Secured and Unsecured Debt (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Secured debt instruments

The following is a summary of our secured and unsecured debt at June 30, 2013 and December 31, 2012 (amounts in thousands):

	Principal Outstanding				For the Six Months Ended June 30, 2013
					Weighted Average Interest Rate		Weighted Average Years to Maturity	Number of Communities Encumbered
	June 30, 2013		December 31, 2012
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	450,641	$	455,533	5.42	%	3.0	8
Fannie Mae credit facilities (b)	628,284		631,078		4.99	%	5.5	22
Total fixed rate secured debt	1,078,925		1,086,611		5.17	%	4.5	30
Variable Rate Debt
Mortgage notes payable	—		37,415		—		—	—
Tax-exempt secured notes payable (c)	94,700		94,700		0.89	%	9.7	2
Fannie Mae credit facilities (b)	211,409		211,409		1.63	%	7.0	7
Total variable rate secured debt	306,109		343,524		1.40	%	7.9	9
Total Secured Debt	1,385,034		1,430,135		4.34	%	5.2	39
Unsecured Debt:
Commercial Banks
Borrowings outstanding under an unsecured credit facility due December 2017 (d), (g)	228,500		76,000		1.30	%	4.4
Senior Unsecured Notes
4.63% Medium-Term Notes due January 2022 (net of discount of $3,061 and $3,241) (g)	396,939		396,759		4.63	%	8.5
1.45% Term Notes due June 2018 (e), (g)	35,000		35,000		1.45	%	4.9
2.50% Term Notes due June 2018 (e), (g)	65,000		65,000		2.50	%	4.9
6.05% Medium-Term Notes due June 2013	—		122,500
5.13% Medium-Term Notes due January 2014	184,000		184,000		5.13	%	0.5
5.50% Medium-Term Notes due April 2014 (net of discount of $54 and $89)	128,446		128,411		5.50	%	0.8
5.25% Medium-Term Notes due January 2015 (net of discount of $198 and $262)	324,977		324,913		5.25	%	1.5
5.25% Medium-Term Notes due January 2016	83,260		83,260		5.25	%	2.5
2.73% Term Notes due June 2018 (f), (g)	250,000		250,000		2.73	%	4.9
8.50% Debentures due September 2024	15,644		15,644		8.50	%	11.2
4.25% Medium-Term Notes due June 2018 (net of discount of $2,108 and $2,322) (g)	297,892		297,678		4.25	%	4.9
Other	31		33		N/A		N/A
Total Unsecured Debt	2,009,689		1,979,198		4.10	%	4.3
Total Debt	$	3,394,723	$	3,409,333	4.20	%	4.7

Secured credit facilities

Further information related to these credit facilities is as follows (dollars in thousands):

	June 30, 2013			December 31, 2012
Borrowings outstanding	$	839,693		$	842,487
Weighted average borrowings during the period ended	840,437			903,817
Maximum daily borrowings during the period ended	841,494			1,054,735
Weighted average interest rate during the period ended	4.3		%	4.3		%
Weighted average interest rate at the end of the period	4.2		%	4.4		%

Summary of short-term bank borrowings under bank credit facility

The following is a summary of short-term bank borrowings under UDR’s bank credit facility at June 30, 2013 and December 31, 2012(dollars in thousands):

	June 30, 2013			December 31, 2012
Total revolving credit facility	$	900,000		$	900,000
Borrowings outstanding at end of period (1)	228,500			76,000
Weighted average daily borrowings during the period ended	179,495			167,038
Maximum daily borrowings during the period ended	372,000			788,000
Weighted average interest rate during the period ended	1.2		%	1.5		%
Interest rate at end of the period	1.3		%	1.4		%

(1) Excludes $2.1 million and $3.9 million of letters of credit at June 30, 2013 and December 31, 2012, respectively.

(e) In June 2013, the Company amended and re-priced its $100 million unsecured term notes due in January 2016. The loan was re-priced from LIBOR plus 142.5 basis points to LIBOR plus 125 basis points, and the maturity date was extended to June 2018.

(f) In June 2013, the Company amended and re-priced its $250 million unsecured term notes due in January 2016. The loan was re-priced from LIBOR plus 142.5 basis points to LIBOR plus 125 basis points, and the maturity date was extended to June 2018.

(g) The Operating Partnership is a guarantor at June 30, 2013 and December 31, 2012.

Schedule of Maturities of Long-term Debt [Table Text Block]

The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next five calendar years subsequent to June 30, 2013 are as follows (dollars in thousands):

Year	Total Fixed Secured Debt		Total Variable Secured Debt		Total Secured Debt		Total Unsecured Debt (a)		Total Debt
2013	$	6,639	$	—	$	6,639	$	—	$	6,639
2014	47,984		—		47,984		311,578		359,562
2015	197,191		—		197,191		552,889		750,080
2016	136,440		—		136,440		432,485		568,925
2017	178,374		65,000		243,374		—		243,374
Thereafter	512,297		241,109		753,406		712,737		1,466,143
Total	$	1,078,925	$	306,109	$	1,385,034	$	2,009,689	$	3,394,723

(a) With the exception of the 1.45% Term Notes due June 2018 and revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates.