-----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, WGcYNECZskEEmmmwBNTVtfBBo35i3SFfYuHuY7jDTPxEMeO6D7osEEwmOsNje6Ro UehYT67KQ97JxBtbT4Q5fQ== 0000950109-01-502363.txt : 20010727 0000950109-01-502363.hdr.sgml : 20010727 ACCESSION NUMBER: 0000950109-01-502363 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010723 ITEM INFORMATION: FILED AS OF DATE: 20010726 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: 1689385 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 7/23/01 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): July 23, 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 5. OTHER EVENTS On July 23, 2001, United Dominion Realty Trust, Inc. ("United Dominion"), the registrant, issued a Press Release announcing 2001 second quarter and year to date results of operations. The following is a summary of United Dominion Realty Trust, Inc.'s Press Release: UNITED DOMINION REALTY TRUST, INC. REPORTS SECOND QUARTER 2001 OPERATING RESULTS AND PROPERTY MANAGEMENT REORGANIZATION RICHMOND, VA. (July 23, 2001) United Dominion Realty Trust, Inc. (NYSE symbol: UDR) today reported funds from operations (FFO) of $46.6 million, or $0.38 per share, for the quarter ended June 30, 2001, a per share increase of 3.8% over FFO of $0.37 per share, or $45.6 million, for the comparable period a year ago. FFO for the first six months of 2001 was $92.4 million, or $0.76 per share, up 3.2% per share from FFO of $0.74 per share, or $90.6 million, for the first half of 2000 (before the one-time charge). FFO is reported on a diluted basis. Adjusted Funds from Operations ("AFFO"), which management believes is the best measure of economic profitability for real estate investment trusts, was $40.0 million, or $0.33 per share, for the quarter ended June 30, 2001, a per share increase of 2.2% over AFFO of $0.32 per share, or $39.8 million, for the comparable period a year ago. AFFO for the first six months of 2001 was $79.3 million, or $0.65 per share, up 1.5% per share from AFFO of $0.64 per share, or $79.0 million, for the first half of 2000 (before the onetime charge). AFFO is reported on a diluted basis. Highlights - ---------- . Same community results up 4% over last year . Earnings in line with expectations . 9.25% Preferred Series A shares redeemed on June 15 . Sale of six South Florida apartment communities completed . Property management team restructured " I am very pleased with the progress that the Company has made in the second quarter of this year. The changes that are being implemented in our property operations have resulted in an increase in the Same Community Results of 4.0% compared to 2.9% for the first quarter. Our earnings are in line with analyst's First Call Consensus and our Fixed Charge Coverage Ratio increased to 2.0x", cited Thomas W. Toomey, President and Chief Executive Officer. 2 Portfolio Operating Performance and Same Community Results - ---------------------------------------------------------- During the second quarter, 73,348 homes were classified as same community on a weighted average basis. Same Community Results ($ in thousands, except monthly rent) ------------------------------------------------------------ 2Q01 2Q00 % Change Gross Potential Rent $152,634 $146,677 4.1% Rental & other Income 144,041 139,766 3.1% Expenses 50,130 49,478 1.3% Net Operating Income 93,911 90,288 4.0% Avg. monthly rent per home $ 694 $ 667 4.1% Avg. monthly rent per SF .795 .764 4.1% Avg. physical occupancy 94.0% 94.4% (0.4)% Avg. economic occupancy 92.9% 93.6% (0.7)% Operating margin 65.2% 64.6% 0.6% On a year-over-year basis, second quarter 2001 same community NOI growth of 4.0% was the result of a 3.1% increase in revenues from rental and other income and a 1.3% increase in operating expenses. "Rents increased by 4.1% over last year, however our push for these increases, coupled with our efforts to reduce the number of month-to-month leases, as well as decreased occupancy from some of our student-oriented properties, resulted in slightly lower occupancy rates and higher concessions in the current quarter," said Toomey. "Regarding expenses, increases in utilities costs (+15.9%) and property insurance costs (+17.4%) were partially offset by decreased costs in personnel (-3.6%), marketing costs of (-3.3%) and repairs and maintenance costs of (-0.8%)." Development Activity - -------------------- The Company currently has six communities containing 1,546 units under development with four of them scheduled for completion by year-end. The remaining two communities have an expected completion date in March 