-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BXrIsYG6gmditFPTNtlQMIAi6XLfe2TPCm3EB/4o8bapkaJbKietqN8l2VJAs8yk vbPpbVfwY0GW90Q0uLh/pA== 0000916641-01-500521.txt : 20010608 0000916641-01-500521.hdr.sgml : 20010608 ACCESSION NUMBER: 0000916641-01-500521 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010607 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010607 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: SEC FILE NUMBER: 001-10524 FILM NUMBER: 1655856 BUSINESS ADDRESS: STREET 1: 400 EAST CARY STREET CITY: RICHMOND STATE: VA ZIP: 23219-3802 BUSINESS PHONE: 8047802691 MAIL ADDRESS: STREET 1: 400 EAST CARY STREET 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 d8k.txt FORM 8-K DATED 6/7/01 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): June 7, 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 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits 99.1 Presentation Materials 2 ITEM 9. Regulation FD Disclosure United Dominion Realty Trust, Inc. is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibit 99.1 to this report. Exhibit 99.1 includes information that United Dominion will present to current and prospective stockholders and other persons and institutions that may be interested in United Dominion and its business, finances or securities. United Dominion first presented this information to these persons and entities on June 7, 2001. Note: The information in this report (including the exhibit) is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD. 3 Forward-Looking Statements and Qualifications In addition to historical information, this presentation 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 or 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. Important Notes Because this presentation was prepared as a slide show, the text on each page was kept to a minimum to facilitate visual communication and to emphasize major points. This presentation is dated June 7, 2001, and the information and analyses presented should be read as of that date. 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 all or an interest in approximately 77,000 apartment homes and is the developer for approximately 1,200 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. 4 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: June 7, 2001 /s/ Christopher D. Genry ----------------- ---------------------------- Christopher D. Genry Executive Vice President and Chief Financial Officer Date: June 7, 2001 /s/ Scott A. Shanaberger ----------------- ----------------------------- Scott A. Shanberger Vice President and Chief Accounting Officer 5 Exhibit Index 99.1 Presentation Materials 6 EX-99.1 2 dex991.txt PRESENTATION MATERIALS NAREIT Institutional Investor Forum United Dominion Realty Trust 1 United Dominion Realty Trust NAREIT Presentation - -------------------------------------------------------------------------------- o Overview of United Dominion Realty Trust o Action Taken - First 120 Days o Asset Quality Overview o Financial Overview o The Next Twelve Months 2 United Dominion Realty Trust Overview - -------------------------------------------------------------------------------- o Established 1972 o National Portfolio of Apartments o 77,000 Units in 60 Markets/21 States o 25 Years of Increasing Dividends o 75% Retail Shareholders o Market Capitalization $4.0 Billion 3 United Dominion Realty Trust Overview - Geographical Distribution - -------------------------------------------------------------------------------- Fredericksburg 1 Fort Meyers 1 Fayetteville 1 Detroit 1 Washington 1 Seattle 1 Portland 1 Orange County 1 Denver 1 Jacksonville, Fl 1 Eastern Shore 1 Sacramento 1 Lansing 2 Ft. Lauderdale 2 San Jose 2 Columbia 2 Virginia Beach 2 Atlanta 2 Memphis 2 San Francisco 2 Baltimore 2 Wilmington 2 Greensboro 3 Salinas 3 Nashville 3 Columbus 3 Charlotte 3 Richmond 4 Fort Worth 4 San Antonio 4 Raleigh 4 Tampa 4 Phoenix 4 Houston 5 Orlando 6 Dallas 6 Other 12 4 United Dominion Realty Trust Overview - Financials - -------------------------------------------------------------------------------- FFO 2001 $1.48 2002 $1.62 FFO Growth 2001-02 9.4% Dividends/Yield $1.08/8.1% Net Asset Value $15.00 - $15.50 Fixed Charge Ratio, latest quarter 1.94 As of May 31, 2001 5 United Dominion Realty Trust First 120 Days - -------------------------------------------------------------------------------- o New Management Team o One Time Charge to Earnings o Improvements to Earnings o Capital Transactions 6 United Dominion Realty Trust Management Team - -------------------------------------------------------------------------------- Mark Wallis Sr. EVP Strategic Planning, Acquisition & Development Chris Genry CFO Financial Reporting, Technology and Human Resources Ella Neyland EVP Treasurer/Investor Relations Martha Carlin SVP Operations First 120 Days 7 United Dominion Realty Trust One