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Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables) | 9 Months Ended
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Sep. 30, 2014
Entity Information [Line Items] |
Outstanding interest rate derivatives | As of September 30, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
Interest Rate Derivative |  | Number of Instruments |  | Notional
Interest rate swaps |  | 14 |  | $ | 419,787 |
Interest rate caps |  | 6 |  | $ | 339,488 |
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 GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no adjustment to earnings for the three and nine months ended September 30, 2014 and a gain/(loss) of $280,000 and $275,000 for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014, the Company did not have any outstanding derivatives that were not designated as hedges in qualifying hedging relationships.
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013 (dollars in thousands):
| Asset Derivatives |  | Liability Derivatives
|  |  | Fair Value at: |  |  |  | Fair Value at:
| Balance Sheet Location |  | September 30, 2014 |  | December 31, 2013 |  | Balance Sheet Location |  | September 30, 2014 |  | December 31, 2013
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate products | Other assets |  | $ | 299 |  |  | — |  |  | Other liabilities |  | $ | 2,382 |  |  | 4,965 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate products | Other assets |  | $ | — |  |  | $ | — |  |  | Other liabilities |  | $ | — |  |  | $ | — |
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 nine months ended September 30, 2014 and 2013 (dollars 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 |  | 2014 |  | 2013 |  |  | 2014 |  | 2013 |  | 2014 |  | 2013
For the Three Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 362 |  |  | $ | (386 | ) |  | Interest expense |  | $ | (1,130 | ) |  | $ | (1,635 | ) |  | Interest expense |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | 611 |  |  | $ | (334 | ) |  | Interest expense |  | $ | (3,809 | ) |  | $ | (5,180 | ) |  | Interest expense |  | $ | 3 |  |  | $ | — |
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
2014 |  | 2013
For the Three Months Ended September 30, |  |  |  |  |  |
Interest rate products |  | Interest and other income/(loss), net |  | $ | — |  |  | $ | 280 |
For the Nine Months Ended September 30, |  |  |  |  |  |
Interest rate products |  | Interest and other income/(loss), net |  | $ | — |  |  | $ | 275 |
Offsetting Assets [Table Text Block] |
Offsetting of Derivative Assets |  |  |  |  |  |  |  |
|  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
September 30, 2014 |  | $ | 299 |  |  | $ | — |  |  | $ | 299 |  |  | $ | (253 | ) |  | $ | — |  |  | $ | 46 |
December 31, 2013 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote.
Offsetting Liabilities [Table Text Block] |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |
|  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
September 30, 2014 |  | $ | 2,382 |  |  | $ | — |  |  | $ | 2,382 |  |  | $ | (253 | ) |  | $ | — |  |  | $ | 2,129 |
December 31, 2013 |  | $ | 4,965 |  |  | $ | — |  |  | $ | 4,965 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,965 |
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote.
United Dominion Reality L.P. [Member] |
Entity Information [Line Items] |
Outstanding interest rate derivatives | As of September 30, 2014, the Operating Partnership had the following outstanding interest rate derivatives designated as cash flow hedges of interest rate risk (dollars in thousands):
Interest Rate Derivative |  | Number of Instruments |  | Notional
Interest rate swaps |  | 2 |  | $ | 96,974 |
Interest rate caps |  | 5 |  | $ | 255,561 |
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 GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no adjustment to earnings for the three and nine months ended September 30, 2014 and gains/(losses) of zero and $(5,000) for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014, the Operating Partnership did not have any outstanding derivatives that were not designated as hedges in qualifying hedging relationships.
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 September 30, 2014 and December 31, 2013 (dollars in thousands):
| Asset Derivatives |  | Liability Derivatives
|  |  | Fair Value at: |  |  |  | Fair Value at:
| Balance Sheet Location |  | September 30, 2014 |  | December 31, 2013 |  | Balance Sheet Location |  | September 30, 2014 |  | December 31, 2013
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate products | Other assets |  | $ | 5 |  |  | $ | — |  |  | Other liabilities |  | $ | 1,324 |  |  | $ | 2,731 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |
Interest rate products | Other assets |  | $ | — |  |  | $ | — |  |  | Other liabilities |  | $ | — |  |  | $ | — |
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 nine months ended September 30, 2014 and 2013 (dollars in thousands):
|  | Amount of Gain or (Loss) Recognized in OCI on Derivatives (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)
| 2014 |  | 2013 |  |  | 2014 |  | 2013
For the Three Months Ended September 30, |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | (3 | ) |  | $ | (201 | ) |  | Interest expense |  | $ | (588 | ) |  | $ | (590 | )
For the Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |
Interest rate products |  | $ | (194 | ) |  | $ | (284 | ) |  | Interest expense |  | $ | (1,784 | ) |  | $ | (2,041 | )
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 Derivatives |  | Amount of Gain or (Loss) Recognized in Income on Derivatives
| 2014 |  | 2013
| For the Three Months Ended September 30, |  |  |  |  |  |
| Interest rate products |  | Other operating expenses |  | $ | — |  |  | $ | — |
| For the Nine Months Ended September 30, |  |  |  |  |  |
| Interest rate products |  | Other operating expenses |  | $ | — |  |  | $ | (5 | )
Offsetting Assets [Table Text Block] | The General Partner has elected not to offset derivative positions in the consolidated financial statements. The table below presents the effect on the Operating Partnership’s financial position had the General Partner made the election to offset its derivative positions as of September 30, 2014 and December 31, 2013:
Offsetting of Derivative Assets |  |  |  |  |  |  |  |
|  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
September 30, 2014 |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
December 31, 2013 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote.
Offsetting Liabilities [Table Text Block] |
Offsetting of Derivative Liabilities |  |  |  |  |  |  |  |
|  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
|  | Gross Amounts of Recognized Liabilities |  | Gross Amounts Offset in the Consolidated Balance Sheets |  | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) |  | Financial Instruments |  | Cash Collateral Posted |  | Net Amount
September 30, 2014 |  | $ | 1,324 |  |  | $ | — |  |  | $ | 1,324 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,324 |
December 31, 2013 |  | $ | 2,731 |  |  | $ | — |  |  | $ | 2,731 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,731 |
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote.

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