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Secured and Unsecured Debt | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | SECURED AND UNSECURED DEBT The following is a summary of our secured and unsecured debt at June 30, 2015 and December 31, 2014 (dollars in thousands):
|  |  |  |  | Six Months Ended
| Principal Outstanding |  | June 30, 2015
| June 30, 2015 |  | December 31, 2014 |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity |  | Number of Communities Encumbered
Secured Debt: |  |  |  |  |  |  |  |  |
Fixed Rate Debt |  |  |  |  |  |  |  |  |
Mortgage notes payable (a) | $ | 408,736 |  |  | $ | 401,210 |  |  | 5.50 | % |  | 1.1 |  |  | 7 |
Fannie Mae credit facilities (b) | 566,288 |  |  | 568,086 |  |  | 5.12 | % |  | 3.5 |  |  | 21 |
Total fixed rate secured debt | 975,024 |  |  | 969,296 |  |  | 5.28 | % |  | 2.5 |  |  | 28 |
Variable Rate Debt |  |  |  |  |  |  |  |  |  |
Mortgage notes payable | 31,337 |  |  | 31,337 |  |  | 1.94 | % |  | 1.6 |  |  | 1 |
Tax-exempt secured notes payable (c) | 94,700 |  |  | 94,700 |  |  | 0.84 | % |  | 7.7 |  |  | 2 |
Fannie Mae credit facilities (b) | 249,378 |  |  | 266,196 |  |  | 1.63 | % |  | 4.8 |  |  | 7 |
Total variable rate secured debt | 375,415 |  |  | 392,233 |  |  | 1.45 | % |  | 5.3 |  |  | 10 |
Total Secured Debt | 1,350,439 |  |  | 1,361,529 |  |  | 4.22 | % |  | 3.3 |  |  | 38 |
Unsecured Debt: |  |  |  |  |  |  |  |  |
Commercial Banks |  |  |  |  |  |  |  |  |
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (f) | 457,000 |  |  | 152,500 |  |  | 1.12 | % |  | 2.4 |  |  |
Senior Unsecured Notes |  |  |  |  |  |  |  |  |
5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (e) | — |  |  | 325,169 |  |  | — | % |  | — |  |  |
5.25% Medium-Term Notes due January 2016 | 83,260 |  |  | 83,260 |  |  | 5.25 | % |  | 0.5 |  |  |
6.21% Term Notes due July 2016 | 12,609 |  |  | — |  |  | 6.21 | % |  | 1.0 |  |  |
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,251 and $1,465, respectively) (f) | 298,749 |  |  | 298,535 |  |  | 4.25 | % |  | 2.9 |  |  |
1.70% Term Notes due June 2018 (f) | 215,000 |  |  | 215,000 |  |  | 1.70 | % |  | 2.9 |  |  |
1.53% Term Notes due June 2018 (f) | 100,000 |  |  | 100,000 |  |  | 1.53 | % |  | 2.9 |  |  |
1.33% Term Notes due June 2018 (f) | 35,000 |  |  | 35,000 |  |  | 1.33 | % |  | 2.9 |  |  |
3.70% Medium-Term Notes due October 2020 (net of discounts of $42 and $46, respectively) (f) | 299,958 |  |  | 299,954 |  |  | 3.70 | % |  | 5.3 |  |  |
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,344 and $2,523, respectively) (f) | 397,656 |  |  | 397,477 |  |  | 4.63 | % |  | 6.5 |  |  |
3.75% Medium-Term Notes due July 2024 (net of discount of $938 and $990, respectively) (f) | 299,062 |  |  | 299,010 |  |  | 3.75 | % |  | 9.0 |  |  |
8.50% Debentures due September 2024 | 15,644 |  |  | 15,644 |  |  | 8.50 | % |  | 9.2 |  |  |
Other | 26 |  |  | 27 |  |  | N/A |  |  | N/A |  |  |
Total Unsecured Debt | 2,213,964 |  |  | 2,221,576 |  |  | 3.20 | % |  | 4.6 |  |  |
Total Debt | $ | 3,564,403 |  |  | $ | 3,583,105 |  |  | 3.58 | % |  | 4.1 |  |  |
Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. As of June 30, 2015, secured debt encumbered $2.2 billion or 26.6% of UDR’s total real estate owned based upon gross book value ($6.2 billion or 73.4% of UDR’s real estate owned based on gross book value is unencumbered). (a) At June 30, 2015, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from December 2015 through May 2019 and carry interest rates ranging from 3.43% to 6.16%. