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Secured Debt (Tables) | 6 Months Ended
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Jun. 30, 2012
Debt Disclosure [Abstract] |
Secured debt instruments | For purposes of classification of 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 Company having effectively established a fixed interest rate for the underlying debt instrument. Secured debt, including debt related to real estate held for sale, which encumbers $2.3 billion or 29.8% of UDR’s total real estate owned based upon gross book value ($5.4 billion or 70.2% of UDR’s real estate owned based on gross book value is unencumbered) consists of the following as of June 30, 2012 (dollars in thousands):
| Principal Outstanding |  | For the Six Months Ended June 30,
| June 30, 2012 |  | December 31, 2011 |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity |  | Number of Communities Encumbered
Fixed Rate Debt |  |  |  |  |  |  |  |  |
Mortgage notes payable | $ | 466,266 |  |  | $ | 590,208 |  |  | 5.31 | % |  | 3.8 |  |  | 9 |
Fannie Mae credit facilities | 632,571 |  |  | 744,509 |  |  | 5.12 | % |  | 6.3 |  |  | 23 |
Total fixed rate secured debt | 1,098,837 |  |  | 1,334,717 |  |  | 5.20 | % |  | 5.2 |  |  | 32 |
Variable Rate Debt |  |  |  |  |  |  |  |  |
Mortgage notes payable | 37,415 |  |  | 151,685 |  |  | 1.06 | % |  | 1.0 |  |  | 2 |
Tax-exempt secured notes payable | 94,700 |  |  | 94,700 |  |  | 0.85 | % |  | 10.1 |  |  | 2 |
Fannie Mae credit facilities | 211,409 |  |  | 310,451 |  |  | 2.08 | % |  | 6.1 |  |  | 7 |
Total variable rate secured debt | 343,524 |  |  | 556,836 |  |  | 1.63 | % |  | 6.6 |  |  | 11 |
Total secured debt | $ | 1,442,361 |  |  | $ | 1,891,553 |  |  | 4.35 | % |  | 5.6 |  |  | 43 |
Secured credit facilities | UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $932.8 million at June 30, 2012. The Fannie Mae credit facilities are for an initial term of 10 years and bear interest at floating and fixed rates. We have $632.6 million of the outstanding balance fixed at a weighted average interest rate of 5.12% and the remaining balance on these facilities is currently at a weighted average variable interest rate of 2.08%. Further information related to these credit facilities is as follows: (dollars amounts in thousands):
| June 30, 2012 |  | December 31, 2011
Borrowings outstanding | $ | 843,980 |  |  | $ | 1,054,960 |
Weighted average borrowings during the period ended | 964,520 |  |  | 1,139,588 |
Maximum daily borrowings during the period ended | 1,054,735 |  |  | 1,157,557 |
Weighted average interest rate during the period ended | 4.3 | % |  | 4.4 | %
Weighted average interest rate at the end of the period | 4.4 | % |  | 4.1 | %
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments, of our secured debt due during each of the next five calendar years subsequent to June 30, 2012 are as follows (dollars in thousands):
| Fixed |  | Variable |  |
Year | Mortgage Notes |  | Credit Facilities |  | Mortgage Notes |  | Tax-Exempt Notes Payable |  | Credit Facilities |  | Total Secured
2012 | $ | 10,790 |  |  | $ | 1,493 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12,283 |
2013 | 9,777 |  |  | 3,144 |  |  | 37,415 |  |  | — |  |  | — |  |  | 50,336 |
2014 | 44,352 |  |  | 3,328 |  |  | — |  |  | — |  |  | — |  |  | 47,680 |
2015 | 193,893 |  |  | 3,523 |  |  | — |  |  | — |  |  | — |  |  | 197,416 |
2016 | 132,652 |  |  | 3,702 |  |  | — |  |  | — |  |  | — |  |  | 136,354 |
Thereafter | 74,802 |  |  | 617,381 |  |  | — |  |  | 94,700 |  |  | 211,409 |  |  | 998,292 |
Total | $ | 466,266 |  |  | $ | 632,571 |  |  | $ | 37,415 |  |  | $ | 94,700 |  |  | $ | 211,409 |  |  | $ | 1,442,361 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph f Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 470 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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