DEBT, NET (UNITED DOMINION REALTY, L.P.) (Tables)

3 Months Ended

Mar. 31, 2020

Entity information

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at March 31, 2020 and December 31, 2019 (dollars in thousands):

	Principal Outstanding				As of March 31, 2020
					Weighted		Weighted
					Average		Average	Number of
	March 31,		December 31,		Interest		Years to	Communities
	2020		2019		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	883,249	$	884,869	3.61	%	5.9	15
Credit facilities (b)		203,429		204,590	4.90	%	2.8	4
Deferred financing costs and other non-cash adjustments		30,585		33,046
Total fixed rate secured debt, net		1,117,263		1,122,505	3.85	%	5.3	19
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		27,000	1.91	%	12.0	1
Deferred financing costs		(62)		(64)
Total variable rate secured debt, net		26,938		26,936	1.91	%	12.0	1
Total Secured Debt, net		1,144,201		1,149,441	3.80	%	5.5	20
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (m)		50,000		—	1.75	%	2.8
Borrowings outstanding under unsecured commercial paper program due April 2020 (e) (m) (n)		215,000		300,000	1.58	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f)		24,797		16,583	1.82	%	0.8
Term Loan due September 2023 (d) (m)		35,000		35,000	2.48	%	3.5
Fixed Rate Debt
1.93% Term Loan due September 2023 (d) (m)		315,000		315,000	1.93	%	3.5
3.75% Medium-Term Notes due July 2024 (net of discounts of $443 and $470, respectively) (g) (m)		299,557		299,530	3.75	%	4.3
8.50% Debentures due September 2024		15,644		15,644	8.50	%	4.5
4.00% Medium-Term Notes due October 2025 (net of discounts of $379 and $396, respectively) (h) (m)		299,621		299,604	4.00	%	5.5
2.95% Medium-Term Notes due September 2026 (m)		300,000		300,000	2.95	%	6.4
3.50% Medium-Term Notes due July 2027 (net of discounts of $511 and $529, respectively) (m)		299,489		299,471	3.50	%	7.3
3.50% Medium-Term Notes due January 2028 (net of discounts of $924 and $954, respectively) (m)		299,076		299,046	3.50	%	7.8
4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m)		299,995		299,995	4.40	%	8.8
3.20% Medium-Term Notes due January 2030 (net of premiums of $13,442 and $2,281, respectively) (j) (m)		613,442		402,281	3.20	%	9.8
3.00% Medium-Term Notes due August 2031 (net of discounts of $1,099 and $1,123, respectively) (k) (m)		398,901		398,877	3.00	%	11.4
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,287 and $1,309, respectively) (l) (m)		298,713		298,691	3.10	%	14.6
Other		12		13
Deferred financing costs		(23,310)		(21,652)
Total Unsecured Debt, net		3,740,937		3,558,083	3.29	%	7.5
Total Debt, net	$	4,885,138	$	4,707,524	3.28	%	7.1

Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt

The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2020 are as follows (dollars in thousands):

	Total Fixed		Total Variable		Total		Total			Total
Year	Secured Debt		Secured Debt		Secured Debt		Unsecured Debt			Debt
2020	$	112,592	$	—	$	112,592	$	215,000	(a)	$	327,592
2021		8,763		—		8,763		24,797			33,560
2022		9,159		—		9,159		—			9,159
2023		295,965		—		295,965		400,000			695,965
2024		95,280		—		95,280		315,644			410,924
2025		173,189		—		173,189		300,000			473,189
2026		51,070		—		51,070		300,000			351,070
2027		1,111		—		1,111		300,000			301,111
2028		122,465		—		122,465		300,000			422,465
2029		144,584		—		144,584		300,000			444,584
Thereafter		72,500		27,000		99,500		1,300,000			1,399,500
Subtotal		1,086,678		27,000		1,113,678		3,755,441			4,869,119
Non-cash (b)		30,585		(62)		30,523		(14,504)			16,019
Total	$	1,117,263	$	26,938	$	1,144,201	$	3,740,937		$	4,885,138

(a) All unsecured debt due in the remainder of 2020 is related to the Company’s commercial paper program.

(b) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs. The Company amortized $1.0 million and $1.0 million, respectively, during the three months ended March 31, 2020 and 2019, of deferred financing costs into Interest expense.

United Dominion Realty L.P.

Entity information

Schedule of debt instruments

	Principal Outstanding				As of March 31, 2020
							Weighted
					Weighted		Average
	March 31,		December 31,		Average		Years to	Communities
	2020		2019		Interest Rate		Maturity	Encumbered
Fixed Rate Debt
Mortgage note payable	$	72,500	$	72,500	3.10	%	9.8	1
Deferred financing costs		(356)		(365)
Total fixed rate secured debt, net		72,144		72,135	3.10	%	9.8	1
Variable Rate Debt
Tax-exempt secured note payable	$	27,000	$	27,000	1.91	%	12.0	1
Deferred financing costs		(62)		(64)
Total variable rate secured debt, net		26,938		26,936	1.91	%	12.0	1
Total Secured Debt, Net	$	99,082	$	99,071	2.83	%	10.4	2