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The Company had a reduction to interest expense based on the amortization of the fair market adjustment of debt assumed in the acquisition of properties of $1.3 million and $1.2 million during the three months ended June 30, 2015 and 2014, respectively, and $2.4 million and $2.5 million during the six months ended June 30, 2015 and 2014, respectively. The unamortized fair market adjustment was a net premium of $5.7 million and $6.7 million at June 30, 2015 and December 31, 2014, respectively. (b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $815.7 million at June 30, 2015. The Fannie Mae credit facilities mature at various dates from May 2017 through July 2023 and bear interest at floating and fixed rates. At June 30, 2015, $566.3 million of the outstanding balance was fixed and had a weighted average interest rate of 5.12% and the remaining balance of $249.4 million had a weighted average variable interest rate of 1.63%. Further information related to these credit facilities is as follows (dollars in thousands):
| June 30, 2015 |  | December 31, 2014
Borrowings outstanding | $ | 815,666 |  |  | $ | 834,282 |
Weighted average borrowings during the period ended | 830,434 |  |  | 835,873 |
Maximum daily borrowings during the period ended | 834,003 |  |  | 837,564 |
Weighted average interest rate during the period ended | 4.0 | % |  | 4.1 | %
Weighted average interest rate at the end of the period | 4.1 | % |  | 4.0 | %
(c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates of 0.84% and 0.85% as of June 30, 2015. (d) As of June 30, 2015, the Company has a $900 million unsecured revolving credit facility that matures in December 2017. The credit facility has a six month extension option and contains an accordion feature that allows us to increase the facility to $1.45 billion. Based on the Company’s current credit rating, the credit facility carries an interest rate equal to LIBOR plus a spread of 100 basis points and a facility fee of 15 basis points. The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at June 30, 2015 and December 31, 2014 (dollars in thousands):
| June 30, 2015 |  | December 31, 2014
Total revolving credit facility | $ | 900,000 |  |  | $ | 900,000 |
Borrowings outstanding at end of period (1) | 457,000 |  |  | 152,500 |
Weighted average daily borrowings during the period ended | 402,514 |  |  | 291,761 |
Maximum daily borrowings during the period ended | 539,100 |  |  | 625,000 |
Weighted average interest rate during the period ended | 1.2 | % |  | 1.2 | %
Interest rate at end of the period | 1.1 | % |  | 1.1 | %
(1) Excludes $2.3 million and $1.9 million of letters of credit at June 30, 2015 and December 31, 2014, respectively. (e) Paid off at maturity with borrowings under the Company's $900 million unsecured revolving credit facility. (f) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to June 30, 2015 are as follows (dollars in thousands):
Year |  | Total Fixed Secured Debt |  | Total Variable Secured Debt |  | Total Secured Debt |  | Total Unsecured Debt (a) |  | Total Debt
2015 |  | $ | 191,363 |  |  | $ | — |  |  | $ | 191,363 |  |  | $ | 79 |  |  | $ | 191,442 |
2016 |  | 148,223 |  |  | — |  |  | 148,223 |  |  | 94,469 |  |  | 242,692 |
2017 |  | 177,882 |  |  | 96,337 |  |  | 274,219 |  |  | 457,000 |  |  | 731,219 |
2018 |  | 121,685 |  |  | 87,969 |  |  | 209,654 |  |  | 648,445 |  |  | 858,099 |
2019 |  | 245,871 |  |  | 67,700 |  |  | 313,571 |  |  | — |  |  | 313,571 |
Thereafter |  | 90,000 |  |  | 123,409 |  |  | 213,409 |  |  | 1,013,971 |  |  | 1,227,380 |
Total |  | $ | 975,024 |  |  | $ | 375,415 |  |  | $ | 1,350,439 |  |  | $ | 2,213,964 |  |  | $ | 3,564,403 |
(a) With the exception of the 1.33% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates. We were in compliance with the covenants of our debt instruments at June 30, 2015.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
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