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Discontinued Operations (UNITED DOMINION REALTY, L.P.)
 6 Months Ended
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