorized: 267,822,069 and 267,259,469 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 2,678 | 2,673 |
Additional paid-in capital | 4,651,205 | 4,635,413 |
Distributions in excess of net income | (1,871,603) | (1,585,825) |
Accumulated other comprehensive income/(loss), net | (2,681) | (5,609) |
Total stockholders’ equity | 2,825,800 | 3,093,110 |
Noncontrolling interests | 9,564 | 3,860 |
Total equity | 2,835,364 | 3,096,970 |
Total liabilities and equity | 7,733,273 | 7,679,584 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity: | ||
Preferred stock, no par value; 50,000,000 shares authorized | 46,200 | 46,457 |
Series F | ||
Equity: | ||
Preferred stock, no par value; 50,000,000 shares authorized | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Real estate owned: | ||
Real estate under development accumulated depreciation | $ 3,854 | |
Real estate held for disposition accumulated depreciation | $ 553 | |
Equity: | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 267,822,069 | 267,259,469 |
Common stock, shares outstanding | 267,822,069 | 267,259,469 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity: | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, dividend rate percentage | 8.00% | 8.00% |
Preferred stock, shares issued | 2,780,994 | 2,796,903 |
Preferred stock, shares outstanding | 2,780,994 | 2,796,903 |
Series F | ||
Equity: | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 20,000,000 | |
Preferred stock, shares issued | 15,852,721 | 16,196,889 |
Preferred stock, shares outstanding | 15,852,721 | 16,196,889 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | |||
Rental income | $ 984,309 | $ 948,461 | $ 871,928 |
Joint venture management and other fees | 11,482 | 11,400 | 22,710 |
Total revenues | 995,791 | 959,861 | 894,638 |
OPERATING EXPENSES: | |||
Property operating and maintenance | 164,660 | 159,947 | 155,096 |
Real estate taxes and insurance | 121,146 | 115,429 | 102,963 |
Property management | 27,068 | 26,083 | 23,978 |
Other operating expenses | 9,060 | 7,649 | 9,708 |
Real estate depreciation and amortization | 430,054 | 419,615 | 374,598 |
General and administrative | 48,566 | 49,761 | 59,690 |
Casualty-related charges/(recoveries), net | 4,335 | 732 | 2,335 |
Other depreciation and amortization | 6,408 | 6,023 | 6,679 |
Total operating expenses | 811,297 | 785,239 | 735,047 |
Operating income | 184,494 | 174,622 | 159,591 |
Income/(loss) from unconsolidated entities | 31,257 | 52,234 | 62,329 |
Interest expense | (128,711) | (123,031) | (121,875) |
Interest income and other income/(expense), net | 1,971 | 1,930 | 1,551 |
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned | 89,011 | 105,755 | 101,596 |
Tax (provision)/benefit, net | 240 | 3,774 | 3,886 |
Income/(loss) from continuing operations | 89,251 | 109,529 | 105,482 |
Gain/(loss) on sale of real estate owned, net of tax | 43,404 | 210,851 | 251,677 |
Net income/(loss) | 132,655 | 320,380 | 357,159 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (10,933) | (27,282) | (16,773) |
Net (income)/loss attributable to noncontrolling interests | (164) | (380) | (3) |
Net income/(loss) attributable to UDR, Inc. | 121,558 | 292,718 | 340,383 |
Distributions to preferred stockholders — Series E (Convertible) | (3,708) | (3,717) | (3,722) |
Net income/(loss) attributable to common stockholders | $ 117,850 | $ 289,001 | $ 336,661 |
Income/(loss) per weighted average common share: | |||
Basic (in dollars per share) | $ 0.44 | $ 1.09 | $ 1.30 |
Diluted (in dollars per share) | $ 0.44 | $ 1.08 | $ 1.29 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 267,024,000 | 265,386,000 | 258,669,000 |
Diluted (in shares) | 268,830,000 | 267,311,000 | 263,752,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income/(Loss) | |||
Net income/(loss) | $ 132,655 | $ 320,380 | $ 357,159 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | 1,802 | 3,514 | (6,393) |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 1,407 | 3,657 | 2,262 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 3,209 | 7,171 | (4,131) |
Comprehensive income/(loss) | 135,864 | 327,551 | 353,028 |
Comprehensive (income)/loss attributable to noncontrolling interests | (11,378) | (27,764) | (16,468) |
Comprehensive income/(loss) attributable to UDR, Inc. | $ 124,486 | $ 299,787 | $ 336,560 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Series FPreferred Stock | Series F | Preferred Stock | Common Stock | Paid-in Capital | Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss), net | Noncontrolling Interest | Total |
Beginning Balance at Dec. 31, 2014 | $ 46,571 | $ 2,551 | $ 4,223,747 | $ (1,528,917) | $ (8,855) | $ 853 | $ 2,735,950 | ||
Consolidated Statements of Changes in Equity | |||||||||
Net income/(loss) attributable to UDR, Inc. | 340,383 | 340,383 | |||||||
Net income/(loss) attributable to noncontrolling interests | 3 | 3 | |||||||
Other comprehensive income/(loss) | (3,823) | (3,823) | |||||||
Issuance/(forfeitures) of common and restricted shares, net | 3 | 10,191 | 10,194 | ||||||
Issuance of shares | $ 1 | $ 1 | 63 | 209,948 | 210,011 | ||||
Conversion of Series E Cumulative Convertible shares | (114) | 114 | |||||||
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership | 1 | 3,816 | 3,817 | ||||||
Common stock distributions declared ($1.24, $1.18 and $1.11 per share for the years ended December 31, 2017, 2016 and 2015 respectively) | (289,500) | (289,500) | |||||||
Preferred stock distributions declared-Series E ($1.3288 per share for each of the years ended December 31, 2017, 2016 and 2015) | (3,722) | (3,722) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | (102,703) | (102,703) | |||||||
Ending Balance at Dec. 31, 2015 | 46,458 | 2,618 | 4,447,816 | (1,584,459) | (12,678) | 856 | 2,900,611 | ||
Consolidated Statements of Changes in Equity | |||||||||
Net income/(loss) attributable to UDR, Inc. | 292,718 | 292,718 | |||||||
Net income/(loss) attributable to noncontrolling interests | 322 | 322 | |||||||
Disposition of noncontrolling interest of consolidated real estate | (1,155) | (1,155) | |||||||
Contribution of noncontrolling interest in consolidated real estate | 102 | 102 | |||||||
Long Term Incentive Plan Unit grants/(vestings), net | 3,735 | 3,735 | |||||||
Other comprehensive income/(loss) | 7,069 | 7,069 | |||||||
Issuance/(forfeitures) of common and restricted shares, net | 2 | 4,973 | 4,975 | ||||||
Issuance of shares | 50 | 173,161 | 173,211 | ||||||
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership | 3 | 9,463 | 9,466 | ||||||
Common stock distributions declared ($1.24, $1.18 and $1.11 per share for the years ended December 31, 2017, 2016 and 2015 respectively) | (315,102) | (315,102) | |||||||
Preferred stock distributions declared-Series E ($1.3288 per share for each of the years ended December 31, 2017, 2016 and 2015) | (3,717) | (3,717) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | 24,735 | 24,735 | |||||||
Ending Balance at Dec. 31, 2016 | 46,458 | 2,673 | 4,635,413 | (1,585,825) | (5,609) | 3,860 | 3,096,970 | ||
Consolidated Statements of Changes in Equity | |||||||||
Net income/(loss) attributable to UDR, Inc. | 121,558 | 121,558 | |||||||
Net income/(loss) attributable to noncontrolling interests | 147 | 147 | |||||||
Contribution of noncontrolling interest in consolidated real estate | 125 | 125 | |||||||
Long Term Incentive Plan Unit grants/(vestings), net | 5,432 | 5,432 | |||||||
Other comprehensive income/(loss) | 2,928 | 2,928 | |||||||
Issuance/(forfeitures) of common and restricted shares, net | 1 | 437 | 438 | ||||||
Cumulative effect upon adoption of ASU 2016-09 | ASU 2016-09 | 558 | (558) | |||||||
Conversion of Series E Cumulative Convertible shares | (257) | 257 | |||||||
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership | 4 | 14,540 | 14,544 | ||||||
Common stock distributions declared ($1.24, $1.18 and $1.11 per share for the years ended December 31, 2017, 2016 and 2015 respectively) | (331,974) | (331,974) | |||||||
Preferred stock distributions declared-Series E ($1.3288 per share for each of the years ended December 31, 2017, 2016 and 2015) | (3,708) | (3,708) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | (71,096) | (71,096) | |||||||
Ending Balance at Dec. 31, 2017 | $ 46,201 | $ 2,678 | $ 4,651,205 | $ (1,871,603) | $ (2,681) | $ 9,564 | $ 2,835,364 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common distributions declared per share | $ 1.24 | $ 1.18 | $ 1.11 |
8.00% Series E Cumulative Convertible Preferred Stock | |||
Preferred stock distributions declared | $ 1.3288 | $ 1.3288 | $ 1.3288 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income/(loss) | $ 132,655 | $ 320,380 | $ 357,159 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 436,462 | 425,638 | 381,277 |
(Gain)/loss on sale of real estate owned, net of tax | (43,404) | (210,851) | (251,677) |
(Income)/loss from unconsolidated entities | (31,257) | (52,234) | (62,329) |
Return on investment in unconsolidated joint ventures | 4,416 | 57,578 | 27,012 |
Amortization of share-based compensation | 12,862 | 13,398 | 18,017 |
Other | 20,467 | 24,142 | 3,410 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (8,771) | (29,038) | (4,652) |
Increase/(decrease) in operating liabilities | (4,278) | (12,084) | (9,590) |
Net cash provided by/(used in) operating activities | 519,152 | 536,929 | 458,627 |
Investing Activities | |||
Acquisition of real estate assets | (96,791) | (163,015) | (244,769) |
Proceeds from sales of real estate investments, net | 71,235 | 302,354 | 387,650 |
Development of real estate assets | (248,546) | (178,279) | (103,205) |
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement | (124,763) | (91,852) | (113,400) |
Capital expenditures — non-real estate assets | (1,384) | (4,439) | (4,049) |
Investment in unconsolidated joint ventures | (123,842) | (40,162) | (217,642) |
Distributions received from unconsolidated joint ventures | 116,329 | 66,116 | 32,279 |
Repayment/(issuance) of notes receivable, net | 321 | (3,000) | (2,325) |
Net cash provided by/(used in) investing activities | (407,441) | (112,277) | (265,461) |
Financing Activities | |||
Payments on secured debt | (326,346) | (375,308) | (193,958) |
Proceeds from the issuance of secured debt | 50,000 | 127,600 | |
Payments on unsecured debt | (300,000) | (95,053) | (325,540) |
Proceeds from the issuance of unsecured debt | 898,095 | 300,000 | 299,310 |
Net proceeds/(repayment) of revolving bank debt | 417 | (128,650) | (2,500) |
Proceeds from the issuance of common shares through public offering, net | 173,211 | 210,011 | |
Distributions paid to redeemable noncontrolling interests | (31,089) | (29,688) | (10,654) |
Distributions paid to preferred stockholders | (3,708) | (3,717) | (3,722) |
Distributions paid to common stockholders | (327,793) | (308,923) | (283,168) |
Other | (21,361) | (11,154) | (19,027) |
Net cash provided by/(used in) financing activities | (111,785) | (429,282) | (201,648) |
Net increase/(decrease) in cash and cash equivalents | (74) | (4,630) | (8,482) |
Cash and cash equivalents, beginning of year | 2,112 | 6,742 | 15,224 |
Cash and cash equivalents, end of year | 2,038 | 2,112 | 6,742 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 126,348 | 124,635 | 130,240 |
Cash paid/(refunds received) for income taxes | 1,660 | 693 | (1,014) |
Non-cash transactions: | |||
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned | 140,549 | 80,583 | |
Secured debt assumed in the consolidation of unconsolidated joint ventures | 75,796 | ||
Fair value adjustment of secured debt assumed in the consolidation of unconsolidated joint ventures | 4,228 | ||
Acquisition of communities in exchange for DownREIT units and assumption of debt | 660,832 | ||
Acquisition of real estate | 24,067 | ||
Fair value adjustment of debt acquired as part of acquisition of real estate | 1,363 | ||
Vesting of LTIP Units | 2,317 | ||
Development costs and capital expenditures incurred but not yet paid | 43,930 | 46,285 | 20,375 |
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (389,033 shares in 2017; 260,292 shares in 2016; and 112,174 shares in 2015) | 14,544 | 9,466 | 3,817 |
Dividends declared but not yet paid | $ 91,455 | $ 86,936 | $ 80,368 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-cash transactions: | |||
Conversion of OP Units into common shares | 389,033 | 260,292 | 112,174 |
Consolidation and Basis of Pres
Consolidation and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
CONSOLIDATION AND BASIS OF PRESENTATION | |
CONSOLIDATION AND BASIS OF PRESENTATION | 1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 2017, our consolidated apartment portfolio consisted of 127 consolidated communities located in 1 9 markets consisting of 39,998 apartment homes. In addition, the Company has an ownership interest in 7,286 apartment homes through unconsolidated joint ventures. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships , for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. 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, 2017 and 2016, there were 183,350,924 and 183,278,698 units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 174,237,688, or 95.0% and 174,2 30,084, or 95.1%, respectively, were owned by UDR and 9,113,236, or 5.0% and 9,0 48,614, or 4.9%, respectively, were owned by outside limited partners. As of December 31, 2017 and 2016, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,866,443, or 52.1% and 16, 485,014, or 50.9%, respectively, were owned by UDR (of which, 13,470,651, or 41.6%, were held by the Operating Partnership for both periods) and 15,500,937, or 47.9% and 1 5,882,366, or 49.1%, 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 and Note 6, Secured and Unsecured Debt, Net . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016‑09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019; however, early adoption of the ASU is permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . Real Estate Real estate assets held for investment are carried at historical cost and consist of land, 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 expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 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 . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to 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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest of the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022. In September 2017, the terms of this secured note receivable were amended to reduce the aggregate commitment from $15.0 million to $10.0 million and to extend the maturity date of the note from the fifth anniversary of the note (April 2021) to August 2022. During the years ended December 31, 2017, 2016, and 2015, the Company recognized $1.8 million, $1.8 million and $ 1.5 million, respectively, of interest income from notes receivable, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities 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 variable interest entity, 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, 2017, the Company did not determine any of our joint ventures or partnerships to be variable interest entities. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. 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, net of tax on the Consolidated Statements of Operations. Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, 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 . During the years ended December 31, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 million, respectively. 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, 2017, 2016, and 2015, 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 on the Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2017, the Company held greater than 10% of the carry |
Real Estate Owned
Real Estate Owned | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, the Company owned and consolidated 127 communities in 11 states plus the District of Columbia totaling 39,998 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128 Acquisitions In October 2017, the Company acquired an operating community located in Denver, Colorado with a total of 218 apartment homes and 17,000 square feet of retail space for a purchase price of approximately $141.5 million. The Company consolidated the operating community and accounted for the consolidation as a business combination. As a result of the consolidation, the Company increased its real estate owned by approximately $139.0 million, recorded approximately $2.5 million of in-place lease intangibles and recorded a gain on consolidation of approximately $14.8 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. The acquisition will be fully or partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). Prior to acquiring the community, the Company had provided $93.5 million as a participating loan investment to the third-party developer and was entitled to receive, in addition to repayment of principal and interest, contingent interest equal to 50% of the sum of the amount the property was sold for less construction and closing costs, which equaled approximately $14.9 million. The Company had previously accounted for its participating loan investment as an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). In January 2017, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). As a result of the consolidation, the Company increased its real estate owned by approximately $97.0 million, recorded approximately $1.7 million of in-place lease intangibles and recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2016, the Company acquired an operating community in Redmond, Washington with 177 apartment homes for approximately $70.5 million, which was funded with Section 1031 exchanges. In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for approximately $70.3 million in cash, which was funded with tax-deferred Section 1031 exchanges and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67%. As a result, the Company consolidated the operating communities. The Company had previously accounted for its 50% ownership interest as an unconsolidated joint venture. The Company accounted for the acquisition as a business combination resulting in a gain on consolidation of approximately $36.4 million. As a result of the consolidation, the Company increased its real estate owned by $215.0 million and secured debt by $80.0 million. In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million. As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 5% interest in the parcel of land as an unconsolidated joint venture. The Company accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $8.9 million. In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million. As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 50% interest in the parcel of land as an unconsolidated joint venture. The Company accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $31.1 million. Subsequent to the acquisition, the Company entered into a triple-net operating ground lease for the parcel of land at market terms with a third-party developer. The lessee plans to construct a multi-family community on the parcel of land. The ground lease provides the ground lessee with options to buy the fee interest in the parcel of land. The lease term is 49 years plus two 25‑year extension options, does not transfer ownership to the lessee, and does not include a bargain purchase option. The Company incurred $0.4 million, $ 0.2 million and $ 2.1 million of acquisition-related costs during the years ended December 31, 2017, 2016, and 2015, respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In December 2017, the Company sold two operating communities with a total of 218 apartment homes in Orange County, California and Carlsbad, California for gross proceeds of $69.0 million, resulting in net proceeds of $68.0 million and a gain of $41.3 million. In February 2017, the Company sold a parcel of land in Richmond, Virginia for gross proceeds of $3.5 million, resulting in net proceeds of $3.3 million and a gain of $2.1 million. In November 2016, the Company sold seven operating communities with a total 1,402 apartment homes in Baltimore, Maryland and an operating community with 380 apartment homes in Dallas, Texas for gross proceeds of $284.6 million, resulting in net proceeds of $280.5 million and a gain, net of tax, of $200.5 million. A portion of the proceeds was designated for tax-deferred Section 1031 exchanges that was used for certain 2016 acquisitions. In May 2016, the Company sold a retail center in Bellevue, Washington for gross proceeds of $45.4 million, resulting in net proceeds of $44.1 million and a gain, net of tax, of $7.3 million. A portion of the proceeds was designated for tax-deferred Section 1031 exchanges. In March 2016, the Company sold its 95% ownership interest in two parcels of land in Santa Monica, California for gross proceeds of $24.0 million, resulting in net proceeds of $22.0 million and a gain, net of tax, of $3.1 million. In February 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million and an expected GAAP gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange. 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, in an exchange under Section 1031 of the Internal Revenue Code. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
VARIABLE INTEREST ENTITIES | |
VARIABLE INTEREST ENTITIES | 4. VARIABLE INTEREST ENTITIES The Company has determined that the Operating Partnership and DownREIT Partnership are VIEs as the limited partners lack substantive kick-out rights and substantive participating rights. The Company has concluded that it is the primary beneficiary of, and therefore consolidates the Operating Partnership and DownREIT Partnership based on its role as the sole general partner of the Operating Partnership and DownREIT Partnership. The Company’s role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership. See the consolidated financial statements of the Operating Partnership presented within this Report and Note 4, Unconsolidated Entities , to the Operating Partnership’s consolidated financial statements for the results of operations of the DownREIT Partnership. |
Joint Ventures and Partnerships
Joint Ventures and Partnerships | 12 Months Ended |
Dec. 31, 2017 | |
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 acquire real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net , on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. 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. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2017 and 2016 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of December 31, December 31, December 31, December 31, December 31, December 31, Joint Venture Properties 2017 2017 2017 2016 2017 2016 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 34,653 $ 25,209 50.0 % 50.0 % UDR/MetLife II (b) Various 18 operating communities 4,059 303,702 311,282 50.0 % 50.0 % Other UDR/MetLife Various 4 operating communities; 1,437 135,563 160,979 50.6 % 50.6 % Development Joint Ventures 1 development community (a) UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 78,404 72,414 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,958 12,835 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 561,280 $ 582,719 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (c) Location Rate Maturity Commitment 2017 2016 2017 2016 2015 Participating loan investment: Steele Creek (d) Denver, CO — % — $ — $ — $ 94,003 $ 19,523 $ 6,213 $ 5,453 Preferred equity investments: West Coast Development Joint Ventures (e) Various 6.5 % N/A — 102,142 150,303 23,557 4,561 3,692 1532 Harrison (f) San Francisco, CA 11.0 % 4.5 24,645 11,346 — 511 — — 1200 Broadway (g) Nashville, TN 8.0 % 4.8 55,558 18,011 — 370 — — Other investments: The Portals (h) Washington, D.C. 11.0 % 3.4 38,559 26,535 — 839 — — Other investment ventures N/A N/A N/A $ 15,000 1,516 — $ (30) $ — $ — Total Developer Capital Program 159,550 244,306 Total investment in and advances to unconsolidated joint ventures, net $ 720,830 $ 827,025 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2017, 190 apartment homes had been completed in Other UDR/MetLife Development Joint Ventures and no apartment homes had been completed in UDR/MetLife I or in UDR/MetLife Vitruvian Park ® . (b) In September 2015, the 717 Olympic community, which is owned by the UDR/MetLife II joint venture, experienced extensive water damage due to a ruptured water pipe. For the years ended December 31, 2017, 2016, and 2015, the Company recorded casualty-related charges/(recoveries) of $(0.9) million, $( 3.8) million, and $2.5 million, respectively, representing its proportionate share of the total charges/(recoveries) recognized. (c) The Developer Capital Program is a 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 that may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (d) In October 2017, the Company acquired the Steele Creek community for a purchase price of approximately $141.5 million (see Note 3, Real Estate Owned ). (e) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense are shared based on each partner’s ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had a fixed-price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million. In the event the Company does not exercise its options to purchase at least two communities, the unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and at the inception of the agreement there are construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). As a result of the consolidation, the Company recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In connection with the purchase, the construction loan on the community was paid in full. In August 2017, the joint venture sold one of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million. As a result, the Company recorded a gain on the sale of approximately $2.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2017, the joint venture sold one of the three remaining communities, a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. As a result, the Company recorded a gain on the sale of approximately $5.5 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As of December 31, 2017, construction was completed on one of the two remaining communities. The completed community has achieved stabilization and the Company receives income and expenses based on its ownership percentage. The other community is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2017 and 2016 of $ 102.1 million and $1 50.3 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (f) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017, the Company had contributed approximately $11.3 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (g) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017 , the Company had contributed approximately $18.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (h) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third-party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of December 31, 2017, the Company had contributed approximately $26.5 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. As of December 31, 2017 and 2016, the Company had deferred fees and deferred profit of $10.9 million and $ 9.5 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 $11.4 million, $11.3 million, and $11.3 million during each of the years ended December 31, 2017, 2016, and 2015, respectively, for our management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures or partnerships during the years ended December 31, 2017, 2016, and 2015. 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, 2017, 2016, and 2015 ( dollars in thousands): Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2017 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ — $ 156,920 $ 48,032 $ 23,025 $ 20,327 $ 18,812 $ 267,116 Property operating expenses 93 52,450 21,908 11,839 8,159 9,520 103,969 Real estate depreciation and amortization — 45,144 32,625 7,169 14,480 7,387 106,805 Operating income/(loss) (93) 59,326 (6,501) 4,017 (2,312) 1,905 56,342 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Net income attributable to noncontrolling interest — — — — — 439 439 Net income/(loss) $ (110) $ 8,114 $ (20,395) $ (1,013) $ (7,576) $ 69,644 $ 48,664 Condensed Balance Sheets: Total real estate, net $ 108,958 $ 1,641,338 $ 687,492 $ 299,420 $ 195,625 $ 252,352 $ 3,185,185 Cash and cash equivalents 514 11,947 8,596 7,612 829 4,214 33,712 Other assets 2 10,830 4,290 1,972 905 979 18,978 Total assets 109,474 1,664,115 700,378 309,004 197,359 257,545 3,237,875 Amount due to/(from) UDR 514 (4,207) 413 1,311 229 288 (1,452) Third party debt, net 30,555 1,108,156 443,147 131,281 165,801 126,626 2,005,566 Accounts payable and accrued liabilities 12,186 19,477 14,590 15,620 1,516 17,101 80,490 Total liabilities 43,255 1,123,426 458,150 148,212 167,546 144,015 2,084,604 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2016 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 12,174 $ 242,630 Property operating expenses 552 52,322 11,655 11,730 7,828 7,117 91,204 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 6,218 90,037 Operating income/(loss) (326) 70,718 (9,918) 4,351 (2,275) (1,161) 61,389 Interest expense — (51,173) (6,164) (5,095) (5,369) (2,166) (69,967) Income/(loss) from discontinued operations (375) 34,201 — — — — 33,826 Net income attributable to noncontrolling interest — — — — — (62) (62) Net income/(loss) $ (701) $ 53,746 $ (16,082) $ (744) $ (7,644) $ (3,265) $ 25,310 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 373,449 $ 3,274,516 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 7,469 39,972 Other assets 1,641 11,370 2,744 2,266 1,026 2,246 21,293 Total assets 54,237 1,697,484 710,429 280,048 210,419 383,164 3,335,781 Amount due to/(from) UDR 155 (4,711) 3,082 1,566 429 274 795 Third party debt, net — 1,128,379 375,597 124,716 165,687 206,525 2,000,904 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 10,994 77,385 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 217,793 2,079,084 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 165,371 $ 1,256,697 Other UDR/ UDR/MetLife MetLife West Coast For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2015 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ 200 $ — $ 219,914 Property operating expenses 906 63,516 3,826 11,519 7,733 4,065 — 91,565 Real estate depreciation and amortization 818 46,616 6,897 6,639 14,522 102 — 75,594 Operating income/(loss) (1,183) 59,930 (3,089) 3,981 (2,917) (3,967) — 52,755 Interest expense — (52,037) (2,566) (4,848) (5,539) — — (64,990) Income/(loss) from discontinued operations (20) — — — — — 184,138 184,118 Net income attributable to noncontrolling interest — — — — — (1) — (1) Net income/(loss) $ (1,203) $ 7,893 $ (5,655) $ (867) $ (8,456) $ (3,966) $ 184,138 $ 171,884 Other than the West Coast Development Joint Ventures, the condensed summary financial information relating to the entities in which we have an interest through the Developer Capital Program is not included in the tables above. As of and for the year ended December 31, 2017, combined total assets, liabilities, equity, revenues, and expenses for such entities were $79.1 million, $0.8 million, $78.3 million, $7.8 million, and $9.5 million, respectively. As of and for the year ended December 31, 2016, combined total assets, liabilities, equity, revenues, and expenses for such entities were $93.8 million, $95.2 million, $(1.4) million, $8.5 million, and $12.2 million, respectively. For the year ended December 31, 2015, combined total revenues and expenses for such entities were $3.6 million and $7.9 million, respectively. |
Secured and Unsecured Debt, Net
Secured and Unsecured Debt, Net | 12 Months Ended |
Dec. 31, 2017 | |
SECURED AND UNSECURED DEBT, NET | |
SECURED AND UNSECURED DEBT, NET | 6. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 5.3 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, 2017, secured debt encumbered $1.7 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($8.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2017, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from May 2019 through November 2026 and carry interest rates ranging from 3.15% to 5.86%. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. During the years ended December 31, 2017, 2016, and 2015, the Company had $3.0 million, $ 2.9 million, and $5. 3 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $8.2 million and $1 1.2 million at December 31, 2017 and 2016, respectively. (b) UDR had two secured credit facilities with Fannie Mae with an aggregate commitment of $314.9 million at December 31, 2017. The Fannie Mae credit facilities mature at various dates from December 2018 through July 2020 and bear interest at floating and fixed rates. At December 31, 2017, $285.8 million of the outstanding balance was fixed and had a weighted average interest rate of 4.86% and the remaining balance of $29.0 million had a weighted average variable interest rate of 2.92%. During the year ended December 31, 2017, the Company prepaid $275.3 million of its secured credit facilities with borrowings under the Company’s unsecured commercial paper program and proceeds from the issuance of senior unsecured medium-term notes. The Company incurred prepayment costs of $5.8 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statements of Operations. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates ranging from 1.71% to 1.98% as of December 31, 2017. (d) The Company has a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan facility (the “Term Loan Facility”). 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 Facility to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from any one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2020, with two six-month extension options, subject to certain conditions. The Term Loan Facility has a scheduled maturity date of January 29, 2021. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 2,274 161,505 Maximum daily borrowings during the period ended 120,000 340,000 Weighted average interest rate during the period ended 1.6 % 1.4 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $2. 9 million of letters of credit at December 31, 2017 and 2016, respectively. (e) On January 23, 2017, the Company entered into an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total unsecured commercial paper program $ 500,000 $ — Borrowings outstanding at end of period 300,000 — Weighted average daily borrowings during the period ended 238,810 — Maximum daily borrowings during the period ended 390,000 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 2.0 % — % (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 1, 2019. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin ranges from 85 to 155 basis points. In February 2018, the Company amended the working capital credit facility to extend the scheduled maturity date to January 2021. The maximum borrowing capacity and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 21,767 21,350 Weighted average daily borrowings during the period ended 26,993 21,936 Maximum daily borrowings during the period ended 68,207 69,633 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.5 % 1.7 % (g) During the year ended December 31, 2017, the Company redeemed its $300.0 million 4.25% senior unsecured medium-term notes due June 1, 2018, primarily with borrowings under its $300.0 million 3.50% senior unsecured medium-term notes issued on December 13, 2017. The Company incurred prepayment costs of $3.4 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statement of Operations. (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 4.55%. (i) On June 16, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due July 1, 2027. Interest is payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2018. The notes were priced at 99.764% of the principal amount at issuance. The Company used the net proceeds for the repayment of outstanding indebtedness and for general corporate purposes. (j) On December 13, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due January 15, 2028. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2018. The notes were priced at 99.601% of the principal amou nt at issuance. Th e Company used the net proceeds for the repayment of debt, including funding the redemption of its $300.0 million 4.25% senior unsecured medium-term notes due in June 2018, and for general corporate purposes. (k) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2017. |
Income_(Loss) Per Share
Income/(Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
INCOME/(LOSS) PER SHARE | |
INCOME/(LOSS) PER SHARE | 7. 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, 2017 2016 2015 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 89,251 $ 109,529 $ 105,482 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. 121,558 292,718 340,383 Distributions to preferred stockholders — Series E (Convertible) (3,708) (3,717) (3,722) Income/(loss) attributable to common stockholders - basic 117,850 289,001 336,661 Dilutive distributions to preferred stockholders - Series E (Convertible) — — 3,722 Income/(loss) attributable to common stockholders - diluted $ 117,850 $ 289,001 $ 340,383 Denominator for income/(loss) per share: Weighted average common shares outstanding 267,567 266,211 259,873 Non-vested restricted stock awards (543) (825) (1,204) Denominator for basic income/(loss) per share 267,024 265,386 258,669 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 5,083 Denominator for diluted income/(loss) per share 268,830 267,311 263,752 Income/(loss) per weighted average common share: Basic $ 0.44 $ 1.09 $ 1.30 Diluted $ 0.44 $ 1.08 $ 1.29 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the years ended December 31, 2017 and 2016, the effect of the conversion of the OP Units, DownREIT Units, LTIP Units and the Company’s Series E preferred stock was not dilutive, and therefore not included in the above calculations. For the year ended December 31, 2015, the effect of the conversion of the OP Units and DownREIT Units was not dilutive, and therefore not included in the above calculations. For the year ended December 31, 2017, the Company did not enter into any forward purchase agreements under its continuous equity program. The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2017, 2016, and 2015 (shares in thousands) : Year Ended December 31, 2017 2016 2015 OP/DownREIT Units 24,821 25,130 12,947 Convertible preferred stock 3,021 3,028 3,032 Stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 2,051 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
STOCKHOLDERS’ EQUITY | |
STOCKHOLDERS’ EQUITY | 8. STOCKHOLDERS’ EQUITY UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company had the ability to issue 350,000,000 shares of common stock and 50,000,000 shares of preferred shares as of December 31, 2017. 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, 2017, 2016 and 2015 Common Preferred Stock Stock Series E Series F Balance at December 31, 2014 255,114,603 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 270,628 — — Issuance of common shares through public offering 6,339,636 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 112,174 — — Conversion of Series E Cumulative Convertible shares 7,480 (6,909) — Issuance of Series F shares — — 13,988,313 Balance at December 31, 2015 261,844,521 2,796,903 16,452,496 Issuance/(forfeiture) of common and restricted shares, net 154,656 — — Issuance of common shares through public offering 5,000,000 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4,685 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 255,607 — — Forfeiture of Series F shares — — (255,607) Balance at December 31, 2016 267,259,469 2,796,903 16,196,889 Issuance/(forfeiture) of common and restricted shares, net 69,788 — — Issuance of common shares upon exercise of stock options 86,554 Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 7,604 — — Conversion of Series E Cumulative Convertible shares 17,225 (15,909) Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 381,429 — — Forfeiture of Series F shares — — (344,168) Balance at December 31, 2017 267,822,069 2,780,994 15,852,721 Common Stock The Company has an equity distribution agreement which allows it from time to time, through its sales agents, to offer and sell up to 20,000,000 shares of its common stock. Sales of such shares will be made by means of ordinary brokers’ transactions on the NYSE at market prices. In July 2017, the Company updated its equity distribution agreement to also permit the entry into separate forward sales agreements to or through its forward purchasers. As of December 31, 2017, 13,078,931 shares were available for sale under the continuous equity program. During the year ended December 31, 2017, the Company entered into the following equity transactions for our common stock: · Issued 322,352 shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); · Converted 7,604 OP Units into Company common stock; · Converted 381,429 DownREIT Units into Company common stock, resulting in the forfeiture of 344,168 Series F Preferred Shares; and · Converted 15,909 Series E Cumulative Convertible shares into 17,225 share of common stock. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2017, 2016, and 2015 totaled $1. 24 , $1.1 8 , and $1. 11 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 and from time to 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, 2017, 2016, and 2015 were $1.33 per share. The Series E is not listed on any exchange. At December 31, 2017 and 2016, a total of 2,780,994 and 2,796,903 shares of the Series E were outstanding, respectively. UDR is authorized to issue up to 20,000,000 shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP/DownREIT Unit held. In connection with the acquisition of the six properties from Home OP and the formation of the DownREIT Partnership in October 2015, the Company issued 13,988,313 Series F shares to former limited partners of the Home OP, which had the right to subscribe for one share of Series F for each DownREIT Unit issued in connection with the acquisitions. During the years ended December 31, 2017 and 2016, 344,168 and 255,607 of the Series F shares were forfeited upon the conversion of DownREIT Units into Company common stock, respectively. At December 31, 2017 and 2016, a total of 15,852,721 and 16,196, 889 shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,585 and $1,6 20 , 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, 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 9,957,233 shares of Company common stock. Shares in the amount of 10,963,730 were reserved for issuance under the Stock Purchase Plan as of December 31, 2017. During the year ended December 31, 2017, UDR acquired all shares issued through the open market. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
EMPLOYEE BENEFIT PLANS | |
EMPLOYEE BENEFIT PLANS | 9. EMPLOYEE BENEFIT PLANS In May 2001, the stockholders of UDR approved the long term incentive plan (“LTIP”), which supersedes the 1985 Stock Option Plan. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. During the year ended December 31, 2015, the LTIP was amended to set forth the terms of new classes of partnership interests in the Operating Partnership designated as LTIP Units. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP units is less than the value of an equal number of shares of our common stock. As of December 31, 2017, 19,000,000 shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2017, there were 9,003,396 common shares available for issuance under the LTIP. The LTIP contains change of control provisions allowing for the immediate vesting of an award upon certain events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. A summary of UDR’s stock option and restricted stock activities during the year ended December 31, 2017 is as follows: Option Outstanding Option Exercisable Restricted Stock Weighted Weighted Weighted Average Fair Average Average Value Per Number of Exercise Number of Exercise Number Restricted Options Price Options Price of shares Stock Balance, December 31, 2016 2,234,963 $ 12.65 2,234,963 $ 12.65 645,967 $ 35.12 Granted — — — — 238,821 35.76 Exercised (404,291) 24.38 (404,291) 24.38 — — Vested — — — — (322,457) 32.85 Forfeited — — — — (49,815) 35.30 Balance, December 31, 2017 1,830,672 $ 10.06 1,830,672 $ 10.06 512,516 $ 36.82 As of December 31, 2017, the Company had issued 5,929,255 shares of restricted stock under the LTIP. Stock Option Plan UDR has granted stock options to our employees, subject to certain conditions. Each stock option is exercisable into one common share. There is no remaining compensation cost related to unvested stock options as of December 31, 2017. During the year ended December 31, 2017, 404,291 stock options were exercised. The weighted average remaining contractual life on all options outstanding as of December 31, 2017 is 1. 1 years. The remaining 1,830,672 of share options have exercise prices at $10.06. During the years ended December 31, 2017, 2016, and 2015, respectively, we did not recognize any net compensation expense related to outstanding stock options. Restricted Stock Awards Restricted stock awards are granted to Company employees, officers, and directors. The restricted stock awards are valued based upon the closing sales price of UDR common stock on the date of grant. Compensation expense is recorded under the straight-line method over the vesting period, which is generally three to four years. Restricted stock awards earn dividends payable in cash. Some of the restricted stock grants are based on the Company’s performance and are subject to adjustment during the initial one year performance period. For the years ended December 31, 2017, 2016, and 2015, we recognized $4.0 million, $3.4 million, and $3.2 million of compensation expense, net of capitalization, related to the amortization of restricted stock awards, respectively. The total remaining compensation cost on unvested restricted stock awards was $6.0 million and had a weighted average remaining contractual life of 2.5 years as of December 31, 2017. Long-Term Incentive Compensation In January 2017, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2017 Long-Term Incentive Program (“2017 LTI”). For both restricted stock grants and LTIP Unit grants, thirty percent of the 2017 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Ten percent of the 2017 LTI award is based upon FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining sixty percent of the 2017 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and on an absolute basis over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant or $35.95 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued at $16.18 per unit on the grant date, inclusive of a 10% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued at $16.63 per unit on the grant date, inclusive of a 7.5% discount. The portion of the restricted stock grant based upon TSR was valued at $44.26 per share for the relative component and $31.40 per share for the absolute component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 23.0%. The portion of the LTIP Unit grant based upon TSR was valued at $20.54 per unit, inclusive of a 7.5% discount, for the relative component and $14.71 per unit, inclusive of a 7.5% discount, for the absolute component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 23.0%. In January 2016, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2016 Long-Term Incentive Program (“2016 LTI”). For both restricted stock grants and LTIP Unit grants, one-third of the 2016 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. The remaining two-thirds of the 2016 LTI award is based on TSR as measured relative to comparable apartment REITs over a three-year period and will vest 100% at the end of the three-year performance period. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant or $36.97 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 FFO as Adjusted was valued at $16.64 per unit on the grant date, inclusive of a 10% discount. The portion of the restricted stock grant based upon TSR was valued at $41.22 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.8%. The portion of the LTIP Unit grant based upon TSR was valued at $19.15 per unit on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.8%. In January 2015, certain officers of the Company were awarded a restricted stock grant under the 2015 Long-Term Incentive Program (“2015 LTI”). One-third of the 2015 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. The remaining two-thirds of the 2015 LTI award is based on TSR as measured relative to comparable apartment REITs over a three-year period and will vest 100% at the end of the three-year performance period. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $34.14 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.5%. In December 2014, when the LTI program was changed from a one-year to a three-year performance period, a one-time transition (“Transition LTI”) award opportunity was approved commencing in 2015. One-third of the Transition LTI award is based upon FFO as Adjusted over a one-year period and will vest at the end of the performance period. The remaining two-thirds of the Transition LTI award is based on TSR as measured relative to comparable apartment REITs over a two-year period and will vest 100% at the end of the two-year performance period. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $33.68 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.6%. The intent of the transition award is to ensure consistent reward opportunity during the phase-in period of the three-year awards under the 2015 LTI plan. For the years ended December 31, 2017, 2016, and 2015, we recognized $8.9 million, $1 0.0 million and $ 14.8 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 2.2 years as of December 31, 2017. Profit Sharing Plan Our profit sharing plan (the “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in UDR’s Consolidated Statements of Operations for the years ended December 31, 2017, 2016, and 2015, was $1.3 million, $1. 3 million, and $ 1.1 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES | |
INCOME TAXES | 10. INCOME TAXES For 2017, 2016, and 2015, 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, 2017, 2016, and 2015 ( unaudited ): Year Ended December 31, 2017 2016 2015 Ordinary income $ 1.018 $ 0.708 $ 0.595 Qualified ordinary income 0.011 — — Long-term capital gain 0.133 0.309 0.329 Unrecaptured section 1250 gain 0.063 0.145 0.168 Total $ 1.225 $ 1.162 $ 1.092 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, 2017, 2016, and 2015 (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Income tax (benefit)/provision Current Federal $ (1,205) $ 69 $ 29 State 407 372 871 Total current (798) 441 900 Deferred Federal 568 9,814 (4,173) State (10) 1,319 (613) Total deferred 558 11,133 (4,786) Total income tax (benefit)/provision $ (240) $ 11,574 $ (3,886) Classification of income tax (benefit)/provision: Continuing operations $ (240) $ (3,774) $ (3,886) Gain/(loss) on sale of real estate owned — 15,348 — 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, 2017, 2016, and 2015 (dollars in thousands): Year Ended December 31, 2017 2016 2015 Deferred tax assets: Federal and state tax attributes $ 8 $ 536 $ 2,227 Book/tax depreciation — — 9,016 Other 139 190 707 Total deferred tax assets 147 726 11,950 Valuation allowance (9) (6) (81) Net deferred tax assets 138 720 11,869 Deferred tax liabilities: Other (67) (92) (107) Total deferred tax liabilities (67) (92) (107) Net deferred tax asset $ 71 $ 628 $ 11,762 Income tax provision/(benefit), net differed from the amounts computed by applying the U.S. statutory rate of 35% to pretax income/(loss) for the years ended December 31, 2017, 2016, and 2015 as follows (dollars in thousands): Year Ended December 31, 2017 2016 2015 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 581 $ 12,577 $ (4,383) State income tax provision 493 1,370 442 Other items (188) 134 (26) New tax law benefit (1,129) — — Conversion of certain TRS entities to REITs — (2,436) — Valuation allowance 3 (71) 81 Total income tax provision/(benefit) $ (240) $ 11,574 $ (3,886) As of December 31, 2017, the Company had federal net operating loss carryovers (“NOL”) of $2 4.0 million expiring in 2032 through 2035 and state NOLs of $ 74.8 million expiring in 2020 through 2032. A portion of these attributes are still available to the subsidiary REITs, but are carried at a zero effective tax rate. For the year ended December 31, 2017, Tax benefit/(provision), net decreased $ 3.5 million as compared to 2016. The decrease was primarily attributable to the conversion of certain TRS entities to REITs in 2016 and a one-time benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits available that became refundable under the Tax Cuts and Jobs Act of 2017. Additionally, Gain/(loss) on sale of real estate owned, net of tax in 2016 included approximately $15.3 million of tax provision. 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. The financial statements reflect expected future tax consequences of income tax positions presuming the taxing authorities’ full knowledge of the tax position and all relevant facts, but without considering time values. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company evaluates our tax position using a two-step process. First, we determine whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(provision), net . As of December 31, 2017 and 2016, UDR has no material unrecognized income tax benefits/(provisions). The Company files income tax returns in federal and various state and local jurisdictions. With few exceptions, the Company is no longer subject to federal, state and local income tax examination by tax authorities for years prior to 2012. The tax years 2014 through 2016 remain open to examination by the major taxing jurisdictions to which the Company is subject. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
NONCONTROLLING INTERESTS | |
NONCONTROLLING INTERESTS | 11. 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, 2017 and 2016 ( dollars in thousands ): Year Ended December 31, 2017 2016 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 909,482 $ 946,436 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 71,096 (24,735) Conversion of OP Units/DownREIT Units to Common Stock (14,544) (9,526) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 10,933 27,282 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (31,427) (30,077) Vesting of Long-Term Incentive Plan Units 2,317 — Allocation of other comprehensive income/(loss) 281 102 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 948,138 $ 909,482 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners and unvested LTIP Units in certain consolidated affiliates, and is presented as part of equity in the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests was $(0.2) million, $(0.4) million, and less than $(0.1) million during the years ended December 31, 2017, 2016, and 2015, respectively. The Company grants LTIP Units to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have vesting terms of between one and three years, specific to the individual grants. Noncontrolling interests related to long-term incentive plan units represent the unvested LTIP Units of these employees and non-employee directors in the Operating Partnership. The net income/(loss) allocated to the unvested LTIP Units is included in Net (income)/loss attributable to noncontrolling interests on the Consolidated Statements of Operations. |
Fair Value of Derivatives and F
Fair Value of Derivatives and Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | 12. 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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, 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 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, 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 2016 2016 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments: (c) Working capital credit facility 21,350 21,350 — — 21,350 Unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2017. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2017 and 2016, 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, 2017, 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 were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. We estimate the fair value of our notes receivable and debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality, where applicable (Level 3). We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. We consider various factors to determine if a decrease in the value of our investment in and advances to unconsolidated joint ventures, net 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, 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, 2017, 2016, and 2015. After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 12 Months Ended |
Dec. 31, 2017 | |
DERIVATIVES AND HEDGING ACTIVITY | |
DERIVATIVES AND HEDGING ACTIVITY | 13. 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 effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2017, 2016, and 2015, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2017, the Company recognized a loss of $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of cash flow hedges. During the year ended December 31, 2016, the Company recorded no ineffectiveness to earnings. During the year ended December 31, 2015, the Company recognized a loss of less than $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of a cash flow hedge. Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through December 31, 2018, the Company estimates that an additional $1.2 million will be reclassified as a decrease to interest expense. As of December 31, 2017, 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 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2017 and 2016 ( 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, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — 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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11) Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23) Credit-risk-related Contingent Features The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) 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. Certain of the Company’s agreements with its derivative counterparties contain provisions where, if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. At December 31, 2017 and 2016, no cash collateral was posted or required to be posted by the Company or by a counterparty. The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the applicable agreement. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 2017, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of $5.8 million. As of December 31, 2017, the Company has not posted any collateral related to these agreements. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions in 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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 (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, 2017 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Company’s real estate commitments at December 31, 2017 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 592,490 (b) $ 124,010 100 % Joint ventures: Unconsolidated joint ventures 3 262,550 22,076 (c) 50 % Preferred equity investments 5 87,491 (d) 50,846 (e) 48 % (f) Other investments 1 28,051 25,508 (g) — % Total $ 970,582 $ 222,440 (a) Represents 100% of project costs incurred as of December 31, 2017. (b) Costs incurred as of December 31, 2017 include $38.0 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of December 31, 2017. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures. Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2025 and 2103, including extension options. In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2021. Future minimum lease payments as of December 31, 2017 are as follows (dollars in thousands): Ground Leases (a) Office Space 2018 $ 5,629 $ 76 2019 5,629 76 2020 5,629 76 2021 5,629 32 2022 5,629 — Thereafter 335,207 — Total $ 363,352 $ 260 (a) For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. UDR incurred $6.2 million, $5.5 million, and $5. 5 million of ground rent expense for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0. 2 million, $0.3 million, and $0.3 million of rent expense related to office space for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. 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 flow. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 2017 | |
REPORTABLE SEGMENTS | |
REPORTABLE SEGMENTS | 15. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : · Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2016 and held as of December 31, 2017. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. · Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. 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, 2017, 2016, and 2015. The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383 The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584 Capital expenditures related to our Same-Store Communities totaled $87.0 million, $86.2 million, and $66.7 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $4.9 million, $10.1 million, and $18.5 million for the years ended December 31, 2017, 2016, and 2015, respectively. Markets included in the above geographic segments are as follows: i. West Region — San Francisco, Orange County, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Nashville, Tampa and Other Florida v. Southwest Region — Dallas, Austin and Denver |
Unaudited Summarized Consolidat
Unaudited Summarized Consolidated Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | 16. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. |
Schedule - III Real Estate Owne
Schedule - III Real Estate Owned | 12 Months Ended |
Dec. 31, 2017 | |
Schedule III - Real Estate Owned | |
