0000916641-01-501205.txt : 20011009 0000916641-01-501205.hdr.sgml : 20011009 ACCESSION NUMBER: 0000916641-01-501205 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010910 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20010926 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: 1744819 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 TRUS DATE OF NAME CHANGE: 19741216 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 8-K 1 d8k.txt FORM 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): September 10, 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 presented to analysts on Wall Street that are interested in United Dominion and its business, finances or securities. United Dominion first presented this information to these persons on September 10, 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 September 10, 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 1,600 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: September 26, 2001 /s/ Christopher D. Genry ---------------------------- ------------------------ Christopher D. Genry Executive Vice President and Chief Financial Officer Date: September 26, 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 3 dex991.txt PRESENTATION MATERIALS [LOGO OF UNITED DOMINION] Realty Trust The Wall Street Analyst Forum September 10, 2001 [LOGO OF UNITED DOMINION] Realty Trust Agenda -------------------------------------------------------------------------------- . Overview of the Company . Comparative Returns . Our Business Plan . Lasting Impressions 2 [LOGO OF UNITED DOMINION] Realty Trust Overview -------------------------------------------------------------------------------- . Middle Market Apartments . Diversified Portfolio Across Growing Markets . 3rd Largest Apartment REIT Market Capitalization of $4.0 Billion . 25 Consecutive Years of Dividend Increases 3 [LOGO OF UNITED DOMINION] Realty Trust Historical Returns -------------------------------------------------------------------------------- 6 mos 1 yr 5 yrs ----- ------ ----- UDR 19% 43% 42% Apartments 13 18 62 Office 7 11 15 Retail 14 24 32 Hotels 3 18 (31) S&P (11) (26) 29 4 [LOGO OF UNITED DOMINION] Realty Trust Our Business Plan -------------------------------------------------------------------------------- . Increased Operating Efficiency . Continued Improvement in Asset Quality . Portfolio Repositioning Strategy 5 [LOGO OF UNITED DOMINION] Realty Trust The Result... -------------------------------------------------------------------------------- . Increased Operating Efficiency . Continued Improvement in Asset Quality . Portfolio Repositioning Strategy 8-10% FFO Growth Plus 7-8% Dividend Yield 15-18% Total Return 6 [LOGO OF UNITED DOMINION] Realty Trust Increased Operating Efficiency -------------------------------------------------------------------------------- . Revenue Management . Expense Reduction . Bottom Line Orientation 7 [LOGO OF UNITED DOMINION] Realty Trust Revenue Management -------------------------------------------------------------------------------- 02/01 08/01 ----- ----- Lease Management 16% 7% Month-to-Month Leases 15% 5% 60 Days Vacant 430 250 8 [LOGO OF UNITED DOMINION] Realty Trust Expense Controls -------------------------------------------------------------------------------- [PIE CHART] Admin & Marketing 10% Taxes 26% Personnel 29% Insurance 6% Utilities 13% Repairs & Maintenance 16% Annual Cost Per Unit - $3,150 9 [LOGO OF UNITED DOMINION] Realty Trust Bottom Line Orientation -------------------------------------------------------------------------------- . Forced ranking of personnel based upon performance . All incentive plans tied to cash flow improvement over prior years 10 [LOGO OF UNITED DOMINION] Realty Trust Asset Quality ... Age and Rents -------------------------------------------------------------------------------- [LINE CHART] Average Rent 1995 - $500 1996 - $540 1997 - $563 1998 - $600 1999 - $631 2000 - $667 2001 - $690 Average Age 1995 - 18 1996 - 16.5 1997 - 14.5 1998 - 15 1999 - 13 2000 - 12 2001 - 12 11 [LOGO OF UNITED DOMINION] Realty Trust Asset Quality ... New Development -------------------------------------------------------------------------------- Average Return: 10.5% [Bar Chart] (In Millions) 1998 - $50 1999 - $57 2000 - $67 2001 - $70 2002 - $75 12 [LOGO OF UNITED DOMINION] Realty Trust The Mandolin Apartments Fort Worth, Texas -------------------------------------------------------------------------------- [PICTURES APPEAR HERE] 306 units 13 [LOGO OF UNITED DOMINION] Realty Trust The Meridian Apartments Dallas, Texas -------------------------------------------------------------------------------- [PICTURES APPEAR HERE] 250 units 14 [LOGO OF UNITED DOMINION] Realty Trust Repositioning the Portfolio for the Future -------------------------------------------------------------------------------- . Focus on Fewer Markets (20-30) . Market Concentration - Minimum of 1,500 - 2,000 units - Maximum of 10,000 - 12,000 units . Market Selection Criteria - Size - Rent and growth prospects - Portfolio diversification - Location of current holdings 15 [LOGO OF UNITED DOMINION] Realty Trust Financial Projections -------------------------------------------------------------------------------- FFO Earnings 2001 $ 1.48 2002 $ 1.65 FFO Growth 2001-02 11% Dividends/Yield $1.08/7.7% Net Asset Value $ 15.20 As of June 30, 2001 16 [LOGO OF UNITED DOMINION] Realty Trust Internal Growth -------------------------------------------------------------------------------- . 2001 Consensus $ 1.48 . 2002 Incremented Earnings - One-Time Write-Off $ .07 - $ .07 - Same Store Sales Growth .03 - .05 - Capital Transactions .02 - .03 - 10% Work Force Reduction .03 - .04 - Insurance Change .01 - .02 - Refinancing .01 - .02 - Development Pipeline .01 - .01 - Uncertainty (.02) - (.02) ------ ----- . 2002 Earnings Range $ 1.64 - $1.70 17 [LOGO OF UNITED DOMINION] Realty Trust Balance Sheet -------------------------------------------------------------------------------- Actual Est. 6/30/01 12/31/01 ------- -------- Fixed Charge Ratio 2.00 2.05 Debt/Market Cap 55% 53% Unencumbered Assets $2.4 billion $2.2 billion 18 [LOGO OF UNITED DOMINION] Realty Trust Lasting Impressions... -------------------------------------------------------------------------------- . FFO growth of 8-10% . Dividend yield of 7-8% Total Return of 15-18% 19