e8vk

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

On October 27, 2003, United Dominion Realty Trust, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2003. A copy of the press release is furnished as Exhibit 99.1 to this report. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission.

Pursuant to the requirements of the Securities 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. SECOND QUARTER
RESULTS EXCEED WALL STREET CONSENSUS

RICHMOND, Va.—(BUSINESS WIRE)—Oct. 27, 2003—United Dominion Realty Trust, Inc. (NYSE:UDR) today reported Funds From Operations (“FFO”) of $53.1 million, or $0.38 per diluted share, for the quarter ended September 30, 2003, compared to FFO of $38.5 million, or $0.30 per diluted share, for the comparable period a year ago, which included a charge of $12.6 million, or $0.10 per diluted share for prepayment penalties on the early retirement of debt. FFO is reported on a fully diluted basis.

“Our operations are responding to signs from the economy of slow but positive improvements and we continue to execute our strategy of portfolio repositioning by acquiring and selling apartment homes at attractive prices. This quarter also saw continued improvement in our balance sheet as our Fixed Charge Coverage Ratio increased to 2.4X and Standard and Poor’s Rating Services upgraded our rating to BBB,” stated Thomas W. Toomey, President and Chief Executive Officer.

•

Issued 4.0 million shares of common stock with net proceeds of $18.08 per share

•

Standard and Poor’s Rating Services upgraded the rating on senior unsecured debt to BBB, preferred stock to BBB-, and corporate credit rating to BBB/Stable outlook

Portfolio Operating Performance and Same Community Results
During the third quarter, 70,494 apartment homes, or 94.5% of total apartment homes, were classified as Same Community. The Company defines Same Community as all multifamily communities owned and stabilized for at least one year as of the beginning of the most recent quarter.


	3rd Qtr '03			3rd Qtr '02			% Change

Gross potential rent	$	148,428		$	152,432			-2.6	%
Net rental & other income		141,884			143,607			-1.2	%
Expenses		55,297			54,219			2.0	%
Net operating income		86,587			89,388			-3.1	%
Avg. monthly rent per home	$	702		$	721			-2.6	%
Avg. monthly rent per square foot		0.79			0.81			-2.6	%
Avg. physical occupancy		92.9	%		92.6	%		0.3	%
Operating margin		61.0	%		62.2	%		-1.2	%
Rent concessions, % of gross potential rent		2.9	%		3.3	%		-0.4	%
Annualized resident turnover rate		75.5	%		82.6	%		-7.1	%
Resident credit loss, % of gross potential rent		0.7	%		0.9	%		-0.2	%

On a quarter-over-quarter basis, third quarter 2003 Same Community Net Operating Income (“NOI”) growth of negative 3.1% was the result of a 1.2% decrease in revenues from rental and other income and a 2.0% increase in operating expenses.

Same Community represents 55 markets, of which 23 markets, or 41.8%, generated positive Same Community NOI growth third quarter 2003 over third quarter 2002.


	3rd Qtr '03			2nd Qtr '03			% Change

Gross potential rent	$	148,428		$	148,821			-0.3	%
Net rental & other income		141,884			143,430			-1.1	%
Expenses		55,297			53,640			3.1	%
Net operating income		86,587			89,790			-3.6	%
Avg. monthly rent per home	$	702		$	704			-0.3	%
Avg. monthly rent per square foot		0.79			0.79			-0.3	%
Avg. physical occupancy		92.9	%		93.6	%		-0.7	%
Operating margin		61.0	%		62.6	%		-1.6	%
Rent concessions, % of gross potential rent		2.9	%		3.1	%		-0.2	%
Annualized resident turnover rate		75.5	%		68.6	%		6.9	%
Resident credit loss, % of gross potential rent		0.7	%		0.6	%		0.1	%

Sequentially, comparing third quarter 2003 to the second quarter 2003, Same Community NOI decreased by 3.6% due to a 1.1% decrease in rental and other income and a 3.1% increase in expenses.

Same Community represents 55 markets, of which 19 markets, or 34.5%, generated positive Same Community NOI growth third quarter 2003 over second quarter 2003.

In September, the Company issued 4.0 million shares of its common stock for net proceeds of $18.08 per share. The net proceeds of $72.3 million will be used for general corporate purposes, including funding future acquisitions and development.