Schedule III - Real Estate Owned | 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 2000 Post Street $ — $ 9,861 $ 44,578 $ 54,439 $ 34,115 $ 14,315 $ 74,239 $ 88,554 $ 37,550 1987/2016 Dec‑98 Birch Creek — 4,365 16,696 21,061 8,122 1,045 28,138 29,183 15,732 1968 Dec‑98 Highlands Of Marin — 5,996 24,868 30,864 27,788 7,823 50,829 58,652 33,322 1991/2010 Dec‑98 Marina Playa — 6,224 23,916 30,140 12,235 1,141 41,234 42,375 21,855 1971 Dec‑98 River Terrace 38,495 22,161 40,137 62,298 5,847 22,751 45,394 68,145 28,808 2005 Aug‑05 CitySouth — 14,031 30,537 44,568 36,702 16,388 64,882 81,270 43,163 1972/2012 Nov‑05 Bay Terrace — 8,545 14,458 23,003 5,824 11,579 17,248 28,827 10,906 1962 Oct‑05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,200 5,758 29,354 35,112 18,309 1968/2010 Oct‑07 Edgewater — 30,657 83,872 114,529 11,436 30,720 95,245 125,965 49,873 2007 Mar‑08 Almaden Lake Village 27,000 594 42,515 43,109 7,651 907 49,853 50,760 27,685 1999 Jul‑08 388 Beale — 14,253 74,104 88,357 10,176 14,482 84,051 98,533 31,707 1999 Apr‑11 Channel Mission Bay — 23,625 — 23,625 129,822 23,744 129,703 153,447 32,544 2014 Sep‑10 SAN FRANCISCO, CA 65,495 145,665 414,240 559,905 300,918 150,653 710,170 860,823 351,454 Harbor at Mesa Verde — 20,476 28,538 49,014 19,346 21,995 46,365 68,360 31,256 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 97,401 113,691 193,683 307,374 115,829 1979/2013 Oct-04 Pacific Shores — 7,345 22,624 29,969 11,742 8,024 33,687 41,711 23,146 1971/2003 Jun-03 Huntington Vista — 8,055 22,486 30,541 14,187 9,215 35,513 44,728 22,752 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,391 10,987 6,762 17,749 4,809 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 40,460 68,217 80,841 149,058 51,642 1968/2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 32,476 60,812 80,516 141,328 48,986 1968/2000/2016 Mar-05 Foxborough — 12,071 6,187 18,258 4,013 12,460 9,811 22,271 6,267 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 2,514 16,961 54,121 71,082 23,649 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 39,019 13,087 38,810 51,897 7,842 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 126,645 25,157 126,488 151,645 35,583 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,623 16,522 71,399 87,921 18,130 2014 Jun-04 ORANGE COUNTY, CA — 340,645 352,662 693,307 461,817 377,128 777,996 1,155,124 389,891 Crowne Pointe — 2,486 6,437 8,923 8,421 3,083 14,261 17,344 9,003 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,594 2,997 12,179 15,176 7,965 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 6,613 6,996 36,317 43,313 23,177 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,727 6,280 24,933 31,213 15,434 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,923 7,032 35,661 42,693 20,118 2000 May-08 Island Square — 21,284 89,389 110,673 6,320 21,631 95,362 116,993 51,102 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,172 6,427 29,693 36,120 16,104 2001/2016 May-07 elements too — 27,468 72,036 99,504 17,566 30,232 86,838 117,070 52,083 2010 Feb-10 989elements — 8,541 45,990 54,531 3,571 8,607 49,495 58,102 22,087 2006 Dec-09 Lightbox — 6,449 38,884 45,333 897 6,470 39,760 46,230 8,538 2014 Aug-14 Waterscape — 9,693 65,176 74,869 1,073 9,708 66,234 75,942 12,820 2014 Sep-14 Ashton Bellevue 48,707 8,287 124,939 133,226 1,316 8,358 126,184 134,542 8,672 2009 Oct-16 TEN20 28,565 5,247 76,587 81,834 1,315 5,292 77,857 83,149 5,366 2009 Oct-16 Milehouse — 5,976 63,041 69,017 169 5,976 63,210 69,186 4,653 2016 Nov-16 CityLine — 11,220 85,787 97,007 59 11,220 85,846 97,066 5,152 2016 Jan-17 SEATTLE, WA 77,272 134,705 783,698 918,403 65,736 140,309 843,830 984,139 262,274 Rosebeach — 8,414 17,449 25,863 4,758 8,792 21,829 30,621 14,644 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 6,967 39,769 43,463 83,232 23,843 1998 Dec-07 The Westerly 67,700 48,182 102,364 150,546 38,878 50,850 138,574 189,424 68,118 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 92,394 61,568 86,477 148,045 41,830 2008 Sep-07 LOS ANGELES, CA 67,700 151,833 156,492 308,325 142,997 160,979 290,343 451,322 148,435 Boronda Manor — 1,946 8,982 10,928 10,320 3,250 17,998 21,248 10,504 1979 Dec-98 Garden Court — 888 4,188 5,076 5,941 1,600 9,417 11,017 5,679 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 16,609 5,548 26,983 32,531 15,939 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,654 2,287 10,786 13,073 6,396 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 29,912 10,241 49,913 60,154 28,586 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,886 3,384 17,574 20,958 10,479 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,212 2,300 11,575 13,875 6,585 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 87,534 28,610 144,246 172,856 84,168 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,775 6,213 26,822 33,035 19,302 2001 Nov-02 OTHER SOUTHERN CA — 19,367 27,095 46,462 59,561 29,747 76,276 106,023 57,668 Tualatin Heights — 3,273 9,134 12,407 7,638 3,906 16,139 20,045 11,379 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,388 6,493 21,779 28,272 16,008 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,026 10,399 37,918 48,317 27,387 TOTAL WEST REGION 210,467 818,440 1,826,575 2,645,015 1,133,589 897,825 2,880,779 3,778,604 1,321,277 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 7,622 3,982 20,234 24,216 15,280 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 8,232 2,933 16,052 18,985 11,572 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 11,279 11,756 29,551 41,307 22,213 1938 May-02 The Whitmore — 6,418 13,411 19,829 22,432 7,511 34,750 42,261 25,988 1962/2008 Apr-02 Ridgewood — 5,612 20,086 25,698 10,322 6,255 29,765 36,020 22,262 1988 Aug-02 DelRay Tower — 297 12,786 13,083 114,031 9,559 117,555 127,114 25,219 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 25,268 37,049 39,015 76,064 24,373 1971 Dec-03 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 19,205 14,788 54,229 69,017 38,698 1987/2008 Sep-05 Andover House — 183 59,948 60,131 5,002 263 64,870 65,133 35,751 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 9,387 1,641 112,559 114,200 65,130 2007 Dec-07 Circle Towers — 32,815 107,051 139,866 19,198 33,476 125,588 159,064 69,419 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 4,115 21,638 70,848 92,486 38,906 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,371 5,753 102,269 108,022 37,669 2009 Jun-11 Signal Hill — 13,290 — 13,290 70,901 25,518 58,673 84,191 33,128 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 95,020 31,412 95,001 126,413 29,971 2013 Sep-07 Domain College Park — 7,300 — 7,300 58,754 7,345 58,709 66,054 15,613 2014 Jun-11 1200 East West — 9,748 68,022 77,770 1,872 9,786 69,856 79,642 8,631 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 3,054 27,852 114,829 142,681 16,483 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 1,803 15,585 109,323 124,908 13,584 2014 Oct-15 Arbor Park of Alexandria 89,019 50,881 159,728 210,609 1,765 50,886 161,488 212,374 23,191 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 7,091 14,714 90,908 105,622 13,280 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 11,936 55,405 189,268 244,673 27,607 1968 Oct-15 METROPOLITAN, D.C. 247,992 331,492 1,316,295 1,647,787 512,660 395,107 1,765,340 2,160,447 613,968 Gayton Pointe Townhomes — 826 5,148 5,974 30,490 3,524 32,940 36,464 29,536 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 8,730 2,433 21,380 23,813 15,249 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 9,229 3,920 36,780 40,700 26,329 1998 Nov-03 Legacy at Mayland 33,850 1,979 11,524 13,503 31,489 5,140 39,852 44,992 34,884 1973/2007 Dec-91 RICHMOND, VA 33,850 5,123 60,908 66,031 79,938 15,017 130,952 145,969 105,998 Calvert's Walk — 4,408 24,692 29,100 8,029 4,900 32,229 37,129 22,913 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,559 12,298 53,601 65,899 30,791 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 1,841 4,783 42,357 47,140 17,665 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 18,429 21,981 128,187 150,168 71,369 TOTAL MID-ATLANTIC REGION 281,842 357,442 1,488,115 1,845,557 611,027 432,105 2,024,479 2,456,584 791,335 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,957 41,658 231,714 273,372 78,792 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 13,714 36,494 120,773 157,267 42,537 2001 Aug-11 View 34 — 114,410 324,920 439,330 101,043 115,062 425,311 540,373 153,669 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 9,468 58,014 275,346 333,360 105,886 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 137,182 251,228 1,053,144 1,304,372 380,884 Garrison Square — 5,591 91,027 96,618 9,632 5,687 100,563 106,250 41,736 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 3,072 6,272 37,708 43,980 15,893 2007 Sep-10 Inwood West 51,721 20,778 88,096 108,874 9,753 19,569 99,058 118,627 38,730 2006 Apr-11 14 North — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,393 24,607 201,370 225,977 29,077 2015 Dec-15 BOSTON, MA 76,721 67,953 265,167 333,120 233,367 67,315 499,172 566,487 150,378 TOTAL NORTHEAST REGION 76,721 317,831 1,182,479 1,500,310 370,549 318,543 1,552,316 1,870,859 531,262 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,343 2,912 12,432 15,344 10,472 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,395 3,637 30,367 34,004 27,378 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,863 2,151 22,077 24,228 18,908 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 10,384 2,608 18,471 21,079 14,697 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 12,334 4,222 23,265 27,487 17,325 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,935 2,963 18,796 21,759 13,550 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,756 1,766 13,770 15,536 10,134 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 5,181 4,338 22,253 26,591 15,488 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 14,184 7,493 26,243 33,736 20,933 1992/2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 108,375 32,090 187,674 219,764 148,885 Legacy Hill — 1,148 5,867 7,015 9,844 1,887 14,972 16,859 12,130 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,771 2,322 21,502 23,824 15,164 1989 Dec-95 Carrington Hills — 2,117 — 2,117 36,910 4,710 34,317 39,027 23,982 1999 Dec-95 Brookridge — 708 5,461 6,169 6,490 1,371 11,288 12,659 7,975 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,871 1,435 12,916 14,351 9,110 1986 Mar-97 Colonnade 16,331 1,460 16,015 17,475 7,375 2,050 22,800 24,850 14,130 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 9,080 3,755 33,181 36,936 23,549 1998 Jun-04 Polo Park 23,550 4,583 16,293 20,876 17,190 5,856 32,210 38,066 25,178 1987/2008 May-06 NASHVILLE, TN 39,881 15,433 87,608 103,041 103,531 23,386 183,186 206,572 131,218 Summit West — 2,176 4,710 6,886 10,657 3,651 13,892 17,543 12,275 1972 Dec-92 The Breyley — 1,780 2,458 4,238 18,228 3,721 18,745 22,466 18,225 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 11,529 2,922 20,649 23,571 16,090 1986 Mar-94 Cambridge Woods 12,450 1,791 7,166 8,957 10,548 3,164 16,341 19,505 12,630 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 17,391 10,092 38,151 48,243 30,024 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 9,535 11,742 45,520 57,262 31,960 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 18,382 15,199 47,457 62,656 28,293 2009 Jul-09 TAMPA, FL 12,450 32,324 122,652 154,976 96,270 50,491 200,755 251,246 149,497 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 TOTAL SOUTHEAST REGION 92,118 86,349 355,426 441,775 320,327 122,713 639,389 762,102 474,910 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 17,923 24,383 50,527 74,910 28,099 1999/2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 17,155 19,752 114,387 134,139 65,000 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 8,616 30,698 11,187 41,885 8,859 1977/78/79 May-07 Addison Apts at The Park II — 7,903 554 8,457 3,275 8,415 3,317 11,732 2,064 1970 May-07 Addison Apts at The Park I — 10,440 634 11,074 3,563 11,009 3,628 14,637 2,549 1975 May-07 DALLAS, TX 107,734 81,302 145,469 226,771 50,532 94,257 183,046 277,303 106,571 Barton Creek Landing — 3,151 14,269 17,420 23,443 5,119 35,744 40,863 26,542 1986/2012 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 13,245 4,512 68,023 72,535 34,285 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,983 5,467 20,246 25,713 8,505 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 2,087 4,448 18,656 23,104 7,590 2002 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 41,758 19,546 142,669 162,215 76,922 Steele Creek — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 2015 Oct-17 DENVER, CO — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL SOUTHWEST REGION 144,033 106,305 379,909 486,214 92,568 122,395 456,387 578,782 185,214 TOTAL OPERATING COMMUNITIES 805,181 1,686,367 5,232,504 6,918,871 2,528,060 1,893,581 7,553,350 9,446,931 3,303,998 REAL ESTATE UNDER DEVELOPMENT The Residences at Pacific City 78,085 — 78,085 253,044 78,085 253,044 331,129 3,854 345 Harrison 32,938 — 32,938 228,423 31,383 229,978 261,361 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 111,023 — 111,023 481,467 109,468 483,022 592,490 3,854 LAND Waterside 11,862 — 11,862 222 12,084 — 12,084 333 7 Harcourt 884 — 884 5,792 804 5,872 6,676 14 Vitruvian Park® 4,325 — 4,325 9,291 11,347 2,269 13,616 2,273 Wilshire at LaJolla 31,105 — 31,105 97 31,202 — 31,202 — Dublin Land 8,922 — 8,922 3,440 8,922 3,440 12,362 — TOTAL LAND — 57,098 — 57,098 18,842 64,359 11,581 75,940 2,620 COMMERCIAL Circle Towers Office Bldg — — — — 7,679 1,380 6,299 7,679 3,570 Brookhaven Shopping Center — — — — 23,079 7,793 15,286 23,079 13,920 TOTAL COMMERCIAL — — — — 30,758 9,173 21,585 30,758 17,490 Other (b) — — — — 6,265 — 6,265 6,265 72 1745 Shea Center I — 3,034 20,534 23,568 1,254 3,035 21,787 24,822 2,132 TOTAL CORPORATE — 3,034 20,534 23,568 7,519 3,035 28,052 31,087 2,204 TOTAL COMMERCIAL & CORPORATE — 3,034 20,534 23,568 38,277 12,208 49,637 61,845 19,694 Deferred Financing Costs (1,912) TOTAL REAL ESTATE OWNED $ 803,269 $ 1,857,522 $ 5,253,038 $ 7,110,560 $ 3,066,646 $ 2,079,616 $ 8,097,590 $ 10,177,206 $ 3,330,166 (a) (b) The aggregate cost for federal income tax purposes was approximately $ 9.1 billion at December 31, 2017 ( unaudited ). The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. 2017 2016 2015 Balance at beginning of the year $ 9,615,753 $ 9,190,276 $ 8,383,259 Real estate acquired 235,993 324,104 906,446 Capital expenditures and development 369,029 339,813 203,183 Real estate sold (43,569) (238,440) (301,920) Impairment of assets, including casualty-related impairments — — (692) Balance at end of the year $ 10,177,206 $ 9,615,753 $ 9,190,276 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2017 2016 2015 Balance at beginning of the year $ 2,923,625 $ 2,646,874 $ 2,434,772 Depreciation expense for the year 424,772 398,904 364,622 Accumulated depreciation on sales (18,231) (122,153) (152,520) Balance at end of year $ 3,330,166 $ 2,923,625 $ 2,646,874 |
Significant Accounting Polici27
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016‑09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019; however, early adoption of the ASU is permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, 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 expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 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 . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to 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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Revenue and real estate sales gain recognition | Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest of the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Notes Receivable | Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022. In September 2017, the terms of this secured note receivable were amended to reduce the aggregate commitment from $15.0 million to $10.0 million and to extend the maturity date of the note from the fifth anniversary of the note (April 2021) to August 2022. During the years ended December 31, 2017, 2016, and 2015, the Company recognized $1.8 million, $1.8 million and $ 1.5 million, respectively, of interest income from notes receivable, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. |
Investment in joint ventures | Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities 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 variable interest entity, 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, 2017, the Company did not determine any of our joint ventures or partnerships to be variable interest entities. 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 | Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. |
Income Taxes | Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act. |
Principles of Consolidation | Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. |
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, net of tax on the Consolidated Statements of Operations. |
Stock-based employee compensation plans | Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, 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 . During the years ended December 31, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 million, respectively. |
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, 2017, 2016, and 2015, 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 on the Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively. |
Use of estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market concentration risk | Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D.C. and New York, New York markets. |
Significant Accounting Polici28
Significant Accounting Policies (Tables). | 12 Months Ended |
Dec. 31, 2017 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Notes receivable | Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022. |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128 |
Joint Ventures and Partnershi30
Joint Ventures and Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of December 31, December 31, December 31, December 31, December 31, December 31, Joint Venture Properties 2017 2017 2017 2016 2017 2016 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 34,653 $ 25,209 50.0 % 50.0 % UDR/MetLife II (b) Various 18 operating communities 4,059 303,702 311,282 50.0 % 50.0 % Other UDR/MetLife Various 4 operating communities; 1,437 135,563 160,979 50.6 % 50.6 % Development Joint Ventures 1 development community (a) UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 78,404 72,414 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,958 12,835 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 561,280 $ 582,719 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (c) Location Rate Maturity Commitment 2017 2016 2017 2016 2015 Participating loan investment: Steele Creek (d) Denver, CO — % — $ — $ — $ 94,003 $ 19,523 $ 6,213 $ 5,453 Preferred equity investments: West Coast Development Joint Ventures (e) Various 6.5 % N/A — 102,142 150,303 23,557 4,561 3,692 1532 Harrison (f) San Francisco, CA 11.0 % 4.5 24,645 11,346 — 511 — — 1200 Broadway (g) Nashville, TN 8.0 % 4.8 55,558 18,011 — 370 — — Other investments: The Portals (h) Washington, D.C. 11.0 % 3.4 38,559 26,535 — 839 — — Other investment ventures N/A N/A N/A $ 15,000 1,516 — $ (30) $ — $ — Total Developer Capital Program 159,550 244,306 Total investment in and advances to unconsolidated joint ventures, net $ 720,830 $ 827,025 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2017, 190 apartment homes had been completed in Other UDR/MetLife Development Joint Ventures and no apartment homes had been completed in UDR/MetLife I or in UDR/MetLife Vitruvian Park ® . (b) In September 2015, the 717 Olympic community, which is owned by the UDR/MetLife II joint venture, experienced extensive water damage due to a ruptured water pipe. For the years ended December 31, 2017, 2016, and 2015, the Company recorded casualty-related charges/(recoveries) of $(0.9) million, $( 3.8) million, and $2.5 million, respectively, representing its proportionate share of the total charges/(recoveries) recognized. (c) The Developer Capital Program is a 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 that may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (d) In October 2017, the Company acquired the Steele Creek community for a purchase price of approximately $141.5 million (see Note 3, Real Estate Owned ). (e) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense are shared based on each partner’s ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had a fixed-price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million. In the event the Company does not exercise its options to purchase at least two communities, the unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and at the inception of the agreement there are construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). As a result of the consolidation, the Company recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In connection with the purchase, the construction loan on the community was paid in full. In August 2017, the joint venture sold one of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million. As a result, the Company recorded a gain on the sale of approximately $2.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2017, the joint venture sold one of the three remaining communities, a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. As a result, the Company recorded a gain on the sale of approximately $5.5 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As of December 31, 2017, construction was completed on one of the two remaining communities. The completed community has achieved stabilization and the Company receives income and expenses based on its ownership percentage. The other community is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2017 and 2016 of $ 102.1 million and $1 50.3 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (f) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017, the Company had contributed approximately $11.3 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (g) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017 , the Company had contributed approximately $18.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (h) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third-party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of December 31, 2017, the Company had contributed approximately $26.5 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. |
Combined Summary of Balance Sheets Relating to Unconsolidated Joint Ventures [Table Text Block] | 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, 2017, 2016, and 2015 ( dollars in thousands): Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2017 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ — $ 156,920 $ 48,032 $ 23,025 $ 20,327 $ 18,812 $ 267,116 Property operating expenses 93 52,450 21,908 11,839 8,159 9,520 103,969 Real estate depreciation and amortization — 45,144 32,625 7,169 14,480 7,387 106,805 Operating income/(loss) (93) 59,326 (6,501) 4,017 (2,312) 1,905 56,342 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Net income attributable to noncontrolling interest — — — — — 439 439 Net income/(loss) $ (110) $ 8,114 $ (20,395) $ (1,013) $ (7,576) $ 69,644 $ 48,664 Condensed Balance Sheets: Total real estate, net $ 108,958 $ 1,641,338 $ 687,492 $ 299,420 $ 195,625 $ 252,352 $ 3,185,185 Cash and cash equivalents 514 11,947 8,596 7,612 829 4,214 33,712 Other assets 2 10,830 4,290 1,972 905 979 18,978 Total assets 109,474 1,664,115 700,378 309,004 197,359 257,545 3,237,875 Amount due to/(from) UDR 514 (4,207) 413 1,311 229 288 (1,452) Third party debt, net 30,555 1,108,156 443,147 131,281 165,801 126,626 2,005,566 Accounts payable and accrued liabilities 12,186 19,477 14,590 15,620 1,516 17,101 80,490 Total liabilities 43,255 1,123,426 458,150 148,212 167,546 144,015 2,084,604 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2016 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 12,174 $ 242,630 Property operating expenses 552 52,322 11,655 11,730 7,828 7,117 91,204 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 6,218 90,037 Operating income/(loss) (326) 70,718 (9,918) 4,351 (2,275) (1,161) 61,389 Interest expense — (51,173) (6,164) (5,095) (5,369) (2,166) (69,967) Income/(loss) from discontinued operations (375) 34,201 — — — — 33,826 Net income attributable to noncontrolling interest — — — — — (62) (62) Net income/(loss) $ (701) $ 53,746 $ (16,082) $ (744) $ (7,644) $ (3,265) $ 25,310 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 373,449 $ 3,274,516 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 7,469 39,972 Other assets 1,641 11,370 2,744 2,266 1,026 2,246 21,293 Total assets 54,237 1,697,484 710,429 280,048 210,419 383,164 3,335,781 Amount due to/(from) UDR 155 (4,711) 3,082 1,566 429 274 795 Third party debt, net — 1,128,379 375,597 124,716 165,687 206,525 2,000,904 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 10,994 77,385 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 217,793 2,079,084 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 165,371 $ 1,256,697 |
Financial information relating to unconsolidated joint ventures operations | Other UDR/ UDR/MetLife MetLife West Coast For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2015 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ 200 $ — $ 219,914 Property operating expenses 906 63,516 3,826 11,519 7,733 4,065 — 91,565 Real estate depreciation and amortization 818 46,616 6,897 6,639 14,522 102 — 75,594 Operating income/(loss) (1,183) 59,930 (3,089) 3,981 (2,917) (3,967) — 52,755 Interest expense — (52,037) (2,566) (4,848) (5,539) — — (64,990) Income/(loss) from discontinued operations (20) — — — — — 184,138 184,118 Net income attributable to noncontrolling interest — — — — — (1) — (1) Net income/(loss) $ (1,203) $ 7,893 $ (5,655) $ (867) $ (8,456) $ (3,966) $ 184,138 $ 171,884 |
Secured and Unsecured Debt, N31
Secured and Unsecured Debt, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Secured and Unsecured Debt, Net | |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 5.3 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 % |
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense . |
Commercial Paper | |
Secured and Unsecured Debt, Net | |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total unsecured commercial paper program $ 500,000 $ — Borrowings outstanding at end of period 300,000 — Weighted average daily borrowings during the period ended 238,810 — Maximum daily borrowings during the period ended 390,000 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 2.0 % — % |
Revolving Credit Facility | |
Secured and Unsecured Debt, Net | |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 2,274 161,505 Maximum daily borrowings during the period ended 120,000 340,000 Weighted average interest rate during the period ended 1.6 % 1.4 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $2. 9 million of letters of credit at December 31, 2017 and 2016, respectively. |
Unsecured Working Capital Credit Facility due January 2019 | |
Secured and Unsecured Debt, Net | |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 21,767 21,350 Weighted average daily borrowings during the period ended 26,993 21,936 Maximum daily borrowings during the period ended 68,207 69,633 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.5 % 1.7 % |
Income_(Loss) Per Share (Tables
Income/(Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
INCOME/(LOSS) PER SHARE | |
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, 2017 2016 2015 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 89,251 $ 109,529 $ 105,482 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. 121,558 292,718 340,383 Distributions to preferred stockholders — Series E (Convertible) (3,708) (3,717) (3,722) Income/(loss) attributable to common stockholders - basic 117,850 289,001 336,661 Dilutive distributions to preferred stockholders - Series E (Convertible) — — 3,722 Income/(loss) attributable to common stockholders - diluted $ 117,850 $ 289,001 $ 340,383 Denominator for income/(loss) per share: Weighted average common shares outstanding 267,567 266,211 259,873 Non-vested restricted stock awards (543) (825) (1,204) Denominator for basic income/(loss) per share 267,024 265,386 258,669 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 5,083 Denominator for diluted income/(loss) per share 268,830 267,311 263,752 Income/(loss) per weighted average common share: Basic $ 0.44 $ 1.09 $ 1.30 Diluted $ 0.44 $ 1.08 $ 1.29 |
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, 2017, 2016, and 2015 (shares in thousands) : Year Ended December 31, 2017 2016 2015 OP/DownREIT Units 24,821 25,130 12,947 Convertible preferred stock 3,021 3,028 3,032 Stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 2,051 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 Common Preferred Stock Stock Series E Series F Balance at December 31, 2014 255,114,603 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 270,628 — — Issuance of common shares through public offering 6,339,636 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 112,174 — — Conversion of Series E Cumulative Convertible shares 7,480 (6,909) — Issuance of Series F shares — — 13,988,313 Balance at December 31, 2015 261,844,521 2,796,903 16,452,496 Issuance/(forfeiture) of common and restricted shares, net 154,656 — — Issuance of common shares through public offering 5,000,000 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4,685 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 255,607 — — Forfeiture of Series F shares — — (255,607) Balance at December 31, 2016 267,259,469 2,796,903 16,196,889 Issuance/(forfeiture) of common and restricted shares, net 69,788 — — Issuance of common shares upon exercise of stock options 86,554 Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 7,604 — — Conversion of Series E Cumulative Convertible shares 17,225 (15,909) Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 381,429 — — Forfeiture of Series F shares — — (344,168) Balance at December 31, 2017 267,822,069 2,780,994 15,852,721 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
EMPLOYEE BENEFIT PLANS | |
Summary of Stock option and restricted stock activities | A summary of UDR’s stock option and restricted stock activities during the year ended December 31, 2017 is as follows: Option Outstanding Option Exercisable Restricted Stock Weighted Weighted Weighted Average Fair Average Average Value Per Number of Exercise Number of Exercise Number Restricted Options Price Options Price of shares Stock Balance, December 31, 2016 2,234,963 $ 12.65 2,234,963 $ 12.65 645,967 $ 35.12 Granted — — — — 238,821 35.76 Exercised (404,291) 24.38 (404,291) 24.38 — — Vested — — — — (322,457) 32.85 Forfeited — — — — (49,815) 35.30 Balance, December 31, 2017 1,830,672 $ 10.06 1,830,672 $ 10.06 512,516 $ 36.82 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016, and 2015 ( unaudited ): Year Ended December 31, 2017 2016 2015 Ordinary income $ 1.018 $ 0.708 $ 0.595 Qualified ordinary income 0.011 — — Long-term capital gain 0.133 0.309 0.329 Unrecaptured section 1250 gain 0.063 0.145 0.168 Total $ 1.225 $ 1.162 $ 1.092 |
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, 2017, 2016, and 2015 (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Income tax (benefit)/provision Current Federal $ (1,205) $ 69 $ 29 State 407 372 871 Total current (798) 441 900 Deferred Federal 568 9,814 (4,173) State (10) 1,319 (613) Total deferred 558 11,133 (4,786) Total income tax (benefit)/provision $ (240) $ 11,574 $ (3,886) Classification of income tax (benefit)/provision: Continuing operations $ (240) $ (3,774) $ (3,886) Gain/(loss) on sale of real estate owned — 15,348 — |
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, 2017, 2016, and 2015 (dollars in thousands): Year Ended December 31, 2017 2016 2015 Deferred tax assets: Federal and state tax attributes $ 8 $ 536 $ 2,227 Book/tax depreciation — — 9,016 Other 139 190 707 Total deferred tax assets 147 726 11,950 Valuation allowance (9) (6) (81) Net deferred tax assets 138 720 11,869 Deferred tax liabilities: Other (67) (92) (107) Total deferred tax liabilities (67) (92) (107) Net deferred tax asset $ 71 $ 628 $ 11,762 |
Schedule of effective income tax rate reconciliation | Income tax provision/(benefit), net differed from the amounts computed by applying the U.S. statutory rate of 35% to pretax income/(loss) for the years ended December 31, 2017, 2016, and 2015 as follows (dollars in thousands): Year Ended December 31, 2017 2016 2015 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 581 $ 12,577 $ (4,383) State income tax provision 493 1,370 442 Other items (188) 134 (26) New tax law benefit (1,129) — — Conversion of certain TRS entities to REITs — (2,436) — Valuation allowance 3 (71) 81 Total income tax provision/(benefit) $ (240) $ 11,574 $ (3,886) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
NONCONTROLLING INTERESTS | |
Redeemable noncontrolling interests in the Operating Partnership | The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2017 and 2016 ( dollars in thousands ): Year Ended December 31, 2017 2016 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 909,482 $ 946,436 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 71,096 (24,735) Conversion of OP Units/DownREIT Units to Common Stock (14,544) (9,526) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 10,933 27,282 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (31,427) (30,077) Vesting of Long-Term Incentive Plan Units 2,317 — Allocation of other comprehensive income/(loss) 281 102 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 948,138 $ 909,482 |
Fair Value of Derivatives and37
Fair Value of Derivatives and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | |
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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, 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 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, 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 2016 2016 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments: (c) Working capital credit facility 21,350 21,350 — — 21,350 Unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests . |
Derivatives and Hedging Activ38
Derivatives and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
DERIVATIVES AND HEDGING ACTIVITY | |
Outstanding interest rate derivatives | As of December 31, 2017, 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 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2017 and 2016 ( 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, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — |
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | 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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11) |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23) |
Offsetting of Derivative Assets | The Company has elected not to offset derivative positions in 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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. |
Offsetting of Derivative Liabilities | Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 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, 2017 | |
COMMITMENTS AND CONTINGENCIES | |
Real estate commitments | The following summarizes the Company’s real estate commitments at December 31, 2017 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 592,490 (b) $ 124,010 100 % Joint ventures: Unconsolidated joint ventures 3 262,550 22,076 (c) 50 % Preferred equity investments 5 87,491 (d) 50,846 (e) 48 % (f) Other investments 1 28,051 25,508 (g) — % Total $ 970,582 $ 222,440 (a) Represents 100% of project costs incurred as of December 31, 2017. (b) Costs incurred as of December 31, 2017 include $38.0 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of December 31, 2017. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures. |
Schedule of future minimum lease payments | Future minimum lease payments as of December 31, 2017 are as follows (dollars in thousands): Ground Leases (a) Office Space 2018 $ 5,629 $ 76 2019 5,629 76 2020 5,629 76 2021 5,629 32 2022 5,629 — Thereafter 335,207 — Total $ 363,352 $ 260 (a) For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. |
Reportable Segment (Tables)
Reportable Segment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
REPORTABLE SEGMENTS | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383 |
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584 |
Unaudited Summarized Consolid41
Unaudited Summarized Consolidated Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. |
Consolidation and Basis of Pr42
Consolidation and Basis of Presentation (Details) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2017community | Dec. 31, 2017home | Dec. 31, 2017item | Dec. 31, 2017USD ($) | Dec. 31, 2017shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015shares | Dec. 31, 2014shares |
Basis of presentation | |||||||||
Number of real estate properties | community | 127 | ||||||||
Building, improvements, and furniture, fixtures and equipment | $ | $ 7,614,568 | $ 7,291,570 | |||||||
Consolidation And Basis Of Presentation | |||||||||
Number of markets operating within (in markets) | item | 19 | ||||||||
Number of apartments owned (in apartments homes) | home | 39,998 | ||||||||
Joint venture, number of homes in communities | home | 7,286 | ||||||||
OP units outstanding related to limited partner | 183,350,924 | 183,278,698 | 183,278,698 | 183,278,698 | |||||
United Dominion Reality L.P. | |||||||||
Consolidation And Basis Of Presentation | |||||||||
OP units outstanding related to limited partner | 174,237,688 | 174,230,084 | |||||||
Percentage of units outstanding in Heritage OP | 95.00% | 95.10% | |||||||
UDR Lighthouse DownREIT L.P. | |||||||||
Consolidation And Basis Of Presentation | |||||||||
Operating Partnership outstanding units | 16,866,443 | 16,485,014 | |||||||
General Partners' ownership (as a percent) | 52.10% | 50.90% | |||||||
United Dominion Reality L.P. | |||||||||
Basis of presentation | |||||||||
Number of real estate properties | community | 53 | ||||||||
Building, improvements, and furniture, fixtures and equipment | $ | $ 3,008,215 | $ 2,838,060 | |||||||
Consolidation And Basis Of Presentation | |||||||||
Number of markets operating within (in markets) | item | 15 | ||||||||
Number of apartments owned (in apartments homes) | 16,698 | 16,698 | |||||||
Operating Partnership outstanding units | 183,350,924 | 183,278,698 | |||||||
OP units outstanding related to limited partner | 183,240,041 | 183,167,815 | |||||||
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P. | |||||||||
Consolidation And Basis Of Presentation | |||||||||
Operating Partnership outstanding units | 13,470,651 | ||||||||
Percentage of units outstanding in Heritage OP | 41.60% | ||||||||
UDR Lighthouse DownREIT L.P. | |||||||||
Basis of presentation | |||||||||
Number of real estate properties | community | 13 | ||||||||
Consolidation And Basis Of Presentation | |||||||||
Operating Partnership outstanding units | 32,367,380 | ||||||||
Non-affiliated Partners | United Dominion Reality L.P. | |||||||||
Consolidation And Basis Of Presentation | |||||||||
Operating Partnership outstanding units | 9,113,236 | 9,048,614 | |||||||
OP units outstanding related to limited partner | 9,113,236 | 9,048,614 | |||||||
Percentage of units outstanding in Heritage OP | 5.00% | 4.90% | |||||||
Non-affiliated Partners | UDR Lighthouse DownREIT L.P. | |||||||||
Consolidation And Basis Of Presentation | |||||||||
Operating Partnership outstanding units | 15,500,937 | 15,882,366 | |||||||
Percentage of units outstanding in Heritage OP | 47.90% | 49.10% |
Significant Accounting Polici43
Significant Accounting Policies (Details) shares in Thousands, $ in Thousands | Jan. 01, 2017USD ($) | Oct. 20, 2015 | Dec. 31, 2018 | Dec. 31, 2017USD ($)itemshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014 | Aug. 31, 2017USD ($) |
Accounting policies | ||||||||
Return on investment in unconsolidated joint ventures | $ 4,416 | $ 57,578 | $ 27,012 | |||||
Distributions received from unconsolidated entities | $ (116,329) | (66,116) | (32,279) | |||||
Document period end date | Dec. 31, 2017 | |||||||
Allocation of other comprehensive income/(loss) | $ 281 | 102 | ||||||
Significant Accounting Policies | ||||||||
Development costs excluding direct costs and capitalized interest | 8,800 | 7,900 | 6,300 | |||||
Interest capitalized during period | 18,600 | 16,500 | 16,100 | |||||
Notes receivable | 19,469 | 19,790 | ||||||
Notes receivable funded | $ 700 | |||||||
Number of extension options on loan | item | 2 | |||||||
Extension period of option on loan | 6 months | |||||||
Note receivable interest income | $ 1,800 | 1,800 | $ 1,500 | |||||
Minimum period units are outstanding prior to redemption (in years) | 1 year | |||||||
Deferred tax asset | $ 100 | $ 600 | ||||||
U.S. federal corporate income tax rate | 35.00% | 35.00% | 35.00% | 35.00% | ||||
One time tax benefit | $ 1,100 | |||||||
Advertising expense | $ 6,200 | $ 6,400 | $ 6,400 | |||||
Minimum percentage of carrying value of real estate portfolio | 0.10 | |||||||
Note due February 2020 | ||||||||
Significant Accounting Policies | ||||||||
Notes receivable | $ 13,669 | 12,994 | ||||||
Note receivable interest rate | 10.00% | |||||||
Aggregate Commitment on Note Receivable | $ 16,400 | |||||||
Note maturity public capital threshold | 5,000 | |||||||
Note due July 2017 | ||||||||
Significant Accounting Policies | ||||||||
Notes receivable | 2,500 | |||||||
Aggregate Commitment on Note Receivable | 2,500 | |||||||
Note due October 2020 | ||||||||
Significant Accounting Policies | ||||||||
Notes receivable | $ 2,000 | 1,296 | ||||||
Note receivable interest rate | 8.00% | |||||||
Aggregate Commitment on Note Receivable | $ 2,000 | |||||||
Additional amount loaned | 700 | |||||||
Note maturity public capital threshold | 10,000 | |||||||
Note due August 2022 | ||||||||
Significant Accounting Policies | ||||||||
Notes receivable | $ 3,800 | $ 3,000 | ||||||
Note receivable interest rate | 10.00% | |||||||
Aggregate Commitment on Note Receivable | $ 10,000 | $ 15,000 | ||||||
Additional amount loaned | 800 | |||||||
Note maturity public capital threshold | $ 25,000 | |||||||
OP/DownREIT Units | ||||||||
Significant Accounting Policies | ||||||||
Antidilutive securities | shares | 24,821 | 25,130 | 12,947 | |||||
Convertible Preferred Stock | ||||||||
Significant Accounting Policies | ||||||||
Antidilutive securities | shares | 3,021 | 3,028 | 3,032 | |||||
Stock options, unvested LTIP Units and unvested restricted stock | ||||||||
Significant Accounting Policies | ||||||||
Antidilutive securities | shares | 1,806 | 1,925 | 2,051 | |||||
Minimum | ||||||||
Significant Accounting Policies | ||||||||
Ownership (as a percent) | 100.00% | |||||||
Minimum | Buildings | ||||||||
Significant Accounting Policies | ||||||||
Estimated useful lives | 35 years | |||||||
Minimum | Building improvements | ||||||||
Significant Accounting Policies | ||||||||
Estimated useful lives | 10 years | |||||||
Minimum | Furniture, fixtures, equipment, and other assets | ||||||||
Significant Accounting Policies | ||||||||
Estimated useful lives | 3 years | |||||||
Maximum | Buildings | ||||||||
Significant Accounting Policies | ||||||||
Estimated useful lives | 55 years | |||||||
Maximum | Building improvements | ||||||||
Significant Accounting Policies | ||||||||
Estimated useful lives | 35 years | |||||||
Maximum | Furniture, fixtures, equipment, and other assets | ||||||||
Significant Accounting Policies | ||||||||
Estimated useful lives | 10 years | |||||||
Redeemable Noncontrolling Interest | ||||||||
Accounting policies | ||||||||
Allocation of other comprehensive income/(loss) | $ (300) | |||||||
Distributions in Excess of Net Income | ASU 2016-09 | ||||||||
Accounting policies | ||||||||
Distributions received from unconsolidated entities | $ (600) | |||||||
Secured Debt | ||||||||
Accounting policies | ||||||||
Deferred finance costs, net | $ (1,912) | |||||||
Forecast | ||||||||
Significant Accounting Policies | ||||||||
U.S. federal corporate income tax rate | 21.00% |
Real Estate Owned - Summarizes
Real Estate Owned - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate owned | ||
Land | $ 1,780,229 | $ 1,801,576 |
Land improvements | 189,919 | 178,701 |
Depreciable property - held and used: | ||
Building, improvements, and furniture, fixtures and equipment | 7,614,568 | 7,291,570 |
Under development: | ||
Real estate under development | 588,636 | 342,282 |
Real estate owned | 10,177,206 | 9,615,753 |
Accumulated depreciation | (3,330,166) | (2,923,625) |
Accumulated depreciation | (3,326,312) | (2,923,072) |
Total real estate owned, net of accumulated depreciation | 6,847,040 | 6,692,128 |
LAND | ||
Under development: | ||
Real estate under development | 109,468 | 111,028 |
Real estate held for disposition | 1,104 | |
Construction in progress | ||
Under development: | ||
Real estate under development | $ 483,022 | 231,254 |
Building and improvements | ||
Under development: | ||
Real estate held for disposition | $ 520 |
Real Estate Owned - Additional
Real Estate Owned - Additional Information (Details) $ in Thousands | Feb. 20, 2018USD ($)item | Dec. 31, 2017USD ($)statepropertycommunityhome | Oct. 31, 2017USD ($)item | Feb. 28, 2017USD ($) | Jan. 31, 2017USD ($)item | Nov. 30, 2016USD ($)communityhome | Oct. 31, 2016USD ($)communityhome | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($)lease | May 31, 2016USD ($) | Mar. 31, 2016USD ($)community | Dec. 31, 2017USD ($)statepropertycommunityhome | Sep. 30, 2017USD ($)item | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)statepropertycommunityhome | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 31, 2016 |
Real estate properties | |||||||||||||||||||||||
Revenues | $ 984,309 | $ 948,461 | $ 871,928 | ||||||||||||||||||||
Document period end date | Dec. 31, 2017 | ||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Number of apartment homes owned and consolidated | home | 39,998 | 39,998 | 39,998 | ||||||||||||||||||||
Investment in unconsolidated joint ventures | $ 123,842 | 40,162 | 217,642 | ||||||||||||||||||||
Deferred fees from the sale of properties | $ 10,900 | $ 10,900 | $ 9,500 | $ 10,900 | 9,500 | ||||||||||||||||||
Joint venture, number of homes in communities | home | 7,286 | 7,286 | 7,286 | ||||||||||||||||||||
Acquisition-related costs | $ 400 | 200 | 2,100 | ||||||||||||||||||||
Number of real estate properties | community | 127 | 127 | 127 | ||||||||||||||||||||
Number of states in which there are owned and consolidated communities | state | 11 | 11 | 11 | ||||||||||||||||||||
Secured debt assumed in the consolidation of unconsolidated joint ventures | 75,796 | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ 34,355 | $ 17,570 | $ 11,062 | $ 26,264 | $ 59,280 | $ 29,466 | $ 12,249 | $ 8,534 | $ 89,251 | 109,529 | 105,482 | ||||||||||||
Gain/(loss) on sale of real estate owned, net of tax | 43,404 | $ 210,851 | $ 251,677 | ||||||||||||||||||||
CityLine | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Ownership (as a percent) | 100.00% | 49.00% | 49.00% | ||||||||||||||||||||
Investment in unconsolidated joint ventures | $ 66,000 | ||||||||||||||||||||||
Number of apartment homes acquired | item | 244 | ||||||||||||||||||||||
Real estate acquired | $ 97,000 | ||||||||||||||||||||||
Increase in in-place intangibles | 1,700 | ||||||||||||||||||||||
Milehouse | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Number of apartment homes acquired | home | 177 | ||||||||||||||||||||||
Real estate acquired | $ 70,500 | ||||||||||||||||||||||
Unconsolidated Joint Venture UDR MetLife II Partnership | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Ownership (as a percent) | 100.00% | 50.00% | |||||||||||||||||||||
Investment in unconsolidated joint ventures | $ 70,300 | ||||||||||||||||||||||
Number of apartment homes acquired | home | 331 | ||||||||||||||||||||||
Real estate acquired | $ 215,000 | ||||||||||||||||||||||
Debt incurred | 80,000 | ||||||||||||||||||||||
Gain on consolidation | $ 36,400 | ||||||||||||||||||||||
Number of communities acquired | community | 2 | ||||||||||||||||||||||
Secured debt assumed in the consolidation of unconsolidated joint ventures | $ 37,900 | ||||||||||||||||||||||
Weighted average interest rate (as a percent) | 3.67% | ||||||||||||||||||||||
Other Investment Ventures | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
UDR commitment | $ 15,000 | $ 15,000 | $ 15,000 | ||||||||||||||||||||
Preferred Equity Investment 1200 Broadway Nashville TN | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Number of apartment homes | item | 313 | ||||||||||||||||||||||
Dublin Land | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Ownership (as a percent) | 100.00% | 5.00% | |||||||||||||||||||||
Investment in unconsolidated joint ventures | $ 8,500 | ||||||||||||||||||||||
Real estate acquired | $ 8,900 | ||||||||||||||||||||||
Wilshire AT LaJolla | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Ownership (as a percent) | 100.00% | 50.00% | 100.00% | ||||||||||||||||||||
Investment in unconsolidated joint ventures | $ 20,100 | ||||||||||||||||||||||
Real estate acquired | $ 31,100 | $ 31,100 | |||||||||||||||||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 49 years | ||||||||||||||||||||||
Number of Extensions of Ground Lease | lease | 2 | ||||||||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 25 years | ||||||||||||||||||||||
Participating Loan Investment Steele Creek Denver Colorado | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Number of apartment homes acquired | item | 218 | ||||||||||||||||||||||
Contingent interest amount received | $ 14,900 | ||||||||||||||||||||||
Real estate acquired | 139,000 | ||||||||||||||||||||||
Increase in in-place intangibles | $ 2,500 | ||||||||||||||||||||||
Amount of retail square feet | item | 17,000 | ||||||||||||||||||||||
Payment to acquire real estate | $ 141,500 | ||||||||||||||||||||||
UDR commitment | $ 93,500 | ||||||||||||||||||||||
Contingent interest percentage | 50.00% | ||||||||||||||||||||||
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Ownership (as a percent) | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Number of apartment homes | home | 4,059 | 4,059 | 4,059 | ||||||||||||||||||||
Number of real estate properties | property | 18 | 18 | 18 | ||||||||||||||||||||
Operating Community | Unconsolidated Joint Venture Vitruvian Park | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Ownership (as a percent) | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Number of apartment homes | home | 1,513 | 1,513 | 1,513 | ||||||||||||||||||||
Number of real estate properties | property | 3 | 3 | 3 | ||||||||||||||||||||
Development Community | Other Investment The Portals Washington, DC | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
UDR commitment | $ 38,559 | $ 38,559 | $ 38,559 | ||||||||||||||||||||
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
UDR commitment | 55,558 | 55,558 | 55,558 | ||||||||||||||||||||
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
UDR commitment | $ 24,645 | $ 24,645 | $ 24,645 | ||||||||||||||||||||
Development Community | Unconsolidated Joint Venture Vitruvian Park | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Number of real estate properties | property | 1 | 1 | 1 | ||||||||||||||||||||
Baltimore Properties | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Communities sold | community | 7 | ||||||||||||||||||||||
Apartment homes sold | home | 1,402 | ||||||||||||||||||||||
Baltimore and Dallas Properties | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Gross proceeds from sale of properties | $ 284,600 | $ 284,600 | |||||||||||||||||||||
Net proceeds from sale of properties | $ 280,500 | 280,500 | |||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 200,500 | ||||||||||||||||||||||
Orange County and Carlsbad Properties | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Communities sold | community | 2 | ||||||||||||||||||||||
Apartment homes sold | community | 218 | ||||||||||||||||||||||
Gross proceeds from sale of properties | $ 69,000 | $ 69,000 | $ 69,000 | ||||||||||||||||||||
Net proceeds from sale of properties | 68,000 | $ 68,000 | $ 68,000 | ||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 41,300 | ||||||||||||||||||||||
Highlands of Preston | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Apartment homes sold | home | 380 | ||||||||||||||||||||||
RICHMOND, VA | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Gross proceeds from sale of properties | $ 3,500 | ||||||||||||||||||||||
Net proceeds from sale of properties | 3,300 | ||||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 2,100 | ||||||||||||||||||||||
Bellevue Plaza retail | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Gross proceeds from sale of properties | $ 45,400 | ||||||||||||||||||||||
Net proceeds from sale of properties | 44,100 | ||||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 7,300 | ||||||||||||||||||||||
LAND | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Communities sold | community | 2 | ||||||||||||||||||||||
Gross proceeds from sale of properties | $ 24,000 | 24,000 | |||||||||||||||||||||
Net proceeds from sale of properties | 22,000 | $ 22,000 | |||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 3,100 | ||||||||||||||||||||||
Noncontrolling Interest Held in Joint Venture | 95.00% | 95.00% | |||||||||||||||||||||
ORANGE COUNTY, CA | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Apartment homes sold | item | 264 | ||||||||||||||||||||||
Gross proceeds from sale of properties | $ 90,500 | ||||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 70,300 | ||||||||||||||||||||||
Income (Loss) From Unconsolidated Entities | CityLine | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Gain on consolidation | $ 12,200 | ||||||||||||||||||||||
Income (Loss) From Unconsolidated Entities | Participating Loan Investment Steele Creek Denver Colorado | |||||||||||||||||||||||
Real Estate Owned Disclosure | |||||||||||||||||||||||
Gain on consolidation | $ 14,800 |
Joint Ventures - Investments an
Joint Ventures - Investments and Advances (Details) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)propertycommunityhomeitem | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($)item | May 31, 2017 | Mar. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Sep. 30, 2016 | May 31, 2015 | |
Properties | ||||||||||
Number of real estate properties | community | 127 | |||||||||
Investment in unconsolidated entities | $ 720,830 | |||||||||
Deferred fees from the sale of properties | $ 10,900 | 9,500 | ||||||||
Development Community | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | $ 159,550 | 244,306 | ||||||||
Unconsolidated Joint Venture UDR Met Life I Partnership | Development Community | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 1 | |||||||||
Number of apartment homes | home | 150 | |||||||||
Investment in unconsolidated entities | $ 34,653 | $ 25,209 | ||||||||
Ownership (as a percent) | 50.00% | 50.00% | ||||||||
Unconsolidated Joint Venture UDR MetLife II Partnership | ||||||||||
Properties | ||||||||||
Ownership (as a percent) | 100.00% | 50.00% | ||||||||
Unconsolidated Joint Venture UDR MetLife II Partnership | Operating Community | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 18 | |||||||||
Number of apartment homes | home | 4,059 | |||||||||
Investment in unconsolidated entities | $ 303,702 | $ 311,282 | ||||||||
Ownership (as a percent) | 50.00% | 50.00% | ||||||||
Unconsolidated Joint Venture Other MetLife | Operating Community | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 4 | |||||||||
Number of apartment homes | home | 1,437 | |||||||||
Investment in unconsolidated entities | $ 135,563 | $ 160,979 | ||||||||
Ownership (as a percent) | 50.60% | 50.60% | ||||||||
Unconsolidated Joint Venture Other MetLife | Development Community | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 1 | |||||||||
Unconsolidated Joint Venture Vitruvian Park | Operating Community | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 3 | |||||||||
Number of apartment homes | home | 1,513 | |||||||||
Investment in unconsolidated entities | $ 78,404 | $ 72,414 | ||||||||
Ownership (as a percent) | 50.00% | 50.00% | ||||||||
Unconsolidated Joint Venture Vitruvian Park | Land Parcel | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 5 | |||||||||
Unconsolidated Joint Venture Vitruvian Park | Development Community | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 1 | |||||||||
Unconsolidated Joint Venture Three Washington DC | Operating Community | ||||||||||
Properties | ||||||||||
Number of real estate properties | property | 3 | |||||||||
Number of apartment homes | home | 660 | |||||||||
Investment in unconsolidated entities | $ 8,958 | $ 12,835 | ||||||||
Ownership (as a percent) | 30.00% | 30.00% | ||||||||
Unconsolidated Joint Ventures | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | $ 561,280 | $ 582,719 | ||||||||
Participating Loan Investment Steele Creek Denver Colorado | Development Community | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | 94,003 | |||||||||
Income from Participating Loan | $ 19,523 | $ 6,213 | $ 5,453 | |||||||
Preferred Equity Investment West Coast Development JV | ||||||||||
Properties | ||||||||||
Number of apartment homes | item | 211 | |||||||||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | |||||||||
Ownership (as a percent) | 49.00% | 49.00% | 49.00% | 100.00% | 48.00% | |||||
Preferred Equity Investment West Coast Development JV | Development Community | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | $ 102,142 | $ 150,303 | ||||||||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | |||||||||
Income from Participating Loan | $ 23,557 | $ 4,561 | $ 3,692 | |||||||
Preferred Equity Investment 1200 Broadway Nashville TN | ||||||||||
Properties | ||||||||||
Number of apartment homes | item | 313 | |||||||||
Investment in unconsolidated entities | $ 18,000 | |||||||||
Participating Loan, Interest Rate, Stated Percentage | 8.00% | |||||||||
Preferred Equity Investment 1200 Broadway Nashville TN | Development Community | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | $ 18,011 | |||||||||
Participating Loan, Interest Rate, Stated Percentage | 8.00% | |||||||||
Participating Loan Years to Maturity | 4 years 9 months 18 days | |||||||||
Income from Participating Loan | $ 370 | |||||||||
Preferred Equity Investment 1532 Harrison San Francisco, CA | Development Community | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | $ 11,346 | |||||||||
Participating Loan, Interest Rate, Stated Percentage | 11.00% | |||||||||
Participating Loan Years to Maturity | 4 years 6 months | |||||||||
Income from Participating Loan | $ 511 | |||||||||
Other Investment The Portals Washington, DC | Development Community | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | $ 26,535 | |||||||||
Participating Loan, Interest Rate, Stated Percentage | 11.00% | |||||||||
Participating Loan Years to Maturity | 3 years 4 months 24 days | |||||||||
Income from Participating Loan | $ 839 | |||||||||
Other Investment Ventures | ||||||||||
Properties | ||||||||||
Investment in unconsolidated entities | 1,516 | |||||||||
Income from Participating Loan | $ (30) |
Joint Ventures - Summary Financ
Joint Ventures - Summary Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | $ 267,116 | $ 219,914 | |
Real estate depreciation and amortization | 106,805 | 75,594 | |
Net loss | 48,664 | 171,884 | |
Income/(loss) from unconsolidated entities | 31,257 | $ 52,234 | 62,329 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 3,185,185 | ||
Total assets | 3,237,875 | ||
Amount due to UDR | (1,452) | ||
Third party debt | 2,005,566 | ||
Total liabilities | 2,084,604 | ||
Total equity | 1,153,271 | ||
Equity Method Investments | 720,830 | ||
Equity Method Investment Summarized Financial Information Property Operating Expense | 103,969 | 91,565 | |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | 56,342 | 52,755 | |
Equity Method Investment Summarized Financial Information Interest expense | (78,829) | (64,990) | |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 71,590 | ||
Income/(loss) from discontinued operations | 184,118 | ||
Equity Method Investment Net income attributable to noncontrolling interest | 439 | (1) | |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 33,712 | ||
Equity Method Investment Summarized Financial Information Other assets | 18,978 | ||
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 80,490 | ||
Unconsolidated Joint Venture UDR Met Life I Partnership | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 278 | 541 | |
Real estate depreciation and amortization | 52 | 818 | |
Net loss | (110) | (701) | (1,203) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 108,958 | 50,656 | |
Total assets | 109,474 | 54,237 | |
Amount due to UDR | 514 | 155 | |
Third party debt | 30,555 | ||
Total liabilities | 43,255 | 5,366 | |
Total equity | 66,219 | 48,871 | |
Equity Method Investment Summarized Financial Information Property Operating Expense | 93 | 552 | 906 |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | (93) | (326) | (1,183) |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | (17) | ||
Income/(loss) from discontinued operations | (375) | (20) | |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 514 | 1,940 | |
Equity Method Investment Summarized Financial Information Other assets | 2 | 1,641 | |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 12,186 | 5,211 | |
Unconsolidated Joint Venture UDR MetLife II Partnership | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 156,920 | 169,175 | 170,062 |
Real estate depreciation and amortization | 45,144 | 46,135 | 46,616 |
Net loss | 8,114 | 53,746 | 7,893 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 1,641,338 | 1,672,842 | |
Total assets | 1,664,115 | 1,697,484 | |
Amount due to UDR | (4,207) | (4,711) | |
Third party debt | 1,108,156 | 1,128,379 | |
Total liabilities | 1,123,426 | 1,143,664 | |
Total equity | 540,689 | 553,820 | |
Equity Method Investment Summarized Financial Information Property Operating Expense | 52,450 | 52,322 | 63,516 |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | 59,326 | 70,718 | 59,930 |
Equity Method Investment Summarized Financial Information Interest expense | (50,603) | (51,173) | (52,037) |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | (609) | ||
Income/(loss) from discontinued operations | 34,201 | ||
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 11,947 | 13,272 | |
Equity Method Investment Summarized Financial Information Other assets | 10,830 | 11,370 | |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 19,477 | 19,996 | |
Unconsolidated Joint Venture Other MetLife | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 48,032 | 18,090 | 7,634 |
Real estate depreciation and amortization | 32,625 | 16,353 | 6,897 |
Net loss | (20,395) | (16,082) | (5,655) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 687,492 | 698,694 | |
Total assets | 700,378 | 710,429 | |
Amount due to UDR | 413 | 3,082 | |
Third party debt | 443,147 | 375,597 | |
Total liabilities | 458,150 | 411,163 | |
Total equity | 242,228 | 299,266 | |
Equity Method Investment Summarized Financial Information Property Operating Expense | 21,908 | 11,655 | 3,826 |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | (6,501) | (9,918) | (3,089) |
Equity Method Investment Summarized Financial Information Interest expense | (13,894) | (6,164) | (2,566) |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 8,596 | 8,991 | |
Equity Method Investment Summarized Financial Information Other assets | 4,290 | 2,744 | |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 14,590 | 32,484 | |
Unconsolidated Joint Venture Vitruvian Park | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 23,025 | 22,916 | 22,139 |
Real estate depreciation and amortization | 7,169 | 6,835 | 6,639 |
Net loss | (1,013) | (744) | (867) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 299,420 | 270,770 | |
Total assets | 309,004 | 280,048 | |
Amount due to UDR | 1,311 | 1,566 | |
Third party debt | 131,281 | 124,716 | |
Total liabilities | 148,212 | 133,585 | |
Total equity | 160,792 | 146,463 | |
Equity Method Investment Summarized Financial Information Property Operating Expense | 11,839 | 11,730 | 11,519 |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | 4,017 | 4,351 | 3,981 |
Equity Method Investment Summarized Financial Information Interest expense | (5,030) | (5,095) | (4,848) |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 7,612 | 7,012 | |
Equity Method Investment Summarized Financial Information Other assets | 1,972 | 2,266 | |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 15,620 | 7,303 | |
Texas JV | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 242,630 | ||
Real estate depreciation and amortization | 90,037 | ||
Net loss | 25,310 | 184,138 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 3,274,516 | ||
Total assets | 3,335,781 | ||
Amount due to UDR | 795 | ||
Third party debt | 2,000,904 | ||
Total liabilities | 2,079,084 | ||
Total equity | 1,256,697 | ||
Equity Method Investment Summarized Financial Information Property Operating Expense | 91,204 | ||
Equity Method of Investment Summarized Financial Information Operating income/(loss) | 61,389 | ||
Equity Method Investment Summarized Financial Information Interest expense | (69,967) | ||
Income/(loss) from discontinued operations | 33,826 | 184,138 | |
Equity Method Investment Net income attributable to noncontrolling interest | (62) | ||
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 39,972 | ||
Equity Method Investment Summarized Financial Information Other assets | 21,293 | ||
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 77,385 | ||
Unconsolidated Joint Venture Three Washington DC | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 20,327 | 19,997 | 19,338 |
Real estate depreciation and amortization | 14,480 | 14,444 | 14,522 |
Net loss | (7,576) | (7,644) | (8,456) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 195,625 | 208,105 | |
Total assets | 197,359 | 210,419 | |
Amount due to UDR | 229 | 429 | |
Third party debt | 165,801 | 165,687 | |
Total liabilities | 167,546 | 167,513 | |
Total equity | 29,813 | 42,906 | |
Equity Method Investment Summarized Financial Information Property Operating Expense | 8,159 | 7,828 | 7,733 |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | (2,312) | (2,275) | (2,917) |
Equity Method Investment Summarized Financial Information Interest expense | (5,264) | (5,369) | (5,539) |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 829 | 1,288 | |
Equity Method Investment Summarized Financial Information Other assets | 905 | 1,026 | |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 1,516 | 1,397 | |
Preferred Equity Investment West Coast Development JV | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 18,812 | 12,174 | 200 |
Real estate depreciation and amortization | 7,387 | 6,218 | 102 |
Net loss | 69,644 | (3,265) | (3,966) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total real estate, net | 252,352 | 373,449 | |
Total assets | 257,545 | 383,164 | |
Amount due to UDR | 288 | 274 | |
Third party debt | 126,626 | 206,525 | |
Total liabilities | 144,015 | 217,793 | |
Total equity | 113,530 | 165,371 | |
Equity Method Investment Summarized Financial Information Property Operating Expense | 9,520 | 7,117 | 4,065 |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | 1,905 | (1,161) | (3,967) |
Equity Method Investment Summarized Financial Information Interest expense | (4,038) | (2,166) | |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 72,216 | ||
Equity Method Investment Net income attributable to noncontrolling interest | 439 | (62) | (1) |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 4,214 | 7,469 | |
Equity Method Investment Summarized Financial Information Other assets | 979 | 2,246 | |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 17,101 | 10,994 | |
Unconsolidated Joint Ventures | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Equity Method Investments | 561,280 | 582,719 | |
Developer Capital Program excluding West Coast Development Joint Ventures | |||
Financial information relating to unconsolidated joint ventures operations | |||
Total revenues | 7,800 | 8,500 | 3,600 |
Expenses | 9,500 | 12,200 | $ 7,900 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 79,100 | 93,800 | |
Total liabilities | 800 | 95,200 | |
Total equity | $ 78,300 | $ (1,400) |
Joint Ventures - Additional Inf
Joint Ventures - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Nov. 30, 2017USD ($)communityhome | Oct. 31, 2017USD ($)item | Aug. 31, 2017USD ($)community | May 31, 2017USD ($)loanitem | Mar. 31, 2017USD ($)item | Jan. 31, 2017USD ($)communityitem | Oct. 31, 2016USD ($)communityhome | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Oct. 20, 2015 | May 31, 2015USD ($)community | Dec. 31, 2017USD ($)propertycommunityhomeitem | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017USD ($)item | Jun. 30, 2017USD ($)item | Sep. 30, 2016 | Jul. 31, 2016 | May 31, 2016 | |
Properties | |||||||||||||||||||
Long-term Debt | $ 3,671,663 | $ 3,401,478 | |||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | 2,084,604 | ||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Real estate owned, net of accumulated depreciation | $ 6,847,040 | 6,692,128 | |||||||||||||||||
Joint venture, number of homes in communities | home | 7,286 | ||||||||||||||||||
Investment in unconsolidated joint ventures | $ 123,842 | 40,162 | $ 217,642 | ||||||||||||||||
Unamortized discount | 8,200 | 11,200 | |||||||||||||||||
First installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 333,670 | ||||||||||||||||||
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | $ 338,862 | ||||||||||||||||||
Equity Method Investments | 720,830 | ||||||||||||||||||
Debt Instrument, Interest Rate During Period | 3.65% | ||||||||||||||||||
Document period end date | Dec. 31, 2017 | ||||||||||||||||||
Deferred gains on the sale of depreciable property | $ 10,900 | 9,500 | |||||||||||||||||
Gain/(loss) on sale of real estate owned, net of tax | 43,404 | 210,851 | 251,677 | ||||||||||||||||
Management fees for our involvement in the joint ventures | 11,400 | 11,300 | 11,300 | ||||||||||||||||
Total segment assets | 10,177,206 | 9,615,753 | |||||||||||||||||
Secured Debt | 803,269 | 1,130,858 | |||||||||||||||||
SEC Schedule III, Real Estate, Cost of Real Estate Sold | $ 43,569 | 238,440 | 301,920 | ||||||||||||||||
Number of real estate properties | community | 127 | ||||||||||||||||||
Number of extension options on loan | item | 2 | ||||||||||||||||||
Extension period of option on loan | 6 months | ||||||||||||||||||
Number of markets operating within (in markets) | item | 19 | ||||||||||||||||||
Casualty-related charges/(recoveries), net | $ 4,335 | 732 | 2,335 | ||||||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 75,796 | ||||||||||||||||||
Dublin Land | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Ownership (as a percent) | 100.00% | 5.00% | |||||||||||||||||
Investment in unconsolidated joint ventures | $ 8,500 | ||||||||||||||||||
717 Olympic | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Casualty-related charges/(recoveries), net | $ (900) | (3,800) | 2,500 | ||||||||||||||||
Unconsolidated Joint Venture Other MetLife | |||||||||||||||||||
Properties | |||||||||||||||||||
Number of apartments of development community | item | 190 | ||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | $ 458,150 | 411,163 | |||||||||||||||||
Unconsolidated Joint Venture Vitruvian Park | |||||||||||||||||||
Properties | |||||||||||||||||||
Number of apartments of development community | item | 0 | ||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | $ 148,212 | 133,585 | |||||||||||||||||
