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Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended
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Dec. 31, 2015
Entity Information [Line Items] |
Estimated fair values | The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2015 and 2014 are summarized as follows (dollars in thousands):
|  |  |  |  | Fair Value at December 31, 2015, Using
| Total Carrying Amount in Statement of Financial Position at December 31, 2015 |  | Fair Value Estimate at December 31, 2015 |  | 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) | $ | 16,694 |  |  | $ | 16,938 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,938 |
Derivatives - Interest rate contracts (b) | 13 |  |  | 13 |  |  | — |  |  | 13 |  |  | — |
Total assets | $ | 16,707 |  |  | $ | 16,951 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 16,938 |
Derivatives - Interest rate contracts (b) | $ | 2,112 |  |  | $ | 2,112 |  |  | $ | — |  |  | $ | 2,112 |  |  | $ | — |
Secured debt instruments - fixed rate: (c) |  |  |  |  |  |  |  |  |
Mortgage notes payable | 442,617 |  |  | 448,019 |  |  | — |  |  | — |  |  | 448,019 |
Fannie Mae credit facilities | 514,462 |  |  | 539,050 |  |  | — |  |  | — |  |  | 539,050 |
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 | 299,378 |  |  | 299,378 |  |  | — |  |  | — |  |  | 299,378 |
Unsecured debt instruments (c): |  |  |  |  |  |  |  |  |
Commercial banks | 150,000 |  |  | 150,000 |  |  | — |  |  | — |  |  | 150,000 |
Senior unsecured notes | 2,056,223 |  |  | 2,108,687 |  |  | — |  |  | — |  |  | 2,108,687 |
Total liabilities | $ | 3,590,829 |  |  | $ | 3,673,283 |  |  | $ | — |  |  | $ | 2,112 |  |  | $ | 3,671,171 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) | $ | 946,436 |  |  | $ | 946,436 |  |  | $ | — |  |  | $ | 946,436 |  |  | $ | — |
|  |  |  |  | Fair Value at December 31, 2014, Using
| Total Carrying Amount in Statement of Financial Position at December 31, 2014 |  | Fair Value Estimate at December 31, 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) | $ | 14,369 |  |  | $ | 14,808 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,808 |
Derivatives- Interest rate contracts (b) | 88 |  |  | 88 |  |  | — |  |  | 88 |  |  | — |
Total assets | $ | 14,457 |  |  | $ | 14,896 |  |  | $ | — |  |  | $ | 88 |  |  | $ | 14,808 |
Derivatives- Interest rate contracts (b) | $ | 10,368 |  |  | $ | 10,368 |  |  | $ | — |  |  | $ | 10,368 |  |  | $ | — |
Secured debt instruments- fixed rate: (c) |  |  |  |  |  |  |  |  |
Mortgage notes payable | 401,210 |  |  | 415,663 |  |  | — |  |  | — |  |  | 415,663 |
Fannie Mae credit facilities | 568,086 |  |  | 606,623 |  |  | — |  |  | — |  |  | 606,623 |
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 | 266,196 |  |  | 266,196 |  |  | — |  |  | — |  |  | 266,196 |
Unsecured debt instruments: (c) |  |  |  |  |  |  |  |  |
Commercial banks | 152,500 |  |  | 152,500 |  |  | — |  |  | — |  |  | 152,500 |
Senior unsecured notes | 2,069,076 |  |  | 2,144,125 |  |  | — |  |  | — |  |  | 2,144,125 |
Total liabilities | $ | 3,593,473 |  |  | $ | 3,721,512 |  |  | $ | — |  |  | $ | 10,368 |  |  | $ | 3,711,144 |
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 282,480 |  |  | $ | 282,480 |  |  | $ | — |  |  | $ | 282,480 |  |  | $ | — |
(a) | See Note 2, Significant Accounting Policies.
(b) | See Note 13, Derivatives and Hedging Activity.
(c) |
United Dominion Reality L.P. |
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 December 31, 2015 and 2014 are summarized as follows (dollars in thousands):
|  |  |  |  | Fair Value at December 31, 2015, Using
| Total Carrying Amount in Statement of Financial Position at December 31, 2015 |  | Fair Value Estimate at December 31, 2015 |  | 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) | $ | 8 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |
Total assets | $ | 8 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 8 |  |  | $ | — |
Secured debt instruments - fixed rate: (b) |  |  |  |  |  |  |  |  |
Mortgage notes payable | 30,132 |  |  | 30,308 |  |  | — |  |  | — |  |  | 30,308 |
Fannie Mae credit facilities | 250,828 |  |  | 263,070 |  |  | — |  |  | — |  |  | 263,070 |
Secured debt instruments - variable rate: (b) |  |  |  |  |  |  |  |  |
Tax-exempt secured notes payable | 27,000 |  |  | 27,000 |  |  | — |  |  | — |  |  | 27,000 |
Fannie Mae credit facilities | 170,203 |  |  | 170,203 |  |  | — |  |  | — |  |  | 170,203 |
Total liabilities | $ | 478,163 |  |  | $ | 490,581 |  |  | $ | — |  |  | $ | — |  |  | $ | 490,581 |
|  |  |  |  | Fair Value at December 31, 2014, Using
| Total Carrying Amount in Statement of Financial Position at December 31, 2014 |  | Fair Value Estimate at December 31, 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 (b) | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |
Total assets | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |
Derivatives- Interest rate contracts (a) | $ | 918 |  |  | $ | 918 |  |  | $ | — |  |  | $ | 918 |  |  | $ | — |
Secured debt instruments - fixed rate: (b) |  |  |  |  |  |  |  |  |
Mortgage notes payable | 378,371 |  |  | 391,835 |  |  | — |  |  | — |  |  | 391,835 |
Fannie Mae credit facilities | 333,828 |  |  | 355,470 |  |  | — |  |  | — |  |  | 355,470 |
Secured debt instruments - variable rate: (b) |  |  |  |  |  |  |  |  |
Tax-exempt secured notes payable | 27,000 |  |  | 27,000 |  |  | — |  |  | — |  |  | 27,000 |
Fannie Mae credit facilities | 192,760 |  |  | 192,760 |  |  | — |  |  | — |  |  | 192,760 |
Total liabilities | $ | 932,877 |  |  | $ | 967,983 |  |  | $ | — |  |  | $ | 918 |  |  | $ | 967,065 |
(a) | See Note 9, Derivatives and Hedging Activity.
(b) | See Note 6, Secured Debt, Net.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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