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Debt (UNITED DOMINION REALTY, L.P.) (Tables)

3 Months Ended

Mar. 31, 2013

Entity Information [Line Items]

Secured debt instruments

The following is a summary of our secured and unsecured debt at March 31, 2013 and December 31, 2012 (amounts in thousands):

	Principal Outstanding								For the Three Months Ended March 31, 2013
									Weighted Average Interest Rate			Weighted Average Years to Maturity			Number of Communities Encumbered
	March 31, 2013				December 31, 2012
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	453,076			$	455,533			5.41	%		3.3			8
Fannie Mae credit facilities (c)	629,063				631,078				5.11	%		5.6			23
Total fixed rate secured debt	1,082,139				1,086,611				5.24	%		4.6			31
Variable Rate Debt
Mortgage notes payable (b)	37,415				37,415				1.09	%		0.3			2
Tax-exempt secured notes payable (d)	94,700				94,700				0.87	%		9.9			2
Fannie Mae credit facilities (c)	211,409				211,409				2.06	%		5.3			7
Total variable rate secured debt	343,524				343,524				1.63	%		6.1			11
Total Secured Debt	1,425,663				1,430,135				4.37	%		5.0			42
Unsecured Debt:
Commercial Banks
Borrowings outstanding under an unsecured credit facility due October 2015 (e), (f)	170,000				76,000				1.15	%		2.6
Senior Unsecured Notes
4.63% Medium-Term Notes due January 2022 (net of discount of $3,151 and $3,241) (f)	396,849				396,759				4.63	%		8.8
1.64% Term Notes due January 2016 (f)	35,000				35,000				1.64	%		2.8
2.68% Term Notes due January 2016 (f)	65,000				65,000				2.68	%		2.8
6.05% Medium-Term Notes due June 2013	122,500				122,500				6.05	%		0.2
5.13% Medium-Term Notes due January 2014	184,000				184,000				5.13	%		0.8
5.50% Medium-Term Notes due April 2014 (net of discount of $71 and $89)	128,429				128,411				5.50	%		1.0
5.25% Medium-Term Notes due January 2015 (net of discount of $230 and $262)	324,945				324,913				5.25	%		1.8
5.25% Medium-Term Notes due January 2016	83,260				83,260				5.25	%		2.8
2.90% Term Notes due January 2016 (f)	250,000				250,000				2.90	%		2.8
8.50% Debentures due September 2024	15,644				15,644				8.50	%		11.5
4.25% Medium-Term Notes due June 2018 (net of discount of $2,215 and $2,322) (f)	297,785				297,678				4.25	%		5.2
Other	32				33				N/A			N/A
Total Unsecured Debt	2,073,444				1,979,198				4.31	%		3.8
Total Debt	$	3,499,107			$	3,409,333			4.34	%		4.2

Secured credit facilities

Further information related to these credit facilities is as follows (dollars in thousands):

	March 31, 2013				December 31, 2012
Borrowings outstanding	$	840,472			$	842,487
Weighted average borrowings during the period ended	840,921				903,817
Maximum daily borrowings during the period ended	841,494				1,054,735
Weighted average interest rate during the period ended	4.4		%		4.3		%
Weighted average interest rate at the end of the period	4.3		%		4.4		%

Aggregate maturities of secured debt

The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next five calender years subsequent to March 31, 2013 are as follows (dollars in thousands):

Year		Total Fixed Secured Debt				Total Variable Secured Debt				Total Secured Debt				Total Unsecured Debt (a)				Total Debt
2013		$	8,928			$	37,415			$	46,343			$	121,776			$	168,119
2014		46,369				—				46,369				311,577				357,946
2015		197,229				—				197,229				494,389				691,618
2016		138,449				—				138,449				432,484				570,933
2017		178,378				65,000				243,378				—				243,378
Thereafter		512,786				241,109				753,895				713,218				1,467,113
Total		$	1,082,139			$	343,524			$	1,425,663			$	2,073,444			$	3,499,107

(a) With the exception of the 1.64% Term Notes due January 2016 and revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates.

United Dominion Reality L.P. [Member]

Entity Information [Line Items]

Secured debt instruments

Secured debt consists of the following as of March 31, 2013 and December 31, 2012 (dollars in thousands):

	Principal Outstanding								Three Months Ended March 31,
	March 31, 2013				December 31, 2012				Weighted Average Interest Rate			Weighted Average Years to Maturity			Number of Communities Encumbered
Fixed Rate Debt
Mortgage notes payable	$	392,953			$	394,999			5.41	%		3.3			5
Fannie Mae credit facilities	370,434				370,638				4.90	%		6.0			10
Total fixed rate secured debt	763,387				765,637				5.16	%		4.6			15
Variable Rate Debt
Mortgage notes payable	37,415				37,415				1.09	%		0.3			2
Tax-exempt secured note payable	27,000				27,000				0.90	%		19.0			1
Fannie Mae credit facilities	137,187				137,187				2.52	%		5.8			5
Total variable rate secured debt	201,602				201,602				2.04	%		6.5			8
Total secured debt	$	964,989			$	967,239			4.51	%		5.0			23

Secured credit facilities

Following is information related to the credit facilities allocated to the Operating Partnership:

	March 31, 2013				December 31, 2012
	(dollar amounts in thousands)
Borrowings outstanding	$	507,621			$	507,825
Weighted average borrowings during the period ended	507,893				544,793
Maximum daily borrowings during the period	508,239				635,762
Weighted average interest rate during the period ended	4.4		%		4.3		%
Interest rate at the end of the period	4.3		%		4.4		%

Aggregate maturities of secured debt

The aggregate maturities of the Operating Partnership’s secured debt due during each of the next five calendar years subsequent to March 31, 2013 are as follows (dollars in thousands):

	Fixed								Variable
	Mortgage Notes				Credit Facilities				Mortgage Notes				Tax Exempt Notes Payable				Credit Facilities				Total
2013	$	5,336			$	242			$	37,415			$	—			$	—			$	42,993
2014	7,391				344				—				—				—				7,735
2015	192,534				364				—				—				—				192,898
2016	134,082				382				—				—				—				134,464
2017	1,449				15,684				—				—				6,566				23,699
Thereafter	52,161				353,418				—				27,000				130,621				563,200
Total	$	392,953			$	370,434			$	37,415			$	27,000			$	137,187			$	964,989

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