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

9 Months Ended

Sep. 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 nine months ended September 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				Nine Months Ended
	September 30, (a)				September 30, (b)
	2020		2019		2020		2019
Reportable apartment home segment lease revenue
Same-Store Communities (a)
West Region	$	102,609	$	110,860	$	294,355	$	301,291
Mid-Atlantic Region		52,411		53,019		159,015		157,914
Northeast Region		32,705		40,558		83,314		91,203
Southeast Region		34,207		33,283		92,555		89,859
Southwest Region		16,418		16,229		49,435		48,600
Non-Mature Communities/Other		58,848		25,292		227,725		119,262
Total segment and consolidated lease revenue	$	297,198	$	279,241	$	906,399	$	808,129
Reportable apartment home segment other revenue
Same-Store Communities (a)
West Region	$	3,418	$	3,510	$	8,788	$	9,313
Mid-Atlantic Region		1,831		2,012		4,725		5,611
Northeast Region		1,102		1,008		2,051		2,200
Southeast Region		1,436		1,782		3,949		5,115
Southwest Region		710		749		1,815		2,191
Non-Mature Communities/Other		3,150		706		7,193		2,834
Total segment and consolidated other revenue	$	11,647	$	9,767	$	28,521	$	27,264
Total reportable apartment home segment rental income
Same-Store Communities (a)
West Region	$	106,027	$	114,370	$	303,143	$	310,604
Mid-Atlantic Region		54,242		55,031		163,740		163,525
Northeast Region		33,807		41,566		85,365		93,403
Southeast Region		35,643		35,065		96,504		94,974
Southwest Region		17,128		16,978		51,250		50,791
Non-Mature Communities/Other		61,998		25,998		234,918		122,096
Total segment and consolidated rental income	$	308,845	$	289,008	$	934,920	$	835,393
Reportable apartment home segment NOI
Same-Store Communities (a)
West Region	$	77,361	$	86,159	$	226,538	$	235,925
Mid-Atlantic Region		37,258		38,483		113,913		114,892
Northeast Region		18,981		27,962		52,020		63,012
Southeast Region		23,714		24,033		66,029		66,301
Southwest Region		10,496		10,449		32,019		31,221
Non-Mature Communities/Other		43,322		16,563		158,331		81,716
Total segment and consolidated NOI		211,132		203,649		648,850		593,067
Reconciling items:
Joint venture management and other fees		1,199		6,386		3,861		11,982
Property management		(8,879)		(8,309)		(26,879)		(24,018)
Other operating expenses		(5,543)		(2,751)		(16,609)		(11,132)
Real estate depreciation and amortization		(151,949)		(127,391)		(462,481)		(357,793)
General and administrative		(11,958)		(12,197)		(37,907)		(37,002)
Casualty-related (charges)/recoveries, net		—		1,088		(1,353)		842
Other depreciation and amortization		(3,887)		(1,619)		(7,939)		(4,953)
Gain/(loss) on sale of real estate owned		—		—		61,303		5,282
Income/(loss) from unconsolidated entities		2,940		12,713		14,328		19,387
Interest expense		(62,268)		(42,523)		(140,182)		(110,482)
Interest income and other income/(expense), net		2,183		1,875		7,304		12,998
Tax (provision)/benefit, net		(187)		(1,499)		(1,877)		(3,836)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		1,990		(2,162)		(2,614)		(6,871)
Net (income)/loss attributable to noncontrolling interests		(31)		(56)		(71)		(145)
Net income/(loss) attributable to UDR, Inc.	$	(25,258)	$	27,204	$	37,734	$	87,326

(a) Same-Store Community population consisted of 40,258 apartment homes.

(b) Same-Store Community population consisted of 37,607 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 September 30, 2020 and December 31, 2019 (dollars in thousands):

	September 30,		December 31,
	2020		2019
Reportable apartment home segment assets:
Same-Store Communities (a):
West Region	$	4,253,098	$	4,228,359
Mid-Atlantic Region		2,244,315		2,222,405
Northeast Region		2,079,168		2,073,052
Southeast Region		967,465		953,029
Southwest Region		607,326		600,349
Non-Mature Communities/Other		2,709,648		2,524,907
Total segment assets		12,861,020		12,602,101
Accumulated depreciation		(4,512,771)		(4,131,353)
Total segment assets — net book value		8,348,249		8,470,748
Reconciling items:
Cash and cash equivalents		927		8,106
Restricted cash		23,273		25,185
Notes receivable, net		156,996		153,650
Investment in and advances to unconsolidated joint ventures, net		646,355		588,262
Operating lease right-of-use assets		201,754		204,225
Other assets		173,834		186,296
Total consolidated assets	$	9,551,388	$	9,636,472

