SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 22, 2001
UNITED DOMINION REALTY TRUST, INC.
----------------------------------
(Exact name of registrant as specified in its charter)
Virginia 1-10524 54-0857512
---------------- ---------------- -----------------
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation of organization) Identification No.)
400 East Cary Street, Richmond, Virginia 23219
-----------------------------------------------
(Address of principal executive offices - zip code)
(804) 780-2691
--------------
Registrant's telephone number, including area code
ITEM 5. OTHER EVENTS
On October 22, 2001, United Dominion Realty Trust, Inc. ("United Dominion"), the
registrant, issued a Press Release announcing 2001 third quarter results of
operations. The following is a summary of United Dominion Realty Trust, Inc.'s
Press Release:
UNITED DOMINION REALTY TRUST, INC. REPORTS
THIRD QUARTER 2001 OPERATING RESULTS
HIGHLIGHTING GROWTH IN FUNDS FROM OPERATIONS
OF 5.4% OVER THIRD QUARTER 2000
RICHMOND, VA. (October 22, 2001) United Dominion Realty Trust, Inc. (NYSE
symbol: UDR) today reported Funds From Operations ("FFO") of $47.2 million, or
$0.39 per share, for the quarter ended September 30, 2001, a per share increase
of 5.4% over FFO of $0.37 per share, or $46.1 million, for the comparable period
a year ago (before last year's one time charge). FFO for the first nine months
of 2001 was $139.7 million, or $1.15 per share, up 3.6% per share from FFO of
$1.11 per share, or $136.7 million, for the first nine months of 2000 (before
the one time charge). FFO is reported on a diluted basis.
Adjusted Funds From Operations ("AFFO"), which management believes is the best
measure of economic profitability for real estate investment trusts, was $40.6
million, or $0.34 per share, for the quarter ended September 30, 2001, a per
share increase of 6.3% over AFFO of $0.32 per share, or $39.9 million, for the
comparable period a year ago (before last year's one time charge). AFFO for the
first nine months of 2001 was $119.7 million, or $0.99 per share, up 3.1% per
share from AFFO of $0.96 per share, or $118.0 million, for the first nine months
of 2000 (before the one time charge). AFFO is reported on a diluted basis.
The Company also reported Earnings Per Share ("EPS") of $0.07 per share for the
third quarter compared to $0.11 per share for the same period last year. Prior
year EPS was favorably impacted by a $10.4 million gain on the sale of 2,692
apartment units; whereas, no apartment homes were sold by the Company this
quarter. EPS for the first nine months of 2001 was $0.23 per share compared to
$0.26 for the comparable period a year ago.
2
Highlights
----------
o 5.4% Growth in FFO over Third Quarter 2000
o Earnings in line with First Call consensus estimates
o 2.7% Growth in Same Community Net Operating Income
o $200 Million Fannie Mae Revolver Facility closed with initial rate of 3.99%
"I am pleased with the performance and continued improvement of our Company,"
cites Thomas W. Toomey, President and Chief Executive Officer. "As we
highlighted earlier this year in our earnings call, the management team has been
focusing on positioning the company to operate in a slowing environment. While
we have much work ahead of us, we are highly confident that we will continue to
generate positive growth for the remainder of this year and for 2002 that will
meet earnings estimates. We will continue to focus on improving property
operations and Balance Sheet strength. The Company's product type of garden
style, middle market apartments is well positioned to outperform other property
types during periods of economic slowdown, and management believes that over the
long run, our portfolio of apartment communities continues to benefit from
positive demographic trends."
Portfolio Operating Performance and Same Community Results
During the third quarter, 73,557 apartment homes (96% of total apartment homes)
were classified as same community.
Same Community Results ($ in thousands, except monthly rent)
--------------------------------------------------------------------------------------------
3rd Qtr '01 3rd Qtr `00 % Change
--------------- --------------- ---------------
Gross Potential Rent $155,799 $149,178 4.4%
Rental & other Income 148,154 144,848 2.3%
Expenses 54,354 53,526 1.5%
Net Operating Income 93,800 91,322 2.7%
Avg. monthly rent per home $ 706 $ 676 4.4%
Avg. monthly rent per SF 0.81 0.77 4.4%
Avg. physical occupancy 93.8% 94.5% (0.7)%
Operating margin 63.3% 63.0% 0.3%
On a year-over-year basis, third quarter 2001 same community NOI growth of 2.7%
was the result of a 2.3% increase in revenues from rental and other income and a
1.5% increase in operating expenses.
Currently, the Company operates in 62 markets, and of those markets, 46 markets,
or 74%, saw positive Same Store Sales increases. Moving forward, there is a
continued emphasis on aggressive lease management, expense controls, increased
resident retention efforts and realignment of employee incentive plans tied to
bottom line performance. This plan of operations, coupled with the portfolio's
strengths in targeting the middle market of renters across a national platform,
should position the Company for continued operational improvement.
3
Development Activity
The Company began the year with 2,426 apartment units under development and has
now delivered 1,876 units with a projected stabilized return on average of 10%.
The Company currently has three communities under construction containing a
total of 794 apartment units (of which 244 units have previously been delivered)
with two of those communities expected to be completed by January 2002. The
remaining development community is scheduled for completion in May 2002.
"I am pleased that we completed nearly 77% of the development pipeline ahead of
schedule and under budget. We expect first year stabilized returns on these
communities to be at attractive returns," said Mark Wallis, Senior Executive
Vice President. Two development sites were sold this quarter for a total of
$5.6 million and the Company has three other development sites under contract
for sale totaling $8.3 million.
Capitalization
In August, the Company closed on a $200 million Fannie Mae Revolving Credit
Facility with an initial funding of $139 million. The adjustable rate loan was
provided by ARCS through a Fannie Mae DMBS for a five-year term with an initial
interest rate of 3.99%. The Company has the option to extend for an additional
five-year term at market rates. The proceeds of the loan were used principally
for the redemption of the $100 million 9.25% Series A Cumulative Preferred Stock
that occurred in the second quarter of this year and to reduce the balance on
the Line of Credit.
Throughout the quarter, the Company purchased a total of 1.4 million common
shares and OP units at an average purchase price of $14.10. As of September 30,
year-to-date purchases total 3.8 million common shares at an average purchase
price of $13.20.
The Company sold two tracts of land during the quarter for a total sales price
in aggregate of $5.6 million. The proceeds from the sale of these non-earning
assets were used towards the re-purchase of the Company's common shares and OP
units.
Conference Call Information
United Dominion will hold a conference call on October 23, 2001 at 1:00 pm
Eastern Daylight Savings Time (EDST) to review these results. The domestic
number to call and participate is 1-888-792-1093. To hear a replay of this
call, please call 1-888-266-2086, Access Code: 5551601. The call can also be
heard via webcast at www.udrt.com or www.streetevents.com. A replay will be
available on these web sites for 90 days.
4
About United Dominion Realty Trust, Inc.
----------------------------------------
United Dominion is one of the country's largest multifamily real estate
investment trusts, owning and operating apartment communities nationwide. The
company currently owns over 76,000 apartment homes and is the developer for
almost 800 homes under construction. United Dominion's common stock is traded
on the New York Stock Exchange under the symbol UDR. Additional information
about United Dominion may be found on the company's web site at www.udrt.com.
###
In addition to historical information, this press release contains forward-
looking statements. The statements are based on current expectations, estimates
and projections about the industry and markets in which United Dominion
operates, as well as management's beliefs and assumptions. Forward-looking
statements are not guarantees of future performance and involve certain risks
and uncertainties, which may cause the company's actual results, performance,
achievements pursuant to its disposition programs and its other activities to be
materially different from the results, plans or expectations expressed or
implied by such statements. For more details, please refer to the company's SEC
filings, including its most recent annual report on Form 10-K and quarterly
reports on Form 10-Q.
Financial Tables Follow
5
Attachment 1
UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
In thousands, except per share amounts 2001 2000 2001 2000
------------------------------------------------------------------------------------------------------------------------------
Rental income $153,814 $157,041 $ 462,753 $ 470,844
Rental expenses:
Real estate taxes and insurance 16,480 17,042 51,287 52,209
Personnel 16,150 16,311 47,114 49,335
Repair and maintenance 9,795 9,905 26,617 27,568
Utilities 8,557 9,253 27,997 26,585
Administrative and marketing 5,702 6,121 17,074 18,110
Property management 4,487 4,557 12,802 13,960
Other operating 364 337 1,140 1,069
-------- ------- -------- --------
61,535 63,526 184,031 188,836
Other income:
Non-property income 363 1,383 2,168 4,432
Other expenses:
Real estate depreciation 36,029 37,349 114,440 115,305
Interest 36,633 39,100 109,688 117,926
Severance costs and other organizational charges - 1,020 (C) 5,404 (A) 1,020
Litigation settlement charges - 2,700 (D) - 2,700
Impairment loss on real estate and investments - 3,188 (B) -
General and administrative 4,546 3,546 14,693 11,114
Non real estate depreciation and amortization 844 984 2,579 3,438
-------- ------- -------- --------
78,052 84,699 249,992 251,503
Income before gains on sales of investments, minority interests and
extraordinary item 14,590 10,199 30,898 34,937
Gain on sales of depreciable property - 10,429 24,748 18,890
Gain on land sales - 832 832
-------- ------- -------- --------
Income before minority interests and extraordinary item 14,590 21,460 55,646 54,659
Minority interests of outside partnerships (370) (388) (1,659) (1,126)
Minority interests of unitholders in operating partnership (487) (798) (1,718) (1,760)
-------- ------- -------- --------
Income before extraordinary item 13,733 20,274 52,269 51,773
Extraordinary item - early extinguishment of debt (186) (91) (745) 267
-------- ------- -------- --------
Net income 13,547 20,183 51,524 52,040
Distributions to preferred shareholders - Series A and B (2,912) (5,354) (12,851) (16,333)
Distributions to preferred shareholders - Series D (Convertible) (3,857) (3,825) (11,571) (11,475)
(Premium) / discount on preferred share repurchases - 157 (3,496) 2,334
-------- ------- -------- --------
Net income available to common shareholders $ 6,778 $ 11,161 $ 23,606 $ 26,566
======== ======== ======== ========
Earnings per common share:
Basic $0.07 $0.11 $0.23 $0.26
Diluted $0.07 $0.11 $0.23 $0.26
Common distributions declared per share $0.2700 $0.2675 $0.8100 $0.8025
Weighted average number of common shares outstanding-basic 99,623 103,258 100,612 103,160
Weighted average number of common shares outstanding-diluted 100,466 103,514 101,292 103,346
(A) Represents non-recurring charges related primarily to workforce reductions,
other severance costs and executive office relocation costs.
(B) Represents writedown of seven undeveloped land sites in selected markets
and investment in online apartment leasing company.
(C) Represents non-recurring charge incurred under employment agreements for
certain executives of the Company.
(D) Represents the costs associated with the settlement of a class action
lawsuit.
Attachment 2
UNITED DOMINION REALTY TRUST, INC.
FUNDS FROM OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
In thousands, except per share amounts 2001 2000 2001 2000
------------------------------------------------------------------------------------------------------------------------------
Net income $ 13,547 $ 20,183 $ 51,524 $ 52,040
Adjustments:
Distributions to preferred shareholders (6,769) (9,179) (24,422) (27,808)
Real estate depreciation, net of outside partners' interest 35,646 36,987 113,188 114,174
Gains on sale of depreciable property, net of outside partners'
interest - (10,424) (24,005) (18,572)
Minority interests of unitholders in operating partnership 487 798 1,718 1,760
Real estate depreciation related to unconsolidated entities 282 79 746 188
Extraordinary item-early extinguishment of debt 186 91 745 (267)
-------- -------- --------- ---------
Funds from operations-basic $ 43,379 $ 38,535 $ 119,494 $ 121,515
======== ======== ========= =========
Adjustment:
Distribution to preferred shareholders-Series D (Convertible) 3,857 3,825 11,571 11,475
-------- -------- --------- ---------
Funds from operations-diluted $ 47,236 $ 42,360 $ 131,065 $ 132,990
======== ======== ========= =========
Adjustment:
Recurring capital expenditures (6,613) (6,168) (19,911) (18,743)
-------- -------- --------- ---------
Adjusted funds from operations-diluted $ 40,623 $ 36,192 $ 111,154 $ 114,247
======== ======== ========= =========
Weighted average number of common shares and OP Units
outstanding-basic 107,000 110,774 108,120 110,590
Weighted average number of common shares and OP Units
outstanding-diluted 120,032 123,281 120,989 123,069
FFO per common share-basic $ 0.41 $ 0.35 $ 1.11 $ 1.10
======== ======== ========= =========
FFO per common share-diluted $ 0.39 $ 0.34 $ 1.08 $ 1.08
======== ======== ========= =========
AFFO per common share-basic $ 0.34 $ 0.29 $ 0.92 $ 0.93
======== ======== ========= =========
AFFO per common share-diluted $ 0.34 $ 0.29 $ 0.92 $ 0.93
======== ======== ========= =========
Adjustments for One Time Charges:
One time charges - 3,720 8,592 3,720
-------- -------- --------- ---------
Funds from operations- diluted before one time charges $ 47,236 $ 46,080 $ 139,657 $ 136,710
======== ======== ========= =========
Adjusted Funds from operation-diluted before one time charges $ 40,623 $ 39,912 $ 119,745 $ 117,967
======== ======== ========= =========
FFO per common share-diluted before one time charges $ 0.39 $ 0.37 $ 1.15 $ 1.11
======== ======== ========= =========
AFFO per common share-diluted before one time charges $ 0.34 $ 0.32 $ 0.99 $ 0.96
======== ======== ========= =========
FFO is defined as net income (computed in accordance with GAAP), excluding gains
(or losses) from sales of depreciable property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. This definition conforms with the National Association of Real Estate
Investment Trust's definition issued in October, 1999 which became effective
beginning January 1, 2000.
AFFO is defined as FFO less recurring cap ex for our stabilized portfolio at
$350 per unit in 2001 and $311 per unit in 2000. The 2001 per unit charge will
be adjusted to actual expenditures at year end.
Attachment 3
UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, December 31,
In thousands, except per share amounts 2001 2000
-----------------------------------------------------------------------------------------------------------------------------
ASSETS
Real estate owned:
Real estate held for investment $ 3,759,625 $ 3,758,974
Less: accumulated depreciation (608,642) (506,871)
----------- -----------
3,150,983 3,252,103
Real estate under development 54,010 60,366
Real estate held for disposition (net of accumulated
depreciation of $0 and $2,534) 15,567 14,446
----------- -----------
Total real estate owned, net of accumulated depreciation 3,220,560 3,326,915
Cash and cash equivalents 7,221 10,305
Restricted cash 34,283 44,943
Deferred financing costs 14,240 14,271
Investment in unconsolidated development joint venture 7,515 8,088
Other assets 39,192 49,435
----------- -----------
Total assets $ 3,323,011 $ 3,453,957
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Secured debt $ 991,290 $ 866,115
Unsecured debt 1,076,921 1,126,215
Real estate taxes payable 34,114 30,554
Accrued interest payable 16,421 18,059
Security deposits and prepaid rent 21,494 22,524
Distributions payable 32,310 36,128
Accounts payable, accrued expenses and other liabilities 63,467 47,144
----------- -----------
Total liabilities 2,236,017 2,146,739
=========== ===========
Minority interests 77,406 88,326
Shareholders' equity
Preferred stock, no par value; $25 liquidation preference,
25,000,000 shares authorized;
0 shares 9.25% Series A Cumulative Redeemable issued
and outstanding
(3,969,120 shares in 2000) - 99,228
5,416,009 shares 8.60% Series B Cumulative Redeemable
issued and outstanding
(5,439,109 shares in 2000) 135,400 135,978
8,000,000 shares 7.50% Series D Cumulative Convertible Redeemable issued
and outstanding (8,000,000 shares in 2000) 175,000 175,000
Common stock, $1 par value; 150,000,000 shares authorized
99,149,807 shares issued and outstanding (102,219,250 shares in 2000) 99,150 102,219
Additional paid-in capital 1,047,338 1,081,387
Distributions in excess of net income (424,031) (366,531)
Deferred compensation - unearned restricted stock awards (1,751) (828)
Notes receivable from officer-shareholders (5,482) (7,561)
Accumulated other comprehensive loss, net (16,036)(A) -
----------- -----------
Total shareholders' equity 1,009,588 1,218,892
----------- -----------
Total liabilities and shareholders' equity $ 3,323,011 $ 3,453,957
=========== ===========
(A)Represents net unrealized loss on derivative instrument transactions.
Attachment 4
UNITED DOMINION REALTY TRUST, INC.
SELECTED FINANCIAL INFORMATION
SEPTEMBER 30, 2001
(Dollars in thousands)
(Unaudited)
DEBT STRUCTURE
Balance % of Total Interest Rate
------- ---------- -------------
Secured Fixed $ 579,034 28.0% 7.66%
Floating 412,256 19.9% 4.29%
---------------------------------------------------
Combined 991,290 47.9% 6.26%
Unsecured Fixed 750,021 36.3% 7.74%
Floating 326,900 15.8% 4.47%
---------------------------------------------------
Combined 1,076,921 52.1% 6.75%
Interest Rate Swaps (A) Fixed 282,000 7.20%
Floating (282,000) 4.61%
Total Debt Fixed 1,611,055 77.9% 7.62%
Floating 457,156 22.1% 4.22%
---------------------------------------------------
Combined $ 2,068,211 100.0% 6.87%
===================================================
(A) United Dominion has 16 interest rate swap agreements with a notional
amount aggregating $282.0 million that is used to fix the interest
rate on a portion of its variable rate debt.
DEBT MATURITIES
Secured Debt Bank Lines Unsecured Debt Total
------------ ---------- -------------- -----
2001 $ 21,718 - $ 782 $ 22,500
2002 54,454 - 54,859 109,313
2003 55,403 $ 216,900 115,299 387,602
2004 139,592 - 229,110 368,702
2005 126,104 - 122,670 248,774
Thereafter 594,019 - 337,301 931,320
-------------------------------------------------------------------
$ 991,290 $ 216,900 $ 860,021 $ 2,068,211
===================================================================
COVERAGE RATIOS
Interest Coverage Ratio 2.40 (B)
Fixed Charge Coverage Ratio 2.02 (C)
(B) EBITDA (before non-recurring items) divided by interest
expense.
(C) EBITDA (before non-recurring items) divided by interest
expense and preferred dividends.
MARKET CAPITALIZATION
Balance % of Total
------- ----------
Total debt $ 2,068,211 53.1%
Preferred Equity at market 309,046 7.9%
Common shares & OP units at $14.28 1,517,121 39.0%
-----------------------------
Total market capitalization $ 3,894,378 100.0%
=============================
Attachment 5
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
(Dollars in thousands)
(Unaudited)
% of Total Same Community
Portfolio ---------------------------------------------
Total Based on Total Same
Apartment YTD Community Physical Occupancy
Homes 2001 NOI Homes QTD 01 QTD 00 Change
----------------------------------------------------------------------------------------------
Houston, TX 5,722 5.8% 5,722 94.3% 93.0% 1.3%
Dallas, TX 4,533 5.6% 4,533 95.6% 95.2% 0.4%
Orlando, FL 4,140 5.6% 3,848 93.3% 94.8% -1.5%
Phoenix, AZ 3,618 4.7% 3,460 93.5% 92.6% 0.9%
San Antonio, TX 3,827 4.4% 3,348 88.5% 93.6% -5.1%
Tampa, FL 3,372 4.3% 3,372 94.0% 95.4% -1.4%
Fort Worth, TX 3,561 4.0% 3,561 96.6% 96.0% 0.6%
San Francisco, CA 980 4.0% 980 96.9% 99.4% -2.5%
Raleigh, NC 3,147 3.8% 2,951 91.6% 90.3% 1.3%
Richmond, VA 2,372 3.7% 2,372 94.1% 97.1% -3.0%
Monterey Penninsula, CA 1,706 3.1% 1,706 95.5% 96.7% -1.2%
Columbus, OH 2,527 3.1% 2,175 94.0% 95.4% -1.4%
Charlotte, NC 2,710 2.8% 2,490 87.4% 92.8% -5.4%
Nashville, TN 2,220 2.7% 2,220 95.5% 95.8% -0.3%
Southern California 1,414 2.6% 1,414 95.6% 95.6% 0.0%
Greensboro, NC 2,122 2.5% 2,122 90.4% 92.8% -2.4%
Metropolitan DC 1,291 2.4% 1,171 97.8% 98.0% -0.2%
Wilmington, NC 1,869 2.3% 1,869 95.9% 91.5% 4.4%
Baltimore, MD 1,291 2.3% 1,291 96.3% 98.4% -2.1%
Atlanta, GA 1,426 2.0% 1,426 93.4% 95.4% -2.0%
Memphis, TN 1,956 1.9% 1,956 93.0% 95.4% -2.4%
Norfolk, VA 1,437 1.9% 1,437 95.7% 96.0% -0.3%
Columbia, SC 1,584 1.7% 1,584 95.5% 95.5% 0.0%
East Lansing, MI 1,226 1.4% 1,226 89.3% 91.1% -1.8%
Jacksonville, FL 1,157 1.3% 1,157 94.7% 90.3% 4.4%
Seattle, Wa 628 1.0% 628 94.9% 96.1% -1.2%
Other Western 2,474 3.7% 2,174 95.8% 95.2% 0.6%
Other Florida 2,073 3.7% 1,905 93.0% 93.8% -0.8%
Other Pacific 1,757 2.3% 1,490 92.2% 90.6% 1.6%
Other Midwestern 2,122 2.2% 2,122 94.6% 93.6% 1.0%
Other North Carolina 1,893 2.1% 1,893 94.9% 93.9% 1.0%
