XML 118 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
REVENUES      
Rental income $ 805,002us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 746,484us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 704,701us-gaap_OperatingLeasesIncomeStatementLeaseRevenue
Joint Venture Managment and Other Fees 13,044udr_JointVentureManagmentAndOtherFees 12,442udr_JointVentureManagmentAndOtherFees 11,911udr_JointVentureManagmentAndOtherFees
Total revenues 818,046us-gaap_Revenues 758,926us-gaap_Revenues 716,612us-gaap_Revenues
Rental expenses:      
Property operating and maintenance 149,428us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 144,319us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment 139,784us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment
Real estate taxes and insurance 99,175us-gaap_RealEstateTaxesAndInsurance 93,765us-gaap_RealEstateTaxesAndInsurance 86,154us-gaap_RealEstateTaxesAndInsurance
Property management 22,138us-gaap_OwnedPropertyManagementCosts 20,528us-gaap_OwnedPropertyManagementCosts 19,378us-gaap_OwnedPropertyManagementCosts
Other operating expenses 8,271us-gaap_OtherCostAndExpenseOperating 7,136us-gaap_OtherCostAndExpenseOperating 5,718us-gaap_OtherCostAndExpenseOperating
Real estate depreciation and amortization 358,154us-gaap_CostOfServicesDepreciationAndAmortization 339,532us-gaap_CostOfServicesDepreciationAndAmortization 341,926us-gaap_CostOfServicesDepreciationAndAmortization
General and administrative 47,800us-gaap_OtherGeneralAndAdministrativeExpense 42,238us-gaap_OtherGeneralAndAdministrativeExpense 43,792us-gaap_OtherGeneralAndAdministrativeExpense
Casualty-related (recoveries)/charges, net (541)udr_CasualtyRecoveriesCharges 12,253udr_CasualtyRecoveriesCharges (8,495)udr_CasualtyRecoveriesCharges
Other depreciation and amortization 5,775us-gaap_DepreciationAndAmortization 6,741us-gaap_DepreciationAndAmortization 4,105us-gaap_DepreciationAndAmortization
Total operating expenses 691,282us-gaap_CostsAndExpenses 642,006us-gaap_CostsAndExpenses 649,352us-gaap_CostsAndExpenses
Operating income 126,764us-gaap_OperatingIncomeLoss 116,920us-gaap_OperatingIncomeLoss 67,260us-gaap_OperatingIncomeLoss
Income/(loss) from unconsolidated entities (7,006)us-gaap_IncomeLossFromEquityMethodInvestments (415)us-gaap_IncomeLossFromEquityMethodInvestments (8,579)us-gaap_IncomeLossFromEquityMethodInvestments
Interest Expense (130,454)us-gaap_InterestExpense (126,083)us-gaap_InterestExpense (138,792)us-gaap_InterestExpense
Interest and other income/(expense), net 11,858us-gaap_InterestAndOtherIncome 4,619us-gaap_InterestAndOtherIncome 3,524us-gaap_InterestAndOtherIncome
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate owned 1,162us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (4,959)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (76,587)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Tax benefit/(provision), net (25,994)us-gaap_IncomeTaxExpenseBenefit 8,281us-gaap_IncomeTaxExpenseBenefit 21,076us-gaap_IncomeTaxExpenseBenefit
Income/(loss) from continuing operations 16,260us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 2,340us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest (46,305)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Income/(loss) from discontinued operations, net of tax 10us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 43,942us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 266,608us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Income (Loss) before Gain or Loss on Sale of Properties, and Extraordinary Items 16,270us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges 46,282us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges 220,303us-gaap_IncomeLossBeforeGainOrLossOnSaleOfPropertiesExtraordinaryItemsAndCumulativeEffectsOfAccountingChanges
Gain/(loss) on sales of real estate owned, net of tax 143,572us-gaap_GainsLossesOnSalesOfInvestmentRealEstate 0us-gaap_GainsLossesOnSalesOfInvestmentRealEstate 0us-gaap_GainsLossesOnSalesOfInvestmentRealEstate
Net income/(loss) 159,842us-gaap_ProfitLoss 46,282us-gaap_ProfitLoss 220,303us-gaap_ProfitLoss
Net (income)/loss attributable to redeemable non-controlling interests in the Operating Partnership (5,511)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest (1,530)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest (7,986)us-gaap_NetIncomeLossAttributableToRedeemableNoncontrollingInterest
Net income/(loss) attributable to non-controlling interests (3)us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest (60)us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest 140us-gaap_NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
Net income/(loss) attributable to Entity 154,334us-gaap_NetIncomeLoss 44,812us-gaap_NetIncomeLoss 212,177us-gaap_NetIncomeLoss
Premium on preferred stock redemption or repurchases, net 0us-gaap_PreferredStockRedemptionPremium 0us-gaap_PreferredStockRedemptionPremium (2,791)us-gaap_PreferredStockRedemptionPremium
Net income/(loss) attributable to common stockholders 150,610us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic 41,088us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic 203,376us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Earnings per weighted average common share - basic and diluted:      
Income/(loss) from continuing operations attributable to common stockholders $ 0.60us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ (0.01)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ (0.22)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Income/(loss) from discontinued operations attributable to common stockholders $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 0.17us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare $ 1.07us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
Net income/(loss) attributable to common stockholders $ 0.60us-gaap_EarningsPerShareBasic $ 0.16us-gaap_EarningsPerShareBasic $ 0.85us-gaap_EarningsPerShareBasic
Income/(loss) from continuing operations attributable to common stockholders $ 0.59us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ (0.01)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ (0.22)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Income/(loss) from discontinued operations attributable to common stockholders $ 0.00us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 0.17us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ 1.07us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Net income(loss) attributable to common stockholders $ 0.59us-gaap_EarningsPerShareDiluted $ 0.16us-gaap_EarningsPerShareDiluted $ 0.85us-gaap_EarningsPerShareDiluted
Weighted average number of common shares outstanding — basic 251,528us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 249,969us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 238,851us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Weighted average number of common shares outstanding — diluted 253,445us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 249,969us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 238,851us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
8.00% Series E Cumulative Convertible Preferred Stock      
Rental expenses:      
Distributions to preferred stockholders (3,724)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
(3,724)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
(3,724)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesEPreferredStockMember
6.75% Series G Cumulative Redeemable Preferred Stock      
Rental expenses:      
Distributions to preferred stockholders 0us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesGPreferredStockMember
0us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesGPreferredStockMember
(2,286)us-gaap_DividendsPreferredStock
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesGPreferredStockMember
Continuing Operations [Member]      
Rental expenses:      
Tax benefit/(provision), net $ 15,098us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentContinuingOperationsMember
$ 7,299us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentContinuingOperationsMember
$ 30,282us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_StatementOperatingActivitiesSegmentAxis
= us-gaap_SegmentContinuingOperationsMember