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Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables)

12 Months Ended

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

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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

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