-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ENzbFUO5YoqB4A/RxW9Zi44p6aXBO/ecbYgA2SBRYhwq9nXRF1Sd8xeglW+DfN9O Xe49upBLMYYaaxxvqq2Omg== 0000916641-94-000029.txt : 19940608 0000916641-94-000029.hdr.sgml : 19940608 ACCESSION NUMBER: 0000916641-94-000029 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940606 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19940607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED DOMINION REALTY TRUST INC CENTRAL INDEX KEY: 0000074208 STANDARD INDUSTRIAL CLASSIFICATION: 6798 IRS NUMBER: 540857512 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10524 FILM NUMBER: 94533238 BUSINESS ADDRESS: STREET 1: 10 S 6TH ST STE 203 CITY: RICHMOND STATE: VA ZIP: 23219-3802 BUSINESS PHONE: 8047802691 MAIL ADDRESS: STREET 1: 10 SOUTH SIXTH STREET STREET 2: SUITE 203 CITY: RICHMOND STATE: VA ZIP: 23219-3802 FORMER COMPANY: FORMER CONFORMED NAME: OLD DOMINION REAL ESTATE INVESTMENT TRUST DATE OF NAME CHANGE: 19850110 FORMER COMPANY: FORMER CONFORMED NAME: OLD DOMINION REIT ONE DATE OF NAME CHANGE: 19770921 FORMER COMPANY: FORMER CONFORMED NAME: OLD DOMINION REAL ESTATE INVESTMENT TRUS DATE OF NAME CHANGE: 19741216 8-K/A 1 FORM 8KA Form 8-K/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 AMENDMENT TO APPLICATION OR REPORT Filed Pursuant to Section 12, 13 or 15(d) of THE SECURITIES EXCHANGE ACT OF 1934 United Dominion Realty Trust, Inc. (Exact name of registrant as specified in its charter) AMENDMENT NO. 1 The undersigned registrant hereby amends its Current Report on Form 8-K dated May 26, 1994 by updating the rental income and property expense numbers for the four apartment acquisitions included in the column "Acquisitions Previously Reported on Form 8-K Dated April 15, 1994" contained in the Statements of Operations for the twelve months ended December 31, 1993 and the three months ended March 31, 1994 and Footnote C contained in the Notes to Pro Forma Statements of Operations. Subsequent to the filing of the Current Report on Form 8-K dated May 26, 1994, the Trust received audited Statements of Rental Operations for the twelve months ended December 31, 1993 and unaudited Statements of Rental Operations for the three months ended March 31, 1994 for the four apartment acquisitions previously reported, as set forth on the pages attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment to be signed on its behalf by the undersigned, thereunto duly authorized. UNITED DOMINION REALTY TRUST, INC. (Registrant) /s/ Jerry A. Davis Jerry A. Davis Vice President Corporate Controller Date: June 7, 1994 UNITED DOMINION REALTY TRUST, INC. PRO FORMA STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1994 (UNAUDITED) (IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
ACQUISITIONS PREVIOUSLY REPORTED ON PRO PORTFOLIO FORM 8-K DATED FORMA HISTORICAL (A) ACQUISITION (B) APRIL 15, 1994 (C) ADJUSTMENTS STATEMENT OF OPERATIONS INCOME Property operations: Rental income........................................... $ 26,706 $ 7,149 $1,544 Property expenses: Utilities............................................. 2,712 737 81 Repairs & maintenance................................. 3,716 1,174 240 Real estate taxes..................................... 1,802 511 121 Property management................................... 921 357 70 $ (171)(E) Other operating expenses.............................. 2,234 1,127 187 (139)(F) Depreciation of real estate owned..................... 5,706 1,168(G) 17,091 3,906 699 858 Income from property operations........................... 9,615 3,243 845 (858) Interest income........................................... 114 9,729 3,243 845 (858) EXPENSES Interest................................................ 4,655 1,581(I) General and administrative.............................. 1,474 Other depreciation and amortization..................... 185 6,314 -- -- 1,581 Income before gains (losses) on investments............... 3,415 3,243 845 (2,439) Gains (losses) on sale of investments..................... Net income................................................ $ 3,415 $ 3,243 $ 845 $(2,439) Net income per share...................................... $ 0.08 Distributions declared per share.......................... .195 Weighted average number of shares outstanding............. 41,688 7,000 PRO FORMA STATEMENT OF OPERATIONS INCOME Property operations: Rental income........................................... $35,399 Property expenses: Utilities............................................. 3,530 Repairs & maintenance................................. 5,130 Real estate taxes..................................... 2,434 Property management................................... 1,177 Other operating expenses.............................. 3,409 Depreciation of real estate owned..................... 6,874 22,554 Income from property operations........................... 12,845 Interest income........................................... 114 12,959 EXPENSES Interest................................................ 6,236 General and administrative.............................. 1,474 Other depreciation and amortization..................... 185 7,895 Income before gains (losses) on investments............... 5,064 Gains (losses) on sale of investments..................... Net income................................................ $ 5,064 Net income per share...................................... $ 0.10 Distributions declared per share.......................... .195 Weighted average number of shares outstanding............. 48,688
