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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES
Commitments
Real Estate Under Development
The following summarizes the Company’s real estate commitments at June 30, 2015 (dollars in thousands):
 
Number of
Properties
 
Costs Incurred as of June 30, 2015 (a)
 
Expected Costs
to Complete
 
 Average Ownership
Stake
Wholly-owned — under development
1
 
$
92,645

(b)
$
249,355

 
100
%
Wholly-owned — redevelopment
1
 
4,854

(b)
10,146

 
100
%
Joint ventures:
 
 
 
 
 
 
 
Unconsolidated joint ventures
4
 
335,539

 
163,791

(c)
Various

Participating loan investments
1
 
85,208

(d)
6,801

(e)
0
%
Preferred equity investments
5
 
129,592

(f)
6,735

(g)
48
%
 
 
 
$
647,838

 
$
436,828

 
 

(a)
Represents 100% of project costs incurred as of June 30, 2015.
(b)
Costs incurred to date include $114,000 and $1.3 million of accrued fixed assets for development and redevelopment, respectively.
(c)
Represents UDR’s proportionate share of expected remaining costs to complete.
(d)
Represents the participating loan balance funded as of June 30, 2015.
(e)
Represents UDR’s remaining participating loan commitment for Steele Creek.
(f)
Represents UDR's share of capital contributed to the West Coast Development Joint Venture as of June 30, 2015.
(g)
Represents UDR's remaining funding commitment on Katella Grand II.
Contingencies
Litigation and Legal Matters
The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow.