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Reportable Segments (UNITED DOMINION REALTY, L.P.) | 6 Months Ended
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Jun. 30, 2015
Entity Information [Line Items] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other:
• | Same-Store Communities represent those communities acquired, developed, and stabilized prior to April 1, 2014 for quarter-to-date comparison and January 1, 2014 for year-to-date comparison and held as of June 30, 2015. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months.
• | Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped properties, and the non-apartment components of mixed use properties.
Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three and six months ended June 30, 2015 and 2014. The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the three and six months ended June 30, 2015 and 2014, and reconciles NOI to Net Income/(Loss) Attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, (a) |  | June 30, (b)
| 2015 |  | 2014 |  | 2015 |  | 2014
Reportable apartment home segment rental income |  |  |  |  |  |  |
Same-Store Communities |  |  |  |  |  |  |
West Region | $ | 68,646 |  |  | $ | 64,004 |  |  | $ | 135,595 |  |  | $ | 126,405 |
Mid-Atlantic Region | 43,536 |  |  | 42,644 |  |  | 86,331 |  |  | 84,694 |
Southeast Region | 26,540 |  |  | 25,063 |  |  | 52,505 |  |  | 49,774 |
Northeast Region | 21,436 |  |  | 20,294 |  |  | 42,328 |  |  | 40,096 |
Southwest Region | 14,363 |  |  | 13,623 |  |  | 28,470 |  |  | 27,090 |
Non-Mature Communities/Other | 38,243 |  |  | 35,409 |  |  | 74,582 |  |  | 67,378 |
Total consolidated rental income | $ | 212,764 |  |  | $ | 201,037 |  |  | $ | 419,811 |  |  | $ | 395,437 |
Reportable apartment home segment NOI |  |  |  |  |  |  |
Same-Store Communities |  |  |  |  |  |  |
West Region | $ | 51,400 |  |  | $ | 46,496 |  |  | $ | 100,999 |  |  | $ | 91,287 |
Mid-Atlantic Region | 30,302 |  |  | 29,863 |  |  | 59,590 |  |  | 58,699 |
Southeast Region | 17,876 |  |  | 16,769 |  |  | 35,207 |  |  | 33,465 |
Northeast Region | 16,269 |  |  | 15,459 |  |  | 31,835 |  |  | 30,004 |
Southwest Region | 8,998 |  |  | 8,263 |  |  | 17,534 |  |  | 16,621 |
Non-Mature Communities/Other | 25,587 |  |  | 23,542 |  |  | 48,842 |  |  | 42,440 |
Total consolidated NOI | 150,432 |  |  | 140,392 |  |  | 294,007 |  |  | 272,516 |
Reconciling items: |  |  |  |  |  |  |
Joint venture management and other fees | 3,098 |  |  | 2,747 |  |  | 15,804 |  |  | 6,434 |
Property management | (5,851 | ) |  | (5,529 | ) |  | (11,545 | ) |  | (10,875 | )
Other operating expenses | (1,769 | ) |  | (2,171 | ) |  | (3,535 | ) |  | (4,106 | )
Real estate depreciation and amortization | (90,344 | ) |  | (88,876 | ) |  | (179,121 | ) |  | (177,409 | )
General and administrative | (13,721 | ) |  | (12,530 | ) |  | (25,873 | ) |  | (24,524 | )
Casualty-related recoveries/(charges), net | (843 | ) |  | — |  |  | (1,839 | ) |  | (500 | )
Other depreciation and amortization | (1,700 | ) |  | (1,193 | ) |  | (3,323 | ) |  | (2,273 | )
Income/(loss) from unconsolidated entities | (573 | ) |  | (428 | ) |  | 58,586 |  |  | (3,993 | )
Interest expense | (29,673 | ) |  | (31,691 | ) |  | (58,473 | ) |  | (64,575 | )
Interest income and other income/(expense), net | 382 |  |  | 1,426 |  |  | 742 |  |  | 2,841 |
Tax benefit/(expense), net | 1,404 |  |  | 2,230 |  |  | 1,829 |  |  | 5,559 |
Gain/(loss) on sale of real estate owned, net of tax | 79,042 |  |  | 26,709 |  |  | 79,042 |  |  | 51,003 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (3,029 | ) |  | (1,077 | ) |  | (5,617 | ) |  | (1,724 | )
Net (income)/loss attributable to noncontrolling interests | — |  |  | (2 | ) |  | (7 | ) |  | (6 | )
Net income/(loss) attributable to UDR, Inc. | $ | 86,855 |  |  | $ | 30,007 |  |  | $ | 160,677 |  |  | $ | 48,368 |
(a) | Same-Store Community population consisted of 35,250 apartment homes.
(b) | Same-Store Community population consisted of 35,250 apartment homes.
The following table details the assets of UDR’s reportable segments as of June 30, 2015 and December 31, 2014 (dollars in thousands):
| June 30, 2015 |  | December 31, 2014
Reportable apartment home segment assets: |  |  |
Same-Store Communities: |  |  |
West Region | $ | 2,608,586 |  |  | $ | 2,592,156 |
Mid-Atlantic Region | 1,541,420 |  |  | 1,533,993 |
Southeast Region | 738,595 |  |  | 733,068 |
Northeast Region | 1,081,035 |  |  | 1,076,656 |
Southwest Region | 443,526 |  |  | 440,721 |
Non-Mature Communities/Other | 2,012,117 |  |  | 2,006,665 |
Total assets | 8,425,279 |  |  | 8,383,259 |
Accumulated depreciation | (2,557,949 | ) |  | (2,434,772 | )
Total assets — net book value | 5,867,330 |  |  | 5,948,487 |
Reconciling items: |  |  |
Cash and cash equivalents | 2,990 |  |  | 15,224 |
Restricted cash | 22,912 |  |  | 22,340 |
Deferred financing costs, net | 19,930 |  |  | 22,686 |
Notes receivable, net | 15,494 |  |  | 14,369 |
Investment in and advances to unconsolidated joint ventures, net | 914,815 |  |  | 718,226 |
Other assets | 96,259 |  |  | 105,202 |
Total consolidated assets | $ | 6,939,730 |  |  | $ | 6,846,534 |
Capital expenditures related to our Same-Store Communities totaled $20.6 million and $12.8 million for the three months ended June 30, 2015 and 2014, respectively, and $33.8 million and $20.3 million for the six months ended June 30, 2015 and 2014, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $1.2 million and $2.5 million for the three months ended June 30, 2015 and 2014, respectively, and $3.8 million and $4.8 million for the six months ended June 30, 2015 and 2014. Markets included in the above geographic segments are as follows:
i. | West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California, and Portland
ii. | Mid-Atlantic Region — Metropolitan D.C., Baltimore, Richmond, Norfolk, and Other Mid-Atlantic
iii. | Southeast Region — Tampa, Orlando, Nashville, and Other Florida
iv. | Northeast Region — New York and Boston
v. | Southwest Region — Dallas and Austin
United Dominion Reality L.P. [Member] |
Entity Information [Line Items] |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. The Operating Partnership has the same chief operating decision maker as that of its parent, the General Partner. The chief operating decision maker consists of several members of UDR’s executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. The Operating Partnership owns and operates multifamily apartment communities throughout the United States that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures of the Operating Partnership’s apartment communities are rental income and net operating income (“NOI”), and are included in the chief operating decision maker’s assessment of the Operating Partnership’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. The chief operating decision maker of the General Partner utilizes NOI as the key measure of segment profit or loss. The Operating Partnership’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other:
• | Same-Store Communities represent those communities acquired, developed, and stabilized prior to April 1, 2014 for quarter-to-date comparison and January 1, 2014 for year-to-date comparison and held as of June 30, 2015. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months.
• | Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped properties, and the non-apartment components of mixed use properties.