UNITED DOMINION REALTY TRUST, INC. PRO FORMA STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1993 (UNAUDITED) (IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
ACQUISITIONS ACQUISITIONS PREVIOUSLY PREVIOUSLY REPORTED ON REPORTED ON PRO PORTFOLIO FORM 8-K DATED FORM 8-K DATED FORMA HISTORICAL (A) ACQUISITION (B) APRIL 15, 1994 (C) DECEMBER 31, 1993 (D) ADJUSTMENTS STATEMENT OF OPERATIONS INCOME Property operations: Rental income..................... $ 89,084 $28,345 $7,044 $ 9,424 Property expenses: Utilities....................... 7,838 2,461 406 846 Repairs & maintenance........... 13,950 4,439 984 1,407 Real estate taxes............... 5,777 1,975 601 780 Property management............. 2,782 1,413 309 422 $ (826)(E) Other operating expenses........ 7,512 4,489 912 1,552 (554)(F) Depreciation of real estate owned......................... 19,764 6,878(G) 57,623 14,777 3,212 5,007 5,498 Income from property operations..... 31,461 13,568 3,832 4,417 (5,498) Interest income..................... 708 (438)(H) 32,169 13,568 3,832 4,417 (5,936) EXPENSES Interest.......................... 16,938 8,183(I) General and administrative........ 3,349 Other depreciation and amortization.................... 596 20,883 -- -- -- 8,183 Income before gains (losses) on investments....................... 11,286 13,568 3,832 4,417 (14,119) Gains (losses) on sale of investments....................... (89) Net income.......................... $ 11,197 $13,568 $3,832 $ 4,417 $ (14,119) Net income per share................ $ 0.29 Distributions declared per share.... 0.70 Weighted average number of shares outstanding....................... 38,202 7,000 PRO FORMA STATEMENT OF OPERATIONS INCOME Property operations: Rental income..................... $133,897 Property expenses: Utilities....................... 11,551 Repairs & maintenance........... 20,780 Real estate taxes............... 9,133 Property management............. 4,100 Other operating expenses........ 13,911 Depreciation of real estate owned......................... 26,642 86,117 Income from property operations..... 47,780 Interest income..................... 270 48,050 EXPENSES Interest.......................... 25,121 General and administrative........ 3,349 Other depreciation and amortization.................... 596 29,066 Income before gains (losses) on investments....................... 18,984 Gains (losses) on sale of investments....................... (89) Net income.......................... $ 18,895 Net income per share................ $ 0.42 Distributions declared per share.... 0.70 Weighted average number of shares outstanding....................... 45,202
UNITED DOMINION REALTY TRUST, INC. NOTES TO PRO FORMA STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1994 AND THE YEAR ENDED DECEMBER 31, 1993 (UNAUDITED) (A) Represents the Trust's Historical Statements of Operations contained in its Quarterly Report on Form 10-Q for the three months ended March 31, 1994 and its Annual Report on Form 10-K for the year ended December 31, 1993. (B) Represents actual rental income and related operating expenses of the proposed Portfolio Acquisition, as reported elsewhere herein. (C) Represents actual rental income and related operating expenses of four apartment acquisitions, as previously reported on Form 8-K dated April 15, 1994. (D) Reflects the net adjustments required to allow for a full year of rental income and operating expenses for the year ended December 31, 1993, for the Trust's acquisitions reported on Form 8-K during 1993. (E) Reflects the net decrease in property management fees for the Portfolio Acquisition and the Trust's 1993 and 1994 acquisitions. The Trust internally manages its apartment properties at a cost of approximately 3% of rental income. (F) Reflects the net decrease in insurance expense to reflect that the Trust insures its apartments for approximately $107 per unit less than the historical insurance expense of the Portfolio Acquisition. (G) Represents the net adjustments to depreciation expense as outlined in the table below. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Buildings have been depreciated over 35 years and other improvements of 15 years based upon an assumed allocation of the estimated initial cost of the Portfolio Acquisition. 3 MONTHS ENDED 12 MONTHS ENDED MARCH 31, 1994 DECEMBER 31, 1993 Increase related to the Portfolio Acquisition $1,022,000 $4,088,000 Increase related to the acquisitions previously reported on Form 8-K dated April 15, 1994 146,000 1,280,000 Increase related to the acquisitions previously reported on Form 8-K dated December 31, 1993 -- 1,510,000 $1,168,000 $6,878,000 -----END PRIVACY-ENHANCED MESSAGE-----