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Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables)
 6 Months Ended
Jun. 30, 2012
Entity Information [Line Items]  
Outstanding interest rate derivatives
As of June 30, 2012, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):
Interest Rate Derivative
 
Number of Instruments
 
Notional
Interest rate swaps
 
13

 
$
509,787

Interest rate caps
 
5

 
274,291

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a gain/(loss) of $(7,000) and $291,000 and $86,000 and $36,000 for the three and six months ended June 30, 2012 and 2011, respectively. As of June 30, 2012, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollar amounts in thousands):
Product
 
Number of Instruments
 
Notional
Interest rate caps
 
3

 
$
172,697
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011 (amounts in thousands):
 
Asset Derivatives
 
Liability Derivatives
 
 
 
Fair Value at:
 
 
 
Fair Value at:
 
Balance
Sheet Location
 
June 30,
2012
 
December 31,
2011
 
Balance
Sheet Location
 
June 30,
2012
 
December 31,
2011
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
Other assets
 
$
15

 
$
71

 
Other liabilities
 
$
13,404

 
$
13,660

Total
 
 
$
15

 
$
71

 
 
 
$
13,404

 
$
13,660

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
Other assets
 
$
2

 
$
18

 
Other liabilities
 
$
—

 
$
—

Total
 
 
$
2

 
$
18

 
 
 
$
—

 
$
—
Effect of Company's derivative financial instruments on Consolidated Statements of Operation
The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2012 and 2011 (dollar amounts in thousands):

 
 
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
 
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships
 
2012
 
2011
 
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
 
$
(1,533
)
 
$
(9,276
)
 
 
 
$
(1,897
)
 
$
(2,441
)
 
 
 
$
—

 
$
—

Total
 
$
(1,533
)
 
$
(9,276
)
 
Interest expense
 
$
(1,897
)
 
$
(2,441
)
 
Interest expense
 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
 
$
(3,492
)
 
$
(7,903
)
 
Interest expense
 
$
(3,752
)
 
$
(4,350
)
 
Interest expense
 
$
—

 
$
—

Total
 
$
(3,492
)
 
$
(7,903
)
 
 
 
$
(3,752
)
 
$
(4,350
)
 
 
 
$
—

 
$
—
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations
Derivatives Not Designated as Hedging Instruments
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
Amount of Gain or (Loss) Recognized in Income on Derivative
2012
 
2011
 
 
 
 
 
 
 
For the Three Months Ended June 30,
 
 
 
 
 
 
Interest rate products
 
Other income/(expense)
 
$
(7
)
 
$
86

Total
 
 
 
$
(7
)
 
$
86

 
 
 
 
 
 
 
For the Six Months Ended June 30,
 
 
 
 
 
 
Interest rate products
 
Other income/(expense)
 
$
291

 
$
36

Total
 
 
 
$
291

 
$
36
United Dominion Reality L.P. [Member]
  
Entity Information [Line Items]  
Outstanding interest rate derivatives
As of June 30, 2012, the Operating Partnership had the following outstanding interest rate derivatives designated as cash flow hedges of interest rate risk (dollar amounts in thousands):
Interest Rate Derivative
 
Number of Instruments
 
Notional
Interest rate swaps
 
4

 
$
173,781

Interest rate caps
 
5

 
$
247,202

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of $5,000 and $7,000 and $94,000 and $116,000 for the three and six months ended June 30, 2012 and 2011, respectively.
As of June 30, 2012, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollar amounts in thousands):
Product
 
Number of Instruments
 
Notional
Interest rate caps
 
2

 
$
95,907
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2012 and December 31, 2011.
 
Asset Derivatives
 
Liability Derivatives
 
 
 
Fair Value at:
 
 
 
Fair Value at:
 
Balance
Sheet Location
 
June 30,
2012
 
December 31,
2011
 
Balance
Sheet Location
 
June 30,
2012
 
December 31,
2011
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
Other assets
 
$
11

 
$
64

 
Other liabilities
 
$
5,898

 
$
6,207

Total
 
 
$
11

 
$
64

 
 
 
$
5,898

 
$
6,207

 
 
 
 
 
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
Other assets
 
$
1

 
$
7

 
Other liabilities
 
$
—

 
$
—

Total
 
 
$
1

 
$
7

 
 
 
$
—

 
$
—
Effect of Company's derivative financial instruments on Consolidated Statements of Operation
The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2012 and 2011 (dollar amounts in thousands):

 
 
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
 
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
 
 
 
Derivatives in Cash Flow Hedging Relationships
 
 
 
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
 
2012
 
2011
 
 
2012
 
2011
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate products
 
$
(701
)
 
$
(3,108
)
 
 
 
$
(850
)
 
$
(1,212
)
Total
 
$
(701
)
 
$
(3,108
)
 
Interest expense
 
$
(850
)
 
$
(1,212
)
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30,
 
 
 
 
 
 
 
 
 
 
Interest rate products
 
$
(1,370
)
 
$
(2,838
)
 
Interest expense
 
$
(1,682
)
 
$
(2,381
)
Total
 
$
(1,370
)
 
$
(2,838
)
 
 
 
$
(1,682
)
 
$
(2,381
)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations
 
Derivatives Not Designated as Hedging Instruments
 
Location of Gain or (Loss) Recognized in Income on Derivative
 
Amount of Gain or (Loss) Recognized in Income on Derivative
 
 
2012
 
2011
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30,
 
 
 
 
 
 
 
Interest rate products
 
Other income/(expense)
 
$
(5
)
 
$
(94
)
 
Total
 
 
 
$
(5
)
 
$
(94
)
 
For the Six Months Ended June 30,
 
 
 
 
 
 
 
Interest rate products
 
Other income/(expense)
 
$
(7
)
 
$
(116
)
 
Total
 
 
 
$
(7
)
 
$
(116
)