Management of the General Partner evaluates the performance of each of the Operating Partnership’s apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of the apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Operating Partnership’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of the Operating Partnership’s total revenues during the three and six months ended June 30, 2015 and 2014. The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the three and six months ended June 30, 2015 and 2014, and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, (a) |  | June 30, (b)
| 2015 |  | 2014 |  | 2015 |  | 2014
Reportable apartment home segment rental income |  |  |  |  |  |  |
Same-Store Communities |  |  |  |  |  |  |
West Region | $ | 48,175 |  |  | $ | 44,544 |  |  | $ | 95,082 |  |  | $ | 87,916 |
Mid-Atlantic Region | 17,613 |  |  | 17,364 |  |  | 34,862 |  |  | 34,610 |
Southeast Region | 11,870 |  |  | 11,254 |  |  | 23,549 |  |  | 22,385 |
Northeast Region | 15,497 |  |  | 14,658 |  |  | 30,570 |  |  | 28,925 |
Southwest Region | 6,868 |  |  | 6,653 |  |  | 13,605 |  |  | 13,206 |
Non-Mature Communities/Other | 13,135 |  |  | 10,369 |  |  | 25,585 |  |  | 20,170 |
Total consolidated rental income | $ | 113,158 |  |  | $ | 104,842 |  |  | $ | 223,253 |  |  | $ | 207,212 |
Reportable apartment home segment NOI |  |  |  |  |  |  |
Same-Store Communities |  |  |  |  |  |  |
West Region | $ | 36,447 |  |  | $ | 32,487 |  |  | $ | 71,094 |  |  | $ | 63,958 |
Mid-Atlantic Region | 11,894 |  |  | 11,900 |  |  | 23,360 |  |  | 23,466 |
Southeast Region | 7,938 |  |  | 7,503 |  |  | 15,648 |  |  | 14,959 |
Northeast Region | 12,074 |  |  | 11,415 |  |  | 23,647 |  |  | 22,053 |
Southwest Region | 4,361 |  |  | 4,168 |  |  | 8,574 |  |  | 8,386 |
Non-Mature Communities/Other | 9,569 |  |  | 7,495 |  |  | 18,075 |  |  | 14,563 |
Total consolidated NOI | 82,283 |  |  | 74,968 |  |  | 160,398 |  |  | 147,385 |
Reconciling items: |  |  |  |  |  |  |
Property management | (3,112 | ) |  | (2,883 | ) |  | (6,139 | ) |  | (5,698 | )
Other operating expenses | (1,496 | ) |  | (1,451 | ) |  | (2,986 | ) |  | (2,887 | )
Real estate depreciation and amortization | (44,100 | ) |  | (44,697 | ) |  | (88,578 | ) |  | (88,968 | )
General and administrative | (7,032 | ) |  | (7,459 | ) |  | (12,671 | ) |  | (14,429 | )
Casualty-related recoveries/(charges), net | (280 | ) |  | — |  |  | (873 | ) |  | (500 | )
Interest expense | (10,908 | ) |  | (10,159 | ) |  | (21,679 | ) |  | (20,173 | )
Gain/(loss) on sale of real estate owned | 32,375 |  |  | 16,285 |  |  | 56,998 |  |  | 40,687 |
Net (income)/loss attributable to noncontrolling interests | (347 | ) |  | (178 | ) |  | (741 | ) |  | (458 | )
Net income/(loss) attributable to OP unitholders | $ | 47,383 |  |  | $ | 24,426 |  |  | $ | 83,729 |  |  | $ | 54,959 |
(a) | Same-Store Community population consisted of 18,969 apartment homes.
(b) | Same-Store Community population consisted of 18,969 apartment homes
The following table details the assets of the Operating Partnership’s reportable segments as of June 30, 2015 and December 31, 2014 (dollars in thousands):
| June 30, 2015 |  | December 31, 2014
Reportable apartment home segment assets |  |  |
Same-Store Communities |  |  |
West Region | $ | 1,670,364 |  |  | $ | 1,658,042 |
Mid-Atlantic Region | 716,152 |  |  | 713,093 |
Southeast Region | 335,662 |  |  | 333,428 |
Northeast Region | 780,235 |  |  | 777,376 |
Southwest Region | 230,330 |  |  | 228,996 |
Non-Mature Communities/Other | 506,252 |  |  | 527,835 |
Total assets | 4,238,995 |  |  | 4,238,770 |
Accumulated depreciation | (1,474,834 | ) |  | (1,403,303 | )
Total assets - net book value | 2,764,161 |  |  | 2,835,467 |
Reconciling items: |  |  |
Cash and cash equivalents | 164 |  |  | 502 |
Restricted cash | 14,456 |  |  | 13,811 |
Deferred financing costs, net | 3,707 |  |  | 4,475 |
Other assets | 23,090 |  |  | 24,029 |
Total consolidated assets | $ | 2,805,578 |  |  | $ | 2,878,284 |
Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $12.5 million and $7.3 million for the three months ended June 30, 2015 and 2014, respectively, and $20.3 million and $11.2 million for the six months ended June 30, 2015 and 2014, respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $0.7 million and $0.3 million for the three months ended June 30, 2015 and 2014, respectively, and $1.2 million and $0.6 million for the six months ended June 30, 2015 and 2014, respectively. Markets included in the above geographic segments are as follows:
i. | West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California, and Portland
ii. | Mid-Atlantic Region — Metropolitan D.C. and Baltimore
iii. | Southeast Region — Tampa, Nashville, and Other Florida
iv. | Northeast Region — New York and Boston
v. | Southwest Region — Dallas

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