-----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, On1uNddXV6j73yANviGQRkcO7bRkXDsHEuR7Ux85c7SLWpeOdX1z5oFqqephzTYC B7KVSu7TgKweZiApcNxKoA== 0001127264-01-500118.txt : 20020413 0001127264-01-500118.hdr.sgml : 20020413 ACCESSION NUMBER: 0001127264-01-500118 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011022 ITEM INFORMATION: Other events FILED AS OF DATE: 20011217 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-10524 FILM NUMBER: 1815533 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/A 1 udrt8k1.txt AMENDMENT NO. 1 DATED DECEMBER 17, 2001 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 22, 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 October 22, 2001, United Dominion Realty Trust, Inc. ("United Dominion"), the registrant, issued a Press Release announcing 2001 third quarter results of operations. The following is a summary of United Dominion Realty Trust, Inc.'s Press Release: UNITED DOMINION REALTY TRUST, INC. REPORTS THIRD QUARTER 2001 OPERATING RESULTS HIGHLIGHTING GROWTH IN FUNDS FROM OPERATIONS OF 5.4% OVER THIRD QUARTER 2000 RICHMOND, VA. (October 22, 2001) United Dominion Realty Trust, Inc. (NYSE symbol: UDR) today reported Funds From Operations ("FFO") of $47.2 million, or $0.39 per share, for the quarter ended September 30, 2001, a per share increase of 5.4% over FFO of $0.37 per share, or $46.1 million, for the comparable period a year ago (before last year's one time charge). FFO for the first nine months of 2001 was $139.7 million, or $1.15 per share, up 3.6% per share from FFO of $1.11 per share, or $136.7 million, for the first nine months 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 $40.6 million, or $0.34 per share, for the quarter ended September 30, 2001, a per share increase of 6.3% over AFFO of $0.32 per share, or $39.9 million, for the comparable period a year ago (before last year's one time charge). AFFO for the first nine months of 2001 was $119.7 million, or $0.99 per share, up 3.1% per share from AFFO of $0.96 per share, or $118.0 million, for the first nine months of 2000 (before the one time charge). AFFO is reported on a diluted basis. The Company also reported Earnings Per Share ("EPS") of $0.07 per share for the third quarter compared to $0.11 per share for the same period last year. Prior year EPS was favorably impacted by a $10.4 million gain on the sale of 2,692 apartment units; whereas, no apartment homes were sold by the Company this quarter. EPS for the first nine months of 2001 was $0.23 per share compared to $0.26 for the comparable period a year ago. 2 Highlights ---------- o 5.4% Growth in FFO over Third Quarter 2000 o Earnings in line with First Call consensus estimates o 2.7% Growth in Same Community Net Operating Income o $200 Million Fannie Mae Revolver Facility closed with initial rate of 3.99% "I am pleased with the performance and continued improvement of our Company," cites Thomas W. Toomey, President and Chief Executive Officer. "As we highlighted earlier this year in our earnings call, the management team has been focusing on positioning the company to operate in a slowing environment. While we have much work ahead of us, we are highly confident that we will continue to generate positive growth for the remainder of this year and for 2002 that will meet earnings estimates. We will continue to focus on improving property operations and Balance Sheet strength. The Company's product type of garden style, middle market apartments is well positioned to outperform other property types during periods of economic slowdown, and management believes that over the long run, our portfolio of apartment communities continues to benefit from positive demographic trends." Portfolio Operating Performance and Same Community Results During the third quarter, 73,557 apartment homes (96% of total apartment homes) were classified as same community. Same Community Results ($ in thousands, except monthly rent) - -------------------------------------------------------------------------------------------- 3rd Qtr '01 3rd Qtr `00 % Change --------------- --------------- --------------- Gross Potential Rent $155,799 $149,178 4.4% Rental & other Income 148,154 144,848 2.3% Expenses 54,354 53,526 1.5% Net Operating Income 93,800 91,322 2.7% Avg. monthly rent per home $ 706 $ 676 4.4% Avg. monthly rent per SF 0.81 0.77 4.4% Avg. physical occupancy 93.8% 94.5% (0.7)% Operating margin 63.3% 63.0% 0.3%