Other Southwestern 2,212 2.0% 1,888 91.4% 95.3% -3.9%
Other Mid-Atlantic 928 1.6% 928 97.3% 97.3% 0.0%
Other Southeastern 764 0.9% 764 95.7% 94.1% 1.6%
Other Northeastern 372 0.5% 372 95.2% 96.0% -0.8%
----------------------------------------------------------------------------------------------
Totals 76,431 100% 73,555 93.8% 94.5% -0.7%
==============================================================================================
Same Community
---------------------------------------------
Rental Rate
---------------------------------------------
QTD 01 QTD 00 Change
---------------------------------------------
Houston, TX $629 $607 3.6%
Dallas, TX 686 662 3.6%
Orlando, FL 713 688 3.6%
Phoenix, AZ 719 696 3.3%
San Antonio, TX 668 645 3.6%
Tampa, FL 699 674 3.7%
Fort Worth, TX 644 614 4.9%
San Francisco, CA 1,787 1,628 9.8%
Raleigh, NC 730 709 3.0%
Richmond, VA 719 690 4.2%
Monterey Penninsula, CA 875 803 9.0%
Columbus, OH 676 658 2.7%
Charlotte, NC 702 671 4.6%
Nashville, TN 691 680 1.6%
Southern California 921 828 11.2%
Greensboro, NC 646 632 2.2%
Metropolitan DC 857 780 9.9%
Wilmington, NC 665 649 2.5%
Baltimore, MD 830 768 8.1%
Atlanta, GA 747 721 3.6%
Memphis, TN 638 621 2.7%
Norfolk, VA 672 637 5.5%
Columbia, SC 588 578 1.7%
East Lansing, MI 669 641 4.4%
Jacksonville, FL 672 654 2.8%
Seattle, Wa 753 703 7.1%
Other Western 743 684 8.6%
Other Florida 701 677 3.5%
Other Pacific 709 681 4.1%
Other Midwestern 633 617 2.6%
Other North Carolina 571 553 3.3%
Other Southwestern 595 571 4.2%
Other Mid-Atlantic 778 736 5.7%
Other Southeastern 588 580 1.4%
Other Northeastern 680 640 6.3%
--------------------------------------------
Totals $706 $676 4.4%
============================================
Attachment 6
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
(Dollars in thousands)
(Unaudited)
Same Community
------------------------------------------------------------------------------------------------
Revenues Expenses Net Operating Income
---------------------------- --------------------------- ----------------------------
QTD 01 QTD 00 Change QTD 01 QTD 00 Change QTD 01 QTD 00 Change
---------------------------- --------------------------- ----------------------------
Houston, TX $10,270 $9,795 4.8% $4,315 $4,455 -3.1% $5,955 $5,340 11.5%
Dallas, TX 9,079 8,673 4.7% 3,692 3,630 1.7% 5,387 5,043 6.8%
Orlando, FL 7,838 7,807 0.4% 2,936 2,883 1.8% 4,902 4,924 -0.4%
Phoenix, AZ 6,674 6,483 2.9% 2,320 2,417 -4.0% 4,354 4,066 7.1%
San Antonio, TX 5,794 6,199 -6.5% 2,468 2,512 -1.8% 3,326 3,687 -9.8%
Tampa, FL 6,927 6,881 0.7% 2,805 2,815 -0.4% 4,122 4,066 1.4%
Fort Worth, TX 6,978 6,490 7.5% 2,978 3,000 -0.7% 4,000 3,490 14.6%
San Francisco, CA 5,139 4,876 5.4% 1,267 1,095 15.7% 3,872 3,781 2.4%
Raleigh, NC 5,753 5,724 0.5% 2,100 1,737 20.9% 3,653 3,987 -8.4%
Richmond, VA 4,996 5,063 -1.3% 1,610 1,438 11.9% 3,386 3,625 -6.6%
Monterey Penninsula, CA 4,397 4,115 6.9% 1,280 1,287 -0.6% 3,117 2,828 10.2%
Columbus, OH 4,299 4,291 0.2% 1,415 1,364 3.8% 2,884 2,927 -1.5%
Charlotte, NC 4,239 4,698 -9.8% 2,096 1,828 14.6% 2,143 2,870 -25.3%
Nashville, TN 4,390 4,464 -1.7% 1,787 1,573 13.6% 2,603 2,891 -9.9%
Southern California 3,776 3,408 10.8% 1,061 1,078 -1.6% 2,715 2,330 16.5%
Greensboro, NC 3,624 3,848 -5.8% 1,372 1,229 11.6% 2,252 2,619 -14.0%
Metropolitan DC 3,083 2,818 9.4% 797 878 -9.2% 2,286 1,940 17.8%
Wilmington, NC 3,702 3,487 6.2% 1,260 1,146 9.9% 2,442 2,341 4.3%
Baltimore, MD 3,225 3,073 4.9% 939 912 2.9% 2,286 2,161 5.8%
Atlanta, GA 2,982 3,073 -3.0% 1,125 1,157 -2.7% 1,857 1,916 -3.1%
Memphis, TN 3,299 3,437 -4.0% 1,526 1,374 11.1% 1,773 2,063 -14.1%
Norfolk, VA 2,865 2,780 3.1% 955 1,010 -5.4% 1,910 1,770 7.9%
Columbia, SC 2,754 2,732 0.8% 1,074 1,059 1.4% 1,680 1,673 0.4%
East Lansing, MI 2,244 2,221 1.0% 885 892 -0.8% 1,359 1,329 2.3%
Jacksonville, FL 2,242 2,103 6.6% 874 829 5.4% 1,368 1,274 7.4%
Seattle, Wa 1,427 1,321 8.0% 431 472 -8.8% 996 849 17.4%
