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

6 Months Ended

Jun. 30, 2019

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 June 30, 2019 and December 31, 2018, are summarized as follows (dollars in thousands):

					Fair Value at June 30, 2019, 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
	June 30,		June 30,		Liabilities		Inputs		Inputs
	2019		2019		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable (a)	$	37,494	$	41,544	$	—	$	—	$	41,544
Derivatives - Interest rate contracts (b)		1,616		1,616		—		1,616		—
Total assets	$	39,110	$	43,160	$	—	$	1,616	$	41,544
Derivatives - Interest rate contracts (b)	$	253	$	253	$	—	$	253	$	—
Secured debt instruments - fixed rate: (c)
Mortgage notes payable		414,972		425,284		—		—		425,284
Fannie Mae credit facilities		90,000		90,605		—		—		90,605
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		33,378		33,378		—		—		33,378
Commercial paper program		392,000		392,000		—		—		392,000
Unsecured notes		2,862,207		2,978,114		—		—		2,978,114
Total liabilities	$	3,887,510	$	4,014,334	$	—	$	253	$	4,014,081
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d)	$	1,000,532	$	1,000,532	$	—	$	1,000,532	$	—

					Fair Value at December 31, 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
	December 31,		December 31,		Liabilities		Inputs		Inputs
	2018		2018		(Level 1)		(Level 2)		(Level 3)
Description:
Notes receivable (a)	$	42,259	$	45,026	$	—	$	—	$	45,026
Derivatives - Interest rate contracts (b)		4,757		4,757		—		4,757		—
Total assets	$	47,016	$	49,783	$	—	$	4,757	$	45,026
Derivatives - Interest rate contracts (b)	$	356	$	356	$	—	$	356	$	—
Secured debt instruments - fixed rate: (c)
Mortgage notes payable		417,989		416,314		—		—		416,314
Fannie Mae credit facilities		90,000		90,213		—		—		90,213
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		16		16		—		—		16
Commercial paper program		101,115		101,115		—		—		101,115
Unsecured notes		2,861,842		2,829,390		—		—		2,829,390
Total liabilities	$	3,566,018	$	3,532,104	$	—	$	356	$	3,531,748
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d)	$	972,740	$	972,740	$	—	$	972,740	$	—

(a) See Note 2, Significant Accounting Policies.

(b) See Note 11, Derivatives and Hedging Activity.

(c) See Note 7, Secured and Unsecured Debt, Net.

(d) See Note 9, 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 June 30, 2019 and December 31, 2018 are summarized as follows (dollars in thousands):

					Fair Value at June 30, 2019, 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
	June 30,		June 30,		Liabilities		Inputs		Inputs
	2019		2019		(Level 1)		(Level 2)		(Level 3)
Description:
Secured debt instruments - variable rate: (a)
Tax-exempt secured notes payable	$	27,000	$	27,000	$	—	$	—	$	27,000
Total liabilities	$	27,000	$	27,000	$	—	$	—	$	27,000

					Fair Value at December 31, 2018, 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
	2018		2018		(Level 1)		(Level 2)		(Level 3)
Description:
Secured debt instruments - variable rate: (a)
Tax-exempt secured notes payable	$	27,000	$	27,000	$	—	$	—	$	27,000
Total liabilities	$	27,000	$	27,000	$	—	$	—	$	27,000

(a) See Note 6, Debt, Net.