-----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, g9H4VHJviwAV3vm37HOLqixycGTxIHtbJdP+kTu9axom9HCW+X9JbzNBH41O0vlK njfA1MnxVOkKEXVQasSCfQ== 0000916641-95-000118.txt : 19950414 0000916641-95-000118.hdr.sgml : 19950414 ACCESSION NUMBER: 0000916641-95-000118 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950410 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950411 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED DOMINION REALTY TRUST INC CENTRAL INDEX KEY: 0000074208 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 540857512 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10524 FILM NUMBER: 95528136 BUSINESS ADDRESS: STREET 1: 330 S 6TH STREET SUITE 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 1 UNITED DOMINION 8-K 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) April 11, 1995 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 (I.R.S. Employer incorporation of organization) File Number) Identification No.)
10 South Sixth Street, Suite 203, Richmond, Virginia 23219-3802 (Address of principal executive offices) Registrant's telephone number, including area code (804) 780-2691 NO CHANGE (Former name or former address, if change since last report) ITEM 5. OTHER EVENTS During 1994, United Dominion Realty Trust, Inc. and its wholly owned subsidiaries acquired 47 apartment communities containing 11,433 units at a total cost of $409.3 million, including closing costs. Unaudited pro forma results of operations for the year ended December 31, 1994 are included herein and such pro forma results assume the acquisition of 41 apartment communities containing 9,749 units at a total cost of $350.3 million, including closing costs, at the beginning of the year. The unaudited information is not necessarily indicative of what the consolidated results of operations would have been for United Dominion Realty Trust, Inc. if the acquisitions had occurred at the beginning of the period presented. Additionally, the pro forma information does not purport to be indicative of United Dominion Realty Trust, Inc.'s consolidated results of operations for future periods. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS Description Location (a) Pro Forma Financial Information 3 through 4 UNITED DOMINION REALTY TRUST, INC. PRO FORMA STATEMENT OF OPERATIONS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED) (IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA) ACQUISITIONS PREVIOUSLY REPORTED ON FORMS 8-K DATED APRIL 15, 1994, MAY 17, 1994, MAY 26, 1994, SEPTEMBER 1, 1994 AND PRO FORMA PRO HISTORICAL OCTOBER 14, 1994 (1) ADJUSTMENTS FORMA STATEMENT OF OPERATIONS INCOME Property operations: Rental Income $139,972 $27,128 $167,100 Property expenses: Utilities 11,206 2,019 13,225 Repairs & maintenance 21,216 4,205 25,421 Real estate taxes 9,658 2,296 11,954 Property management 4,645 1,304 ($328)(2) 5,621 Other operating expenses 11,924 3,629 (277)(3) 15,276 Depreciation of real estate owned 29,049 4,514 (4) 33,563 87,698 13,453 3,909 105,060 Income from property operations 52,274 13,675 (3,909) 62,040 Interest income 756 (111)(5) 645 53,030 13,675 (4,020) 62,685 EXPENSES Interest 28,303 7,649 (6) 35,952 General and administrative 5,021 5,021 Other depreciation and amortization 588 588 33,912 0 7,649 41,561 Income before gains (losses) on investments and extraordinary item 19,118 13,675 (11,669) 21,124 Gains (losses) on sale of investments 108 108 Income before extraordinary item 19,226 13,675 (11,669) 21,232 Extraordinary item - early extinguishment of debt (89) (89) Net income $19,137 $13,675 ($11,669) $21,143 Net income per share $0.41 $0.42 Distributions declared per share $0.78 $0.78 Weighted average number of shares outstanding 46,182 4,022 50,204
See accompanying notes. UNITED DOMINION REALTY TRUST, INC. NOTES TO PRO FORMA CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. Amounts appearing under the column entitled "Acquisitions Previously Reported on Forms 8-K dated April 15, 1994, May 17, 1994, May 26, 1994, September 1, 1994 and October 14, 1994" give effect to significant acquisitions that have been previously reported to the Securities and Exchange Commission by United Dominion Realty Trust, Inc. on Forms 8-K ("the Previously Reported Acquisitions") dated April 15, 1994, May 17, 1994, May 26, 1994, September 1, 1994 and October 14, 1994. 2. To record the net decrease in property management fees for the Previously Reported Acquisitions. The Trust internally manages its apartment properties at a cost of approximately 3.5% of rental income. 3. To record the net decrease in insurance expense to reflect that United Dominion Realty Trust, Inc. insures its apartments for approximately $107 per unit less than the historical insurance expense of the Portfolio Acquisition previously reported to the Securities and Exchange Commission on Form 8-K dated May 26, 1994. 4. To record depreciation expense on the Previously Reported Acquisitions. Depreciaition is computed on a straight line basis over the estimated useful lives of the related assets which range from 15 to 35 years. 5. Reflects the reduction of interest income associated with the use of short-term investments to acquire the Portfolio Acquisition (as previously reported on Form 8-K dated May 26, 1994), Regatta Shores Apartments (as previously reported on Form 8-K dated September 1, 1994), Mediterranean Village Apartments, Briar Club Apartments, Covington Crossing Apartments and Hunters Trace Apartments (as previously reported on Form 8-K dated October 14, 1994), at assumed interest rates in effect at the time of each respective acquisition. 6. To record interest expense on bank debt and tax exempt bonds used to finance the Previously Reported Acquisitions at assumed interest rates equal to market rates in effect at the time of each respective acquisition. Signatures Pursuant to the requirements of the Securities 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: April 11, 1995 James Dolphin, Senior Vice President Chief Financial Officer Date: April 11, 1995 Jerry A. Davis, Vice President Corporate Controller -----END PRIVACY-ENHANCED MESSAGE-----