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Secured Debt (Tables)
 6 Months Ended
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