(a) Same-Store Community population consisted of 40,258 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 nine months ended September 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				Nine Months Ended
	September 30, (a)				September 30, (a)
	2020		2019		2020		2019
Reportable apartment home segment lease revenue
Same-Store Communities (a)
West Region	$	58,848	$	62,760	$	182,988	$	185,840
Mid-Atlantic Region		12,482		12,805		38,018		38,187
Northeast Region		6,013		8,098		21,572		24,036
Southeast Region		13,189		12,808		39,124		37,957
Southwest Region		1,762		1,901		5,426		5,776
Non-Mature Communities/Other		10,316		9,563		26,822		27,924
Total segment and consolidated lease revenue	$	102,610	$	107,935	$	313,950	$	319,720
Reportable apartment home segment other revenue
Same-Store Communities (a)
West Region	$	1,996	$	2,063	$	5,375	$	5,908
Mid-Atlantic Region		482		476		1,180		1,308
Northeast Region		168		187		364		521
Southeast Region		663		799		1,856		2,301
Southwest Region		65		87		171		209
Non-Mature Communities/Other		1,710		153		2,164		417
Total segment and consolidated other revenue	$	5,084	$	3,765	$	11,110	$	10,664
Total reportable apartment home segment rental income
Same-Store Communities (a)
West Region	$	60,844	$	64,823	$	188,363	$	191,748
Mid-Atlantic Region		12,964		13,281		39,198		39,495
Northeast Region		6,181		8,285		21,936		24,557
Southeast Region		13,852		13,607		40,980		40,258
Southwest Region		1,827		1,988		5,597		5,985
Non-Mature Communities/Other		12,026		9,716		28,986		28,341
Total segment and consolidated rental income	$	107,694	$	111,700	$	325,060	$	330,384
Reportable apartment home segment NOI
Same-Store Communities (a)
West Region	$	45,011	$	49,528	$	142,148	$	146,673
Mid-Atlantic Region		8,781		9,244		26,984		27,508
Northeast Region		3,055		5,736		14,024		18,201
Southeast Region		9,355		9,371		27,926		27,984
Southwest Region		1,266		1,405		3,991		4,226
Non-Mature Communities/Other		7,281		5,548		16,356		17,059
Total segment and consolidated NOI		74,749		80,832		231,429		241,651
Reconciling items:
Property management		(3,095)		(3,211)		(9,345)		(9,498)
Other operating expenses		(4,110)		(2,301)		(11,806)		(7,123)
Real estate depreciation and amortization		(35,335)		(35,155)		(106,065)		(104,730)
General and administrative		(4,323)		(4,066)		(13,582)		(12,878)
Casualty-related (charges)/recoveries, net		—		1,088		(188)		1,169
Income/(loss) from unconsolidated entities		(1,562)		(2,383)		(4,984)		(6,917)
Interest expense		(7,267)		(7,521)		(21,901)		(22,247)
Net (income)/loss attributable to noncontrolling interests		(435)		(448)		(1,445)		(1,252)
Net income/(loss) attributable to OP unitholders	$	18,622	$	26,835	$	62,113	$	78,175

(a) Same-Store Community population consisted of 15,609 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 September 30, 2020 and December 31, 2019 (dollars in thousands):

	September 30,		December 31,
	2020		2019
Reportable apartment home segment assets
Same-Store Communities (a):
West Region	$	2,030,008	$	2,011,495
Mid-Atlantic Region		547,810		669,417
Northeast Region		409,782		408,703
Southeast Region		358,178		352,790
Southwest Region		144,858		144,210
Non-Mature Communities/Other		422,042		288,545
Total segment assets		3,912,678		3,875,160
Accumulated depreciation		(1,902,081)		(1,796,568)
Total segment assets - net book value		2,010,597		2,078,592
Reconciling items:
Cash and cash equivalents		81		24
Restricted cash		15,455		13,998
Investment in unconsolidated entities		56,705		76,222
Operating lease right-of-use assets		203,163		205,668
Other assets		26,909		24,241
Total consolidated assets	$	2,312,910	$	2,398,745

(a) Same-Store Community population consisted of 15,609 apartment homes.