REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Tables)

6 Months Ended

Jun. 30, 2019

Entity information

Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)

The following table details rental income and NOI for UDR’s reportable segments for the three and six months ended June 30, 2019 and 2018, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands):

	Three Months Ended				Six Months Ended
	June 30, (a)				June 30, (b)
	2019		2018		2019		2018
Reportable apartment home segment lease revenue
Same-Store Communities
West Region	$	97,979	$	93,895	$	193,978	$	186,274
Mid-Atlantic Region		52,390		51,107		104,353		101,576
Southeast Region		28,203		27,109		56,011		53,781
Northeast Region		29,756		29,161		59,454		58,284
Southwest Region		15,453		15,049		27,060		26,302
Non-Mature Communities/Other		33,515		19,751		63,718		40,894
Total segment and consolidated rental income	$	257,296	$	236,072	$	504,574	$	467,111
Reportable apartment home segment other revenue
Same-Store Communities
West Region	$	7,899	$	7,376	$	15,619	$	14,400
Mid-Atlantic Region		4,241		3,951		8,581		7,912
Southeast Region		3,473		3,342		6,985		6,707
Northeast Region		1,308		1,154		2,433		2,197
Southwest Region		1,520		1,508		2,756		2,608
Non-Mature Communities/Other		2,726		3,231		5,437		6,182
Total segment and consolidated rental income	$	21,167	$	20,562	$	41,811	$	40,006
Total reportable apartment home segment rental income
Same-Store Communities
West Region	$	105,878	$	101,271	$	209,597	$	200,674
Mid-Atlantic Region		56,631		55,058		112,934		109,488
Southeast Region		31,676		30,451		62,996		60,488
Northeast Region		31,064		30,315		61,887		60,481
Southwest Region		16,973		16,557		29,816		28,910
Non-Mature Communities/Other		36,241		22,982		69,155		47,076
Total segment and consolidated rental income	$	278,463	$	256,634	$	546,385	$	507,117
Reportable apartment home segment NOI
Same-Store Communities
West Region	$	80,833	$	76,829	$	159,271	$	151,808
Mid-Atlantic Region		40,045		38,739		79,224		76,245
Southeast Region		22,159		21,160		44,169		42,208
Northeast Region		21,475		21,120		42,453		42,070
Southwest Region		10,444		10,064		17,952		17,114
Non-Mature Communities/Other		24,779		15,363		46,349		30,444
Total segment and consolidated NOI		199,735		183,275		389,418		359,889
Reconciling items:
Joint venture management and other fees		2,845		3,109		5,596		5,931
Property management		(8,006)		(7,057)		(15,709)		(13,945)
Other operating expenses		(2,735)		(2,825)		(8,381)		(4,834)
Real estate depreciation and amortization		(117,934)		(106,520)		(230,402)		(214,656)
General and administrative		(12,338)		(12,373)		(24,805)		(24,132)
Casualty-related (charges)/recoveries, net		(246)		(746)		(246)		(1,686)
Other depreciation and amortization		(1,678)		(1,684)		(3,334)		(3,375)
Gain/(loss) on sale of real estate owned		5,282		—		5,282		70,300
Income/(loss) from unconsolidated entities		6,625		(2,032)		6,674		(3,709)
Interest expense		(34,417)		(31,598)		(67,959)		(61,541)
Interest income and other income/(expense), net		1,310		1,128		11,123		3,887
Tax (provision)/benefit, net		(125)		(233)		(2,337)		(460)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(2,652)		(1,813)		(4,709)		(9,203)
Net (income)/loss attributable to noncontrolling interests		(47)		(30)		(89)		(109)
Net income/(loss) attributable to UDR, Inc.	$	35,619	$	20,601	$	60,122	$	102,357

(a) Same-Store Community population consisted of 38,177 apartment homes.

(b) Same-Store Community population consisted of 37,959 apartment homes.

Details of assets of UDR's reportable segments

The following table details the assets of UDR’s reportable segments as of June 30, 2019 and December 31, 2018 (dollars in thousands):

	June 30,		December 31,
	2019		2018
Reportable apartment home segment assets:
Same-Store Communities:
West Region	$	3,784,500	$	3,763,366
Mid-Atlantic Region		2,330,886		2,317,369
Southeast Region		792,036		779,310
Northeast Region		1,496,248		1,491,994
Southwest Region		594,238		589,188
Non-Mature Communities/Other		2,013,608		1,254,932
Total segment assets		11,011,516		10,196,159
Accumulated depreciation		(3,878,897)		(3,654,160)
Total segment assets — net book value		7,132,619		6,541,999
Reconciling items:
Cash and cash equivalents		981		185,216
Restricted cash		23,042		23,675
Notes receivable, net		37,494		42,259
Investment in and advances to unconsolidated joint ventures, net		769,000		780,869
Operating lease right-of-use assets		93,939		—
Other assets		140,191		137,710
Total consolidated assets	$	8,197,266	$	7,711,728

United Dominion Reality L.P.

Entity information

Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)

The following table details rental income and NOI for the Operating Partnership’s reportable segments for the three and six months ended June 30, 2019 and 2018, and reconciles NOI to Net income/(loss) attributable to OP unitholders on the Consolidated Statements of Operations (dollars in thousands):

	Three Months Ended				Six Months Ended
	June 30, (a)				June 30, (b)
	2019		2018		2019		2018
Reportable apartment home segment lease revenue
Same-Store Communities
West Region	$	62,298	$	59,492	$	123,080	$	117,832
Mid-Atlantic Region		14,881		14,636		29,691		29,169
Southeast Region		12,686		12,198		25,148		24,178
Northeast Region		7,966		7,757		15,938		15,605
Southwest Region		1,950		1,946		—		—
Non-Mature Communities/Other		7,326		7,855		17,927		20,271
Total segment and consolidated rental income	$	107,107	$	103,884	$	211,784	$	207,055
Reportable apartment home segment other revenue
Same-Store Communities
West Region	$	1,852	$	1,911	$	3,846	$	3,734
Mid-Atlantic Region		429		423		964		918
Southeast Region		727		691		1,502		1,441
Northeast Region		168		152		334		318
Southwest Region		91		90		—		—
Non-Mature Communities/Other		(24)		115		254		392
Total segment and consolidated rental income	$	3,243	$	3,382	$	6,900	$	6,803
Total reportable apartment home segment rental income
Same-Store Communities
West Region	$	64,150	$	61,403	$	126,926	$	121,566
Mid-Atlantic Region		15,310		15,059		30,655		30,087
Southeast Region		13,413		12,889		26,650		25,619
Northeast Region		8,134		7,909		16,272		15,923
Southwest Region		2,041		2,036		—		—
Non-Mature Communities/Other		7,302		7,970		18,181		20,663
Total segment and consolidated rental income	$	110,350	$	107,266	$	218,684	$	213,858
Reportable apartment home segment NOI
Same-Store Communities
West Region	$	49,348	$	47,083	$	97,145	$	92,911
Mid-Atlantic Region		10,555		10,382		21,079		20,775
Southeast Region		9,356		8,851		18,613		17,643
Northeast Region		6,260		6,042		12,466		12,259
Southwest Region		1,484		1,426		—		—
Non-Mature Communities/Other		4,677		5,751		11,516		14,236
Total segment and consolidated NOI		81,680		79,535		160,819		157,824
Reconciling items:
Property management		(3,308)		(2,950)		(6,287)		(5,881)
Other operating expenses		(2,422)		(2,197)		(4,822)		(3,751)
Real estate depreciation and amortization		(34,921)		(36,298)		(69,575)		(73,863)
General and administrative		(4,151)		(4,545)		(8,812)		(8,854)
Casualty-related (charges)/recoveries, net		81		(574)		81		(916)
Gain/(loss) on sale of real estate owned		—		—		—		70,300
Income/(loss) from unconsolidated entities		(1,794)		(2,707)		(4,534)		(7,724)
Interest expense		(7,355)		(5,083)		(14,726)		(10,109)
Net (income)/loss attributable to noncontrolling interests		(416)		(420)		(804)		(838)
Net income/(loss) attributable to OP unitholders	$	27,394	$	24,761	$	51,340	$	116,188

(a) Same-Store Community population consisted of 15,941 apartment homes.

(b) Same-Store Community population consisted of 15,723 apartment homes.

Details of assets of UDR's reportable segments

The following table details the assets of the Operating Partnership’s reportable segments as of June 30, 2019 and December 31, 2018 (dollars in thousands):

	June 30,		December 31,
	2019		2018
Reportable apartment home segment assets
Same-Store Communities
West Region	$	1,995,108	$	1,981,007
Mid-Atlantic Region		665,752		663,083
Southeast Region		345,643		340,722
Northeast Region		407,479		406,149
Southwest Region		143,734		141,882
Non-Mature Communities/Other		285,007		279,142
Total segment assets		3,842,723		3,811,985
Accumulated depreciation		(1,727,383)		(1,658,161)
Total segment assets - net book value		2,115,340		2,153,824
Reconciling items:
Cash and cash equivalents		50		125
Restricted cash		14,124		13,563
Investment in unconsolidated entities		89,265		103,026
Operating lease right-of-use assets		93,799		—
Other assets		27,872		34,052
Total consolidated assets	$	2,340,450	$	2,304,590