On a year-over-year basis, third quarter 2001 same community NOI growth of 2.7% was the result of a 2.3% increase in revenues from rental and other income and a 1.5% increase in operating expenses. Currently, the Company operates in 62 markets, and of those markets, 46 markets, or 74%, saw positive Same Store Sales increases. Moving forward, there is a continued emphasis on aggressive lease management, expense controls, increased resident retention efforts and realignment of employee incentive plans tied to bottom line performance. This plan of operations, coupled with the portfolio's strengths in targeting the middle market of renters across a national platform, should position the Company for continued operational improvement. 3 Development Activity The Company began the year with 2,426 apartment units under development and has now delivered 1,876 units with a projected stabilized return on average of 10%. The Company currently has three communities under construction containing a total of 794 apartment units (of which 244 units have previously been delivered) with two of those communities expected to be completed by January 2002. The remaining development community is scheduled for completion in May 2002. "I am pleased that we completed nearly 77% of the development pipeline ahead of schedule and under budget. We expect first year stabilized returns on these communities to be at attractive returns," said Mark Wallis, Senior Executive Vice President. Two development sites were sold this quarter for a total of $5.6 million and the Company has three other development sites under contract for sale totaling $8.3 million. Capitalization In August, the Company closed on a $200 million Fannie Mae Revolving Credit Facility with an initial funding of $139 million. The adjustable rate loan was provided by ARCS through a Fannie Mae DMBS for a five-year term with an initial interest rate of 3.99%. The Company has the option to extend for an additional five-year term at market rates. The proceeds of the loan were used principally for the redemption of the $100 million 9.25% Series A Cumulative Preferred Stock that occurred in the second quarter of this year and to reduce the balance on the Line of Credit. Throughout the quarter, the Company purchased a total of 1.4 million common shares and OP units at an average purchase price of $14.10. As of September 30, year-to-date purchases total 3.8 million common shares at an average purchase price of $13.20. The Company sold two tracts of land during the quarter for a total sales price in aggregate of $5.6 million. The proceeds from the sale of these non-earning assets were used towards the re-purchase of the Company's common shares and OP units. Conference Call Information United Dominion will hold a conference call on October 23, 2001 at 1:00 pm Eastern Daylight Savings Time (EDST) to review these results. The domestic number to call and participate is 1-888-792-1093. To hear a replay of this call, please call 1-888-266-2086, Access Code: 5551601. 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. 