2002. Projected costs are within their original budget and lease-up is progressing on schedule. As part of a previously announced plan, the Company currently has five development sites under contract for sale for a total consideration of $13.1 million which is slightly above carrying value. These sales are subject to due diligence evaluations by the buyers. Capitalization - -------------- On June 15, the Company completed the redemption of all its outstanding 9.25% Series A Preferred shares, utilizing proceeds from its line of credit. Based on anticipated costs of a $100 million FNMA financing scheduled to close in August, this transaction will result in an annual reduction of over $3 million in capital costs. Throughout the quarter the Company has repurchased 1.42 million common shares, at an average purchase price of $13.55. As of July 19, year to date purchases total 2.44 million common shares at an average purchase price of $12.73. 3 Earnings Guidance - ----------------- Management will provide quarterly earnings guidance in an effort to improve communications with the investment community while complying with the recently enacted SEC Regulation FD. Current First Call estimates of 2001 FFO range from $1.51 per share to $1.41 per share, with a consensus of $1.48 per share. Management is comfortable with the consensus estimate. For 2002, current First Call estimates range from $1.69 per share to $1.54 per share, with a consensus estimate of $1.64. Management is comfortable with the consensus estimate, based on same community NOI growth of 3%, declining indirect property management costs and general & administrative costs, a stable interest rate environment, and no disposition and acquisition activity. Property Management Organization - -------------------------------- The Company took a one-time charge against earnings in the first quarter to cover costs principally associated with replacing the former senior management team, establishing a new office in Denver, reducing the total Company work force by approximately 10%, and revaluing certain real estate held for disposition. In addition to the successful implementation of those changes, we have performed a detailed analysis of the Property Management organization, resulting in the streamlining of the Company's operations. By eliminating a layer of management, the Company has moved operational decision-making closer to the real estate, and has generated savings that can be redeployed into new positions to assist our community managers with marketing and pricing decisions. Approximately 15 positions were eliminated in the property management organization, partially offset by the addition of an Asset Manager and seven Pricing Managers. In addition we have added a new Senior Vice President in Denver who will focus on overall organizational improvement. "I'm pleased to announce the addition of Kevin McCabe to the United Dominion executive team," said Toomey. "I've known Kevin for many years, and his strengths in process and people management will be a great help to me as we work to create a unified approach to a business formerly operated as three. Kevin will be a resource for our Area Directors as they assume their increasing responsibilities," he added. Conference Call Information - --------------------------- United Dominion will hold a conference call on July 24, 2001 at 1:00 pm Eastern Daylight Savings Time (EDST) to review these results. The domestic number to call and participate is 1-877-817-7188 or 1-703-871-3097. To hear a replay of this call, please call 1-888-266-2086, Access Code: 5313971. The call can also be heard via webcast at www.udrt.com or www.streetevents.com. A replay will be ------------ -------------------- available on these web sites for 90 days. [Institutional members of Streetfusion can also access the conference call replay for 30 days at www.streetfusion.com.] - -------------------- 4 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 over 76,000 apartment homes and is the developer for over 1,500 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 the company's web site at www.udrt.com. ------------ ### 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. 