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DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Entity information |
Schedule of outstanding interest rate derivatives | As of December 31, 2019, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | ​
Product | ​ | Instruments | ​ | Notional
Interest rate swaps (a) | ​ | 4 | ​ | $ | 315,000
(a) | In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap with a notional value of $315.0 million that will become effective in January 2020 upon the maturity of the interest rate swaps summarized above. Additionally, the Company had previously entered into two additional interest rate swaps with a notional value totaling $75.0 million that were subsequently terminated and settled during the year ended December 31, 2019 in conjunction with the July 2019 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 7, Secured and Unsecured, Net.
​ Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no gain or loss for the years ended December 31, 2019 and 2018, and a loss of less than $0.1 million for the year ended December 31, 2017. As of December 31, 2019, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | ​ | ​
Product | ​ | Instruments | ​ | Notional
Interest rate caps | ​ | 1 | ​ | $ | 19,880
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2019 and 2018 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives | ​ | Liability Derivatives
​ | ​ | (included in Other assets) | ​ | (included in Other liabilities)
​ | ​ | Fair Value at: | ​ | Fair Value at:
​ | ​ | December 31, | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ | 2019 | ​ | 2018 | ​ | 2019 | ​ | 2018
Derivatives designated as hedging instruments: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Interest rate products | ​ | $ | 6 | ​ | $ | 4,757 | ​ | $ | 142 | ​ | $ | 356
Effect of Company's derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2019, 2018, and 2017 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gain/(Loss) Recognized in
​ | ​ | ​ | ​ | Gain/(Loss) Reclassified | ​ | Interest expense
​ | ​ | Unrealized holding gain/(loss) | ​ | from Accumulated OCI into | ​ | (Amount Excluded from
​ | ​ | Recognized in OCI | ​ | Interest expense | ​ | Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | $ | (8,437) | ​ | $ | 4,806 | ​ | $ | 1,802 | ​ | $ | 2,770 | ​ | $ | 1,948 | ​ | $ | (1,271) | ​ | $ | — | ​ | $ | — | ​ | $ | (136)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ | ​ | 2019 | ​ | 2018 | ​ | 2017
Total amount of Interest expense presented on the Consolidated Statements of Operations | ​ | $ | 170,917 | ​ | $ | 134,168 | ​ | $ | 128,711
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain/(Loss) Recognized in
​ | ​ | Interest income and other income/(expense), net
Derivatives Not Designated as Hedging Instruments |  | 2019 |  | 2018 |  | 2017
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate products | ​ | $ | — | ​ | $ | — |  | (1)
Offsetting of Derivative Assets | The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2019 and 2018 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Net Amounts of |  | Gross Amounts Not Offset | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Amounts | ​ | Assets | ​ | in the Consolidated | ​ | ​ | ​
​ | ​ | Gross | ​ | Offset in the | ​ | Presented in the | ​ | Balance Sheet | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Consolidated | ​ | Consolidated | ​ | ​ | ​ | ​ | Cash | ​ | ​ | ​
​ | ​ | Recognized | ​ | Balance | ​ | Balance Sheets | ​ | Financial | ​ | Collateral | ​ | ​ | ​
Offsetting of Derivative Assets | ​ | Assets | ​ | Sheets | ​ | (a) | ​ | Instruments |  | Received |  | Net Amount
December 31, 2019 | ​ | $ | 6 | ​ | $ | — | ​ | $ | 6 | ​ | $ | (3) | ​ | $ | — | ​ | $ | 3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2018 | ​ | $ | 4,757 | ​ | $ | — | ​ | $ | 4,757 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,757
(a) | Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
Offsetting of Derivative Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Gross |  | Net Amounts of |  | Gross Amounts Not Offset | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Amounts | ​ | Liabilities | ​ | in the Consolidated | ​ | ​ | ​
​ | ​ | Gross | ​ | Offset in the | ​ | Presented in the | ​ | Balance Sheet | ​ | ​ | ​
​ | ​ | Amounts of | ​ | Consolidated | ​ | Consolidated | ​ | ​ | ​ | ​ | Cash | ​ | ​ | ​
​ | ​ | Recognized | ​ | Balance | ​ | Balance Sheets | ​ | Financial | ​ | Collateral | ​ | ​ | ​
Offsetting of Derivative Liabilities |  | Liabilities |  | Sheets |  | (a) |  | Instruments |  | Posted |  | Net Amount
December 31, 2019 | ​ | $ | 142 | ​ | $ | — | ​ | $ | 142 | ​ | $ | (3) | ​ | $ | — | ​ | $ | 139
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2018 | ​ | $ | 356 | ​ | $ | — | ​ | $ | 356 | ​ | $ | — | ​ | $ | — | ​ | $ | 356
| (a) | Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
United Dominion Realty L.P. |
Entity information |
Schedule of outstanding interest rate derivatives | As of December 31, 2019, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of |  | ​ | ​
Product | ​ | Instruments | ​ | Notional
Interest rate caps |  | 1 | ​ | $ | 19,880
​
Effect of Company's derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2019, 2018, and 2017 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gain/(Loss) Recognized in
​ | ​ | ​ | ​ | Gain/(Loss) Reclassified | ​ | Interest expense
​ | ​ | Unrealized holding gain/(loss) | ​ | from Accumulated OCI into | ​ | (Amount Excluded from
​ | ​ | Recognized in OCI | ​ | Interest expense | ​ | Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships |  | 2019 |  | 2018 | ​ | 2017 |  | 2019 |  | 2018 | ​ | 2017 |  | 2019 |  | 2018 | ​ | 2017
Interest rate products | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | (106)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ | ​ | 2019 | ​ | 2018 | ​ | 2017
Total amount of Interest expense presented on the Consolidated Statements of Operations (a) | ​ | $ | 1,639 | ​ | $ | 8,733 | ​ | ​ | 18,156
| (a) | Excludes Interest expense on notes payable due to the General Partner for the years ended December 31, 2019, 2018, and 2017.
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Gain/(Loss) Recognized in
​ | ​ | Interest income and other
​ | ​ | income/(expense), net
Derivatives Not Designated as Hedging Instruments |  | 2019 |  | 2018 |  | 2017
Interest rate products | ​ | $ | — | ​ | $ | — | ​ | $ | (1)

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