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 almost 800 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 Nine Months Ended September 30, September 30, ------------- ------------- In thousands, except per share amounts 2001 2000 2001 2000 - ------------------------------------------------------------------------------------------------------------------------------ Rental income $153,814 $157,041 $ 462,753 $ 470,844 Rental expenses: Real estate taxes and insurance 16,480 17,042 51,287 52,209 Personnel 16,150 16,311 47,114 49,335 Repair and maintenance 9,795 9,905 26,617 27,568 Utilities 8,557 9,253 27,997 26,585 Administrative and marketing 5,702 6,121 17,074 18,110 Property management 4,487 4,557 12,802 13,960 Other operating 364 337 1,140 1,069 -------- ------- -------- -------- 61,535 63,526 184,031 188,836 Other income: Non-property income 363 1,383 2,168 4,432 Other expenses: Real estate depreciation 36,029 37,349 114,440 115,305 Interest 36,633 39,100 109,688 117,926 Severance costs and other organizational charges - 1,020 (C) 5,404 (A) 1,020 Litigation settlement charges - 2,700 (D) - 2,700 Impairment loss on real estate and investments - 3,188 (B) - General and administrative 4,546 3,546 14,693 11,114 Non real estate depreciation and amortization 844 984 2,579 3,438 -------- ------- -------- -------- 78,052 84,699 249,992 251,503 Income before gains on sales of investments, minority interests and extraordinary item 14,590 10,199 30,898 34,937 Gain on sales of depreciable property - 10,429 24,748 18,890 Gain on land sales - 832 832 -------- ------- -------- -------- Income before minority interests and extraordinary item 14,590 21,460 55,646 54,659 Minority interests of outside partnerships (370) (388) (1,659) (1,126) Minority interests of unitholders in operating partnership (487) (798) (1,718) (1,760) -------- ------- -------- -------- Income before extraordinary item 13,733 20,274 52,269 51,773 Extraordinary item - early extinguishment of debt (186) (91) (745) 267 -------- ------- -------- -------- Net income 13,547 20,183 51,524 52,040 Distributions to preferred shareholders - Series A and B (2,912) (5,354) (12,851) (16,333) Distributions to preferred shareholders - Series D (Convertible) (3,857) (3,825) (11,571) (11,475) (Premium) / discount on preferred share repurchases - 157 (3,496) 2,334 -------- ------- -------- -------- Net income available to common shareholders $ 6,778 $ 11,161 $ 23,606 $ 26,566 ======== ======== ======== ======== Earnings per common share: Basic $0.07 $0.11 $0.23 $0.26 Diluted $0.07 $0.11 $0.23 $0.26 Common distributions declared per share $0.2700 $0.2675 $0.8100 $0.8025 Weighted average number of common shares outstanding-basic 99,623 103,258 100,612 103,160 Weighted average number of common shares outstanding-diluted 100,466 103,514 101,292 103,346
(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. (C) Represents non-recurring charge incurred under employment agreements for certain executives of the Company. (D) Represents the costs associated with the settlement of a class action lawsuit. Attachment 2 UNITED DOMINION REALTY TRUST, INC. FUNDS FROM OPERATIONS (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- In thousands, except per share amounts 2001 2000 2001 2000 - ------------------------------------------------------------------------------------------------------------------------------ Net income $ 13,547 $ 20,183 $ 51,524 $ 52,040 Adjustments: Distributions to preferred shareholders (6,769) (9,179) (24,422) (27,808) Real estate depreciation, net of outside partners' interest 35,646 36,987 113,188 114,174 Gains on sale of depreciable property, net of outside partners' interest - (10,424) (24,005) (18,572) Minority interests of unitholders in operating partnership 487 798 1,718 1,760 Real estate depreciation related to unconsolidated entities 282 79 746 188 Extraordinary item-early extinguishment of debt 186 91 745 (267) -------- -------- --------- --------- Funds from operations-basic $ 43,379 $ 38,535 $ 119,494 $ 121,515 ======== ======== ========= ========= Adjustment: Distribution to preferred shareholders-Series D (Convertible) 3,857 3,825 11,571 11,475 -------- -------- --------- --------- Funds from operations-diluted $ 