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Secured Debt and Unsecured Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

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

Summary of short-term bank borrowings under bank credit facility

The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at December 31, 2015 and 2014 (dollars in thousands):

	December 31, 2015				December 31, 2014
Total revolving credit facility	$	1,100,000			$	900,000
Borrowings outstanding at end of period (1)	150,000				152,500
Weighted average daily borrowings during the period ended	353,647				291,761
Maximum daily borrowings during the period ended	541,500				625,000
Weighted average interest rate during the period ended	1.1		%		1.2		%
Interest rate at end of the period	1.2		%		1.1		%

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