At the end of September, the rating on the Company’s senior unsecured debt was upgraded to BBB by Standard & Poor’s Rating Services, and the Company’s corporate credit rating to BBB/Stable outlook.

“In the beginning of October, we issued $75 million of 5.13% senior unsecured notes at a spread of 112 basis points with a maturity of January 2014. After this issuance, and on a pro-forma basis, our variable rate debt is less than 24% of total debt, of which 80% can be fixed on one week’s notice,” stated Ella Neyland, Executive Vice President and Treasurer.

During the third quarter, with the $18.5 million acquisition of Pacific Palms in Anaheim, California, the Company added 149 apartment homes at a cost of $124K per home, which is below replacement cost of $160K per home in that market. This purchase price represents a 7% cap rate based on forward twelve months operations less a capital expenditure reserve of $435 per home. The community is located within one mile of Disneyland and has excellent visibility with easy access to major freeways. This acquisition increases the Company’s apartment holdings in Southern California to 2,775 homes.

During this same period, the Company sold five apartment communities with a total of 1,340 homes for a total sales price of $66.5 million at a blended cap rate of 7.15% based on trailing twelve months operations less a capital reserve expenditure of $435 per home. The apartments were located in Indianapolis, Indiana, San Antonio, Texas (complete exit from these markets), Centreville, Virginia, and Lakeland, Florida.

“We continue to find opportunities to increase our ownership in Anaheim, which is the tenth largest city in California, to further take advantage of our operations platform in this market. We also exited two more markets that we did not view as core markets at a $7.2 million net gain,” stated Mark Wallis, Senior Executive Vice President.

The Company believes that financial results for 2003 will be affected by international, national and regional economic trends and events, the acquisition and/or disposition of apartment communities and other factors. Management estimates that recurring capital expenditures for 2003 will be $460 per apartment home, or $0.25 per share. Given current expectations and judgment, the Company’s guidance for Fourth Quarter 2003 FFO is $.37 per share, and for the full year 2003 is $1.52 per share.

During the conference call on Tuesday, October 28th, management will review and discuss its guidance for 2004.

A reconciliation of the range provided for projected FFO per share for the full year to Earnings Per Share (“EPS”) for the full year is as follows:

(A) Operating Partnership units are not common stock equivalents for GAAP purposes.

(B) Due to the uncertain timing and extent of property dispositions and acquisitions, actual results could differ materially from expected EPS.

The Company provides Supplemental Information that provides information regarding the financial position and operating results of the Company. This Supplemental Information is available on the Company’s website at: http://www.udrt.com/3Q2003

Conference Call Information
Date: October 28, 2003
Time: 1:00 p.m. Eastern Time
To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 800-218-0530
International: 303-262-2171
If you have any questions, please contact: Karen Droba
Phone: 312-640-6770
E-mail: kdroba@webershandwick.com

Conference Call Playback:
Domestic: 800-405-2236
International: 303-590-3000
Passcode: 549493

The conference call will also be available on UDR’s website at www.udrt.com and at www.ccbn.com. To listen to a live broadcast, go to one of these sites at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay will also be available for 90 days on UDR’s website and also on CCBN’s website.

United Dominion is the fourth largest apartment REIT, owning and operating apartment communities nationwide. The Company has a 31-year history during which it has raised the dividend each of the last 27 years. United Dominion is included in the S&P MidCap 400 Index. The Company currently owns 74,630 apartment homes and is the developer of 1,120 homes currently under development. 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.

Statements contained in this press release, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to, unfavorable changes in the apartment market, changing economic conditions, the impact of competition and competitive pricing, acquisitions or new developments may not achieve anticipated results, delays in completing developments and lease-ups on schedule, difficulties in selling existing apartment communities, and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. The statements in this press release are made as of today, based upon information currently known to management, and the Company disclaims any duty to update forward-looking statements, including its guidance for fourth quarter 2003 FFO and/or full year 2003 guidance.

UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)


			Three Months Ended						Nine Months Ended
			Sept. 30,						Sept. 30,

In thousands, except per share amounts			2003			2002			2003			2002

Rental income			$	152,157		$	146,857		$	450,395		$	434,643
Rental expenses:
		Real estate taxes and insurance		17,092			14,883			51,388			47,604
		Personnel		16,296			15,553			46,155			43,551
		Utilities		9,610			8,638			27,567			24,839
		Repairs and maintenance		9,779			10,380			28,556			26,942
		Administrative and marketing		5,658			5,693			16,772			15,819
		Property management		4,252			4,312			12,631			13,028
		Other operating expenses		302			277			912			931

				62,989			59,736			183,981			172,714
Other income:
		Non-property income		307			138			703			885
Other expenses:
	Real estate depreciation			41,058			38,341			118,900			110,083
	Interest			27,829			34,136			88,921			98,222
	Impairment loss on investments			1,392	(A)		—			1,392			—
	Loss/(gain) on early debt retirement			—			12,104			(169	)		28,364
	General and administrative			5,526			2,974			16,133			15,478
	Other depreciation and amortization			807			946			2,327			3,213

				76,612			88,501			227,504			255,360
Income/(loss) before minority interests and discontinued operations				12,863			(1,242	)		39,613			7,454
Minority interests of outside partnerships				—			(377	)		(614	)		(1,098	)
Minority interests of unitholders in operating partnerships				(330	)		506			(724	)		881

Income/(loss) before discontinued operations, net of minority interests				12,533			(1,113	)		38,275			7,237
Income from discontinued operations, net of minority interests (including gains/loss on sales)				7,911			21,512			11,094			38,889

Net income				20,444			20,399			49,369			46,126
Distributions to preferred shareholders — Series B				(2,911	)		(2,911	)		(8,733	)		(8,733	)
Distributions to preferred shareholders — Series D (Convertible)				(3,053	)		(3,886	)		(10,482	)		(11,815	)
Distributions to preferred shareholders — Series E (Convertible)				(1,138	)		—			(1,365	)		—
Premium on preferred share repurchases				(12,100	)		—			(18,350	)		—

Net income available to common shareholders			$	1,242		$	13,602		$	10,439		$	25,578

Earnings per common share — basic and diluted:
	Loss from continuing operations available to common shareholders, net of minority interests			($0.06	)		($0.07	)		($0.01	)		($0.13	)
	Income from discontinued operations, net of minority interests		$	0.07		$	0.20		$	0.10		$	0.37
	Net income available to common shareholders		$	0.01		$	0.13		$	0.09		$	0.24
Common distributions declared per share			$	0.2850		$	0.2775		$	0.8550		$	0.8325
Weighted average number of common shares outstanding- basic and diluted				116,350			107,148			112,252			106,139

UNITED DOMINION REALTY TRUST, INC.
FUNDS FROM OPERATIONS (continued)
(Unaudited)

The following is a reconciliation of GAAP gains from the disposition of real estate developed for sale to gross gains from the disposition of real estate developed for sale.

Gains from the disposition of real estate investments developed for sale is defined as net sales proceeds less a tax provision (such development by REITs must be conducted in a TRS) and the gross investment basis of the asset before accumulated depreciation. We consider FFO with gains/losses on real estate developed for sale to be a meaningful supplemental measure of performance because of the short-term use of funds to produce a profit which differs from the traditional long-term investment in real estate for REITs.

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. United Dominion considers FFO in evaluating property acquisitions and its operating perfomance and believes that FFO should be considered along with, but not as an alternative to, net income and cash flows as a measure of United Dominion’s activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs.

AFFO is defined as FFO less recurring capital expenditures for our stabilized portfolio at $460 per home in 2003 and $425 per home in 2002.

