UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables)

12 Months Ended

Dec. 31, 2019

Unconsolidated entities

Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)

Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2019, 2018, and 2017 (dollars in thousands):

							UDR/
					Other		MetLife				West Coast
As of and For the	UDR/		UDR/		UDR/MetLife		Vitruvian				Development
Year Ended December 31, 2019	MetLife I		MetLife II		Joint Ventures		Park®		UDR/KFH		Joint Ventures		Total
Condensed Statements of Operations:
Total revenues	$	9,834	$	151,226	$	64,273	$	26,398	$	12,217	$	14,058	$	278,006
Property operating expenses		4,533		54,445		22,019		12,541		4,982		6,829		105,349
Real estate depreciation and amortization		5,787		44,077		35,001		9,832		5,746		5,440		105,883
Gain/(loss) on sale of real estate (a)		—		—		—		—		115,516		—		115,516
Operating income/(loss)		(486)		52,704		7,253		4,025		117,005		1,789		182,290
Interest expense		(3,070)		(44,825)		(17,399)		(5,948)		(4,300)		(4,656)		(80,198)
Net gain/(loss) on revaluation of assets and liabilities (b)		—		458,195		—		25,711		—		—		483,906
Other income/(loss)		—		—		—		—		—		159		159
Net income/(loss)	$	(3,556)	$	466,074	$	(10,146)	$	23,788	$	112,705	$	(2,708)	$	586,157
Condensed Balance Sheets:
Total real estate, net	$	120,055	$	663,492	$	621,335	$	—	$	—	$	140,224	$	1,545,106
Cash and cash equivalents		2,317		4,208		7,973		—		—		5,692		20,190
Other assets		1,053		9,777		5,400		—		—		1,305		17,535
Total assets		123,425		677,477		634,708		—		—		147,221		1,582,831
Third party debt, net		70,890		425,303		454,972		—		—		90,498		1,041,663
Accounts payable and accrued liabilities		4,037		9,303		9,757		—		—		3,440		26,537
Total liabilities		74,927		434,606		464,729		—		—		93,938		1,068,200
Total equity	$	48,498	$	242,871	$	169,979	$	—	$	—	$	53,283	$	514,631

(a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level, as described in note (b) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net.

(b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019, as described in note (a) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value.

For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned). For the 50% ownership interest acquired in the five communities by MetLife, the Company recognized a net gain on sale of $114.9 million at our share, when the communities were disposed of by the UDR/MetLife II joint venture.

							UDR/
					Other		MetLife				West Coast
As of and For the	UDR/		UDR/		UDR/MetLife		Vitruvian				Development
Year Ended December 31, 2018	MetLife I		MetLife II		Joint Ventures		Park®		UDR/KFH		Joint Ventures		Total
Condensed Statements of Operations:
Total revenues	$	3,187	$	158,738	$	61,967	$	26,096	$	20,703	$	16,392	$	287,083
Property operating expenses		3,066		56,403		21,998		13,732		8,318		8,830		112,347
Real estate depreciation and amortization		3,392		44,721		35,437		9,495		14,487		7,679		115,211
Operating income/(loss)		(3,271)		57,614		4,532		2,869		(2,102)		(117)		59,525
Interest expense		(1,872)		(49,118)		(17,408)		(6,051)		(6,739)		(6,175)		(87,363)
Other income/(loss)		—		—		—		—		—		148		148
Net income/(loss)	$	(5,143)	$	8,496	$	(12,876)	$	(3,182)	$	(8,841)	$	(6,144)	$	(27,690)
Condensed Balance Sheets:
Total real estate, net	$	124,112	$	1,609,903	$	653,729	$	315,541	$	182,970	$	281,729	$	3,167,984
Cash and cash equivalents		698		11,192		8,242		8,865		1,794		8,614		39,405
Other assets		1,074		18,670		4,904		2,241		1,320		1,610		29,819
Total assets		125,884		1,639,765		666,875		326,647		186,084		291,953		3,237,208
Third party debt, net		70,833		1,089,231		454,647		162,131		165,699		171,879		2,114,420
Accounts payable and accrued liabilities		1,935		21,258		9,753		14,968		1,860		9,943		59,717
Total liabilities		72,768		1,110,489		464,400		177,099		167,559		181,822		2,174,137
Total equity	$	53,116	$	529,276	$	202,475	$	149,548	$	18,525	$	110,131	$	1,063,071

							UDR/
					Other		MetLife				West Coast
For the	UDR/		UDR/		UDR/MetLife		Vitruvian				Development
Year Ended December 31, 2017	MetLife I		MetLife II		Joint Ventures		Park®		UDR/KFH		Joint Ventures		Total
Condensed Statements of Operations:
Total revenues	$	—	$	156,920	$	48,032	$	23,025	$	20,327	$	18,812	$	267,116
Property operating expenses		93		52,450		21,908		11,839		8,159		9,520		103,969
Real estate depreciation and amortization		—		45,144		32,625		7,169		14,480		7,387		106,805
		(17)		(609)		—		—		—		72,216		71,590
Operating income/(loss)		(110)		58,717		(6,501)		4,017		(2,312)		74,121		127,932
Interest expense		—		(50,603)		(13,894)		(5,030)		(5,264)		(4,038)		(78,829)
Other income/(loss)		—		—		—		—		—		439		439
Net income/(loss)	$	(110)	$	8,114	$	(20,395)	$	(1,013)	$	(7,576)	$	69,644	$	48,664

United Dominion Realty L.P.

Unconsolidated entities

Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)

Condensed summary financial information relating to the DownREIT Partnership (not just our proportionate share), is presented below for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):

	December 31,		December 31,
	2019		2018
Total real estate, net	$	1,106,703	$	1,167,720
Cash and cash equivalents		20		39
Note receivable from the General Partner		222,853		221,022
Other assets		4,829		5,561
Total assets	$	1,334,405	$	1,394,342
Secured debt, net	$	427,592	$	431,735
Other liabilities		28,087		26,597
Total liabilities		455,679		458,332
Total capital	$	878,726	$	936,010

	Year Ended
	December 31,
	2019		2018		2017
Total revenue	$	128,621	$	138,121	$	134,669
Property operating expenses		(51,747)		(56,998)		(55,487)
Real estate depreciation and amortization		(82,283)		(85,872)		(84,000)
Gain/(loss) on sale of real estate		—		24,053		—
Operating income/(loss)		(5,409)		19,304		(4,818)
Interest expense		(15,648)		(14,456)		(14,483)
Other income/(loss)		8,061		4,884		4,718
Net income/(loss)	$	(12,996)	$	9,732	$	(14,583)