FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Tables)

9 Months Ended

Sep. 30, 2018

Entity information

Schedule of estimated fair values

The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of September 30, 2018 and December 31, 2017, are summarized as follows (dollars in thousands):

					Fair Value at September 30, 2018, Using
	Total				Quoted
	Carrying				Prices in
	Amount in				Active
	Statement of				Markets		Significant
	Financial		Fair Value		for Identical		Other		Significant
	Position at		Estimate at		Assets or		Observable		Unobservable
	September 30,		September 30,		Liabilities		Inputs		Inputs
	2018		2018		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable (a)	$	41,009	$	43,072	$	—	$	—	$	43,072
Derivatives - Interest rate contracts (b)		8,047		8,047		—		8,047		—
Total assets	$	49,056	$	51,119	$	—	$	8,047	$	43,072
Secured debt instruments - fixed rate: (c)
Mortgage notes payable	$	419,482	$	415,100	$	—	$	—	$	415,100
Fannie Mae credit facilities		285,836		288,323		—		—		288,323
Secured debt instruments - variable rate: (c)
Tax-exempt secured notes payable		94,700		94,700		—		—		94,700
Unsecured debt instruments: (c)
Working capital credit facility		51,010		51,010		—		—		51,010
Commercial paper program		415,000		415,000		—		—		415,000
Unsecured notes		2,561,668		2,509,842		—		—		2,509,842
Total liabilities	$	3,827,696	$	3,773,975	$	—	$	—	$	3,773,975
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d)	$	992,805	$	992,805	$	—	$	992,805	$	—

					Fair Value at December 31, 2017, Using
	Total				Quoted
	Carrying				Prices in
	Amount in				Active
	Statement of				Markets		Significant
	Financial		Fair Value		for Identical		Other		Significant
	Position at		Estimate at		Assets or		Observable		Unobservable
	December 31,		December 31,		Liabilities		Inputs		Inputs
	2017		2017		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable (a)	$	19,469	$	19,567	$	—	$	—	$	19,567
Derivatives - Interest rate contracts (b)		5,743		5,743		—		5,743		—
Total assets	$	25,212	$	25,310	$	—	$	5,743	$	19,567
Secured debt instruments - fixed rate: (c)
Mortgage notes payable	$	395,611	$	397,386	$	—	$	—	$	397,386
Fannie Mae credit facilities		285,836		292,227		—		—		292,227
Secured debt instruments - variable rate: (c)
Tax-exempt secured notes payable		94,700		94,700		—		—		94,700
Fannie Mae credit facilities		29,034		29,034		—		—		29,034
Unsecured debt instruments: (c)
Working capital credit facility		21,767		21,767		—		—		21,767
Commercial paper program		300,000		300,000		—		—		300,000
Unsecured notes		2,561,122		2,611,458		—		—		2,611,458
Total liabilities	$	3,688,070	$	3,746,572	$	—	$	—	$	3,746,572
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d)	$	948,138	$	948,138	$	—	$	948,138	$	—

(a) See Note 2, Significant Accounting Policies.

(b) See Note 10, Derivatives and Hedging Activity.

(c) See Note 6, Secured and Unsecured Debt, Net.

(d) See Note 8, Noncontrolling Interests.

United Dominion Reality L.P.

Entity information

Schedule of estimated fair values

The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of September 30, 2018 and December 31, 2017 are summarized as follows (dollars in thousands):

					Fair Value at September 30, 2018, Using
	Total				Quoted
	Carrying				Prices in
	Amount in				Active
	Statement of				Markets		Significant
	Financial		Fair Value		for Identical		Other		Significant
	Position at		Estimate at		Assets or		Observable		Unobservable
	September 30,		September 30,		Liabilities		Inputs		Inputs
	2018		2018		(Level 1)		(Level 2)		(Level 3)
Description:
Secured debt instruments - fixed rate: (a)
Fannie Mae credit facilities	$	133,205	$	135,030	$	—	$	—	$	135,030
Secured debt instruments - variable rate: (a)
Tax-exempt secured notes payable		27,000		27,000		—		—		27,000
Total liabilities	$	160,205	$	162,030	$	—	$	—	$	162,030

					Fair Value at December 31, 2017, Using
					Quoted
	Total				Prices in
	Carrying				Active
	Amount in				Markets
	Statement of				for Identical		Significant
	Financial		Fair Value		Assets		Other		Significant
	Position at		Estimate at		or		Observable		Unobservable
	December 31,		December 31,		Liabilities		Inputs		Inputs
	2017		2017		(Level 1)		(Level 2)		(Level 3)
Description:
Secured debt instruments - fixed rate: (a)
Fannie Mae credit facilities	$	133,205	$	137,150	$	—	$	—	$	137,150
Secured debt instruments - variable rate: (a)
Tax-exempt secured notes payable		27,000		27,000		—		—		27,000
Total liabilities	$	160,205	$	164,150	$	—	$	—	$	164,150

(a) See Note 5, Debt, Net.