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DEBT, NET (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended
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Jun. 30, 2020
Entity information |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at June 30, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal Outstanding | ​ | As of June 30, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | Average | ​ | Number of
​ | ​ | June 30, | ​ | December 31, | ​ | Interest | ​ | Years to | ​ | Communities
​ |  | 2020 |  | 2019 |  | Rate |  | Maturity |  | Encumbered
Secured Debt: | ​ | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |
Fixed Rate Debt |  | ​ |  |  | ​ |  |  |  |  |  |  |
Mortgage notes payable (a) | ​ | $ | 855,585 | ​ | $ | 884,869 |  | 3.60 | % | 5.9 |  | 14
Credit facilities (b) | ​ |  | 202,254 | ​ |  | 204,590 |  | 4.90 | % | 2.5 |  | 4
Deferred financing costs and other non-cash adjustments | ​ |  | 28,102 | ​ |  | 33,046 |  |  |  |  |  |
Total fixed rate secured debt, net | ​ |  | 1,085,941 | ​ |  | 1,122,505 |  | 3.85 | % | 5.2 |  | 18
Variable Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Tax-exempt secured notes payable (c) | ​ |  | 27,000 | ​ |  | 27,000 |  | 0.85 | % | 11.7 |  | 1
Deferred financing costs | ​ |  | (71) | ​ |  | (64) |  |  |  |  |  |
Total variable rate secured debt, net | ​ |  | 26,929 | ​ |  | 26,936 |  | 0.85 | % | 11.7 |  | 1
Total Secured Debt, net | ​ |  | 1,112,870 | ​ |  | 1,149,441 |  | 3.77 | % | 5.4 |  | 19
Unsecured Debt: | ​ |  |  | ​ |  |  |  |  |  |  |  |
Variable Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) | ​ |  | — | ​ |  | — |  | — | % | 2.6 |  |
Borrowings outstanding under unsecured commercial paper program due July 2020 (e) (m) | ​ | ​ | 185,000 | ​ | ​ | 300,000 | ​ | 0.45 | % | 0.1 | ​ | ​
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) | ​ |  | 17,180 | ​ |  | 16,583 |  | 0.99 | % | 0.5 |  |
Term Loan due September 2023 (d) (m) | ​ |  | 35,000 | ​ |  | 35,000 |  | 1.07 | % | 3.3 |  |
Fixed Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
1.93% Term Loan due September 2023 (d) (m) | ​ | ​ | 315,000 | ​ |  | 315,000 |  | 1.93 | % | 3.3 | ​ | ​
3.75% Medium-Term Notes due July 2024 (net of discounts of $417 and $470, respectively) (g) (m) | ​ |  | 299,583 | ​ |  | 299,530 |  | 3.75 | % | 4.0 |  |
8.50% Debentures due September 2024 | ​ |  | 15,644 | ​ |  | 15,644 |  | 8.50 | % | 4.2 |  |
4.00% Medium-Term Notes due October 2025 (net of discounts of $362 and $396, respectively) (h) (m) | ​ |  | 299,638 | ​ |  | 299,604 |  | 4.00 | % | 5.3 |  |
2.95% Medium-Term Notes due September 2026 (m) | ​ |  | 300,000 | ​ |  | 300,000 |  | 2.95 | % | 6.2 |  |
3.50% Medium-Term Notes due July 2027 (net of discounts of $494 and $529, respectively) (m) | ​ | ​ | 299,506 | ​ | ​ | 299,471 | ​ | 3.50 | % | 7.0 | ​ | ​
3.50% Medium-Term Notes due January 2028 (net of discounts of $894 and $954, respectively) (m) | ​ | ​ | 299,106 | ​ | ​ | 299,046 | ​ | 3.50 | % | 7.5 | ​ | ​
4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m) | ​ | ​ | 299,995 | ​ | ​ | 299,995 | ​ | 4.40 | % | 8.6 | ​ | ​
3.20% Medium-Term Notes due January 2030 (net of premiums of $13,099 and $2,281, respectively) (j) (m) | ​ | ​ | 613,099 | ​ | ​ | 402,281 | ​ | 3.20 | % | 9.5 | ​ | ​
3.00% Medium-Term Notes due August 2031 (net of discounts of $1,075 and $1,123, respectively) (k) (m) | ​ | ​ | 398,925 | ​ | ​ | 398,877 | ​ | 3.00 | % | 11.1 | ​ | ​
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,265 and $1,309, respectively) (l) (m) | ​ | ​ | 298,735 | ​ | ​ | 298,691 | ​ | 3.10 | % | 14.3 | ​ | ​
Other | ​ |  | 12 | ​ |  | 13 |  |  |  |  |  |
Deferred financing costs | ​ |  | (22,489) | ​ |  | (21,652) |  |  |  |  |  |
Total Unsecured Debt, net | ​ |  | 3,653,934 | ​ |  | 3,558,083 |  | 3.26 | % | 7.4 |  |
Total Debt, net | ​ | $ | 4,766,804 | ​ | $ | 4,707,524 |  | 3.24 | % | 7.0 |  |
United Dominion Realty L.P. |
Entity information |
Schedule of debt instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal Outstanding | ​ | As of June 30, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | Average | ​ | ​
​ | ​ | June 30, | ​ | December 31, | ​ | Average | ​ | Years to | ​ | Communities
​ | ​ | 2020 | ​ | 2019 | ​ | Interest Rate | ​ | Maturity | ​ | Encumbered
Fixed Rate Debt |  | ​ |  |  | ​ |  |  |  |  |  |  |
Mortgage note payable | ​ | $ | 72,500 | ​ | $ | 72,500 |  | 3.10 | % | 9.6 |  | 1
Deferred financing costs | ​ |  | (347) | ​ |  | (365) |  |  |  |  |  |
Total fixed rate secured debt, net | ​ |  | 72,153 | ​ |  | 72,135 |  | 3.10 | % | 9.6 |  | 1
Variable Rate Debt | ​ |  |  | ​ |  |  |  |  |  |  |  |
Tax-exempt secured note payable | ​ | $ | 27,000 | ​ | $ | 27,000 |  | 0.85 | % | 11.7 |  | 1
Deferred financing costs | ​ |  | (71) | ​ |  | (64) |  |  |  |  |  |
Total variable rate secured debt, net | ​ |  | 26,929 | ​ |  | 26,936 |  | 0.85 | % | 11.7 |  | 1
Total Secured Debt, Net | ​ | $ | 99,082 | ​ | $ | 99,071 |  | 2.54 | % | 10.2 |  | 2

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