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UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended
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Dec. 31, 2019
Unconsolidated entities |
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) | Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2019, 2018, and 2017 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ |  | ​ |  | UDR/ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | MetLife | ​ | ​ | ​ | ​ | West Coast | ​ |  | ​
As of and For the | ​ | UDR/ | ​ | UDR/ | ​ | UDR/MetLife | ​ | Vitruvian | ​ | ​ | ​ | Development | ​ |  | ​
Year Ended December 31, 2019 | ​ | MetLife I | ​ | MetLife II | ​ | Joint Ventures | ​ | Park® | ​ | UDR/KFH | ​ | Joint Ventures | ​ | Total
Condensed Statements of Operations: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Total revenues | ​ | $ | 9,834 | ​ | $ | 151,226 | ​ | $ | 64,273 | ​ | $ | 26,398 | ​ | $ | 12,217 | ​ | $ | 14,058 | ​ | $ | 278,006
Property operating expenses | ​ |  | 4,533 | ​ |  | 54,445 | ​ |  | 22,019 | ​ |  | 12,541 | ​ |  | 4,982 | ​ |  | 6,829 | ​ |  | 105,349
Real estate depreciation and amortization | ​ |  | 5,787 | ​ |  | 44,077 | ​ |  | 35,001 | ​ |  | 9,832 | ​ |  | 5,746 | ​ |  | 5,440 | ​ |  | 105,883
Gain/(loss) on sale of real estate (a) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 115,516 | ​ | ​ | — | ​ | ​ | 115,516
Operating income/(loss) | ​ |  | (486) | ​ |  | 52,704 | ​ |  | 7,253 | ​ |  | 4,025 | ​ |  | 117,005 | ​ |  | 1,789 | ​ |  | 182,290
Interest expense | ​ |  | (3,070) | ​ |  | (44,825) | ​ |  | (17,399) | ​ |  | (5,948) | ​ |  | (4,300) | ​ |  | (4,656) | ​ |  | (80,198)
Net gain/(loss) on revaluation of assets and liabilities (b) | ​ | ​ | — | ​ | ​ | 458,195 | ​ | ​ | — | ​ | ​ | 25,711 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 483,906
Other income/(loss) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 159 | ​ |  | 159
Net income/(loss) | ​ | $ | (3,556) | ​ | $ | 466,074 | ​ | $ | (10,146) | ​ | $ | 23,788 | ​ | $ | 112,705 | ​ | $ | (2,708) | ​ | $ | 586,157
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Condensed Balance Sheets: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |
Total real estate, net | ​ | $ | 120,055 | ​ | $ | 663,492 | ​ | $ | 621,335 | ​ | $ | — | ​ | $ | — | ​ | $ | 140,224 | ​ | $ | 1,545,106
Cash and cash equivalents | ​ |  | 2,317 | ​ |  | 4,208 | ​ |  | 7,973 | ​ |  | — | ​ |  | — | ​ |  | 5,692 | ​ |  | 20,190
Other assets | ​ |  | 1,053 | ​ |  | 9,777 | ​ |  | 5,400 | ​ |  | — | ​ |  | — | ​ |  | 1,305 | ​ |  | 17,535
Total assets | ​ |  | 123,425 | ​ |  | 677,477 | ​ |  | 634,708 | ​ |  | — | ​ |  | — | ​ |  | 147,221 | ​ |  | 1,582,831
Third party debt, net | ​ |  | 70,890 | ​ |  | 425,303 | ​ |  | 454,972 | ​ |  | — | ​ |  | — | ​ |  | 90,498 | ​ |  | 1,041,663
Accounts payable and accrued liabilities | ​ |  | 4,037 | ​ |  | 9,303 | ​ |  | 9,757 | ​ |  | — | ​ |  | — | ​ |  | 3,440 | ​ |  | 26,537
Total liabilities | ​ |  | 74,927 | ​ |  | 434,606 | ​ |  | 464,729 | ​ | ​ | — | ​ |  | — | ​ |  | 93,938 | ​ |  | 1,068,200
Total equity | ​ | $ | 48,498 | ​ | $ | 242,871 | ​ | $ | 169,979 | ​ | $ | — | ​ | $ | — | ​ | $ | 53,283 | ​ | $ | 514,631
(a) | Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level, as described in note (b) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net.
(b) | Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019, as described in note (a) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value.
For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned). For the 50% ownership interest acquired in the five communities by MetLife, the Company recognized a net gain on sale of $114.9 million at our share, when the communities were disposed of by the UDR/MetLife II joint venture.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | UDR/ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | MetLife | ​ | ​ | ​ | ​ | West Coast | ​ |  | ​
As of and For the | ​ | UDR/ | ​ | UDR/ | ​ | UDR/MetLife | ​ | Vitruvian | ​ | ​ | ​ | Development | ​ |  | ​
Year Ended December 31, 2018 | ​ | MetLife I | ​ | MetLife II | ​ | Joint Ventures | ​ | Park® | ​ | UDR/KFH | ​ | Joint Ventures | ​ | Total
Condensed Statements of Operations: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ | ​ |  | ​ |
Total revenues | ​ | $ | 3,187 | ​ | $ | 158,738 | ​ | $ | 61,967 | ​ | $ | 26,096 | ​ | $ | 20,703 | ​ | $ | 16,392 | ​ | $ | 287,083
Property operating expenses | ​ |  | 3,066 | ​ |  | 56,403 | ​ |  | 21,998 | ​ |  | 13,732 | ​ |  | 8,318 | ​ |  | 8,830 | ​ |  | 112,347
Real estate depreciation and amortization | ​ |  | 3,392 | ​ |  | 44,721 | ​ |  | 35,437 | ​ |  | 9,495 | ​ |  | 14,487 | ​ |  | 7,679 | ​ |  | 115,211
Operating income/(loss) | ​ |  | (3,271) | ​ |  | 57,614 | ​ |  | 4,532 | ​ |  | 2,869 | ​ |  | (2,102) | ​ |  | (117) | ​ |  | 59,525
Interest expense | ​ |  | (1,872) | ​ |  | (49,118) | ​ |  | (17,408) | ​ |  | (6,051) | ​ |  | (6,739) | ​ |  | (6,175) | ​ |  | (87,363)
Other income/(loss) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 148 | ​ |  | 148
Net income/(loss) | ​ | $ | (5,143) | ​ | $ | 8,496 | ​ | $ | (12,876) | ​ | $ | (3,182) | ​ | $ | (8,841) | ​ | $ | (6,144) | ​ | $ | (27,690)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Condensed Balance Sheets: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​ | ​ |  |
Total real estate, net | ​ | $ | 124,112 | ​ | $ | 1,609,903 | ​ | $ | 653,729 | ​ | $ | 315,541 | ​ | $ | 182,970 | ​ | $ | 281,729 | ​ | $ | 3,167,984
Cash and cash equivalents | ​ |  | 698 | ​ |  | 11,192 | ​ |  | 8,242 | ​ |  | 8,865 | ​ |  | 1,794 | ​ |  | 8,614 | ​ |  | 39,405
Other assets | ​ |  | 1,074 | ​ |  | 18,670 | ​ |  | 4,904 | ​ |  | 2,241 | ​ |  | 1,320 | ​ |  | 1,610 | ​ |  | 29,819
Total assets | ​ |  | 125,884 | ​ |  | 1,639,765 | ​ |  | 666,875 | ​ |  | 326,647 | ​ |  | 186,084 | ​ |  | 291,953 | ​ |  | 3,237,208
Third party debt, net | ​ |  | 70,833 | ​ |  | 1,089,231 | ​ |  | 454,647 | ​ |  | 162,131 | ​ |  | 165,699 | ​ |  | 171,879 | ​ |  | 2,114,420
Accounts payable and accrued liabilities | ​ |  | 1,935 | ​ |  | 21,258 | ​ |  | 9,753 | ​ |  | 14,968 | ​ |  | 1,860 | ​ |  | 9,943 | ​ |  | 59,717
Total liabilities | ​ |  | 72,768 | ​ |  | 1,110,489 | ​ |  | 464,400 | ​ | ​ | 177,099 | ​ |  | 167,559 | ​ |  | 181,822 | ​ |  | 2,174,137
Total equity | ​ | $ | 53,116 | ​ | $ | 529,276 | ​ | $ | 202,475 | ​ | $ | 149,548 | ​ | $ | 18,525 | ​ | $ | 110,131 | ​ | $ | 1,063,071
