DEBT, NET (UNITED DOMINION REALTY, L.P.) (Tables)

6 Months Ended

Jun. 30, 2019

Entity information

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at June 30, 2019 and December 31, 2018 (dollars in thousands):

	Principal Outstanding				As of June 30, 2019
					Weighted		Weighted
					Average		Average	Number of
	June 30,		December 31,		Interest		Years to	Communities
	2019		2018		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	414,972	$	417,989	3.82	%	5.4	7
Fannie Mae credit facilities (b)		90,000		90,000	3.95	%	1.0	1
Deferred financing costs		(1,208)		(1,343)
Total fixed rate secured debt, net		503,764		506,646	3.84	%	4.6	8
Variable Rate Debt
Tax-exempt secured notes payable (c)		94,700		94,700	2.17	%	3.7	2
Deferred financing costs		(75)		(119)
Total variable rate secured debt, net		94,625		94,581	2.17	%	3.7	2
Total Secured Debt, net		598,389		601,227	3.58	%	4.5	10
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (j)		—		—	—	%	3.6
Borrowings outstanding under unsecured commercial paper program due July 2019 (e) (j)		392,000		101,115	2.65	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f)		33,378		16	3.22	%	1.5
Term Loan due September 2023 (d) (j)		35,000		35,000	3.34	%	4.3
Fixed Rate Debt
3.70% Medium-Term Notes due October 2020 (net of discounts of $10 and $14, respectively) (j)		299,990		299,986	3.70	%	1.3
4.63% Medium-Term Notes due January 2022 (net of discounts of $907 and $1,087, respectively) (j)		399,093		398,913	4.63	%	2.5
1.93% Term Loan due September 2023 (d) (j)		315,000		315,000	1.93	%	4.3
3.75% Medium-Term Notes due July 2024 (net of discounts of $521 and $574, respectively) (g) (j)		299,479		299,426	3.75	%	5.0
8.50% Debentures due September 2024		15,644		15,644	8.50	%	5.2
4.00% Medium-Term Notes due October 2025 (net of discounts of $430 and $465, respectively) (h) (j)		299,570		299,535	4.00	%	6.3
2.95% Medium-Term Notes due September 2026 (j)		300,000		300,000	2.95	%	7.2
3.50% Medium-Term Notes due July 2027 (net of discounts of $564 and $600, respectively) (j)		299,436		299,400	3.50	%	8.0
3.50% Medium-Term Notes due January 2028 (net of discounts of $1,013 and $1,072, respectively) (j)		298,987		298,928	3.50	%	8.5
4.40% Medium-Term Notes due January 2029 (net of discounts of $6 and $6, respectively) (i) (j)		299,994		299,994	4.40	%	9.6
Other		14		16
Deferred financing costs		(15,385)		(16,413)
Total Unsecured Debt, net		3,272,200		2,946,560	3.55	%	5.0
Total Debt, net	$	3,870,589	$	3,547,787	3.64	%	4.9

Secured credit facilities

Further information related to this credit facility is as follows (dollars in thousands):

	June 30,			December 31,
	2019			2018
Borrowings outstanding	$	90,000		$	90,000
Weighted average borrowings during the period ended		90,000			253,813
Maximum daily borrowings during the period ended		90,000			314,869
Weighted average interest rate during the period ended		4.0	%		4.7	%
Weighted average interest rate at the end of the period		4.0	%		4.0	%

(c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates ranging from 2.13% to 2.18% as of June 30, 2019.

(d) The Company has a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2023, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023.

Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to June 30, 2019 are as follows (dollars in thousands):

	Total Fixed		Total Variable		Total		Total		Total
Year	Secured Debt		Secured Debt		Secured Debt		Unsecured Debt		Debt
2019	$	1,923	$	67,700	$	69,623	$	392,000	$	461,623
2020		198,076		—		198,076		300,000		498,076
2021		1,117		—		1,117		33,378		34,495
2022		1,157		—		1,157		400,000		401,157
2023		41,245		—		41,245		350,000		391,245
2024		—		—		—		315,644		315,644
2025		127,600		—		127,600		300,000		427,600
2026		50,000		—		50,000		300,000		350,000
2027		—		—		—		300,000		300,000
2028		80,000		—		80,000		300,000		380,000
Thereafter		—		27,000		27,000		300,000		327,000
Subtotal		501,118		94,700		595,818		3,291,022		3,886,840
Non-cash (a)		2,646		(75)		2,571		(18,822)		(16,251)
Total	$	503,764	$	94,625	$	598,389	$	3,272,200	$	3,870,589

(a) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.1 million and $1.1 million, respectively, during the three months ended June 30, 2019 and 2018, and $2.1 million and $2.1 million, respectively, during the six months ended June 30, 2019 and 2018, of deferred financing costs into Interest expense.

United Dominion Reality L.P.

Entity information

Schedule of debt instruments

	Principal Outstanding				As of June 30, 2019
							Weighted
					Weighted		Average
	June 30,		December 31,		Average		Years to	Communities
	2019		2018		Interest Rate		Maturity	Encumbered
Secured Debt
Tax-exempt secured note payable	$	27,000	$	27,000	2.13	%	12.7	1
Deferred financing costs		(68)		(71)
Total Secured Debt, Net	$	26,932	$	26,929	2.16	%	12.7	1