9 GRAPHIC 4 d09939unitedlogo.gif GRAPHIC begin 644 d09939unitedlogo.gif M1TE&.#EA(`%/`,3_`/___^#@X,#`P'!P<````#`P,("`@$!`0%!04/#P\+"P ML"`@(-#0T!`0$*"@H&!@8)"0D/___P`````````````````````````````` M`````````````````````````"'Y!`$``!$`+``````@`4\```7_("".9&F> M:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD"SHFL_HVH#`;KO?A((AD*[;[Z(#?`]')!)X@8)7>GR&!'Z`@XN,60E? M`@H%;0L+BHV8F50,"VZ7FJ"A2@&3;`>BJ%H,+H\S`70W"95L"JF@#`4'!P@I M"`4%#;4E"PT+#@XHG`4/#R4*"@<+S20##<65!0O`UM:_92,"E=JZY+J_N[PC M#.7LY`^O)<>F*@(/G=<'!BE@Y*LH`N20D4A@@!P$$Q!T,?M$X@$Z6"+X'7C` M<*`#700"KC"8`MH!@37:I#MAH,V)!FQ^_U4$P("6,'`"V`PHL>:0FV\1;;;1 M12*`SC8'1_QI\W)$``0(#ODKP:`EK10.VN`<$97-5!%5K:+0P[.GSXPHY/%9 M<)4$2D0IOD*D(3)%238G4Q98Z?19"3`R:?[4"FYO5Q%??P85,?2I%Z1*3S0E M"E6JB:QELQ(HFR?C*:_S3HC=0S;%V9$FU-YHB^(M@;4B.I'VPN;8W9@$IHT8 MT(Y-@W9381-8T*XK\I"N"MOH&E3"$@IYH`<0"O=O9R'(\Z"ZL\^<`S`]F36`I6_`F3+L7D9S-<>`$7)/`2^`^81/P_=<7 M&[*=\`=^!,QD`O]!;E278`E)I715`@_8!H\Z3O%UG62164?5&Y:8P-5E1GT% MF@CBV>;`)PG49(UVA5A5EE,KP2!=:6W,!\`D,>;'5&L@102;?R=\1>(_;13( M0H8G4E/3>E\M0()3E=08X0`*DN#&D?355Y9I92G0AXB6E5"8D@F8%R0U-Y+0 M'&,#L:%C#*O%EZ,)DQBPV51.Z0>3?2L8N8)N60Z43))IF5B"2;.YE,)WC'K' M1H07`J";:F6E.-EC+GU6PHAF0GJBF`D6:H)Y)G1B0$UQK$7C:`2ZU89V>6YG M&TY?^2ED7BHXQ:4)NGUT#`3'*+`>@J:F"I99<(V@&@LQ7E)85;_1Q\;_`F^% MZ2&*;+SBP%E%@3JE4R=6>)X*K!*'DC[-'?D593;&BF.W>/9G*P$-X`KD:[RF MX.N@.QWC`+$.&(M"8,D.L^P(9[G9K`K1"@4IM2.5@JV&(Y"Z:7C=!O"M895U MQQ*Y)9AK5PKIEK`N`.WB!^\+=98@'YG')6!Q4]"Q`<&Q_#7YX\)('N(S2XBJ M<(_"!#";]`JL7K+8:(QS M>=ZXO"-0JAV;.K^N-U9$&9OUZD,7-ZNR1"I@WI,\#[G"O_3$_'[1!HJZJ/'9 MOIP>\=&IKNFU!W*>G2Q7%>E!QSS+*1-F6#>"%.FJ7G*Z'Y%J4HFW;"]>NSE> M&RH"N[&YX8'\P=V``#<@!K8`85"IRGH$ESL%DD0FA2H,+-#6+P%RS'(IRIP( MU&<>%W[N1%$*D6;:4(!3?6\$]5E;#9*SIM3AZP2J(HEISF6[K_E+=WY+VPL" M,[2SG>43I#)5,$7:"P.:XQE?=Q6-EK>*S]KXH\MA=+( M$M[&`,S`T@,&,$PLM1!?`T``,XK9(R(9ARD]?(`"!+"SYC2Q?VM!2:$*\:4X MIJA2<#0%EPJ3K+E1P@!B,%>I3J#*V+VA1C#`TM\`%T44V$QG[6LG@(`VR+W4 MC9=[:9)J=,2)-X'H6%H"I`A*HI>-D4!3SS-@Z.QXIB+-PA")8.,;_ M@`$#2&(#I)F62HBP.,2HW0C66`D_J.!;N0!G>,S##6)8HQ/:*&+&;"*-1`+F M*X5$`00,VH`YA*4J4PF`D@J!T`AMM"9GQ$^5JAB'E?QAJ'`X`'J&9T(RM:<' M"6@*`UJY")G2`#%W6Q(8HOHHCP:N%69Z10#8&M8`2-0+D/B$6)OBT;"*@:Q_ M8``8>@4&LMH""AH3XF$7R]@:_$]_C8VL9&]HN^O:WP`VN M<&60@-#N:VH/\^:L"O*ZT/QDMB'@3`IV\[T75=',]D*0D&,LY8@WF0 MW!H78;"A64!1YN;2'>3+3#^&01.'0>,=)*!\1N8!CA=ZI.LV.0?'"&KVIOP" MCT)`S$(8`)FSS(,_K.4/"X"``1"`)01`5@:_\,\ST-P#;!5A;F)CLY7AZITX MS[G.=XY!GDFP9R'XF0B`%O]T$N3!@(*HP%C9(.T)J*:GG[VD*@>8T)L#?>DT M.N.MS_&H@!ER79U*^@BZX(4DBA2`C\#YT8%CJ0,JG48W6J.%+U&J/3XQ@`Z/ M(!HI[D]3"I`.`2!E&O0U,5:P1`KWB,D`I'XU#V!3AIB`,TT-$,AUVT@8:4QC M;FM:@#%G\\_4W6=GV;:GBG1$= MY:Z=+`ID`!7G#)S]\4\U@NIL+*O@`:X6P0`4^Y)E9D_'G/L4CP6.`S$E,E\X M29,NJ%:`(!F`W*M:6Z`<706ZKDC'T5:MAV)VT8C9FXDUR&&@'Q%PZ M@$K_?:(+`3"`(=T)N,J(I'2:"(\40R8S4HX43!0LHR$9_]-2/%[T'1Q=9$H? M#--#_?1/'4GJ9J'ZL39NE%RL0.O+:<@PO5X@C`\R)F-G1MG-/A_:,$29S1!( M-(18W&_PQDW-@$A4IJ*`)F&7,&M8\PZUPT-IA1Q`:@]WW7^ZL748`8(?2(0" M=X(#*`@7/10(@9$LL\JI_VC.UVHU_=[%`6$H&$X*IJO77J72TYUW"SAM M@.;&![;;(\@:!>"`]END_OZ)I>:S#PI[\/__,8`7^P>`/@28![M0@`@(,0>8 M@`SX4./3@`W8$EL&@8/'$'%&@06X>I:"``.(@0+G7[/G@0@(@J@G@B9X@BB8 (@BH87"$``#L_ ` end -----END PRIVACY-ENHANCED MESSAGE-----