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. Financial Tables Follow 5 ================================================================================ Attachment 1 ------------ UNITED DOMINION REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, ----------------------- ------------------------- In thousands, except per share amounts 2001 2000 2001 2000 -------------------------------------------------------------------------------------------- ------------------------- Rental income $ 150,915 $ 155,144 $ 303,731 $ 309,202 Rental expenses: Real estate taxes and insurance 17,246 17,684 34,807 35,167 Personnel 14,914 16,586 30,964 33,024 Utilities 6,594 6,197 14,232 12,731 Repair and maintenance 8,346 9,130 16,822 17,662 Administrative and marketing 5,539 6,065 11,372 11,966 Property management 4,525 4,760 8,315 9,404 Other operating 346 331 776 755 --------- --------- --------- --------- 57,510 60,753 117,288 120,709 Other income: Non-property income 669 1,980 1,805 3,049 Other expenses: Real estate depreciation 38,013 44,054 78,411 77,958 Interest 35,834 39,752 73,055 78,826 Severance costs and other organizational charges - - 5,404 (A) - Impairment loss on real estate and investments - - 3,188 (B) - General and administrative 5,642 3,698 10,147 7,568 Non real estate depreciation and amortization 854 1,250 1,735 2,453 --------- --------- --------- --------- 80,343 88,754 171,940 166,805 Income before gains on sales of investments, minority interests and extraordinary item 13,731 7,617 16,308 24,737 Gains on sales of depreciable property 20,646 5,928 24,748 8,461 --------- --------- --------- --------- Income before minority interests and extraordinary item 34,377 13,545 41,056 33,198 Minority interests of outside partnerships (285) (560) (1,289) (737) Minority interests of unitholders in operating partnership (1,475) (294) (1,231) (962) --------- --------- --------- --------- Income before extraordinary item 32,617 12,691 38,536 31,499 Extraordinary item - early extinguishment of debt (372) 586 (559) 358 --------- --------- --------- --------- Net income 32,245 13,277 37,977 31,857 Distributions to preferred shareholders - Series A and B (4,733) (5,396) (9,939) (10,979) Distributions to preferred shareholders - Series D (Convertible) (3,857) (3,825) (7,714) (7,650) Premium on preferred share repurchases (3,519) 2,177 (3,496) 2,177 --------- --------- --------- --------- Net income (loss) available to common shareholders $ 20,136 $ 6,233 $ 16,828 $ 15,405 ========= ========= ========= ========= Earnings (loss) per common share: Basic $ 0.20 $ 0.06 $ 0.17 $ 0.15 Diluted $ 0.20 $ 0.06 $ 0.17 $ 0.15 Common distributions declared per share $ 0.2700 $ 0.2675 $ 0.5400 $ 0.5350 Weighted average number of common shares outstanding-basic 100,858 103,271 101,115 103,087 Weighted average number of common shares outstanding-diluted 101,590 103,470 101,713 103,258
(A) Represents non-recurring charges related primarily to workforce reductions, other severance costs and executive office relocation costs. (B) Represents writedown of seven undeveloped land sites in selected markets and investment in online apartment leasing company. ================================================================================ ================================================================================ Attachment 2 - ------------ UNITED DOMINION REALTY TRUST, INC. FUNDS FROM OPERATIONS (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, ---------------------------- ---------------------------- In thousands, except per share amounts 2001 2000 2001 2000 - ---------------------------------------------------------------------------------------------------------------------------- Net income $ 32,245 $ 13,277 $ 37,977 $ 31,857 Adjustments: Distributions to preferred shareholders (8,590) (9,221) (17,653) (18,629) Real estate depreciation, net of outside partners' interest 37,610 43,620 77,542 77,188 Gains on sale of depreciable property, net of outside partners' interest (20,675) (5,621) (24,005) (8,148) Minority interests of unitholders in operating partnership 1,475 294 1,231 962 Real estate depreciation related to unconsolidated entities 279 46 463 92 Extraordinary item-early extinguishment of debt 372 (586) 559 (358) -------- -------- -------- -------- Funds from operations-basic $ 42,716 $ 41,809 $ 76,114 $ 82,964 ======== ======== ======== ======== Adjustment: Distribution to preferred shareholders-Series D (Convertible) 3,857 3,825 7,714 7,650 -------- -------- -------- -------- Funds from operations-diluted $ 46,573 $ 45,634 $ 83,828 $ 90,614 ======== ======== ======== ======== Adjustment: Recurring capital expenditures (6,563) (5,807) (13,099) (11,613) -------- -------- -------- -------- Adjusted funds from operations $ 40,010 $ 39,827 $ 70,729 $ 79,001 ======== ======== ======== ======== Weighted average number of common shares and OP Units outstanding-basic 108,428 110,774 108,690 110,590 Weighted average number of common shares and OP Units outstanding-diluted 121,314 123,281 121,442 123,069 FFO per common share-basic $ 0.39 $ 0.38 $ 0.70 $ 0.75 ======== ======== ======== ======== FFO per common share-diluted $ 0.38 $ 0.37 $ 0.69 $ 0.74 ======== ======== ======== ======== AFFO per common share-basic $ 0.33 $ 0.33 $ 0.58 $ 0.65 ======== ======== ======== ======== AFFO per common share-diluted $ 0.33 $ 0.32 $ 0.58 $ 0.64 ======== ======== ======== ========
