Unsecured Debt (Tables)

6 Months Ended

Jun. 30, 2012

A summary of unsecured debt as of June 30, 2012 and December 31, 2011 is as follows (dollars in thousands):



	June 30, 2012		December 31, 2011
Commercial Bank
Borrowings outstanding under an unsecured credit facility due October 2015 (a), (d)	$	—	$	421,000

Senior Unsecured Notes
4.63% Medium-Term Notes due January 2022 (net of discount of $3,420) (b), (d)	396,580		—
1.67% Term Notes due December 2016 (c), (d)	35,000		100,000
2.68% Term Notes due December 2016 (c), (d)	65,000		—
6.05% Medium-Term Notes due June 2013	122,500		122,500
5.13% Medium-Term Notes due January 2014	184,000		184,000
5.50% Medium-Term Notes due April 2014 (net of discount of $123 and $157)	128,377		128,343
5.25% Medium-Term Notes due January 2015 (includes discount of $327 and $390)	324,848		324,785
5.25% Medium-Term Notes due January 2016	83,260		83,260
2.90% Term Notes due January 2016 (d)	250,000		250,000
8.50% Debentures due September 2024	15,644		15,644
4.25% Medium-Term Notes due June 2018 (net of discount of $2,536 and $2,751) (d)	297,464		297,249
5.00% Medium-Term Notes due January 2012	—		100,000
Other	34		36
	1,902,707		1,605,817
	$	1,902,707	$	2,026,817

(a)

The Company has a $900 million unsecured revolving credit facility. The unsecured credit facility has an initial term of four years and includes a one-year extension option. It contains an accordion feature that allows the Company to increase the facility to $1.35 billion. The credit facility carries an interest rate equal to LIBOR plus a spread of 122.5 basis points and a facility fee of 22.5 basis points.


(b)	On January 10, 2012, the Company issued $400 million aggregate principal amount of 4.625% Medium Term Notes due January 2022. Interest is payable semiannually beginning in July 2012. The notes were priced at 99.100% of the principal amount plus accrued interest from January 10, 2012 to yield 4.739% to maturity. The notes are fully and unconditionally guaranteed by the Operating Partnership.


(c)	During the three months ended June 30, 2012, the Company entered into an interest rate swap agreement for a portion of the $100 million term notes, which carries a fixed interest rate of 2.68% at June 30, 2012.


(d)	The Operating Partnership is a guarantor at June 30, 2012

Summary of short-term bank borrowings under bank credit facility

antor at June 30, 2012 and December 31, 2011.

The following is a summary of short-term bank borrowings under UDR’s bank credit facility at June 30, 2012 and December 31, 2011 (dollars in thousands):



	June 30, 2012			December 31, 2011
Total revolving credit facility	$	900,000		$	900,000
Borrowings outstanding at end of period (1)	—			421,000
Weighted average daily borrowings during the period ended	319,923			227,498
Maximum daily borrowings during the period ended	788,000			450,000
Weighted average interest rate during the period ended	1.5		%	1.0		%
Interest rate at end of the period	N/A			1.5		%


(1)	Excludes $4.1 million of letters of credit

Aggregate maturities of unsecured debt

at June 30, 2012.

The aggregate maturities of unsecured debt for the next five calendar years subsequent to June 30, 2012 are as follows (dollar