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Discontinued Operations (UNITED DOMINION REALTY, L.P.) | 6 Months Ended
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Jun. 30, 2012
Entity Information [Line Items] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Discontinued operations represent properties that UDR has either sold or which management believes meet the criteria to be classified as held for sale. In order to be classified as held for sale and reported as discontinued operations, a property’s operations and cash flows have been or will be divested to a third party by the Company whereby UDR will not have any continuing involvement in the ownership or operation of the property after the sale or disposition. The results of operations of the property are presented as discontinued operations for all periods presented and do not impact the net earnings reported by the Company. Once a property is deemed as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria of held for sale, the Company will recapture any unrecorded depreciation for the property. The assets and liabilities of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. During the three and six months ended June 30, 2012 , the Company sold 15 communities with 4,931 apartment homes and 21 communities with 6,507 apartment homes, respectively. During three and six months ended June 30, 2011, the Company sold seven communities with 1,707 apartment homes, which included six communities (1,418 homes) sold in conjunction with an asset exchange. The Company had no communities that met the criteria to be classified as held for sale and included in discontinued operations at June 30, 2012. During the three and six months ended June 30, 2012, UDR recognized gains (before tax) on the sale of communities for financial reporting purposes of $180.9 million and $261.4 million during the three and six months ended June 30, 2012, respectively, and $44.7 million during the three and six months ended June 30, 2011, which are included in discontinued operations. The results of operations for the following properties are classified on the Consolidated Statements of Operations in the line item entitled “Income from discontinued operations.” Discontinued operations for three and six months ended June 30, 2011 also includes operating activities related to 11 communities (2,781 homes) sold during the last two quarters of 2011. The following is a summary of income from discontinued operations for the three and six months ended June 30, 2012 and 2011 (dollars in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Rental income | $ | 13,215 |  |  | $ | 26,581 |  |  | $ | 30,316 |  |  | $ | 59,271 |
Rental expenses | 4,637 |  |  | 9,989 |  |  | 10,566 |  |  | 22,102 |
Other operating expenses | — |  |  | — |  |  | — |  |  | 23 |
Property management fee | 364 |  |  | 731 |  |  | 834 |  |  | 1,630 |
Real estate depreciation | — |  |  | 11,253 |  |  | 6,340 |  |  | 25,153 |
Interest | — |  |  | 184 |  |  | — |  |  | 1,744 |
Non-property expense | 791 |  |  | 43 |  |  | 791 |  |  | 88 |
| 5,792 |  |  | 22,200 |  |  | 18,531 |  |  | 50,740 |
Income before net gain on the sale of depreciable property | 7,423 |  |  | 4,381 |  |  | 11,785 |  |  | 8,531 |
Gain on the sale of depreciable property | 180,856 |  |  | 44,658 |  |  | 261,381 |  |  | 44,699 |
Income tax expense | (8,850 | ) |  | — |  |  | (8,850 | ) |  | — |
Income from discontinued operations | $ | 179,429 |  |  | $ | 49,039 |  |  | $ | 264,316 |  |  | $ | 53,230 |
United Dominion Reality L.P. [Member] |
Entity Information [Line Items] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Discontinued operations represent properties that the Operating Partnership has either sold or which management believes meet the criteria to be classified as held for sale. In order to be classified as held for sale and reported as discontinued operations, a property’s operations and cash flows have or will be divested to a third party by the Operating Partnership whereby the Operating Partnership will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. The results of operations of the property are presented as discontinued operations for all periods presented and do not impact the net earnings reported by the Operating Partnership. Once a property is deemed as held for sale, depreciation is no longer recorded. However, if the Operating Partnership determines that the property no longer meets the criteria of held for sale, the Operating Partnership will recapture any unrecorded depreciation for the property. The assets and liabilities of properties deemed as held for sale are presented separately on the Consolidated Balance Sheets. Properties deemed as held for sale are reported at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. During the three and six months ended June 30, 2012, the Operating Partnership sold four communities with 1,314 apartment homes. During the three and six months ended June 30, 2011, the Operating Partnership sold four communities with 984 apartment homes in conjunction with an asset exchange. At June 30, 2012, the Operating Partnership had no communities that met the criteria to be classified as held for sale and included in discontinued operations. During the three and six months ended June 30, 2012 and 2011, the Operating Partnership recognized a gain on the sale of communities for financial reporting purposes of $51.3 million and $51.2 million and $16.0 million and $16.0 million, which is included in discontinued operations. Discontinued operations for the three and six months ended June 30, 2011 also includes operating activities related to four communities (984 homes) sold during the last two quarters of 2011. The results of operations for these properties are classified in the Consolidated Statements of Operations in the line item entitled “Income from discontinued operations.” The following is a summary of income from discontinued operations for the three and six months ended June 30, 2012 and 2011 (dollars in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2012 |  | 2011 |  | 2012 |  | 2011
Rental income | $ | 3,377 |  |  | $ | 7,749 |  |  | $ | 6,750 |  |  | $ | 19,447 |
Rental expenses | 1,178 |  |  | 3,005 |  |  | 2,247 |  |  | 7,288 |
Property management fee | 93 |  |  | 214 |  |  | 186 |  |  | 510 |
Other operating expenses | — |  |  | 43 |  |  | — |  |  | 111 |
Real estate depreciation | — |  |  | 2,708 |  |  | 1,205 |  |  | 6,998 |
Interest | — |  |  | 64 |  |  | — |  |  | 815 |
| 1,271 |  |  | 6,034 |  |  | 3,638 |  |  | 15,722 |
Income before net gain on the sale of property | 2,106 |  |  | 1,715 |  |  | 3,112 |  |  | 3,725 |
Net gain on the sale of property | 51,266 |  |  | 16,038 |  |  | 51,182 |  |  | 16,038 |
Income from discontinued operations | $ | 53,372 |  |  | $ | 17,753 |  |  | $ | 54,294 |  |  | $ | 19,763 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 + Details
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