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
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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
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
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Christopher D. Genry
Executive Vice President and
Chief Financial Officer
Date: September 26, 2001 /s/ Scott A. Shanaberger
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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
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. Overview of the Company
. Comparative Returns
. Our Business Plan
. Lasting Impressions
2
[LOGO OF UNITED DOMINION]
Realty Trust
Overview
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. 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
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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
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. Increased Operating Efficiency
. Continued Improvement in Asset Quality
. Portfolio Repositioning Strategy
5
[LOGO OF UNITED DOMINION]
Realty Trust
The Result...
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. 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
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. Revenue Management
. Expense Reduction
. Bottom Line Orientation
7
[LOGO OF UNITED DOMINION]
Realty Trust
Revenue Management
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02/01 08/01
----- -----
Lease Management 16% 7%
Month-to-Month Leases 15% 5%
60 Days Vacant 430 250
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[LOGO OF UNITED DOMINION]
Realty Trust
Expense Controls
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[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
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. 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
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[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
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[LOGO OF UNITED DOMINION]
Realty Trust
Asset Quality ... New Development
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Average Return: 10.5%
[Bar Chart]
(In Millions)
1998 - $50
1999 - $57
2000 - $67
2001 - $70
2002 - $75
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[LOGO OF UNITED DOMINION]
Realty Trust
The Mandolin Apartments
Fort Worth, Texas
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[PICTURES APPEAR HERE]
306 units
13
[LOGO OF UNITED DOMINION]
Realty Trust
The Meridian Apartments
Dallas, Texas
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[PICTURES APPEAR HERE]
250 units
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[LOGO OF UNITED DOMINION]
Realty Trust
Repositioning the Portfolio for the Future
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. 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
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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
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[LOGO OF UNITED DOMINION]
Realty Trust
Internal Growth
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. 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
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[LOGO OF UNITED DOMINION]
Realty Trust
Balance Sheet
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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
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[LOGO OF UNITED DOMINION]
Realty Trust
Lasting Impressions...
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. FFO growth of 8-10%
. Dividend yield of 7-8%
Total Return of 15-18%
19