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FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended
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Dec. 31, 2019
Entity information |
Schedule of 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, 2019 and 2018 are summarized as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at December 31, 2019, Using
​ | ​ | Total | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​
​ | ​ | Amount in | ​ | ​ | ​ | Active | ​ | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | ​ | ​ | ​ | Markets | ​ | Significant | ​ | ​ | ​
​ | ​ | Financial | ​ | Fair Value | ​ | for Identical | ​ | Other | ​ | Significant
​ | ​ | Position at | ​ | Estimate at | ​ | Assets or | ​ | Observable | ​ | Unobservable
​ | ​ | December 31, | ​ | December 31, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ | ​ | 2019 | ​ | 2019 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable (a) | ​ | $ | 153,650 | ​ | $ | 160,197 | ​ | $ | — | ​ | $ | — | ​ | $ | 160,197
Derivatives - Interest rate contracts (b) | ​ |  | 6 | ​ |  | 6 | ​ |  | — | ​ |  | 6 | ​ |  | —
Total assets | ​ | $ | 153,656 | ​ | $ | 160,203 | ​ | $ | — | ​ | $ | 6 | ​ | $ | 160,197
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives - Interest rate contracts (b) | ​ | $ | 142 | ​ | $ | 142 | ​ | $ | — | ​ | $ | 142 | ​ | $ | —
Secured debt instruments - fixed rate: (c) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | ​ | 906,228 | ​ | ​ | 898,329 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 898,329
Credit facilities | ​ |  | 218,490 | ​ |  | 213,661 | ​ |  | — | ​ |  | — | ​ |  | 213,661
Secured debt instruments - variable rate: (c) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Tax-exempt secured notes payable | ​ |  | 27,000 | ​ |  | 27,000 | ​ |  | — | ​ |  | — | ​ |  | 27,000
Unsecured debt instruments: (c) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Working capital credit facility | ​ | ​ | 16,583 | ​ | ​ | 16,583 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16,583
Commercial paper program | ​ | ​ | 300,000 | ​ | ​ | 300,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 300,000
Unsecured notes | ​ | ​ | 3,263,152 | ​ | ​ | 3,397,622 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,397,622
Total liabilities | ​ | $ | 4,731,595 | ​ | $ | 4,853,337 | ​ | $ | — | ​ | $ | 142 | ​ | $ | 4,853,195
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) | ​ | $ | 1,018,665 | ​ | $ | 1,018,665 | ​ | $ | — | ​ | $ | 1,018,665 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at December 31, 2018, Using
​ | ​ | Total | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​
​ | ​ | Amount in | ​ | ​ | ​ | Active | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | ​ | ​ | Markets | ​ | Significant | ​ | ​
​ | ​ | Financial | ​ | Fair Value | ​ | for Identical | ​ | Other | ​ | Significant
​ | ​ | Position at | ​ | Estimate at | ​ | Assets or | ​ | Observable | ​ | Unobservable
​ | ​ | December 31, | ​ | December 31, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ |  | 2018 | ​ | 2018 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ | ​
Notes receivable (a) | ​ | $ | 42,259 | ​ | $ | 45,026 | ​ | $ | — | ​ | $ | — | ​ | $ | 45,026
Derivatives - Interest rate contracts (b) | ​ |  | 4,757 | ​ |  | 4,757 | ​ |  | — | ​ |  | 4,757 | ​ |  | —
Total assets | ​ | $ | 47,016 | ​ | $ | 49,783 | ​ | $ | — | ​ | $ | 4,757 | ​ | $ | 45,026
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives - Interest rate contracts (b) | ​ | $ | 356 | ​ | $ | 356 | ​ | $ | — | ​ | $ | 356 | ​ | $ | —
Secured debt instruments - fixed rate: (c) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Mortgage notes payable | ​ | ​ | 417,989 | ​ | ​ | 416,314 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 416,314
Fannie Mae credit facility | ​ |  | 90,000 | ​ |  | 90,213 | ​ |  | — | ​ |  | — | ​ |  | 90,213
Secured debt instruments - variable rate: (c) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Tax-exempt secured notes payable | ​ |  | 94,700 | ​ |  | 94,700 | ​ |  | — | ​ |  | — | ​ |  | 94,700
Unsecured debt instruments: (c) | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Working capital credit facility | ​ | ​ | 16 | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16
Commercial paper program | ​ | ​ | 101,115 | ​ | ​ | 101,115 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 101,115
Unsecured notes | ​ | ​ | 2,861,842 | ​ | ​ | 2,829,390 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,829,390
Total liabilities | ​ | $ | 3,566,018 | ​ | $ | 3,532,104 | ​ | $ | — | ​ | $ | 356 | ​ | $ | 3,531,748
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) | ​ | $ | 972,740 | ​ | $ | 972,740 | ​ | $ | — | ​ | $ | 972,740 | ​ | $ | —
(a) | See Note 2, Significant Accounting Policies.
(b) | See Note 14, Derivatives and Hedging Activity.
(c) | See Note 7, Secured and Unsecured Debt, Net.
(d) | See Note 12, Noncontrolling Interests.
United Dominion Realty L.P. |
Entity information |
Schedule of 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, 2019 and 2018 are summarized as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at December 31, 2019, Using
​ |  | Total |  | ​ | ​ |  | Quoted |  | ​ | ​ |  | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount in | ​ | ​ | ​ | ​ | Active | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | ​ | ​ | ​ | Markets | ​ | Significant | ​ | ​ | ​
​ | ​ | Financial | ​ | Fair Value | ​ | for Identical | ​ | Other | ​ | Significant
​ | ​ | Position at | ​ | Estimate at | ​ | Assets or | ​ | Observable | ​ | Unobservable
​ | ​ | December 31, | ​ | December 31, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ | ​ | 2019 | ​ | 2019 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Secured debt instrument - fixed rate: (a) | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Mortgage note payable | ​ | $ | 72,500 | ​ | $ | 71,976 | ​ | $ | — | ​ | $ | — | ​ | $ | 71,976
Secured debt instrument - variable rate: (a) | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Tax-exempt secured note payable | ​ | ​ | 27,000 | ​ | ​ | 27,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 27,000
Total liabilities | ​ | $ | 99,500 | ​ | $ | 98,976 | ​ | $ | — | ​ | $ | — | ​ | $ | 98,976
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value at December 31, 2018, Using
​ |  | ​ | ​ |  | ​ | ​ |  | Quoted |  | ​ | ​ |  | ​ | ​
​ | ​ | Total | ​ | ​ | ​ | ​ | Prices in | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | ​ | Active | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount in | ​ | ​ | ​ | ​ | Markets | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Statement of | ​ | ​ | ​ | ​ | for Identical | ​ | Significant | ​ | ​ | ​
​ | ​ | Financial | ​ | Fair Value | ​ | Assets | ​ | Other | ​ | Significant
​ | ​ | Position at | ​ | Estimate at | ​ | or | ​ | Observable | ​ | Unobservable
​ | ​ | December 31, | ​ | December 31, | ​ | Liabilities | ​ | Inputs | ​ | Inputs
​ | ​ | 2018 | ​ | 2018 | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
Description: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Secured debt instrument - variable rate: (a) | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  |  | ​ |  |
Tax-exempt secured note payable | ​ | $ | 27,000 | ​ | $ | 27,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 27,000
Total liabilities | ​ | $ | 27,000 | ​ | $ | 27,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 27,000
(a) | See Note 6, Debt, Net.

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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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