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Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables)

12 Months Ended

Dec. 31, 2014

The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2014 and December 31, 2013 (dollars in thousands):



Offsetting of Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)		Gross Amounts Not Offset in the Consolidated Balance Sheets					Net Amount
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments			Cash Collateral Received		Net Amount
December 31, 2014	$	88	$	—	$	88	$	(27	)	$	—	$	61

December 31, 2013	$	—	$	—	$	—	$	—		$	—	$	—

Outstanding interest rate derivatives

As of December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a gain/(loss) of $(4,000), $271,000, and $290,000 for the years ended December 31, 2014, 2013, and 2012, respectively.

As of December 31, 2014, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):

Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (dollars in thousands):



	Asset Derivatives (included in Other assets)				Liability Derivatives (included in Other liabilities)
	Fair Value at:				Fair Value at:
	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
Derivatives designated as hedging instruments:
Interest rate products	$	86	$	—	$	10,368	$	4,965

Derivatives not designated as hedging instruments:
Interest rate products	$	2	$	—	$	—	$	—

Effect of Company's derivative financial instruments on Consolidated Statements of Operation

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands):



Derivatives in Cash Flow Hedging Relationships	Unrealized holding gain/(loss) Recognized in OCI (Effective Portion)									Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion)									Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing)
	Year ended December 31,									Year ended December 31,									Year ended December 31,
	2014			2013			2012			2014			2013			2012			2014		2013		2012
Interest rate products	$	(8,695	)	$	(469	)	$	(4,924	)	$	(4,834	)	$	(6,851	)	$	(7,649	)	$	3	$	—	$	—

Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations



	Gain/(Loss) Recognized in Interest and other income/(expense), net
	Year ended December 31,
Derivatives Not Designated as Hedging Instruments	2014			2013		2012
Interest rate products	$	(4	)	$	271	$	290

Offsetting Liabilities [Table Text Block]



Offsetting of Derivative Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a)		Gross Amounts Not Offset in the Consolidated Balance Sheets					Net Amount
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets				Financial Instruments			Cash Collateral Posted		Net Amount
December 31, 2014	$	10,368	$	—	$	10,368	$	(27	)	$	—	$	10,341

December 31, 2013	$	4,965	$	—	$	4,965	$	—		$	—	$	4,965

United Dominion Reality L.P.

Entity Information [Line Items]

Offsetting Assets [Table Text Block]

The General Partner has elected not to offset derivative positions in the consolidated financial statements. The table below presents the effect on the Operating Partnership's financial position had the General Partner made the election to offset its derivative positions as of December 31, 2014 and December 31, 2013:



Offsetting of Derivative Assets
							Gross Amounts Not Offset in the Consolidated Balance Sheets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)		Financial Instruments		Cash Collateral Received		Net Amount
December 31, 2014	$	39	$	—	$	39	$	—	$	—	$	39

December 31, 2013	$	—	$	—	$	—	$	—	$	—	$	—

Outstanding interest rate derivatives

As of December 31, 2014, the Operating Partnership had the following outstanding interest rate derivatives designated as cash flow hedges of interest rate risk (dollars in thousands):

Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnership’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of $3,000, $9,000, and $9,000 for the years ended December 31, 2014, 2013, and 2012, respectively.

As of December 31, 2014, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands):

Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet

The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (dollars in thousands):



	Asset Derivatives (included in Other assets)				Liability Derivatives (Included in Other liabilities)
	Fair Value at:				Fair Value at:
	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
Derivatives designated as hedging instruments:
Interest rate products	$	37	$	—	$	918	$	2,731

Derivatives not designated as hedging instruments:
Interest rate products	$	2	$	—	$	—	$	—

Effect of Company's derivative financial instruments on Consolidated Statements of Operation

The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands):



Derivatives in Cash Flow Hedging Relationships	Unrealized holding gain/(loss) Recognized in OCI (Effective Portion)							Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion)
	Year ended December 31,							Year ended December 31,
	2014			2013			2012	2014			2013			2012
Interest rate products	$	(285	)	$	(348	)	$(1,898)	$	(2,275	)	$	(2,652	)	$	(3,431	)

Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations



Derivatives Not Designated as Hedging Instruments	Gain/(Loss) Recognized in Interest and other income/(expense), net
	Year ended December 31,
	2014			2013			2012
Interest rate products	$	(3	)	$	(9	)	$	(9	)

Offsetting Liabilities [Table Text Block]



Offsetting of Derivative Liabilities
							Gross Amounts Not Offset in the Consolidated Balance Sheets
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)		Financial Instruments		Cash Collateral Posted		Net Amount
December 31, 2014	$	918	$	—	$	918	$	—	$	—	$	918

December 31, 2013	$	2,731	$	—	$	2,731	$	—	$	—	$	2,731

(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote.

Interest Rate Derivative

Number of Instruments

Interest rate swaps

Interest rate caps