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Stockholders' Equity
 12 Months Ended
Dec. 31, 2015
Stockholders' Equity Attributable to Parent [Abstract]  
STOCKHOLDERS’ EQUITY
STOCKHOLDERS’ EQUITY
UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company has the ability to issue 350,000,000 shares of common stock and 50,000,000 shares of preferred shares as of December 31, 2015.
The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2015, 2014 and 2013:
 
Common Stock
 
Preferred Stock
 
 
Series E
 
Series F
Balance at December 31, 2012
250,139,408

 
2,803,812

 
2,464,183

Issuance/(forfeiture) of common and restricted shares, net
533,966

 
—

 
—

Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership
76,291

 
—

 
—

Balance at December 31, 2013
250,749,665

 
2,803,812

 
2,464,183

Issuance/(forfeiture) of common and restricted shares, net
801,054

 
—

 
—

Issuance of common shares through public offering
3,410,433

 
—

 
—

Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership
153,451

 
—

 
—

Balance at December 31, 2014
255,114,603

 
2,803,812

 
2,464,183

Issuance/(forfeiture) of common and restricted shares, net
270,628

 
—

 
—

Issuance of common shares through public offering
6,339,636

 
—

 
—

Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership
112,174

 
—

 
—

Conversion of Series E Cumulative Convertible shares
7,480

 
(6,909
)
 
—

Issuance of Series F shares
—

 
—

 
13,988,313

Balance at December 31, 2015
261,844,521

 
2,796,903

 
16,452,496


Common Stock
The company has an equity distribution agreement which allows it from time to time, through its sales agents, to offer and sell up to 20,000,000 shares of its common stock. Sales of such shares will be made by means of ordinary brokers’ transactions on the NYSE at market prices. As of December 31, 2015, 13,078,931 shares were available for sale under the continuous equity program.
During the year ended December 31, 2015, the Company entered into the following equity transactions for our common stock:

•
Sold 3,439,636 shares of common stock through the Company’s equity distribution agreement at a weighted average price per share of $32.29, for aggregate gross proceeds of approximately $111.0 million;
•
Sold 2,900,000 shares of common stock through a public offering at a weighted average price per share of $35.00, for aggregate gross proceeds of approximately $101.5 million.
•
Issued 551,293 shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); and
•
Converted 112,174 OP Units into Company common stock.
Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2015, 2014, and 2013 totaled $1.11, $1.04, and $0.94 per share, respectively.
Preferred Stock
The Series E Cumulative Convertible Preferred Stock (“Series E”) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time and from time to time at the holder’s option into one share of our common stock prior to a “Special Dividend” declared in 2008 (1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption.
Distributions declared on the Series E for the years ended December 31, 2015, 2014, and 2013 were $1.33 per share. The Series E is not listed on any exchange. At December 31, 2015 and 2014, a total of 2,796,903 and 2,803,812 shares, respectively, of the Series E were outstanding.
UDR is authorized to issue up to 20,000,000 shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by holders of UDR’s operating partnership units, or OP Units, at a purchase price of $0.0001 per share. OP Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP Unit held. In connection with the acquisition of the six properties from Home OP and the formation of the DownREIT Partnership in October 2015, the Company issued 13,988,313 Series F shares to former limited partners of the Home OP, which had the right to subscribe for one share of Series F for each DownREIT Unit issued in connection with the acquisitions.
At December 31, 2015 and 2014, a total of 16,452,496 and 2,464,183 shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,645 and $246, respectively. Holders of the Series F are entitled to one vote for each share of the Series F they hold, voting together with the holders of our common stock, on each matter submitted to a vote of security holders at a meeting of our stockholders. The Series F does not entitle its holders to dividends or any other rights, privileges or preferences.
Distribution Reinvestment and Stock Purchase Plan
UDR’s Distribution Reinvestment and Stock Purchase Plan (the “Stock Purchase Plan”) allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends, additional shares of UDR’s common stock. From inception through December 31, 2008, shareholders have elected to utilize the Stock Purchase Plan to reinvest their distribution for the equivalent of 9,957,233 shares of Company common stock. Shares in the amount of 10,963,730 were reserved for issuance under the Stock Purchase Plan as of December 31, 2015. During the year ended December 31, 2015, UDR acquired all shares issued through the open market.