Other Western 4,820 4,367 10.4% 1,419 1,499 -5.3% 3,401 2,868 18.6%
Other Florida 3,791 3,706 2.3% 1,335 1,450 -7.9% 2,456 2,256 8.9%
Other Pacific 3,002 2,765 8.6% 1,110 1,170 -5.1% 1,892 1,595 18.6%
Other Midwestern 3,924 3,796 3.4% 1,543 1,670 -7.6% 2,381 2,126 12.0%
Other North Carolina 3,209 3,073 4.4% 1,112 1,145 -2.9% 2,097 1,928 8.8%
Other Southwestern 3,066 3,148 -2.6% 1,216 1,264 -3.8% 1,850 1,884 -1.8%
Other Mid-Atlantic 2,266 2,127 6.5% 593 587 1.0% 1,673 1,540 8.6%
Other Southeastern 1,305 1,282 1.8% 421 456 -7.7% 884 826 7.0%
Other Northwestern 775 724 7.0% 237 212 11.8% 538 512 5.1%
------------------------------------------------------------------------------------------------
Totals $148,154 $144,848 2.3% $54,354 $53,526 1.5% $93,800 $91,322 2.7%
================================================================================================
Attachment 7
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001
(Dollars in thousands)
(Unaudited)
% of Total Same Community
Portfolio -----------------------------------------------------
Total Based on Total Same Physical Occupancy Rental Rate
Apartment YTD Community --------------------------- ----------------------
Homes 2001 NOI Homes YTD 01 YTD 00 Change YTD 01 YTD 00 Change
------------------------------------------------------------------------------------------
Houston, TX 5,722 5.8% 5,486 93.6% 92.8% 0.8% $612 $596 2.7%
Dallas, TX 4,533 5.6% 4,533 95.4% 95.1% 0.3% 679 656 3.5%
Orlando, FL 4,140 5.6% 3,848 93.1% 94.5% -1.4% 705 682 3.4%
Tampa, FL 3,372 4.7% 3,372 94.3% 94.4% -0.1% 691 669 3.3%
Phoenix, AZ 3,618 4.4% 3,138 93.8% 93.7% 0.1% 702 675 4.0%
San Antonio, TX 3,827 4.3% 3,348 91.3% 93.4% -2.1% 657 641 2.5%
Fort Worth, TX 3,561 4.0% 3,561 96.8% 95.9% 0.9% 634 608 4.3%
San Francisco, CA 980 4.0% 980 97.5% 99.6% -2.1% 1,782 1,568 13.6%
Raleigh, NC 3,147 3.8% 2,951 91.0% 91.2% -0.2% 723 704 2.7%
Richmond, VA 2,372 3.7% 2,372 95.5% 96.3% -0.8% 708 680 4.1%
Monterey Penninsula, CA 1,706 3.1% 1,706 96.1% 94.0% 2.1% 847 788 7.5%
Columbus, OH 2,527 3.1% 2,175 93.3% 95.1% -1.8% 668 655 2.0%
Charlotte, NC 2,710 2.8% 2,490 89.5% 92.1% -2.6% 688 677 1.6%
Nashville, TN 2,220 2.7% 2,220 94.1% 94.5% -0.4% 688 679 1.3%
Southern California 1,414 2.6% 1,414 95.7% 95.3% 0.4% 894 805 11.1%
Greensboro, NC 2,122 2.5% 2,122 91.2% 92.9% -1.7% 640 630 1.6%
Metropolitan DC 1,291 2.4% 1,171 98.3% 97.8% 0.5% 832 770 8.1%
Wilmington, NC 1,869 2.3% 1,869 92.1% 89.6% 2.5% 659 646 2.0%
Baltimore, MD 1,291 2.3% 1,291 97.3% 97.8% -0.5% 809 759 6.6%
Atlanta, GA 1,426 2.0% 1,426 93.7% 94.3% -0.6% 740 714 3.6%
Memphis, TN 1,956 1.9% 1,956 92.8% 95.0% -2.2% 634 610 3.9%
Norfolk, VA 1,437 1.9% 1,437 95.5% 96.1% -0.6% 661 628 5.3%
Columbia, SC 1,584 1.7% 1,584 94.5% 93.7% 0.8% 584 576 1.4%
East Lansing, MI 1,226 1.4% 1,226 90.8% 92.4% -1.6% 658 630 4.4%
Jacksonville, FL 1,157 1.3% 1,157 92.2% 90.3% 1.9% 669 650 2.9%
Seattle, Wa 628 1.0% 628 95.4% 96.1% -0.7% 738 697 5.9%
Other Western 2,474 3.7% 2,174 95.8% 95.5% 0.3% 728 673 8.2%
Other Florida 2,073 3.7% 1,905 94.0% 93.5% 0.5% 694 670 3.6%
Other Pacific 1,757 2.3% 1,490 92.8% 91.3% 1.5% 697 687 1.5%
Other Midwestern 2,122 2.2% 2,122 92.8% 94.0% -1.2% 626 611 2.5%
Other North Carolina 1,893 2.1% 1,893 94.9% 94.4% 0.5% 564 549 2.7%
Other Southwestern 2,212 2.0% 1,888 93.2% 94.9% -1.7% 588 564 4.3%
Other Mid-Atlantic 928 1.6% 928 96.1% 96.6% -0.5% 766 728 5.2%
Other Southeastern 764 0.9% 764 94.5% 94.4% 0.1% 586 577 1.6%
Other Northeastern 372 0.5% 372 96.3% 96.4% -0.1% 666 634 5.0%
------------------------------------------------------------------------------------------
Totals 76,431 100% 72,997 93.9% 94.2% -0.3% $696 $669 4.0%
==========================================================================================
Attachment 8
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001
(Dollars in thousands)
(Unaudited)
