-----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, ILzqpAB/HSnaBl1NSfR8TcoPVbOfMzn9ahcJqRFKANHI8z3pKz77hVNyxzdkIOBe OlkFaHkFFw13y7yV8ZZ4sQ== 0000916641-99-000970.txt : 19991223 0000916641-99-000970.hdr.sgml : 19991223 ACCESSION NUMBER: 0000916641-99-000970 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991222 ITEM INFORMATION: FILED AS OF DATE: 19991222 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: 99778676 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 1 UNITED DOMINION REALTY TRUST 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): December 22, 1999 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.) 10 SOUTH SIXTH STREET, VIRGINIA 23219-3802 - -------------------------------------------------------------------------------- (Address of principal executive offices - zip code) (804) 780-2691 -------------------------------------------------- Registrant's telephone number, including area code ITEM 5. OTHER EVENTS On December 16, 1999, United Dominion Realty Trust, Inc., the registrant, issued a Press Release reporting on 1999 dispositions and plans for dispositions in 2000. Richmond, Va. (December 16, 1999) United Dominion Realty Trust, Inc. (NYSE: UDR) announced today that in 1999 it has sold 35 apartment communities, with a total of 7,446 apartment homes, for $240 million. These dispositions include $117 million of sales closed during the fourth quarter plus $123 million of sales completed earlier in the year. "These sales are another successful step in our strategic repositioning program," said John P. McCann, United Dominion's chairman and chief executive officer. "Through a combination of dispositions and acquisitions over the past two years, we have been aggressively moving the company into better performing markets with attractive prospects for long-term growth. At the same time, we have upgraded the overall quality and average age of our portfolio of communities and are now solidly positioned with "B" and "A" grade apartments." Proceeds from the sales program have been used to strengthen the company's balance sheet by paying down debt, as well as to fund new development projects and to selectively repurchase shares of the company's preferred and common stock. Where necessary to defer capital gain taxes, sales proceeds have been reinvested in strategically attractive communities in Baltimore, South Florida and Riverside and San Diego, California through tax-free exchanges. REVIEW OF 1999 SALES - -------------------- Sales completed during the fourth quarter consist of nine communities in South Carolina, three in Texas, two in Ohio and single communities in Georgia, Virginia and California. Details of these dispositions are shown in the attached table. The fourth quarter sales generated proceeds of $117 million and, for financial reporting purposes, the company will record gains on these sales of approximately $5 million. The sales completed during the full year ending December 31, 1999 have generated proceeds of $240 million and, for financial reporting purposes, have resulted in gains of approximately $38 million. PLANS FOR 2000 - -------------- United Dominion also announced today that it is planning approximately $200 million in sales during 2000. The company is currently negotiating the sales of 15 communities, which are projected to produce more than $80 million of proceeds during the first half of next year. The proceeds from next year's sales program will be used to repurchase securities, fund a portion of the company's ongoing development activities and purchase communities where necessary to complete tax-free exchanges. As part of a review of its portfolio of apartment communities and in view of the sales planned for 2000, the company expects to record a non-cash charge of approximately $11 million in its income statement for the fourth quarter of 1999, related principally to communities acquired in the merger with ASR Investments in 1998. This charge will not affect the company's fourth quarter funds from operations and is being made in accordance with generally accepted accounting principles requiring the writedown of any assets which have estimated market values below their current book values. United Dominion Realty Trust, Inc., is one of the country's largest multi-family real estate investment trusts, owning and developing apartment communities nationwide. The company currently owns more than 81,000 apartment homes and has approximately 2,000 homes under development. Presently, the company owns approximately $3.6 billion of real estate assets, at cost. 2 TABLE FOURTH QUARTER 1999 DISPOSITIONS -------------------------------- Community Location Homes Year Built --------- -------- ----- ---------- Hunting Ridge Greenville, SC 152 1972 Overlook Greenville, SC 237 1976 Stonesthrow Greenville, SC 388 1993 The Landing Greenville, SC 224 1974 Plum Chase Columbia, SC 294 1974 Colonial Villa Columbia, SC 296 1974 Key Pines Spartanburg, SC 241 1974 Riverwind Spartanburg, SC 194 1987 Somerset Charleston, SC 240 1979 The Crest Longview, TX 280 1983 Ryan's Mill El Paso, TX 248 1985 Westlake Villas San Antonio, TX 325 1985 The Tivoli Columbus, OH 88 1967 Grandview Terrace Columbus, OH 64 1974 Royal Oaks Savannah, GA 228 1980 Parkwood Court Alexandria, VA 189 1964 San Pablo Monterey, CA 121 1965 ### IN ADDITION TO HISTORICAL INFORMATION, THIS PRESS RELEASE 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, 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. 3 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: December 22, 1999 /s/ A. William Hamill ----------------- --------------------- A. William Hamill Executive Vice President and Chief Financial Officer Date: December 22, 1999 /s/ Robin R. Flanagan ----------------- --------------------- Robin R. Flanagan Vice President and Chief Accounting Officer 4 -----END PRIVACY-ENHANCED MESSAGE-----