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Debt (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended
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Dec. 31, 2015
Entity Information [Line Items] |
Secured debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2015 and 2014 (dollars in thousands):
| Principal Outstanding |  | For the Year Ended December 31, 2015
|  |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity |  | Number of Communities Encumbered
| December 31, |  |  |
| 2015 |  | 2014 |  |  |
Secured Debt: |  |  |  |  |  |  |  |  |
Fixed Rate Debt |  |  |  |  |  |  |  |  |
Mortgage notes payable (a) | $ | 442,617 |  |  | $ | 401,210 |  |  | 4.57 | % |  | 4.5 |  | 8 |
Fannie Mae credit facilities (b) | 514,462 |  |  | 568,086 |  |  | 5.23 | % |  | 3.1 |  | 18 |
Deferred financing costs | (4,278 | ) |  | (5,583 | ) |  |  |  |  |  |
Total fixed rate secured debt, net | 952,801 |  |  | 963,713 |  |  | 4.93 | % |  | 3.7 |  | 26 |
Variable Rate Debt |  |  |  |  |  |  |  |  |
Mortgage notes payable | 31,337 |  |  | 31,337 |  |  | 2.19 | % |  | 1.1 |  | 1 |
Tax-exempt secured notes payable (c) | 94,700 |  |  | 94,700 |  |  | 0.75 | % |  | 7.2 |  | 2 |
Fannie Mae credit facilities (b) | 299,378 |  |  | 266,196 |  |  | 1.71 | % |  | 4.1 |  | 8 |
Deferred financing costs | (1,271 | ) |  | (1,625 | ) |  |  |  |  |  |
Total variable rate secured debt, net | 424,144 |  |  | 390,608 |  |  | 1.53 | % |  | 4.5 |  | 11 |
Total Secured Debt, net | 1,376,945 |  |  | 1,354,321 |  |  | 3.88 | % |  | 4.0 |  | 37 |
Unsecured Debt: |  |  |  |  |  |  |  |  |
Variable Rate Debt |  |  |  |  |  |  |  |  |
Borrowings outstanding under unsecured credit facilities due January 2020 and December 2017, respectively (d) (h) | 150,000 |  |  | 152,500 |  |  | 1.19 | % |  | 4.1 |  |
Borrowings outstanding under unsecured working capital credit facility due January 2019 (e) | — |  |  | — |  |  | — | % |  | 3.0 |  |
1.21% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) | 35,000 |  |  | 35,000 |  |  | 1.21 | % |  | 5.1 |  |
Fixed Rate Debt |  |  |  |  |  |  |  |  |
5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (f) | — |  |  | 325,169 |  |  | — | % |  | 0.0 |  |
5.25% Medium-Term Notes due January 2016 (i) | 83,260 |  |  | 83,260 |  |  | 5.25 | % |  | 0.0 |  |
6.21% Medium-Term Note due July 2016 (j) | 12,091 |  |  | — |  |  | 6.21 | % |  | 0.5 |  |
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,037 and $1,465, respectively) (h) | 298,963 |  |  | 298,535 |  |  | 4.25 | % |  | 2.4 |  |
3.70% Medium-Term Notes due October 2020 (net of discounts of $38 and $46, respectively) (h) | 299,962 |  |  | 299,954 |  |  | 3.70 | % |  | 4.8 |  |
1.44% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) | 315,000 |  |  | 315,000 |  |  | 1.44 | % |  | 5.1 |  |
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,164 and $2,523, respectively) (h) | 397,836 |  |  | 397,477 |  |  | 4.63 | % |  | 6.0 |  |
3.75% Medium-Term Notes due July 2024 (net of discounts of $886 and $990, respectively) (h) | 299,114 |  |  | 299,010 |  |  | 3.75 | % |  | 8.5 |  |
8.50% Debentures due September 2024 | 15,644 |  |  | 15,644 |  |  | 8.50 | % |  | 8.7 |  |
4.00% Medium-Term Notes due October 2025 (net of discount of $671 and $0, respectively) (g) (h) | 299,329 |  |  | — |  |  | 4.00 | % |  | 9.8 |  |
Other | 24 |  |  | 27 |  |  | N/A |  |  | N/A |  |
Deferred financing costs | (12,373 | ) |  | (10,598 | ) |  | N/A |  |  | N/A |  |
Total Unsecured Debt, net | 2,193,850 |  |  | 2,210,978 |  |  | 3.64 | % |  | 5.7 |  |
Total Debt, net | $ | 3,570,795 |  |  | $ | 3,565,299 |  |  | 3.74 | % |  | 5.0 |  |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands):
| December 31, 2015 |  | December 31, 2014
Borrowings outstanding | $ | 813,840 |  |  | $ | 834,282 |
Weighted average borrowings during the period ended | 822,521 |  |  | 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 | 3.9 | % |  | 4.0 | %
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next ten years subsequent to December 31, 2015 are as follows (dollars in thousands):
Year |  | Total Fixed Secured Debt |  | Total Variable Secured Debt |  | Total Secured Debt |  | Total Unsecured Debt |  | Total Debt
2016 |  | $ | 149,058 |  |  | $ | — |  |  | $ | 149,058 |  |  | $ | 95,053 |  |  | $ | 244,111 |
2017 |  | 179,189 |  |  | 96,337 |  |  | 275,526 |  |  | — |  |  | 275,526 |