Same Community
---------------------------------------------------------------------------------------------
Revenues Expenses Net Operating Income
--------------------------- ----------------------------- -----------------------------
YTD 01 YTD 00 Change YTD 01 YTD 00 Change YTD 01 YTD 00 Change
--------------------------- ----------------------------- -----------------------------
Houston, TX $28,649 $27,575 3.9% $12,658 $12,330 2.7% $15,991 $15,245 4.9%
Dallas, TX 27,102 25,771 5.2% 10,889 10,273 6.0% 16,213 15,498 4.6%
Orlando, FL 23,348 23,152 0.8% 8,647 8,712 -0.7% 14,701 14,440 1.8%
Phoenix, AZ 18,172 17,614 3.2% 6,297 6,278 0.3% 11,875 11,336 4.8%
San Antonio, TX 18,058 18,302 -1.3% 7,435 7,112 4.5% 10,623 11,190 -5.1%
Tampa, FL 20,835 20,201 3.1% 8,205 7,978 2.8% 12,630 12,223 3.3%
Fort Worth, TX 20,612 19,391 6.3% 8,858 8,533 3.8% 11,754 10,858 8.3%
San Francisco, CA 15,558 14,073 10.6% 3,802 3,505 8.5% 11,756 10,568 11.2%
Raleigh, NC 17,125 17,291 -1.0% 5,964 5,295 12.6% 11,161 11,996 -7.0%
Richmond, VA 15,218 14,784 2.9% 4,522 4,226 7.0% 10,696 10,558 1.3%
Monterey Penninsula, CA 12,876 11,649 10.5% 4,065 3,750 8.4% 8,811 7,899 11.5%
Columbus, OH 12,515 12,524 -0.1% 4,397 4,251 3.4% 8,118 8,273 -1.9%
Charlotte, NC 13,190 13,958 -5.5% 5,683 5,251 8.2% 7,507 8,707 -13.8%
Nashville, TN 13,032 12,919 0.9% 5,114 4,654 9.9% 7,918 8,265 -4.2%
Southern California 10,950 9,943 10.1% 3,363 3,200 5.1% 7,587 6,743 12.5%
Greensboro, NC 11,149 11,501 -3.1% 3,976 3,628 9.6% 7,173 7,873 -8.9%
Metropolitan DC 9,093 8,297 9.6% 2,484 2,532 -1.9% 6,609 5,765 14.6%
Wilmington, NC 10,497 10,021 4.8% 3,767 3,383 11.4% 6,730 6,638 1.4%
Baltimore, MD 9,550 9,042 5.6% 2,803 2,694 4.0% 6,747 6,348 6.3%
Atlanta, GA 9,109 8,980 1.4% 3,384 3,281 3.1% 5,725 5,699 0.5%
Memphis, TN 10,003 10,184 -1.8% 4,379 3,998 9.5% 5,624 6,186 -9.1%
Norfolk, VA 8,578 8,219 4.4% 2,906 2,905 0.0% 5,672 5,314 6.7%
Columbia, SC 8,109 8,011 1.2% 3,082 3,168 -2.7% 5,027 4,843 3.8%
East Lansing, MI 6,746 6,614 2.0% 2,719 2,599 4.6% 4,027 4,015 0.3%
Jacksonville, FL 6,479 6,284 3.1% 2,772 2,524 9.8% 3,707 3,760 -1.4%
Seattle, Wa 4,208 3,918 7.4% 1,332 1,353 -1.6% 2,876 2,565 12.1%
Other Western 14,299 12,887 11.0% 4,243 4,062 4.5% 10,056 8,825 13.9%
Other Florida 11,539 11,273 2.4% 4,116 4,181 -1.6% 7,423 7,092 4.7%
Other Pacific 8,808 8,355 5.4% 3,274 3,378 -3.1% 5,534 4,977 11.2%
Other Midwestern 11,455 11,278 1.6% 4,927 4,445 10.8% 6,528 6,833 -4.5%
Other North Carolina 9,528 9,185 3.7% 3,408 3,332 2.3% 6,120 5,853 4.6%
Other Southwestern 9,560 9,313 2.7% 3,623 3,596 0.8% 5,937 5,717 3.8%
Other Mid-Atlantic 6,572 6,217 5.7% 1,775 1,757 1.0% 4,797 4,460 7.6%
Other Southeastern 3,926 3,816 2.9% 1,390 1,368 1.6% 2,536 2,448 3.6%
Other Northeastern 2,290 2,150 6.5% 817 706 15.7% 1,473 1,444 2.0%
----------------------------------------------------------------------------------------------
Totals $438,738 $424,692 3.3% $161,076 $154,238 4.4% $277,662 $270,454 2.7%
==============================================================================================
Attachment 9
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT SUMMARY
SEPTEMBER 30, 2001
(Dollars in thousands, except Cost Per Home)
(Unaudited)
2001 COMPLETIONS
Expected
No. of Apt. Development Cost Per Date First Year
Homes Cost Home Completed % Leased Return
----------- ---------- --------------- --------- ----------
New Communities:
----------------
Red Stone Ranch Apartments 324 $19,100 $59,000 Sep-01 57.9% 9.7%
Austin, TX
Phase II Additions:
-------------------
Manor at England Run III 120 $7,800 $65,000 Sep-01 100.0% 13.4%
Fredericksburg, VA
----------- ---------- -------
Total 444 $26,900 $60,600
=========== ========== =======
UNDER DEVELOPMENT
Expected Expected
No. of Apt. Completed Cost to Budgeted Est. Cost Completion First Year
Homes Apt. Homes Date Cost Per Home Date Return