Unconsolidated Joint Venture UDR Met Life I Partnership | |||||||||||||||||||
Properties | |||||||||||||||||||
Number of apartments of development community | item | 0 | ||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | $ 43,255 | 5,366 | |||||||||||||||||
Unconsolidated Joint Venture UDR MetLife II Partnership | |||||||||||||||||||
Properties | |||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | 1,123,426 | 1,143,664 | |||||||||||||||||
Joint Ventures | |||||||||||||||||||
Ownership (as a percent) | 100.00% | 50.00% | |||||||||||||||||
Investment in unconsolidated joint ventures | $ 70,300 | ||||||||||||||||||
Gain on consolidation | $ 36,400 | ||||||||||||||||||
Number of communities acquired | community | 2 | ||||||||||||||||||
Number of apartment homes acquired | home | 331 | ||||||||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 37,900 | ||||||||||||||||||
Weighted average interest rate (as a percent) | 3.67% | ||||||||||||||||||
Unconsolidated Joint Venture Three Washington DC | |||||||||||||||||||
Properties | |||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | 167,546 | 167,513 | |||||||||||||||||
Texas JV | |||||||||||||||||||
Properties | |||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | 2,079,084 | ||||||||||||||||||
Participating Loan Investment Steele Creek Denver Colorado | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Contingent interest percentage | 50.00% | ||||||||||||||||||
Contingent interest amount received | $ 14,900 | ||||||||||||||||||
Number of apartment homes acquired | item | 218 | ||||||||||||||||||
Preferred Equity Investment West Coast Development JV | |||||||||||||||||||
Properties | |||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | $ 144,015 | $ 217,793 | |||||||||||||||||
Joint Ventures | |||||||||||||||||||
Joint venture, number of homes in communities | home | 399 | ||||||||||||||||||
Number of apartment homes | item | 211 | ||||||||||||||||||
Ownership (as a percent) | 49.00% | 49.00% | 100.00% | 48.00% | 49.00% | ||||||||||||||
Investment in unconsolidated joint ventures | $ 66,000 | ||||||||||||||||||
Communities sold | community | 1 | 1 | |||||||||||||||||
Number of Completed Communities | community | 5 | 1 | |||||||||||||||||
Time to maintain percent occupancy to be considered a community | 90 years | ||||||||||||||||||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | ||||||||||||||||||
Condition for Community considered to have stabilized occupancy | 80% | ||||||||||||||||||
Total Fixed Price Option Sales Price | $ 72,300 | $ 61,300 | $ 597,400 | ||||||||||||||||
Hold Period | 1 year | ||||||||||||||||||
Sale price | $ 148,000 | $ 101,300 | |||||||||||||||||
Number of joint ventures agreements entered into | community | 2 | ||||||||||||||||||
Number of Stabilized Communities | community | 1 | ||||||||||||||||||
Equity Method Investment Cost of Ownership Interest | $ 16,100 | $ 15,500 | $ 136,300 | ||||||||||||||||
Number of remaining communities sold | community | 3 | 4 | 3 | 2 | |||||||||||||||
Number of apartment homes acquired | item | 276 | 155 | 244 | ||||||||||||||||
Preferred Equity Investment San Franciso California JV [Member] | |||||||||||||||||||
Properties | |||||||||||||||||||
Equity Investment | $ 24,600 | ||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of apartment homes | item | 136 | ||||||||||||||||||
Equity Investment | $ 24,600 | ||||||||||||||||||
Equity Method Investments | $ 11,300 | ||||||||||||||||||
Participating Loan, Interest Rate, Stated Percentage | 11.00% | ||||||||||||||||||
Preferred Equity Investment 1200 Broadway Nashville TN | |||||||||||||||||||
Properties | |||||||||||||||||||
Equity Investment | $ 55,600 | ||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of apartment homes | item | 313 | ||||||||||||||||||
Equity Investment | $ 55,600 | ||||||||||||||||||
Equity Method Investments | $ 18,000 | ||||||||||||||||||
Participating Loan, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||||||
Third Party Developer in Washington D.C [Member] | |||||||||||||||||||
Properties | |||||||||||||||||||
Number of apartments of development community | item | 373 | ||||||||||||||||||
Equity Investment | $ 38,600 | ||||||||||||||||||
Long-term Debt | $ 71,000 | ||||||||||||||||||
Interest rate of medium-term notes | 13.50% | ||||||||||||||||||
Debt instrument term | 4 years | ||||||||||||||||||
Number of extensions available | loan | 1 | ||||||||||||||||||
Loan extension term | 12 months | ||||||||||||||||||
Equity Method Investment, Summarized Financial Information, Liabilities | $ 26,500 | ||||||||||||||||||
Debt, Weighted Average Interest Rate, of Company's Committed Portion | 11 | ||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Equity Investment | $ 38,600 | ||||||||||||||||||
Wilshire AT LaJolla | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Ownership (as a percent) | 100.00% | 50.00% | |||||||||||||||||
Investment in unconsolidated joint ventures | $ 20,100 | ||||||||||||||||||
CityLine | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Ownership (as a percent) | 100.00% | 49.00% | |||||||||||||||||
Investment in unconsolidated joint ventures | $ 66,000 | ||||||||||||||||||
Number of apartment homes acquired | item | 244 | ||||||||||||||||||
Operating Community | Unconsolidated Joint Venture Other MetLife | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of apartment homes | home | 1,437 | ||||||||||||||||||
Ownership (as a percent) | 50.60% | 50.60% | |||||||||||||||||
Equity Method Investments | $ 135,563 | $ 160,979 | |||||||||||||||||
Number of real estate properties | property | 4 | ||||||||||||||||||
Operating Community | Unconsolidated Joint Venture Vitruvian Park | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of apartment homes | home | 1,513 | ||||||||||||||||||
Ownership (as a percent) | 50.00% | 50.00% | |||||||||||||||||
Equity Method Investments | $ 78,404 | $ 72,414 | |||||||||||||||||
Number of real estate properties | property | 3 | ||||||||||||||||||
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of apartment homes | home | 4,059 | ||||||||||||||||||
Ownership (as a percent) | 50.00% | 50.00% | |||||||||||||||||
Equity Method Investments | $ 303,702 | $ 311,282 | |||||||||||||||||
Number of real estate properties | property | 18 | ||||||||||||||||||
Operating Community | Unconsolidated Joint Venture Three Washington DC | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of apartment homes | home | 660 | ||||||||||||||||||
Ownership (as a percent) | 30.00% | 30.00% | |||||||||||||||||
Equity Method Investments | $ 8,958 | $ 12,835 | |||||||||||||||||
Number of real estate properties | property | 3 | ||||||||||||||||||
Development Community | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Equity Method Investments | $ 159,550 | $ 244,306 | |||||||||||||||||
Development Community | Unconsolidated Joint Venture Other MetLife | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of real estate properties | property | 1 | ||||||||||||||||||
Development Community | Unconsolidated Joint Venture Vitruvian Park | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of real estate properties | property | 1 | ||||||||||||||||||
Development Community | Unconsolidated Joint Venture UDR Met Life I Partnership | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Number of apartment homes | home | 150 | ||||||||||||||||||
Ownership (as a percent) | 50.00% | 50.00% | |||||||||||||||||
Equity Method Investments | $ 34,653 | $ 25,209 | |||||||||||||||||
Number of real estate properties | property | 1 | ||||||||||||||||||
Development Community | Participating Loan Investment Steele Creek Denver Colorado | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Equity Method Investments | 94,003 | ||||||||||||||||||
Income from Participating Loan | $ 19,523 | 6,213 | 5,453 | ||||||||||||||||
Development Community | Preferred Equity Investment West Coast Development JV | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Equity Method Investments | 102,142 | 150,303 | |||||||||||||||||
Income from Participating Loan | $ 23,557 | $ 4,561 | $ 3,692 | ||||||||||||||||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | ||||||||||||||||||
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Equity Method Investments | $ 18,011 | ||||||||||||||||||
Income from Participating Loan | $ 370 | ||||||||||||||||||
Participating Loan, Interest Rate, Stated Percentage | 8.00% | ||||||||||||||||||
Income (Loss) From Unconsolidated Entities | Participating Loan Investment Steele Creek Denver Colorado | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Gain on consolidation | $ 14,800 | ||||||||||||||||||
Income (Loss) From Unconsolidated Entities | Preferred Equity Investment West Coast Development JV | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Gain/(loss) on sale of real estate owned, net of tax | $ 5,500 | ||||||||||||||||||
Gain on sale | $ 2,100 | ||||||||||||||||||
Gain on consolidation | $ 12,200 | ||||||||||||||||||
Income (Loss) From Unconsolidated Entities | CityLine | |||||||||||||||||||
Joint Ventures | |||||||||||||||||||
Gain on consolidation | $ 12,200 |
Secured and Unsecured Debt - Su
Secured and Unsecured Debt - Summary (Details) $ in Thousands | Dec. 13, 2017 | Dec. 31, 2017USD ($)communityitem | Dec. 31, 2016USD ($) |
Secured debt instruments | |||
Unamortized discount | $ 8,200 | $ 11,200 | |
Interest rate at end of the period | 3.65% | ||
Long-term Debt | $ 3,671,663 | 3,401,478 | |
Unsecured Debt | $ 2,868,394 | 2,270,620 | |
Weighted Average Years to Maturity | 5 years 3 months 18 days | ||
Borrowings outstanding | $ 3,300 | 2,900 | |
Number of secured credit facilities with Fannie Mae | item | 2 | ||
Commercial Paper | |||
Secured debt instruments | |||
Interest rate at end of the period | 1.96% | ||
Weighted Average Years to Maturity | 1 month 6 days | ||
Borrowings outstanding at end of period | $ 300,000 | ||
Borrowings outstanding | 300,000 | ||
Mortgages Notes Payable | Fixed Rate Debt | |||
Secured debt instruments | |||
Principal outstanding | $ 395,611 | 402,996 | |
Interest rate at end of the period | 4.04% | ||
Weighted Average Years to Maturity | 5 years 3 months 18 days | ||
Number of Communities Encumbered | community | 7 | ||
Tax-exempt secured notes payable | Variable Rate Debt | |||
Secured debt instruments | |||
Principal outstanding | $ 94,700 | 94,700 | |
Interest rate at end of the period | 1.90% | ||
Weighted Average Years to Maturity | 5 years 2 months 12 days | ||
Number of Communities Encumbered | community | 2 | ||
Fannie Mae credit facilities | Variable Rate Debt | |||
Secured debt instruments | |||
Principal outstanding | $ 29,034 | 280,946 | |
Interest rate at end of the period | 2.92% | ||
Weighted Average Years to Maturity | 10 months 24 days | ||
Number of Communities Encumbered | community | 1 | ||
Secured Debt | |||
Secured debt instruments | |||
Long-term Debt | $ 803,269 | ||
Secured Debt | Fixed Rate Debt | |||
Secured debt instruments | |||
Principal outstanding | $ 679,777 | 756,151 | |
Interest rate at end of the period | 4.39% | ||
Long-term Debt | $ 679,777 | ||
Weighted Average Years to Maturity | 3 years 10 months 24 days | ||
Number of Communities Encumbered | community | 15 | ||
Secured Debt | Variable Rate Debt | |||
Secured debt instruments | |||
Long-term Debt | $ 123,492 | ||
Deferred finance costs, net | $ (242) | (939) | |
Unsecured Revolving credit facility due 2020 | |||
Secured debt instruments | |||
Weighted Average Years to Maturity | 2 years 1 month 6 days | ||
Unsecured Working Capital Credit Facility due January 2019 | |||
Secured debt instruments | |||
Interest rate at end of the period | 2.46% | ||
Weighted Average Years to Maturity | 1 year | ||
Borrowings outstanding | $ 21,767 | 21,350 | |
2.00% Term Loan Facility due January 2021 | |||
Secured debt instruments | |||
Interest rate at end of the period | 2.31% | ||
Senior Notes | $ 35,000 | 35,000 | |
Weighted Average Years to Maturity | 3 years 1 month 6 days | ||
4.25% Medium-Term Notes due June 2018 | |||
Secured debt instruments | |||
Unamortized discount | $ 0 | 608 | |
Interest rate at end of the period | 4.25% | 4.25% | |
Senior Notes | 299,392 | ||
3.70% Term Notes Due October 2020 | |||
Secured debt instruments | |||
Unamortized discount | $ 22 | 30 | |
Interest rate at end of the period | 3.70% | ||
Senior Notes | $ 299,978 | 299,970 | |
Weighted Average Years to Maturity | 2 years 9 months 18 days | ||
1.98% Term Loan Facility Due January 2021 | |||
Secured debt instruments | |||
Interest rate at end of the period | 1.98% | ||
Senior Notes | $ 315,000 | 315,000 | |
Weighted Average Years to Maturity | 3 years 1 month 6 days | ||
4.63% Medium-Term Notes due January 2022 | |||
Secured debt instruments | |||
Unamortized discount | $ 1,446 | 1,805 | |
Interest rate at end of the period | 4.63% | ||
Senior Notes | $ 398,554 | 398,195 | |
Weighted Average Years to Maturity | 4 years | ||
3.75% Medium-Term Notes Due July 2024 | |||
Secured debt instruments | |||
Unamortized discount | $ 678 | 782 | |
Interest rate at end of the period | 3.75% | ||
Senior Notes | $ 299,322 | 299,218 | |
Weighted Average Years to Maturity | 6 years 6 months | ||
8.50% Debentures, Due September 2024 | |||
Secured debt instruments | |||
Interest rate at end of the period | 8.50% | ||
Senior Notes | $ 15,644 | 15,644 | |
Weighted Average Years to Maturity | 6 years 8 months 12 days | ||
4.00% Medium-Term Note due October 2025 | |||
Secured debt instruments | |||
Unamortized discount | $ 534 | 602 | |
Interest rate at end of the period | 4.00% | ||
Senior Notes | $ 299,466 | 299,398 | |
Weighted Average Years to Maturity | 7 years 9 months 18 days | ||
2.95% Medium-Term Note due September 2026 | |||
Secured debt instruments | |||
Interest rate at end of the period | 2.95% | ||
Senior Notes | $ 300,000 | 300,000 | |
Weighted Average Years to Maturity | 8 years 8 months 12 days | ||
3.50 Medium-Term Note due July 2027 | |||
Secured debt instruments | |||
Unamortized discount | $ 670 | 0 | |
Interest rate at end of the period | 3.50% | ||
Senior Notes | $ 299,330 | ||
Weighted Average Years to Maturity | 9 years 6 months | ||
3.50% Medium-Term Notes Due January 2028 [Member] | |||
Secured debt instruments | |||
Unamortized discount | $ 1,191 | 0 | |
Interest rate at end of the period | 3.50% | ||
Senior Notes | $ 298,809 | ||
Weighted Average Years to Maturity | 10 years | ||
Other | |||
Secured debt instruments | |||
Senior Notes | $ 19 | 21 | |
Unsecured Debt | |||
Secured debt instruments | |||
Interest rate at end of the period | 3.43% | ||
Long-term Debt | $ 2,868,394 | ||
Unsecured Debt | $ 2,868,394 | 2,270,620 | |
Weighted Average Years to Maturity | 5 years 8 months 12 days | ||
Deferred finance costs, net | $ (14,495) | (12,568) | |
Unsecured Revolving Credit Facility due October 2015 | |||
Secured debt instruments | |||
Borrowings outstanding | 300,000 | 0 | |
Secured Debt | |||
Secured debt instruments | |||
Principal outstanding | $ 803,269 | 1,130,858 | |
Interest rate at end of the period | 4.04% | ||
Weighted Average Years to Maturity | 4 years | ||
Number of Communities Encumbered | community | 18 | ||
Secured Debt | Fixed Rate Debt | |||
Secured debt instruments | |||
Deferred finance costs, net | $ (1,670) | (2,681) | |
Secured Debt | Variable Rate Debt | |||
Secured debt instruments | |||
Principal outstanding | $ 123,492 | 374,707 | |
Interest rate at end of the period | 2.14% | ||
Weighted Average Years to Maturity | 4 years 2 months 12 days | ||
Number of Communities Encumbered | community | 3 | ||
Fannie Mae credit facilities | Fixed Rate Debt | |||
Secured debt instruments | |||
Principal outstanding | $ 285,836 | $ 355,836 | |
Interest rate at end of the period | 4.86% | ||
Weighted Average Years to Maturity | 2 years | ||
Number of Communities Encumbered | community | 8 |
Secured and Unsecured Debt - Cr
Secured and Unsecured Debt - Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Borrowings outstanding at end of period | $ 3,300 | $ 2,900 |
Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | 2,000,000 | 1,100,000 |
Weighted average daily borrowings during the period ended | 2,274 | 161,505 |
Maximum daily borrowings during the period ended | $ 120,000 | $ 340,000 |
Weighted average interest rate during the period ended | 1.60% | 1.40% |
Fannie Mae | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Borrowings outstanding at end of period | $ 314,870 | $ 636,782 |
Weighted average daily borrowings during the period ended | 416,653 | 737,802 |
Maximum daily borrowings during the period ended | $ 636,782 | $ 813,544 |
Weighted average interest rate during the period ended | 4.30% | 3.90% |
Interest rate at the end of the period | 4.70% | 3.80% |
Revolving Credit Facility | Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | $ 1,100,000 | |
Unsecured Working Capital Credit Facility due January 2019 | ||
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 | 21,767 | 21,350 |
Weighted average daily borrowings during the period ended | 26,993 | 21,936 |
Maximum daily borrowings during the period ended | $ 68,207 | $ 69,633 |
Weighted average interest rate during the period ended | 2.00% | 1.40% |
Interest rate at the end of the period | 2.50% | 1.70% |
Secured Debt and Unsecured Debt
Secured Debt and Unsecured Debt, Net - Revolving Credit Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Borrowings outstanding at end of period | $ 3,300 | $ 2,900 |
Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | 2,000,000 | 1,100,000 |
Weighted average daily borrowings during the period ended | 2,274 | 161,505 |
Maximum daily borrowings during the period ended | $ 120,000 | $ 340,000 |
Weighted average interest rate during the period ended | 1.60% | 1.40% |
Secured and Unsecured Debt - Sh
Secured and Unsecured Debt - Short Term Debt (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Short-term Debt [Line Items] | |
Interest rate at end of the period | 3.65% |
Commercial Paper | |
Short-term Debt [Line Items] | |
Total unsecured commercial paper program | $ 500,000 |
Borrowings outstanding at end of period | 300,000 |
Weighted average daily borrowings during the period ended | 238,810 |
Maximum daily borrowings during the period ended | $ 390,000 |
Weighted average interest rate during the period ended | 1.40% |
Interest rate at end of the period | 1.96% |
Secured Debt and Unsecured De53
Secured Debt and Unsecured Debt, Net - Unsecured Working Capital Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Working capital credit facility | ||
Borrowings outstanding at end of period | $ 3,300 | $ 2,900 |
Unsecured Working Capital Credit Facility due January 2019 | ||
Working capital credit facility | ||
Credit facilities with aggregate commitment | 75,000 | 75,000 |
Borrowings outstanding at end of period | 21,767 | 21,350 |
Line of Credit Facility, Average Outstanding Amount | 26,993 | 21,936 |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 68,207 | $ 69,633 |
Line of Credit Facility, Interest Rate During Period | 2.00% | 1.40% |
Interest rate at the end of the period | 2.50% | 1.70% |
Secured Debt and Unsecured De54
Secured Debt and Unsecured Debt, Net - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Aggregate maturities of secured debt | ||
2,018 | $ 333,670 | |
2,019 | 338,862 | |
2,020 | 498,076 | |
2,021 | 351,117 | |
2,022 | 401,157 | |
2,023 | 41,245 | |
2,024 | 315,644 | |
2,025 | 427,600 | |
2,026 | 350,000 | |
2,027 | 300,000 | |
Thereafter | 327,000 | |
Subtotal | 3,684,371 | |
Debt Instrument, Unamortized Discount (Premium), Net | (12,708) | |
Long-term Debt, Total | 3,671,663 | $ 3,401,478 |
Secured Debt | ||
Aggregate maturities of secured debt | ||
2,018 | 33,670 | |
2,019 | 317,095 | |
2,020 | 198,076 | |
2,021 | 1,117 | |
2,022 | 1,157 | |
2,023 | 41,245 | |
2,025 | 127,600 | |
2,026 | 50,000 | |
Thereafter | 27,000 | |
Subtotal | 796,960 | |
Debt Instrument, Unamortized Discount (Premium), Net | 6,309 | |
Long-term Debt, Total | 803,269 | |
Secured Debt | Fixed Rate Debt | ||
Aggregate maturities of secured debt | ||
2,018 | 4,636 | |
2,019 | 249,395 | |
2,020 | 198,076 | |
2,021 | 1,117 | |
2,022 | 1,157 | |
2,023 | 41,245 | |
2,025 | 127,600 | |
2,026 | 50,000 | |
Subtotal | 673,226 | |
Debt Instrument, Unamortized Discount (Premium), Net | 6,551 | |
Long-term Debt, Total | 679,777 | |
Secured Debt | Variable Rate Debt | ||
Aggregate maturities of secured debt | ||
2,018 | 29,034 | |
2,019 | 67,700 | |
Thereafter | 27,000 | |
Subtotal | 123,734 | |
Debt Instrument, Unamortized Discount (Premium), Net | (242) | |
Long-term Debt, Total | 123,492 | |
Unsecured Debt | ||
Aggregate maturities of secured debt | ||
2,018 | 300,000 | |
2,019 | 21,767 | |
2,020 | 300,000 | |
2,021 | 350,000 | |
2,022 | 400,000 | |
2,024 | 315,644 | |
2,025 | 300,000 | |
2,026 | 300,000 | |
2,027 | 300,000 | |
Thereafter | 300,000 | |
Subtotal | 2,887,411 | |
Debt Instrument, Unamortized Discount (Premium), Net | (19,017) | |
Long-term Debt, Total | $ 2,868,394 |
Secured Debt and Unsecured De55
Secured Debt and Unsecured Debt, Net - Additional Information (Details) $ in Thousands | Dec. 13, 2017USD ($) | Oct. 20, 2015 | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 16, 2017USD ($) |
Secured and unsecured debt | ||||||
Amortization of Financing Costs | $ 4,300 | $ 4,500 | ||||
Secured Debt (Textual) [Abstract] | ||||||
Secured debt amount which encumbers real estate owned based upon book value | $ 1,700,000 | |||||
Percentage of secured debt which encumbers real estate owned based upon book value | 16.80% | |||||
Secured debt amount of real estate owned which is unencumbered | $ 8,500,000 | |||||
Percentage of secured debt of real estate owned which is unencumbered | 83.20% | |||||
Secured Debt | $ 803,269 | 1,130,858 | ||||
Repayments of Secured Debt | $ 326,346 | 375,308 | $ 193,958 | |||
Interest rate at end of the period | 3.65% | |||||
Borrowings outstanding at end of period | $ 3,300 | 2,900 | ||||
Unamortized fair market adjustment | $ 8,200 | 11,200 | ||||
Number of extension options on loan | item | 2 | |||||
Extension period of option on loan | 6 months | |||||
Variable Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Repayments of Secured Debt | $ 275,300 | |||||
Commercial Paper | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 1.96% | |||||
Borrowings outstanding at end of period | $ 300,000 | |||||
Borrowings outstanding at end of period | $ 300,000 | |||||
3.75% Medium-Term Notes Due July 2024 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 3.75% | |||||
Unamortized fair market adjustment | $ 678 | 782 | ||||
Senior Notes | $ 299,322 | 299,218 | ||||
Mortgages Notes Payable | Fixed Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Debt instrument, maturity date range, start | May 1, 2019 | |||||
Debt instrument, maturity date range, end | Nov. 1, 2026 | |||||
Interest rate at end of the period | 4.04% | |||||
Secured debt including debt on real estate held for sale | $ 395,611 | 402,996 | ||||
Debt Assumed As Part of Acquisition | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Amortization of Debt Discount (Premium) | $ 3,000 | 2,900 | $ 5,300 | |||
Fannie Mae credit facilities | Fixed Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Weighted average interest rate (as a percent) | 4.86% | |||||
Fannie Mae credit facilities | Variable Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 2.92% | |||||
Secured debt including debt on real estate held for sale | $ 29,034 | 280,946 | ||||
Interest rate at the end of the period | 2.92% | |||||
Tax-exempt secured notes payable | Variable Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Debt instrument, maturity date range, start | Aug. 1, 2019 | |||||
Debt instrument, maturity date range, end | Mar. 1, 2032 | |||||
Unsecured Revolving Credit Facility due October 2015 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Borrowings outstanding at end of period | $ 300,000 | 0 | ||||
4.63% Medium-Term Notes due January 2022 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 4.63% | |||||
Unamortized fair market adjustment | $ 1,446 | 1,805 | ||||
Senior Notes | $ 398,554 | 398,195 | ||||
3.70% Term Notes Due October 2020 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 3.70% | |||||
Unamortized fair market adjustment | $ 22 | 30 | ||||
Senior Notes | $ 299,978 | 299,970 | ||||
3.50% senior Unsecured Medium Term Note | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Medium-term notes | $ 300,000 | $ 300,000 | ||||
Interest rate of medium-term notes | 3.50% | 3.50% | ||||
Percentage of principal amount at issuance | 99.601 | 99.764 | ||||
4.25% Medium-Term Notes due June 2018 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 4.25% | 4.25% | ||||
Unamortized fair market adjustment | $ 0 | 608 | ||||
Interest rate of medium-term notes | 4.25% | |||||
Net proceeds for the prepayment | $ 300,000 | $ 300,000 | ||||
Senior Notes | 299,392 | |||||
Fannie Mae | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Borrowings outstanding at end of period | $ 133,200 | |||||
Unsecured Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 3.43% | |||||
Line of Credit Facility, Interest Rate Description | 95 | |||||
Line of Credit Facility, Description Range Low | 0.90 | |||||
Line of Credit Facility, Description Range High | 1.75 | |||||
Unsecured Working Capital Credit Facility due January 2019 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 2.46% | |||||
Borrowings outstanding at end of period | $ 21,767 | 21,350 | ||||
Total revolving credit facility | $ 75,000 | $ 75,000 | ||||
Interest rate at the end of the period | 2.50% | 1.70% | ||||
Line of Credit Facility, Interest Rate Description | 90 | |||||
Line of Credit Facility, Description Range Low | 85 | |||||
Line of Credit Facility, Description Range High | 155 | |||||
Revolving Credit Facility | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Line of Credit Facility, Interest Rate Description | 90 | |||||
Line of Credit Facility, Commitment Fee | 15 | |||||
Line of Credit Facility, Description Range Low | 0.85 | |||||
Line of Credit Facility, Description Range High | 1.55 | |||||
Line of Credit Facility, Commitment Fee Description Range Low | 12.5 | |||||
Line of Credit Facility, Commitment Fee Description Range High | 0.30 | |||||
4.00% MTN Due October 2025 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Portion of Medium Term Note subject to Interest Rate Swaps | $ 200,000 | |||||
Long-term Debt, Weighted Average Interest Rate | 4.55% | |||||
2.95% Medium-Term Note due September 2026 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 2.95% | |||||
Senior Notes | $ 300,000 | $ 300,000 | ||||
Minimum | Mortgages Notes Payable | Fixed Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Notes payable maximum interest rates range | 3.15% | |||||
Minimum | Tax-exempt secured notes payable | Variable Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Notes payable maximum interest rates range | 1.71% | |||||
Maximum | Mortgages Notes Payable | Fixed Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Notes payable maximum interest rates range | 5.86% | |||||
Maximum | Tax-exempt secured notes payable | Variable Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Notes payable maximum interest rates range | 1.98% | |||||
Unsecured Commercial Bank Credit Facility | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Total revolving credit facility | $ 2,000,000 | 1,100,000 | ||||
Unsecured Commercial Bank Credit Facility | Unsecured Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Total revolving credit facility | 350,000 | |||||
Unsecured Commercial Bank Credit Facility | Revolving Credit Facility | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Total revolving credit facility | 1,100,000 | |||||
Interest expense | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Prepayment costs | 5,800 | |||||
Interest expense | 4.25% Medium-Term Notes due June 2018 | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Prepayment costs | $ 3,400 | |||||
Fannie Mae credit facilities | Fixed Rate Debt | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Interest rate at end of the period | 4.86% | |||||
Secured debt including debt on real estate held for sale | $ 285,836 | $ 355,836 |
Income_(Loss) Per Share - Compu
Income/(Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
INCOME/(LOSS) PER SHARE | |||||||||||
Income/(loss) from continuing operations | $ 89,251 | $ 109,529 | $ 105,482 | ||||||||
Gain/(loss) on sale of real estate owned, net of tax | 43,404 | 210,851 | 251,677 | ||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (10,933) | (27,282) | (16,773) | ||||||||
Net (income)/loss attributable to noncontrolling interests | (164) | (380) | (3) | ||||||||
Net income/(loss) attributable to UDR, Inc. | 121,558 | 292,718 | 340,383 | ||||||||
Distributions to preferred stockholders — Series E (Convertible) | 3,708 | 3,717 | 3,722 | ||||||||
Dilutive distributions to preferred stockholders - Series E (Convertible) | 10,933 | 27,282 | 16,773 | ||||||||
Dividends, Preferred Stock | (3,708) | (3,717) | (3,722) | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 68,356 | $ 15,264 | $ 9,228 | $ 25,038 | $ 236,687 | $ 26,027 | $ 17,017 | $ 9,464 | 117,850 | 289,001 | 336,661 |
Income/(loss) attributable to common stockholders - diluted | $ 117,850 | $ 289,001 | $ 340,383 | ||||||||
Weighted average common shares outstanding | 267,567,000 | 266,211,000 | 259,873,000 | ||||||||
Non-vested restricted stock awards | 543,000 | 825,000 | 1,204,000 | ||||||||
Denominator for basic income/(loss) per share | 267,270 | 267,056 | 266,972 | 266,790 | 266,498 | 266,301 | 266,268 | 262,456 | 267,024,000 | 265,386,000 | 258,669,000 |
Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock | 1,806,000 | 1,925,000 | 5,083,000 | ||||||||
Denominator for diluted income/(loss) per share | 269,221 | 269,062 | 268,859 | 268,688 | 271,551 | 268,305 | 268,174 | 264,285 | 268,830,000 | 267,311,000 | 263,752,000 |
Income/(loss) per weighted average common share - basic | $ 0.26 | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.89 | $ 0.10 | $ 0.06 | $ 0.04 | $ 0.44 | $ 1.09 | $ 1.30 |
Income/(loss) per weighted average common share - diluted | $ 0.25 | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.88 | $ 0.10 | $ 0.06 | $ 0.04 | $ 0.44 | $ 1.08 | $ 1.29 |
Income_(Loss) Per Share - Other
Income/(Loss) Per Share - Other information (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OP/DownREIT Units | |||
Antidilutive securities | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 24,821 | 25,130 | 12,947 |
Convertible Preferred Stock | |||
Antidilutive securities | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,021 | 3,028 | 3,032 |
Stock options, unvested LTIP Units and unvested restricted stock | |||
Antidilutive securities | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,806 | 1,925 | 2,051 |
Stockholders' Equity - Shares R
Stockholders' Equity - Shares Rollforward (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock | |||
Shares issued, beginning of period | 267,259,469 | 261,844,521 | 255,114,603 |
Issuance/(forfeiture) of common and restricted shares, net | 69,788 | 154,656 | 270,628 |
Issuance of common shares upon exercise of stock options | 86,554 | ||
Issuance of common shares through public offering | 5,000,000 | 6,339,636 | |
Conversion of Series E Cumulative Convertible shares | 17,225 | 7,480 | |
Shares issued, end of period | 267,822,069 | 267,259,469 | 261,844,521 |
8.00% Series E Cumulative Convertible Preferred Stock | |||
Shares issued, beginning of period | 2,796,903 | 2,796,903 | 2,803,812 |
Conversion of Series E Cumulative Convertible shares | (15,909) | (6,909) | |
Shares issued, end of period | 2,780,994 | 2,796,903 | 2,796,903 |
Series F | |||
Shares issued, beginning of period | 16,196,889 | 16,452,496 | 2,464,183 |
Issuance of Series F shares | 13,988,313 | ||
Forfeiture of Series F shares | (344,168) | (255,607) | |
Shares issued, end of period | 15,852,721 | 16,196,889 | 16,452,496 |
United Dominion Reality L.P. | Common Stock | |||
Adjustment for conversion of non-controlling interest of unitholders | 7,604 | 4,685 | 112,174 |
UDR Lighthouse DownREIT L.P. | Common Stock | |||
Adjustment for conversion of non-controlling interest of unitholders | 381,429 | 255,607 | |
Home Acquisition | Series F | |||
Issuance of Series F shares | 13,988,313 |
Stockholders' Equity - Other in
Stockholders' Equity - Other information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2008 | |
Stockholders' equity | |||||
Proceeds from the issuance of common shares through public offering, net | $ 173,211,000 | $ 210,011,000 | |||
Common stock, shares authorized | 350,000,000 | 350,000,000 | |||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||
Common distributions declared per share | $ 1.24 | $ 1.18 | $ 1.11 | ||
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan | 9,957,233 | ||||
Shares reserved for issuance under the Stock Purchase Plan | 10,963,730 | ||||
Equity Distribution Agreement | |||||
Stockholders' equity | |||||
Common stock, shares authorized | 20,000,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 13,078,931 | ||||
8.00% Series E Cumulative Convertible Preferred Stock | |||||
Stockholders' equity | |||||
Preferred stock, liquidation preference per share | $ 16.61 | ||||
Number of common stock shares to which each preferred share is convertible after special dividend | 1.083 | ||||
Declared preferred stock dividend | $ 1.33 | $ 1.33 | $ 1.33 | ||
Preferred Stock, Shares Issued | 2,780,994 | 2,796,903 | |||
Common Stock | |||||
Stockholders' equity | |||||
Issuance of common shares through public offering | 5,000,000 | 6,339,636 | |||
Series F | |||||
Stockholders' equity | |||||
Share Price | $ 0.0001 | ||||
Preferred stock, shares authorized | 20,000,000 | ||||
Issuance of Series F shares | 13,988,313 | ||||
Preferred stock, value, issued | $ 1,585 | $ 1,620 | |||
Preferred Stock, Shares Issued | 15,852,721 | 16,196,889 | |||
Restricted Stock | |||||
Stockholders' equity | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 238,821 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 49,815 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures | 322,352 | ||||
Home Acquisition | Series F | |||||
Stockholders' equity | |||||
Issuance of Series F shares | 13,988,313 |
Employee Benefit Plans - Rollfo
Employee Benefit Plans - Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Options Exercisable, Number of Options | ||
Number of Options | 1,830,672 | 2,234,963 |
Options Exercisable, Weighted Average Exercise Price | ||
Weighted Average Exercise Price (in dollars per share) | $ 10.06 | $ 12.65 |
Stock Options | ||
Employee benefits | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 0 | |
Options Outstanding, Number of Options | ||
Balance, December 31, 2016 | 2,234,963 | |
Exercised | (404,291) | |
Balance, December 31, 2017 | 1,830,672 | 2,234,963 |
Options Outstanding, Weighted Average Exercise Price | ||
Balance, December 31, 2016 (in dollars per share) | $ 12.65 | |
Exercised (in dollars per share) | 24.38 | |
Balance, December 31, 2017 (in dollars per share) | $ 10.06 | $ 12.65 |
Restricted Stock | ||
Employee benefits | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 6 | |
Restricted Stock, Number Of shares | ||
Balance, December 31, 2016 | 645,967 | |
Granted | 238,821 | |
Vested | (322,457) | |
Forfeited | (49,815) | |
Balance, December 31, 2017 | 512,516 | 645,967 |
Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Balance, December 31, 2016 (in dollars per share) | $ 35.12 | |
Granted (in dollars per share) | 35.76 | |
Vested (in dollars per share) | 32.85 | |
Forfeited (in dollars per share) | 35.30 | |
Balance, December 31, 2017 (in dollars per share) | $ 36.82 | $ 35.12 |
Employee Benefit Plans - Other
Employee Benefit Plans - Other information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee benefits | |||||
Number of share options exercisable | 1,830,672 | 2,234,963 | |||
Range One | |||||
Employee benefits | |||||
Weighted average remaining contractual life | 1 year 1 month 6 days | ||||
Number of share options exercisable | 1,830,672 | ||||
Share options exercise price, lower range limit | $ 10.06 | ||||
Stock Options | |||||
Employee benefits | |||||
Total remaining compensation cost related to unvested share options | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,830,672 | 2,234,963 | |||
Restricted Stock | |||||
Employee benefits | |||||
Total remaining compensation cost related to unvested share options | $ 6 | ||||
Weighted average remaining contractual life | 2 years 6 months | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.76 | ||||
Stock based compensation expense | $ 4 | $ 3.4 | $ 3.2 | ||
Restricted Stock | Minimum | |||||
Employee benefits | |||||
Vesting period | 3 years | ||||
Restricted Stock | Maximum | |||||
Employee benefits | |||||
Vesting period | 4 years | ||||
Long Term Incentive Plan | |||||
Employee benefits | |||||
Total remaining compensation cost related to unvested share options | $ 7.3 | ||||
Weighted average remaining contractual life | 2 years 2 months 12 days | ||||
Stock based compensation expense | $ 8.9 | $ 10 | 14.8 | ||
2017 LTIP | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||
FFO as Adjusted Per Share, Value | $ 16.63 | ||||
Share Price | $ 35.95 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 7.50% | ||||
Vesting period | 3 years | ||||
2017 LTIP | First portion of awards | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | ||||
FFO as Adjusted Per Share, Value | $ 16.18 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 10.00% | ||||
Vesting period | 1 year | ||||
2017 LTIP | 50% vesting out of first portion of LTI Award | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
2017 LTIP | Balance 50% vesting out of first portion of LTI Award | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
2017 LTIP | Second portion of awards | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 10.00% | ||||
2017 LTIP | Third portion of awards | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 60.00% | ||||
Vesting period | 3 years | ||||
2017 LTIP | Relative component | |||||
Employee benefits | |||||
FFO as Adjusted Per Share, Value | $ 20.54 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 7.50% | ||||
2017 LTIP | Absolute component | |||||
Employee benefits | |||||
FFO as Adjusted Per Share, Value | $ 14.71 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 7.50% | ||||
2017 LTIP | Restricted Stock | Relative component | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.26 | ||||
2017 LTIP | Restricted Stock | Absolute component | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 31.40 | ||||
2016 LTIP | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||
FFO as Adjusted Per Share, Value | $ 16.64 | ||||
Share Price | 36.97 | ||||
2016 LTIP | First portion of awards | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||||
Vesting period | 1 year | ||||
2016 LTIP | 50% vesting out of first portion of LTI Award | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
2016 LTIP | Balance 50% vesting out of first portion of LTI Award | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||
2016 LTIP | Second portion of awards | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 66.67% | ||||
Vesting period | 3 years | ||||
2016 LTIP | Restricted Stock | |||||
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 | $ 41.22 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.80% | ||||
2016 LTIP | Long Term Incentive Plan | |||||
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 | $ 19.15 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.80% | ||||
2015 LTIP | Restricted Stock | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 10.00% | ||||
2015 LTIP | Long Term Incentive Plan | |||||
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 | $ 34.14 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.50% | ||||
Transition LTI | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||
Transition LTI | Long Term Incentive Plan | |||||
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 | $ 33.68 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.60% | ||||
Long Term Incentive Plan | |||||
Employee benefits | |||||
Shares reserved for issuance under plan | 19,000,000 | ||||
Shares available for issuance under plan | 9,003,396 | ||||
Long Term Incentive Plan | Restricted Stock | |||||
Employee benefits | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued | 5,929,255 | ||||
Profit Sharing Plan | |||||
Employee benefits | |||||
Aggregate provisions for contributions | $ 1.3 | $ 1.3 | $ 1.1 |
Income Taxes - Taxable Distribu
Income Taxes - Taxable Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Taxable Distributions Paid Per Common Share [Abstract] | |||
Ordinary income | $ 1.018 | $ 0.708 | $ 0.595 |
Qualified ordinary income | 0.011 | 0 | 0 |
Long-term capital gain | 0.133 | 0.309 | 0.329 |
Unrecapture section 1250 gain | 0.063 | 0.145 | 0.168 |
Taxable distributions per common share | $ 1.225 | $ 1.162 | $ 1.092 |
Income Taxes - Provision (Detai
Income Taxes - Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred | |||
Total income tax provision/(benefit) | $ (240) | $ (3,774) | $ (3,886) |
TRS | |||
Current | |||
Federal | (1,205) | 69 | 29 |
State | 407 | 372 | 871 |
Current Income Tax Expense (Benefit), Total | (798) | 441 | 900 |
Deferred | |||
Federal | 568 | 9,814 | (4,173) |
State | (10) | 1,319 | (613) |
Total deferred | 558 | 11,133 | (4,786) |
Total income tax provision/(benefit) | (240) | 11,574 | (3,886) |
TRS | Continuing Operations | |||
Deferred | |||
Total income tax provision/(benefit) | $ (240) | (3,774) | |
Tax Benefit of Taxable Subsidiary | $ (3,886) | ||
TRS | Sale of Real Estate | |||
Deferred | |||
Total income tax provision/(benefit) | $ 15,348 |
Income Taxes - Deferred Taxes (
Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax liabilities: | |||
Deferred Tax Assets, Net, Total | $ 100 | $ 600 | |
TRS | |||
Deferred tax assets: | |||
Federal and state tax attributes | 8 | 536 | $ 2,227 |
Book/tax depreciation | 9,016 | ||
Other | 139 | 190 | 707 |
Total deferred tax assets | 147 | 726 | 11,950 |
Valuation allowance | (9) | (6) | (81) |
Net deferred tax assets | 138 | 720 | 11,869 |
Deferred tax liabilities: | |||
Other | (67) | (92) | (107) |
Total deferred tax liabilities | (67) | (92) | (107) |
Deferred Tax Assets, Net, Total | $ 71 | $ 628 | $ 11,762 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. federal corporate income tax rate | 35.00% | 35.00% | 35.00% | 35.00% | |
Income tax provision/(benefit) | |||||
New tax law benefit | $ (1,100) | ||||
Total income tax provision/(benefit) | (240) | $ (3,774) | $ (3,886) | ||
Forecast | |||||
U.S. federal corporate income tax rate | 21.00% | ||||
TRS | |||||
Income tax provision/(benefit) | |||||
U.S. federal income tax provision/(benefit) | 581 | 12,577 | (4,383) | ||
State income tax provision | 493 | 1,370 | 442 | ||
Other items | (188) | 134 | (26) | ||
New tax law benefit | (1,129) | ||||
Conversion of certain TRS entities to REITs | (2,436) | ||||
Valuation allowance | 3 | (71) | 81 | ||
Total income tax provision/(benefit) | $ (240) | $ 11,574 | $ (3,886) |
Income Taxes - Other Informatio
Income Taxes - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Carryforwards | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | 35.00% |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (3,500) | |||
Tax (provision)/benefit, net | (240) | $ (3,774) | $ (3,886) | |
One time tax benefit | 1,100 | |||
Internal Revenue Service (IRS) | ||||
Carryforwards | ||||
Net loss carryforwards | 24,000 | |||
State | ||||
Carryforwards | ||||
Net loss carryforwards | $ 74,800 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling interests | |||||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | $ 164 | $ 380 | $ 3 | ||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ 948,138 | $ 909,482 | 948,138 | 909,482 | |||||||
Net Income (Loss) Available to Common Stockholders, Basic | 68,356 | $ 15,264 | $ 9,228 | $ 25,038 | 236,687 | $ 26,027 | $ 17,017 | $ 9,464 | 117,850 | 289,001 | 336,661 |
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning for year | $ 909,482 | $ 946,436 | 909,482 | 946,436 | |||||||
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (71,096) | 24,735 | |||||||||
Conversion of OP Units/DownREIT Units to Common Stock | 14,544 | 9,526 | |||||||||
Net income attributable to redeemable non-controlling interests in the Operating Partnership | 10,933 | 27,282 | 16,773 | ||||||||
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (31,427) | (30,077) | |||||||||
Vesting of Long-Term Incentive Plan Units | 2,317 | ||||||||||
Allocation of other comprehensive income/(loss) | 281 | 102 | |||||||||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of the year | $ 948,138 | $ 909,482 | 948,138 | 909,482 | 946,436 | ||||||
Net income/(loss) attributable to noncontrolling interests | (147) | (322) | (3) | ||||||||
Noncontrolling Interest | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Net income/(loss) attributable to noncontrolling interests | (147) | $ (322) | $ (3) | ||||||||
Redeemable Noncontrolling Interest | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Allocation of other comprehensive income/(loss) | $ (300) | ||||||||||
UDR, Inc. | UDR DownREIT Unit | |||||||||||
Noncontrolling interests | |||||||||||
Equity Method Investment, Ownership Percentage | 9.31297% | 9.31297% |
Fair Value of Derivatives and68
Fair Value of Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value | |||
Notes receivable, net | $ 19,469 | $ 19,790 | |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset | 5,743 | 4,360 | |
Derivative Liability | 413 | ||
Secured debt instruments - variable rate | |||
Borrowings outstanding at end of period | 3,300 | 2,900 | |
Unsecured debt instruments | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 948,138 | 909,482 | $ 946,436 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 948,138 | 909,482 | |
Carrying Amount | Fair Value, Measurements, Recurring | |||
Fair Value | |||
Notes receivable, net | 19,469 | 19,790 | |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset | 5,743 | 4,360 | |
Total assets | 25,212 | 24,150 | |
Derivative Liability | 413 | ||
Unsecured debt instruments | |||
Total liabilities | 3,688,070 | 3,418,079 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 948,138 | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 909,482 | ||
Carrying Amount | Commercial bank | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments (c) | 21,767 | 21,350 | |
Commercial Paper, at Carrying Value | 300,000 | ||
Carrying Amount | Senior Unsecured Notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments (c) | 2,561,122 | 2,261,838 | |
Fair Value | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Notes receivable (a) | 19,567 | 19,645 | |
Total assets | 25,310 | 24,005 | |
Unsecured debt instruments | |||
Total liabilities | 3,746,572 | 3,463,639 | |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 948,138 | 909,482 | |
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset Designated as Hedging Instrument, Fair Value | 5,743 | 4,360 | |
Derivatives - Interest rate contracts (b) | 413 | ||
Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 397,386 | ||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 396,045 | ||
Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 94,700 | 94,700 | |
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 292,227 | 365,693 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 29,034 | 280,946 | |
Fair Value | Commercial bank | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments (c) | 21,767 | 21,350 | |
Commercial Paper, at Carrying Value | 300,000 | ||
Fair Value | Senior Unsecured Notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments (c) | 2,611,458 | 2,304,492 | |
Fair Value | Level 2 | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Total assets | 5,743 | 4,360 | |
Unsecured debt instruments | |||
Total liabilities | 413 | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 948,138 | 909,482 | |
Fair Value | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset Designated as Hedging Instrument, Fair Value | 5,743 | 4,360 | |
Derivatives - Interest rate contracts (b) | 413 | ||
Fair Value | Level 3 | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Notes receivable (a) | 19,567 | 19,645 | |
Total assets | 19,567 | 19,645 | |
Unsecured debt instruments | |||
Commercial Paper, at Carrying Value | 300,000 | ||
Total liabilities | 3,746,572 | 3,463,226 | |
Fair Value | Level 3 | Mortgages Notes Payable | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 397,386 | ||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 396,045 | ||
Fair Value | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 94,700 | ||
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 94,700 | ||
Fair Value | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 292,227 | 365,693 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 29,034 | 280,946 | |
Fair Value | Level 3 | Commercial bank | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments (c) | 21,767 | 21,350 | |
Fair Value | Level 3 | Senior Unsecured Notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments (c) | 2,611,458 | 2,304,492 | |
Fixed Rate Debt | Fannie Mae credit facilities | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 285,836 | 355,836 | |
Tax-exempt secured notes payable | Variable Rate Debt | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 94,700 | 94,700 | |
Tax-exempt secured notes payable | Variable Rate Debt | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 94,700 | 94,700 | |
Fannie Mae credit facilities | Fixed Rate Debt | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 285,836 | 355,836 | |
Fannie Mae credit facilities | Variable Rate Debt | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 29,034 | 280,946 | |
Fannie Mae credit facilities | Variable Rate Debt | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 29,034 | ||
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 280,946 | ||
Mortgages Notes Payable | Fixed Rate Debt | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | 395,611 | 402,996 | |
Mortgages Notes Payable | Fixed Rate Debt | Carrying Amount | Mortgages Notes Payable | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured debt including debt on real estate held for sale | $ 395,611 | $ 402,996 |
Derivatives and Hedging Activ69
Derivatives and Hedging Activity - Interest Rate Derivatives (Details) $ in Thousands | Dec. 31, 2017USD ($)instrumentitem |
Designated as Hedging Instrument | Interest rate swaps | |
Derivatives | |
Number instruments | item | 4 |
Notional | $ 315,000 |
Designated as Hedging Instrument | Interest rate caps | |
Derivatives | |
Number instruments | item | 1 |
Notional | $ 65,197 |
Not Designated as Hedging Instrument | Interest rate caps | |
Derivatives | |
Number instruments | instrument | 3 |
Notional | $ 271,076 |
Derivatives and Hedging Activ70
Derivatives and Hedging Activity - Fair Value (Details) - Interest rate contracts - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other assets | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 5,743 | $ 4,359 |
Other assets | Not Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 1 | |
Other liabilities | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | $ 413 |
Derivatives and Hedging Activ71
Derivatives and Hedging Activity - Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Unrealized holding gain/(loss) | $ 1,802 | $ 3,514 | $ (6,393) |
Amount of Gain or (Loss) Recognized in Income on Derivative | (1) | (3) | (23) |
Interest rate contracts | Interest expense | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | (1,271) | (3,657) | (2,251) |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 136 | 11 | |
Interest rate contracts | Other income/(expense) | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 100 | $ 100 | $ 100 |
Derivatives and Hedging Activ72
Derivatives and Hedging Activity - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Derivative Assets [Abstract] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | $ 5,743 | $ 4,360 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (221) | |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Amount | 5,743 | 4,139 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 413 | |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | 413 | |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (221) | |
Net Amount | 192 | |
Fair Value, Measurements, Recurring | Carrying Amount | ||
Offsetting Derivative Assets [Abstract] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | $ 5,743 | 4,360 |
Offsetting Derivative Liabilities [Abstract] | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | $ 413 |
Derivatives and Hedging Activ73
Derivatives and Hedging Activity - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives | |||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | |
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Cash flow hedge ineffectiveness in earnings materiality | 0 | ||
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ 1,000 | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | (1) | (3) | $ (23) |
Cash Flow Hedging | |||
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Fair value of derivatives in a net liability position | 100 | ||
Interest rate swaps | Designated as Hedging Instrument | |||
Derivatives | |||
Notional | 315,000 | ||
Interest rate contracts | Other income/(expense) | |||
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 100 | $ 100 | 100 |
Interest rate contracts | Interest expense | Cash Flow Hedging | |||
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Reclassified loss from Other Comprehensive Income/(Loss) to earnings | (136) | $ (11) | |
Interest rate contracts | Maximum | Other income/(expense) | |||
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 100 |
Commitments and Contingencies -
Commitments and Contingencies - Real Estate Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($)communityitem |
Commitments | |
Number of communities owned (in communities) | community | 127 |
Cost Incurred to Date | $ 970,582 |
Expected Costs to Complete | $ 222,440 |
Wholly owned — under development | |
Commitments | |
Number of communities owned (in communities) | item | 2 |
Cost Incurred to Date | $ 592,490 |
Expected Costs to Complete | $ 124,010 |
Average Ownership Stake | 100.00% |
Unconsolidated joint ventures | |
Commitments | |
Number of communities owned (in communities) | item | 3 |
Cost Incurred to Date | $ 262,550 |
Expected Costs to Complete | $ 22,076 |
Average Ownership Stake | 50.00% |
Preferred Equity Investment West Coast Development JV | |
Commitments | |
Number of communities owned (in communities) | item | 5 |
Cost Incurred to Date | $ 87,491 |
Expected Costs to Complete | $ 50,846 |
Average Ownership Stake | 48.00% |
Other investments | |
Commitments | |
Number of communities owned (in communities) | item | 1 |
Cost Incurred to Date | $ 28,051 |
Expected Costs to Complete | $ 25,508 |
Commitments and Contingencies75
Commitments and Contingencies - Lease Maturities (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Office Space | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 76 |
2,019 | 76 |
2,020 | 76 |
2,021 | 32 |
Total | 260 |
Ground Leases | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 5,629 |
2,019 | 5,629 |
2,020 | 5,629 |
2,021 | 5,629 |
2,022 | 5,629 |
Thereafter | 335,207 |
Total | $ 363,352 |
Commitments and Contingencies76
Commitments and Contingencies - Other Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)communityitem | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Real estate properties | |||
Percentage Of Cost Incurred To Date | 100.00% | ||
Development costs and capital expenditures incurred but not yet paid | $ 43,930 | $ 46,285 | $ 20,375 |
Number of real estate properties | community | 127 | ||
Wholly owned — under development | |||
Real estate properties | |||
Development costs and capital expenditures incurred but not yet paid | $ 38,000 | ||
Number of real estate properties | item | 2 | ||
Office Space | |||
Real estate properties | |||
Rent expense | $ 200 | 300 | 300 |
Ground Leases | |||
Real estate properties | |||
Number of real estate properties | community | 6 | ||
Rent expense | $ 6,200 | $ 5,500 | $ 5,500 |
Reportable Segments (Details)
Reportable Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Reportable Segments | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Reportable apartment home segment rental income | $ 984,309 | $ 948,461 | $ 871,928 | |||||||||
Reportable apartment home segment NOI | 698,503 | 673,085 | 613,869 | |||||||||
Reconciling items: | ||||||||||||
Joint venture management and other fees | 11,482 | 11,400 | 22,710 | |||||||||
Property management | (27,068) | (26,083) | (23,978) | |||||||||
Other operating expenses | (9,060) | (7,649) | (9,708) | |||||||||
Real estate depreciation and amortization | (430,054) | (419,615) | (374,598) | |||||||||
General and administrative | (48,566) | (49,761) | (59,690) | |||||||||
Casualty-related charges/(recoveries), net | (4,335) | (732) | (2,335) | |||||||||
Other depreciation and amortization | (6,408) | (6,023) | (6,679) | |||||||||
Income/(loss) from unconsolidated entities | 31,257 | 52,234 | 62,329 | |||||||||
Interest expense | (128,711) | (123,031) | (121,875) | |||||||||
Interest income and other income/(expense), net | 1,971 | 1,930 | 1,551 | |||||||||
Tax (provision)/benefit, net | 240 | 3,774 | 3,886 | |||||||||
Gain/(loss) on sale of real estate owned, net of tax | 43,404 | 210,851 | 251,677 | |||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (10,933) | (27,282) | (16,773) | |||||||||
Net (income)/loss attributable to noncontrolling interests | (164) | (380) | (3) | |||||||||
Net income/(loss) attributable to UDR, Inc. | 121,558 | 292,718 | 340,383 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | $ 10,177,206 | $ 9,615,753 | 10,177,206 | 9,615,753 | ||||||||
Accumulated depreciation | (3,330,166) | (2,923,625) | (3,330,166) | (2,923,625) | ||||||||
Total real estate owned, net of accumulated depreciation | 6,847,040 | 6,692,128 | 6,847,040 | 6,692,128 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 2,038 | 2,112 | 2,038 | 2,112 | 6,742 | $ 15,224 | ||||||
Restricted cash | 19,792 | 19,994 | 19,792 | 19,994 | ||||||||
Notes receivable | 19,469 | 19,790 | 19,469 | 19,790 | ||||||||
Investment in and advances to unconsolidated joint ventures, net | 720,830 | 827,025 | 720,830 | 827,025 | ||||||||
Equity Method Investments | 720,830 | 720,830 | ||||||||||
Other assets | 124,104 | 118,535 | 124,104 | 118,535 | ||||||||
Total assets | 7,733,273 | 7,679,584 | 7,733,273 | 7,679,584 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 369,029 | 339,813 | 203,183 | |||||||||
Same Communities | ||||||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 87,000 | 86,200 | 66,700 | |||||||||
Same Store Communities Western Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 329,322 | 315,390 | 294,048 | |||||||||
Reportable apartment home segment NOI | 248,262 | 237,071 | 219,282 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 2,932,958 | 2,896,589 | 2,932,958 | 2,896,589 | ||||||||
Same Store Communities Mid-Atlantic Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 209,548 | 204,408 | 158,063 | |||||||||
Reportable apartment home segment NOI | 145,627 | 140,542 | 106,354 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 2,236,911 | 2,216,067 | 2,236,911 | 2,216,067 | ||||||||
Same Store Communities Southeastern Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 116,467 | 111,318 | 103,920 | |||||||||
Reportable apartment home segment NOI | 80,726 | 76,359 | 69,820 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 762,102 | 746,762 | 762,102 | 746,762 | ||||||||
Same Store Communities Southwestern Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 42,992 | 41,273 | 39,166 | |||||||||
Reportable apartment home segment NOI | 26,455 | 25,600 | 24,407 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 292,074 | 283,260 | 292,074 | 283,260 | ||||||||
Same Store Communities Northeast Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 151,736 | 147,573 | 132,079 | |||||||||
Reportable apartment home segment NOI | 106,473 | 106,005 | 93,530 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 1,865,762 | 1,857,193 | 1,865,762 | 1,857,193 | ||||||||
Non-Mature communities/Other | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 134,244 | 128,499 | 144,652 | |||||||||
Reportable apartment home segment NOI | 90,960 | 87,508 | 100,476 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 2,087,399 | 1,615,882 | 2,087,399 | 1,615,882 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | $ 4,900 | 10,100 | 18,500 | |||||||||
Minimum | ||||||||||||
Reportable Segments | ||||||||||||
Time to maintain percent occupancy to be considered a community | 3 months | |||||||||||
Taxable REIT Subsidiaries | ||||||||||||
Reportable Segments | ||||||||||||
Related Party Transaction, Management Fee Percentage | 2.75% | |||||||||||
United Dominion Reality L.P. | ||||||||||||
Reportable Segments | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Reportable apartment home segment rental income | $ 419,377 | 404,415 | 440,408 | |||||||||
Reportable apartment home segment NOI | 306,841 | 297,121 | 317,597 | |||||||||
Reconciling items: | ||||||||||||
Property management | (11,533) | (11,122) | (12,111) | |||||||||
Other operating expenses | (6,833) | (6,059) | (5,923) | |||||||||
Real estate depreciation and amortization | (152,473) | (147,074) | (169,784) | |||||||||
General and administrative | (17,875) | (18,808) | (27,016) | |||||||||
Casualty-related charges/(recoveries), net | (1,922) | (484) | (843) | |||||||||
Income/(loss) from unconsolidated entities | (19,256) | (37,425) | (4,659) | |||||||||
Interest expense | (18,156) | (17,855) | (35,274) | |||||||||
Gain/(loss) on sale of real estate owned, net of tax | 41,272 | 33,180 | 158,123 | |||||||||
Net income/(loss) attributable to UDR, Inc. | 61,065 | $ 20,736 | $ 10,849 | $ 13,657 | 50,470 | $ 11,517 | $ 11,044 | $ 4,787 | ||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 3,816,956 | 3,674,704 | 3,816,956 | 3,674,704 | ||||||||
Total real estate owned, net of accumulated depreciation | 2,273,304 | 2,265,889 | 2,273,304 | 2,265,889 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 293 | 756 | 293 | 756 | 3,103 | $ 502 | ||||||
Restricted cash | 12,579 | 11,694 | 12,579 | 11,694 | ||||||||
Deferred financing costs, net | 360 | 360 | ||||||||||
Investment in and advances to unconsolidated joint ventures, net | 76,907 | 112,867 | 76,907 | 112,867 | ||||||||
Equity Method Investments | 76,907 | 112,867 | 76,907 | 112,867 | ||||||||
Other assets | 32,490 | 24,329 | 32,490 | 24,329 | ||||||||
Total assets | 2,395,573 | 2,415,535 | 2,395,573 | 2,415,535 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 45,211 | 71,720 | 61,196 | |||||||||
United Dominion Reality L.P. | Same Communities | ||||||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 41,100 | 41,200 | 30,700 | |||||||||
United Dominion Reality L.P. | Same Store Communities Western Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 201,036 | 191,034 | 177,197 | |||||||||
Reportable apartment home segment NOI | 152,571 | 144,949 | 133,406 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 1,581,321 | 1,555,331 | 1,581,321 | 1,555,331 | ||||||||
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 59,006 | 57,563 | 45,701 | |||||||||
Reportable apartment home segment NOI | 40,292 | 38,711 | 29,519 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 655,850 | 655,693 | 655,850 | 655,693 | ||||||||
United Dominion Reality L.P. | Same Store Communities Southeastern Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 49,586 | 47,792 | 44,981 | |||||||||
Reportable apartment home segment NOI | 34,182 | 32,519 | 30,106 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 334,811 | 328,729 | 334,811 | 328,729 | ||||||||
United Dominion Reality L.P. | Same Store Communities Northeast Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 54,530 | 53,036 | 51,086 | |||||||||
Reportable apartment home segment NOI | 40,524 | 40,704 | 39,765 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 677,767 | 674,928 | 677,767 | 674,928 | ||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 55,219 | 54,990 | 121,443 | |||||||||
Reportable apartment home segment NOI | 39,272 | 40,238 | 84,801 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | $ 567,207 | $ 460,023 | 567,207 | 460,023 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | $ 2,500 | $ 2,900 | $ 14,300 | |||||||||
United Dominion Reality L.P. | Minimum | ||||||||||||
Reportable Segments | ||||||||||||
Time to maintain percent occupancy to be considered a community | 3 months |
Unaudited Summarized Consolid78
Unaudited Summarized Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly financial data | |||||||||||
Rental income | $ 250,116 | $ 248,264 | $ 244,658 | $ 241,271 | $ 240,081 | $ 240,255 | $ 236,168 | $ 231,957 | $ 984,309 | $ 948,461 | $ 871,928 |
Income/(loss) from continuing operations | 34,355 | 17,570 | 11,062 | 26,264 | 59,280 | 29,466 | 12,249 | 8,534 | 89,251 | 109,529 | 105,482 |
Net (loss)/income attributable to stakeholders | $ 68,356 | $ 15,264 | $ 9,228 | $ 25,038 | $ 236,687 | $ 26,027 | $ 17,017 | $ 9,464 | $ 117,850 | $ 289,001 | $ 336,661 |
Income/(loss) per weighted average common share - basic | $ 0.26 | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.89 | $ 0.10 | $ 0.06 | $ 0.04 | $ 0.44 | $ 1.09 | $ 1.30 |
Income/(loss) per weighted average common share - diluted | $ 0.25 | $ 0.06 | $ 0.03 | $ 0.09 | $ 0.88 | $ 0.10 | $ 0.06 | $ 0.04 | $ 0.44 | $ 1.08 | $ 1.29 |
Basic (in shares) | 267,270 | 267,056 | 266,972 | 266,790 | 266,498 | 266,301 | 266,268 | 262,456 | 267,024,000 | 265,386,000 | 258,669,000 |
Weighted average number of common shares outstanding — diluted | 269,221 | 269,062 | 268,859 | 268,688 | 271,551 | 268,305 | 268,174 | 264,285 | 268,830,000 | 267,311,000 | 263,752,000 |
Schedule III Real Estate Owned
Schedule III Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 803,269 | |||
Initial Costs, Land and Land Improvements | 1,857,522 | |||
Initial Costs, Buildings and Improvements | 5,253,038 | |||
Total Initial Acquisition Costs | 7,110,560 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,066,646 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,079,616 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,097,590 | |||
Total Carrying Value | $ 9,615,753 | $ 9,190,276 | $ 8,383,259 | 10,177,206 |
Accumulated Depreciation | 2,923,625 | 2,646,874 | 2,434,772 | 3,330,166 |
Aggregate cost for federal income tax purposes | 9,100,000 | |||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at beginning of the year | 9,615,753 | 9,190,276 | 8,383,259 | |
Real estate acquired | 235,993 | 324,104 | 906,446 | |