2018 |  | 73,096 |  |  | 137,969 |  |  | 211,065 |  |  | 300,000 |  |  | 511,065 |
2019 |  | 247,796 |  |  | 67,700 |  |  | 315,496 |  |  | — |  |  | 315,496 |
2020 |  | 170,664 |  |  | — |  |  | 170,664 |  |  | 450,000 |  |  | 620,664 |
2021 |  | — |  |  | — |  |  | — |  |  | 350,000 |  |  | 350,000 |
2022 |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 400,000 |
2023 |  | — |  |  | 96,409 |  |  | 96,409 |  |  | — |  |  | 96,409 |
2024 |  | — |  |  | — |  |  | — |  |  | 315,644 |  |  | 315,644 |
2025 |  | 127,600 |  |  | — |  |  | 127,600 |  |  | 300,000 |  |  | 427,600 |
Thereafter |  | — |  |  | 27,000 |  |  | 27,000 |  |  | — |  |  | 27,000 |
Subtotal |  | 947,403 |  |  | 425,415 |  |  | 1,372,818 |  |  | 2,210,697 |  |  | 3,583,515 |
Non-cash (a) |  | 5,398 |  |  | (1,271 | ) |  | 4,127 |  |  | (16,847 | ) |  | (12,720 | )
Total |  | $ | 952,801 |  |  | $ | 424,144 |  |  | $ | 1,376,945 |  |  | $ | 2,193,850 |  |  | $ | 3,570,795 |
United Dominion Reality L.P. |
Entity Information [Line Items] |
Secured debt instruments | Secured debt consists of the following as of December 31, 2015 and 2014 (dollars in thousands):
| Principal Outstanding |  | For the Year Ended December 31, 2015
| December 31, |  | Weighted Average Interest Rate |  | Weighted Average Years to Maturity |  | Number of Communities Encumbered
| 2015 |  | 2014 |  |  |
Fixed Rate Debt |  |  |  |  |  |  |  |  |
Mortgage notes payable | $ | 30,132 |  |  | $ | 378,371 |  |  | 3.43 | % |  | 0.6 |  | 1 |
Fannie Mae credit facilities | 250,828 |  |  | 333,828 |  |  | 5.08 | % |  | 3.7 |  | 8 |
Deferred financing costs | (1,627 | ) |  | (3,665 | ) |  |  |  |  |  |
Total fixed rate secured debt, net | 279,333 |  |  | 708,534 |  |  | 4.90 | % |  | 3.3 |  | 9 |
Variable Rate Debt |  |  |  |  |  |  |  |  |
Tax-exempt secured note payable | 27,000 |  |  | 27,000 |  |  | 0.76 | % |  | 16.2 |  | 1 |
Fannie Mae credit facilities | 170,203 |  |  | 192,760 |  |  | 1.90 | % |  | 4.7 |  | 6 |
Deferred financing costs | (572 | ) |  | (810 | ) |  |  |  |  |  |
Total variable rate secured debt, net | 196,631 |  |  | 218,950 |  |  | 1.74 | % |  | 6.3 |  | 7 |
Total secured debt, net | $ | 475,964 |  |  | $ | 927,484 |  |  | 3.76 | % |  | 4.5 |  | 16 |
Secured credit facilities | The following is information related to the credit facilities allocated to the Operating Partnership (dollars in thousands):
| December 31, 2015 |  | December 31, 2014
Borrowings outstanding | $ | 421,031 |  |  | $ | 526,588 |
Weighted average borrowings during the period ended | 425,522 |  |  | 527,592 |
Maximum daily borrowings during the period ended | 431,462 |  |  | 528,659 |
Weighted average interest rate during the period ended | 3.8 | % |  | 4.1 | %
Interest rate at the end of the period | 3.8 | % |  | 4.0 | %
Aggregate maturities of secured debt | The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2015 are as follows (dollars in thousands):
| Fixed |  | Variable
| Mortgage Notes Payable |  | Secured Credit Facilities |  | Tax-Exempt Secured Notes Payable |  | Secured Credit Facilities |  | Total
2016 | $ | 30,132 |  |  | $ | 385 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,517 |
2017 | — |  |  | 15,640 |  |  | — |  |  | 6,566 |  |  | 22,206 |
2018 | — |  |  | 48,872 |  |  | — |  |  | 96,327 |  |  | 145,199 |
2019 | — |  |  | 123,095 |  |  | — |  |  | — |  |  | 123,095 |
2020 | — |  |  | 62,836 |  |  | — |  |  | — |  |  | 62,836 |
2021 | — |  |  | — |  |  | — |  |  | — |  |  | — |
2022 | — |  |  | — |  |  | — |  |  | — |  |  | — |
2023 | — |  |  | — |  |  | — |  |  | 67,310 |  |  | 67,310 |
2024 | — |  |  | — |  |  | — |  |  | — |  |  | — |
2025 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Thereafter | — |  |  | — |  |  | 27,000 |  |  | — |  |  | 27,000 |
Subtotal | 30,132 |  |  | 250,828 |  |  | 27,000 |  |  | 170,203 |  |  | 478,163 |
Non-cash (a) | (97 | ) |  | (1,530 | ) |  | (93 | ) |  | (479 | ) |  | (2,199 | )
Total | $ | 30,035 |  |  | $ | 249,298 |  |  | $ | 26,907 |  |  | $ | 169,724 |  |  | $ | 475,964 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: 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(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph f -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 22 -Article 5 + Details
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