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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

Commitments

Real Estate Commitments

The following summarizes the Company’s real estate commitments at June 30, 2021 (dollars in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Number	​	UDR's		​	UDR's Remaining		​
​	​	Properties	​	Investment (a)		​	Commitment		​
Wholly-owned — under development		5	​	$	286,925	​	$	214,575
Joint ventures:			​			​
Preferred equity investments		3	​	​	11,355	(b)	​	55,304	(b)
Real estate technology investments:	​	​	​	​	​	​	​	​	​
RETV I	​	-	​	​	28,696	​	​	5,220	​
RETV II	​	-	​	​	3,471	​	​	14,400	​
Total			​	$	330,447	​	$	289,499

(a) Represents UDR’s investment as of June 30, 2021.

(b) Represents UDR’s investment in and remaining commitment for Makers Rise, 121 at Watters and Infield Phase I, which are under development as of June 30, 2021.

Purchase Commitments

In July 2021, the Company entered into a contract to acquire a 544 apartment home operating community located in Germantown, Maryland, for a purchase price of approximately $124.5 million. The Company made a $5.0 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 2021, subject to customary closing conditions.

In July 2021, the Company entered into a contract to acquire a 320 apartment home operating community located in King of Prussia, Pennsylvania, for a purchase price of approximately $115.0 million. The Company made a $5.0 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 2021, 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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No definition available.

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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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308

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