Capital expenditures and development | 369,029 | 339,813 | 203,183 | |
Real estate sold | (43,569) | (238,440) | (301,920) | |
Casualty-related impairment of assets | (692) | |||
Balance at end of the year | 10,177,206 | 9,615,753 | 9,190,276 | |
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at beginning of the year | 2,923,625 | 2,646,874 | 2,434,772 | |
Depreciation expense for the year | 424,772 | 398,904 | 364,622 | |
Accumulated depreciation on sales | (18,231) | (122,153) | (152,520) | |
Balance at end of year | $ 3,330,166 | $ 2,923,625 | $ 2,646,874 | |
Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 35 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 | 111,023 | |||
Total Initial Acquisition Costs | 111,023 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 481,467 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 109,468 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 483,022 | |||
Total Carrying Value | $ 592,490 | 592,490 | ||
Accumulated Depreciation | 3,854 | 3,854 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 592,490 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,854 | |||
REAL ESTATE UNDER DEVELOPMENT | 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 | 253,044 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78,085 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 253,044 | |||
Total Carrying Value | 331,129 | 331,129 | ||
Accumulated Depreciation | 3,854 | 3,854 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 331,129 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,854 | |||
REAL ESTATE UNDER DEVELOPMENT | 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 | 228,423 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,383 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 229,978 | |||
Total Carrying Value | 261,361 | 261,361 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 261,361 | |||
LAND | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 57,098 | |||
Total Initial Acquisition Costs | 57,098 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,842 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 64,359 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,581 | |||
Total Carrying Value | 75,940 | 75,940 | ||
Accumulated Depreciation | 2,620 | 2,620 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 75,940 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,620 | |||
LAND | Waterside | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,862 | |||
Total Initial Acquisition Costs | 11,862 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 222 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,084 | |||
Total Carrying Value | 12,084 | 12,084 | ||
Accumulated Depreciation | 333 | 333 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,084 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 333 | |||
LAND | 7 Hardcourt | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 884 | |||
Total Initial Acquisition Costs | 884 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,792 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 804 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,872 | |||
Total Carrying Value | 6,676 | 6,676 | ||
Accumulated Depreciation | 14 | 14 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 6,676 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14 | |||
LAND | Vitruvian Park® | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,325 | |||
Total Initial Acquisition Costs | 4,325 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,291 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,347 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,269 | |||
Total Carrying Value | 13,616 | 13,616 | ||
Accumulated Depreciation | 2,273 | 2,273 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,616 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,273 | |||
LAND | Wilshire AT LaJolla | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 31,105 | |||
Total Initial Acquisition Costs | 31,105 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 97 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,202 | |||
Total Carrying Value | 31,202 | 31,202 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,202 | |||
LAND | Dublin Land | ||||
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 | 3,440 | |||
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 | 3,440 | |||
Total Carrying Value | 12,362 | 12,362 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,362 | |||
COMMERCIAL | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,758 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,173 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,585 | |||
Total Carrying Value | 30,758 | 30,758 | ||
Accumulated Depreciation | 17,490 | 17,490 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,758 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,490 | |||
COMMERCIAL | Circle Towers Office Bldg | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,679 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,299 | |||
Total Carrying Value | 7,679 | 7,679 | ||
Accumulated Depreciation | 3,570 | 3,570 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 7,679 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,570 | |||
COMMERCIAL | Brookhaven Shopping Center | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,079 | |||
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 | 15,286 | |||
Total Carrying Value | 23,079 | 23,079 | ||
Accumulated Depreciation | 13,920 | 13,920 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,079 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,920 | |||
TOTAL CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,519 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,035 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,052 | |||
Total Carrying Value | 31,087 | 31,087 | ||
Accumulated Depreciation | 2,204 | 2,204 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,087 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,204 | |||
TOTAL CORPORATE | Other | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,265 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,265 | |||
Total Carrying Value | 6,265 | 6,265 | ||
Accumulated Depreciation | 72 | 72 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 6,265 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 72 | |||
TOTAL CORPORATE | 1745 Shea Center I | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,254 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,035 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,787 | |||
Total Carrying Value | 24,822 | 24,822 | ||
Accumulated Depreciation | 2,132 | 2,132 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 24,822 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,132 | |||
TOTAL COMMERCIAL & CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 38,277 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,208 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,637 | |||
Total Carrying Value | 61,845 | 61,845 | ||
Accumulated Depreciation | 19,694 | 19,694 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 61,845 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,694 | |||
TOTAL OPERATING COMMUNITIES | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 805,181 | |||
Initial Costs, Land and Land Improvements | 1,686,367 | |||
Initial Costs, Buildings and Improvements | 5,232,504 | |||
Total Initial Acquisition Costs | 6,918,871 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,528,060 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,893,581 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,553,350 | |||
Total Carrying Value | 9,446,931 | 9,446,931 | ||
Accumulated Depreciation | 3,303,998 | 3,303,998 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 9,446,931 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,303,998 | |||
WEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 210,467 | |||
Initial Costs, Land and Land Improvements | 818,440 | |||
Initial Costs, Buildings and Improvements | 1,826,575 | |||
Total Initial Acquisition Costs | 2,645,015 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,133,589 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 897,825 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,880,779 | |||
Total Carrying Value | 3,778,604 | 3,778,604 | ||
Accumulated Depreciation | 1,321,277 | 1,321,277 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 3,778,604 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,321,277 | |||
SAN FRANCISCO, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 65,495 | |||
Initial Costs, Land and Land Improvements | 145,665 | |||
Initial Costs, Buildings and Improvements | 414,240 | |||
Total Initial Acquisition Costs | 559,905 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 300,918 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 150,653 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 710,170 | |||
Total Carrying Value | 860,823 | 860,823 | ||
Accumulated Depreciation | 351,454 | 351,454 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 860,823 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 351,454 | |||
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 | 34,115 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,315 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 74,239 | |||
Total Carrying Value | 88,554 | 88,554 | ||
Accumulated Depreciation | 37,550 | 37,550 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 88,554 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 37,550 | |||
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 | 8,122 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,045 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,138 | |||
Total Carrying Value | 29,183 | 29,183 | ||
Accumulated Depreciation | 15,732 | 15,732 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,183 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,732 | |||
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 | 27,788 | |||
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 | 50,829 | |||
Total Carrying Value | 58,652 | 58,652 | ||
Accumulated Depreciation | 33,322 | 33,322 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 58,652 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,322 | |||
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 | 12,235 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,141 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,234 | |||
Total Carrying Value | 42,375 | 42,375 | ||
Accumulated Depreciation | 21,855 | 21,855 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,375 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,855 | |||
SAN FRANCISCO, CA | River Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 38,495 | |||
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 | 5,847 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,751 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,394 | |||
Total Carrying Value | 68,145 | 68,145 | ||
Accumulated Depreciation | 28,808 | 28,808 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,145 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,808 | |||
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 | 36,702 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,388 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,882 | |||
Total Carrying Value | 81,270 | 81,270 | ||
Accumulated Depreciation | 43,163 | 43,163 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 81,270 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 43,163 | |||
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 | 5,824 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,579 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,248 | |||
Total Carrying Value | 28,827 | 28,827 | ||
Accumulated Depreciation | 10,906 | 10,906 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 28,827 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,906 | |||
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 | 11,200 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,758 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,354 | |||
Total Carrying Value | 35,112 | 35,112 | ||
Accumulated Depreciation | 18,309 | 18,309 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 35,112 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,309 | |||
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 | 11,436 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,720 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,245 | |||
Total Carrying Value | 125,965 | 125,965 | ||
Accumulated Depreciation | 49,873 | 49,873 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 125,965 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 49,873 | |||
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 | 7,651 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 907 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,853 | |||
Total Carrying Value | 50,760 | 50,760 | ||
Accumulated Depreciation | 27,685 | 27,685 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 50,760 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,685 | |||
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 | 10,176 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,482 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 84,051 | |||
Total Carrying Value | 98,533 | 98,533 | ||
Accumulated Depreciation | 31,707 | 31,707 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 98,533 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,707 | |||
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 | 129,822 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,744 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 129,703 | |||
Total Carrying Value | 153,447 | 153,447 | ||
Accumulated Depreciation | 32,544 | 32,544 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 153,447 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 32,544 | |||
ORANGE COUNTY, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 340,645 | |||
Initial Costs, Buildings and Improvements | 352,662 | |||
Total Initial Acquisition Costs | 693,307 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 461,817 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 377,128 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 777,996 | |||
Total Carrying Value | 1,155,124 | 1,155,124 | ||
Accumulated Depreciation | 389,891 | 389,891 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,155,124 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 389,891 | |||
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 | 19,346 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,995 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 46,365 | |||
Total Carrying Value | 68,360 | 68,360 | ||
Accumulated Depreciation | 31,256 | 31,256 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,360 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,256 | |||
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 | 97,401 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 113,691 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 193,683 | |||
Total Carrying Value | 307,374 | 307,374 | ||
Accumulated Depreciation | 115,829 | 115,829 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 307,374 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 115,829 | |||
ORANGE COUNTY, CA | Pacific Shores | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,345 | |||
Initial Costs, Buildings and Improvements | 22,624 | |||
Total Initial Acquisition Costs | 29,969 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,742 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,024 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,687 | |||
Total Carrying Value | 41,711 | 41,711 | ||
Accumulated Depreciation | 23,146 | 23,146 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,711 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,146 | |||
ORANGE COUNTY, CA | Huntington Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,055 | |||
Initial Costs, Buildings and Improvements | 22,486 | |||
Total Initial Acquisition Costs | 30,541 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,187 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,215 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,513 | |||
Total Carrying Value | 44,728 | 44,728 | ||
Accumulated Depreciation | 22,752 | 22,752 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 44,728 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,752 | |||
ORANGE COUNTY, CA | Missions at Back Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 229 | |||
Initial Costs, Buildings and Improvements | 14,129 | |||
Total Initial Acquisition Costs | 14,358 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,391 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,987 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,762 | |||
Total Carrying Value | 17,749 | 17,749 | ||
Accumulated Depreciation | 4,809 | 4,809 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 17,749 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,809 | |||
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 | 40,460 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 68,217 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,841 | |||
Total Carrying Value | 149,058 | 149,058 | ||
Accumulated Depreciation | 51,642 | 51,642 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 149,058 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,642 | |||
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 | 32,476 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,812 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,516 | |||
Total Carrying Value | 141,328 | 141,328 | ||
Accumulated Depreciation | 48,986 | 48,986 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 141,328 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 48,986 | |||
ORANGE COUNTY, CA | Foxborough | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 12,071 | |||
Initial Costs, Buildings and Improvements | 6,187 | |||
Total Initial Acquisition Costs | 18,258 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,013 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,460 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,811 | |||
Total Carrying Value | 22,271 | 22,271 | ||
Accumulated Depreciation | 6,267 | 6,267 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,271 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,267 | |||
ORANGE COUNTY, CA | 1818 Platinum Triangle | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,663 | |||
Initial Costs, Buildings and Improvements | 51,905 | |||
Total Initial Acquisition Costs | 68,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,514 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,961 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,121 | |||
Total Carrying Value | 71,082 | 71,082 | ||
Accumulated Depreciation | 23,649 | 23,649 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,082 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,649 | |||
ORANGE COUNTY, CA | Beach & Ocean | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 12,878 | |||
Total Initial Acquisition Costs | 12,878 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,019 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,087 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,810 | |||
Total Carrying Value | 51,897 | 51,897 | ||
Accumulated Depreciation | 7,842 | 7,842 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 51,897 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,842 | |||
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 | 126,645 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,157 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 126,488 | |||
Total Carrying Value | 151,645 | 151,645 | ||
Accumulated Depreciation | 35,583 | 35,583 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 151,645 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,583 | |||
ORANGE COUNTY, CA | Los Alisos at Mission Viejo | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 17,298 | |||
Total Initial Acquisition Costs | 17,298 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 70,623 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,522 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 71,399 | |||
Total Carrying Value | 87,921 | 87,921 | ||
Accumulated Depreciation | 18,130 | 18,130 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 87,921 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,130 | |||
SEATTLE, WA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 77,272 | |||
Initial Costs, Land and Land Improvements | 134,705 | |||
Initial Costs, Buildings and Improvements | 783,698 | |||
Total Initial Acquisition Costs | 918,403 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 65,736 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 140,309 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 843,830 | |||
Total Carrying Value | 984,139 | 984,139 | ||
Accumulated Depreciation | 262,274 | 262,274 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 984,139 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 262,274 | |||
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 | 8,421 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,083 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,261 | |||
Total Carrying Value | 17,344 | 17,344 | ||
Accumulated Depreciation | 9,003 | 9,003 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 17,344 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,003 | |||
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 | 5,594 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,997 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,179 | |||
Total Carrying Value | 15,176 | 15,176 | ||
Accumulated Depreciation | 7,965 | 7,965 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,176 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,965 | |||
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 | 6,613 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,996 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,317 | |||
Total Carrying Value | 43,313 | 43,313 | ||
Accumulated Depreciation | 23,177 | 23,177 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 43,313 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,177 | |||
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 | 2,727 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,280 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,933 | |||
Total Carrying Value | 31,213 | 31,213 | ||
Accumulated Depreciation | 15,434 | 15,434 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,213 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,434 | |||
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 | 4,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,032 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,661 | |||
Total Carrying Value | 42,693 | 42,693 | ||
Accumulated Depreciation | 20,118 | 20,118 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,693 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 20,118 | |||
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 | 6,320 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,631 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,362 | |||
Total Carrying Value | 116,993 | 116,993 | ||
Accumulated Depreciation | 51,102 | 51,102 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 116,993 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,102 | |||
SEATTLE, WA | Borgata | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,379 | |||
Initial Costs, Buildings and Improvements | 24,569 | |||
Total Initial Acquisition Costs | 30,948 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,172 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,427 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,693 | |||
Total Carrying Value | 36,120 | 36,120 | ||
Accumulated Depreciation | 16,104 | 16,104 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 36,120 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,104 | |||
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 | 17,566 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,232 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 86,838 | |||
Total Carrying Value | 117,070 | 117,070 | ||
Accumulated Depreciation | 52,083 | 52,083 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 117,070 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 52,083 | |||
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 | 3,571 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,607 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,495 | |||
Total Carrying Value | 58,102 | 58,102 | ||
Accumulated Depreciation | 22,087 | 22,087 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 58,102 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,087 | |||
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 | 897 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,470 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,760 | |||
Total Carrying Value | 46,230 | 46,230 | ||
Accumulated Depreciation | 8,538 | 8,538 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 46,230 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,538 | |||
SEATTLE, WA | Waterscape | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,693 | |||
Initial Costs, Buildings and Improvements | 65,176 | |||
Total Initial Acquisition Costs | 74,869 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,073 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,708 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,234 | |||
Total Carrying Value | 75,942 | 75,942 | ||
Accumulated Depreciation | 12,820 | 12,820 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 75,942 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,820 | |||
SEATTLE, WA | Ashton Bellevue | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 48,707 | |||
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 | 1,316 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,358 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 126,184 | |||
Total Carrying Value | 134,542 | 134,542 | ||
Accumulated Depreciation | 8,672 | 8,672 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 134,542 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,672 | |||
SEATTLE, WA | TEN20 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 28,565 | |||
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 | 1,315 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,292 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 77,857 | |||
Total Carrying Value | 83,149 | 83,149 | ||
Accumulated Depreciation | 5,366 | 5,366 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 83,149 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,366 | |||
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 | 169 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,976 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,210 | |||
Total Carrying Value | 69,186 | 69,186 | ||
Accumulated Depreciation | 4,653 | 4,653 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,186 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,653 | |||
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 | 59 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,220 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,846 | |||
Total Carrying Value | 97,066 | 97,066 | ||
Accumulated Depreciation | 5,152 | 5,152 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 97,066 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,152 | |||
LOS ANGELES, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 67,700 | |||
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 | 142,997 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,979 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 290,343 | |||
Total Carrying Value | 451,322 | 451,322 | ||
Accumulated Depreciation | 148,435 | 148,435 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 451,322 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 148,435 | |||
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 | 4,758 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,792 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,829 | |||
Total Carrying Value | 30,621 | 30,621 | ||
Accumulated Depreciation | 14,644 | 14,644 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,621 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,644 | |||
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 | 6,967 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,769 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,463 | |||
Total Carrying Value | 83,232 | 83,232 | ||
Accumulated Depreciation | 23,843 | 23,843 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 83,232 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,843 | |||
LOS ANGELES, CA | The Westerly | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 67,700 | |||
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 | 38,878 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,850 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 138,574 | |||
Total Carrying Value | 189,424 | 189,424 | ||
Accumulated Depreciation | 68,118 | 68,118 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 189,424 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 68,118 | |||
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 | 92,394 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 61,568 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 86,477 | |||
Total Carrying Value | 148,045 | 148,045 | ||
Accumulated Depreciation | 41,830 | 41,830 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 148,045 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 41,830 | |||
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 | 87,534 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,610 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 144,246 | |||
Total Carrying Value | 172,856 | 172,856 | ||
Accumulated Depreciation | 84,168 | 84,168 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 172,856 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 84,168 | |||
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 | 10,320 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,250 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,998 | |||
Total Carrying Value | 21,248 | 21,248 | ||
Accumulated Depreciation | 10,504 | 10,504 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 21,248 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,504 | |||
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 | 5,941 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,600 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,417 | |||
Total Carrying Value | 11,017 | 11,017 | ||
Accumulated Depreciation | 5,679 | 5,679 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 11,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,679 | |||
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 | 16,609 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,548 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,983 | |||
Total Carrying Value | 32,531 | 32,531 | ||
Accumulated Depreciation | 15,939 | 15,939 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,531 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,939 | |||
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 | 6,654 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,287 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,786 | |||
Total Carrying Value | 13,073 | 13,073 | ||
Accumulated Depreciation | 6,396 | 6,396 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,073 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,396 | |||
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 | 29,912 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,241 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,913 | |||
Total Carrying Value | 60,154 | 60,154 | ||
Accumulated Depreciation | 28,586 | 28,586 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 60,154 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,586 | |||
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 | 10,886 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,384 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,574 | |||
Total Carrying Value | 20,958 | 20,958 | ||
Accumulated Depreciation | 10,479 | 10,479 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,958 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,479 | |||
MONTEREY PENINSULA, CA | The Pointe At Westlake | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,329 | |||
Initial Costs, Buildings and Improvements | 5,334 | |||
Total Initial Acquisition Costs | 6,663 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,212 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,300 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,575 | |||
Total Carrying Value | 13,875 | 13,875 | ||
Accumulated Depreciation | 6,585 | 6,585 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,875 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,585 | |||
OTHER SOUTHERN CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 19,367 | |||
Initial Costs, Buildings and Improvements | 27,095 | |||
Total Initial Acquisition Costs | 46,462 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,561 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 29,747 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 76,276 | |||
Total Carrying Value | 106,023 | 106,023 | ||
Accumulated Depreciation | 57,668 | 57,668 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 106,023 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 57,668 | |||
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 | 55,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,534 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,454 | |||
Total Carrying Value | 72,988 | 72,988 | ||
Accumulated Depreciation | 38,366 | 38,366 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,988 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,366 | |||
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 | 3,775 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,213 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,822 | |||
Total Carrying Value | 33,035 | 33,035 | ||
Accumulated Depreciation | 19,302 | 19,302 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 33,035 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,302 | |||
PORTLAND, OR | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,287 | |||
Initial Costs, Buildings and Improvements | 24,004 | |||
Total Initial Acquisition Costs | 33,291 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,026 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,399 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,918 | |||
Total Carrying Value | 48,317 | 48,317 | ||
Accumulated Depreciation | 27,387 | 27,387 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,317 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,387 | |||
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 | 7,638 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,906 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,139 | |||
Total Carrying Value | 20,045 | 20,045 | ||
Accumulated Depreciation | 11,379 | 11,379 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,045 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,379 | |||
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 | 7,388 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,493 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,779 | |||
Total Carrying Value | 28,272 | 28,272 | ||
Accumulated Depreciation | 16,008 | 16,008 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 28,272 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,008 | |||
MID-ATLANTIC REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 281,842 | |||
Initial Costs, Land and Land Improvements | 357,442 | |||
Initial Costs, Buildings and Improvements | 1,488,115 | |||
Total Initial Acquisition Costs | 1,845,557 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 611,027 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 432,105 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,024,479 | |||
Total Carrying Value | 2,456,584 | 2,456,584 | ||
Accumulated Depreciation | 791,335 | 791,335 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,456,584 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 791,335 | |||
METROPOLITAN, DC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 247,992 | |||
Initial Costs, Land and Land Improvements | 331,492 | |||
Initial Costs, Buildings and Improvements | 1,316,295 | |||
Total Initial Acquisition Costs | 1,647,787 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 512,660 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 395,107 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,765,340 | |||
Total Carrying Value | 2,160,447 | 2,160,447 | ||
Accumulated Depreciation | 613,968 | 613,968 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,160,447 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 613,968 | |||
METROPOLITAN, DC | 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 | 7,622 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,982 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,234 | |||
Total Carrying Value | 24,216 | 24,216 | ||
Accumulated Depreciation | 15,280 | 15,280 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 24,216 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,280 | |||
METROPOLITAN, DC | 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 | 8,232 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,933 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,052 | |||
Total Carrying Value | 18,985 | 18,985 | ||
Accumulated Depreciation | 11,572 | 11,572 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,985 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,572 | |||
METROPOLITAN, DC | 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 | 11,279 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,756 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,551 | |||
Total Carrying Value | 41,307 | 41,307 | ||
Accumulated Depreciation | 22,213 | 22,213 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,307 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,213 | |||
METROPOLITAN, DC | 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 | 22,432 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,511 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,750 | |||
Total Carrying Value | 42,261 | 42,261 | ||
Accumulated Depreciation | 25,988 | 25,988 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,261 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,988 | |||
METROPOLITAN, DC | Ridgewood | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,612 | |||
Initial Costs, Buildings and Improvements | 20,086 | |||
Total Initial Acquisition Costs | 25,698 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,322 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,255 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,765 | |||
Total Carrying Value | 36,020 | 36,020 | ||
Accumulated Depreciation | 22,262 | 22,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 36,020 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,262 | |||
METROPOLITAN, DC | DelRey Tower | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 297 | |||
Initial Costs, Buildings and Improvements | 12,786 | |||
Total Initial Acquisition Costs | 13,083 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 114,031 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,559 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,555 | |||
Total Carrying Value | 127,114 | 127,114 | ||
Accumulated Depreciation | 25,219 | 25,219 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 127,114 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,219 | |||
METROPOLITAN, DC | Waterside Towers | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,139 | |||
Initial Costs, Buildings and Improvements | 49,657 | |||
Total Initial Acquisition Costs | 50,796 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,268 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 37,049 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,015 | |||
Total Carrying Value | 76,064 | 76,064 | ||
Accumulated Depreciation | 24,373 | 24,373 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,064 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,373 | |||
METROPOLITAN, DC | Wellington Place at Olde Town | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 31,373 | |||
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 | 19,205 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,788 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,229 | |||
Total Carrying Value | 69,017 | 69,017 | ||
Accumulated Depreciation | 38,698 | 38,698 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,698 | |||
METROPOLITAN, DC | 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 | 5,002 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 263 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,870 | |||
Total Carrying Value | 65,133 | 65,133 | ||
Accumulated Depreciation | 35,751 | 35,751 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 65,133 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,751 | |||
METROPOLITAN, DC | 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 | 9,387 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,641 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 112,559 | |||
Total Carrying Value | 114,200 | 114,200 | ||
Accumulated Depreciation | 65,130 | 65,130 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 114,200 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 65,130 | |||
METROPOLITAN, DC | Circle Towers | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 32,815 | |||
Initial Costs, Buildings and Improvements | 107,051 | |||
Total Initial Acquisition Costs | 139,866 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,476 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 125,588 | |||
Total Carrying Value | 159,064 | 159,064 | ||
Accumulated Depreciation | 69,419 | 69,419 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 159,064 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 69,419 | |||
METROPOLITAN, DC | 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 | 4,115 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,638 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,848 | |||
Total Carrying Value | 92,486 | 92,486 | ||
Accumulated Depreciation | 38,906 | 38,906 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 92,486 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,906 | |||
METROPOLITAN, DC | 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 | 4,371 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,753 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 102,269 | |||
Total Carrying Value | 108,022 | 108,022 | ||
Accumulated Depreciation | 37,669 | 37,669 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 108,022 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 37,669 | |||
METROPOLITAN, DC | Signal Hill | ||||
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 | 70,901 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,518 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,673 | |||
Total Carrying Value | 84,191 | 84,191 | ||
Accumulated Depreciation | 33,128 | 33,128 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,191 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,128 | |||
METROPOLITAN, DC | 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 | 95,020 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,412 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,001 | |||
Total Carrying Value | 126,413 | 126,413 | ||
Accumulated Depreciation | 29,971 | 29,971 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 126,413 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 29,971 | |||
METROPOLITAN, DC | 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 | 58,754 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,345 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,709 | |||
Total Carrying Value | 66,054 | 66,054 | ||
Accumulated Depreciation | 15,613 | 15,613 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 66,054 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,613 | |||
METROPOLITAN, DC | 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 | 1,872 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,786 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 69,856 | |||
Total Carrying Value | 79,642 | 79,642 | ||
Accumulated Depreciation | 8,631 | 8,631 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 79,642 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,631 | |||
METROPOLITAN, DC | 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 | 3,054 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,852 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 114,829 | |||
Total Carrying Value | 142,681 | 142,681 | ||
Accumulated Depreciation | 16,483 | 16,483 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 142,681 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,483 | |||
METROPOLITAN, DC | 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 | 1,803 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,585 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 109,323 | |||
Total Carrying Value | 124,908 | 124,908 | ||
Accumulated Depreciation | 13,584 | 13,584 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 124,908 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,584 | |||
METROPOLITAN, DC | Arbor Park of Alexandria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 89,019 | |||
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 | 1,765 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,886 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 161,488 | |||
Total Carrying Value | 212,374 | 212,374 | ||
Accumulated Depreciation | 23,191 | 23,191 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 212,374 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,191 | |||
METROPOLITAN, DC | 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 | 7,091 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,714 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 90,908 | |||
Total Carrying Value | 105,622 | 105,622 | ||
Accumulated Depreciation | 13,280 | 13,280 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 105,622 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,280 | |||
METROPOLITAN, DC | Newport Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 127,600 | |||
Initial Costs, Land and Land Improvements | 55,283 | |||
Initial Costs, Buildings and Improvements | 177,454 | |||
Total Initial Acquisition Costs | 232,737 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,936 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 55,405 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 189,268 | |||
Total Carrying Value | 244,673 | 244,673 | ||
Accumulated Depreciation | 27,607 | 27,607 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 244,673 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,607 | |||
RICHMOND, VA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 33,850 | |||
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 | 79,938 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,017 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,952 | |||
Total Carrying Value | 145,969 | 145,969 | ||
Accumulated Depreciation | 105,998 | 105,998 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 145,969 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 105,998 | |||
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 | 30,490 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,524 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,940 | |||
Total Carrying Value | 36,464 | 36,464 | ||
Accumulated Depreciation | 29,536 | 29,536 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 36,464 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 29,536 | |||
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 | 8,730 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,433 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,380 | |||
Total Carrying Value | 23,813 | 23,813 | ||
Accumulated Depreciation | 15,249 | 15,249 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,813 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,249 | |||
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 | 9,229 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,920 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,780 | |||
Total Carrying Value | 40,700 | 40,700 | ||
Accumulated Depreciation | 26,329 | 26,329 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 40,700 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,329 | |||
RICHMOND, VA | Legacy at Mayland | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 33,850 | |||
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 | 31,489 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,140 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,852 | |||
Total Carrying Value | 44,992 | 44,992 | ||
Accumulated Depreciation | 34,884 | 34,884 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 44,992 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 34,884 | |||
BALTIMORE, MD | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 20,827 | |||
Initial Costs, Buildings and Improvements | 110,912 | |||
Total Initial Acquisition Costs | 131,739 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,429 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,981 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 128,187 | |||
Total Carrying Value | 150,168 | 150,168 | ||
Accumulated Depreciation | 71,369 | 71,369 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 150,168 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 71,369 | |||
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 | 8,029 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,229 | |||
Total Carrying Value | 37,129 | 37,129 | ||
Accumulated Depreciation | 22,913 | 22,913 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 37,129 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,913 | |||
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 | 8,559 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,298 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,601 | |||
Total Carrying Value | 65,899 | 65,899 | ||
Accumulated Depreciation | 30,791 | 30,791 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 65,899 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,791 | |||
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 | 1,841 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,783 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 42,357 | |||
Total Carrying Value | 47,140 | 47,140 | ||
Accumulated Depreciation | 17,665 | 17,665 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 47,140 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,665 | |||
NORTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 76,721 | |||
Initial Costs, Land and Land Improvements | 317,831 | |||
Initial Costs, Buildings and Improvements | 1,182,479 | |||
Total Initial Acquisition Costs | 1,500,310 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 370,549 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 318,543 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,552,316 | |||
Total Carrying Value | 1,870,859 | 1,870,859 | ||
Accumulated Depreciation | 531,262 | 531,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,870,859 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 531,262 | |||
NEW YORK, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 249,878 | |||
Initial Costs, Buildings and Improvements | 917,312 | |||
Total Initial Acquisition Costs | 1,167,190 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 137,182 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 251,228 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,053,144 | |||
Total Carrying Value | 1,304,372 | 1,304,372 | ||
Accumulated Depreciation | 380,884 | 380,884 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,304,372 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 380,884 | |||
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 | 12,957 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,658 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,714 | |||
Total Carrying Value | 273,372 | 273,372 | ||
Accumulated Depreciation | 78,792 | 78,792 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 273,372 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 78,792 | |||
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 | 13,714 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,494 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 120,773 | |||
Total Carrying Value | 157,267 | 157,267 | ||
Accumulated Depreciation | 42,537 | 42,537 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 157,267 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 42,537 | |||
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 | 101,043 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,062 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 425,311 | |||
Total Carrying Value | 540,373 | 540,373 | ||
Accumulated Depreciation | 153,669 | 153,669 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 540,373 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 153,669 | |||
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 | 9,468 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 58,014 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 275,346 | |||
Total Carrying Value | 333,360 | 333,360 | ||
Accumulated Depreciation | 105,886 | 105,886 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 333,360 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 105,886 | |||
BOSTON, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 76,721 | |||
Initial Costs, Land and Land Improvements | 67,953 | |||
Initial Costs, Buildings and Improvements | 265,167 | |||
Total Initial Acquisition Costs | 333,120 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 233,367 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 67,315 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 499,172 | |||
Total Carrying Value | 566,487 | 566,487 | ||
Accumulated Depreciation | 150,378 | 150,378 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 566,487 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 150,378 | |||
BOSTON, MA | Garrison Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,591 | |||
Initial Costs, Buildings and Improvements | 91,027 | |||
Total Initial Acquisition Costs | 96,618 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,632 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,687 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 100,563 | |||
Total Carrying Value | 106,250 | 106,250 | ||
Accumulated Depreciation | 41,736 | 41,736 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 106,250 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 41,736 | |||
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 | 3,072 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,272 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,708 | |||
Total Carrying Value | 43,980 | 43,980 | ||
Accumulated Depreciation | 15,893 | 15,893 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 43,980 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,893 | |||
BOSTON, MA | Inwood West | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 51,721 | |||
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 | 9,753 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,569 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 99,058 | |||
Total Carrying Value | 118,627 | 118,627 | ||
Accumulated Depreciation | 38,730 | 38,730 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 118,627 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,730 | |||
BOSTON, MA | 14 North | ||||
Real Estate and Accumulated Depreciation | ||||
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 | 9,517 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,180 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,473 | |||
Total Carrying Value | 71,653 | 71,653 | ||
Accumulated Depreciation | 24,942 | 24,942 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,653 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,942 | |||
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 | 201,393 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,607 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 201,370 | |||
Total Carrying Value | 225,977 | 225,977 | ||
Accumulated Depreciation | 29,077 | 29,077 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 225,977 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 29,077 | |||
SOUTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 92,118 | |||
Initial Costs, Land and Land Improvements | 86,349 | |||
Initial Costs, Buildings and Improvements | 355,426 | |||
Total Initial Acquisition Costs | 441,775 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 320,327 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 122,713 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 639,389 | |||
Total Carrying Value | 762,102 | 762,102 | ||
Accumulated Depreciation | 474,910 | 474,910 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 762,102 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 474,910 | |||
ORLANDO, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 22,624 | |||
Initial Costs, Buildings and Improvements | 88,765 | |||
Total Initial Acquisition Costs | 111,389 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 108,375 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 32,090 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 187,674 | |||
Total Carrying Value | 219,764 | 219,764 | ||
Accumulated Depreciation | 148,885 | 148,885 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 219,764 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 148,885 | |||
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 | 9,343 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,912 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,432 | |||
Total Carrying Value | 15,344 | 15,344 | ||
Accumulated Depreciation | 10,472 | 10,472 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,344 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,472 | |||
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 | 21,395 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,637 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,367 | |||
Total Carrying Value | 34,004 | 34,004 | ||
Accumulated Depreciation | 27,378 | 27,378 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 34,004 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,378 | |||
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 | 16,863 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,151 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,077 | |||
Total Carrying Value | 24,228 | 24,228 | ||
Accumulated Depreciation | 18,908 | 18,908 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 24,228 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,908 | |||
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 | 10,384 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,608 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,471 | |||
Total Carrying Value | 21,079 | 21,079 | ||
Accumulated Depreciation | 14,697 | 14,697 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 21,079 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,697 | |||
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 | 12,334 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,222 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,265 | |||
Total Carrying Value | 27,487 | 27,487 | ||
Accumulated Depreciation | 17,325 | 17,325 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 27,487 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,325 | |||
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 | 10,935 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,963 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,796 | |||
Total Carrying Value | 21,759 | 21,759 | ||
Accumulated Depreciation | 13,550 | 13,550 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 21,759 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,550 | |||
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 | 7,756 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,766 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,770 | |||
Total Carrying Value | 15,536 | 15,536 | ||
Accumulated Depreciation | 10,134 | 10,134 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,536 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,134 | |||
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 | 5,181 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,338 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,253 | |||
Total Carrying Value | 26,591 | 26,591 | ||
Accumulated Depreciation | 15,488 | 15,488 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 26,591 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,488 | |||
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 | 14,184 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,493 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,243 | |||
Total Carrying Value | 33,736 | 33,736 | ||
Accumulated Depreciation | 20,933 | 20,933 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 33,736 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 20,933 | |||
NASHVILLE, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,881 | |||
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 | 103,531 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,386 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 183,186 | |||
Total Carrying Value | 206,572 | 206,572 | ||
Accumulated Depreciation | 131,218 | 131,218 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 206,572 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 131,218 | |||
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 | 9,844 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,887 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,972 | |||
Total Carrying Value | 16,859 | 16,859 | ||
Accumulated Depreciation | 12,130 | 12,130 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,859 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,130 | |||
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 | 10,771 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,322 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,502 | |||
Total Carrying Value | 23,824 | 23,824 | ||
Accumulated Depreciation | 15,164 | 15,164 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,824 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,164 | |||
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 | 36,910 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,710 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,317 | |||
Total Carrying Value | 39,027 | 39,027 | ||
Accumulated Depreciation | 23,982 | 23,982 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,027 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,982 | |||
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 | 6,490 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,371 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,288 | |||
Total Carrying Value | 12,659 | 12,659 | ||
Accumulated Depreciation | 7,975 | 7,975 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,659 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,975 | |||
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 | 5,871 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,435 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,916 | |||
Total Carrying Value | 14,351 | 14,351 | ||
Accumulated Depreciation | 9,110 | 9,110 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,351 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,110 | |||
NASHVILLE, TN | Colonnade | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 16,331 | |||
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 | 7,375 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,050 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,800 | |||
Total Carrying Value | 24,850 | 24,850 | ||
Accumulated Depreciation | 14,130 | 14,130 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 24,850 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,130 | |||
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 | 9,080 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,755 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,181 | |||
Total Carrying Value | 36,936 | 36,936 | ||
Accumulated Depreciation | 23,549 | 23,549 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 36,936 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,549 | |||
NASHVILLE, TN | Polo Park | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 23,550 | |||
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 | 17,190 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,856 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,210 | |||
Total Carrying Value | 38,066 | 38,066 | ||
Accumulated Depreciation | 25,178 | 25,178 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 38,066 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,178 | |||
TAMPA, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 12,450 | |||
Initial Costs, Land and Land Improvements | 32,324 | |||
Initial Costs, Buildings and Improvements | 122,652 | |||
Total Initial Acquisition Costs | 154,976 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 96,270 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,491 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 200,755 | |||
Total Carrying Value | 251,246 | 251,246 | ||
Accumulated Depreciation | 149,497 | 149,497 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 251,246 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 149,497 | |||
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 | 10,657 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,651 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,892 | |||
Total Carrying Value | 17,543 | 17,543 | ||
Accumulated Depreciation | 12,275 | 12,275 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 17,543 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,275 | |||
TAMPA, FL | The Breyley | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,780 | |||
Initial Costs, Buildings and Improvements | 2,458 | |||
Total Initial Acquisition Costs | 4,238 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,228 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,721 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,745 | |||
Total Carrying Value | 22,466 | 22,466 | ||
Accumulated Depreciation | 18,225 | 18,225 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,466 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,225 | |||
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 | 11,529 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,922 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,649 | |||