FFO is defined as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. This definition conforms with the National Association of Real Estate Investment Trust's definition issued in October, 1999 which became effective beginning January 1, 2000. ================================================================================ ================================================================================ Attachment 3 UNITED DOMINION REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30, December 31, In thousands, except per share amounts 2001 2000 - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Real estate owned: Real estate held for investment $ 3,716,127 $ 3,758,974 Less: accumulated depreciation (572,559) (506,871) ----------- ----------- 3,143,568 3,252,103 Real estate under development 67,834 60,366 Real estate held for disposition (net of accumulated depreciation of $1 and $2,534) 20,767 14,446 ----------- ----------- Total real estate owned, net of accumulated depreciation 3,232,169 3,326,915 Cash and cash equivalents 13,671 10,305 Restricted cash 36,087 44,943 Deferred financing costs 13,113 14,271 Investment in unconsolidated development joint venture 7,705 8,088 Other assets 39,727 49,435 ----------- ----------- Total assets $ 3,342,472 $ 3,453,957 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Secured debt $ 864,814 $ 866,115 Unsecured debt 1,183,722 1,126,215 Real estate taxes payable 30,564 30,554 Accrued interest payable 16,663 18,059 Security deposits and prepaid rent 22,606 22,524 Distributions payable 34,392 36,128 Accounts payable, accrued expenses and other liabilities 60,211 47,144 ----------- ----------- Total liabilities 2,212,972 2,146,739 Minority interests 82,072 88,326 Shareholders' equity Preferred stock, no par value; $25 liquidation preference, 25,000,000 shares authorized; 0 shares 9.25% Series A Cumulative Redeemable issued and outstanding (3,969,120 shares in 2000) - 99,228 5,416,009 shares 8.60% Series B Cumulative Redeemable issued and outstanding (5,439,109 shares in 2000) 135,400 135,978 8,000,000 shares 7.50% Series D Cumulative Convertible Redeemable issued and outstanding (8,000,000 shares in 2000) 175,000 175,000 Common stock, $1 par value; 150,000,000 shares authorized 100,046,438 shares issued and outstanding (102,219,250 shares in 2000) 100,046 102,219 Additional paid-in capital 1,059,978 1,081,387 Distributions in excess of net income (404,126) (366,531) Deferred compensation - unearned restricted stock awards (2,089) (828) Notes receivable from officer-shareholders (6,943) (7,561) Accumulated other comprehensive loss, net (9,838)(A) - ----------- ----------- Total shareholders' equity 1,047,428 1,218,892 ----------- ----------- Total liabilities and shareholders' equity $ 3,342,472 $ 3,453,957 =========== ===========
(A) Represents net unrealized loss on derivative instrument transactions. ================================================================================ ================================================================================ Attachment 4 - ------------ UNITED DOMINION REALTY TRUST, INC. SELECTED FINANCIAL INFORMATION JUNE 30, 2001 (Dollars in thousands) (Unaudited) - -------------------------------------------------------------------------------- DEBT STRUCTURE - --------------------------------------------------------------------------------
Balance % of Total Interest Rate ------- ---------- ------------- Secured Fixed $ 606,300 29.6% 7.67% Floating 258,514 12.6% 5.16% -------------------------------------------------- Combined 864,814 42.2% 6.92% Unsecured Fixed 750,222 36.6% 7.78% Floating 433,500 21.2% 5.01% -------------------------------------------------- Combined 1,183,722 57.8% 6.77% Interest Rate Swaps (A) Fixed 282,000 7.20% Floating (282,000) 5.14% Total Debt Fixed 1,638,522 80.0% 7.64% Floating 410,014 20.0% 5.01% -------------------------------------------------- Combined $ 2,048,536 100.0% 7.11% ==================================================
(A) United Dominion has 16 interest rate swap agreements with a notional amount aggregating $282.0 million that is used to fix the interest rate on a portion of its variable rate debt. - -------------------------------------------------------------------------------- DEBT MATURITIES - --------------------------------------------------------------------------------
Secured Debt Bank Lines Unsecured Debt Total ------------ ---------- -------------- ----- 2001 $ 49,146 - $ 825 $ 49,971 2002 54,419 - 54,901 109,320 2003 55,368 323,500 115,341 494,209 2004 139,556 - 229,153 368,709 2005 126,125 - 122,702 248,827 Thereafter 440,200 - 337,300 777,500 ---------------------------------------------------------------------------- $ 864,814 $ 323,500 $ 860,222 $ 2,048,536 ============================================================================
(B) Includes $323.5 million of unsecured revolving bank debt. - -------------------------------------------------------------------------------- COVERAGE RATIOS - -------------------------------------------------------------------------------- Interest Coverage Ratio 2.47 (C) Fixed Charge Coverage Ratio 1.99 (D) (C) EBITDA (before non-recurring items) divided by interest expense. (D) EBITDA (before non-recurring items) divided by interest expense and preferred dividends. - -------------------------------------------------------------------------------- MARKET CAPITALIZATION - --------------------------------------------------------------------------------
Balance % of Total ------- ---------- Total debt $ 2,048,536 52.4% Preferred at market 313,108 8.0% Common (including OP Units) at $14.35 1,547,525 39.6% ----------------------------- Total market capitalization $ 3,909,169 100.0% =============================
================================================================================ ================================================================================ Attachment 5 - ------------ UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET June 30, 2001 (Dollars in thousands) (Unaudited)
Same Community % of Total --------------------------------------------------------------- Portfolio -------------------------- ---------------------------------- Total Based on Total Same Physical Occupancy Rental Rate Apartment Budgeted Community -------------------------- --------------------------------- Homes 2001 NOI Homes QTD 01 QTD 00 Change QTD 01 QTD 00 Change ------------------------------------------------------------------------------------------- Houston, TX 5,722 5.5% 5,486 93.3% 93.3% 0.0% $611 $595 2.6% Dallas, TX 4,533 5.3% 4,533 95.2% 95.2% 0.0% 679 656 3.5% Orlando, FL 4,140 5.7% 3,848 93.3% 94.1% -0.8% 704 682 3.3% San Antonio, TX 3,827 4.3% 3,348 92.2% 93.3% -1.1% 655 640 2.4% Phoenix, AZ 3,618 4.7% 3,138 93.7% 93.5% 0.2% 702 674 4.1% Fort Worth, TX 3,561 3.8% 3,561 96.7% 96.3% 0.4% 634 608 4.3% Tampa, FL 3,372 4.3% 3,372 94.2% 94.4% -0.2% 690 668 3.2% Raleigh, NC 3,027 4.2% 2,951 91.6% 91.9% -0.3% 723 703 2.9% Charlotte, NC 2,710 3.6% 2,490 90.1% 93.8% -3.7% 685 675 1.4% Richmond, VA 2,372 3.8% 2,372 96.3% 95.9% 0.4% 705 679 3.9% Columbus, OH 2,527 3.0% 2,175 93.7% 95.3% -1.6% 666 652 2.1% Nashville, TN 2,220 2.9% 2,220 94.6% 95.0% -0.4% 688 679 1.3% Greensboro, NC 2,122 2.7% 2,122 91.3% 93.1% -1.8% 639 631 1.4% Memphis, TN 1,956 2.2% 1,956 93.3% 95.0% -1.7% 633 606 4.5% Wilmington, NC 1,869 2.3% 1,869 92.4% 89.8% 2.6% 657 644 2.0% Monterey Pennisula, CA 1,706 2.9% 1,706 96.6% 95.8% 0.8% 843 785 7.5% Columbia, SC 1,584 1.7% 1,584 93.7% 94.2% -0.5% 584 575 1.5% Atlanta, GA 1,426 2.0% 1,426 93.8% 93.9% -0.1% 739 714 3.6% Southern California 1,414 2.5% 1,414 95.5% 94.7% 0.8% 892 803 11.2% Baltimore, MD 1,291 2.3% 1,291 97.7% 97.8% -0.1% 806 757 6.4% San Francisco, CA 980 4.2% 980 96.5% 99.6% -3.1% 1,800 1,556 15.7% Seattle, Wa 628 0.9% 628 94.9% 96.2% -1.3% 739 698 5.8% Other Northern Markets 8,431 11.4% 8,383 95.1% 95.4% -0.3% 675 645 4.6% Other Western Markets 6,379 7.6% 5,900 94.1% 94.3% -0.2% 659 629 4.8% Other Southern Markets 4,760 6.2% 4,592 93.3% 92.8% 0.5% 644 626 2.9% ----------------------------------------------------------------------------------------------------------- Totals 76,175 100% 73,345 94.0% 94.4% -0.4% $ 694 $ 667 4.1% ===========================================================================================================
================================================================================ ================================================================================ Attachment 6 - ------------ UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET June 30, 2001 (Dollars in thousands) (Unaudited)
