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Discontinued Operations (UNITED DOMINION REALTY, L.P.)
 3 Months Ended
Mar. 31, 2013
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.
There were no sales during the three months ended March 31, 2013. During the three months ended March 31, 2012, the Company sold six communities with 1,576 apartment homes. The Company had no communities that met the criteria to be classified as held for sale and included in discontinued operations at March 31, 2013. During the three months ended March 31, 2012, UDR recognized gains (before tax) on the sale of communities for financial reporting purposes of $80.5 million, which are included in discontinued operations. The results of operations for sold properties are classified on the Consolidated Statements of Operations in the line item entitled “Income from discontinued operations, net of tax.” Discontinued operations for the three months ended March 31, 2012 also includes operating activities related to 14 communities (4,918 homes) sold during the second quarter of 2012.
The following is a summary of Income from discontinued operations, net of tax for the three months ended March 31, 2013 and 2012 (dollars in thousands):
 
Three Months Ended March 31,
 
2013
 
2012
Rental income
$
—

 
$
17,101

 
 
 
 
Rental expenses
—

 
5,929

Property management
—

 
470

Real estate depreciation
—

 
6,340

 
—

 
12,739

Income before net gain on the sale of depreciable property
—

 
4,362

Net gain on the sale of depreciable property, net of tax
—

 
80,525

Income from discontinued operations, net of tax
$
—

 
$
84,887
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 months ended March 31, 2013 and 2012, the Operating Partnership did not dispose of any communities. At March 31, 2013, 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 months ended March 31, 2013 and 2012, the Operating Partnership recognized a net loss on the sale of communities for financial reporting purposes of $0 and $84,000, respectively, which is included in discontinued operations. Discontinued operations for the three months ended March 31, 2012 also includes operating activities related to four communities (1,314 homes) sold during the second quarter of 2012. 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 months ended March 31, 2013 and 2012 (dollars in thousands):
 
Three Months Ended March 31,
 
2013
 
2012
Rental income
$
—

 
$
3,373

 
 
 
 
Rental expenses
—

 
1,069

Property management
—

 
93

Real estate depreciation
—

 
1,205

 
—

 
2,367

Income before net loss on the sale of depreciable property
—

 
1,006

Net loss on the sale of depreciable property
—

 
(84
)
Income from discontinued operations
$
—

 
$
922