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

9 Months Ended

Sep. 30, 2020

Entity information

Schedule of debt instruments

The following is a summary of our secured and unsecured debt at September 30, 2020 and December 31, 2019 (dollars in thousands):

	Principal Outstanding				As of September 30, 2020
					Weighted		Weighted
					Average		Average	Number of
	September 30,		December 31,		Interest		Years to	Communities
	2020		2019		Rate		Maturity	Encumbered
Secured Debt:
Fixed Rate Debt
Mortgage notes payable (a)	$	892,291	$	884,869	3.36	%	7.1	13
Credit facilities (b)		—		204,590	—	%	—	—
Deferred financing costs and other non-cash adjustments (b)		13,866		33,046
Total fixed rate secured debt, net		906,157		1,122,505	3.36	%	7.1	13
Variable Rate Debt
Tax-exempt secured notes payable (c)		27,000		27,000	0.77	%	11.5	1
Deferred financing costs		(70)		(64)
Total variable rate secured debt, net		26,930		26,936	0.77	%	11.5	1
Total Secured Debt, net		933,087		1,149,441	3.28	%	7.3	14
Unsecured Debt:
Variable Rate Debt
Borrowings outstanding under unsecured credit facility due January 2023 (d) (n)		—		—	—	%	2.3
Borrowings outstanding under unsecured commercial paper program due October 2020 (e) (n)		230,000		300,000	0.30	%	0.1
Borrowings outstanding under unsecured working capital credit facility due January 2021 (f)		22,086		16,583	0.97	%	1.3
Term Loan due September 2023 (d) (n)		35,000		35,000	1.06	%	3.0
Fixed Rate Debt
Term Loan due September 2023 (d) (n)		315,000		315,000	2.55	%	3.0
3.75% Medium-Term Notes due July 2024 (net of discounts of $239 and $470, respectively) (g) (n)		182,867		299,530	3.69	%	3.8
8.50% Debentures due September 2024		15,644		15,644	8.50	%	4.0
4.00% Medium-Term Notes due October 2025 (net of discounts of $344 and $396, respectively) (h) (n)		299,656		299,604	4.53	%	5.0
2.95% Medium-Term Notes due September 2026 (n)		300,000		300,000	2.95	%	5.9
3.50% Medium-Term Notes due July 2027 (net of discounts of $476 and $529, respectively) (n)		299,524		299,471	3.50	%	6.8
3.50% Medium-Term Notes due January 2028 (net of discounts of $865 and $954, respectively) (n)		299,135		299,046	3.50	%	7.3
4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (n)		299,995		299,995	4.27	%	8.3
3.20% Medium-Term Notes due January 2030 (net of premiums of $12,756 and $2,281, respectively) (j) (n)		612,756		402,281	3.32	%	9.3
3.00% Medium-Term Notes due August 2031 (net of discounts of $1,051 and $1,123, respectively) (k) (n)		398,949		398,877	3.01	%	10.9
2.10% Medium-Term Notes due August 2032 (net of discounts of $417 and $0, respectively) (l) (n)		399,583		—	2.10	%	11.8
3.10% Medium-Term Notes due November 2034 (net of discounts of $1,243 and $1,309, respectively) (m) (n)		298,757		298,691	3.13	%	14.1
Other		11		13
Deferred financing costs		(24,404)		(21,652)
Total Unsecured Debt, net		3,984,559		3,558,083	3.08	%	7.7
Total Debt, net	$	4,917,646	$	4,707,524	3.01	%	7.6

United Dominion Realty L.P.

Entity information

Schedule of debt instruments

	Principal Outstanding				As of September 30, 2020
							Weighted
					Weighted		Average
	September 30,		December 31,		Average		Years to	Communities
	2020		2019		Interest Rate		Maturity	Encumbered
Fixed Rate Debt
Mortgage note payable	$	72,500	$	72,500	3.10	%	9.3	1
Deferred financing costs		(337)		(365)
Total fixed rate secured debt, net		72,163		72,135	3.10	%	9.3	1
Variable Rate Debt
Tax-exempt secured note payable	$	27,000	$	27,000	0.77	%	11.5	1
Deferred financing costs		(70)		(64)
Total variable rate secured debt, net		26,930		26,936	0.77	%	11.5	1
Total Secured Debt, Net	$	99,093	$	99,071	2.52	%	9.9	2