Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables)

9 Months Ended

Sep. 30, 2014

The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of September 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands):



					Fair Value at September 30, 2014, Using
	Total Carrying Amount in Statement of Financial Position at September 30, 2014		Fair Value Estimate at September 30, 2014		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description:
Notes receivable (a)	$	18,318	$	18,858	$	—	$	—	$	18,858
Derivatives- Interest rate contracts (b)	299		299		—		299		—
Total assets	$	18,617	$	19,157	$	—	$	299	$	18,858

Derivatives- Interest rate contracts (b)	$	2,382	$	2,382	$	—	$	2,382	$	—
Secured debt instruments- fixed rate: (c)
Mortgage notes payable	438,172		451,582		—		—		451,582
Fannie Mae credit facilities	623,754		655,035		—		—		655,035
Secured debt instruments- variable rate: (c)
Mortgage notes payable	31,337		31,337		—		—		31,337
Tax-exempt secured notes payable	94,700		94,700		—		—		94,700
Fannie Mae credit facilities	211,409		211,409		—		—		211,409
Unsecured debt instruments: (c)
Commercial bank	160,000		160,000		—		—		160,000
Senior unsecured notes	2,068,820		2,136,468		—		—		2,136,468
Total liabilities	$	3,630,574	$	3,742,913	$	—	$	2,382	$	3,740,531

Redeemable noncontrolling interests in the Operating Partnership (d)	$	249,814	$	249,814	$	—	$	249,814	$	—



					Fair Value at December 31, 2013, Using
	Total Carrying Amount in Statement of Financial Position at December 31, 2013		Fair Value Estimate at December 31, 2013		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
			Fair Value Estimate at December 31, 2013				Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description:
Notes receivable (a)	$	83,033	$	83,833	$	—	$	—	$	83,833
Total assets	$	83,033	$	83,833	$	—	$	—	$	83,833

Derivatives- Interest rate contracts (b)	$	4,965	$	4,965	$	—	$	4,965	$	—
Secured debt instruments- fixed rate: (c)
Mortgage notes payable	445,706		466,375		—		—		466,375
Fannie Mae credit facilities	626,667		661,094		—		—		661,094
Secured debt instruments- variable rate: (c)
Mortgage notes payable	63,595		63,595		—		—		63,595
Tax-exempt secured notes payable	94,700		94,700		—		—		94,700
Fannie Mae credit facilities	211,409		211,409		—		—		211,409
Unsecured debt instruments: (c)
Senior unsecured notes	2,081,626		2,149,003		—		—		2,149,003
Total liabilities	$	3,528,668	$	3,651,141	$	—	$	4,965	$	3,646,176

Redeemable noncontrolling interests in the Operating Partnership (d)	$	217,597	$	217,597	$	—	$	217,597	$	—


(a)	See Note 2, Significant Accounting Policies.


(b)	See Note 10, Derivatives and Hedging Activity.


(c)	See Note 6, Secured and Unsecured Debt.


(d)	See Note 8, Noncontrolling Interests

United Dominion Reality L.P. [Member]

Entity Information [Line Items]

Estimated fair values

The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of September 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands):



					Fair Value at September 30, 2014, Using
	Total Carrying Amount in Statement of Financial Position on September 30, 2014		Fair Value Estimate at September 30, 2014		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description:
Derivatives- Interest rate contracts (a)	$	5	$	5	$	—	$	5	$	—
Total assets	$	5	$	5	$	—	$	5	$	—

Derivatives- Interest rate contracts (a)	$	1,324	$	1,324	$	—	$	1,324	$	—
Secured debt instruments- fixed rate: (b)
Mortgage notes payable	380,506		392,883		—		—		392,883
Fannie Mae credit facilities	378,709		394,849		—		—		394,849
Secured debt instruments- variable rate: (b)
Tax-exempt secured notes payable	27,000		27,000		—		—		27,000
Fannie Mae credit facilities	142,059		142,059		—		—		142,059
Total liabilities	$	929,598	$	958,115	$	—	$	1,324	$	956,791



					Fair Value at December 31, 2013, Using
	Total Carrying Amount in Statement of Financial Position on December 31, 2013		Fair Value Estimate at December 31, 2013		Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Description:
Derivatives- Interest rate contracts (a)	$	2,731	$	2,731	$	—	$	2,731	$	—
Secured debt instruments- fixed rate: (b)
Mortgage notes payable	386,803		403,695		—		—		403,695
Fannie Mae credit facilities	379,003		394,239		—		—		394,239
Secured debt instruments- variable rate: (b)
Tax-exempt secured notes payable	27,000		27,000		—		—		27,000
Fannie Mae credit facilities	142,059		142,059		—		—		142,059
Total liabilities	$	937,596	$	969,724	$	—	$	2,731	$	966,993


(a)	See Note 8, Derivatives and Hedging Activity.


(b)	See Note 5, Debt