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Secured and Unsecured Debt (Tables)
 9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Secured debt instruments
The following is a summary of our secured and unsecured debt at September 30, 2014 and December 31, 2013 (dollars in thousands):
 
Principal Outstanding
 
For the Nine Months Ended September 30, 2014
 
 
 
Weighted Average
Interest Rate
 
Weighted Average
Years to Maturity
 
Number of Communities
Encumbered
 
September 30, 2014
 
December 31, 2013
 
 
 
 
 
 
 
 
Secured Debt:
 
 
 
 
 
 
 
 
 
Fixed Rate Debt
 
 
 
 
 
 
 
 
 
Mortgage notes payable (a)
$
438,172

 
$
445,706

 
5.47
%
 
1.8

 
8

Fannie Mae credit facilities (b)
623,754

 
626,667

 
4.99
%
 
4.3

 
22

Total fixed rate secured debt
1,061,926

 
1,072,373

 
5.19
%
 
3.2

 
30

Variable Rate Debt
 
 
 
 
 
 
 
 
 
Mortgage notes payable
31,337

 
63,595

 
1.94
%
 
2.3

 
1

Tax-exempt secured notes payable (c)
94,700

 
94,700

 
0.77
%
 
8.4

 
2

Fannie Mae credit facilities (b)
211,409

 
211,409

 
1.58
%
 
5.8

 
7

Total variable rate secured debt
337,446

 
369,704

 
1.39
%
 
6.2

 
10

Total Secured Debt
1,399,372

 
1,442,077

 
4.27
%
 
4.0

 
40

 
 
 
 
 
 
 
 
 
 
Unsecured Debt:
 
 
 
 
 
 
 
 
 
Commercial Banks
 
 
 
 
 
 
 
 
 
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (f)
160,000

 
—

 
1.10
%
 
3.2

 
 
Senior Unsecured Notes
 
 
 
 
 
 
 
 
 
3.70% Medium-Term Notes due October 2020 (net of discounts of $48 and $54, respectively) (f)
299,952

 
299,946

 
3.70
%
 
6.0

 
 
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,613 and $2,882, respectively) (f)
397,387

 
397,118

 
4.63
%
 
7.3

 
 
3.75% Medium-Term Notes due July 2024 (net of discount of $1,017) (e) (f)
298,983

 
—

 
3.75
%
 
9.8

 
 
1.30% Term Notes due June 2018 (f)
35,000

 
35,000

 
1.30
%
 
3.7

 
 
1.53% Term Notes due June 2018 (f)
100,000

 
65,000

 
1.53
%
 
3.7

 
 
5.13% Medium-Term Notes due January 2014
—

 
184,000

 
—
%
 
—

 
 
5.50% Medium-Term Notes due April 2014 (net of discount of $20)
—

 
128,480

 
—
%
 
—

 
 
5.25% Medium-Term Notes due January 2015 (net of discounts of $37 and $134, respectively)
325,138

 
325,041

 
5.25
%
 
0.3

 
 
5.25% Medium-Term Notes due January 2016
83,260

 
83,260

 
5.25
%
 
1.3

 
 
2.17% Term Notes due June 2018 (f)
215,000

 
250,000

 
2.17
%
 
3.7

 
 
8.50% Debentures due September 2024
15,644

 
15,644

 
8.50
%
 
10.0

 
 
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,572 and $1,893, respectively) (f)
298,428

 
298,107

 
4.25
%
 
3.7

 
 
Other
28

 
30

 
N/A

 
N/A

 
 
Total Unsecured Debt
2,228,820

 
2,081,626

 
3.80
%
 
4.9

 
 
Total Debt
$
3,628,192

 
$
3,523,703

 
3.98
%
 
4.5

 
 
Secured credit facilities
Further information related to these credit facilities is as follows (dollars in thousands):
 
September 30, 2014
 
December 31, 2013
Borrowings outstanding
$
835,163

 
$
838,076

Weighted average borrowings during the period ended
836,305

 
839,597

Maximum daily borrowings during the period ended
837,564

 
841,494

Weighted average interest rate during the period ended
4.1
%
 
4.2
%
Weighted average interest rate at the end of the period
4.1
%
 
4.1
%
Summary of short-term bank borrowings under bank credit facility
The following is a summary of short-term bank borrowings under UDR’s bank credit facility at September 30, 2014 and December 31, 2013 (dollars in thousands):
 
September 30, 2014
 
December 31, 2013
Total revolving credit facility
$
900,000

 
$
900,000

Borrowings outstanding at end of period (1)
160,000

 
—

Weighted average daily borrowings during the period ended
321,821

 
169,844

Maximum daily borrowings during the period ended
625,000

 
372,000

Weighted average interest rate during the period ended
1.2
%
 
1.2
%
Interest rate at end of the period
1.1
%
 
1.3
%
(1) Excludes $2.2 million of letters of credit at September 30, 2014 and December 31, 2013.

(e) On June 26, 2014, the Company issued $300 million of 3.750% senior unsecured medium-term notes due July 1, 2024. Interest is payable semi-annually beginning on January 1, 2015. The notes were priced at 99.652% of the principal amount at issuance and had a discount of $1.0 million at September 30, 2014. The Company used the net proceeds to pay down borrowings outstanding on our $900 million unsecured credit facility and for general corporate purposes. The notes are fully and unconditionally guaranteed by the Operating Partnership.

(f) The Operating Partnership is a guarantor at September 30, 2014 and December 31, 2013.
Schedule of Maturities of Long-term Debt [Table Text Block]
The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to September 30, 2014 are as follows (dollars in thousands):
Year
 
Total Fixed Secured Debt
 
Total Variable Secured Debt
 
Total Secured Debt
 
Total Unsecured Debt (a)
 
Total Debt
2014
 
$
37,835

 
$
—

 
$
37,835

 
$
—

 
$
37,835

2015
 
197,359

 
—

 
197,359

 
323,874

 
521,233

2016
 
136,434

 
31,337

 
167,771

 
82,417

 
250,188

2017
 
177,955

 
65,000

 
242,955

 
160,000

 
402,955

2018
 
176,472

 
50,000

 
226,472

 
648,510

 
874,982

Thereafter
 
335,871

 
191,109

 
526,980

 
1,014,019

 
1,540,999

Total
 
$
1,061,926

 
$
337,446

 
$
1,399,372

 
$
2,228,820

 
$
3,628,192

(a) With the exception of the 1.30% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates.