COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

15. COMMITMENTS AND CONTINGENCIES

Commitments

Real Estate Commitments

The following summarizes the Company’s real estate commitments at December 31, 2019 (dollars in thousands):


	Number	UDR's			UDR's Remaining
	Properties	Investment (a)			Commitment
Wholly-owned — under development	3	$	69,754		$	208,723
Wholly-owned — redevelopment	2		15,744			19,756
Joint ventures:
Preferred equity investments	2		73,868	(b)		9,121	(c)
Other investments	-		13,598			8,100	(d)
Total		$	172,964		$	245,700

(a)	Represents UDR’s investment as of December 31, 2019.

(b)	Represents UDR’s investment in 1300 Fairmount and Modera Lake Merritt, which were under development as of December 31, 2019.

(c)	Represents UDR’s remaining commitment for 1300 Fairmount and Modera Lake Merritt.

(d)	Represents UDR’s remaining commitment for other investment ventures.

Purchase Commitments

In 2019, the Company entered into a contract to purchase a development land parcel located in King of Prussia, Pennsylvania for a purchase price of approximately $14.8 million. The Company made a $0.8 million deposit on the purchase, which is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the purchase agreement. The acquisition is expected to close in 2020, subject to customary closing conditions.

Contingencies

Litigation and Legal Matters

The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flows.