Total Carrying Value | 23,571 | 23,571 | ||
Accumulated Depreciation | 16,090 | 16,090 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,571 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,090 | |||
TAMPA, FL | Cambridge Woods | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 12,450 | |||
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 | 10,548 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,164 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,341 | |||
Total Carrying Value | 19,505 | 19,505 | ||
Accumulated Depreciation | 12,630 | 12,630 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 19,505 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,630 | |||
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 | 17,391 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,092 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,151 | |||
Total Carrying Value | 48,243 | 48,243 | ||
Accumulated Depreciation | 30,024 | 30,024 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,243 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,024 | |||
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 | 9,535 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,742 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,520 | |||
Total Carrying Value | 57,262 | 57,262 | ||
Accumulated Depreciation | 31,960 | 31,960 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 57,262 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,960 | |||
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 | 18,382 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,199 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,457 | |||
Total Carrying Value | 62,656 | 62,656 | ||
Accumulated Depreciation | 28,293 | 28,293 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 62,656 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,293 | |||
OTHER FLORIDA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,787 | |||
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 | 12,151 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,746 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,774 | |||
Total Carrying Value | 84,520 | 84,520 | ||
Accumulated Depreciation | 45,310 | 45,310 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,520 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 45,310 | |||
OTHER FLORIDA | The Reserve and Park at Riverbridge | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,787 | |||
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 | 12,151 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,746 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,774 | |||
Total Carrying Value | 84,520 | 84,520 | ||
Accumulated Depreciation | 45,310 | 45,310 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,520 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 45,310 | |||
SOUTHWEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 144,033 | |||
Initial Costs, Land and Land Improvements | 106,305 | |||
Initial Costs, Buildings and Improvements | 379,909 | |||
Total Initial Acquisition Costs | 486,214 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 92,568 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 122,395 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 456,387 | |||
Total Carrying Value | 578,782 | 578,782 | ||
Accumulated Depreciation | 185,214 | 185,214 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 578,782 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 185,214 | |||
DALLAS, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 107,734 | |||
Initial Costs, Land and Land Improvements | 81,302 | |||
Initial Costs, Buildings and Improvements | 145,469 | |||
Total Initial Acquisition Costs | 226,771 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 50,532 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 94,257 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 183,046 | |||
Total Carrying Value | 277,303 | 277,303 | ||
Accumulated Depreciation | 106,571 | 106,571 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 277,303 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 106,571 | |||
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 | 17,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,383 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,527 | |||
Total Carrying Value | 74,910 | 74,910 | ||
Accumulated Depreciation | 28,099 | 28,099 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 74,910 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,099 | |||
DALLAS, TX | Legacy Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 82,734 | |||
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 | 17,155 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,752 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 114,387 | |||
Total Carrying Value | 134,139 | 134,139 | ||
Accumulated Depreciation | 65,000 | 65,000 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 134,139 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 65,000 | |||
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 | 8,616 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,698 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,187 | |||
Total Carrying Value | 41,885 | 41,885 | ||
Accumulated Depreciation | 8,859 | 8,859 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,885 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,859 | |||
DALLAS, TX | Addison Apts at The Park II | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,903 | |||
Initial Costs, Buildings and Improvements | 554 | |||
Total Initial Acquisition Costs | 8,457 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,275 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,415 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,317 | |||
Total Carrying Value | 11,732 | 11,732 | ||
Accumulated Depreciation | 2,064 | 2,064 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 11,732 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,064 | |||
DALLAS, TX | Addison Apts at The Park I | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,440 | |||
Initial Costs, Buildings and Improvements | 634 | |||
Total Initial Acquisition Costs | 11,074 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,563 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,009 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,628 | |||
Total Carrying Value | 14,637 | 14,637 | ||
Accumulated Depreciation | 2,549 | 2,549 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,637 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,549 | |||
AUSTIN, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 36,299 | |||
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 | 41,758 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,546 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 142,669 | |||
Total Carrying Value | 162,215 | 162,215 | ||
Accumulated Depreciation | 76,922 | 76,922 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 162,215 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 76,922 | |||
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 | 23,443 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,119 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,744 | |||
Total Carrying Value | 40,863 | 40,863 | ||
Accumulated Depreciation | 26,542 | 26,542 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 40,863 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,542 | |||
AUSTIN, TX | Residences at the Domain | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 36,299 | |||
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 | 13,245 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,512 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,023 | |||
Total Carrying Value | 72,535 | 72,535 | ||
Accumulated Depreciation | 34,285 | 34,285 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,535 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 34,285 | |||
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 | 2,983 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,467 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,246 | |||
Total Carrying Value | 25,713 | 25,713 | ||
Accumulated Depreciation | 8,505 | 8,505 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 25,713 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,505 | |||
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 | 2,087 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,448 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,656 | |||
Total Carrying Value | 23,104 | 23,104 | ||
Accumulated Depreciation | 7,590 | 7,590 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,104 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,590 | |||
DENVER, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,672 | |||
Total Carrying Value | 139,264 | 139,264 | ||
Accumulated Depreciation | 1,721 | 1,721 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 139,264 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,721 | |||
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 | 278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,672 | |||
Total Carrying Value | 139,264 | 139,264 | ||
Accumulated Depreciation | 1,721 | 1,721 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 139,264 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | $ 1,721 | |||
Secured Debt | ||||
Real Estate and Accumulated Depreciation | ||||
Deferred finance costs, net | $ (1,912) |
Consolidated Balance Sheets (UN
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate owned: | ||
Real estate held for investment | $ 9,584,716 | $ 9,271,847 |
Less: accumulated depreciation | (3,326,312) | (2,923,072) |
Total real estate owned, net of accumulated depreciation | 6,847,040 | 6,692,128 |
Cash and cash equivalents | 2,038 | 2,112 |
Restricted cash | 19,792 | 19,994 |
Investment in unconsolidated entities | 720,830 | |
Other assets | 124,104 | 118,535 |
Total assets | 7,733,273 | 7,679,584 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 803,269 | 1,130,858 |
Real estate taxes payable | 18,349 | 17,388 |
Accrued interest payable | 33,432 | 29,257 |
Security deposits and prepaid rent | 31,916 | 34,238 |
Distributions payable | 91,455 | 86,936 |
Accounts payable, accrued expenses, and other liabilities | 102,956 | 103,835 |
Total liabilities | 3,949,771 | 3,673,132 |
Commitments and contingencies (Note 10) | ||
Partners' Capital: | ||
Accumulated other comprehensive income/(loss), net | (2,681) | (5,609) |
Total liabilities and equity | 7,733,273 | 7,679,584 |
United Dominion Reality L.P. | ||
Real estate owned: | ||
Real estate held for investment | 3,816,956 | 3,674,704 |
Less: accumulated depreciation | (1,543,652) | (1,408,815) |
Total real estate owned, net of accumulated depreciation | 2,273,304 | 2,265,889 |
Cash and cash equivalents | 293 | 756 |
Restricted cash | 12,579 | 11,694 |
Investment in unconsolidated entities | 76,907 | 112,867 |
Other assets | 32,490 | 24,329 |
Total assets | 2,395,573 | 2,415,535 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 159,845 | 433,974 |
Notes payable due to General Partner | 273,334 | 273,334 |
Real estate taxes payable | 2,683 | 2,104 |
Accrued interest payable | 629 | 1,410 |
Security deposits and prepaid rent | 13,949 | 14,593 |
Distributions payable | 57,025 | 54,192 |
Accounts payable, accrued expenses, and other liabilities | 12,978 | 17,429 |
Total liabilities | 520,443 | 797,036 |
Commitments and contingencies (Note 10) | ||
Partners' Capital: | ||
General partner: 110,883 OP Units outstanding at December 31, 2017 and December 31, 2016 | 955 | 1,026 |
Limited partners: 183,240,041 and 183,167,815 OP Units outstanding at December 31, 2017 and December 31, 2016, respectively | 1,463,340 | 1,577,289 |
Accumulated other comprehensive income/(loss), net | (113) | |
Total partners' capital | 1,464,295 | 1,578,202 |
Advances (to)/from General Partner | 397,899 | 19,659 |
Noncontrolling interests | 12,936 | 20,638 |
Total capital | 1,875,130 | 1,618,499 |
Total liabilities and equity | $ 2,395,573 | $ 2,415,535 |
Consolidated Balance Sheets (81
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (Parenthetical) - shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Partners' Capital: | ||||
OP units outstanding related to limited partner | 183,350,924 | 183,278,698 | 183,278,698 | 183,278,698 |
United Dominion Reality L.P. | ||||
Partners' Capital: | ||||
OP units outstanding related to general partner | 110,883 | 110,883 | ||
OP units outstanding related to limited partner | 183,240,041 | 183,167,815 |
Consolidated Statements of Op82
Consolidated Statements of Operations (UNITED DOMINION REALTY, L.P) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | |||
Rental income | $ 984,309 | $ 948,461 | $ 871,928 |
OPERATING EXPENSES: | |||
Property operating and maintenance | 164,660 | 159,947 | 155,096 |
Real estate taxes and insurance | 121,146 | 115,429 | 102,963 |
Property management | 27,068 | 26,083 | 23,978 |
Other operating expenses | 9,060 | 7,649 | 9,708 |
Real estate depreciation and amortization | 430,054 | 419,615 | 374,598 |
General and administrative | 48,566 | 49,761 | 59,690 |
Casualty-related (recoveries)/charges, net | 4,335 | 732 | 2,335 |
Total operating expenses | 811,297 | 785,239 | 735,047 |
Operating income | 184,494 | 174,622 | 159,591 |
Income/(loss) from unconsolidated entities | 31,257 | 52,234 | 62,329 |
Interest expense | (128,711) | (123,031) | (121,875) |
Income/(loss) from continuing operations | 89,251 | 109,529 | 105,482 |
Gain/(loss) on sale of real estate owned | 43,404 | 210,851 | 251,677 |
Net income/(loss) | 132,655 | 320,380 | 357,159 |
Net Income (Loss) Attributable to Parent | 121,558 | 292,718 | 340,383 |
United Dominion Reality L.P. | |||
REVENUES | |||
Rental income | 419,377 | 404,415 | 440,408 |
OPERATING EXPENSES: | |||
Property operating and maintenance | 67,493 | 65,562 | 75,373 |
Real estate taxes and insurance | 45,043 | 41,732 | 47,438 |
Property management | 11,533 | 11,122 | 12,111 |
Other operating expenses | 6,833 | 6,059 | 5,923 |
Real estate depreciation and amortization | 152,473 | 147,074 | 169,784 |
General and administrative | 17,875 | 18,808 | 27,016 |
Casualty-related (recoveries)/charges, net | 1,922 | 484 | 843 |
Total operating expenses | 303,172 | 290,841 | 338,488 |
Operating income | 116,205 | 113,574 | 101,920 |
Income/(loss) from unconsolidated entities | (19,256) | (37,425) | (4,659) |
Interest expense | (18,156) | (17,855) | (35,274) |
Interest expense on note payable due to the General Partner | (12,210) | (12,212) | (5,047) |
Income/(loss) from continuing operations | 66,583 | 46,082 | 56,940 |
Gain/(loss) on sale of real estate owned | 41,272 | 33,180 | 158,123 |
Net income/(loss) | 107,855 | 79,262 | 215,063 |
Net (income)/loss attributable to noncontrolling interest | (1,548) | (1,444) | (1,762) |
Net income/(loss) attributable to OP unitholders | $ 106,307 | $ 77,818 | $ 213,301 |
Income/(loss) per OP unit- basic and diluted: | |||
Net income/(loss) per weighted average OP unit - basic and diluted | $ 0.58 | $ 0.42 | $ 1.16 |
Weighted average OP units outstanding - basic and diluted | 183,344 | 183,279 | 183,279 |
Consolidated Statements of Co83
Consolidated Statements of Comprehensive Income / (Loss) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income/(loss) | $ 132,655 | $ 320,380 | $ 357,159 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | 1,802 | 3,514 | (6,393) |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 1,407 | 3,657 | 2,262 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 3,209 | 7,171 | (4,131) |
Comprehensive income/(loss) | 135,864 | 327,551 | 353,028 |
Comprehensive (income)/loss attributable to noncontrolling interests | (11,378) | (27,764) | (16,468) |
Comprehensive income/(loss) attributable to OP unitholders | 124,486 | 299,787 | 336,560 |
United Dominion Reality L.P. | |||
Net income/(loss) | 107,855 | 79,262 | 215,063 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | (4) | (82) | |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 106 | 12 | 1,044 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 106 | 8 | 962 |
Comprehensive income/(loss) | 107,961 | 79,270 | 216,025 |
Comprehensive (income)/loss attributable to noncontrolling interests | (1,548) | (1,444) | (1,762) |
Comprehensive income/(loss) attributable to OP unitholders | $ 106,413 | $ 77,826 | $ 214,263 |
Consolidated Statements of Ch84
Consolidated Statements of Changes in Capital (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Long Term Incentive Plan Unit grants | $ 5,432 | $ 3,735 | |
United Dominion Reality L.P. | |||
Begining Balance | 1,618,499 | 1,721,330 | $ 1,734,051 |
Net income/(loss) | 107,855 | 79,262 | 215,063 |
Distributions | (228,090) | (216,763) | (203,852) |
Long Term Incentive Plan Unit grants | 7,763 | 3,735 | |
Unrealized gain/(loss) on derivative financial investments | 107 | 6 | 962 |
Net change in advances (to)/from the General Partner | 368,996 | 30,929 | (24,894) |
Ending Balance | 1,875,130 | 1,618,499 | 1,721,330 |
Advances (to)/from General Partner | United Dominion Reality L.P. | |||
Begining Balance | 19,659 | (11,270) | 13,624 |
Net change in advances (to)/from the General Partner | 378,240 | 30,929 | (24,894) |
Ending Balance | 397,899 | 19,659 | (11,270) |
Accumulated Other Comprehensive Income/(Loss), net | United Dominion Reality L.P. | |||
Begining Balance | (113) | (113) | (1,075) |
Unrealized gain/(loss) on derivative financial investments | 113 | 962 | |
Ending Balance | (113) | (113) | |
Total Partner's Capital | United Dominion Reality L.P. | |||
Begining Balance | 1,578,202 | 1,713,412 | 1,703,001 |
Net income/(loss) | 106,307 | 77,818 | 213,301 |
Distributions | (228,090) | (216,763) | (203,852) |
Long Term Incentive Plan Unit grants | 7,763 | 3,735 | |
Unrealized gain/(loss) on derivative financial investments | 113 | 962 | |
Ending Balance | 1,464,295 | 1,578,202 | 1,713,412 |
Noncontrolling Interest | United Dominion Reality L.P. | |||
Begining Balance | 20,638 | 19,188 | 17,426 |
Net income/(loss) | 1,548 | 1,444 | 1,762 |
Unrealized gain/(loss) on derivative financial investments | (6) | 6 | |
Net change in advances (to)/from the General Partner | (9,244) | ||
Ending Balance | 12,936 | 20,638 | 19,188 |
Class A Limited Partner | United Dominion Reality L.P. | |||
Begining Balance | 63,901 | 64,409 | 53,987 |
Net income/(loss) | 1,015 | 743 | 2,201 |
Distributions | (2,328) | (2,328) | (2,328) |
Adjustment to reflect limited partners' capital at redemption value | 4,886 | 1,077 | 10,549 |
Ending Balance | 67,474 | 63,901 | 64,409 |
Limited Partners and LTIP Units | United Dominion Reality L.P. | |||
Begining Balance | 269,928 | 268,481 | 228,493 |
Net income/(loss) | 4,270 | 3,099 | 8,515 |
Distributions | (9,704) | (8,831) | (8,138) |
OP Unit redemptions for common shares of UDR | (288) | (175) | (3,816) |
Adjustment to reflect limited partners' capital at redemption value | 11,599 | 3,619 | 43,427 |
Long Term Incentive Plan Unit grants | 7,763 | 3,735 | |
Ending Balance | 283,568 | 269,928 | 268,481 |
Limited Partner | United Dominion Reality L.P. | |||
Begining Balance | 1,243,460 | 1,379,525 | 1,420,491 |
Net income/(loss) | 100,957 | 73,928 | 202,456 |
Distributions | (215,922) | (205,472) | (193,262) |
OP Unit redemptions for common shares of UDR | 288 | 175 | 3,816 |
Adjustment to reflect limited partners' capital at redemption value | (16,485) | (4,696) | (53,976) |
Ending Balance | 1,112,298 | 1,243,460 | 1,379,525 |
General Partner | United Dominion Reality L.P. | |||
Begining Balance | 1,026 | 1,110 | 1,105 |
Net income/(loss) | 65 | 48 | 129 |
Distributions | (136) | (132) | (124) |
Ending Balance | 955 | 1,026 | $ 1,110 |
Noncontrolling Interest | |||
Long Term Incentive Plan Unit grants | $ 5,432 | $ 3,735 |
Consolidated Statements of Ca85
Consolidated Statements of Cash Flows (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income/(loss) | $ 132,655 | $ 320,380 | $ 357,159 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 430,054 | 419,615 | 374,598 |
(Gain)/loss on sale of real estate owned | (43,404) | (210,851) | (251,677) |
(Income)/loss from unconsolidated entities | (31,257) | (52,234) | (62,329) |
Other | 20,467 | 24,142 | 3,410 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (8,771) | (29,038) | (4,652) |
Increase/(decrease) in operating liabilites | (4,278) | (12,084) | (9,590) |
Net cash provided by/(used in) operating activities | 519,152 | 536,929 | 458,627 |
Investing Activities | |||
Acquisition of real estate assets | (96,791) | (163,015) | (244,769) |
Proceeds from sales of real estate investments, net | 71,235 | 302,354 | 387,650 |
Development of real estate assets | (248,546) | (178,279) | (103,205) |
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement | (124,763) | (91,852) | (113,400) |
Distributions received from unconsolidated entities | 116,329 | 66,116 | 32,279 |
Net cash provided by/(used in) investing activities | (407,441) | (112,277) | (265,461) |
Financing Activities | |||
Proceeds from the issuance of secured debt | 50,000 | 127,600 | |
Payments on secured debt | (326,346) | (375,308) | (193,958) |
Other | (21,361) | (11,154) | (19,027) |
Net cash provided by/(used in) financing activities | (111,785) | (429,282) | (201,648) |
Net increase/(decrease) in cash and cash equivalents | (74) | (4,630) | (8,482) |
Cash and cash equivalents, beginning of year | 2,112 | 6,742 | 15,224 |
Cash and cash equivalents, end of year | 2,038 | 2,112 | 6,742 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 126,348 | 124,635 | 130,240 |
Real estate owned, net of accumulated depreciation | 6,847,040 | 6,692,128 | |
Investment in DownREIT Partnership | 660,832 | ||
Secured debt, net | 803,269 | 1,130,858 | |
Development costs and capital expenditures incurred but not yet paid | 43,930 | 46,285 | 20,375 |
Long Term Incentive Plan Unit grants | 5,432 | 3,735 | |
Dividends declared but not yet paid | 91,455 | 86,936 | 80,368 |
United Dominion Reality L.P. | |||
Operating Activities | |||
Net income/(loss) | 107,855 | 79,262 | 215,063 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 152,473 | 147,074 | 169,784 |
(Gain)/loss on sale of real estate owned | (41,272) | (33,180) | (158,123) |
(Income)/loss from unconsolidated entities | 19,256 | 37,425 | 4,659 |
Other | 5,642 | 1,769 | 606 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (4,786) | (3,510) | 385 |
Increase/(decrease) in operating liabilites | (4,705) | (158) | (5,609) |
Net cash provided by/(used in) operating activities | 234,463 | 228,682 | 226,765 |
Investing Activities | |||
Acquisition of real estate assets | (137,332) | (141,424) | |
Proceeds from sales of real estate investments, net | 67,985 | 44,553 | 232,728 |
Development of real estate assets | (6,280) | ||
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement | (53,437) | (69,993) | (61,441) |
Distributions received from unconsolidated entities | 16,704 | 15,894 | |
Net cash provided by/(used in) investing activities | (106,080) | (9,546) | 23,583 |
Financing Activities | |||
Advances (to)/from General Partner, net | 163,196 | (180,391) | (232,764) |
Proceeds from the issuance of secured debt | 184,638 | ||
Payments on secured debt | (275,345) | (30,322) | (189,244) |
Distributions paid to partnership unitholders | (11,694) | (10,770) | (10,367) |
Other | (5,003) | (10) | |
Net cash provided by/(used in) financing activities | (128,846) | (221,483) | (247,747) |
Net increase/(decrease) in cash and cash equivalents | (463) | (2,347) | 2,601 |
Cash and cash equivalents, beginning of year | 756 | 3,103 | 502 |
Cash and cash equivalents, end of year | 293 | 756 | 3,103 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 24,331 | 22,922 | 44,881 |
Real estate owned, net of accumulated depreciation | 2,273,304 | 2,265,889 | |
Secured debt, net | 159,845 | 433,974 | 228,390 |
Reallocation of credit facilities debt from the General Partner | 12,292 | 17,557 | |
Development costs and capital expenditures incurred but not yet paid | 2,032 | 5,098 | 3,118 |
Long Term Incentive Plan Unit grants | 7,763 | 3,735 | |
Dividends declared but not yet paid | 57,025 | 54,192 | 50,962 |
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P. | |||
Supplemental Information: | |||
Real estate owned, net of accumulated depreciation | 0 | 0 | 405,116 |
Investment in DownREIT Partnership | $ 0 | $ 0 | $ 174,822 |
Consolidation and Basis of Pr86
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
CONSOLIDATION AND BASIS OF PRESENTATION | 1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 2017, our consolidated apartment portfolio consisted of 127 consolidated communities located in 1 9 markets consisting of 39,998 apartment homes. In addition, the Company has an ownership interest in 7,286 apartment homes through unconsolidated joint ventures. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships , for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. 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, 2017 and 2016, there were 183,350,924 and 183,278,698 units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 174,237,688, or 95.0% and 174,2 30,084, or 95.1%, respectively, were owned by UDR and 9,113,236, or 5.0% and 9,0 48,614, or 4.9%, respectively, were owned by outside limited partners. As of December 31, 2017 and 2016, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,866,443, or 52.1% and 16, 485,014, or 50.9%, respectively, were owned by UDR (of which, 13,470,651, or 41.6%, were held by the Operating Partnership for both periods) and 15,500,937, or 47.9% and 1 5,882,366, or 49.1%, 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 and Note 6, Secured and Unsecured Debt, Net . |
United Dominion Reality L.P. | |
Entity information | |
CONSOLIDATION AND BASIS OF PRESENTATION | 1 United Dominion Realty, L.P. (“UDR, L.P.,” the “Operating Partnership,” “we” or “our”) is a Delaware limited partnership that owns, acquires, renovates, redevelops, manages, and disposes of multifamily apartment communities generally located in high barrier to entry markets located in the United States. The high barrier to entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. UDR, L.P. is a subsidiary of UDR, Inc. (“UDR” or the “General Partner”), a self-administered real estate investment trust, or REIT, through which UDR conducts a significant portion of its business. During the years ended December 31, 2017, 2016, and 2015, rental revenues of the Operating Partnership represented 43%, 43%, and 51%, respectively, of the General Partner’s consolidated rental revenues. As of December 31, 2017, the Operating Partnership’s apartment portfolio consisted of 53 communities located in 15 markets consisting of 16,698 apartment homes. Interests in UDR, L.P. are represented by operating partnership units (“OP Units”). The Operating Partnership’s net income is allocated to the partners, which is initially based on their respective distributions made during the year and secondly, their percentage interests. Distributions are made in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of United Dominion Realty, L.P. (the “Operating Partnership Agreement”), on a per unit basis that is generally equal to the dividend per share on UDR’s common stock, which is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “UDR.” As of December 31, 2017, there were 183,350,924 OP Units outstanding, of which 174,237,688, or 95.0%, were owned by UDR and affiliated entities and 9,113,236, or 5.0%, were owned by non-affiliated limited partners. There were 183,278,698 OP Units outstanding as of December 31, 2016, of which 174,230, 084 , or 95.1%, were owned by UDR and affiliated entities and 9,048, 614 , or 4.9%, were owned by non-affiliated limited partners. As sole general partner of the Operating Partnership, UDR owned all 110,883 general partner OP units, or 0.1%, of the total OP Units outstanding as of December 31, 2017 and 2016. At December 31, 2017 and 2016, there were 183,240,041 and 183,167,815, respectively, of limited partner OP Units outstanding, of which 1,873,332 were Class A Limited Partnership Units as of both periods. Of the limited partner OP Units outstanding, UDR owned 174,126,805, or 95.0%, and 174,119,201, or 95.1%, at December 31, 2017 and 2016, respectively. The remaining 9,113,236, or 5.0%, and 9,048,614, or 4.9%, of the limited partner OP Units outstanding were held by non-affiliated partners at December 31, 2017 and 2016, respectively, of which 1,751,671 were Class A Limited Partnership units as of both periods. See Note 9, Capital Structure . The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than that in Note 3, Real Estate Owned . |
Significant Accounting Polici87
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016‑09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019; however, early adoption of the ASU is permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . Real Estate Real estate assets held for investment are carried at historical cost and consist of land, 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 expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 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 . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to 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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest of the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 million. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 million. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022. In September 2017, the terms of this secured note receivable were amended to reduce the aggregate commitment from $15.0 million to $10.0 million and to extend the maturity date of the note from the fifth anniversary of the note (April 2021) to August 2022. During the years ended December 31, 2017, 2016, and 2015, the Company recognized $1.8 million, $1.8 million and $ 1.5 million, respectively, of interest income from notes receivable, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities 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 variable interest entity, 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, 2017, the Company did not determine any of our joint ventures or partnerships to be variable interest entities. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. 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, net of tax on the Consolidated Statements of Operations. Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, 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 . During the years ended December 31, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 million, respectively. 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, 2017, 2016, and 2015, 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 on the Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2017, the Company held greater than 10% of the carry |
United Dominion Reality L.P. | |
Entity information | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Operating Partnership on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Operating Partnership expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Operating Partnership on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Operating Partnership expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Operating Partnership on January 1, 2018 and must be applied retrospectively to all periods presented. The Operating Partnership does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Operating Partnership on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Operating Partnership is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Operating Partnership on January 1, 2019; however, early adoption of the ASU is permitted. While the Operating Partnership is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Operating Partnership on January 1, 2018, at which time the Operating Partnership expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Operating Partnership’s revenue is from rental income related to leases, the ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 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 . The Operating Partnership capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to 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, 2017, 2016, and 2015 were $0.5 million, $0.6 million, and $ 0.7 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was less than $0.1 million, $0.2 million, and $ 0.2 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Operating Partnership 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 Operating Partnership’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Operating Partnership recognizes interest income, fees and incentives when earned, fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Noncontrolling Interests The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2014 through 2016) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, the impact to the Operating Partnership related to the accounting for the tax effects of the Act was not material. 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 on the Consolidated Statements of Operations. Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on reasonably anticipated benefits to the parties. (See Note 6, Related Party Transactions .) Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2017, 2016, and 2015, total advertising expense from continuing and discontinued operations was $2.1 million, $2. 2 million, and $2. 4 million, respectively. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2017, 2016, and 2015, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 8, Derivatives and Hedging Activity, for further discussion. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D.C. and New York, New York markets. |
Real Estate Owned (UNITED DOMIN
Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
REAL ESTATE OWNED | 3. REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and held for disposition properties. As of December 31, 2017, the Company owned and consolidated 127 communities in 11 states plus the District of Columbia totaling 39,998 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128 Acquisitions In October 2017, the Company acquired an operating community located in Denver, Colorado with a total of 218 apartment homes and 17,000 square feet of retail space for a purchase price of approximately $141.5 million. The Company consolidated the operating community and accounted for the consolidation as a business combination. As a result of the consolidation, the Company increased its real estate owned by approximately $139.0 million, recorded approximately $2.5 million of in-place lease intangibles and recorded a gain on consolidation of approximately $14.8 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. The acquisition will be fully or partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). Prior to acquiring the community, the Company had provided $93.5 million as a participating loan investment to the third-party developer and was entitled to receive, in addition to repayment of principal and interest, contingent interest equal to 50% of the sum of the amount the property was sold for less construction and closing costs, which equaled approximately $14.9 million. The Company had previously accounted for its participating loan investment as an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). In January 2017, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). As a result of the consolidation, the Company increased its real estate owned by approximately $97.0 million, recorded approximately $1.7 million of in-place lease intangibles and recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2016, the Company acquired an operating community in Redmond, Washington with 177 apartment homes for approximately $70.5 million, which was funded with Section 1031 exchanges. In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for approximately $70.3 million in cash, which was funded with tax-deferred Section 1031 exchanges and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67%. As a result, the Company consolidated the operating communities. The Company had previously accounted for its 50% ownership interest as an unconsolidated joint venture. The Company accounted for the acquisition as a business combination resulting in a gain on consolidation of approximately $36.4 million. As a result of the consolidation, the Company increased its real estate owned by $215.0 million and secured debt by $80.0 million. In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million. As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 5% interest in the parcel of land as an unconsolidated joint venture. The Company accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $8.9 million. In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million. As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 50% interest in the parcel of land as an unconsolidated joint venture. The Company accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $31.1 million. Subsequent to the acquisition, the Company entered into a triple-net operating ground lease for the parcel of land at market terms with a third-party developer. The lessee plans to construct a multi-family community on the parcel of land. The ground lease provides the ground lessee with options to buy the fee interest in the parcel of land. The lease term is 49 years plus two 25‑year extension options, does not transfer ownership to the lessee, and does not include a bargain purchase option. The Company incurred $0.4 million, $ 0.2 million and $ 2.1 million of acquisition-related costs during the years ended December 31, 2017, 2016, and 2015, respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In December 2017, the Company sold two operating communities with a total of 218 apartment homes in Orange County, California and Carlsbad, California for gross proceeds of $69.0 million, resulting in net proceeds of $68.0 million and a gain of $41.3 million. In February 2017, the Company sold a parcel of land in Richmond, Virginia for gross proceeds of $3.5 million, resulting in net proceeds of $3.3 million and a gain of $2.1 million. In November 2016, the Company sold seven operating communities with a total 1,402 apartment homes in Baltimore, Maryland and an operating community with 380 apartment homes in Dallas, Texas for gross proceeds of $284.6 million, resulting in net proceeds of $280.5 million and a gain, net of tax, of $200.5 million. A portion of the proceeds was designated for tax-deferred Section 1031 exchanges that was used for certain 2016 acquisitions. In May 2016, the Company sold a retail center in Bellevue, Washington for gross proceeds of $45.4 million, resulting in net proceeds of $44.1 million and a gain, net of tax, of $7.3 million. A portion of the proceeds was designated for tax-deferred Section 1031 exchanges. In March 2016, the Company sold its 95% ownership interest in two parcels of land in Santa Monica, California for gross proceeds of $24.0 million, resulting in net proceeds of $22.0 million and a gain, net of tax, of $3.1 million. In February 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million and an expected GAAP gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange. 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, in an exchange under Section 1031 of the Internal Revenue Code. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. |
United Dominion Reality L.P. | |
Entity information | |
REAL ESTATE OWNED | 3. REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. At December 31, 2017, the Operating Partnership owned and consolidated 53 communities in nine states plus the District of Columbia totaling 16,698 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 719,410 $ 751,981 Depreciable property — held and used: Land improvements 89,331 84,663 Buildings, improvements, and furniture, fixtures and equipment 3,008,215 2,838,060 Real estate owned 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Real estate owned, net $ 2,273,304 $ 2,265,889 Acquisitions In October 2017, the Operating Partnership acquired an operating community located in Denver, Colorado with a total of 218 apartment homes and 17,000 square feet of retail space for a purchase price of approximately $141.5 million. As a result of the acquisition, the Operating Partnership increased its real estate owned by approximately $139.0 million and recorded approximately $2.5 million of in-place lease intangibles. The acquisition will be fully or partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). Dispositions In December 2017, the Operating Partnership sold two operating communities with a total of 218 apartment homes in Orange County, California and Carlsbad, California for gross proceeds of $69.0 million, resulting in net proceeds of $68.0 million and a gain of $41.3 million. During the year ended December 31, 2016, the Operating Partnership sold two operating communities in Baltimore, Maryland with a total of 276 apartment homes for gross proceeds of $45.3 million, resulting in net proceeds of $44.6 million and a gain, net of tax, of $33.2 million. In February 2018, the Operating Partnership sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million and an expected GAAP gain of $70.3 million. The proceeds were designated for tax-deferred Section 1031 exchanges. Other Activity In connection with the acquisition of certain properties, the Operating Partnership agreed to pay certain of the tax liabilities of certain contributors if the Operating Partnership sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Operating Partnership may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, in an exchange under Section 1031 of the Internal Revenue Code. Further, the Operating Partnership has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Operating Partnership, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. |
Unconsolidated Entities (UNITED
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Unconsolidated entities | |
UNCONSOLIDATED ENTITIES | 5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to acquire real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net , on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. 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. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2017 and 2016 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of December 31, December 31, December 31, December 31, December 31, December 31, Joint Venture Properties 2017 2017 2017 2016 2017 2016 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 34,653 $ 25,209 50.0 % 50.0 % UDR/MetLife II (b) Various 18 operating communities 4,059 303,702 311,282 50.0 % 50.0 % Other UDR/MetLife Various 4 operating communities; 1,437 135,563 160,979 50.6 % 50.6 % Development Joint Ventures 1 development community (a) UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 78,404 72,414 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,958 12,835 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 561,280 $ 582,719 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (c) Location Rate Maturity Commitment 2017 2016 2017 2016 2015 Participating loan investment: Steele Creek (d) Denver, CO — % — $ — $ — $ 94,003 $ 19,523 $ 6,213 $ 5,453 Preferred equity investments: West Coast Development Joint Ventures (e) Various 6.5 % N/A — 102,142 150,303 23,557 4,561 3,692 1532 Harrison (f) San Francisco, CA 11.0 % 4.5 24,645 11,346 — 511 — — 1200 Broadway (g) Nashville, TN 8.0 % 4.8 55,558 18,011 — 370 — — Other investments: The Portals (h) Washington, D.C. 11.0 % 3.4 38,559 26,535 — 839 — — Other investment ventures N/A N/A N/A $ 15,000 1,516 — $ (30) $ — $ — Total Developer Capital Program 159,550 244,306 Total investment in and advances to unconsolidated joint ventures, net $ 720,830 $ 827,025 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2017, 190 apartment homes had been completed in Other UDR/MetLife Development Joint Ventures and no apartment homes had been completed in UDR/MetLife I or in UDR/MetLife Vitruvian Park ® . (b) In September 2015, the 717 Olympic community, which is owned by the UDR/MetLife II joint venture, experienced extensive water damage due to a ruptured water pipe. For the years ended December 31, 2017, 2016, and 2015, the Company recorded casualty-related charges/(recoveries) of $(0.9) million, $( 3.8) million, and $2.5 million, respectively, representing its proportionate share of the total charges/(recoveries) recognized. (c) The Developer Capital Program is a 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 that may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (d) In October 2017, the Company acquired the Steele Creek community for a purchase price of approximately $141.5 million (see Note 3, Real Estate Owned ). (e) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense are shared based on each partner’s ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had a fixed-price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million. In the event the Company does not exercise its options to purchase at least two communities, the unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and at the inception of the agreement there are construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). As a result of the consolidation, the Company recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In connection with the purchase, the construction loan on the community was paid in full. In August 2017, the joint venture sold one of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million. As a result, the Company recorded a gain on the sale of approximately $2.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2017, the joint venture sold one of the three remaining communities, a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. As a result, the Company recorded a gain on the sale of approximately $5.5 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As of December 31, 2017, construction was completed on one of the two remaining communities. The completed community has achieved stabilization and the Company receives income and expenses based on its ownership percentage. The other community is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2017 and 2016 of $ 102.1 million and $1 50.3 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (f) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017, the Company had contributed approximately $11.3 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (g) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017 , the Company had contributed approximately $18.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (h) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third-party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of December 31, 2017, the Company had contributed approximately $26.5 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. As of December 31, 2017 and 2016, the Company had deferred fees and deferred profit of $10.9 million and $ 9.5 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 $11.4 million, $11.3 million, and $11.3 million during each of the years ended December 31, 2017, 2016, and 2015, respectively, for our management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures or partnerships during the years ended December 31, 2017, 2016, and 2015. 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, 2017, 2016, and 2015 ( dollars in thousands): Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2017 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ — $ 156,920 $ 48,032 $ 23,025 $ 20,327 $ 18,812 $ 267,116 Property operating expenses 93 52,450 21,908 11,839 8,159 9,520 103,969 Real estate depreciation and amortization — 45,144 32,625 7,169 14,480 7,387 106,805 Operating income/(loss) (93) 59,326 (6,501) 4,017 (2,312) 1,905 56,342 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Net income attributable to noncontrolling interest — — — — — 439 439 Net income/(loss) $ (110) $ 8,114 $ (20,395) $ (1,013) $ (7,576) $ 69,644 $ 48,664 Condensed Balance Sheets: Total real estate, net $ 108,958 $ 1,641,338 $ 687,492 $ 299,420 $ 195,625 $ 252,352 $ 3,185,185 Cash and cash equivalents 514 11,947 8,596 7,612 829 4,214 33,712 Other assets 2 10,830 4,290 1,972 905 979 18,978 Total assets 109,474 1,664,115 700,378 309,004 197,359 257,545 3,237,875 Amount due to/(from) UDR 514 (4,207) 413 1,311 229 288 (1,452) Third party debt, net 30,555 1,108,156 443,147 131,281 165,801 126,626 2,005,566 Accounts payable and accrued liabilities 12,186 19,477 14,590 15,620 1,516 17,101 80,490 Total liabilities 43,255 1,123,426 458,150 148,212 167,546 144,015 2,084,604 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2016 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 12,174 $ 242,630 Property operating expenses 552 52,322 11,655 11,730 7,828 7,117 91,204 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 6,218 90,037 Operating income/(loss) (326) 70,718 (9,918) 4,351 (2,275) (1,161) 61,389 Interest expense — (51,173) (6,164) (5,095) (5,369) (2,166) (69,967) Income/(loss) from discontinued operations (375) 34,201 — — — — 33,826 Net income attributable to noncontrolling interest — — — — — (62) (62) Net income/(loss) $ (701) $ 53,746 $ (16,082) $ (744) $ (7,644) $ (3,265) $ 25,310 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 373,449 $ 3,274,516 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 7,469 39,972 Other assets 1,641 11,370 2,744 2,266 1,026 2,246 21,293 Total assets 54,237 1,697,484 710,429 280,048 210,419 383,164 3,335,781 Amount due to/(from) UDR 155 (4,711) 3,082 1,566 429 274 795 Third party debt, net — 1,128,379 375,597 124,716 165,687 206,525 2,000,904 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 10,994 77,385 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 217,793 2,079,084 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 165,371 $ 1,256,697 Other UDR/ UDR/MetLife MetLife West Coast For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2015 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ 200 $ — $ 219,914 Property operating expenses 906 63,516 3,826 11,519 7,733 4,065 — 91,565 Real estate depreciation and amortization 818 46,616 6,897 6,639 14,522 102 — 75,594 Operating income/(loss) (1,183) 59,930 (3,089) 3,981 (2,917) (3,967) — 52,755 Interest expense — (52,037) (2,566) (4,848) (5,539) — — (64,990) Income/(loss) from discontinued operations (20) — — — — — 184,138 184,118 Net income attributable to noncontrolling interest — — — — — (1) — (1) Net income/(loss) $ (1,203) $ 7,893 $ (5,655) $ (867) $ (8,456) $ (3,966) $ 184,138 $ 171,884 Other than the West Coast Development Joint Ventures, the condensed summary financial information relating to the entities in which we have an interest through the Developer Capital Program is not included in the tables above. As of and for the year ended December 31, 2017, combined total assets, liabilities, equity, revenues, and expenses for such entities were $79.1 million, $0.8 million, $78.3 million, $7.8 million, and $9.5 million, respectively. As of and for the year ended December 31, 2016, combined total assets, liabilities, equity, revenues, and expenses for such entities were $93.8 million, $95.2 million, $(1.4) million, $8.5 million, and $12.2 million, respectively. For the year ended December 31, 2015, combined total revenues and expenses for such entities were $3.6 million and $7.9 million, respectively. |
United Dominion Reality L.P. | |
Unconsolidated entities | |
UNCONSOLIDATED ENTITIES | 4. UNCONSOLIDATED ENTITIES The DownREIT Partnership is accounted for by the Operating Partnership under the equity method of accounting and is included in Investment in unconsolidated entities on the Consolidated Balance Sheets. The Operating Partnership recognizes earnings or losses from its investments in unconsolidated entities consisting of our proportionate share of the net earnings or losses of the partnership in accordance with the Partnership Agreement. The DownREIT Partnership is a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. The Operating Partnership is not the primary beneficiary of the DownREIT Partnership as it lacks the power to direct the activities that most significantly impact its economic performance and will continue to account for its interest as an equity method investment. See Note 2, Significant Accounting Policies . As of December 31, 2017, the DownREIT Partnership owned 13 communities with 6,261 apartment homes. The Operating Partnership’s investment in the DownREIT Partnership was $76.9 million and $1 12.9 million as of December 31, 2017 and 2016, respectively. Financial statements required under Rule 3‑09 of Regulation S-X for the DownREIT Partnership are included as Exhibit 99.1 to this report. |
Debt, Net (UNITED DOMINION REAL
Debt, Net (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
DEBT | 6. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 5.3 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, 2017, secured debt encumbered $1.7 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($8.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2017, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from May 2019 through November 2026 and carry interest rates ranging from 3.15% to 5.86%. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. During the years ended December 31, 2017, 2016, and 2015, the Company had $3.0 million, $ 2.9 million, and $5. 3 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $8.2 million and $1 1.2 million at December 31, 2017 and 2016, respectively. (b) UDR had two secured credit facilities with Fannie Mae with an aggregate commitment of $314.9 million at December 31, 2017. The Fannie Mae credit facilities mature at various dates from December 2018 through July 2020 and bear interest at floating and fixed rates. At December 31, 2017, $285.8 million of the outstanding balance was fixed and had a weighted average interest rate of 4.86% and the remaining balance of $29.0 million had a weighted average variable interest rate of 2.92%. During the year ended December 31, 2017, the Company prepaid $275.3 million of its secured credit facilities with borrowings under the Company’s unsecured commercial paper program and proceeds from the issuance of senior unsecured medium-term notes. The Company incurred prepayment costs of $5.8 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statements of Operations. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates ranging from 1.71% to 1.98% as of December 31, 2017. (d) The Company has a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan facility (the “Term Loan Facility”). 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 Facility to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from any one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2020, with two six-month extension options, subject to certain conditions. The Term Loan Facility has a scheduled maturity date of January 29, 2021. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 2,274 161,505 Maximum daily borrowings during the period ended 120,000 340,000 Weighted average interest rate during the period ended 1.6 % 1.4 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $2. 9 million of letters of credit at December 31, 2017 and 2016, respectively. (e) On January 23, 2017, the Company entered into an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total unsecured commercial paper program $ 500,000 $ — Borrowings outstanding at end of period 300,000 — Weighted average daily borrowings during the period ended 238,810 — Maximum daily borrowings during the period ended 390,000 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 2.0 % — % (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 1, 2019. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin ranges from 85 to 155 basis points. In February 2018, the Company amended the working capital credit facility to extend the scheduled maturity date to January 2021. The maximum borrowing capacity and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 21,767 21,350 Weighted average daily borrowings during the period ended 26,993 21,936 Maximum daily borrowings during the period ended 68,207 69,633 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.5 % 1.7 % (g) During the year ended December 31, 2017, the Company redeemed its $300.0 million 4.25% senior unsecured medium-term notes due June 1, 2018, primarily with borrowings under its $300.0 million 3.50% senior unsecured medium-term notes issued on December 13, 2017. The Company incurred prepayment costs of $3.4 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statement of Operations. (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 4.55%. (i) On June 16, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due July 1, 2027. Interest is payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2018. The notes were priced at 99.764% of the principal amount at issuance. The Company used the net proceeds for the repayment of outstanding indebtedness and for general corporate purposes. (j) On December 13, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due January 15, 2028. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2018. The notes were priced at 99.601% of the principal amou nt at issuance. Th e Company used the net proceeds for the repayment of debt, including funding the redemption of its $300.0 million 4.25% senior unsecured medium-term notes due in June 2018, and for general corporate purposes. (k) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2017. |
United Dominion Reality L.P. | |
Entity information | |
DEBT | 5. DEBT, NET Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Operating Partnership having effectively established the fixed interest rate for the underlying debt instrument. Secured debt consists of the following as of December 31, 2017 and 2016 ( dollars in thousands ): Principal Outstanding As of December 31, 2017 Weighted Weighted Average December 31, December 31, Average Years to Communities 2017 2016 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ 133,205 $ 244,912 5.28 % 1.8 4 Deferred financing costs (282) (1,070) Total fixed rate secured debt, net 132,923 243,842 5.28 % 1.8 4 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.71 % 14.2 1 Fannie Mae credit facilities — 163,637 — % — — Deferred financing costs (78) (505) Total variable rate secured debt, net 26,922 190,132 1.71 % 14.2 1 Total Secured Debt, Net $ 159,845 $ 433,974 4.99 % 3.9 5 As of December 31, 2017, an aggregate commitment of $133.2 million of the General Partner’s secured credit facilities with Fannie Mae was owed by the Operating Partnership based on the ownership of the assets securing the debt. The entire commitment was outstanding at December 31, 2017. The portions of the Fannie Mae credit facilities owed by the Operating Partnership mature at various dates from October 2019 through December 2019 and bear interest at fixed rates. At December 31, 2017, the entire outstanding balance was fixed and had a weighted average interest rate of 5.28%. During the year ended December 31, 2017, $275.3 million of funds borrowed under the Fannie Mae credit facilities and owed by the Operating Partnership were prepaid. The Operating Partnership incurred prepayment costs of $5.8 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statements of Operations. The following information relates to the credit facilities owed by the Operating Partnership ( dollars in thousands ): December 31, December 31, 2017 2016 Borrowings outstanding $ 133,205 $ 408,549 Weighted average borrowings during the period ended 223,347 414,759 Maximum daily borrowings during the period ended 408,549 421,001 Weighted average interest rate during the period ended 4.6 % 3.9 % Interest rate at the end of the period 5.3 % 4.0 % The Operating Partnership may from time to time acquire properties subject to fixed rate debt instruments. In those situations, management will record the secured debt at its estimated fair value and amortize any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The Operating Partnership did not have any unamortized fair value adjustments associated with the fixed rate debt instruments on the Operating Partnership’s properties. Fixed Rate Debt At December 31, 2017, the General Partner had borrowings against its fixed rate facilities of $285.8 million, of which $133.2 million was owed by the Operating Partnership based on the ownership of the assets securing the debt. As of December 31, 2017, the funds borrowed under the fixed rate Fannie Mae credit facilities owed by the Operating Partnership had a weighted average fixed interest rate of 5.28%. Variable Rate Debt Tax-exempt secured note payable. The variable rate mortgage note payable that secures tax-exempt housing bond issues matures March 2032. Interest on this note is payable in monthly installments. The mortgage note payable has an interest rate of 1.71% as of December 31, 2017. Secured credit facilities. At December 31, 2017, the General Partner had borrowings against its variable rate facilities of $29.0 million, none of which was owed by the Operating Partnership based on the ownership of the assets securing the debt. The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2017 are as follows (dollars in thousands): Fixed Variable Tax-Exempt Secured Credit Secured Notes Year Facilities Payable Total 2018 $ — $ — $ — 2019 133,205 — 133,205 2020 — — — 2021 — — — 2022 — — — 2023 — — — 2024 — — — 2025 — — — 2026 — — — 2027 — — — Thereafter — 27,000 27,000 Subtotal 133,205 27,000 160,205 Non-cash (a) (282) (78) (360) Total $ 132,923 $ 26,922 $ 159,845 (a) 0.6 million, respectively, of deferred financing costs into Interest expense . Guarantor on Unsecured Debt The Operating Partnership is a guarantor on the General Partner’s unsecured revolving credit facility with an aggregate borrowing capacity of $1.1 billion, an unsecured commercial paper program with an aggregate borrowing capacity of $500 million, $300 million of medium-term notes due October 2020, a $350 million term loan facility due January 2021, $400 million of medium-term notes due January 2022, $300 million of medium-term notes due July 2024, $300 million of medium-term notes due October 2025, $300 million of medium-term notes due September 2026, $300 million of medium-term notes due July 2027, and $300 million of medium-term notes due January 2028. As of December 31, 2017 and 2016, the General Partner did not have an outstanding balance under the unsecured revolving credit facility and had $300.0 million and $0, respectively, outstanding under its unsecured commercial paper program. |
Related Party Transactions (UNI
Related Party Transactions (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
United Dominion Reality L.P. | |
Entity information | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS Advances (To)/From the General Partner The Operating Partnership participates in the General Partner’s central cash management program, wherein all the Operating Partnership’s cash receipts are remitted to the General Partner and all cash disbursements are funded by the General Partner. In addition, other miscellaneous costs such as administrative expenses are incurred by the General Partner on behalf of the Operating Partnership. As a result of these various transactions between the Operating Partnership and the General Partner, the Operating Partnership had net Advances (to)/from the General Partner of $397.9 million and $19.7 million at December 31, 2017 and 2016, respectively, which are reflected as increases/(decreases) of capital on the Consolidated Balance Sheets. Allocation of General and Administrative Expenses The General Partner shares various general and administrative costs, employees and other overhead costs with the Operating Partnership including legal assistance, acquisitions analysis, marketing, human resources, IT, accounting, rent, supplies and advertising, and allocates these costs to the Operating Partnership first on the basis of direct usage when identifiable, with the remainder allocated based on the reasonably anticipated benefits to the parties. The general and administrative expenses allocated to the Operating Partnership by UDR were $14.0 million, $15.4 million, and $21.0 million during the years ended December 31, 2017, 2016 and 2015, respectively, and are included in General and administrative on the Consolidated Statements of Operations. In the opinion of management, this method of allocation reflects the level of services received by the Operating Partnership from the General Partner. During the years ended December 31, 2017, 2016 and 2015, the Operating Partnership reimbursed the General Partner $15.4 million, $14.5 million, and $17.7 million, respectively, for shared services related to corporate level property management costs incurred by the General Partner. These shared cost reimbursements and related party management fees are initially recorded within the line item General and administrative on the Consolidated Statements of Operations, and a portion related to management costs is reclassified to Property management on the Consolidated Statements of Operations. (See further discussion below.) Shared Services/Management Fee The Operating Partnership self-manages its own properties and is party to an Inter-Company Employee and Cost Sharing Agreement with the General Partner. This agreement provides for reimbursements to the General Partner for the Operating Partnership’s allocable share of costs incurred by the General Partner for (a) shared services of corporate level property management employees and related support functions and costs, and (b) general and administrative costs. As discussed above, the reimbursement for shared services is classified in Property management on the Consolidated Statements of Operations. Notes Payable to the General Partner As of both December 31, 2017 and 2016, the Operating Partnership had $273.3 million of unsecured notes payable to the General Partner at annual interest rates between 4.12% and 5.34%. Certain limited partners of the Operating Partnership have provided guarantees or reimbursement agreements related to these notes payable. The guarantees were provided by the limited partners in conjunction with their contribution of properties to the Operating Partnership. The notes mature on August 31, 2021, December 31, 2023 and April 1, 2026, and interest payments are made monthly. The Operating Partnership recognized interest expense on the notes payable of $12.2 million, $12.2 million and $5.0 million for the years ended December 31, 2017, 2016, and 2015, respectively. |
Fair Value of Derivatives and92