Same Community ---------------------------------------------------------------------------------------------------------- ---------------------------------- ---------------------------------- -------------------------------- Revenues Expenses Net Operating Income ---------------------------------- ---------------------------------- -------------------------------- QTD 01 QTD 00 Change QTD 01 QTD 00 Change QTD 01 QTD 00 Change ---------------------------------- ---------------------------------- -------------------------------- Houston, TX $ 9,309 $ 9,080 2.5% $ 4,072 $ 3,877 5.0% $ 5,237 $ 5,203 0.7% Dallas, TX 8,855 8,415 5.2% 3,333 3,239 2.9% 5,522 5,176 6.7% Orlando, FL 7,647 7,530 1.6% 2,701 2,797 -3.4% 4,946 4,733 4.5% San Antonio, TX 6,059 5,987 1.2% 2,428 2,263 7.3% 3,631 3,724 -2.5% Phoenix, AZ 5,957 5,726 4.0% 1,959 1,951 0.4% 3,998 3,775 5.9% Fort Worth, TX 6,696 6,348 5.5% 2,890 2,682 7.8% 3,806 3,666 3.8% Tampa, FL 6,701 6,545 2.4% 2,537 2,370 7.0% 4,164 4,175 -0.3% Raleigh, NC 5,620 5,761 -2.5% 1,844 1,878 -1.8% 3,776 3,883 -2.8% Charlotte, NC 4,325 4,616 -6.3% 1,671 1,745 -4.3% 2,654 2,871 -7.5% Richmond, VA 4,981 4,807 3.6% 1,179 1,320 -10.7% 3,802 3,487 9.0% Columbus, OH 4,087 4,126 -0.9% 1,337 1,579 -15.3% 2,750 2,547 8.0% Nashville, TN 4,242 4,172 1.7% 1,570 1,469 6.9% 2,672 2,703 -1.2% Greensboro, NC 3,662 3,797 -3.6% 1,185 1,118 6.0% 2,477 2,679 -7.6% Memphis, TN 3,291 3,365 -2.2% 1,369 1,262 8.5% 1,922 2,103 -8.6% Wilmington, NC 3,426 3,282 4.4% 1,174 1,095 7.3% 2,252 2,187 3.0% Monterey Pennisula, CA 4,305 3,883 10.9% 1,394 1,223 14.0% 2,911 2,660 9.4% Columbia, SC 2,612 2,627 -0.6% 934 1,011 -7.6% 1,678 1,616 3.8% Atlanta, GA 2,982 2,893 3.1% 1,019 1,011 0.9% 1,963 1,882 4.3% Southern California 3,639 3,318 9.7% 1,110 1,088 2.0% 2,529 2,230 13.4% Baltimore, MD 3,143 2,979 5.5% 815 858 -5.0% 2,328 2,121 9.8% San Francisco, CA 5,155 4,610 11.8% 1,182 1,197 -1.2% 3,973 3,413 16.4% Seattle, Wa 1,354 1,272 6.4% 375 423 -11.3% 979 849 15.2% Other Northern Markets 16,558 16,006 3.5% 5,257 5,327 -1.3% 11,301 10,679 5.8% Other Western Markets 11,183 10,508 6.4% 3,629 3,614 0.4% 7,554 6,894 9.6% Other Southern Markets 8,252 8,113 1.7% 3,166 3,081 2.8% 5,086 5,032 1.1% ---------------------------------------------------------------------------------------------------------- Totals $ 144,041 $ 139,766 3.1% $ 50,130 $ 49,478 1.3% $ 93,911 $ 90,288 4.0% ==========================================================================================================
================================================================================ ================================================================================ Attachment 7 - ------------ UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET June 30, 2001 (Dollars in thousands) (Unaudited)
% of Total Portfolio Total Based on Total Same Apartment Budgeted Community Homes 2001 NOI Homes ----------------------------------------------------- Houston, TX 5,722 5.5% 5,486 Dallas, TX 4,533 5.3% 4,533 Orlando, FL 4,140 5.7% 3,848 San Antonio, TX 3,827 4.3% 3,348 Phoenix, AZ 3,618 4.7% 3,138 Fort Worth, TX 3,561 3.8% 3,561 Tampa, FL 3,372 4.3% 3,372 Raleigh, NC 3,027 4.2% 2,951 Charlotte, NC 2,710 3.6% 2,490 Richmond, VA 2,372 3.8% 2,372 Columbus, OH 2,527 3.0% 2,175 Nashville, TN 2,220 2.9% 2,220 Greensboro, NC 2,122 2.7% 2,122 Memphis, TN 1,956 2.2% 1,956 Wilmington, NC 1,869 2.3% 1,869 Monterey Pennisula, CA 1,706 2.9% 1,706 Columbia, SC 1,584 1.7% 1,584 Atlanta, GA 1,426 2.0% 1,426 Southern California 1,414 2.5% 1,414 Baltimore, MD 1,291 2.3% 1,291 San Francisco, CA 980 4.2% 980 Seattle, Wa 628 0.9% 628 Other Northern Markets 8,431 11.4% 8,383 Other Western Markets 6,379 7.6% 5,900 Other Southern Markets 4,760 6.2% 4,592 ----------------------------------------------------- Totals 76,175 100% 73,345 ===================================================== Same Community ---------------------------------------------------------------------------------------- ---------------------------------------- ---------------------------------------------- Physical Occupancy Rental Rate ---------------------------------------- ---------------------------------------------- YTD 01 YTD 00 Change YTD 01 YTD 00 Change ---------------------------------------------------------------------------------------- Houston, TX 93.3% 92.7% 0.6% $ 608 $ 594 2.3% Dallas, TX 95.3% 95.1% 0.2% 675 653 3.3% Orlando, FL 92.9% 94.3% -1.4% 701 680 3.1% San Antonio, TX 92.7% 93.3% -0.6% 652 639 2.0% Phoenix, AZ 93.9% 94.3% -0.4% 700 671 4.3% Fort Worth, TX 96.8% 95.8% 1.0% 629 606 3.9% Tampa, FL 94.4% 94.0% 0.4% 687 