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Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 6 Months Ended
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Jun. 30, 2012
Entity Information [Line Items] |
REAL ESTATE OWNED | 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 sold properties. As of June 30, 2012, the Company owned and consolidated 145 communities in 10 states plus the District of Columbia totaling 41,681 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2012 and December 31, 2011 (dollar amounts in thousands):
| June 30, 2012 |  | December 31, 2011
Land | $ | 1,856,026 |  |  | $ | 1,821,762 |
Depreciable property — held and used: |  |  |
Building and improvements | 5,362,012 |  |  | 5,203,484 |
Furniture, fixtures and equipment | 261,201 |  |  | 244,101 |
Under development: |  |  |
Land | 104,105 |  |  | 115,198 |
Construction in progress | 177,901 |  |  | 131,601 |
Sold or held for sale: |  |  |
Land | — |  |  | 98,340 |
Building and improvements | — |  |  | 410,123 |
Furniture, fixtures and equipment | — |  |  | 49,862 |
Real estate owned | 7,761,245 |  |  | 8,074,471 |
Accumulated depreciation | (1,769,530 | ) |  | (1,831,727 | )
Real estate owned, net | $ | 5,991,715 |  |  | $ | 6,242,744 |
On April 27, 2012, the Company acquired the remaining 80% ownership interests in two apartment communities (633 homes) for $11.7 million from an unaffiliated member of one our joint ventures. (See Note 5, Joint Ventures.) Total acquisition value of these communities at the acquisition date was recorded $10.1 million to land; $35.9 million to buildings and improvements; $1.5 million to furniture, fixtures, and equipment; $1.5 million to intangible assets; and $38.1 million to assumed debt and liabilities. The Company records the fair value of the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. When recording the acquisition of a community, the Company first assigns 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 primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. All development projects and related carrying costs are capitalized and reported on the Consolidated Balance Sheets as “Real estate under development.” The costs of development projects which include interest, real estate taxes, insurance and allocated development overhead related to support costs for personnel working directly on the development are capitalized during the construction period. These costs, excluding the direct costs of development and capitalized interest for the three and six months ended June 30, 2012 and 2011 were $2.0 million and $4.7 million and $1.8 million and $5.9 million, respectively. During the three and six months ended June 30, 2012 and 2011, total capitalized interest was $5.1 million and $10.0 million, and $3.5 million and $6.1 million, respectively.
United Dominion Reality L.P. [Member] |
Entity Information [Line Items] |
REAL ESTATE OWNED | REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consists of income producing operating properties, properties held for sale, properties under development, and land held for future development. At June 30, 2012, the Operating Partnership owned and consolidated 73 communities in eight states plus the District of Columbia totaling 21,846 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2012 and December 31, 2011 (dollar amounts in thousands):
| June 30, 2012 |  | December 31, 2011
Land | $ | 1,013,083 |  |  | $ | 1,008,077 |
Depreciable property — held and used: |  |  |
Buildings and improvements | 2,978,823 |  |  | 2,942,125 |
Furniture, fixtures and equipment | 115,687 |  |  | 111,392 |
Sold: |  |  |
Land | — |  |  | 13,449 |
Buildings and improvements | — |  |  | 93,127 |
Furniture, fixtures and equipment | — |  |  | 9,035 |
Under development: |  |  |
Land | 16,385 |  |  | 16,385 |
Construction in progress | 13,980 |  |  | 10,408 |
Land held for future development | 1,300 |  |  | 1,300 |
Real estate owned | 4,139,258 |  |  | 4,205,298 |
Accumulated depreciation | (1,015,594 | ) |  | (976,358 | )
Real estate owned, net | $ | 3,123,664 |  |  | $ | 3,228,940 |
The Operating Partnership did not have any acquisitions during the three and six months ended June 30, 2012. During the three and six months ended June 30, 2011, the Operating Partnership acquired three communities with 1,326 apartment homes. All development projects and related carrying costs are capitalized and reported on the Consolidated Balance Sheets as “Real estate under development.” The costs of development projects which include interest, real estate taxes, insurance and allocated development overhead related to support costs for personnel working directly on the development site are capitalized during the construction period. These costs, excluding the direct costs of development and capitalized interest for the three and six months ended June 30, 2012 and 2011 were $344,000 and $883,000 and $324,000 and $1.4 million, respectively. During the three and six months ended June 30, 2012 and 2011, total capitalized interest was $680,000 and $1.3 million and $503,000 and $911,000, respectively.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 67 -Paragraph 4, 5, 6, 7 -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 04-2 -Paragraph 41, 63, 64 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Chapter V -Section 563c.102 -Paragraph 11 -Subsection I -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy. 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Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-DEP -Chapter 11 -Paragraph 2, 6, 9-11, 18, 20 -IssueDate 2006-05-01 -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 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 66 -Paragraph 4, 5, 37, 50, 59, 65, 95, 97 -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 17: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 75-2 -Paragraph 47, 51, 52 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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