47,236 $ 42,360 $ 131,065 $ 132,990 ======== ======== ========= ========= Adjustment: Recurring capital expenditures (6,613) (6,168) (19,911) (18,743) -------- -------- --------- --------- Adjusted funds from operations-diluted $ 40,623 $ 36,192 $ 111,154 $ 114,247 ======== ======== ========= ========= Weighted average number of common shares and OP Units outstanding-basic 107,000 110,774 108,120 110,590 Weighted average number of common shares and OP Units outstanding-diluted 120,032 123,281 120,989 123,069 FFO per common share-basic $ 0.41 $ 0.35 $ 1.11 $ 1.10 ======== ======== ========= ========= FFO per common share-diluted $ 0.39 $ 0.34 $ 1.08 $ 1.08 ======== ======== ========= ========= AFFO per common share-basic $ 0.34 $ 0.29 $ 0.92 $ 0.93 ======== ======== ========= ========= AFFO per common share-diluted $ 0.34 $ 0.29 $ 0.92 $ 0.93 ======== ======== ========= ========= Adjustments for One Time Charges: One time charges - 3,720 8,592 3,720 -------- -------- --------- --------- Funds from operations- diluted before one time charges $ 47,236 $ 46,080 $ 139,657 $ 136,710 ======== ======== ========= ========= Adjusted Funds from operation-diluted before one time charges $ 40,623 $ 39,912 $ 119,745 $ 117,967 ======== ======== ========= ========= FFO per common share-diluted before one time charges $ 0.39 $ 0.37 $ 1.15 $ 1.11 ======== ======== ========= ========= AFFO per common share-diluted before one time charges $ 0.34 $ 0.32 $ 0.99 $ 0.96 ======== ======== ========= =========
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. AFFO is defined as FFO less recurring cap ex for our stabilized portfolio at $350 per unit in 2001 and $311 per unit in 2000. The 2001 per unit charge will be adjusted to actual expenditures at year end. Attachment 3 UNITED DOMINION REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, In thousands, except per share amounts 2001 2000 - ----------------------------------------------------------------------------------------------------------------------------- ASSETS Real estate owned: Real estate held for investment $ 3,759,625 $ 3,758,974 Less: accumulated depreciation (608,642) (506,871) ----------- ----------- 3,150,983 3,252,103 Real estate under development 54,010 60,366 Real estate held for disposition (net of accumulated depreciation of $0 and $2,534) 15,567 14,446 ----------- ----------- Total real estate owned, net of accumulated depreciation 3,220,560 3,326,915 Cash and cash equivalents 7,221 10,305 Restricted cash 34,283 44,943 Deferred financing costs 14,240 14,271 Investment in unconsolidated development joint venture 7,515 8,088 Other assets 39,192 49,435 ----------- ----------- Total assets $ 3,323,011 $ 3,453,957 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Secured debt $ 991,290 $ 866,115 Unsecured debt 1,076,921 1,126,215 Real estate taxes payable 34,114 30,554 Accrued interest payable 16,421 18,059 Security deposits and prepaid rent 21,494 22,524 Distributions payable 32,310 36,128 Accounts payable, accrued expenses and other liabilities 63,467 47,144 ----------- ----------- Total liabilities 2,236,017 2,146,739 =========== =========== Minority interests 77,406 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 99,149,807 shares issued and outstanding (102,219,250 shares in 2000) 99,150 102,219 Additional paid-in capital 1,047,338 1,081,387 Distributions in excess of net income (424,031) (366,531) Deferred compensation - unearned restricted stock awards (1,751) (828) Notes receivable from officer-shareholders (5,482) (7,561) Accumulated other comprehensive loss, net (16,036)(A) - ----------- ----------- Total shareholders' equity 1,009,588 1,218,892 ----------- ----------- Total liabilities and shareholders' equity $ 3,323,011 $ 3,453,957 =========== ===========
