Secured Debt and Unsecured Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Secured debt instruments

The following is a summary of our secured and unsecured debt at December 31, 2014 and 2013 (dollars in thousands):

	Principal Outstanding				For the Year Ended December 31, 2014
					Weighted Average Interest Rate		Weighted Average Years to Maturity	Number of Communities Encumbered
	December 31,
	2014		2013
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	401,210	$	445,706	5.46	%	1.6	6
Fannie Mae credit facilities (b)	568,086		626,667		5.12	%	4.0	22
Total fixed rate secured debt	969,296		1,072,373		5.26	%	3.0	28
Variable Rate Debt
Mortgage notes payable	31,337		63,595		1.94	%	2.1	1
Tax-exempt secured notes payable (c)	94,700		94,700		0.83	%	8.2	2
Fannie Mae credit facilities (b)	266,196		211,409		1.60	%	5.2	7
Total variable rate secured debt	392,233		369,704		1.44	%	5.7	10
Total Secured Debt	1,361,529		1,442,077		4.16	%	3.8	38
Unsecured Debt:
Commercial Banks
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (h)	152,500		—		1.09	%	2.9
Senior Unsecured Notes
5.13% Medium-Term Notes due January 2014 (e)	—		184,000		—	%	—
5.50% Medium-Term Notes due April 2014 (net of discount of $20) (e)	—		128,480		—	%	—
5.25% Medium-Term Notes due January 2015 (net of discounts of $6 and $134, respectively) (f)	325,169		325,041		5.25	%	—
5.25% Medium-Term Notes due January 2016	83,260		83,260		5.25	%	1.0
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,465 and $1,893, respectively) (h)	298,535		298,107		4.25	%	3.4
2.17% Term Notes due June 2018 (h)	215,000		250,000		2.17	%	3.4
1.53% Term Notes due June 2018 (h)	100,000		65,000		1.53	%	3.4
1.31% Term Notes due June 2018 (h)	35,000		35,000		1.31	%	3.4
3.70% Medium-Term Notes due October 2020 (net of discounts of $46 and $54, respectively) (h)	299,954		299,946		3.70	%	5.8
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,523 and $2,882, respectively) (h)	397,477		397,118		4.63	%	7.0
3.75% Medium-Term Notes due July 2024 (net of discount of $990) (g) (h)	299,010		—		3.75	%	9.5
8.50% Debentures due September 2024	15,644		15,644		8.50	%	9.7
Other	27		30		N/A		N/A
Total Unsecured Debt	2,221,576		2,081,626		3.81	%	4.6
Total Debt	$	3,583,105	$	3,523,703	3.94	%	4.3

Secured credit facilities

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

	December 31, 2014			December 31, 2013
Borrowings outstanding	$	834,282		$	838,076
Weighted average borrowings during the period ended	835,873			839,597
Maximum daily borrowings during the period ended	837,564			841,494
Weighted average interest rate during the period ended	4.1		%	4.2		%
Weighted average interest rate at the end of the period	4.0		%	4.1		%

Aggregate maturities of secured debt

The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next five years subsequent to December 31, 2014 are as follows (dollars in thousands):

Year	Secured Fixed Rate Debt		Secured Variable Rate Debt		Total Secured Debt		Total Unsecured Debt (a)		Total Debt
2015	$	196,648	$	—	$	196,648	$	324,286	$	520,934
2016	135,167		31,337		166,504		82,377		248,881
2017	177,774		65,000		242,774		152,500		395,274
2018	120,969		104,787		225,756		648,443		874,199
2019	248,738		67,700		316,438		—		316,438
Thereafter	90,000		123,409		213,409		1,013,970		1,227,379
Total	$	969,296	$	392,233	$	1,361,529	$	2,221,576	$	3,583,105

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 December 31, 2014 and 2013(dollars in thousands):

	December 31, 2014			December 31, 2013
Total revolving credit facility	$	900,000		$	900,000
Borrowings outstanding at end of period (1)	152,500			—
Weighted average daily borrowings during the period ended	291,761			169,844
Maximum daily borrowings during the period ended	625,000			372,000
Weighted average interest rate during the period ended	1.2		%	1.2		%
Interest rate at end of the period	1.1		%	1.3		%