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | UDR/ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | MetLife | ​ | ​ | ​ | ​ | West Coast | ​ | ​ | ​
For the | ​ | UDR/ | ​ | UDR/ | ​ | UDR/MetLife | ​ | Vitruvian | ​ | ​ | ​ | Development | ​ |  | ​
Year Ended December 31, 2017 | ​ | MetLife I | ​ | MetLife II | ​ | Joint Ventures | ​ | Park® | ​ | UDR/KFH | ​ | Joint Ventures | ​ | Total
Condensed Statements of Operations: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |
Total revenues | ​ | $ | — | ​ | $ | 156,920 | ​ | $ | 48,032 | ​ | $ | 23,025 | ​ | $ | 20,327 | ​ | $ | 18,812 | ​ | $ | 267,116
Property operating expenses | ​ |  | 93 | ​ |  | 52,450 | ​ |  | 21,908 | ​ |  | 11,839 | ​ |  | 8,159 | ​ |  | 9,520 | ​ |  | 103,969
Real estate depreciation and amortization | ​ |  | — | ​ |  | 45,144 | ​ |  | 32,625 | ​ |  | 7,169 | ​ |  | 14,480 | ​ |  | 7,387 | ​ |  | 106,805
​ | ​ |  | (17) | ​ |  | (609) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 72,216 | ​ |  | 71,590
Operating income/(loss) | ​ |  | (110) | ​ |  | 58,717 | ​ |  | (6,501) | ​ |  | 4,017 | ​ |  | (2,312) | ​ |  | 74,121 | ​ |  | 127,932
Interest expense | ​ |  | — | ​ |  | (50,603) | ​ |  | (13,894) | ​ |  | (5,030) | ​ |  | (5,264) | ​ |  | (4,038) | ​ |  | (78,829)
Other income/(loss) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 439 | ​ | ​ | 439
Net income/(loss) | ​ | $ | (110) | ​ | $ | 8,114 | ​ | $ | (20,395) | ​ | $ | (1,013) | ​ | $ | (7,576) | ​ | $ | 69,644 | ​ | $ | 48,664
United Dominion Realty L.P. |
Unconsolidated entities |
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) | Condensed summary financial information relating to the DownREIT Partnership (not just our proportionate share), is presented below for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2019 |  | 2018
Total real estate, net |  | $ | 1,106,703 |  | $ | 1,167,720
Cash and cash equivalents | ​ |  | 20 | ​ |  | 39
Note receivable from the General Partner | ​ |  | 222,853 | ​ |  | 221,022
Other assets | ​ |  | 4,829 | ​ |  | 5,561
Total assets |  | $ | 1,334,405 |  | $ | 1,394,342
​ | ​ | ​ | ​ | ​ | ​ | ​
Secured debt, net | ​ | $ | 427,592 | ​ | $ | 431,735
Other liabilities | ​ |  | 28,087 | ​ |  | 26,597
Total liabilities | ​ |  | 455,679 | ​ |  | 458,332
Total capital | ​ | $ | 878,726 | ​ | $ | 936,010
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ |  | 2019 |  | 2018 | ​ | 2017
Total revenue | ​ | $ | 128,621 |  | $ | 138,121 | ​ | $ | 134,669
Property operating expenses | ​ |  | (51,747) | ​ |  | (56,998) | ​ |  | (55,487)
Real estate depreciation and amortization | ​ |  | (82,283) | ​ |  | (85,872) | ​ |  | (84,000)
Gain/(loss) on sale of real estate | ​ | ​ | — | ​ | ​ | 24,053 | ​ | ​ | —
Operating income/(loss) | ​ |  | (5,409) | ​ |  | 19,304 | ​ |  | (4,818)
Interest expense | ​ |  | (15,648) | ​ |  | (14,456) | ​ |  | (14,483)
Other income/(loss) | ​ |  | 8,061 | ​ |  | 4,884 | ​ |  | 4,718
Net income/(loss) | ​ | $ | (12,996) |  | $ | 9,732 |  | $ | (14,583)

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