Maryland	1-10524	54-0857512

(State or Other	(Commission File	(IRS Employer
Jurisdiction of	Number)	Identification No.)
Incorporation)


	UNITED DOMINION REALTY TRUST, INC.


	By:	/s/ Christopher D. Genry Christopher D. Genry Executive Vice President and Chief Financial Officer
Date: October 27, 2003


Exhibit		Description

99.1		Press Release dated October 27, 2003


	For details, contact:
		Ella Neyland
		Phone (720) 283-6144
		E-mail: ir@udrt.com
		www.udrt.com


Funds From Operations	$	1.52		—	$	1.52
Conversion to GAAP Share Count (A)		0.29		—		0.29
Minority Interest of OP Unit Holders (A)		(0.04	)	—		(0.01	)
Depreciation (B)		(1.42	)	—		(1.46	)
Gains (B)		0.51		—		0.07
Preferred Dividends		(0.14	)	—		(0.14	)
Premium on Preferred Share Repurchases		(0.16	)	—		(0.16	)

Expected Earnings Per Share	$	0.56		—	$	0.11

Table of Contents

Table of Contents

Table of Contents

Table of Contents


1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129

(Address of Principal Executive Offices) (Zip Code)


		Three Months						Nine Months
		Ended						Ended
		Sept. 30,						Sept. 30,

In thousands, except per share amounts		2003			2002			2003			2002

Net income		$	20,444		$	20,399		$	49,369		$	46,126
Adjustments:
	Distributions to preferred shareholders		(7,102	)		(6,797	)		(20,580	)		(20,548	)
	Real estate depreciation, net of outside partners’ interest		41,058			37,993			118,465			108,948
	Minority interests of unitholders in operating partnership		330			(506	)		724			(881	)
	Real estate depreciation related to unconsolidated entities		52			60			137			437
Discontinued Operations:
	Real estate depreciation		32			1,137			1,288			8,301
	Minority interests of unitholders in operating partnership		501			1,422			702			2,570
	Net gains on sales of depreciable property		(7,215	)		(19,128	)		(8,149	)		(31,872	)