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | 12. 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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, 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 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, 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 2016 2016 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments: (c) Working capital credit facility 21,350 21,350 — — 21,350 Unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2017. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2017 and 2016, 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, 2017, 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 were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. We estimate the fair value of our notes receivable and debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality, where applicable (Level 3). We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. We consider various factors to determine if a decrease in the value of our investment in and advances to unconsolidated joint ventures, net 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, 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, 2017, 2016, and 2015. After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
United Dominion Reality L.P. | |
Entity information | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | 7. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below:  Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.  Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.  Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, 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 2017 2017 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 137,150 $ — $ — $ 137,150 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 164,150 $ — $ — $ 164,150 Fair Value at December 31, 2016, Using Quoted Total Prices in Carrying Active Amount in Markets Statement of for Identical Significant Financial Fair Value Assets Other Significant Position at Estimate at or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (Level 3) Description: Derivatives - Interest rate contracts (b) $ 1 $ 1 $ — $ 1 $ — Total assets $ 1 $ 1 $ — $ 1 $ — Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 244,912 $ 251,664 $ — $ — $ 251,664 Secured debt instruments - variable rate: (a) — Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 163,637 163,637 — — 163,637 Total liabilities $ 435,549 $ 442,301 $ — $ — $ 442,301 (a) Debt, Net . (b) Derivatives and Hedging Activity . There were no transfers into or out of each of the levels of the fair value hierarchy during the year ended December 31, 2017. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The General Partner, on behalf of the Operating Partnership, incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Operating Partnership has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the General Partner, on behalf of the Operating Partnership, has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2017 and 2016, the Operating Partnership has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Operating Partnership has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Operating Partnership made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Financial Instruments Not Carried at Fair Value At December 31, 2017, 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 were determined by the General Partner using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Operating Partnership would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. The General Partner estimates the fair value of our debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality (Level 3). The Operating Partnership records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Cash flow estimates are based upon historical results adjusted to reflect management’s best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. The General Partner’s estimates of fair value represent management’s estimates based upon Level 3 inputs such as industry trends and reference to market rates and transactions. The Operating Partnership did not incur any other-than-temporary impairments in the value of its investments in unconsolidated entities during the years ended December 31, 2017 and 2016. |
Derivatives and Hedging Activ93
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
DERIVATIVES AND HEDGING ACTIVITY | 13. 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 effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2017, 2016, and 2015, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2017, the Company recognized a loss of $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of cash flow hedges. During the year ended December 31, 2016, the Company recorded no ineffectiveness to earnings. During the year ended December 31, 2015, the Company recognized a loss of less than $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of a cash flow hedge. Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through December 31, 2018, the Company estimates that an additional $1.2 million will be reclassified as a decrease to interest expense. As of December 31, 2017, 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 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2017 and 2016 ( 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, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — 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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11) Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23) Credit-risk-related Contingent Features The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) 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. Certain of the Company’s agreements with its derivative counterparties contain provisions where, if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. At December 31, 2017 and 2016, no cash collateral was posted or required to be posted by the Company or by a counterparty. The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the applicable agreement. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 2017, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of $5.8 million. As of December 31, 2017, the Company has not posted any collateral related to these agreements. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions in 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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. |
United Dominion Reality L.P. | |
Entity information | |
DERIVATIVES AND HEDGING ACTIVITY | 8. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Operating Partnership is exposed to certain risks arising from both its business operations and economic conditions. The General Partner principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The General Partner manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the General Partner enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The General Partner’s and the Operating Partnership’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the General Partner’s known or expected cash payments principally related to the General Partner’s borrowings. Cash Flow Hedges of Interest Rate Risk The General Partner’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the General Partner primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the General Partner making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. A portion of the General Partner’s interest rate derivatives are owed by the Operating Partnership based on the General Partner’s underlying debt instruments owed by the Operating Partnership. (See Note 5, Debt, Net. ) The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2017, 2016, and 2015, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2017, the Operating Partnership recognized a loss of $0.1 million reclassified from Accumulated other comprehensive income/(loss), net to Interest expense due to the de-designation of a cash flow hedge. During the year ended December 31, 2016, the Operating Partnership recorded no gain or loss from ineffectiveness. During the year ended December 31, 2015, the Operating Partnership recognized a loss of less than $0.1 million reclassified from Accumulated other comprehensive income/(loss), net to Interest expense due to the de-designation of a cash flow hedge. Amounts reported in Accumulated other comprehensive income/(loss), net related to derivatives will be reclassified to interest expense as interest payments are made on the General Partner’s variable-rate debt that is owed by the Operating Partnership. As of December 31, 2017, no derivatives designated as cash flow hedges were held by the Operating Partnership. As a result, through December 31, 2018, we estimate that no amounts will be reclassified as an increase to interest expense. Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnership’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in an a loss of less than $0.1 million for the years ended December 31, 2017, 2016, and 2015. As of December 31, 2017, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 1 $ 19,880 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2017 and 2016 ( 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, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized Unrealized holding Gain/(Loss) Reclassified in Interest expense gain/(loss) Recognized in from Accumulated OCI into (Ineffective Portion and OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ — $ (4) $ (82) $ — $ (12) $ (1,044) $ (106) $ — $ (11) Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) $ (23) Credit-risk-related Contingent Features The General Partner has agreements with some of its derivative counterparties that contain a provision where (1) if the General Partner defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the General Partner could also be declared in default on its derivative obligations; or (2) the General Partner could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the General Partner’s default on the indebtedness. Certain of the General Partner’s agreements with its derivative counterparties contain provisions where if there is a change in the General Partner’s financial condition that materially changes the General Partner’s creditworthiness in an adverse manner, the General Partner may be required to fully collateralize its obligations under the derivative instrument. At December 31, 2017 and 2016, no cash collateral was posted or required to be posted by the General Partner or by a counterparty. The General Partner also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the General Partner’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the General Partner being in default on any derivative instrument obligations covered by the agreement. The General Partner has certain agreements with some of its derivative counterparties that contain a provision where in the event of default by the General Partner or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 2017, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements, of less than $0.1 million. As of December 31, 2017, the General Partner has not posted any collateral related to these agreements. The General Partner has elected not to offset derivative positions in the consolidated financial statements. The table below presents the effect on the Operating Partnership’s financial position had the General Partner made the election to offset its derivative positions as of December 31, 2017 and December 31, 2016: Offsetting of Derivative Assets Gross Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Assets Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Assets Sheets Balance Sheets (a) Instruments Received Net Amount December 31, 2017 $ — — — $ — $ — $ — December 31, 2016 $ 1 $ — $ 1 $ — $ — $ 1 (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 Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Liabilities Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Liabilities Sheets Balance Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ — $ — $ — $ — $ — $ — (a) |
Capital Structure (UNITED DOMIN
Capital Structure (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
United Dominion Reality L.P. | |
Entity information | |
CAPITAL STRUCTURE | 9. CAPITAL STRUCTURE General Partnership Units The General Partner has complete discretion to manage and control the operations and business of the Operating Partnership, which includes but is not limited to the acquisition and disposition of real property, construction of buildings and making capital improvements, and the borrowing of funds from outside lenders or UDR and its subsidiaries to finance such activities. The General Partner can generally authorize, issue, sell, redeem or purchase any OP Unit or securities of the Operating Partnership without the approval of the limited partners. The General Partner can also approve, with regard to the issuances of OP Units, the class or one or more series of classes, with designations, preferences, participating, optional or other special rights, powers and duties including rights, powers and duties senior to limited partnership interests without approval of any limited partners except holders of Class A Limited Partnership Units. There were 110,883 General Partnership units outstanding at December 31, 2017 and 2016, all of which were held by UDR. Limited Partnership Units At December 31, 2017 and 2016, there were 183,240,041 and 183,167, 815, respectively, of limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units for both periods. UDR owned 174,126,805, or 95.0%, and 174,119,201, or 95.1%, of OP Units outstanding at December 31, 2017 and 2016, respectively, of which 121,661 were Class A Limited Partnership Units for both periods. The remaining 9,113,236, or 5.0%, and 9,048,614, or 4.9%, of OP Units outstanding were held by non-affiliated partners at December 31, 2017 and 2016, respectively, of which 1,751,671 were Class A Limited Partnership Units for both periods. Subject to the terms of the Operating Partnership Agreement, the limited partners have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the Operating Partnership Agreement), provided that such OP Units have been outstanding for at least one year. UDR, as general partner of the Operating Partnership, may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of UDR for each OP Unit), as defined in the Operating Partnership Agreement. The non-affiliated limited partners’ capital is adjusted to redemption value at the end of each reporting period with the corresponding offset against UDR’s limited partner capital account based on the redemption rights noted above. The aggregate value upon redemption of the then-outstanding OP Units held by limited partners was $351.0 million and $330.1 million as of December 31, 2017 and 2016, respectively, based on the value of UDR’s common stock at each period end. A limited partner has no right to receive any distributions from the Operating Partnership on or after the date of redemption of its OP Units. Class A Limited Partnership Units Class A Limited Partnership Units have a cumulative, annual, non-compounded preferred return, which is equal to 8% based on a value of $16.61 per Class A Limited Partnership Unit. Holders of the Class A Limited Partnership Units exclusively possess certain voting rights. The Operating Partnership may not do the following without approval of the holders of the Class A Limited Partnership Units: (i) increase the authorized or issued amount of Class A Limited Partnership Units, (ii) reclassify any other partnership interest into Class A Limited Partnership Units, (iii) create, authorize or issue any obligations or security convertible into or the right to purchase Class A Limited Partnership Units, (iv) enter into a merger or acquisition, or (v) amend or modify the Operating Partnership Agreement in a manner that adversely affects the relative rights, preferences or privileges of the Class A Limited Partnership Units. The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2017, 2016, and 2015: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total Ending balance at December 31, 2014 1,751,671 7,413,802 173,880,681 121,661 110,883 183,278,698 OP redemptions for UDR stock — (112,174) 112,174 — — — Ending balance at December 31, 2015 1,751,671 7,301,628 173,992,855 121,661 110,883 183,278,698 OP redemptions for UDR stock — (4,685) 4,685 — — — Ending balance at December 31, 2016 1,751,671 7,296,943 173,997,540 121,661 110,883 183,278,698 Vesting of LTIP Units — 72,226 — — — 72,226 OP redemptions for UDR stock — (7,604) 7,604 — — — Ending balance at December 31, 2017 1,751,671 7,361,565 174,005,144 121,661 110,883 183,350,924 LTIP Units UDR grants long-term incentive plan units (“LTIP Units”) to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have voting and distribution rights consistent with OP Units. The LTIP Units are subject to the terms of UDR’s long-term incentive plan. Two classes of LTIP Units are granted, Class 1 LTIP Units and Class 2 LTIP Units. Class 1 LTIP Units are granted to non-employee directors and vest after one year. Class 2 LTIP Units are granted to certain employees and vest over a period from one to three years subject to certain performance and market conditions being achieved. Vested LTIP Units may be converted into OP Units provided that such LTIP Units have been outstanding for at least two years from the date of grant. Allocation of Profits and Losses Profit of the Operating Partnership is allocated in the following order: (i) to the General Partner and the Limited Partners in proportion to and up to the amount of cash distributions made during the year, and (ii) to the General Partner and Limited Partners in accordance with their percentage interests. Losses and depreciation and amortization expenses, non-recourse liabilities are allocated to the General Partner and Limited Partners in accordance with their percentage interests. Losses allocated to the Limited Partners are capped to the extent that such an allocation would not cause a deficit in the Limited Partners’ capital account. Such losses are, therefore, allocated to the General Partner. If any Partner’s capital balance were to fall into a deficit, any income and gains are allocated to each Partner sufficient to eliminate its negative capital balance. |
Commitments and Contingencies95
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
COMMITMENTS AND CONTINGENCIES | 14. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Company’s real estate commitments at December 31, 2017 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 592,490 (b) $ 124,010 100 % Joint ventures: Unconsolidated joint ventures 3 262,550 22,076 (c) 50 % Preferred equity investments 5 87,491 (d) 50,846 (e) 48 % (f) Other investments 1 28,051 25,508 (g) — % Total $ 970,582 $ 222,440 (a) Represents 100% of project costs incurred as of December 31, 2017. (b) Costs incurred as of December 31, 2017 include $38.0 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of December 31, 2017. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures. Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2025 and 2103, including extension options. In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2021. Future minimum lease payments as of December 31, 2017 are as follows (dollars in thousands): Ground Leases (a) Office Space 2018 $ 5,629 $ 76 2019 5,629 76 2020 5,629 76 2021 5,629 32 2022 5,629 — Thereafter 335,207 — Total $ 363,352 $ 260 (a) For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. UDR incurred $6.2 million, $5.5 million, and $5. 5 million of ground rent expense for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0. 2 million, $0.3 million, and $0.3 million of rent expense related to office space for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. 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 flow. |
United Dominion Reality L.P. | |
Entity information | |
COMMITMENTS AND CONTINGENCIES | 10. COMMITMENTS AND CONTINGENCIES Commitments Ground Leases The Operating Partnership owns six communities which are subject to ground leases expiring between 2025 and 2103, including extension options. Future minimum lease payments as of December 31, 2017 are $5.6 million for each of the years ending December 31, 2018 to 2022 and a total of $335. 2 million for years thereafter. For purposes of our ground lease contracts, the Operating Partnership uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Operating Partnership uses the current rent over the remainder of the lease term. The Operating Partnership incurred $6.2 million, $5. 5 million, and $5.4 million of ground rent expense for the years ended December 31, 2017, 2016, and 2015, respectively. Contingencies Litigation and Legal Matters The Operating Partnership is subject to various legal proceedings and claims arising in the ordinary course of business. The Operating Partnership cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The General Partner believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on the Operating Partnership’s financial condition, results of operations or cash flow. |
Reportable Segments (UNITED DOM
Reportable Segments (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
REPORTABLE SEGMENTS | 15. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : · Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2016 and held as of December 31, 2017. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. · Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. 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, 2017, 2016, and 2015. The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383 The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584 Capital expenditures related to our Same-Store Communities totaled $87.0 million, $86.2 million, and $66.7 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $4.9 million, $10.1 million, and $18.5 million for the years ended December 31, 2017, 2016, and 2015, respectively. Markets included in the above geographic segments are as follows: i. West Region — San Francisco, Orange County, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Nashville, Tampa and Other Florida v. Southwest Region — Dallas, Austin and Denver |
United Dominion Reality L.P. | |
Entity information | |
REPORTABLE SEGMENTS | 11. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. The Operating Partnership has the same chief operating decision maker as that of its parent, the General Partner. The chief operating decision maker consists of several members of UDR’s executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. The Operating Partnership owns and operates multifamily apartment communities throughout the United States that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures of the Operating Partnership’s apartment communities are rental income and net operating income (“NOI”), and are included in the chief operating decision maker’s assessment of the Operating Partnership’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI are property management costs, which are the Operating Partnership’s allocable share of costs incurred by the General Partner for shared services of corporate level property management employees and related support functions and costs. The chief operating decision maker of the General Partner utilizes NOI as the key measure of segment profit or loss. The Operating Partnership’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other :  Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2016 and held as of December 31, 2017. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months.  Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management of the General Partner evaluates the performance of each of the Operating Partnership’s apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Operating Partnership’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of the Operating Partnership’s total revenues during the years ended December 31, 2017, 2016, and 2015. The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 201,036 $ 191,034 $ 177,197 Mid-Atlantic Region 59,006 57,563 45,701 Northeast Region 54,530 53,036 51,086 Southeast Region 49,586 47,792 44,981 Non-Mature Communities/Other 55,219 54,990 121,443 Total segment and consolidated rental income $ 419,377 404,415 $ 440,408 Reportable apartment home segment NOI Same-Store Communities West Region $ 152,571 $ 144,949 $ 133,406 Mid-Atlantic Region 40,292 38,711 29,519 Northeast Region 40,524 40,704 39,765 Southeast Region 34,182 32,519 30,106 Non-Mature Communities/Other 39,272 40,238 84,801 Total segment and consolidated NOI 306,841 297,121 317,597 Reconciling items: Property management (11,533) (11,122) (12,111) Other operating expenses (6,833) (6,059) (5,923) Real estate depreciation and amortization (152,473) (147,074) (169,784) General and administrative (17,875) (18,808) (27,016) Casualty-related recoveries/(charges), net (1,922) (484) (843) Income/(loss) from unconsolidated entities (19,256) (37,425) (4,659) Interest expense (30,366) (30,067) (40,321) Gain/(loss) on sale of real estate owned 41,272 33,180 158,123 Net (income)/loss attributable to noncontrolling interests (1,548) (1,444) (1,762) Net income/(loss) attributable to OP unitholders $ 106,307 $ 77,818 $ 213,301 The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets Same-Store Communities West Region $ 1,581,321 $ 1,555,331 Mid-Atlantic Region 655,850 655,693 Northeast Region 677,767 674,928 Southeast Region 334,811 328,729 Non-Mature Communities/Other 567,207 460,023 Total segment assets 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Total segment assets - net book value 2,273,304 2,265,889 Reconciling items: Cash and cash equivalents 293 756 Restricted cash 12,579 11,694 Investment in unconsolidated entities 76,907 112,867 Other assets 32,490 24,329 Total consolidated assets $ 2,395,573 $ 2,415,535 Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $41.1 million, $41.2 million and $30.7 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $2.5 million, $2.9 million, and $14.3 million for the years ended December 31, 2017, 2016, and 2015, respectively. Markets included in the above geographic segments are as follows: i. West Region — San Francisco, Orange County, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan, D.C. and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Nashville, Tampa and Other Florida v. Southwest Region — Denver |
Unaudited Summarized Consolid97
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | 16. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. |
United Dominion Reality L.P. | |
Entity information | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | 12. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 102,605 $ 104,088 $ 105,253 $ 107,431 Income/(loss) from continuing operations 14,007 11,192 21,110 20,274 Income/(loss) attributable to OP unitholders 13,657 10,849 20,736 61,065 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.07 $ 0.06 $ 0.11 $ 0.33 2016 Rental income $ 98,786 $ 100,892 $ 102,595 $ 102,142 Income/(loss) from continuing operations 5,131 11,394 11,885 17,672 Income/(loss) attributable to OP unitholders 4,787 11,044 11,517 50,470 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.03 $ 0.06 $ 0.06 $ 0.27 (a) |
Schedule III - Real Estate Owne
Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate Owned | 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 2000 Post Street $ — $ 9,861 $ 44,578 $ 54,439 $ 34,115 $ 14,315 $ 74,239 $ 88,554 $ 37,550 1987/2016 Dec‑98 Birch Creek — 4,365 16,696 21,061 8,122 1,045 28,138 29,183 15,732 1968 Dec‑98 Highlands Of Marin — 5,996 24,868 30,864 27,788 7,823 50,829 58,652 33,322 1991/2010 Dec‑98 Marina Playa — 6,224 23,916 30,140 12,235 1,141 41,234 42,375 21,855 1971 Dec‑98 River Terrace 38,495 22,161 40,137 62,298 5,847 22,751 45,394 68,145 28,808 2005 Aug‑05 CitySouth — 14,031 30,537 44,568 36,702 16,388 64,882 81,270 43,163 1972/2012 Nov‑05 Bay Terrace — 8,545 14,458 23,003 5,824 11,579 17,248 28,827 10,906 1962 Oct‑05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,200 5,758 29,354 35,112 18,309 1968/2010 Oct‑07 Edgewater — 30,657 83,872 114,529 11,436 30,720 95,245 125,965 49,873 2007 Mar‑08 Almaden Lake Village 27,000 594 42,515 43,109 7,651 907 49,853 50,760 27,685 1999 Jul‑08 388 Beale — 14,253 74,104 88,357 10,176 14,482 84,051 98,533 31,707 1999 Apr‑11 Channel Mission Bay — 23,625 — 23,625 129,822 23,744 129,703 153,447 32,544 2014 Sep‑10 SAN FRANCISCO, CA 65,495 145,665 414,240 559,905 300,918 150,653 710,170 860,823 351,454 Harbor at Mesa Verde — 20,476 28,538 49,014 19,346 21,995 46,365 68,360 31,256 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 97,401 113,691 193,683 307,374 115,829 1979/2013 Oct-04 Pacific Shores — 7,345 22,624 29,969 11,742 8,024 33,687 41,711 23,146 1971/2003 Jun-03 Huntington Vista — 8,055 22,486 30,541 14,187 9,215 35,513 44,728 22,752 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,391 10,987 6,762 17,749 4,809 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 40,460 68,217 80,841 149,058 51,642 1968/2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 32,476 60,812 80,516 141,328 48,986 1968/2000/2016 Mar-05 Foxborough — 12,071 6,187 18,258 4,013 12,460 9,811 22,271 6,267 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 2,514 16,961 54,121 71,082 23,649 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 39,019 13,087 38,810 51,897 7,842 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 126,645 25,157 126,488 151,645 35,583 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,623 16,522 71,399 87,921 18,130 2014 Jun-04 ORANGE COUNTY, CA — 340,645 352,662 693,307 461,817 377,128 777,996 1,155,124 389,891 Crowne Pointe — 2,486 6,437 8,923 8,421 3,083 14,261 17,344 9,003 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,594 2,997 12,179 15,176 7,965 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 6,613 6,996 36,317 43,313 23,177 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,727 6,280 24,933 31,213 15,434 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,923 7,032 35,661 42,693 20,118 2000 May-08 Island Square — 21,284 89,389 110,673 6,320 21,631 95,362 116,993 51,102 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,172 6,427 29,693 36,120 16,104 2001/2016 May-07 elements too — 27,468 72,036 99,504 17,566 30,232 86,838 117,070 52,083 2010 Feb-10 989elements — 8,541 45,990 54,531 3,571 8,607 49,495 58,102 22,087 2006 Dec-09 Lightbox — 6,449 38,884 45,333 897 6,470 39,760 46,230 8,538 2014 Aug-14 Waterscape — 9,693 65,176 74,869 1,073 9,708 66,234 75,942 12,820 2014 Sep-14 Ashton Bellevue 48,707 8,287 124,939 133,226 1,316 8,358 126,184 134,542 8,672 2009 Oct-16 TEN20 28,565 5,247 76,587 81,834 1,315 5,292 77,857 83,149 5,366 2009 Oct-16 Milehouse — 5,976 63,041 69,017 169 5,976 63,210 69,186 4,653 2016 Nov-16 CityLine — 11,220 85,787 97,007 59 11,220 85,846 97,066 5,152 2016 Jan-17 SEATTLE, WA 77,272 134,705 783,698 918,403 65,736 140,309 843,830 984,139 262,274 Rosebeach — 8,414 17,449 25,863 4,758 8,792 21,829 30,621 14,644 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 6,967 39,769 43,463 83,232 23,843 1998 Dec-07 The Westerly 67,700 48,182 102,364 150,546 38,878 50,850 138,574 189,424 68,118 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 92,394 61,568 86,477 148,045 41,830 2008 Sep-07 LOS ANGELES, CA 67,700 151,833 156,492 308,325 142,997 160,979 290,343 451,322 148,435 Boronda Manor — 1,946 8,982 10,928 10,320 3,250 17,998 21,248 10,504 1979 Dec-98 Garden Court — 888 4,188 5,076 5,941 1,600 9,417 11,017 5,679 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 16,609 5,548 26,983 32,531 15,939 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,654 2,287 10,786 13,073 6,396 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 29,912 10,241 49,913 60,154 28,586 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,886 3,384 17,574 20,958 10,479 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,212 2,300 11,575 13,875 6,585 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 87,534 28,610 144,246 172,856 84,168 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,775 6,213 26,822 33,035 19,302 2001 Nov-02 OTHER SOUTHERN CA — 19,367 27,095 46,462 59,561 29,747 76,276 106,023 57,668 Tualatin Heights — 3,273 9,134 12,407 7,638 3,906 16,139 20,045 11,379 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,388 6,493 21,779 28,272 16,008 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,026 10,399 37,918 48,317 27,387 TOTAL WEST REGION 210,467 818,440 1,826,575 2,645,015 1,133,589 897,825 2,880,779 3,778,604 1,321,277 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 7,622 3,982 20,234 24,216 15,280 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 8,232 2,933 16,052 18,985 11,572 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 11,279 11,756 29,551 41,307 22,213 1938 May-02 The Whitmore — 6,418 13,411 19,829 22,432 7,511 34,750 42,261 25,988 1962/2008 Apr-02 Ridgewood — 5,612 20,086 25,698 10,322 6,255 29,765 36,020 22,262 1988 Aug-02 DelRay Tower — 297 12,786 13,083 114,031 9,559 117,555 127,114 25,219 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 25,268 37,049 39,015 76,064 24,373 1971 Dec-03 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 19,205 14,788 54,229 69,017 38,698 1987/2008 Sep-05 Andover House — 183 59,948 60,131 5,002 263 64,870 65,133 35,751 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 9,387 1,641 112,559 114,200 65,130 2007 Dec-07 Circle Towers — 32,815 107,051 139,866 19,198 33,476 125,588 159,064 69,419 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 4,115 21,638 70,848 92,486 38,906 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,371 5,753 102,269 108,022 37,669 2009 Jun-11 Signal Hill — 13,290 — 13,290 70,901 25,518 58,673 84,191 33,128 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 95,020 31,412 95,001 126,413 29,971 2013 Sep-07 Domain College Park — 7,300 — 7,300 58,754 7,345 58,709 66,054 15,613 2014 Jun-11 1200 East West — 9,748 68,022 77,770 1,872 9,786 69,856 79,642 8,631 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 3,054 27,852 114,829 142,681 16,483 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 1,803 15,585 109,323 124,908 13,584 2014 Oct-15 Arbor Park of Alexandria 89,019 50,881 159,728 210,609 1,765 50,886 161,488 212,374 23,191 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 7,091 14,714 90,908 105,622 13,280 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 11,936 55,405 189,268 244,673 27,607 1968 Oct-15 METROPOLITAN, D.C. 247,992 331,492 1,316,295 1,647,787 512,660 395,107 1,765,340 2,160,447 613,968 Gayton Pointe Townhomes — 826 5,148 5,974 30,490 3,524 32,940 36,464 29,536 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 8,730 2,433 21,380 23,813 15,249 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 9,229 3,920 36,780 40,700 26,329 1998 Nov-03 Legacy at Mayland 33,850 1,979 11,524 13,503 31,489 5,140 39,852 44,992 34,884 1973/2007 Dec-91 RICHMOND, VA 33,850 5,123 60,908 66,031 79,938 15,017 130,952 145,969 105,998 Calvert's Walk — 4,408 24,692 29,100 8,029 4,900 32,229 37,129 22,913 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,559 12,298 53,601 65,899 30,791 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 1,841 4,783 42,357 47,140 17,665 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 18,429 21,981 128,187 150,168 71,369 TOTAL MID-ATLANTIC REGION 281,842 357,442 1,488,115 1,845,557 611,027 432,105 2,024,479 2,456,584 791,335 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,957 41,658 231,714 273,372 78,792 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 13,714 36,494 120,773 157,267 42,537 2001 Aug-11 View 34 — 114,410 324,920 439,330 101,043 115,062 425,311 540,373 153,669 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 9,468 58,014 275,346 333,360 105,886 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 137,182 251,228 1,053,144 1,304,372 380,884 Garrison Square — 5,591 91,027 96,618 9,632 5,687 100,563 106,250 41,736 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 3,072 6,272 37,708 43,980 15,893 2007 Sep-10 Inwood West 51,721 20,778 88,096 108,874 9,753 19,569 99,058 118,627 38,730 2006 Apr-11 14 North — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,393 24,607 201,370 225,977 29,077 2015 Dec-15 BOSTON, MA 76,721 67,953 265,167 333,120 233,367 67,315 499,172 566,487 150,378 TOTAL NORTHEAST REGION 76,721 317,831 1,182,479 1,500,310 370,549 318,543 1,552,316 1,870,859 531,262 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,343 2,912 12,432 15,344 10,472 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,395 3,637 30,367 34,004 27,378 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,863 2,151 22,077 24,228 18,908 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 10,384 2,608 18,471 21,079 14,697 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 12,334 4,222 23,265 27,487 17,325 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,935 2,963 18,796 21,759 13,550 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,756 1,766 13,770 15,536 10,134 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 5,181 4,338 22,253 26,591 15,488 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 14,184 7,493 26,243 33,736 20,933 1992/2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 108,375 32,090 187,674 219,764 148,885 Legacy Hill — 1,148 5,867 7,015 9,844 1,887 14,972 16,859 12,130 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,771 2,322 21,502 23,824 15,164 1989 Dec-95 Carrington Hills — 2,117 — 2,117 36,910 4,710 34,317 39,027 23,982 1999 Dec-95 Brookridge — 708 5,461 6,169 6,490 1,371 11,288 12,659 7,975 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,871 1,435 12,916 14,351 9,110 1986 Mar-97 Colonnade 16,331 1,460 16,015 17,475 7,375 2,050 22,800 24,850 14,130 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 9,080 3,755 33,181 36,936 23,549 1998 Jun-04 Polo Park 23,550 4,583 16,293 20,876 17,190 5,856 32,210 38,066 25,178 1987/2008 May-06 NASHVILLE, TN 39,881 15,433 87,608 103,041 103,531 23,386 183,186 206,572 131,218 Summit West — 2,176 4,710 6,886 10,657 3,651 13,892 17,543 12,275 1972 Dec-92 The Breyley — 1,780 2,458 4,238 18,228 3,721 18,745 22,466 18,225 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 11,529 2,922 20,649 23,571 16,090 1986 Mar-94 Cambridge Woods 12,450 1,791 7,166 8,957 10,548 3,164 16,341 19,505 12,630 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 17,391 10,092 38,151 48,243 30,024 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 9,535 11,742 45,520 57,262 31,960 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 18,382 15,199 47,457 62,656 28,293 2009 Jul-09 TAMPA, FL 12,450 32,324 122,652 154,976 96,270 50,491 200,755 251,246 149,497 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 TOTAL SOUTHEAST REGION 92,118 86,349 355,426 441,775 320,327 122,713 639,389 762,102 474,910 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 17,923 24,383 50,527 74,910 28,099 1999/2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 17,155 19,752 114,387 134,139 65,000 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 8,616 30,698 11,187 41,885 8,859 1977/78/79 May-07 Addison Apts at The Park II — 7,903 554 8,457 3,275 8,415 3,317 11,732 2,064 1970 May-07 Addison Apts at The Park I — 10,440 634 11,074 3,563 11,009 3,628 14,637 2,549 1975 May-07 DALLAS, TX 107,734 81,302 145,469 226,771 50,532 94,257 183,046 277,303 106,571 Barton Creek Landing — 3,151 14,269 17,420 23,443 5,119 35,744 40,863 26,542 1986/2012 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 13,245 4,512 68,023 72,535 34,285 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,983 5,467 20,246 25,713 8,505 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 2,087 4,448 18,656 23,104 7,590 2002 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 41,758 19,546 142,669 162,215 76,922 Steele Creek — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 2015 Oct-17 DENVER, CO — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL SOUTHWEST REGION 144,033 106,305 379,909 486,214 92,568 122,395 456,387 578,782 185,214 TOTAL OPERATING COMMUNITIES 805,181 1,686,367 5,232,504 6,918,871 2,528,060 1,893,581 7,553,350 9,446,931 3,303,998 REAL ESTATE UNDER DEVELOPMENT The Residences at Pacific City 78,085 — 78,085 253,044 78,085 253,044 331,129 3,854 345 Harrison 32,938 — 32,938 228,423 31,383 229,978 261,361 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 111,023 — 111,023 481,467 109,468 483,022 592,490 3,854 LAND Waterside 11,862 — 11,862 222 12,084 — 12,084 333 7 Harcourt 884 — 884 5,792 804 5,872 6,676 14 Vitruvian Park® 4,325 — 4,325 9,291 11,347 2,269 13,616 2,273 Wilshire at LaJolla 31,105 — 31,105 97 31,202 — 31,202 — Dublin Land 8,922 — 8,922 3,440 8,922 3,440 12,362 — TOTAL LAND — 57,098 — 57,098 18,842 64,359 11,581 75,940 2,620 COMMERCIAL Circle Towers Office Bldg — — — — 7,679 1,380 6,299 7,679 3,570 Brookhaven Shopping Center — — — — 23,079 7,793 15,286 23,079 13,920 TOTAL COMMERCIAL — — — — 30,758 9,173 21,585 30,758 17,490 Other (b) — — — — 6,265 — 6,265 6,265 72 1745 Shea Center I — 3,034 20,534 23,568 1,254 3,035 21,787 24,822 2,132 TOTAL CORPORATE — 3,034 20,534 23,568 7,519 3,035 28,052 31,087 2,204 TOTAL COMMERCIAL & CORPORATE — 3,034 20,534 23,568 38,277 12,208 49,637 61,845 19,694 Deferred Financing Costs (1,912) TOTAL REAL ESTATE OWNED $ 803,269 $ 1,857,522 $ 5,253,038 $ 7,110,560 $ 3,066,646 $ 2,079,616 $ 8,097,590 $ 10,177,206 $ 3,330,166 (a) (b) The aggregate cost for federal income tax purposes was approximately $ 9.1 billion at December 31, 2017 ( unaudited ). The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. 2017 2016 2015 Balance at beginning of the year $ 9,615,753 $ 9,190,276 $ 8,383,259 Real estate acquired 235,993 324,104 906,446 Capital expenditures and development 369,029 339,813 203,183 Real estate sold (43,569) (238,440) (301,920) Impairment of assets, including casualty-related impairments — — (692) Balance at end of the year $ 10,177,206 $ 9,615,753 $ 9,190,276 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2017 2016 2015 Balance at beginning of the year $ 2,923,625 $ 2,646,874 $ 2,434,772 Depreciation expense for the year 424,772 398,904 364,622 Accumulated depreciation on sales (18,231) (122,153) (152,520) Balance at end of year $ 3,330,166 $ 2,923,625 $ 2,646,874 |
United Dominion Reality L.P. | |
Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate Owned | Gross Amount at Which Initial Costs Carried at Close of Period Cost of Improvements Capitalized Total Initial Subsequent to Buildings & Date of Land and Land Building and Acquisition Acquisition Land and Land Buildings Total Carrying Accumulated Construction Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation (a) Date Acquired WEST REGION 2000 Post Street $ — $ 9,861 $ 44,578 $ 54,439 $ 21,571 $ 11,020 $ 64,990 $ 76,010 $ 30,623 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 8,122 1,045 28,138 29,183 15,732 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 27,788 7,823 50,829 58,652 33,322 1991/2010 Dec-98 Marina Playa — 6,224 23,916 30,140 12,235 1,141 41,234 42,375 21,855 1971 Dec-98 River Terrace 38,495 22,161 40,137 62,298 5,847 22,751 45,394 68,145 28,808 2005 Aug-05 CitySouth — 14,031 30,537 44,568 36,702 16,388 64,882 81,270 43,163 1972/2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,824 11,579 17,248 28,827 10,906 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,200 5,758 29,354 35,112 18,309 1968/2010 Oct-07 Edgewater — 30,657 83,872 114,529 11,436 30,720 95,245 125,965 49,873 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 7,651 907 49,853 50,760 27,685 1999 Jul-08 SAN FRANCISCO, CA 65,495 107,787 340,136 447,923 148,376 109,132 487,167 596,299 280,276 Harbor at Mesa Verde — 20,476 28,538 49,014 19,346 21,995 46,365 68,360 31,256 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 97,401 113,691 193,683 307,374 115,829 1979/2013 Oct-04 Pacific Shores — 7,345 22,624 29,969 11,742 8,024 33,687 41,711 23,146 1971/2003 Jun-03 Huntington Vista — 8,055 22,486 30,541 14,187 9,215 35,513 44,728 22,752 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,391 10,987 6,762 17,749 4,809 1969 Dec-03 Eight 80 Newport Beach - North — 62,516 46,082 108,598 40,460 68,217 80,841 149,058 51,642 1968/2000/2016 Oct-04 Eight 80 Newport Beach - South — 58,785 50,067 108,852 32,476 60,812 80,516 141,328 48,986 1968/2000/2016 Mar-05 ORANGE COUNTY, CA — 256,735 294,570 551,305 219,003 292,941 477,367 770,308 298,420 Crowne Pointe — 2,486 6,437 8,923 8,421 3,083 14,261 17,344 9,003 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,594 2,997 12,179 15,176 7,965 1985 Dec-98 The Kennedy — 6,179 22,307 28,486 2,727 6,280 24,933 31,213 15,434 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,923 7,032 35,661 42,693 20,118 2000 May-08 Island Square — 21,284 89,389 110,673 6,320 21,631 95,362 116,993 51,102 2007 Jul-08 SEATTLE, WA — 38,971 156,463 195,434 27,985 41,023 182,396 223,419 103,622 Rosebeach — 8,414 17,449 25,863 4,758 8,792 21,829 30,621 14,644 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 6,967 39,769 43,463 83,232 23,843 1998 Dec-07 LOS ANGELES, CA — 48,000 54,128 102,128 11,725 48,561 65,292 113,853 38,487 Boronda Manor — 1,946 8,982 10,928 10,320 3,250 17,998 21,248 10,504 1979 Dec-98 Garden Court — 888 4,188 5,076 5,941 1,600 9,417 11,017 5,679 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 16,609 5,548 26,983 32,531 15,939 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,654 2,287 10,786 13,073 6,396 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 29,912 10,241 49,913 60,154 28,586 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,886 3,384 17,574 20,958 10,479 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,212 2,300 11,575 13,875 6,585 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 87,534 28,610 144,246 172,856 84,168 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 2006 Oct-02 OTHER SOUTHERN CA — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 Tualatin Heights — 3,273 9,134 12,407 7,638 3,906 16,139 20,045 11,379 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,388 6,493 21,779 28,272 16,008 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,026 10,399 37,918 48,317 27,387 TOTAL WEST REGION 65,495 491,275 941,330 1,432,605 565,435 554,200 1,443,840 1,998,040 870,726 MID-ATLANTIC REGION Ridgewood — 5,612 20,086 25,698 10,322 6,255 29,765 36,020 22,262 1988 Aug-02 DelRey Tower — 297 12,786 13,083 114,031 9,559 117,555 127,114 25,219 2014 Jan-08 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 19,205 14,788 54,229 69,017 38,698 1987/2008 Sep-05 Andover House — 183 59,948 60,131 5,002 263 64,870 65,133 35,751 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 9,322 1,641 112,494 114,135 65,065 2007 Dec-07 Courts at Huntington Station — 27,749 111,878 139,627 3,054 27,852 114,829 142,681 16,483 2011 Oct-15 METROPOLITAN D.C. 31,373 48,731 344,433 393,164 160,936 60,358 493,742 554,100 203,478 Calvert’s Walk — 4,408 24,692 29,100 8,029 4,900 32,229 37,129 22,913 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,559 12,298 53,601 65,899 30,791 2003 Mar-08 BALTIMORE, MD — 16,158 70,282 86,440 16,588 17,198 85,830 103,028 53,704 TOTAL MID-ATLANTIC REGION 31,373 64,889 414,715 479,604 177,524 — 77,556 579,572 657,128 257,182 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,957 41,658 231,714 273,372 78,792 2005 Apr-11 95 Wall Street — 57,637 266,255 323,892 9,468 58,014 275,346 333,360 105,886 2008 Aug-11 NEW YORK, NY — 99,069 485,238 584,307 22,425 99,672 507,060 606,732 184,678 14 North — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 2005 Apr-11 BOSTON, MA — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 TOTAL NORTHEAST REGION — 110,030 536,413 646,443 31,942 110,852 567,533 678,385 209,620 SOUTHEAST REGION Legacy Hill — 1,148 5,867 7,015 9,844 1,887 14,972 16,859 12,130 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,771 2,322 21,502 23,824 15,164 1989 Dec-95 Carrington Hills — 2,117 — 2,117 36,910 4,710 34,317 39,027 23,982 1999 Dec-95 Brookridge — 708 5,461 6,169 6,490 1,371 11,288 12,659 7,975 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,871 1,435 12,916 14,351 9,110 1986 Mar-97 Polo Park 23,550 4,583 16,293 20,876 17,190 5,856 32,210 38,066 25,178 1987/2008 May-06 NASHVILLE, TN 23,550 10,791 46,919 57,710 87,076 17,581 127,205 144,786 93,539 Inlet Bay — 7,702 23,150 30,852 17,391 10,092 38,151 48,243 30,024 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 9,535 11,742 45,520 57,262 31,960 2001 Dec-04 TAMPA, FL — 18,571 60,008 78,579 26,926 21,834 83,671 105,505 61,984 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 TOTAL SOUTHEAST REGION 63,337 45,330 163,328 208,658 126,153 56,161 278,650 334,811 200,833 SOUTHWEST REGION Steele Creek — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 2015 43009 DENVER, CO — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL SOUTHWEST REGION — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL OPERATING COMMUNITIES 160,205 720,110 2,186,186 2,906,296 901,332 807,361 3,000,267 3,807,628 1,540,082 COMMERCIAL Circle Towers Office Bldg — 1,407 — 1,407 6,221 1,380 6,248 7,628 3,570 TOTAL COMMERCIAL — 1,407 — 1,407 6,221 1,380 6,248 7,628 3,570 Other (b) — — — — 1,700 — 1,700 1,700 — TOTAL CORPORATE — — — — 1,700 — 1,700 1,700 — TOTAL COMMERCIAL & CORPORATE — 1,407 — 1,407 7,921 1,380 7,948 9,328 — 3,570 Deferred Financing Costs (360) TOTAL REAL ESTATE OWNED $ 159,845 $ 721,517 $ 2,186,186 $ 2,907,703 $ 909,253 $ 808,741 $ 3,008,215 $ 3,816,956 $ 1,543,652 (a) (b) The aggregate cost for federal income tax purpose was approximately $3.1 billion at December 31, 2017 ( unaudited ). The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. 2017 2016 2017 Balance at beginning of the year $ 3,674,704 $ 3,630,905 $ 4,238,770 Real estate acquired 138,986 — 139,627 Capital expenditures and development 45,211 71,720 61,196 Real estate sold (41,945) (27,921) (180,069) Real estate deconsolidated — — (628,479) Casualty-related impairment of assets — — (140) Balance at end of year $ 3,816,956 $ 3,674,704 $ 3,630,905 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2017 2016 2015 Balance at beginning of the year $ 1,408,815 $ 1,281,258 $ 1,403,303 Depreciation expense for the year 153,068 144,942 168,495 Accumulated depreciation on sales (18,231) (17,385) (67,177) Accumulated depreciation on property deconsolidated — — (223,363) Balance at end of year $ 1,543,652 $ 1,408,815 $ 1,281,258 |
Significant Accounting Polici99
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016‑09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019; however, early adoption of the ASU is permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, 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 expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 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 . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to 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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Revenue and real estate sales gain recognition | Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest of the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Derivative financial instruments | Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
Non-controlling interests | Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. |
Income taxes | Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act. |
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, net of tax on the Consolidated Statements of Operations. |
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 . During the years ended December 31, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 million, respectively. |
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, 2017, 2016, and 2015, 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 on the Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively. |
Use of estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market concentration risk | Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D.C. and New York, New York markets. |
United Dominion Reality L.P. | |
Entity information | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Operating Partnership on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Operating Partnership expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Operating Partnership on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Operating Partnership expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Operating Partnership on January 1, 2018 and must be applied retrospectively to all periods presented. The Operating Partnership does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Operating Partnership on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Operating Partnership is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Operating Partnership on January 1, 2019; however, early adoption of the ASU is permitted. While the Operating Partnership is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Operating Partnership on January 1, 2018, at which time the Operating Partnership expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Operating Partnership’s revenue is from rental income related to leases, the ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 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 . The Operating Partnership capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to 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, 2017, 2016, and 2015 were $0.5 million, $0.6 million, and $ 0.7 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was less than $0.1 million, $0.2 million, and $ 0.2 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Operating Partnership 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 Operating Partnership’s cash and cash equivalents are held at major commercial banks. |
Restricted cash | Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Revenue and real estate sales gain recognition | Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Operating Partnership recognizes interest income, fees and incentives when earned, fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Derivative financial instruments | Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
Non-controlling interests | Noncontrolling Interests The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. |
Income taxes | Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2014 through 2016) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, the impact to the Operating Partnership related to the accounting for the tax effects of the Act was not material. |
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 on the Consolidated Statements of Operations. |
Allocation of General and Administrative Expenses | Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on reasonably anticipated benefits to the parties. (See Note 6, Related Party Transactions .) |
Advertising costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2017, 2016, and 2015, total advertising expense from continuing and discontinued operations was $2.1 million, $2. 2 million, and $2. 4 million, respectively. |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2017, 2016, and 2015, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 8, Derivatives and Hedging Activity, for further discussion. |
Use of estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market concentration risk | Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D.C. and New York, New York markets |
Real Estate Owned (UNITED DO100
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
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, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128 |
United Dominion Reality L.P. | |
Entity information | |
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, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 719,410 $ 751,981 Depreciable property — held and used: Land improvements 89,331 84,663 Buildings, improvements, and furniture, fixtures and equipment 3,008,215 2,838,060 Real estate owned 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Real estate owned, net $ 2,273,304 $ 2,265,889 |
Debt, Net (UNITED DOMINION R101
Debt, Net (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 5.3 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 % |
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense . |
United Dominion Reality L.P. | |
Entity information | |
Schedule of debt instruments | Secured debt consists of the following as of December 31, 2017 and 2016 ( dollars in thousands ): Principal Outstanding As of December 31, 2017 Weighted Weighted Average December 31, December 31, Average Years to Communities 2017 2016 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ 133,205 $ 244,912 5.28 % 1.8 4 Deferred financing costs (282) (1,070) Total fixed rate secured debt, net 132,923 243,842 5.28 % 1.8 4 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.71 % 14.2 1 Fannie Mae credit facilities — 163,637 — % — — Deferred financing costs (78) (505) Total variable rate secured debt, net 26,922 190,132 1.71 % 14.2 1 Total Secured Debt, Net $ 159,845 $ 433,974 4.99 % 3.9 5 |
Secured credit facilities | The following information relates to the credit facilities owed by the Operating Partnership ( dollars in thousands ): December 31, December 31, 2017 2016 Borrowings outstanding $ 133,205 $ 408,549 Weighted average borrowings during the period ended 223,347 414,759 Maximum daily borrowings during the period ended 408,549 421,001 Weighted average interest rate during the period ended 4.6 % 3.9 % Interest rate at the end of the period 5.3 % 4.0 % |
Aggregate maturities of secured debt | The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2017 are as follows (dollars in thousands): Fixed Variable Tax-Exempt Secured Credit Secured Notes Year Facilities Payable Total 2018 $ — $ — $ — 2019 133,205 — 133,205 2020 — — — 2021 — — — 2022 — — — 2023 — — — 2024 — — — 2025 — — — 2026 — — — 2027 — — — Thereafter — 27,000 27,000 Subtotal 133,205 27,000 160,205 Non-cash (a) (282) (78) (360) Total $ 132,923 $ 26,922 $ 159,845 (a) 0.6 million, respectively, of deferred financing costs into Interest expense . |
Fair Value of Derivatives an102
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, 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 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, 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 2016 2016 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments: (c) Working capital credit facility 21,350 21,350 — — 21,350 Unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests . |
United Dominion Reality L.P. | |
Entity information | |
Estimated fair values | The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, 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 2017 2017 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 137,150 $ — $ — $ 137,150 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 164,150 $ — $ — $ 164,150 Fair Value at December 31, 2016, Using Quoted Total Prices in Carrying Active Amount in Markets Statement of for Identical Significant Financial Fair Value Assets Other Significant Position at Estimate at or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (Level 3) Description: Derivatives - Interest rate contracts (b) $ 1 $ 1 $ — $ 1 $ — Total assets $ 1 $ 1 $ — $ 1 $ — Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 244,912 $ 251,664 $ — $ — $ 251,664 Secured debt instruments - variable rate: (a) — Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 163,637 163,637 — — 163,637 Total liabilities $ 435,549 $ 442,301 $ — $ — $ 442,301 (a) Debt, Net . (b) Derivatives and Hedging Activity . |
Derivatives and Hedging Acti103
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
Outstanding interest rate derivatives | As of December 31, 2017, 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 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2017 and 2016 ( 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, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — |
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | 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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11) |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23) |
Offsetting of Derivative Assets | The Company has elected not to offset derivative positions in 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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. |
Offsetting of Derivative Liabilities | Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. |
United Dominion Reality L.P. | |
Entity information | |
Outstanding interest rate derivatives | As of December 31, 2017, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 1 $ 19,880 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2017 and 2016 ( 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, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — |
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized Unrealized holding Gain/(Loss) Reclassified in Interest expense gain/(loss) Recognized in from Accumulated OCI into (Ineffective Portion and OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ — $ (4) $ (82) $ — $ (12) $ (1,044) $ (106) $ — $ (11) |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) $ (23) |
Offsetting of Derivative Assets | Offsetting of Derivative Assets Gross Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Assets Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Assets Sheets Balance Sheets (a) Instruments Received Net Amount December 31, 2017 $ — — — $ — $ — $ — December 31, 2016 $ 1 $ — $ 1 $ — $ — $ 1 (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 | Offsetting of Derivative Liabilities Gross Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Liabilities Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Liabilities Sheets Balance Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ — $ — $ — $ — $ — $ — (a) |
Capital Structure (UNITED DO104
Capital Structure (UNITED DOMINION REALTY, L.P.) Capital Structure (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
United Dominion Reality L.P. | |
Entity information | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2017, 2016, and 2015: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total Ending balance at December 31, 2014 1,751,671 7,413,802 173,880,681 121,661 110,883 183,278,698 OP redemptions for UDR stock — (112,174) 112,174 — — — Ending balance at December 31, 2015 1,751,671 7,301,628 173,992,855 121,661 110,883 183,278,698 OP redemptions for UDR stock — (4,685) 4,685 — — — Ending balance at December 31, 2016 1,751,671 7,296,943 173,997,540 121,661 110,883 183,278,698 Vesting of LTIP Units — 72,226 — — — 72,226 OP redemptions for UDR stock — (7,604) 7,604 — — — Ending balance at December 31, 2017 1,751,671 7,361,565 174,005,144 121,661 110,883 183,350,924 |
Reportable Segments (UNITED 105
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383 |
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584 |
United Dominion Reality L.P. | |
Entity information | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 201,036 $ 191,034 $ 177,197 Mid-Atlantic Region 59,006 57,563 45,701 Northeast Region 54,530 53,036 51,086 Southeast Region 49,586 47,792 44,981 Non-Mature Communities/Other 55,219 54,990 121,443 Total segment and consolidated rental income $ 419,377 404,415 $ 440,408 Reportable apartment home segment NOI Same-Store Communities West Region $ 152,571 $ 144,949 $ 133,406 Mid-Atlantic Region 40,292 38,711 29,519 Northeast Region 40,524 40,704 39,765 Southeast Region 34,182 32,519 30,106 Non-Mature Communities/Other 39,272 40,238 84,801 Total segment and consolidated NOI 306,841 297,121 317,597 Reconciling items: Property management (11,533) (11,122) (12,111) Other operating expenses (6,833) (6,059) (5,923) Real estate depreciation and amortization (152,473) (147,074) (169,784) General and administrative (17,875) (18,808) (27,016) Casualty-related recoveries/(charges), net (1,922) (484) (843) Income/(loss) from unconsolidated entities (19,256) (37,425) (4,659) Interest expense (30,366) (30,067) (40,321) Gain/(loss) on sale of real estate owned 41,272 33,180 158,123 Net (income)/loss attributable to noncontrolling interests (1,548) (1,444) (1,762) Net income/(loss) attributable to OP unitholders $ 106,307 $ 77,818 $ 213,301 |
Details of assets of UDR's reportable segments | The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets Same-Store Communities West Region $ 1,581,321 $ 1,555,331 Mid-Atlantic Region 655,850 655,693 Northeast Region 677,767 674,928 Southeast Region 334,811 328,729 Non-Mature Communities/Other 567,207 460,023 Total segment assets 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Total segment assets - net book value 2,273,304 2,265,889 Reconciling items: Cash and cash equivalents 293 756 Restricted cash 12,579 11,694 Investment in unconsolidated entities 76,907 112,867 Other assets 32,490 24,329 Total consolidated assets $ 2,395,573 $ 2,415,535 |
Unaudited Summarized Consoli106
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Entity information | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. |
United Dominion Reality L.P. | |
Entity information | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 102,605 $ 104,088 $ 105,253 $ 107,431 Income/(loss) from continuing operations 14,007 11,192 21,110 20,274 Income/(loss) attributable to OP unitholders 13,657 10,849 20,736 61,065 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.07 $ 0.06 $ 0.11 $ 0.33 2016 Rental income $ 98,786 $ 100,892 $ 102,595 $ 102,142 Income/(loss) from continuing operations 5,131 11,394 11,885 17,672 Income/(loss) attributable to OP unitholders 4,787 11,044 11,517 50,470 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.03 $ 0.06 $ 0.06 $ 0.27 (a) |
Consolidation and Basis of P107
Consolidation and Basis of Presentation - GP Units (UNITED DOMINION REALTY, L.P.) (Details) | 12 Months Ended | |||||||
Dec. 31, 2017 | Dec. 31, 2016shares | Dec. 31, 2015shares | Dec. 31, 2017community | Dec. 31, 2017home | Dec. 31, 2017item | Dec. 31, 2017shares | Dec. 31, 2014shares | |
Basis of presentation | ||||||||
Number of real estate properties | community | 127 | |||||||
Number of markets operating within (in markets) | item | 19 | |||||||
Number of apartments owned (in apartments homes) | home | 39,998 | |||||||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 183,350,924 | 183,278,698 | ||||
United Dominion Reality L.P. | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 174,230,084 | 174,237,688 | ||||||
Percentage of units outstanding in Heritage OP | 95.00% | 95.10% | ||||||
United Dominion Reality L.P. | ||||||||
Basis of presentation | ||||||||
Rental revenues percent of General Partner's consolidated rental revenues | 43.00% | 43.00% | 51.00% | |||||
Number of real estate properties | community | 53 | |||||||
Number of markets operating within (in markets) | item | 15 | |||||||
Number of apartments owned (in apartments homes) | 16,698 | 16,698 | ||||||
Operating Partnership outstanding units | 183,278,698 | 183,350,924 | ||||||
OP units outstanding related to general partner | 110,883 | 110,883 | ||||||
OP units outstanding related to limited partner | 183,167,815 | 183,240,041 | ||||||
UDR, Inc. | United Dominion Reality L.P. | ||||||||
Basis of presentation | ||||||||
Operating Partnership outstanding units | 174,230,084 | 174,237,688 | ||||||
OP units outstanding related to general partner | 110,883,000 | 110,883,000 | ||||||
