SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 4, 2002
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UNITED DOMINION REALTY TRUST, INC.
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(Exact name of registrant as specified in its charter)
Virginia 1-10524 54-0857512
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation of organization) Identification No.)
400 East Cary Street, Richmond, Virginia 23219
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(Address of principal executive offices - zip code)
(804) 780-2691
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Registrant's telephone number, including area code
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ITEM 5. OTHER EVENTS
On January 4, 2002, United Dominion Realty Trust, Inc. ("United Dominion"), the
registrant, issued a Press Release announcing the purchase of Credit Suisse
First Boston's 75% interest in a joint venture between United Dominion Realty
Trust and CSFB. The following is a summary of United Dominion Realty Trust,
Inc.'s Press Release:
UNITED DOMINION REALTY TRUST
ANNOUNCES PURCHASE OF THREE APARTMENT COMMUNITIES
RICHMOND, Virginia (January 4, 2002) United Dominion Realty Trust, Inc. (NYSE:
UDR) announces the purchase of Credit Suisse First Boston's 75% interest in
three newly completed apartment communities from UDR JV, LLC, a joint venture
between United Dominion Realty Trust and CSFB for approximately $46 million at a
cap rate of 8.7% based upon the projected net operating income over the next
twelve months less recurring capital expenditures of $170 per apartment home.
The three communities are The Mandolin, 308 units in Euless, Texas, The
Meridian, 250 units in Carrollton, Texas and Sierra Canyon, 236 units located in
Phoenix, Arizona and have an aggregate cost of $77,250 per unit. These
properties have been constructed with features that include sunrooms, garden
tubs, nine-foot ceilings, crown molding, resort-style pools, fitness centers,
gated entrances, garages and putting greens. The average rent for these
communities is $900 per month or $.90 per square foot and are 97% leased. "We
are pleased to be able to now own 100% of these newly completed properties that
were constructed by United Dominion's development group working on behalf of the
joint venture and are located in markets in which we have management
efficiencies." said W. Mark Wallis, Sr. Executive Vice President.
United Dominion is one of the country's largest multifamily real estate
investment trusts owning and operating apartment communities nationwide. The
Company currently owns all or an interest in approximately 76,000 apartment
homes and is the developer for over 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 its 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.
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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: January 4, 2002 /s/ Christopher D. Genry
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Christopher D. Genry
Executive Vice President and
Chief Financial Officer
Date: January 4, 2002 /s/ Scott A. Shanaberger
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Scott A. Shanaberger
Vice President and
Chief Accounting Officer
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