----------- ---------- ------- -------- --------- ---------- ----------
New Communities:
----------------
Dominion Place at Kildaire Farm 332 196 $21,300 $25,700 $77,400 1Q02 11.0%
Raleigh, NC
----------- ---------- ------- -------- ---------
Subtotal 332 196 21,300 25,700 77,400
----------- ---------- ------- -------- ---------
Phase II Additions:
-------------------
Greensview II 192 48 12,700 16,700 87,000 1Q02 10.8%
Denver, CO
The Meridian II 270 - 9,100 17,400 64,400 2Q02 9.9%
Dallas, TX
----------- ---------- ------- -------- ---------
Subtotal 462 48 21,800 34,100 73,800
----------- ---------- ------- -------- ---------
----------- ---------- ------- -------- ---------
Total 794 244 $43,100 $59,800 $75,300
=========== ========== ======= ======== =========
Note: In addition, United Dominion owns eight parcels of land
aggregating $11.0 million held for future development at September 30,
2001. Seven of the eight parcels represent second phases to existing
properties.
Attachment 10
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT JOINT VENTURE SUMMARY
SEPTEMBER 30, 2001
(Dollars in thousands, except Cost Per Home)
(Unaudited)
2000 COMPLETIONS
No. of Apt. Development Cost Per Date
Homes Cost Home Completed % Leased
----------- ----------- -------- --------- --------
New Communities:
----------------
Meridian I 250 $16,400 $65,600 Jun-00 97.6%
Dallas, TX
2001 COMPLETIONS
No. of Apt. Development Cost Per Date
Homes Cost Home Completed % Leased
----------- ----------- -------- --------- --------
New Communities:
----------------
Parke 33 264 $17,100 $64,800 Feb-01 95.5%
Lakeland, FL
Sierra Canyon 236 15,400 65,300 Mar-01 99.2%
Phoenix, AZ
Oaks at Weston 380 28,000 73,700 Mar-01 79.7%
Raleigh, NC
Mandolin 308 21,100 68,500 Sep-01 97.1%
Dallas, TX
----------- ----------- --------
Total 1,188 $81,600 $67,800
=========== =========== ========
Attachment 11
UNITED DOMINION REALTY TRUST, INC.
DISPOSITION SUMMARY
SEPTEMBER 30, 2001
(Dollars in thousands)
(Unaudited)
Date of No. of Apt. Sales
Sale Homes Price Gain
------- ----------- --------- ----
Apartment Communities
--------------------------------
1. Twin Coves 1/3/01 130 $ 6,570
Baltimore, MD
2. Glenridge 1/11/01 40 2,970
Monterey Peninsula, CA
3. Santanna 3/30/01 81 6,000
Monterey Peninsula, CA
4. Pembroke Bay 4/20/01 358 23,400
Pembroke Pines, FL
5. University Club 4/20/01 164 11,480
Tamarac, FL
6. Cleary Court 4/20/01 192 13,440
Plantation, FL
7. Copperfield 4/20/01 352 24,640
Coral Springs, FL
8. Polo Chase 4/20/01 320 22,400
Wellington, FL
9. Mediterranean Village 4/20/01 252 17,640
Miami, FL
----------- ---------
2001 YTD Total for Depreciable Property 1,889 128,540
Undeveloped Land
--------------------------------
1. Mason Road Land 8/22/01 n/a 2,760
Houston, TX
2. Salisbury Land 9/21/01 n/a 2,800
Chesterfield, VA
----------- ---------
2001 YTD Total for Land Sales - 5,560
----------- --------- --------
2001 YTD Grand Total 1,889 $ 134,100 $ 24,748
=========== ========= ========
ITEM 9. REGULATION FD DISCLOSURE
Earnings Guidance
Management will provide quarterly earnings guidance in an effort to improve
communications with the investment community while complying with the recently
enacted SEC Regulation FD. Management is comfortable with its 2001 FFO estimate
of $1.48 per share. For 2002, current First Call estimates range from $1.50 per
share to $1.69 per share, with a consensus estimate of $1.62. Management is
comfortable with its prior guidance of $1.65 per share.
17
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNITED DOMINION REALTY TRUST, INC.
Date: December 17, 2001 /s/ Christopher D. Genry
---------------------- -----------------------------
Christopher D. Genry
Executive Vice President and
Chief Financial Officer
Date: December 17, 2001 /s/ Scott A. Shanaberger
---------------------- -----------------------------
Scott A. Shanaberger
Vice President and
Chief Accounting Officer
18