Percentage of total outstanding Operating Partnership units represented by General Partnership units outstanding | 0.10% | 0.10% | ||||||
OP units outstanding related to limited partner | 174,119,201 | 174,126,805 | ||||||
Percentage of units outstanding in Heritage OP | 95.00% | 95.10% | ||||||
Non-affiliated Partners | United Dominion Reality L.P. | ||||||||
Basis of presentation | ||||||||
Operating Partnership outstanding units | 9,048,614 | 9,113,236 | ||||||
OP units outstanding related to limited partner | 9,048,614 | 9,113,236 | ||||||
Percentage of units outstanding in Heritage OP | 5.00% | 4.90% | ||||||
Class A Limited Partner | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 1,751,671 | 1,751,671 | ||||||
Class A Limited Partner | United Dominion Reality L.P. | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 1,873,332 | 1,873,332 | ||||||
Class A Limited Partner | UDR, Inc. | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 121,661 | 121,661 | 121,661 | 121,661 | ||||
Class A Limited Partner | UDR, Inc. | United Dominion Reality L.P. | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 121,661 | 121,661 | ||||||
Class A Limited Partner | Non-affiliated Partners | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 1,751,671 | 1,751,671 | 1,751,671 | |||||
Class A Limited Partner | Non-affiliated Partners | United Dominion Reality L.P. | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 1,751,671 | 1,751,671 | ||||||
Limited Partner | UDR, Inc. | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 7,296,943 | 7,301,628 | 7,361,565 | 7,413,802 | ||||
General Partner | UDR, Inc. | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 110,883 | 110,883 | 110,883 | 110,883 | ||||
Non-affiliated Partners | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 173,997,540 | 173,992,855 | 174,005,144 | 173,880,681 | ||||
Non-affiliated Partners | Class A Limited Partner | ||||||||
Basis of presentation | ||||||||
OP units outstanding related to limited partner | 1,751,671 | 1,751,671 | 1,751,671 | 1,751,671 |
Significant Accounting Polic108
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 | |
Accounting policies | |||||
Minimum percentage of carrying value of real estate portfolio | 0.10 | ||||
Development costs excluding direct costs and capitalized interest | $ 8.8 | $ 7.9 | $ 6.3 | ||
Interest capitalized during period | $ 18.6 | $ 16.5 | $ 16.1 | ||
U.S. federal corporate income tax rate | 35.00% | 35.00% | 35.00% | 35.00% | |
Advertising expense | $ 6.2 | $ 6.4 | $ 6.4 | ||
Minimum | Buildings | |||||
Accounting policies | |||||
Estimated useful lives | 35 years | ||||
Minimum | Building improvements | |||||
Accounting policies | |||||
Estimated useful lives | 10 years | ||||
Minimum | Furniture, fixtures, equipment, and other assets | |||||
Accounting policies | |||||
Estimated useful lives | 3 years | ||||
Maximum | Buildings | |||||
Accounting policies | |||||
Estimated useful lives | 55 years | ||||
Maximum | Building improvements | |||||
Accounting policies | |||||
Estimated useful lives | 35 years | ||||
Maximum | Furniture, fixtures, equipment, and other assets | |||||
Accounting policies | |||||
Estimated useful lives | 10 years | ||||
United Dominion Reality L.P. | |||||
Accounting policies | |||||
Minimum percentage of carrying value of real estate portfolio | 10 | ||||
Development costs excluding direct costs and capitalized interest | $ 0.5 | 0.6 | 0.7 | ||
Interest capitalized during period | 0.2 | 0.2 | |||
U.S. federal corporate income tax rate | 35.00% | ||||
Advertising expense | $ 2.1 | $ 2.2 | $ 2.4 | ||
United Dominion Reality L.P. | Minimum | Buildings | |||||
Accounting policies | |||||
Estimated useful lives | 35 years | ||||
United Dominion Reality L.P. | Minimum | Building improvements | |||||
Accounting policies | |||||
Estimated useful lives | 10 years | ||||
United Dominion Reality L.P. | Minimum | Furniture, fixtures, equipment, and other assets | |||||
Accounting policies | |||||
Estimated useful lives | 3 years | ||||
United Dominion Reality L.P. | Maximum | |||||
Accounting policies | |||||
Interest capitalized during period | $ 0.1 | ||||
United Dominion Reality L.P. | Maximum | Buildings | |||||
Accounting policies | |||||
Estimated useful lives | 55 years | ||||
United Dominion Reality L.P. | Maximum | Building improvements | |||||
Accounting policies | |||||
Estimated useful lives | 35 years | ||||
United Dominion Reality L.P. | Maximum | Furniture, fixtures, equipment, and other assets | |||||
Accounting policies | |||||
Estimated useful lives | 10 years | ||||
Forecast | |||||
Accounting policies | |||||
U.S. federal corporate income tax rate | 21.00% | ||||
Forecast | United Dominion Reality L.P. | |||||
Accounting policies | |||||
U.S. federal corporate income tax rate | 21.00% |
Real Estate Owned (UNITED DO109
Real Estate Owned (UNITED DOMINION REALTY, L.P.) - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate owned | ||
Land | $ 1,780,229 | $ 1,801,576 |
Depreciable property - held and used: | ||
Land Improvements | 189,919 | 178,701 |
Building, improvements, and furniture, fixtures and equipment | 7,614,568 | 7,291,570 |
Under development: | ||
Real estate under development (net of accumulated depreciation of $3,854 and $0, respectively) | 588,636 | 342,282 |
Real estate owned | 10,177,206 | 9,615,753 |
Accumulated depreciation | (3,326,312) | (2,923,072) |
Total real estate owned, net of accumulated depreciation | 6,847,040 | 6,692,128 |
United Dominion Reality L.P. | ||
Real estate owned | ||
Land | 719,410 | 751,981 |
Depreciable property - held and used: | ||
Land Improvements | 89,331 | 84,663 |
Building, improvements, and furniture, fixtures and equipment | 3,008,215 | 2,838,060 |
Under development: | ||
Real estate owned | 3,816,956 | 3,674,704 |
Accumulated depreciation | (1,543,652) | (1,408,815) |
Total real estate owned, net of accumulated depreciation | $ 2,273,304 | $ 2,265,889 |
Real Estate Owned (UNITED DO110
Real Estate Owned (UNITED DOMINION REALTY, L.P.) - Other Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Feb. 20, 2018USD ($)item | Dec. 31, 2017USD ($)statecommunityhome | Oct. 31, 2017USD ($)homeitem | Dec. 31, 2016USD ($)communityitem | Dec. 31, 2017community | Dec. 31, 2017home | Dec. 31, 2017item | Dec. 31, 2017USD ($) | |
Real estate properties | ||||||||
Number of apartment homes owned and consolidated | home | 39,998 | |||||||
Number of real estate properties | community | 127 | |||||||
Number of states in which there are owned and consolidated communities | state | 11 | |||||||
United Dominion Reality L.P. | ||||||||
Real estate properties | ||||||||
Number of apartment homes owned and consolidated | 16,698 | 16,698 | ||||||
Number of real estate properties | community | 53 | |||||||
Number of states in which there are owned and consolidated communities | state | 9 | |||||||
Number of apartment homes acquired | home | 218 | |||||||
Amount of retail square feet | item | 17,000 | |||||||
Payment to acquire real estate | $ 141.5 | |||||||
Real estate acquired | 139 | |||||||
Increase in in-place intangibles | $ 2.5 | |||||||
Participating Loan Investment Steele Creek Denver Colorado | ||||||||
Real estate properties | ||||||||
Number of apartment homes acquired | item | 218 | |||||||
Amount of retail square feet | item | 17,000 | |||||||
Payment to acquire real estate | $ 141.5 | |||||||
Real estate acquired | 139 | |||||||
Increase in in-place intangibles | $ 2.5 | |||||||
Orange County and Carlsbad Properties | United Dominion Reality L.P. | ||||||||
Real estate properties | ||||||||
Communities sold | community | 2 | |||||||
Apartment homes sold | home | 218 | |||||||
Gross proceeds from sale of properties | $ 69 | |||||||
Net proceeds from sale of properties | $ 68 | |||||||
Gain on sale of real estate owned | $ 41.3 | |||||||
Baltimore Properties | United Dominion Reality L.P. | ||||||||
Real estate properties | ||||||||
Communities sold | community | 2 | |||||||
Apartment homes sold | item | 276 | |||||||
Gross proceeds from sale of properties | $ 45.3 | |||||||
Net proceeds from sale of properties | 44.6 | |||||||
Gain on sale of real estate owned | $ 33.2 | |||||||
ORANGE COUNTY, CA | United Dominion Reality L.P. | ||||||||
Real estate properties | ||||||||
Apartment homes sold | item | 264 | |||||||
Gross proceeds from sale of properties | $ 90.5 | |||||||
Gain on sale of real estate owned | $ 70.3 |
Unconsolidated Entities (UNI111
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | Dec. 31, 2017USD ($)community | Dec. 31, 2016USD ($) |
Properties | ||
Number of real estate properties | 127 | |
Investment in unconsolidated entities | $ | $ 720,830 | |
UDR Lighthouse DownREIT L.P. | ||
Properties | ||
Number of real estate properties | 13 | |
Number of apartment homes | 6,261 | |
United Dominion Reality L.P. | ||
Properties | ||
Number of real estate properties | 53 | |
Investment in unconsolidated entities | $ | $ 76,907 | 112,867 |
UDR Lighthouse DownREIT L.P. | United Dominion Reality L.P. | ||
Properties | ||
Investment in unconsolidated entities | $ | $ 76,900 | $ 112,900 |
Debt, Net (UNITED DOMINION R112
Debt, Net (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)community | Dec. 31, 2016USD ($) | |
Fixed and variable rate debt | ||
Long-term Debt | $ 3,684,371 | |
Debt Instrument, Interest Rate During Period | 3.65% | |
Debt Instrument Weighted Average Years to Maturity | 5 years 3 months 18 days | |
Variable Rate Debt | Tax-exempt secured notes payable | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 94,700 | $ 94,700 |
Debt Instrument, Interest Rate During Period | 1.90% | |
Debt Instrument Weighted Average Years to Maturity | 5 years 2 months 12 days | |
Number of Communities Encumbered (in communities) | community | 2 | |
Variable Rate Debt | Fannie Mae credit facilities | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 29,034 | 280,946 |
Debt Instrument, Interest Rate During Period | 2.92% | |
Debt Instrument Weighted Average Years to Maturity | 10 months 24 days | |
Number of Communities Encumbered (in communities) | community | 1 | |
United Dominion Reality L.P. | ||
Fixed and variable rate debt | ||
Long-term Debt | $ 160,205 | |
Principal outstanding | $ 159,845 | 433,974 |
Debt Instrument, Interest Rate During Period | 4.99% | |
Debt Instrument Weighted Average Years to Maturity | 3 years 10 months 24 days | |
Number of Communities Encumbered (in communities) | community | 5 | |
Deferred Finance Costs, Net | $ (360) | |
United Dominion Reality L.P. | Fixed Rate Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 132,923 | 243,842 |
Debt Instrument, Interest Rate During Period | 5.28% | |
Debt Instrument Weighted Average Years to Maturity | 1 year 9 months 18 days | |
Number of Communities Encumbered (in communities) | community | 4 | |
United Dominion Reality L.P. | Fixed Rate Debt | Fannie Mae credit facilities | ||
Fixed and variable rate debt | ||
Long-term Debt | $ 133,205 | |
Principal outstanding | $ 133,205 | 244,912 |
Debt Instrument, Interest Rate During Period | 5.28% | |
Debt Instrument Weighted Average Years to Maturity | 1 year 9 months 18 days | |
Number of Communities Encumbered (in communities) | community | 4 | |
United Dominion Reality L.P. | Variable Rate Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 26,922 | 190,132 |
Debt Instrument, Interest Rate During Period | 1.71% | |
Debt Instrument Weighted Average Years to Maturity | 14 years 2 months 12 days | |
Number of Communities Encumbered (in communities) | community | 1 | |
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable | ||
Fixed and variable rate debt | ||
Long-term Debt | $ 27,000 | |
Principal outstanding | $ 27,000 | 27,000 |
Debt Instrument, Interest Rate During Period | 1.71% | |
Debt Instrument Weighted Average Years to Maturity | 14 years 2 months 12 days | |
Number of Communities Encumbered (in communities) | community | 1 | |
United Dominion Reality L.P. | Variable Rate Debt | Fannie Mae credit facilities | ||
Fixed and variable rate debt | ||
Principal outstanding | 163,637 | |
Secured Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 803,269 | 1,130,858 |
Debt Instrument, Interest Rate During Period | 4.04% | |
Debt Instrument Weighted Average Years to Maturity | 4 years | |
Number of Communities Encumbered (in communities) | community | 18 | |
Secured Debt | Fixed Rate Debt | ||
Fixed and variable rate debt | ||
Deferred Finance Costs, Net | $ (1,670) | (2,681) |
Secured Debt | Variable Rate Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 123,492 | 374,707 |
Debt Instrument, Interest Rate During Period | 2.14% | |
Debt Instrument Weighted Average Years to Maturity | 4 years 2 months 12 days | |
Number of Communities Encumbered (in communities) | community | 3 | |
Secured Debt | United Dominion Reality L.P. | Fixed Rate Debt | ||
Fixed and variable rate debt | ||
Deferred Finance Costs, Net | $ (282) | (1,070) |
Secured Debt | United Dominion Reality L.P. | Variable Rate Debt | ||
Fixed and variable rate debt | ||
Deferred Finance Costs, Net | $ (78) | $ (505) |
Debt, Net (UNITED DOMINION R113
Debt, Net (UNITED DOMINION REALTY, L.P.) - Fannie Mae Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fixed and variable rate debt | ||
Borrowings outstanding | $ 3,300 | $ 2,900 |
Fannie Mae | ||
Fixed and variable rate debt | ||
Borrowings outstanding | 133,200 | |
United Dominion Reality L.P. | ||
Fixed and variable rate debt | ||
Borrowings outstanding | 300,000 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | ||
Fixed and variable rate debt | ||
Borrowings outstanding | 133,205 | 408,549 |
Weighted average daily borrowings during the period ended | 223,347 | 414,759 |
Maximum daily borrowings during the period ended | $ 408,549 | $ 421,001 |
Weighted average interest rate during the period ended | 4.60% | 3.90% |
Interest rate at the end of the period | 5.30% | 4.00% |
Debt, Net (UNITED DOMINION R114
Debt, Net (UNITED DOMINION REALTY, L.P.) - Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed and variable rate debt | |||
2,018 | $ 333,670 | ||
2,019 | 338,862 | ||
2,020 | 498,076 | ||
2,021 | 351,117 | ||
2,022 | 401,157 | ||
2,023 | 41,245 | ||
2,024 | 315,644 | ||
2,025 | 427,600 | ||
2,026 | 350,000 | ||
2,027 | 300,000 | ||
Thereafter | 327,000 | ||
Subtotal | 3,684,371 | ||
Debt Instrument, Unamortized Discount (Premium), Net | (12,708) | ||
Total | 803,269 | $ 1,130,858 | |
United Dominion Reality L.P. | |||
Fixed and variable rate debt | |||
2,019 | 133,205 | ||
Thereafter | 27,000 | ||
Subtotal | 160,205 | ||
Debt Instrument, Unamortized Discount (Premium), Net | (360) | ||
Total | 159,845 | $ 433,974 | $ 228,390 |
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | |||
Fixed and variable rate debt | |||
2,019 | 133,205 | ||
Subtotal | 133,205 | ||
Debt Instrument, Unamortized Discount (Premium), Net | (282) | ||
Total | 132,923 | ||
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt | |||
Fixed and variable rate debt | |||
Thereafter | 27,000 | ||
Subtotal | 27,000 | ||
Debt Instrument, Unamortized Discount (Premium), Net | (78) | ||
Total | $ 26,922 |
Debt, Net (UNITED DOMINION R115
Debt, Net (UNITED DOMINION REALTY, L.P.) - Other Information (Details) - USD ($) $ in Thousands | Dec. 13, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fixed and variable rate debt | ||||
Amortization of Financing Costs | $ 4,300 | $ 4,500 | ||
Borrowings outstanding | $ 3,300 | 2,900 | ||
Interest rate at end of the period | 3.65% | |||
Interest expense | ||||
Fixed and variable rate debt | ||||
Gain (Loss) on Extinguishment of Debt | $ 5,800 | |||
United Dominion Reality L.P. | Interest expense | ||||
Fixed and variable rate debt | ||||
Gain (Loss) on Extinguishment of Debt | 5,800 | |||
Commercial Paper | ||||
Fixed and variable rate debt | ||||
Borrowings outstanding | $ 300,000 | |||
Interest rate at end of the period | 1.96% | |||
Borrowings outstanding at end of period | $ 300,000 | |||
Fannie Mae | ||||
Fixed and variable rate debt | ||||
Borrowings outstanding | $ 133,200 | |||
Fannie Mae credit facilities | Fixed Rate Debt | ||||
Fixed and variable rate debt | ||||
Weighted average interest rate (as a percent) | 4.86% | |||
Fannie Mae credit facilities | Variable Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 29,034 | 280,946 | ||
Interest rate at end of the period | 2.92% | |||
Mortgages Notes Payable | Fixed Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 395,611 | 402,996 | ||
Interest rate at end of the period | 4.04% | |||
Debt Instrument, Maturity Date Range, Start | May 1, 2019 | |||
Debt Instrument, Maturity Date Range, End | Nov. 1, 2026 | |||
Tax-exempt secured notes payable | Variable Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 94,700 | 94,700 | ||
Interest rate at end of the period | 1.90% | |||
Unsecured Revolving Credit Facility due October 2015 | ||||
Fixed and variable rate debt | ||||
Borrowings outstanding | $ 300,000 | 0 | ||
4.25% Medium-Term Notes due June 2018 | ||||
Fixed and variable rate debt | ||||
Interest rate at end of the period | 4.25% | 4.25% | ||
4.25% Medium-Term Notes due June 2018 | Interest expense | ||||
Fixed and variable rate debt | ||||
Gain (Loss) on Extinguishment of Debt | $ 3,400 | |||
3.70% Term Notes Due October 2020 | ||||
Fixed and variable rate debt | ||||
Interest rate at end of the period | 3.70% | |||
4.63% Medium-Term Notes due January 2022 | ||||
Fixed and variable rate debt | ||||
Interest rate at end of the period | 4.63% | |||
3.75% Medium-Term Notes Due July 2024 | ||||
Fixed and variable rate debt | ||||
Interest rate at end of the period | 3.75% | |||
2.95% Medium-Term Note due September 2026 | ||||
Fixed and variable rate debt | ||||
Interest rate at end of the period | 2.95% | |||
4.00% Medium-Term Note due October 2025 | ||||
Fixed and variable rate debt | ||||
Interest rate at end of the period | 4.00% | |||
3.50 Medium-Term Note due July 2027 | ||||
Fixed and variable rate debt | ||||
Interest rate at end of the period | 3.50% | |||
United Dominion Reality L.P. | ||||
Fixed and variable rate debt | ||||
Amortization of Financing Costs | $ 300 | 600 | ||
Borrowings outstanding | 300,000 | |||
Secured debt including debt on real estate held for sale | $ 159,845 | 433,974 | ||
Interest rate at end of the period | 4.99% | |||
Reallocation of credit facilities debt from the General Partner | 12,292 | $ 17,557 | ||
United Dominion Reality L.P. | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | $ 1,100,000 | |||
United Dominion Reality L.P. | Unsecured Commercial Bank Credit Facility | ||||
Fixed and variable rate debt | ||||
Long-term Commercial Paper | 500,000 | |||
United Dominion Reality L.P. | Fixed Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 132,923 | 243,842 | ||
Interest rate at end of the period | 5.28% | |||
United Dominion Reality L.P. | Variable Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 26,922 | 190,132 | ||
Interest rate at end of the period | 1.71% | |||
United Dominion Reality L.P. | Fannie Mae credit facilities | ||||
Fixed and variable rate debt | ||||
Borrowings outstanding | $ 133,205 | 408,549 | ||
Repayments of Lines of Credit | 275,300 | |||
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 133,205 | 244,912 | ||
Interest rate at end of the period | 5.28% | |||
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | 163,637 | |||
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 27,000 | 27,000 | ||
Interest rate at end of the period | 1.71% | |||
United Dominion Reality L.P. | Three point seven percent medium term note due October 2020 | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | $ 300,000 | |||
United Dominion Reality L.P. | 1.44% Term notes due January 2021 | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 350,000 | |||
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 400,000 | |||
United Dominion Reality L.P. | 3.75% Medium-Term Notes Due July 2024 | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Reality L.P. | 2.95% Medium-Term Note due September 2026 | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Reality L.P. | 4.00% Medium-Term Note due October 2025 | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Reality L.P. | 3.50 Medium-Term Note due July 2027 | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Borrowings outstanding | 300,000 | |||
Fannie Mae credit facilities | Fixed Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 285,836 | $ 355,836 | ||
Interest rate at end of the period | 4.86% | |||
Fannie Mae credit facilities | United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 285,800 | |||
Fannie Mae credit facilities | United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | ||||
Fixed and variable rate debt | ||||
Secured debt including debt on real estate held for sale | $ 29,000 |
Related Party Transactions (116
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related party transactions | |||
Related party management fees | $ 15,400 | $ 14,500 | $ 17,700 |
United Dominion Reality L.P. | |||
Related party transactions | |||
Related Party Transaction, Due from (to) Related Party, Current | 397,900 | 19,700 | |
Notes payable due to General Partner | 273,334 | 273,334 | |
Interest Expense, Related Party | 12,210 | 12,212 | 5,047 |
United Dominion Reality L.P. | UDR, Inc. | |||
Related party transactions | |||
General and administrative expenses allocated to the Operating Partnership by UDR | $ 14,000 | $ 15,400 | $ 21,000 |
Note for 83.2 million | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | |||
Related party transactions | |||
Related party guaranty note payable interest rate | 4.12% | ||
Debt Instrument, Maturity Date Range, End | Aug. 31, 2021 | ||
Note for 5 million | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | |||
Related party transactions | |||
Related party guaranty note payable interest rate | 5.34% | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2023 | ||
Note With Maturity Date of April 1, 2026 | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | |||
Related party transactions | |||
Debt Instrument, Maturity Date Range, End | Apr. 1, 2026 |
Fair Value of Derivatives an117
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Carrying Amount | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | $ 25,212 | $ 24,150 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,688,070 | 3,418,079 |
Fair Value | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 25,310 | 24,005 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,746,572 | 3,463,639 |
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 5,743 | 4,360 |
Derivatives - Interest rate contracts (b) | 413 | |
Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 396,045 | |
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 292,227 | 365,693 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 29,034 | 280,946 |
Level 2 | Fair Value | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 5,743 | 4,360 |
Secured debt instruments - variable rate | ||
Total liabilities | 413 | |
Level 2 | Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 5,743 | 4,360 |
Derivatives - Interest rate contracts (b) | 413 | |
Level 3 | Fair Value | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 19,567 | 19,645 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,746,572 | 3,463,226 |
Level 3 | Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 396,045 | |
Level 3 | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 94,700 | |
Level 3 | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 292,227 | 365,693 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 29,034 | 280,946 |
United Dominion Reality L.P. | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 1 | |
United Dominion Reality L.P. | Carrying Amount | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 1 | |
Secured debt instruments - variable rate | ||
Total liabilities | 160,205 | 435,549 |
United Dominion Reality L.P. | Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 1 | |
United Dominion Reality L.P. | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
United Dominion Reality L.P. | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 244,912 | |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 163,637 | |
United Dominion Reality L.P. | Fair Value | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 1 | |
Secured debt instruments - variable rate | ||
Total liabilities | 164,150 | 442,301 |
United Dominion Reality L.P. | Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 1 | |
United Dominion Reality L.P. | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
United Dominion Reality L.P. | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 251,664 | |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 163,637 | |
United Dominion Reality L.P. | Level 2 | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 1 | |
United Dominion Reality L.P. | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 1 | |
United Dominion Reality L.P. | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | |
United Dominion Reality L.P. | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 251,664 | |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 163,637 | |
United Dominion Reality L.P. | Level 3 | Fair Value | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Total liabilities | 164,150 | $ 442,301 |
United Dominion Reality L.P. | Fannie Mae credit facilities | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 133,205 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 137,150 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 137,150 | |
United Dominion Reality L.P. | Tax-exempt secured notes payable | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | $ 27,000 |
Derivatives and Hedging Acti118
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Interest Rate Derivatives (Details) $ in Thousands | Dec. 31, 2017USD ($)instrumentitem |
Derivatives | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1,000 |
Interest rate swaps | Designated as Hedging Instrument | |
Derivatives | |
Number instruments | item | 4 |
Notional | $ 315,000 |
Interest rate caps | Designated as Hedging Instrument | |
Derivatives | |
Number instruments | item | 1 |
Notional | $ 65,197 |
Interest rate caps | Not Designated as Hedging Instrument | |
Derivatives | |
Number instruments | instrument | 3 |
Notional | $ 271,076 |
Interest rate caps | United Dominion Reality L.P. | Designated as Hedging Instrument | |
Derivatives | |
Number instruments | instrument | 1 |
Notional | $ 19,880 |
Derivatives and Hedging Acti119
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Interest rate contracts | Other assets | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 5,743 | $ 4,359 |
Interest rate contracts | Other assets | Not Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 1 | |
Interest rate contracts | Other liabilities | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 413 | |
United Dominion Reality L.P. | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 1 | |
United Dominion Reality L.P. | Interest rate contracts | Other assets | Not Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 0 | 1 |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | $ 0 | $ 0 |
Derivatives and Hedging Acti120
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gains (losses) | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ (1) | $ (3) | $ (23) |
United Dominion Reality L.P. | Interest expense | Cash Flow Hedging | |||
Gains (losses) | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | ||
Interest rate contracts | Other income/(expense) | |||
Gains (losses) | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | 100 | 100 | 100 |
Interest rate contracts | Interest expense | Cash Flow Hedging | |||
Gains (losses) | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 1,271 | 3,657 | 2,251 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 136 | 11 | |
Interest rate contracts | United Dominion Reality L.P. | |||
Gains (losses) | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | 100 | 100 | 100 |
Interest rate contracts | United Dominion Reality L.P. | Other income/(expense) | |||
Gains (losses) | |||
Amount of Gain or (Loss) Recognized in Income on Derivative | (1) | (3) | (23) |
Interest rate contracts | United Dominion Reality L.P. | Interest expense | |||
Gains (losses) | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 100 | ||
Interest rate contracts | United Dominion Reality L.P. | Interest expense | Cash Flow Hedging | |||
Gains (losses) | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | (4) | (82) | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (12) | (1,044) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (106) | $ 0 | $ (11) |
Derivatives and Hedging Acti121
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Effectiveness (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives | |||
Unrealized holding gain/(loss) | $ 1,802 | $ 3,514 | $ (6,393) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 221 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 5,743 | 4,139 | |
Derivative Asset | 5,743 | 4,360 | |
United Dominion Reality L.P. | |||
Derivatives | |||
Unrealized holding gain/(loss) | (4) | $ (82) | |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | ||
Derivatives - Interest rate contracts | 1 | ||
Gross Amounts Offset in the Consolidated Balance Sheets | $ 0 | 0 | |
Derivative Asset | $ 1 |
Derivatives and Hedging Acti122
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Offsetting (Details) $ in Thousands | Dec. 31, 2016USD ($) |
DERIVATIVES AND HEDGING ACTIVITY | |
Derivative Liability | $ 413 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 221 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 192 |
Gross Amounts Offset in the Consolidated Balance Sheets | $ 413 |
Derivatives and Hedging Acti123
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives | |||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | |
Losses in the fair value of derivatives not designated in hedging relationships | 1 | 3 | $ 23 |
United Dominion Reality L.P. | |||
Derivatives | |||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Cash Flow Hedging | |||
Derivatives | |||
Fair value of derivatives in a net liability position | 100 | ||
Cash Flow Hedging | Interest expense | United Dominion Reality L.P. | |||
Derivatives | |||
Losses in the fair value of derivatives not designated in hedging relationships | 0 | ||
Interest rate contracts | United Dominion Reality L.P. | |||
Derivatives | |||
Losses in the fair value of derivatives not designated in hedging relationships | (100) | (100) | (100) |
Interest rate contracts | Interest expense | United Dominion Reality L.P. | |||
Derivatives | |||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 100 | ||
Interest rate contracts | Other income/(expense) | |||
Derivatives | |||
Losses in the fair value of derivatives not designated in hedging relationships | (100) | (100) | (100) |
Interest rate contracts | Other income/(expense) | Maximum | |||
Derivatives | |||
Losses in the fair value of derivatives not designated in hedging relationships | (100) | ||
Interest rate contracts | Other income/(expense) | United Dominion Reality L.P. | |||
Derivatives | |||
Losses in the fair value of derivatives not designated in hedging relationships | 1 | 3 | 23 |
Interest rate contracts | Cash Flow Hedging | Interest expense | |||
Derivatives | |||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 136 | 11 | |
Interest rate contracts | Cash Flow Hedging | Interest expense | United Dominion Reality L.P. | |||
Derivatives | |||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ (106) | $ 0 | $ (11) |
Capital Structure (UNITED DO124
Capital Structure (UNITED DOMINION REALTY, L.P.) - Units Rollforward (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Capital structure | |||
Balance | 183,278,698 | 183,278,698 | 183,278,698 |
Vesting of LTIP Units | 72,226 | ||
Balance | 183,350,924 | 183,278,698 | 183,278,698 |
United Dominion Reality L.P. | |||
Capital structure | |||
Balance | 183,167,815 | ||
Balance | 183,240,041 | 183,167,815 | |
Class A Limited Partner | |||
Capital structure | |||
Balance | 1,751,671 | ||
Balance | 1,751,671 | 1,751,671 | |
Class A Limited Partner | UDR, Inc. | |||
Capital structure | |||
Balance | 121,661 | 121,661 | 121,661 |
Balance | 121,661 | 121,661 | 121,661 |
Class A Limited Partner | Non-affiliated Partners | |||
Capital structure | |||
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
Balance | 1,751,671 | 1,751,671 | |
Class A Limited Partner | United Dominion Reality L.P. | |||
Capital structure | |||
Balance | 1,873,332 | ||
Balance | 1,873,332 | 1,873,332 | |
General Partner | UDR, Inc. | |||
Capital structure | |||
Balance | 110,883 | 110,883 | 110,883 |
Balance | 110,883 | 110,883 | 110,883 |
Non-affiliated Partners | |||
Capital structure | |||
Balance | 173,997,540 | 173,992,855 | 173,880,681 |
Partners' Capital Account, Units, Redeemed | 7,604 | 4,685 | 112,174 |
Balance | 174,005,144 | 173,997,540 | 173,992,855 |
Non-affiliated Partners | Class A Limited Partner | |||
Capital structure | |||
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
Limited Partner | UDR, Inc. | |||
Capital structure | |||
Balance | 7,296,943 | 7,301,628 | 7,413,802 |
Vesting of LTIP Units | 72,226 | ||
Partners' Capital Account, Units, Redeemed | (7,604) | (4,685) | (112,174) |
Balance | 7,361,565 | 7,296,943 | 7,301,628 |
Class A Limited Partner | United Dominion Reality L.P. | |||
Capital structure | |||
Balance | 1,873,332 | ||
Balance | 1,873,332 | 1,873,332 |
Capital Structure (UNITED DO125
Capital Structure (UNITED DOMINION REALTY, L.P.) - Ownership Interests (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital structure | ||||
Limited partnership units owned | 183,350,924 | 183,278,698 | 183,278,698 | 183,278,698 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | $ 948,138 | $ 909,482 | ||
United Dominion Reality L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 174,237,688 | 174,230,084 | ||
Percentage of units | 95.00% | 95.10% | ||
United Dominion Reality L.P. | ||||
Capital structure | ||||
General Partnership units outstanding | 110,883 | 110,883 | ||
Limited partnership units owned | 183,240,041 | 183,167,815 | ||
Limited Partners' Capital Account, Required Period To Be Outstanding Before Unit is Redeemable | 1 year | |||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | $ 351,000 | $ 330,100 | ||
UDR, Inc. | United Dominion Reality L.P. | ||||
Capital structure | ||||
General Partnership units outstanding | 110,883,000 | 110,883,000 | ||
Limited partnership units owned | 174,126,805 | 174,119,201 | ||
Percentage of units | 95.00% | 95.10% | ||
Non-affiliated Partners | United Dominion Reality L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 9,113,236 | 9,048,614 | ||
Percentage of units | 5.00% | 4.90% | ||
Class A Limited Partner | ||||
Capital structure | ||||
Limited partnership units owned | 1,751,671 | 1,751,671 | ||
Cumulative, annual, non-compounded preferred return on Class A Partnership units | 8.00% | |||
Value of Class A Partnership units (in dollars per share) | $ 16.61 | |||
Class A Limited Partner | United Dominion Reality L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 1,873,332 | 1,873,332 | ||
Class A Limited Partner | UDR, Inc. | ||||
Capital structure | ||||
Limited partnership units owned | 121,661 | 121,661 | 121,661 | 121,661 |
Class A Limited Partner | UDR, Inc. | United Dominion Reality L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 121,661 | 121,661 | ||
Class A Limited Partner | Non-affiliated Partners | ||||
Capital structure | ||||
Limited partnership units owned | 1,751,671 | 1,751,671 | 1,751,671 | |
Class A Limited Partner | Non-affiliated Partners | United Dominion Reality L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 1,751,671 | 1,751,671 | ||
Non-affiliated Partners | ||||
Capital structure | ||||
Limited partnership units owned | 174,005,144 | 173,997,540 | 173,992,855 | 173,880,681 |
Non-affiliated Partners | Class A Limited Partner | ||||
Capital structure | ||||
Limited partnership units owned | 1,751,671 | 1,751,671 | 1,751,671 | 1,751,671 |
Limited Partner | UDR, Inc. | ||||
Capital structure | ||||
Limited partnership units owned | 7,361,565 | 7,296,943 | 7,301,628 | 7,413,802 |
Class A Limited Partner | United Dominion Reality L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 1,873,332 | 1,873,332 |
Commitments and Contingencie126
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)community | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Real estate properties | |||
Number of real estate properties | community | 127 | ||
United Dominion Reality L.P. | |||
Real estate properties | |||
Number of real estate properties | community | 53 | ||
Ground Leases | |||
Real estate properties | |||
Number of real estate properties | community | 6 | ||
2,018 | $ 5,629 | ||
2,019 | 5,629 | ||
2,020 | 5,629 | ||
2,021 | 5,629 | ||
2,022 | 5,629 | ||
Thereafter | 335,207 | ||
Rent expense | $ 6,200 | $ 5,500 | $ 5,500 |
Ground Leases | United Dominion Reality L.P. | |||
Real estate properties | |||
Number of real estate properties | community | 6 | ||
2,018 | $ 5,600 | ||
2,019 | 5,600 | ||
2,020 | 5,600 | ||
2,021 | 5,600 | ||
2,022 | 5,600 | ||
Thereafter | 335,200 | ||
Rent expense | $ 6,200 | $ 5,500 | $ 5,400 |
Reportable Segments (UNITED 127
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Reportable Segments | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Reportable apartment home segment rental income | $ 984,309 | $ 948,461 | $ 871,928 | |||||||||
Reportable apartment home segment NOI | 698,503 | 673,085 | 613,869 | |||||||||
Reconciling items: | ||||||||||||
Property management | (27,068) | (26,083) | (23,978) | |||||||||
Other operating expenses | (9,060) | (7,649) | (9,708) | |||||||||
Real estate depreciation and amortization | (430,054) | (419,615) | (374,598) | |||||||||
General and administrative | (48,566) | (49,761) | (59,690) | |||||||||
Casualty-related charges/(recoveries), net | (4,335) | (732) | (2,335) | |||||||||
Income/(loss) from unconsolidated entities | 31,257 | 52,234 | 62,329 | |||||||||
(Gain)/loss on sale of real estate owned | (43,404) | (210,851) | (251,677) | |||||||||
Net income/(loss) attributable to UDR, Inc. | 121,558 | 292,718 | 340,383 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | $ 10,177,206 | $ 9,615,753 | 10,177,206 | 9,615,753 | ||||||||
Accumulated depreciation | 3,326,312 | 2,923,072 | 3,326,312 | 2,923,072 | ||||||||
Accumulated depreciation | (3,330,166) | (2,923,625) | (3,330,166) | (2,923,625) | ||||||||
Total real estate owned, net of accumulated depreciation | 6,847,040 | 6,692,128 | 6,847,040 | 6,692,128 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 2,038 | 2,112 | 2,038 | 2,112 | 6,742 | $ 15,224 | ||||||
Restricted cash | 19,792 | 19,994 | 19,792 | 19,994 | ||||||||
Investment in unconsolidated entities | 720,830 | 827,025 | 720,830 | 827,025 | ||||||||
Other assets | 124,104 | 118,535 | 124,104 | 118,535 | ||||||||
Total assets | 7,733,273 | 7,679,584 | 7,733,273 | 7,679,584 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 369,029 | 339,813 | 203,183 | |||||||||
Equity Method Investments | 720,830 | 720,830 | ||||||||||
Same Communities | ||||||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 87,000 | 86,200 | 66,700 | |||||||||
Same Store Communities Western Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 329,322 | 315,390 | 294,048 | |||||||||
Reportable apartment home segment NOI | 248,262 | 237,071 | 219,282 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 2,932,958 | 2,896,589 | 2,932,958 | 2,896,589 | ||||||||
Same Store Communities Mid-Atlantic Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 209,548 | 204,408 | 158,063 | |||||||||
Reportable apartment home segment NOI | 145,627 | 140,542 | 106,354 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 2,236,911 | 2,216,067 | 2,236,911 | 2,216,067 | ||||||||
Same Store Communities Northeast Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 151,736 | 147,573 | 132,079 | |||||||||
Reportable apartment home segment NOI | 106,473 | 106,005 | 93,530 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 1,865,762 | 1,857,193 | 1,865,762 | 1,857,193 | ||||||||
Same Store Communities Southeastern Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 116,467 | 111,318 | 103,920 | |||||||||
Reportable apartment home segment NOI | 80,726 | 76,359 | 69,820 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 762,102 | 746,762 | 762,102 | 746,762 | ||||||||
Same Store Communities Southwestern Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 42,992 | 41,273 | 39,166 | |||||||||
Reportable apartment home segment NOI | 26,455 | 25,600 | 24,407 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 292,074 | 283,260 | 292,074 | 283,260 | ||||||||
Non-Mature communities/Other | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 134,244 | 128,499 | 144,652 | |||||||||
Reportable apartment home segment NOI | 90,960 | 87,508 | 100,476 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 2,087,399 | 1,615,882 | 2,087,399 | 1,615,882 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | $ 4,900 | 10,100 | 18,500 | |||||||||
Minimum | ||||||||||||
Reportable Segments | ||||||||||||
Community Threshold, Percent Occupancy Threshold | 90% | |||||||||||
Time to maintain percent occupancy to be considered a community | 3 months | |||||||||||
United Dominion Reality L.P. | ||||||||||||
Reportable Segments | ||||||||||||
Number of reportable segments | segment | 2 | |||||||||||
Reportable apartment home segment rental income | $ 419,377 | 404,415 | 440,408 | |||||||||
Reportable apartment home segment NOI | 306,841 | 297,121 | 317,597 | |||||||||
Reconciling items: | ||||||||||||
Property management | (11,533) | (11,122) | (12,111) | |||||||||
Other operating expenses | (6,833) | (6,059) | (5,923) | |||||||||
Real estate depreciation and amortization | (152,473) | (147,074) | (169,784) | |||||||||
General and administrative | (17,875) | (18,808) | (27,016) | |||||||||
Casualty-related charges/(recoveries), net | (1,922) | (484) | (843) | |||||||||
Income/(loss) from unconsolidated entities | (19,256) | (37,425) | (4,659) | |||||||||
Interest expense | (30,366) | (30,067) | (40,321) | |||||||||
(Gain)/loss on sale of real estate owned | (41,272) | (33,180) | (158,123) | |||||||||
Net (income)/loss attributable to noncontrolling interest | (1,548) | (1,444) | (1,762) | |||||||||
Net income/(loss) attributable to OP unitholders | 106,307 | 77,818 | 213,301 | |||||||||
Net income/(loss) attributable to UDR, Inc. | 61,065 | $ 20,736 | $ 10,849 | $ 13,657 | 50,470 | $ 11,517 | $ 11,044 | $ 4,787 | ||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 3,816,956 | 3,674,704 | 3,816,956 | 3,674,704 | ||||||||
Accumulated depreciation | 1,543,652 | 1,408,815 | 1,543,652 | 1,408,815 | ||||||||
Total real estate owned, net of accumulated depreciation | 2,273,304 | 2,265,889 | 2,273,304 | 2,265,889 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 293 | 756 | 293 | 756 | 3,103 | $ 502 | ||||||
Restricted cash | 12,579 | 11,694 | 12,579 | 11,694 | ||||||||
Investment in unconsolidated entities | 76,907 | 112,867 | 76,907 | 112,867 | ||||||||
Other assets | 32,490 | 24,329 | 32,490 | 24,329 | ||||||||
Total assets | 2,395,573 | 2,415,535 | 2,395,573 | 2,415,535 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 45,211 | 71,720 | 61,196 | |||||||||
Equity Method Investments | 76,907 | 112,867 | 76,907 | 112,867 | ||||||||
United Dominion Reality L.P. | Same Communities | ||||||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | 41,100 | 41,200 | 30,700 | |||||||||
United Dominion Reality L.P. | Same Store Communities Western Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 201,036 | 191,034 | 177,197 | |||||||||
Reportable apartment home segment NOI | 152,571 | 144,949 | 133,406 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 1,581,321 | 1,555,331 | 1,581,321 | 1,555,331 | ||||||||
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 59,006 | 57,563 | 45,701 | |||||||||
Reportable apartment home segment NOI | 40,292 | 38,711 | 29,519 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 655,850 | 655,693 | 655,850 | 655,693 | ||||||||
United Dominion Reality L.P. | Same Store Communities Northeast Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 54,530 | 53,036 | 51,086 | |||||||||
Reportable apartment home segment NOI | 40,524 | 40,704 | 39,765 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 677,767 | 674,928 | 677,767 | 674,928 | ||||||||
United Dominion Reality L.P. | Same Store Communities Southeastern Region | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 49,586 | 47,792 | 44,981 | |||||||||
Reportable apartment home segment NOI | 34,182 | 32,519 | 30,106 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | 334,811 | 328,729 | 334,811 | 328,729 | ||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | ||||||||||||
Reportable Segments | ||||||||||||
Reportable apartment home segment rental income | 55,219 | 54,990 | 121,443 | |||||||||
Reportable apartment home segment NOI | 39,272 | 40,238 | 84,801 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Real Estate Owned Gross | $ 567,207 | $ 460,023 | 567,207 | 460,023 | ||||||||
Reportable Segments | ||||||||||||
Capital expenditures related to segments | $ 2,500 | $ 2,900 | $ 14,300 | |||||||||
United Dominion Reality L.P. | Minimum | ||||||||||||
Reportable Segments | ||||||||||||
Community Threshold, Percent Occupancy Threshold | 90% | |||||||||||
Time to maintain percent occupancy to be considered a community | 3 months |
Unaudited Summarized Consoli128
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Rental income | $ 250,116 | $ 248,264 | $ 244,658 | $ 241,271 | $ 240,081 | $ 240,255 | $ 236,168 | $ 231,957 | $ 984,309 | $ 948,461 | $ 871,928 |
Income/(loss) from continuing operations | 34,355 | 17,570 | 11,062 | 26,264 | 59,280 | 29,466 | 12,249 | 8,534 | 89,251 | 109,529 | 105,482 |
Net income/(loss) attributable to OP unitholders | 121,558 | 292,718 | 340,383 | ||||||||
United Dominion Reality L.P. | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||
Rental income | 107,431 | 105,253 | 104,088 | 102,605 | 102,142 | 102,595 | 100,892 | 98,786 | 419,377 | 404,415 | 440,408 |
Income/(loss) from continuing operations | 20,274 | 21,110 | 11,192 | 14,007 | 17,672 | 11,885 | 11,394 | 5,131 | $ 66,583 | $ 46,082 | $ 56,940 |
Net income/(loss) attributable to OP unitholders | $ 61,065 | $ 20,736 | $ 10,849 | $ 13,657 | $ 50,470 | $ 11,517 | $ 11,044 | $ 4,787 | |||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted | $ 0.33 | $ 0.11 | $ 0.06 | $ 0.07 | $ 0.27 | $ 0.06 | $ 0.06 | $ 0.03 | $ 0.58 | $ 0.42 | $ 1.16 |
Schedule III Real Estate Own129
Schedule III Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 803,269 | |||
Initial Costs, Land and Land Improvements | 1,857,522 | |||
Initial Costs, Buildings and Improvements | 5,253,038 | |||
Total Initial Acquisition Costs | 7,110,560 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,066,646 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,079,616 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,097,590 | |||
Total Carrying Value | $ 9,615,753 | $ 9,190,276 | $ 8,383,259 | 10,177,206 |
Accumulated Depreciation | 2,923,625 | 2,646,874 | 2,434,772 | 3,330,166 |
Aggregate cost for federal income tax purposes | 9,100,000 | |||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at beginning of the year | 9,615,753 | 9,190,276 | 8,383,259 | |
Real estate acquired | 235,993 | 324,104 | 906,446 | |
Capital expenditures and development | 369,029 | 339,813 | 203,183 | |
Real estate sold | (43,569) | (238,440) | (301,920) | |
Casualty-related impairment of assets | (692) | |||
Balance at end of the year | 10,177,206 | 9,615,753 | 9,190,276 | |
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at beginning of the year | 2,923,625 | 2,646,874 | 2,434,772 | |
Depreciation expense for the year | 424,772 | 398,904 | 364,622 | |
Accumulated depreciation on sales | (18,231) | (122,153) | (152,520) | |
Balance at end of year | $ 3,330,166 | 2,923,625 | 2,646,874 | |
Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 35 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 | 111,023 | |||
Total Initial Acquisition Costs | 111,023 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 481,467 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 109,468 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 483,022 | |||
Total Carrying Value | $ 592,490 | 592,490 | ||
Accumulated Depreciation | 3,854 | 3,854 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 592,490 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,854 | |||
LAND | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 57,098 | |||
Total Initial Acquisition Costs | 57,098 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,842 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 64,359 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,581 | |||
Total Carrying Value | 75,940 | 75,940 | ||
Accumulated Depreciation | 2,620 | 2,620 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 75,940 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,620 | |||
COMMERCIAL | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,758 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,173 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,585 | |||
Total Carrying Value | 30,758 | 30,758 | ||
Accumulated Depreciation | 17,490 | 17,490 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,758 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,490 | |||
TOTAL CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,519 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,035 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,052 | |||
Total Carrying Value | 31,087 | 31,087 | ||
Accumulated Depreciation | 2,204 | 2,204 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,087 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,204 | |||
TOTAL CORPORATE | Other | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,265 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,265 | |||
Total Carrying Value | 6,265 | 6,265 | ||
Accumulated Depreciation | 72 | 72 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 6,265 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 72 | |||
TOTAL COMMERCIAL & CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 38,277 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,208 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,637 | |||
Total Carrying Value | 61,845 | 61,845 | ||
Accumulated Depreciation | 19,694 | 19,694 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 61,845 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,694 | |||
TOTAL OPERATING COMMUNITIES | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 805,181 | |||
Initial Costs, Land and Land Improvements | 1,686,367 | |||
Initial Costs, Buildings and Improvements | 5,232,504 | |||
Total Initial Acquisition Costs | 6,918,871 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,528,060 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,893,581 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,553,350 | |||
Total Carrying Value | 9,446,931 | 9,446,931 | ||
Accumulated Depreciation | 3,303,998 | 3,303,998 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 9,446,931 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,303,998 | |||
WEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 210,467 | |||
Initial Costs, Land and Land Improvements | 818,440 | |||
Initial Costs, Buildings and Improvements | 1,826,575 | |||
Total Initial Acquisition Costs | 2,645,015 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,133,589 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 897,825 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,880,779 | |||
Total Carrying Value | 3,778,604 | 3,778,604 | ||
Accumulated Depreciation | 1,321,277 | 1,321,277 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 3,778,604 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,321,277 | |||
SAN FRANCISCO, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 65,495 | |||
Initial Costs, Land and Land Improvements | 145,665 | |||
Initial Costs, Buildings and Improvements | 414,240 | |||
Total Initial Acquisition Costs | 559,905 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 300,918 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 150,653 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 710,170 | |||
Total Carrying Value | 860,823 | 860,823 | ||
Accumulated Depreciation | 351,454 | 351,454 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 860,823 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 351,454 | |||
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 | 34,115 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,315 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 74,239 | |||
Total Carrying Value | 88,554 | 88,554 | ||
Accumulated Depreciation | 37,550 | 37,550 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 88,554 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 37,550 | |||
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 | 8,122 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,045 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,138 | |||
Total Carrying Value | 29,183 | 29,183 | ||
Accumulated Depreciation | 15,732 | 15,732 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,183 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,732 | |||
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 | 27,788 | |||
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 | 50,829 | |||
Total Carrying Value | 58,652 | 58,652 | ||
Accumulated Depreciation | 33,322 | 33,322 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 58,652 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,322 | |||
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 | 12,235 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,141 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,234 | |||
Total Carrying Value | 42,375 | 42,375 | ||
Accumulated Depreciation | 21,855 | 21,855 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,375 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,855 | |||
SAN FRANCISCO, CA | River Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 38,495 | |||
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 | 5,847 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,751 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,394 | |||
Total Carrying Value | 68,145 | 68,145 | ||
Accumulated Depreciation | 28,808 | 28,808 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,145 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,808 | |||
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 | 36,702 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,388 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,882 | |||
Total Carrying Value | 81,270 | 81,270 | ||
Accumulated Depreciation | 43,163 | 43,163 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 81,270 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 43,163 | |||
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 | 5,824 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,579 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,248 | |||
Total Carrying Value | 28,827 | 28,827 | ||
Accumulated Depreciation | 10,906 | 10,906 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 28,827 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,906 | |||
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 | 11,200 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,758 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,354 | |||
Total Carrying Value | 35,112 | 35,112 | ||
Accumulated Depreciation | 18,309 | 18,309 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 35,112 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,309 | |||
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 | 11,436 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,720 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,245 | |||
Total Carrying Value | 125,965 | 125,965 | ||
Accumulated Depreciation | 49,873 | 49,873 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 125,965 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 49,873 | |||
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 | 7,651 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 907 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,853 | |||
Total Carrying Value | 50,760 | 50,760 | ||
Accumulated Depreciation | 27,685 | 27,685 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 50,760 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,685 | |||
ORANGE COUNTY, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 340,645 | |||
Initial Costs, Buildings and Improvements | 352,662 | |||
Total Initial Acquisition Costs | 693,307 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 461,817 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 377,128 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 777,996 | |||
Total Carrying Value | 1,155,124 | 1,155,124 | ||
Accumulated Depreciation | 389,891 | 389,891 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,155,124 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 389,891 | |||
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 | 19,346 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,995 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 46,365 | |||
Total Carrying Value | 68,360 | 68,360 | ||
Accumulated Depreciation | 31,256 | 31,256 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,360 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,256 | |||
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 | 97,401 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 113,691 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 193,683 | |||
Total Carrying Value | 307,374 | 307,374 | ||
Accumulated Depreciation | 115,829 | 115,829 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 307,374 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 115,829 | |||
ORANGE COUNTY, CA | Pacific Shores | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,345 | |||
Initial Costs, Buildings and Improvements | 22,624 | |||
Total Initial Acquisition Costs | 29,969 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,742 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,024 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,687 | |||
Total Carrying Value | 41,711 | 41,711 | ||
Accumulated Depreciation | 23,146 | 23,146 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,711 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,146 | |||
ORANGE COUNTY, CA | Huntington Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,055 | |||
Initial Costs, Buildings and Improvements | 22,486 | |||
Total Initial Acquisition Costs | 30,541 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,187 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,215 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,513 | |||
Total Carrying Value | 44,728 | 44,728 | ||
Accumulated Depreciation | 22,752 | 22,752 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 44,728 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,752 | |||
ORANGE COUNTY, CA | Missions at Back Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 229 | |||
Initial Costs, Buildings and Improvements | 14,129 | |||
Total Initial Acquisition Costs | 14,358 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,391 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,987 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,762 | |||
Total Carrying Value | 17,749 | 17,749 | ||
Accumulated Depreciation | 4,809 | 4,809 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 17,749 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,809 | |||
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 | 40,460 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 68,217 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,841 | |||
Total Carrying Value | 149,058 | 149,058 | ||
Accumulated Depreciation | 51,642 | 51,642 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 149,058 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,642 | |||
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 | 32,476 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,812 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,516 | |||
Total Carrying Value | 141,328 | 141,328 | ||
Accumulated Depreciation | 48,986 | 48,986 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 141,328 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 48,986 | |||
SEATTLE, WA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 77,272 | |||
Initial Costs, Land and Land Improvements | 134,705 | |||
Initial Costs, Buildings and Improvements | 783,698 | |||
Total Initial Acquisition Costs | 918,403 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 65,736 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 140,309 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 843,830 | |||
Total Carrying Value | 984,139 | 984,139 | ||
Accumulated Depreciation | 262,274 | 262,274 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 984,139 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 262,274 | |||
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 | 8,421 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,083 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,261 | |||
Total Carrying Value | 17,344 | 17,344 | ||
Accumulated Depreciation | 9,003 | 9,003 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 17,344 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,003 | |||
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 | 5,594 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,997 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,179 | |||
Total Carrying Value | 15,176 | 15,176 | ||
Accumulated Depreciation | 7,965 | 7,965 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,176 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,965 | |||
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 | 2,727 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,280 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,933 | |||
Total Carrying Value | 31,213 | 31,213 | ||
Accumulated Depreciation | 15,434 | 15,434 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,213 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,434 | |||
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 | 4,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,032 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,661 | |||
Total Carrying Value | 42,693 | 42,693 | ||
Accumulated Depreciation | 20,118 | 20,118 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,693 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 20,118 | |||
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 | 6,320 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,631 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,362 | |||
Total Carrying Value | 116,993 | 116,993 | ||
Accumulated Depreciation | 51,102 | 51,102 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 116,993 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,102 | |||
LOS ANGELES, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 67,700 | |||
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 | 142,997 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,979 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 290,343 | |||
Total Carrying Value | 451,322 | 451,322 | ||
Accumulated Depreciation | 148,435 | 148,435 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 451,322 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 148,435 | |||
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 | 4,758 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,792 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,829 | |||
Total Carrying Value | 30,621 | 30,621 | ||
Accumulated Depreciation | 14,644 | 14,644 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,621 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,644 | |||
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 | 6,967 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,769 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,463 | |||
Total Carrying Value | 83,232 | 83,232 | ||
Accumulated Depreciation | 23,843 | 23,843 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 83,232 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,843 | |||
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 | 87,534 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,610 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 144,246 | |||
Total Carrying Value | 172,856 | 172,856 | ||
Accumulated Depreciation | 84,168 | 84,168 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 172,856 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 84,168 | |||
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 | 10,320 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,250 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,998 | |||
Total Carrying Value | 21,248 | 21,248 | ||
Accumulated Depreciation | 10,504 | 10,504 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 21,248 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,504 | |||
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 | 5,941 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,600 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,417 | |||
Total Carrying Value | 11,017 | 11,017 | ||
Accumulated Depreciation | 5,679 | 5,679 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 11,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,679 | |||
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 | 6,654 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,287 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,786 | |||
Total Carrying Value | 13,073 | 13,073 | ||
Accumulated Depreciation | 6,396 | 6,396 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,073 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,396 | |||
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 | 29,912 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,241 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,913 | |||
Total Carrying Value | 60,154 | 60,154 | ||
Accumulated Depreciation | 28,586 | 28,586 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 60,154 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,586 | |||
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 | 10,886 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,384 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,574 | |||
Total Carrying Value | 20,958 | 20,958 | ||
Accumulated Depreciation | 10,479 | 10,479 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,958 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,479 | |||
MONTEREY PENINSULA, CA | The Pointe At Westlake | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,329 | |||
Initial Costs, Buildings and Improvements | 5,334 | |||