Funds from operations (“FFO”) — basic		$	48,100		$	34,580		$	141,956		$	113,081

	Distribution to preferred shareholders — Series D and E (Convertible)		4,191			3,886			11,847			11,815

Funds from operations — diluted		$	52,291		$	38,466		$	153,803		$	124,896

	Gains on the disposition of real estate developed for sale(A)		812			—			812			—

FFO with gains on the disposition of real estate developed for sale — diluted		$	53,103		$	38,466		$	154,615		$	124,896

	Recurring capital expenditures		(8,662	)		(8,069	)		(25,593	)		(24,438	)

Adjusted funds from operations (“AFFO”) — diluted		$	44,441		$	30,397		$	129,022		$	100,458

Weighted average number of common shares and OP Units outstanding — basic			124,979			114,121			119,923			113,149
Weighted average number of common shares, OP Units, and common stock equivalents outstanding — diluted			140,424			128,557			134,870			127,534
FFO per common share — basic		$	0.38		$	0.30		$	1.18		$	1.00

FFO per common share — diluted		$	0.37		$	0.30		$	1.14		$	0.98

FFO per common share with gains on real estate developed for sale — diluted		$	0.38		$	0.30		$	1.15		$	0.98


			Sept. 30,			Dec. 31,
In thousands, except per share amounts			2003			2002

ASSETS
Real estate owned:
	Real estate held for investment		$	4,122,402		$	3,908,746
		Less: accumulated depreciation		(854,465	)		(742,876	)

				3,267,937			3,165,870
	Real estate under development			41,317			30,624
	Real estate held for disposition (net of accumulated depreciation of $1,006 and $5,857)			8,387			22,256

	Total real estate owned, net of accumulated depreciation			3,317,641			3,218,750
Cash and cash equivalents				12,940			3,152
Restricted cash				7,006			11,773
Deferred financing costs, net				21,370			17,548
Investment in unconsolidated development joint venture				2,214			—
Funds held in escrow from 1031 exchanges pending the acquisition of real estate				14,447			—
Other assets				37,950			24,870
Real estate held for disposition assets				128			43

	Total assets		$	3,413,696		$	3,276,136

LIABILITIES AND SHAREHOLDERS’ EQUITY
Secured debt			$	1,041,476		$	1,015,740
Unsecured debt				967,251			1,041,900
Real estate taxes payable				32,270			29,743
Accrued interest payable				14,181			11,908
Security deposits and prepaid rent				21,030			21,379
Distributions payable				39,950			35,141
Accounts payable, accrued expenses, and other liabilities				38,895			49,634
Real estate held for disposition liabilities				1,944			204

	Total liabilities			2,156,997			2,205,649
Minority interests				88,215			69,216
Shareholders’ equity Preferred stock, no par value; $25 liquidation preference, 25,000,000 shares authorized; 5,416,009 shares 8.60% Series B Cumulative Redeemable issued and outstanding (5,416,009 shares in 2002)				135,400			135,400
		6,000,000 shares 7.50% Series D Cumulative Convertible Redeemable issued and outstanding (8,000,000 shares in 2002)		143,350			175,000
		3,425,217 shares of 8.00% Series E Cumulative Convertible issued and outstanding (0 shares in 2002)		56,893			—
	Common stock, $1 par value; 250,000,000 shares authorized 120,162,717 shares issued and outstanding (106,605,259 shares in 2002)			120,163			106,605
	Additional paid-in capital			1,351,307			1,140,786
	Distributions in excess of net income			(629,441	)		(541,428	)
	Deferred compensation — unearned restricted stock awards			(5,789	)		(2,504	)
	Notes receivable from officer-shareholders			(600	)		(2,630	)
	Accumulated other comprehensive loss, net			(2,799	)(A)		(9,958	)(A)

	Total shareholders’ equity			1,168,484			1,001,271

	Total liabilities and shareholders’ equity		$	3,413,696		$	3,276,136


CONTACT:		United Dominion Realty Trust, Inc.
		Ella Neyland, 720-283-6144; ir@udrt.com; www.udrt.com
SOURCE:		United Dominion Realty Trust, Inc.