Time Charge to Earnings - -------------------------------------------------------------------------------- (In Millions) Reduction in Workforce of 210 (10%) $ 4.5 Land Valuation 2.8 Relocation to Denver .4 Internet Investment .3 Other .5 Total $ 8.5 First 120 Days 8 United Dominion Realty Trust Improvement in Earnings - -------------------------------------------------------------------------------- (In Millions) 2001 Work Force $ 3.5 Insurance .6 Interest Savings 1.0 First 120 Days 9 United Dominion Realty Trust Capital Transactions - -------------------------------------------------------------------------------- (In Millions) 2001 Preferred A Redemption $ 1.2 $100 million, 9-1/4% Preferred A shares redeemed, financed with 5-6% secured debt Florida Sale .4 Average Cap Rate of 8%, $113 million sales price, 1,638 units First 120 Days 10 United Dominion Realty Trust Asset Quality Overview - -------------------------------------------------------------------------------- o Rental Growth/Average Age o Reinvestments o Development Pipeline 11 United Dominion Realty Trust Rental Growth/Average Age - -------------------------------------------------------------------------------- [Line Chart] Average Rent 1995 - $500 1996 - $540 1997 - $563 1998 - $600 1999 - $631 2000 - $667 2001 - $690 Average Age 1995 - 15 1996 - 14 1997 - 13 1998 - 14 1999 - 13 2000 - 12 2001 - 12 Asset Quality 12 United Dominion Realty Trust Reinvesting in Assets - -------------------------------------------------------------------------------- (Per Unit) [Bar Chart] 1998 1999 2000 2001 ---- ---- ---- ---- Asset Preservation $ 598 $672 $443 $455 Capital Enhancements $ 659 $351 $218 $184 Maintenance $1,110 $818 $323 $285 (est.) Asset Quality 13 United Dominion Realty Trust Development Pipeline - -------------------------------------------------------------------------------- Average Return: 10.5% [Bar Chart] (In Millions) 1998 $50 1999 $57 2000 $67 2001 $70 2002 $75 Asset Quality 14 United Dominion Realty Trust Financial Overview - -------------------------------------------------------------------------------- o Earnings Estimates o Financial Ratios o Net Asset Value 15 United Dominion Realty Trust Earnings Estimates ...The Bottom Line - -------------------------------------------------------------------------------- SSS Growth (4-5%) [Line Chart] 1995 1996 1997 1998 1999 2000 2001 (est) 2002 (est) ---- ---- ---- ---- ---- ---- ---------- ---------- Earnings $1.17 $1.23 $1.34 $1.34 $1.42 $1.45 $1.48 $1.64 Financial 16 United Dominion Realty Trust Financial Ratios - -------------------------------------------------------------------------------- Actual Est. 3/31/01 12/31/01 ------- -------- Fixed Charge Ratio 1.92 2.00 Debt/Market Cap 53% 53% Unencumbered Assets $2.4 billion $2.4 billion Financial 17 United Dominion Realty Trust Net Asset Value - -------------------------------------------------------------------------------- $15.00 to $15.50 Assumption: Forward 12 months NOI, less $306 capital replacements, capitalization rate of 9.25% Can be viewed in detail on UDRT.com web site by 3rd Quarter 2001. Financial 18 United Dominion Realty Trust The Next Twelve Months - -------------------------------------------------------------------------------- o Focus on Positioning the Portfolio o Increase Operating Efficiency 19 United Dominion Realty Trust Positioning the Portfolio - -------------------------------------------------------------------------------- o Focus on Fewer Markets o Market Concentration - Minimum of 1,500 - 2,000 units - Maximum of 10,000 - 12,000 units o Market Selection Criteria - Employment Growth Prospects - Immigration - Affordability Index The Next Twelve Months 20 United Dominion Realty Trust Revenue Management - -------------------------------------------------------------------------------- Early March 2001 120 Days ---- -------- Occupancy 93.9% 94.4% Loss to Lease $1,841,422 $2,021,647 60 Days Vacant 928 437 Lease Management 17.0% 16.5% The Next Twelve Months 21 United Dominion Realty Trust Expense Control - -------------------------------------------------------------------------------- [Pie Chart] (Budget - per unit) Contract Administrative - $80 Management Fees - $265 Personnel - $850 Turnover - $130 Maintenance - $125 Contract Services - $280 Utilities - $400 Insurance - $220 Taxes - $915 General Administrative - $125 The Next Twelve Months 22 United Dominion Realty Trust Closing ...during the next 365 days - -------------------------------------------------------------------------------- We will look back on a successful business plan that: o Closes the multiple spread between UDR and Industry o Generates an Executable Strategic Plan o Improves Operations o Improves Financial Flexibility o Continues to improve the Quality of Assets o Improves Communications to Investment Community 23 -----END PRIVACY-ENHANCED MESSAGE-----