(A)Represents net unrealized loss on derivative instrument transactions. Attachment 4 UNITED DOMINION REALTY TRUST, INC. SELECTED FINANCIAL INFORMATION SEPTEMBER 30, 2001 (Dollars in thousands) (Unaudited) DEBT STRUCTURE Balance % of Total Interest Rate ------- ---------- ------------- Secured Fixed $ 579,034 28.0% 7.66% Floating 412,256 19.9% 4.29% --------------------------------------------------- Combined 991,290 47.9% 6.26% Unsecured Fixed 750,021 36.3% 7.74% Floating 326,900 15.8% 4.47% --------------------------------------------------- Combined 1,076,921 52.1% 6.75% Interest Rate Swaps (A) Fixed 282,000 7.20% Floating (282,000) 4.61% Total Debt Fixed 1,611,055 77.9% 7.62% Floating 457,156 22.1% 4.22% --------------------------------------------------- Combined $ 2,068,211 100.0% 6.87% =================================================== (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 $ 21,718 - $ 782 $ 22,500 2002 54,454 - 54,859 109,313 2003 55,403 $ 216,900 115,299 387,602 2004 139,592 - 229,110 368,702 2005 126,104 - 122,670 248,774 Thereafter 594,019 - 337,301 931,320 ------------------------------------------------------------------- $ 991,290 $ 216,900 $ 860,021 $ 2,068,211 =================================================================== COVERAGE RATIOS Interest Coverage Ratio 2.40 (B) Fixed Charge Coverage Ratio 2.02 (C) (B) EBITDA (before non-recurring items) divided by interest expense. (C) EBITDA (before non-recurring items) divided by interest expense and preferred dividends. MARKET CAPITALIZATION Balance % of Total ------- ---------- Total debt $ 2,068,211 53.1% Preferred Equity at market 309,046 7.9% Common shares & OP units at $14.28 1,517,121 39.0% ----------------------------- Total market capitalization $ 3,894,378 100.0% =============================
Attachment 5 UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001 (Dollars in thousands) (Unaudited) % of Total Same Community Portfolio --------------------------------------------- Total Based on Total Same Apartment YTD Community Physical Occupancy Homes 2001 NOI Homes QTD 01 QTD 00 Change ---------------------------------------------------------------------------------------------- Houston, TX 5,722 5.8% 5,722 94.3% 93.0% 1.3% Dallas, TX 4,533 5.6% 4,533 95.6% 95.2% 0.4% Orlando, FL 4,140 5.6% 3,848 93.3% 94.8% -1.5% Phoenix, AZ 3,618 4.7% 3,460 93.5% 92.6% 0.9% San Antonio, TX 3,827 4.4% 3,348 88.5% 93.6% -5.1% Tampa, FL 3,372 4.3% 3,372 94.0% 95.4% -1.4% Fort Worth, TX 3,561 4.0% 3,561 96.6% 96.0% 0.6% San Francisco, CA 980 4.0% 980 96.9% 99.4% -2.5% Raleigh, NC 3,147 3.8% 2,951 91.6% 90.3% 1.3% Richmond, VA 2,372 3.7% 2,372 94.1% 97.1% -3.0% Monterey Penninsula, CA 1,706 3.1% 1,706 95.5% 96.7% -1.2% Columbus, OH 2,527 3.1% 2,175 94.0% 95.4% -1.4% Charlotte, NC 2,710 2.8% 2,490 87.4% 92.8% -5.4% Nashville, TN 2,220 2.7% 2,220 95.5% 95.8% -0.3% Southern California 1,414 2.6% 1,414 95.6% 95.6% 0.0% Greensboro, NC 2,122 2.5% 2,122 90.4% 92.8% -2.4% Metropolitan DC 1,291 2.4% 1,171 97.8% 98.0% -0.2% Wilmington, NC 1,869 2.3% 1,869 95.9% 91.5% 4.4% Baltimore, MD 1,291 2.3% 1,291 96.3% 98.4% -2.1% Atlanta, GA 1,426 2.0% 1,426 93.4% 95.4% -2.0% Memphis, TN 1,956 1.9% 1,956 93.0% 95.4% -2.4% Norfolk, VA 1,437 1.9% 1,437 95.7% 96.0% -0.3% Columbia, SC 1,584 1.7% 1,584 95.5% 95.5% 0.0% East Lansing, MI 1,226 1.4% 1,226 89.3% 91.1% -1.8% Jacksonville, FL 1,157 1.3% 1,157 94.7% 90.3% 4.4% Seattle, Wa 628 1.0% 628 94.9% 96.1% -1.2% Other Western 2,474 3.7% 2,174 95.8% 95.2% 0.6% Other Florida 2,073 3.7% 1,905 93.0% 93.8% -0.8% Other Pacific 1,757 2.3% 1,490 92.2% 90.6% 1.6% Other Midwestern 2,122 2.2% 2,122 94.6% 93.6% 1.0% Other North Carolina 1,893 2.1% 1,893 94.9% 93.9% 1.0% Other Southwestern 2,212 2.0% 1,888 91.4% 95.3% -3.9% Other Mid-Atlantic 928 1.6% 928 97.3% 97.3% 0.0% Other Southeastern 764 0.9% 764 95.7% 94.1% 1.6% Other Northeastern 372 0.5% 372 95.2% 96.0% -0.8% ---------------------------------------------------------------------------------------------- Totals 76,431 100% 73,555 93.8% 94.5% -0.7% ==============================================================================================
