COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.)

3 Months Ended

Mar. 31, 2020

13. COMMITMENTS AND CONTINGENCIES

Commitments

Real Estate Commitments

The following summarizes the Company’s real estate commitments at March 31, 2020 (dollars in thousands):


	Number	UDR's			UDR's Remaining
	Properties	Investment (a)			Commitment
Wholly-owned — under development	3	$	95,326		$	183,174
Wholly-owned — redevelopment	2		17,660			7,840
Joint ventures:
Preferred equity investments	2		34,647	(b)		14,348	(c)
Other investments	-		14,364			23,700	(d)
Total		$	161,997		$	229,062

(a)	Represents UDR’s investment as of March 31, 2020.

(b)	Represents UDR’s investment in Modera Lake Merritt and Thousand Oaks, which were under development as of March 31, 2020.

(c)	Represents UDR’s remaining commitment for Modera Lake Merritt and Thousand Oaks.

(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 completion of entitlement and 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.

United Dominion Realty L.P.

Entity information

COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

Commitments

Real Estate Commitments

The following summarizes the Operating Partnership’s real estate commitments at March 31, 2020 (dollars in thousands):


	Number			Operating Partnership's
	Properties	Investment		Remaining Commitment
Real estate communities - redevelopment	1	$	9,150	$	5,850

Contingencies

Litigation and Legal Matters

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