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

6 Months Ended

Jun. 30, 2020

Entity information

Summary of rental income and NOI for the Operating Partnerships 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, 2020 and 2019, 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)
	2020		2019		2020		2019
Reportable apartment home segment lease revenue
Same-Store Communities (a)
West Region	$	101,551	$	104,196	$	200,750	$	199,495
Mid-Atlantic Region		54,803		54,905		110,889		109,205
Northeast Region		29,717		32,225		58,774		60,490
Southeast Region		32,715		31,844		61,433		59,565
Southwest Region		16,391		16,294		33,017		32,370
Non-Mature Communities/Other		62,404		30,523		144,340		67,763
Total segment and consolidated lease revenue	$	297,581	$	269,987	$	609,203	$	528,888
Reportable apartment home segment other revenue
Same-Store Communities (a)
West Region	$	2,842	$	3,047	$	5,543	$	6,045
Mid-Atlantic Region		1,429		1,727		3,001		3,729
Northeast Region		761		789		1,235		1,396
Southeast Region		1,226		1,719		2,593		3,431
Southwest Region		515		678		1,105		1,443
Non-Mature Communities/Other		1,628		516		3,395		1,453
Total segment and consolidated other revenue	$	8,401	$	8,476	$	16,872	$	17,497
Total reportable apartment home segment rental income
Same-Store Communities (a)
West Region	$	104,393	$	107,243	$	206,293	$	205,540
Mid-Atlantic Region		56,232		56,632		113,890		112,934
Northeast Region		30,478		33,014		60,009		61,886
Southeast Region		33,941		33,563		64,026		62,996
Southwest Region		16,906		16,972		34,122		33,813
Non-Mature Communities/Other		64,032		31,039		147,735		69,216
Total segment and consolidated rental income	$	305,982	$	278,463	$	626,075	$	546,385
Reportable apartment home segment NOI
Same-Store Communities (a)
West Region	$	78,533	$	81,724	$	155,876	$	156,324
Mid-Atlantic Region		39,102		40,045		79,479		79,225
Northeast Region		19,629		22,943		38,734		42,453
Southeast Region		22,801		23,322		44,257		44,169
Southwest Region		10,467		10,444		21,523		20,772
Non-Mature Communities/Other		41,721		21,257		97,849		46,475
Total segment and consolidated NOI		212,253		199,735		437,718		389,418
Reconciling items:
Joint venture management and other fees		1,274		2,845		2,662		5,596
Property management		(8,797)		(8,006)		(18,000)		(15,709)
Other operating expenses		(6,100)		(2,735)		(11,066)		(8,381)
Real estate depreciation and amortization		(155,056)		(117,934)		(310,532)		(230,402)
General and administrative		(10,971)		(12,338)		(25,949)		(24,805)
Casualty-related (charges)/recoveries, net		(102)		(246)		(1,353)		(246)
Other depreciation and amortization		(2,027)		(1,678)		(4,052)		(3,334)
Gain/(loss) on sale of real estate owned		61,303		5,282		61,303		5,282
Income/(loss) from unconsolidated entities		8,021		6,625		11,388		6,674
Interest expense		(38,597)		(34,417)		(77,914)		(67,959)
Interest income and other income/(expense), net		2,421		1,310		5,121		11,123
Tax (provision)/benefit, net		(1,526)		(125)		(1,690)		(2,337)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		(4,291)		(2,652)		(4,604)		(4,709)
Net (income)/loss attributable to noncontrolling interests		(34)		(47)		(40)		(89)
Net income/(loss) attributable to UDR, Inc.	$	57,771	$	35,619	$	62,992	$	60,122

(a) Same-Store Community population consisted of 39,020 apartment homes.

(b) Same-Store Community population consisted of 37,910 apartment homes.

Details of assets of the Operating Partnership's reportable segments

The following table details the assets of UDR’s reportable segments as of June 30, 2020 and December 31, 2019 (dollars in thousands):

	June 30,		December 31,
	2020		2019
Reportable apartment home segment assets:
Same-Store Communities (a):
West Region	$	3,889,925	$	3,874,027
Mid-Atlantic Region		2,363,674		2,350,341
Northeast Region		1,635,118		1,632,980
Southeast Region		913,257		903,878
Southwest Region		605,801		600,349
Non-Mature Communities/Other		3,367,864		3,240,526
Total segment assets		12,775,639		12,602,101
Accumulated depreciation		(4,372,524)		(4,131,353)
Total segment assets — net book value		8,403,115		8,470,748
Reconciling items:
Cash and cash equivalents		833		8,106
Restricted cash		22,043		25,185
Notes receivable, net		155,956		153,650
Investment in and advances to unconsolidated joint ventures, net		598,058		588,262
Operating lease right-of-use assets		202,586		204,225
Other assets		181,880		186,296
Total consolidated assets	$	9,564,471	$	9,636,472

(a) Same-Store Community population consisted of 39,020 apartment homes.

