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Discontinued Operations (UNITED DOMINION REALTY, L.P.) | 9 Months Ended
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Sep. 30, 2014
Entity Information [Line Items] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Effective January 1, 2014, UDR prospectively adopted ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. The standard had a material impact on the Company’s consolidated financial statements. As a result of adopting the ASU, during the three and nine months ended September 30, 2014, gains (net of tax) of $31.3 million and $81.2 million, respectively, from disposition of real estate, excluding a $1.1 million gain related to the sale of land during the first quarter of 2014, are included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations rather than in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Prior to the prospective adoption of ASU 2014-08, FASB Accounting Standards Codification ("ASC") Subtopic 205-20 required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders; it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended September 30, 2014 and 2013. In July 2014, the Company sold one operating property that was classified as held for disposition prior to the adoption of ASU 2014-08 and, therefore, met the requirements to be reported as a discontinued operation. The sale of this property resulted in an immaterial gain (net of tax) of less than $0.1 million. The gain (net of tax) and operating results of the property for the three and nine months ended September 30, 2014 and 2013, are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. In December 2013, the Company sold two communities with 914 apartments in the Sacramento market. The operating results related to these communities for the three and nine months ended September 30, 2013 are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. The following is a summary of income/(loss) from discontinued operations, net of tax for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Rental income | $ | 21 |  |  | $ | 2,462 |  |  | $ | 147 |  |  | $ | 7,130 |
Rental expenses | 11 |  |  | 970 |  |  | 225 |  |  | 2,733 |
Property management | 1 |  |  | 68 |  |  | 4 |  |  | 196 |
Real estate depreciation | — |  |  | 528 |  |  | — |  |  | 1,608 |
Other operating expenses | 3 |  |  | 12 |  |  | 21 |  |  | 26 |
Income/(loss) attributable to disposed properties and assets held for sale | 6 |  |  | 884 |  |  | (103 | ) |  | 2,567 |
Net gain/(loss) on the sale of depreciable properties | 75 |  |  | — |  |  | 75 |  |  | — |
Income tax benefit/(expense) | (2 | ) |  | — |  |  | 38 |  |  | — |
Income/(loss) from discontinued operations, net of tax | $ | 79 |  |  | $ | 884 |  |  | $ | 10 |  |  | $ | 2,567 |
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | 73 |  |  | $ | 852 |  |  | $ | 6 |  |  | $ | 2,475 |
United Dominion Reality L.P. [Member] |
Entity Information [Line Items] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Effective January 1, 2014, UDR prospectively adopted ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. The standard had a material impact on the Company’s consolidated financial statements. As a result of adopting the ASU, during the three and nine months ended September 30, 2014, net gains of zero and $39.6 million, respectively, from disposition of real estate, excluding a $1.1 million gain related to the sale of land during the first quarter of 2014, were included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations rather than in Income/(loss) from discontinued operations on the Consolidated Statements of Operations. Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205-20, required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended September 30, 2014 and 2013. In 2013, the Company sold two communities with 914 apartment homes in the Sacramento market. The operating results related to these communities for the three and nine months ended September 30, 2013 are included in Income/(loss) from discontinued operations on the Consolidated Statements of Operations. The following is a summary of income/(loss) from discontinued operations for the three and nine months ended September 30, 2014 and 2013 (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Rental income | $ | — |  |  | $ | 2,438 |  |  | $ | — |  |  | $ | 7,016 |
Rental expenses | — |  |  | 869 |  |  | — |  |  | 2,467 |
Property management | — |  |  | 67 |  |  | — |  |  | 193 |
Real estate depreciation and amortization | — |  |  | 524 |  |  | — |  |  | 1,590 |
Income/(loss) from discontinued operations | $ | — |  |  | $ | 978 |  |  | $ | — |  |  | $ | 2,766 |
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | — |  |  | $ | 978 |  |  | $ | — |  |  | $ | 2,766 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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