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Unsecured Debt | 6 Months Ended
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Jun. 30, 2012
Debt Disclosure [Abstract] |
UNSECURED DEBT | UNSECURED DEBT A summary of unsecured debt as of June 30, 2012 and December 31, 2011 is as follows (dollars in thousands):
| June 30, 2012 |  | December 31, 2011
Commercial Bank |  |  |
Borrowings outstanding under an unsecured credit facility due October 2015 (a), (d) | $ | — |  |  | $ | 421,000 |
Senior Unsecured Notes |  |  |
4.63% Medium-Term Notes due January 2022 (net of discount of $3,420) (b), (d) | 396,580 |  |  | — |
1.67% Term Notes due December 2016 (c), (d) | 35,000 |  |  | 100,000 |
2.68% Term Notes due December 2016 (c), (d) | 65,000 |  |  | — |
6.05% Medium-Term Notes due June 2013 | 122,500 |  |  | 122,500 |
5.13% Medium-Term Notes due January 2014 | 184,000 |  |  | 184,000 |
5.50% Medium-Term Notes due April 2014 (net of discount of $123 and $157) | 128,377 |  |  | 128,343 |
5.25% Medium-Term Notes due January 2015 (includes discount of $327 and $390) | 324,848 |  |  | 324,785 |
5.25% Medium-Term Notes due January 2016 | 83,260 |  |  | 83,260 |
2.90% Term Notes due January 2016 (d) | 250,000 |  |  | 250,000 |
8.50% Debentures due September 2024 | 15,644 |  |  | 15,644 |
4.25% Medium-Term Notes due June 2018 (net of discount of $2,536 and $2,751) (d) | 297,464 |  |  | 297,249 |
5.00% Medium-Term Notes due January 2012 | — |  |  | 100,000 |
Other | 34 |  |  | 36 |
| 1,902,707 |  |  | 1,605,817 |
| $ | 1,902,707 |  |  | $ | 2,026,817 |
(a) | The Company has a $900 million unsecured revolving credit facility. The unsecured credit facility has an initial term of four years and includes a one-year extension option. It contains an accordion feature that allows the Company to increase the facility to $1.35 billion. The credit facility carries an interest rate equal to LIBOR plus a spread of 122.5 basis points and a facility fee of 22.5 basis points.
(b) | On January 10, 2012, the Company issued $400 million aggregate principal amount of 4.625% Medium Term Notes due January 2022. Interest is payable semiannually beginning in July 2012. The notes were priced at 99.100% of the principal amount plus accrued interest from January 10, 2012 to yield 4.739% to maturity. The notes are fully and unconditionally guaranteed by the Operating Partnership.
(c) | During the three months ended June 30, 2012, the Company entered into an interest rate swap agreement for a portion of the $100 million term notes, which carries a fixed interest rate of 2.68% at June 30, 2012.
(d) | The Operating Partnership is a guarantor at June 30, 2012 and December 31, 2011.
The following is a summary of short-term bank borrowings under UDR’s bank credit facility at June 30, 2012 and December 31, 2011 (dollars in thousands):
| June 30, 2012 |  | December 31, 2011
Total revolving credit facility | $ | 900,000 |  |  | $ | 900,000 |
Borrowings outstanding at end of period (1) | — |  |  | 421,000 |
Weighted average daily borrowings during the period ended | 319,923 |  |  | 227,498 |
Maximum daily borrowings during the period ended | 788,000 |  |  | 450,000 |
Weighted average interest rate during the period ended | 1.5 | % |  | 1.0 | %
Interest rate at end of the period | N/A |  |  | 1.5 | %
(1) | Excludes $4.1 million of letters of credit at June 30, 2012.
The aggregate maturities of unsecured debt for the next five calendar years subsequent to June 30, 2012 are as follows (dollars in thousands):
Year |  | Commercial Bank Line |  | Senior Unsecured Notes |  | Total Unsecured
2012 |  | $ | — |  |  | $ | — |  |  | $ | — |
2013 |  | — |  |  | 121,530 |  |  | 121,530 |
2014 |  | — |  |  | 311,574 |  |  | 311,574 |
2015 |  | — |  |  | 324,388 |  |  | 324,388 |
2016 |  | — |  |  | 432,483 |  |  | 432,483 |
Thereafter |  | — |  |  | 712,732 |  |  | 712,732 |
Total |  | $ | — |  |  | $ | 1,902,707 |  |  | $ | 1,902,707 |
We were in compliance with the covenants of our debt instruments

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- Definition Information about unsecured debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, and any other contractual agreement to repay funds, and about the underlying arrangements, repayment terms, interest rates- fixed and variable, collateral provided, restrictions on activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants, if any. + References No definition available. + Details
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- Details
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