Total Initial Acquisition Costs | 6,663 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,212 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,300 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,575 | |||
Total Carrying Value | 13,875 | 13,875 | ||
Accumulated Depreciation | 6,585 | 6,585 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,875 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,585 | |||
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 | 16,609 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,548 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,983 | |||
Total Carrying Value | 32,531 | 32,531 | ||
Accumulated Depreciation | 15,939 | 15,939 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,531 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,939 | |||
OTHER SOUTHERN CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 19,367 | |||
Initial Costs, Buildings and Improvements | 27,095 | |||
Total Initial Acquisition Costs | 46,462 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,561 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 29,747 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 76,276 | |||
Total Carrying Value | 106,023 | 106,023 | ||
Accumulated Depreciation | 57,668 | 57,668 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 106,023 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 57,668 | |||
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 | 55,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,534 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,454 | |||
Total Carrying Value | 72,988 | 72,988 | ||
Accumulated Depreciation | 38,366 | 38,366 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,988 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,366 | |||
PORTLAND, OR | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,287 | |||
Initial Costs, Buildings and Improvements | 24,004 | |||
Total Initial Acquisition Costs | 33,291 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,026 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,399 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,918 | |||
Total Carrying Value | 48,317 | 48,317 | ||
Accumulated Depreciation | 27,387 | 27,387 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,317 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,387 | |||
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 | 7,638 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,906 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,139 | |||
Total Carrying Value | 20,045 | 20,045 | ||
Accumulated Depreciation | 11,379 | 11,379 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,045 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,379 | |||
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 | 7,388 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,493 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,779 | |||
Total Carrying Value | 28,272 | 28,272 | ||
Accumulated Depreciation | 16,008 | 16,008 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 28,272 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,008 | |||
MID-ATLANTIC REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 281,842 | |||
Initial Costs, Land and Land Improvements | 357,442 | |||
Initial Costs, Buildings and Improvements | 1,488,115 | |||
Total Initial Acquisition Costs | 1,845,557 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 611,027 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 432,105 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,024,479 | |||
Total Carrying Value | 2,456,584 | 2,456,584 | ||
Accumulated Depreciation | 791,335 | 791,335 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,456,584 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 791,335 | |||
METROPOLITAN, DC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 247,992 | |||
Initial Costs, Land and Land Improvements | 331,492 | |||
Initial Costs, Buildings and Improvements | 1,316,295 | |||
Total Initial Acquisition Costs | 1,647,787 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 512,660 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 395,107 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,765,340 | |||
Total Carrying Value | 2,160,447 | 2,160,447 | ||
Accumulated Depreciation | 613,968 | 613,968 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,160,447 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 613,968 | |||
METROPOLITAN, DC | Ridgewood | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,612 | |||
Initial Costs, Buildings and Improvements | 20,086 | |||
Total Initial Acquisition Costs | 25,698 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,322 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,255 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,765 | |||
Total Carrying Value | 36,020 | 36,020 | ||
Accumulated Depreciation | 22,262 | 22,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 36,020 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,262 | |||
METROPOLITAN, DC | DelRey Tower | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 297 | |||
Initial Costs, Buildings and Improvements | 12,786 | |||
Total Initial Acquisition Costs | 13,083 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 114,031 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,559 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,555 | |||
Total Carrying Value | 127,114 | 127,114 | ||
Accumulated Depreciation | 25,219 | 25,219 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 127,114 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,219 | |||
METROPOLITAN, DC | Wellington Place at Olde Town | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 31,373 | |||
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 | 19,205 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,788 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,229 | |||
Total Carrying Value | 69,017 | 69,017 | ||
Accumulated Depreciation | 38,698 | 38,698 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,698 | |||
METROPOLITAN, DC | 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 | 5,002 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 263 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,870 | |||
Total Carrying Value | 65,133 | 65,133 | ||
Accumulated Depreciation | 35,751 | 35,751 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 65,133 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,751 | |||
METROPOLITAN, DC | 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 | 9,387 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,641 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 112,559 | |||
Total Carrying Value | 114,200 | 114,200 | ||
Accumulated Depreciation | 65,130 | 65,130 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 114,200 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 65,130 | |||
METROPOLITAN, DC | 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 | 3,054 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,852 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 114,829 | |||
Total Carrying Value | 142,681 | 142,681 | ||
Accumulated Depreciation | 16,483 | 16,483 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 142,681 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,483 | |||
BALTIMORE, MD | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 20,827 | |||
Initial Costs, Buildings and Improvements | 110,912 | |||
Total Initial Acquisition Costs | 131,739 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,429 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,981 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 128,187 | |||
Total Carrying Value | 150,168 | 150,168 | ||
Accumulated Depreciation | 71,369 | 71,369 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 150,168 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 71,369 | |||
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 | 8,029 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,229 | |||
Total Carrying Value | 37,129 | 37,129 | ||
Accumulated Depreciation | 22,913 | 22,913 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 37,129 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,913 | |||
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 | 8,559 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,298 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,601 | |||
Total Carrying Value | 65,899 | 65,899 | ||
Accumulated Depreciation | 30,791 | 30,791 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 65,899 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,791 | |||
NORTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 76,721 | |||
Initial Costs, Land and Land Improvements | 317,831 | |||
Initial Costs, Buildings and Improvements | 1,182,479 | |||
Total Initial Acquisition Costs | 1,500,310 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 370,549 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 318,543 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,552,316 | |||
Total Carrying Value | 1,870,859 | 1,870,859 | ||
Accumulated Depreciation | 531,262 | 531,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,870,859 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 531,262 | |||
NEW YORK, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 249,878 | |||
Initial Costs, Buildings and Improvements | 917,312 | |||
Total Initial Acquisition Costs | 1,167,190 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 137,182 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 251,228 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,053,144 | |||
Total Carrying Value | 1,304,372 | 1,304,372 | ||
Accumulated Depreciation | 380,884 | 380,884 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,304,372 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 380,884 | |||
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 | 12,957 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,658 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,714 | |||
Total Carrying Value | 273,372 | 273,372 | ||
Accumulated Depreciation | 78,792 | 78,792 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 273,372 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 78,792 | |||
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 | 9,468 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 58,014 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 275,346 | |||
Total Carrying Value | 333,360 | 333,360 | ||
Accumulated Depreciation | 105,886 | 105,886 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 333,360 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 105,886 | |||
BOSTON, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 76,721 | |||
Initial Costs, Land and Land Improvements | 67,953 | |||
Initial Costs, Buildings and Improvements | 265,167 | |||
Total Initial Acquisition Costs | 333,120 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 233,367 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 67,315 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 499,172 | |||
Total Carrying Value | 566,487 | 566,487 | ||
Accumulated Depreciation | 150,378 | 150,378 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 566,487 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 150,378 | |||
BOSTON, MA | 14 North | ||||
Real Estate and Accumulated Depreciation | ||||
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 | 9,517 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,180 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,473 | |||
Total Carrying Value | 71,653 | 71,653 | ||
Accumulated Depreciation | 24,942 | 24,942 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,653 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,942 | |||
BOSTON, MA | Inwood West | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 51,721 | |||
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 | 9,753 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,569 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 99,058 | |||
Total Carrying Value | 118,627 | 118,627 | ||
Accumulated Depreciation | 38,730 | 38,730 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 118,627 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,730 | |||
SOUTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 92,118 | |||
Initial Costs, Land and Land Improvements | 86,349 | |||
Initial Costs, Buildings and Improvements | 355,426 | |||
Total Initial Acquisition Costs | 441,775 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 320,327 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 122,713 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 639,389 | |||
Total Carrying Value | 762,102 | 762,102 | ||
Accumulated Depreciation | 474,910 | 474,910 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 762,102 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 474,910 | |||
NASHVILLE, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,881 | |||
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 | 103,531 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,386 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 183,186 | |||
Total Carrying Value | 206,572 | 206,572 | ||
Accumulated Depreciation | 131,218 | 131,218 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 206,572 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 131,218 | |||
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 | 9,844 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,887 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,972 | |||
Total Carrying Value | 16,859 | 16,859 | ||
Accumulated Depreciation | 12,130 | 12,130 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,859 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,130 | |||
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 | 10,771 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,322 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,502 | |||
Total Carrying Value | 23,824 | 23,824 | ||
Accumulated Depreciation | 15,164 | 15,164 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,824 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,164 | |||
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 | 6,490 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,371 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,288 | |||
Total Carrying Value | 12,659 | 12,659 | ||
Accumulated Depreciation | 7,975 | 7,975 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,659 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,975 | |||
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 | 5,871 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,435 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,916 | |||
Total Carrying Value | 14,351 | 14,351 | ||
Accumulated Depreciation | 9,110 | 9,110 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,351 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,110 | |||
NASHVILLE, TN | Polo Park | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 23,550 | |||
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 | 17,190 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,856 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,210 | |||
Total Carrying Value | 38,066 | 38,066 | ||
Accumulated Depreciation | 25,178 | 25,178 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 38,066 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,178 | |||
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 | 36,910 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,710 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,317 | |||
Total Carrying Value | 39,027 | 39,027 | ||
Accumulated Depreciation | 23,982 | 23,982 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,027 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,982 | |||
TAMPA, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 12,450 | |||
Initial Costs, Land and Land Improvements | 32,324 | |||
Initial Costs, Buildings and Improvements | 122,652 | |||
Total Initial Acquisition Costs | 154,976 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 96,270 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,491 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 200,755 | |||
Total Carrying Value | 251,246 | 251,246 | ||
Accumulated Depreciation | 149,497 | 149,497 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 251,246 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 149,497 | |||
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 | 17,391 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,092 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,151 | |||
Total Carrying Value | 48,243 | 48,243 | ||
Accumulated Depreciation | 30,024 | 30,024 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,243 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,024 | |||
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 | 9,535 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,742 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,520 | |||
Total Carrying Value | 57,262 | 57,262 | ||
Accumulated Depreciation | 31,960 | 31,960 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 57,262 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,960 | |||
OTHER FLORIDA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,787 | |||
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 | 12,151 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,746 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,774 | |||
Total Carrying Value | 84,520 | 84,520 | ||
Accumulated Depreciation | 45,310 | 45,310 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,520 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 45,310 | |||
OTHER FLORIDA | The Reserve and Park at Riverbridge | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,787 | |||
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 | 12,151 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,746 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,774 | |||
Total Carrying Value | 84,520 | 84,520 | ||
Accumulated Depreciation | 45,310 | 45,310 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,520 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 45,310 | |||
SOUTHWEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 144,033 | |||
Initial Costs, Land and Land Improvements | 106,305 | |||
Initial Costs, Buildings and Improvements | 379,909 | |||
Total Initial Acquisition Costs | 486,214 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 92,568 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 122,395 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 456,387 | |||
Total Carrying Value | 578,782 | 578,782 | ||
Accumulated Depreciation | 185,214 | 185,214 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 578,782 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 185,214 | |||
DENVER, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,672 | |||
Total Carrying Value | 139,264 | 139,264 | ||
Accumulated Depreciation | 1,721 | 1,721 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 139,264 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,721 | |||
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 | 278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,672 | |||
Total Carrying Value | 139,264 | 139,264 | ||
Accumulated Depreciation | 1,721 | 1,721 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 139,264 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,721 | |||
United Dominion Reality L.P. | ||||
Real Estate and Accumulated Depreciation | ||||
Deferred finance costs, net | (360) | |||
Encumbrances | 159,845 | |||
Initial Costs, Land and Land Improvements | 721,517 | |||
Initial Costs, Buildings and Improvements | 2,186,186 | |||
Total Initial Acquisition Costs | 2,907,703 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 909,253 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 808,741 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,008,215 | |||
Total Carrying Value | 3,674,704 | 3,630,905 | 4,238,770 | 3,816,956 |
Accumulated Depreciation | 1,408,815 | 1,281,258 | 1,403,303 | 1,543,652 |
Aggregate cost for federal income tax purposes | 3,100,000 | |||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at beginning of the year | 3,674,704 | 3,630,905 | 4,238,770 | |
Real estate acquired | 138,986 | 139,627 | ||
Capital expenditures and development | 45,211 | 71,720 | 61,196 | |
Real estate sold | (41,945) | (27,921) | (180,069) | |
Real estate deconsolidated | (628,479) | |||
Casualty-related impairment of assets | (140) | |||
Balance at end of the year | 3,816,956 | 3,674,704 | 3,630,905 | |
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at beginning of the year | 1,408,815 | 1,281,258 | 1,403,303 | |
Depreciation expense for the year | 153,068 | 144,942 | 168,495 | |
Accumulated depreciation on sales | (18,231) | (17,385) | (67,177) | |
Accumulated depreciation on property deconsolidated | (223,363) | |||
Balance at end of year | $ 1,543,652 | $ 1,408,815 | $ 1,281,258 | |
United Dominion Reality L.P. | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 35 years | |||
United Dominion Reality L.P. | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 55 years | |||
United Dominion Reality L.P. | COMMERCIAL | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,407 | |||
Total Initial Acquisition Costs | 1,407 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,221 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,248 | |||
Total Carrying Value | $ 7,628 | 7,628 | ||
Accumulated Depreciation | 3,570 | 3,570 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 7,628 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,570 | |||
United Dominion Reality L.P. | COMMERCIAL | Circle Towers Office Bldg | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,407 | |||
Total Initial Acquisition Costs | 1,407 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,221 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,248 | |||
Total Carrying Value | 7,628 | 7,628 | ||
Accumulated Depreciation | 3,570 | 3,570 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 7,628 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,570 | |||
United Dominion Reality L.P. | TOTAL CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,700 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,700 | |||
Total Carrying Value | 1,700 | 1,700 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,700 | |||
United Dominion Reality L.P. | TOTAL CORPORATE | Other | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,700 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,700 | |||
Total Carrying Value | 1,700 | 1,700 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,700 | |||
United Dominion Reality L.P. | TOTAL COMMERCIAL & CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,407 | |||
Total Initial Acquisition Costs | 1,407 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,921 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,948 | |||
Total Carrying Value | 9,328 | 9,328 | ||
Accumulated Depreciation | 3,570 | 3,570 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 9,328 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,570 | |||
United Dominion Reality L.P. | TOTAL OPERATING COMMUNITIES | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 160,205 | |||
Initial Costs, Land and Land Improvements | 720,110 | |||
Initial Costs, Buildings and Improvements | 2,186,186 | |||
Total Initial Acquisition Costs | 2,906,296 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 901,332 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 807,361 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,000,267 | |||
Total Carrying Value | 3,807,628 | 3,807,628 | ||
Accumulated Depreciation | 1,540,082 | 1,540,082 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 3,807,628 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,540,082 | |||
United Dominion Reality L.P. | WEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 65,495 | |||
Initial Costs, Land and Land Improvements | 491,275 | |||
Initial Costs, Buildings and Improvements | 941,330 | |||
Total Initial Acquisition Costs | 1,432,605 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 565,435 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 554,200 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,443,840 | |||
Total Carrying Value | 1,998,040 | 1,998,040 | ||
Accumulated Depreciation | 870,726 | 870,726 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,998,040 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 870,726 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 65,495 | |||
Initial Costs, Land and Land Improvements | 107,787 | |||
Initial Costs, Buildings and Improvements | 340,136 | |||
Total Initial Acquisition Costs | 447,923 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 148,376 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 109,132 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 487,167 | |||
Total Carrying Value | 596,299 | 596,299 | ||
Accumulated Depreciation | 280,276 | 280,276 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 596,299 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 280,276 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | 2000 Post Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,861 | |||
Initial Costs, Buildings and Improvements | 44,578 | |||
Total Initial Acquisition Costs | 54,439 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,571 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,020 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,990 | |||
Total Carrying Value | 76,010 | 76,010 | ||
Accumulated Depreciation | 30,623 | 30,623 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,010 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,623 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | Birch Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,365 | |||
Initial Costs, Buildings and Improvements | 16,696 | |||
Total Initial Acquisition Costs | 21,061 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,122 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,045 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,138 | |||
Total Carrying Value | 29,183 | 29,183 | ||
Accumulated Depreciation | 15,732 | 15,732 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,183 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,732 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | Highlands Of Marin | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,996 | |||
Initial Costs, Buildings and Improvements | 24,868 | |||
Total Initial Acquisition Costs | 30,864 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 27,788 | |||
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 | 50,829 | |||
Total Carrying Value | 58,652 | 58,652 | ||
Accumulated Depreciation | 33,322 | 33,322 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 58,652 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,322 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | Marina Playa | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,224 | |||
Initial Costs, Buildings and Improvements | 23,916 | |||
Total Initial Acquisition Costs | 30,140 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,235 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,141 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,234 | |||
Total Carrying Value | 42,375 | 42,375 | ||
Accumulated Depreciation | 21,855 | 21,855 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,375 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,855 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | River Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 38,495 | |||
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 | 5,847 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,751 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,394 | |||
Total Carrying Value | 68,145 | 68,145 | ||
Accumulated Depreciation | 28,808 | 28,808 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,145 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,808 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | CitySouth | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 14,031 | |||
Initial Costs, Buildings and Improvements | 30,537 | |||
Total Initial Acquisition Costs | 44,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 36,702 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,388 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,882 | |||
Total Carrying Value | 81,270 | 81,270 | ||
Accumulated Depreciation | 43,163 | 43,163 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 81,270 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 43,163 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | Bay Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,545 | |||
Initial Costs, Buildings and Improvements | 14,458 | |||
Total Initial Acquisition Costs | 23,003 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,824 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,579 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,248 | |||
Total Carrying Value | 28,827 | 28,827 | ||
Accumulated Depreciation | 10,906 | 10,906 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 28,827 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,906 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | Highlands of Marin Phase II | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,353 | |||
Initial Costs, Buildings and Improvements | 18,559 | |||
Total Initial Acquisition Costs | 23,912 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,200 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,758 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,354 | |||
Total Carrying Value | 35,112 | 35,112 | ||
Accumulated Depreciation | 18,309 | 18,309 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 35,112 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,309 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | Edgewater | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 30,657 | |||
Initial Costs, Buildings and Improvements | 83,872 | |||
Total Initial Acquisition Costs | 114,529 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,436 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,720 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,245 | |||
Total Carrying Value | 125,965 | 125,965 | ||
Accumulated Depreciation | 49,873 | 49,873 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 125,965 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 49,873 | |||
United Dominion Reality L.P. | SAN FRANCISCO, CA | Almaden Lake Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 594 | |||
Initial Costs, Buildings and Improvements | 42,515 | |||
Total Initial Acquisition Costs | 43,109 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,651 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 907 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,853 | |||
Total Carrying Value | 50,760 | 50,760 | ||
Accumulated Depreciation | 27,685 | 27,685 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 50,760 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,685 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 256,735 | |||
Initial Costs, Buildings and Improvements | 294,570 | |||
Total Initial Acquisition Costs | 551,305 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 219,003 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 292,941 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 477,367 | |||
Total Carrying Value | 770,308 | 770,308 | ||
Accumulated Depreciation | 298,420 | 298,420 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 770,308 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 298,420 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | Harbor at Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 20,476 | |||
Initial Costs, Buildings and Improvements | 28,538 | |||
Total Initial Acquisition Costs | 49,014 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,346 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,995 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 46,365 | |||
Total Carrying Value | 68,360 | 68,360 | ||
Accumulated Depreciation | 31,256 | 31,256 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,360 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,256 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 99,329 | |||
Initial Costs, Buildings and Improvements | 110,644 | |||
Total Initial Acquisition Costs | 209,973 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 97,401 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 113,691 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 193,683 | |||
Total Carrying Value | 307,374 | 307,374 | ||
Accumulated Depreciation | 115,829 | 115,829 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 307,374 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 115,829 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | Pacific Shores | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,345 | |||
Initial Costs, Buildings and Improvements | 22,624 | |||
Total Initial Acquisition Costs | 29,969 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,742 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,024 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,687 | |||
Total Carrying Value | 41,711 | 41,711 | ||
Accumulated Depreciation | 23,146 | 23,146 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,711 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,146 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | Huntington Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,055 | |||
Initial Costs, Buildings and Improvements | 22,486 | |||
Total Initial Acquisition Costs | 30,541 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,187 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,215 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,513 | |||
Total Carrying Value | 44,728 | 44,728 | ||
Accumulated Depreciation | 22,752 | 22,752 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 44,728 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,752 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | Missions at Back Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 229 | |||
Initial Costs, Buildings and Improvements | 14,129 | |||
Total Initial Acquisition Costs | 14,358 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,391 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,987 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,762 | |||
Total Carrying Value | 17,749 | 17,749 | ||
Accumulated Depreciation | 4,809 | 4,809 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 17,749 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,809 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | Eight 80 Newport Beach - North | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 62,516 | |||
Initial Costs, Buildings and Improvements | 46,082 | |||
Total Initial Acquisition Costs | 108,598 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 40,460 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 68,217 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,841 | |||
Total Carrying Value | 149,058 | 149,058 | ||
Accumulated Depreciation | 51,642 | 51,642 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 149,058 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,642 | |||
United Dominion Reality L.P. | ORANGE COUNTY, CA | Eight 80 Newport Beach - South | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 58,785 | |||
Initial Costs, Buildings and Improvements | 50,067 | |||
Total Initial Acquisition Costs | 108,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 32,476 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,812 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,516 | |||
Total Carrying Value | 141,328 | 141,328 | ||
Accumulated Depreciation | 48,986 | 48,986 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 141,328 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 48,986 | |||
United Dominion Reality L.P. | SEATTLE, WA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 38,971 | |||
Initial Costs, Buildings and Improvements | 156,463 | |||
Total Initial Acquisition Costs | 195,434 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 27,985 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,023 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 182,396 | |||
Total Carrying Value | 223,419 | 223,419 | ||
Accumulated Depreciation | 103,622 | 103,622 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 223,419 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 103,622 | |||
United Dominion Reality L.P. | SEATTLE, WA | Crowne Pointe | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,486 | |||
Initial Costs, Buildings and Improvements | 6,437 | |||
Total Initial Acquisition Costs | 8,923 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,421 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,083 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,261 | |||
Total Carrying Value | 17,344 | 17,344 | ||
Accumulated Depreciation | 9,003 | 9,003 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 17,344 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,003 | |||
United Dominion Reality L.P. | SEATTLE, WA | Hilltop | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,174 | |||
Initial Costs, Buildings and Improvements | 7,408 | |||
Total Initial Acquisition Costs | 9,582 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,594 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,997 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,179 | |||
Total Carrying Value | 15,176 | 15,176 | ||
Accumulated Depreciation | 7,965 | 7,965 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,176 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,965 | |||
United Dominion Reality L.P. | SEATTLE, WA | The Kennedy | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,179 | |||
Initial Costs, Buildings and Improvements | 22,307 | |||
Total Initial Acquisition Costs | 28,486 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,727 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,280 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,933 | |||
Total Carrying Value | 31,213 | 31,213 | ||
Accumulated Depreciation | 15,434 | 15,434 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,213 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,434 | |||
United Dominion Reality L.P. | SEATTLE, WA | Hearthstone at Merrill Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,848 | |||
Initial Costs, Buildings and Improvements | 30,922 | |||
Total Initial Acquisition Costs | 37,770 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,032 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,661 | |||
Total Carrying Value | 42,693 | 42,693 | ||
Accumulated Depreciation | 20,118 | 20,118 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,693 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 20,118 | |||
United Dominion Reality L.P. | SEATTLE, WA | Island Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 21,284 | |||
Initial Costs, Buildings and Improvements | 89,389 | |||
Total Initial Acquisition Costs | 110,673 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,320 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,631 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 95,362 | |||
Total Carrying Value | 116,993 | 116,993 | ||
Accumulated Depreciation | 51,102 | 51,102 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 116,993 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,102 | |||
United Dominion Reality L.P. | LOS ANGELES, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 48,000 | |||
Initial Costs, Buildings and Improvements | 54,128 | |||
Total Initial Acquisition Costs | 102,128 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,725 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 48,561 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,292 | |||
Total Carrying Value | 113,853 | 113,853 | ||
Accumulated Depreciation | 38,487 | 38,487 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 113,853 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,487 | |||
United Dominion Reality L.P. | LOS ANGELES, CA | Rosebeach | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,414 | |||
Initial Costs, Buildings and Improvements | 17,449 | |||
Total Initial Acquisition Costs | 25,863 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,758 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,792 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,829 | |||
Total Carrying Value | 30,621 | 30,621 | ||
Accumulated Depreciation | 14,644 | 14,644 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,621 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,644 | |||
United Dominion Reality L.P. | LOS ANGELES, CA | Tierra Del Rey | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 39,586 | |||
Initial Costs, Buildings and Improvements | 36,679 | |||
Total Initial Acquisition Costs | 76,265 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,967 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,769 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,463 | |||
Total Carrying Value | 83,232 | 83,232 | ||
Accumulated Depreciation | 23,843 | 23,843 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 83,232 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,843 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,938 | |||
Initial Costs, Buildings and Improvements | 68,384 | |||
Total Initial Acquisition Costs | 85,322 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 87,534 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,610 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 144,246 | |||
Total Carrying Value | 172,856 | 172,856 | ||
Accumulated Depreciation | 84,168 | 84,168 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 172,856 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 84,168 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Boronda Manor | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,946 | |||
Initial Costs, Buildings and Improvements | 8,982 | |||
Total Initial Acquisition Costs | 10,928 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,320 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,250 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,998 | |||
Total Carrying Value | 21,248 | 21,248 | ||
Accumulated Depreciation | 10,504 | 10,504 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 21,248 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,504 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Garden Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 888 | |||
Initial Costs, Buildings and Improvements | 4,188 | |||
Total Initial Acquisition Costs | 5,076 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,941 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,600 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,417 | |||
Total Carrying Value | 11,017 | 11,017 | ||
Accumulated Depreciation | 5,679 | 5,679 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 11,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,679 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Laurel Tree | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,304 | |||
Initial Costs, Buildings and Improvements | 5,115 | |||
Total Initial Acquisition Costs | 6,419 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,654 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,287 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,786 | |||
Total Carrying Value | 13,073 | 13,073 | ||
Accumulated Depreciation | 6,396 | 6,396 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,073 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,396 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | The Pointe At Harden Ranch | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,388 | |||
Initial Costs, Buildings and Improvements | 23,854 | |||
Total Initial Acquisition Costs | 30,242 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,912 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,241 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,913 | |||
Total Carrying Value | 60,154 | 60,154 | ||
Accumulated Depreciation | 28,586 | 28,586 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 60,154 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,586 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | The Pointe At Northridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,044 | |||
Initial Costs, Buildings and Improvements | 8,028 | |||
Total Initial Acquisition Costs | 10,072 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,886 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,384 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,574 | |||
Total Carrying Value | 20,958 | 20,958 | ||
Accumulated Depreciation | 10,479 | 10,479 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,958 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,479 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | The Pointe At Westlake | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,329 | |||
Initial Costs, Buildings and Improvements | 5,334 | |||
Total Initial Acquisition Costs | 6,663 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,212 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,300 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,575 | |||
Total Carrying Value | 13,875 | 13,875 | ||
Accumulated Depreciation | 6,585 | 6,585 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,875 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,585 | |||
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Cambridge Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,039 | |||
Initial Costs, Buildings and Improvements | 12,883 | |||
Total Initial Acquisition Costs | 15,922 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,609 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,548 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,983 | |||
Total Carrying Value | 32,531 | 32,531 | ||
Accumulated Depreciation | 15,939 | 15,939 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,531 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,939 | |||
United Dominion Reality L.P. | OTHER SOUTHERN CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,557 | |||
Initial Costs, Buildings and Improvements | 3,645 | |||
Total Initial Acquisition Costs | 17,202 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,534 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,454 | |||
Total Carrying Value | 72,988 | 72,988 | ||
Accumulated Depreciation | 38,366 | 38,366 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,988 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,366 | |||
United Dominion Reality L.P. | OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,557 | |||
Initial Costs, Buildings and Improvements | 3,645 | |||
Total Initial Acquisition Costs | 17,202 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,534 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,454 | |||
Total Carrying Value | 72,988 | 72,988 | ||
Accumulated Depreciation | 38,366 | 38,366 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,988 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,366 | |||
United Dominion Reality L.P. | PORTLAND, OR | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,287 | |||
Initial Costs, Buildings and Improvements | 24,004 | |||
Total Initial Acquisition Costs | 33,291 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,026 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,399 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,918 | |||
Total Carrying Value | 48,317 | 48,317 | ||
Accumulated Depreciation | 27,387 | 27,387 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,317 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,387 | |||
United Dominion Reality L.P. | PORTLAND, OR | Tualatin Heights | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,273 | |||
Initial Costs, Buildings and Improvements | 9,134 | |||
Total Initial Acquisition Costs | 12,407 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,638 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,906 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,139 | |||
Total Carrying Value | 20,045 | 20,045 | ||
Accumulated Depreciation | 11,379 | 11,379 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,045 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,379 | |||
United Dominion Reality L.P. | PORTLAND, OR | Hunt Club | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,014 | |||
Initial Costs, Buildings and Improvements | 14,870 | |||
Total Initial Acquisition Costs | 20,884 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,388 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,493 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,779 | |||
Total Carrying Value | 28,272 | 28,272 | ||
Accumulated Depreciation | 16,008 | 16,008 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 28,272 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,008 | |||
United Dominion Reality L.P. | MID-ATLANTIC REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 31,373 | |||
Initial Costs, Land and Land Improvements | 64,889 | |||
Initial Costs, Buildings and Improvements | 414,715 | |||
Total Initial Acquisition Costs | 479,604 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 177,524 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 77,556 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 579,572 | |||
Total Carrying Value | 657,128 | 657,128 | ||
Accumulated Depreciation | 257,182 | 257,182 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 657,128 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 257,182 | |||
United Dominion Reality L.P. | METROPOLITAN, DC | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 31,373 | |||
Initial Costs, Land and Land Improvements | 48,731 | |||
Initial Costs, Buildings and Improvements | 344,433 | |||
Total Initial Acquisition Costs | 393,164 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 160,936 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,358 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 493,742 | |||
Total Carrying Value | 554,100 | 554,100 | ||
Accumulated Depreciation | 203,478 | 203,478 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 554,100 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 203,478 | |||
United Dominion Reality L.P. | METROPOLITAN, DC | Ridgewood | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,612 | |||
Initial Costs, Buildings and Improvements | 20,086 | |||
Total Initial Acquisition Costs | 25,698 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,322 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,255 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,765 | |||
Total Carrying Value | 36,020 | 36,020 | ||
Accumulated Depreciation | 22,262 | 22,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 36,020 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,262 | |||
United Dominion Reality L.P. | METROPOLITAN, DC | DelRey Tower | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 297 | |||
Initial Costs, Buildings and Improvements | 12,786 | |||
Total Initial Acquisition Costs | 13,083 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 114,031 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,559 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,555 | |||
Total Carrying Value | 127,114 | 127,114 | ||
Accumulated Depreciation | 25,219 | 25,219 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 127,114 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,219 | |||
United Dominion Reality L.P. | METROPOLITAN, DC | Wellington Place at Olde Town | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 31,373 | |||
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 | 19,205 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,788 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,229 | |||
Total Carrying Value | 69,017 | 69,017 | ||
Accumulated Depreciation | 38,698 | 38,698 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,698 | |||
United Dominion Reality L.P. | METROPOLITAN, DC | 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 | 5,002 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 263 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,870 | |||
Total Carrying Value | 65,133 | 65,133 | ||
Accumulated Depreciation | 35,751 | 35,751 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 65,133 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,751 | |||
United Dominion Reality L.P. | METROPOLITAN, DC | 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 | 9,322 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,641 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 112,494 | |||
Total Carrying Value | 114,135 | 114,135 | ||
Accumulated Depreciation | 65,065 | 65,065 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 114,135 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 65,065 | |||
United Dominion Reality L.P. | METROPOLITAN, DC | 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 | 3,054 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,852 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 114,829 | |||
Total Carrying Value | 142,681 | 142,681 | ||
Accumulated Depreciation | 16,483 | 16,483 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 142,681 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 16,483 | |||
United Dominion Reality L.P. | BALTIMORE, MD | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,158 | |||
Initial Costs, Buildings and Improvements | 70,282 | |||
Total Initial Acquisition Costs | 86,440 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,588 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,198 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,830 | |||
Total Carrying Value | 103,028 | 103,028 | ||
Accumulated Depreciation | 53,704 | 53,704 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 103,028 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 53,704 | |||
United Dominion Reality L.P. | BALTIMORE, MD | Calvert’s Walk | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,408 | |||
Initial Costs, Buildings and Improvements | 24,692 | |||
Total Initial Acquisition Costs | 29,100 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,029 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,229 | |||
Total Carrying Value | 37,129 | 37,129 | ||
Accumulated Depreciation | 22,913 | 22,913 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 37,129 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,913 | |||
United Dominion Reality L.P. | BALTIMORE, MD | 20 Lambourne | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,750 | |||
Initial Costs, Buildings and Improvements | 45,590 | |||
Total Initial Acquisition Costs | 57,340 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,559 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,298 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,601 | |||
Total Carrying Value | 65,899 | 65,899 | ||
Accumulated Depreciation | 30,791 | 30,791 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 65,899 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,791 | |||
United Dominion Reality L.P. | NORTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 110,030 | |||
Initial Costs, Buildings and Improvements | 536,413 | |||
Total Initial Acquisition Costs | 646,443 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 31,942 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 110,852 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 567,533 | |||
Total Carrying Value | 678,385 | 678,385 | ||
Accumulated Depreciation | 209,620 | 209,620 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 678,385 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 209,620 | |||
United Dominion Reality L.P. | NEW YORK, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 99,069 | |||
Initial Costs, Buildings and Improvements | 485,238 | |||
Total Initial Acquisition Costs | 584,307 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,425 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 99,672 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 507,060 | |||
Total Carrying Value | 606,732 | 606,732 | ||
Accumulated Depreciation | 184,678 | 184,678 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 606,732 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 184,678 | |||
United Dominion Reality L.P. | NEW YORK, NY | 10 Hanover Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 41,432 | |||
Initial Costs, Buildings and Improvements | 218,983 | |||
Total Initial Acquisition Costs | 260,415 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,957 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,658 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,714 | |||
Total Carrying Value | 273,372 | 273,372 | ||
Accumulated Depreciation | 78,792 | 78,792 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 273,372 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 78,792 | |||
United Dominion Reality L.P. | NEW YORK, NY | 95 Wall Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 57,637 | |||
Initial Costs, Buildings and Improvements | 266,255 | |||
Total Initial Acquisition Costs | 323,892 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,468 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 58,014 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 275,346 | |||
Total Carrying Value | 333,360 | 333,360 | ||
Accumulated Depreciation | 105,886 | 105,886 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 333,360 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 105,886 | |||
United Dominion Reality L.P. | BOSTON, MA | ||||
Real Estate and Accumulated Depreciation | ||||
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 | 9,517 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,180 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,473 | |||
Total Carrying Value | 71,653 | 71,653 | ||
Accumulated Depreciation | 24,942 | 24,942 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,653 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,942 | |||
United Dominion Reality L.P. | BOSTON, MA | 14 North | ||||
Real Estate and Accumulated Depreciation | ||||
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 | 9,517 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,180 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,473 | |||
Total Carrying Value | 71,653 | 71,653 | ||
Accumulated Depreciation | 24,942 | 24,942 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,653 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,942 | |||
United Dominion Reality L.P. | SOUTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 63,337 | |||
Initial Costs, Land and Land Improvements | 45,330 | |||
Initial Costs, Buildings and Improvements | 163,328 | |||
Total Initial Acquisition Costs | 208,658 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 126,153 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 56,161 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 278,650 | |||
Total Carrying Value | 334,811 | 334,811 | ||
Accumulated Depreciation | 200,833 | 200,833 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 334,811 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 200,833 | |||
United Dominion Reality L.P. | NASHVILLE, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 23,550 | |||
Initial Costs, Land and Land Improvements | 10,791 | |||
Initial Costs, Buildings and Improvements | 46,919 | |||
Total Initial Acquisition Costs | 57,710 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 87,076 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,581 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 127,205 | |||
Total Carrying Value | 144,786 | 144,786 | ||
Accumulated Depreciation | 93,539 | 93,539 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,786 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 93,539 | |||
United Dominion Reality L.P. | NASHVILLE, TN | Legacy Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,148 | |||
Initial Costs, Buildings and Improvements | 5,867 | |||
Total Initial Acquisition Costs | 7,015 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,844 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,887 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,972 | |||
Total Carrying Value | 16,859 | 16,859 | ||
Accumulated Depreciation | 12,130 | 12,130 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,859 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,130 | |||
United Dominion Reality L.P. | NASHVILLE, TN | Hickory Run | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,469 | |||
Initial Costs, Buildings and Improvements | 11,584 | |||
Total Initial Acquisition Costs | 13,053 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,771 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,322 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,502 | |||
Total Carrying Value | 23,824 | 23,824 | ||
Accumulated Depreciation | 15,164 | 15,164 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,824 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,164 | |||
United Dominion Reality L.P. | NASHVILLE, TN | Brookridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 708 | |||
Initial Costs, Buildings and Improvements | 5,461 | |||
Total Initial Acquisition Costs | 6,169 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,490 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,371 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,288 | |||
Total Carrying Value | 12,659 | 12,659 | ||
Accumulated Depreciation | 7,975 | 7,975 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,659 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,975 | |||
United Dominion Reality L.P. | NASHVILLE, TN | Breckenridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 766 | |||
Initial Costs, Buildings and Improvements | 7,714 | |||
Total Initial Acquisition Costs | 8,480 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,871 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,435 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,916 | |||
Total Carrying Value | 14,351 | 14,351 | ||
Accumulated Depreciation | 9,110 | 9,110 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,351 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,110 | |||
United Dominion Reality L.P. | NASHVILLE, TN | Polo Park | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 23,550 | |||
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 | 17,190 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,856 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,210 | |||
Total Carrying Value | 38,066 | 38,066 | ||
Accumulated Depreciation | 25,178 | 25,178 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 38,066 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,178 | |||
United Dominion Reality L.P. | NASHVILLE, TN | Carrington Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,117 | |||
Total Initial Acquisition Costs | 2,117 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 36,910 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,710 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,317 | |||
Total Carrying Value | 39,027 | 39,027 | ||
Accumulated Depreciation | 23,982 | 23,982 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,027 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,982 | |||
United Dominion Reality L.P. | TAMPA, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 18,571 | |||
Initial Costs, Buildings and Improvements | 60,008 | |||
Total Initial Acquisition Costs | 78,579 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 26,926 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,834 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 83,671 | |||
Total Carrying Value | 105,505 | 105,505 | ||
Accumulated Depreciation | 61,984 | 61,984 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 105,505 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,984 | |||
United Dominion Reality L.P. | TAMPA, FL | Inlet Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,702 | |||
Initial Costs, Buildings and Improvements | 23,150 | |||
Total Initial Acquisition Costs | 30,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,391 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,092 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,151 | |||
Total Carrying Value | 48,243 | 48,243 | ||
Accumulated Depreciation | 30,024 | 30,024 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,243 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,024 | |||
United Dominion Reality L.P. | TAMPA, FL | MacAlpine Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,869 | |||
Initial Costs, Buildings and Improvements | 36,858 | |||
Total Initial Acquisition Costs | 47,727 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,535 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,742 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,520 | |||
Total Carrying Value | 57,262 | 57,262 | ||
Accumulated Depreciation | 31,960 | 31,960 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 57,262 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,960 | |||
United Dominion Reality L.P. | OTHER FLORIDA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,787 | |||
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 | 12,151 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,746 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,774 | |||
Total Carrying Value | 84,520 | 84,520 | ||
Accumulated Depreciation | 45,310 | 45,310 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,520 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 45,310 | |||
United Dominion Reality L.P. | OTHER FLORIDA | The Reserve and Park at Riverbridge | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 39,787 | |||
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 | 12,151 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,746 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,774 | |||
Total Carrying Value | 84,520 | 84,520 | ||
Accumulated Depreciation | 45,310 | 45,310 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,520 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 45,310 | |||
United Dominion Reality L.P. | SOUTHWEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,672 | |||
Total Carrying Value | 139,264 | 139,264 | ||
Accumulated Depreciation | 1,721 | 1,721 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 139,264 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,721 | |||
United Dominion Reality L.P. | DENVER, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,672 | |||
Total Carrying Value | 139,264 | 139,264 | ||
Accumulated Depreciation | 1,721 | 1,721 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 139,264 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,721 | |||
United Dominion Reality L.P. | DENVER, CO | Steele Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 130,672 | |||
Total Carrying Value | 139,264 | 139,264 | ||
Accumulated Depreciation | 1,721 | $ 1,721 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 139,264 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | $ 1,721 |