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COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) | 6 Months Ended
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Jun. 30, 2020
Entity information |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at June 30, 2020 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | UDR's | ​ | UDR's Remaining | ​
​ | ​ | Properties | ​ | Investment (a) | ​ | Commitment | ​
Wholly-owned — under development |  | 3 | ​ | $ | 131,788 | ​ | $ | 146,712 |
Wholly-owned — redevelopment |  | 2 | ​ | ​ | 18,978 | ​ | ​ | 10,272 |
Joint ventures: |  |  | ​ |  |  | ​ |  |  |
Preferred equity investments |  | 1 | ​ | ​ | 8,872 | (b) | ​ | 11,380 | (c)
Other investments | ​ | - | ​ | ​ | 19,885 | ​ | ​ | 22,875 | (d)
Total |  |  | ​ | $ | 179,523 | ​ | $ | 191,239 |
(a) | Represents UDR’s investment as of June 30, 2020.
(b) | Represents UDR’s investment in Thousand Oaks, which is under development as of June 30, 2020.
(c) | Represents UDR’s remaining commitment for Thousand Oaks.
(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 completion of entitlement and 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.
United Dominion Realty L.P. |
Entity information |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Operating Partnership’s real estate commitments at June 30, 2020 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number | ​ | ​ | ​ | Operating Partnership's
​ | ​ | Properties | ​ | Investment | ​ | Remaining Commitment
Real estate communities - redevelopment |  | 1 | ​ | $ | 10,013 | ​ | $ | 4,987
​ Contingencies Litigation and Legal Matters The Operating Partnership is subject to various legal proceedings and claims arising in the ordinary course of business. The Operating Partnership cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The General Partner believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on the Operating Partnership’s 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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