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COMMITMENTS AND CONTINGENCIES | 12 Months Ended
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Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES | ​ 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | UDR's | ​ | UDR's Remaining | ​
​ | ​ | Properties | ​ | Investment (a) | ​ | Commitment | ​
Wholly-owned — under development |  | 3 | ​ | $ | 69,754 | ​ | $ | 208,723 |
Wholly-owned — redevelopment |  | 2 | ​ | ​ | 15,744 | ​ | ​ | 19,756 |
Joint ventures: |  |  | ​ |  |  | ​ |  |  |
Preferred equity investments |  | 2 | ​ | ​ | 73,868 | (b) | ​ | 9,121 | (c)
Other investments | ​ | - | ​ | ​ | 13,598 | ​ | ​ | 8,100 | (d)
Total |  |  | ​ | $ | 172,964 | ​ | $ | 245,700 |
(a) | Represents UDR’s investment as of December 31, 2019.
(b) | Represents UDR’s investment in 1300 Fairmount and Modera Lake Merritt, which were under development as of December 31, 2019.
(c) | Represents UDR’s remaining commitment for 1300 Fairmount and Modera Lake Merritt.
(d) | Represents UDR’s remaining commitment for other investment ventures.
​ Purchase Commitments In 2019, the Company entered into a contract to purchase a development land parcel located in King of Prussia, Pennsylvania for a purchase price of approximately $14.8 million. The Company made a $0.8 million deposit on the purchase, which is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the purchase agreement. The acquisition is expected to close in 2020, subject to customary closing conditions. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flows.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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