666 3.1% Raleigh, NC 90.6% 91.6% -1.0% 720 702 2.5% Charlotte, NC 90.6% 91.8% -1.2% 680 679 0.1% Richmond, VA 96.2% 95.9% 0.3% 702 675 3.9% Columbus, OH 92.9% 95.0% -2.1% 664 653 1.7% Nashville, TN 93.4% 93.8% -0.4% 687 678 1.2% Greensboro, NC 91.6% 92.9% -1.3% 637 629 1.2% Memphis, TN 92.7% 94.7% -2.0% 632 604 4.6% Wilmington, NC 90.2% 88.6% 1.6% 656 644 1.9% Monterey Pennisula, CA 96.4% 92.7% 3.7% 833 780 6.9% Columbia, SC 94.1% 92.7% 1.4% 583 575 1.4% Atlanta, GA 93.9% 93.8% 0.1% 737 711 3.6% Southern California 95.7% 95.2% 0.5% 881 794 10.9% Baltimore, MD 97.7% 97.5% 0.2% 798 754 5.8% San Francisco, CA 97.8% 99.6% -1.8% 1,780 1,537 15.8% Seattle, Wa 95.6% 96.1% -0.5% 730 694 5.2% Other Northern Markets 94.9% 95.3% -0.4% 671 642 4.4% Other Western Markets 94.9% 94.2% 0.7% 655 627 4.5% Other Southern Markets 92.6% 93.1% -0.5% 642 623 3.0% ---------------------------------------------------------------------------------------- Totals 94.0% 94.0% 0.0% $ 690 $ 664 3.8% ========================================================================================
================================================================================ ================================================================================ Attachment 8 - ------------ UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET June 30, 2001 (Dollars in thousands) (Unaudited)
Same Community ------------------------------------------------------------------------------------------------------------ ----------------------------------- ----------------------------------- ---------------------------------- Revenues Expenses Net Operating Income ----------------------------------- ----------------------------------- ---------------------------------- YTD 01 YTD 00 Change YTD 01 YTD 00 Change YTD 01 YTD 00 Change ----------------------------------- ----------------------------------- ---------------------------------- Houston, TX $ 18,597 $ 17,966 3.5% $ 8,203 $ 7,828 4.8% $ 10,394 $ 10,138 2.5% Dallas, TX 17,671 16,788 5.3% 6,834 6,349 7.7% 10,837 10,439 3.8% Orlando, FL 15,239 15,054 1.2% 5,431 5,550 -2.2% 9,808 9,504 3.2% San Antonio, TX 12,128 11,968 1.3% 4,824 4,477 7.8% 7,304 7,491 -2.5% Phoenix, AZ 12,032 11,670 3.1% 4,011 3,887 3.2% 8,021 7,783 3.1% Fort Worth, TX 13,330 12,615 5.7% 5,568 5,259 5.9% 7,762 7,356 5.5% Tampa, FL 13,471 12,916 4.3% 4,956 4,772 3.8% 8,515 8,144 4.6% Raleigh, NC 11,269 11,460 -1.7% 3,754 3,462 8.4% 7,515 7,998 -6.0% Charlotte, NC 8,825 9,174 -3.8% 3,454 3,344 3.3% 5,371 5,830 -7.9% Richmond, VA 9,971 9,576 4.1% 2,656 2,649 0.3% 7,315 6,927 5.6% Columbus, OH 8,116 8,173 -0.7% 2,876 2,830 1.6% 5,240 5,343 -1.9% Nashville, TN 8,452 8,297 1.9% 3,131 2,924 7.1% 5,321 5,373 -1.0% Greensboro, NC 7,459 7,599 -1.8% 2,533 2,353 7.6% 4,926 5,246 -6.1% Memphis, TN 6,673 6,715 -0.6% 2,818 2,600 8.4% 3,855 4,115 -6.3% Wilmington, NC 6,667 6,427 3.7% 2,376 2,137 11.2% 4,291 4,290 0.0% Monterey Pennisula, CA 8,479 7,495 13.1% 2,782 2,422 14.8% 5,697 5,073 12.3% Columbia, SC 5,254 5,182 1.4% 1,904 2,018 -5.7% 3,350 3,164 5.9% Atlanta, GA 5,950 5,754 3.4% 2,077 1,976 5.1% 3,873 3,778 2.5% Southern California 7,149 6,533 9.4% 2,276 2,117 7.5% 4,873 4,416 10.4% Baltimore, MD 6,236 5,908 5.5% 1,772 1,723 2.8% 4,464 4,185 6.7% San Francisco, CA 10,327 9,108 13.4% 2,439 2,322 5.0% 7,888 6,786 16.2% Seattle, Wa 2,708 2,526 7.2% 826 812 1.7% 1,882 1,714 9.8% Other Northern Markets 33,027 31,773 3.9% 10,962 10,587 3.5% 22,065 21,186 4.1% Other Western Markets 22,345 21,015 6.3% 7,339 7,325 0.2% 15,006 13,690 9.6% Other Southern Markets 16,438 16,198 1.5% 6,532 5,946 9.9% 9,906 10,252 -3.4% -------------------------------------------------------------------------------------------------------------- Totals $ 287,813 $ 277,890 3.6% $ 102,334 $ 97,669 4.8% $185,479 $180,221 2.9% ==============================================================================================================