United Dominion Realty L.P.

Entity information

Summary of rental income and NOI for the Operating Partnerships 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, 2020 and 2019, 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, (a)
	2020		2019		2020		2019
Reportable apartment home segment lease revenue
Same-Store Communities (a)
West Region	$	60,897	$	62,298	$	124,140	$	123,080
Mid-Atlantic Region		14,656		14,881		29,820		29,691
Northeast Region		7,329		7,966		15,558		15,938
Southeast Region		12,949		12,686		25,936		25,148
Southwest Region		1,834		1,950		3,664		3,875
Non-Mature Communities/Other		4,672		7,326		12,222		14,052
Total segment and consolidated lease revenue	$	102,337	$	107,107	$	211,340	$	211,784
Reportable apartment home segment other revenue
Same-Store Communities (a)
West Region	$	1,603	$	1,852	$	3,379	$	3,846
Mid-Atlantic Region		376		429		807		964
Northeast Region		94		168		196		334
Southeast Region		549		727		1,193		1,502
Southwest Region		35		91		106		122
Non-Mature Communities/Other		207		(24)		345		132
Total segment and consolidated other revenue	$	2,864	$	3,243	$	6,026	$	6,900
Total reportable apartment home segment rental income
Same-Store Communities (a)
West Region	$	62,500	$	64,150	$	127,519	$	126,926
Mid-Atlantic Region		15,032		15,310		30,627		30,655
Northeast Region		7,423		8,134		15,754		16,272
Southeast Region		13,498		13,413		27,129		26,650
Southwest Region		1,869		2,041		3,770		3,997
Non-Mature Communities/Other		4,879		7,302		12,567		14,184
Total segment and consolidated rental income	$	105,201	$	110,350	$	217,366	$	218,684
Reportable apartment home segment NOI
Same-Store Communities (a)
West Region	$	47,645	$	49,348	$	97,138	$	97,145
Mid-Atlantic Region		10,231		10,555		21,027		21,079
Northeast Region		5,061		6,260		10,970		12,466
Southeast Region		9,021		9,356		18,572		18,613
Southwest Region		1,334		1,484		2,725		2,820
Non-Mature Communities/Other		1,832		4,677		6,247		8,696
Total segment and consolidated NOI		75,124		81,680		156,679		160,819
Reconciling items:
Property management		(3,024)		(3,308)		(6,249)		(6,287)
Other operating expenses		(3,837)		(2,422)		(7,696)		(4,822)
Real estate depreciation and amortization		(35,430)		(34,921)		(70,730)		(69,575)
General and administrative		(3,951)		(4,151)		(9,259)		(8,812)
Casualty-related (charges)/recoveries, net		(190)		81		(188)		81
Income/(loss) from unconsolidated entities		(1,661)		(1,794)		(3,422)		(4,534)
Interest expense		(7,170)		(7,355)		(14,634)		(14,726)
Net (income)/loss attributable to noncontrolling interests		(488)		(416)		(1,010)		(804)
Net income/(loss) attributable to OP unitholders	$	19,373	$	27,394	$	43,491	$	51,340

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

Details of assets of the Operating Partnership's reportable segments

The following table details the assets of the Operating Partnership’s reportable segments as of June 30, 2020 and December 31, 2019 (dollars in thousands):

	June 30,		December 31,
	2020		2019
Reportable apartment home segment assets
Same-Store Communities (a):
West Region	$	2,023,401	$	2,011,495
Mid-Atlantic Region		673,232		669,417
Northeast Region		409,242		408,703
Southeast Region		356,006		352,790
Southwest Region		144,751		144,210
Non-Mature Communities/Other		292,078		288,545
Total segment assets		3,898,710		3,875,160
Accumulated depreciation		(1,867,071)		(1,796,568)
Total segment assets - net book value		2,031,639		2,078,592
Reconciling items:
Cash and cash equivalents		38		24
Restricted cash		14,535		13,998
Investment in unconsolidated entities		63,111		76,222
Operating lease right-of-use assets		203,958		205,668
Other assets		25,643		24,241
Total consolidated assets	$	2,338,924	$	2,398,745

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