================================================================================ ================================================================================ Attachment 9 - ------------ UNITED DOMINION REALTY TRUST, INC. DEVELOPMENT SUMMARY June 30, 2001 (Dollars in thousands, except Cost Per Home) (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------------- UNDER DEVELOPMENT - ---------------------------------------------------------------------------------------------------------------------------------- Expected Expected No. of Apt. Completed Cost to Budgeted Est. Cost Completion First Year Homes Apt. Homes Date Cost Per Home Date Return ------------- ------------ --------- ---------- ----------- ------------ ------------ New Communities: - --------------- Dominion Place at Kildaire Farm 332 76 $ 18,400 $ 25,700 $ 77,400 1Q02 11.0% Raleigh, NC Red Stone Ranch Apartments 324 212 17,600 21,700 67,000 4Q01 9.4% Austin, TX ------------- ------------ --------- ---------- ----------- Subtotal 656 288 36,000 47,400 72,300 ------------- ------------ --------- ---------- ----------- Additional Phases: - ----------------- Greensview II 192 - 9,600 16,700 87,000 4Q01 10.6% Denver, CO Manor at England Run III 120 48 6,500 8,800 73,300 4Q01 10.1% Fredericksburg, VA The Meridian II 270 - 4,800 17,400 64,400 1Q02 9.8% Dallas, TX ------------- ------------ --------- ---------- ----------- Subtotal 582 48 20,900 42,900 73,700 ------------- ------------ --------- ---------- ----------- ------------- ------------ --------- ---------- ----------- Total 1,238 336 $ 56,900 $ 90,300 $ 72,900 ============= ============ ========= ========== ===========
================================================================================ ================================================================================ Attachment 10 ------------- UNITED DOMINION REALTY TRUST, INC. DEVELOPMENT JOINT VENTURE SUMMARY June 30, 2001 (Dollars in thousands, except Cost Per Home) (Unaudited)
- --------------------------------------------------------------------------------------------------------------------- 2000 COMPLETIONS - --------------------------------------------------------------------------------------------------------------------- No. of Apt. Development Cost Per Date Homes Cost Home Completed % Leased ------------- ------------ ------------- ------------- ------------- New Communities: - --------------- Meridian I 250 $16,400 $65,600 Jun-00 100.0% Dallas, TX - -------------------------------------------------------------------------------------------------------------------- 2001 COMPLETIONS - -------------------------------------------------------------------------------------------------------------------- No. of Apt. Development Cost Per Date Homes Cost Home Completed % Leased ------------- ------------ ------------- ------------- ------------- New Communities: - ---------------- Parke 33 264 $17,100 $64,800 Feb-01 76.9% Lakeland, FL Sierra Canyon 236 15,400 65,300 Mar-01 92.4% Phoenix, AZ Oaks at Weston 380 28,000 73,700 Mar-01 68.4% Raleigh, NC ------------- ------------ ------------- Total 880 $60,500 $68,800 ============= ============ ============= - -------------------------------------------------------------------------------------------------------------------- UNDER DEVELOPMENT - -------------------------------------------------------------------------------------------------------------------- Expected No. of Apt. Completed Cost to Budgeted Est. Cost Completion Homes Apt. Homes Date Cost Per Home Date ------------- ------------ ------------- ------------- ------------- --------------- New Community: - -------------- Mandolin 308 206 $20,600 $22,100 $71,800 3Q01 Dallas, TX ====================================================================================================================
================================================================================ Attachment 11 - ------------- UNITED DOMINION REALTY TRUST, INC. DISPOSITION SUMMARY AS OF JUNE 30, 2001 (Dollars in thousands) (Unaudited)
Date of No. of Apt. Sales Sale Homes Price Gain --------------- ------------- ------------ ------------- 1. Twin Coves 01/03/01 130 $ 6,570 Baltimore, MD 2. Glenridge 01/11/01 40 2,970 Monterey Peninsula, CA 3. Santanna 03/30/01 81 6,000 Monterey Peninsula, CA 4. Pembroke Bay 04/20/01 358 23,400 Pembroke Pines, FL 5. University Club 04/20/01 164 11,480 Tamarac, FL 6. Cleary Court 04/20/01 192 13,440 Plantation, FL 7. Copperfield 04/20/01 352 24,640 Coral Springs, FL 8. Polo Chase 04/20/01 320 22,400 Wellington, FL 9. Mediterranean Village 04/20/01 252 17,640 Miami, FL ------------ ------------ ------------ 2001 YTD Total 1,889 $ 128,540 $ 24,748 ============ ============ ============
================================================================================ 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: July 26, 2001 /s/ Christopher D. Genry -------------------- ------------------------ Christopher D. Genry Executive Vice President and Chief Financial Officer Date: July 26, 2001 /s/ Scott A. Shanaberger -------------------- ------------------------ Scott A. Shanaberger Vice President and Chief Accounting Officer 17 -----END PRIVACY-ENHANCED MESSAGE-----