Same Community --------------------------------------------- Rental Rate --------------------------------------------- QTD 01 QTD 00 Change --------------------------------------------- Houston, TX $629 $607 3.6% Dallas, TX 686 662 3.6% Orlando, FL 713 688 3.6% Phoenix, AZ 719 696 3.3% San Antonio, TX 668 645 3.6% Tampa, FL 699 674 3.7% Fort Worth, TX 644 614 4.9% San Francisco, CA 1,787 1,628 9.8% Raleigh, NC 730 709 3.0% Richmond, VA 719 690 4.2% Monterey Penninsula, CA 875 803 9.0% Columbus, OH 676 658 2.7% Charlotte, NC 702 671 4.6% Nashville, TN 691 680 1.6% Southern California 921 828 11.2% Greensboro, NC 646 632 2.2% Metropolitan DC 857 780 9.9% Wilmington, NC 665 649 2.5% Baltimore, MD 830 768 8.1% Atlanta, GA 747 721 3.6% Memphis, TN 638 621 2.7% Norfolk, VA 672 637 5.5% Columbia, SC 588 578 1.7% East Lansing, MI 669 641 4.4% Jacksonville, FL 672 654 2.8% Seattle, Wa 753 703 7.1% Other Western 743 684 8.6% Other Florida 701 677 3.5% Other Pacific 709 681 4.1% Other Midwestern 633 617 2.6% Other North Carolina 571 553 3.3% Other Southwestern 595 571 4.2% Other Mid-Atlantic 778 736 5.7% Other Southeastern 588 580 1.4% Other Northeastern 680 640 6.3% -------------------------------------------- Totals $706 $676 4.4% ============================================ Attachment 6 UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET FOR THE THREE MONTHS ENDED SEPTEMBER 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 $10,270 $9,795 4.8% $4,315 $4,455 -3.1% $5,955 $5,340 11.5% Dallas, TX 9,079 8,673 4.7% 3,692 3,630 1.7% 5,387 5,043 6.8% Orlando, FL 7,838 7,807 0.4% 2,936 2,883 1.8% 4,902 4,924 -0.4% Phoenix, AZ 6,674 6,483 2.9% 2,320 2,417 -4.0% 4,354 4,066 7.1% San Antonio, TX 5,794 6,199 -6.5% 2,468 2,512 -1.8% 3,326 3,687 -9.8% Tampa, FL 6,927 6,881 0.7% 2,805 2,815 -0.4% 4,122 4,066 1.4% Fort Worth, TX 6,978 6,490 7.5% 2,978 3,000 -0.7% 4,000 3,490 14.6% San Francisco, CA 5,139 4,876 5.4% 1,267 1,095 15.7% 3,872 3,781 2.4% Raleigh, NC 5,753 5,724 0.5% 2,100 1,737 20.9% 3,653 3,987 -8.4% Richmond, VA 4,996 5,063 -1.3% 1,610 1,438 11.9% 3,386 3,625 -6.6% Monterey Penninsula, CA 4,397 4,115 6.9% 1,280 1,287 -0.6% 3,117 2,828 10.2% Columbus, OH 4,299 4,291 0.2% 1,415 1,364 3.8% 2,884 2,927 -1.5% Charlotte, NC 4,239 4,698 -9.8% 2,096 1,828 14.6% 2,143 2,870 -25.3% Nashville, TN 4,390 4,464 -1.7% 1,787 1,573 13.6% 2,603 2,891 -9.9% Southern California 3,776 3,408 10.8% 1,061 1,078 -1.6% 2,715 2,330 16.5% Greensboro, NC 3,624 3,848 -5.8% 1,372 1,229 11.6% 2,252 2,619 -14.0% Metropolitan DC 3,083 2,818 9.4% 797 878 -9.2% 2,286 1,940 17.8% Wilmington, NC 3,702 3,487 6.2% 1,260 1,146 9.9% 2,442 2,341 4.3% Baltimore, MD 3,225 3,073 4.9% 939 912 2.9% 2,286 2,161 5.8% Atlanta, GA 2,982 3,073 -3.0% 1,125 1,157 -2.7% 1,857 1,916 -3.1% Memphis, TN 3,299 3,437 -4.0% 1,526 1,374 11.1% 1,773 2,063 -14.1% Norfolk, VA 2,865 2,780 3.1% 955 1,010 -5.4% 1,910 1,770 7.9% Columbia, SC 2,754 2,732 0.8% 1,074 1,059 1.4% 1,680 1,673 0.4% East Lansing, MI 2,244 2,221 1.0% 885 892 -0.8% 1,359 1,329 2.3% Jacksonville, FL 2,242 2,103 6.6% 874 829 5.4% 1,368 1,274 7.4% Seattle, Wa 1,427 1,321 8.0% 431 472 -8.8% 996 849 17.4% Other Western 4,820 4,367 10.4% 1,419 1,499 -5.3% 3,401 2,868 18.6% Other Florida 3,791 3,706 2.3% 1,335 1,450 -7.9% 2,456 2,256 8.9% Other Pacific 3,002 2,765 8.6% 1,110 1,170 -5.1% 1,892 1,595 18.6% Other Midwestern 3,924 3,796 3.4% 1,543 1,670 -7.6% 2,381 2,126 12.0% Other North Carolina 3,209 3,073 4.4% 1,112 1,145 -2.9% 2,097 1,928 8.8% Other Southwestern 3,066 3,148 -2.6% 1,216 1,264 -3.8% 1,850 1,884 -1.8% Other Mid-Atlantic 2,266 2,127 6.5% 593 587 1.0% 1,673 1,540 8.6% Other Southeastern 1,305 1,282 1.8% 421 456 -7.7% 884 826 7.0% Other Northwestern 775 724 7.0% 237 212 11.8% 538 512 5.1% ------------------------------------------------------------------------------------------------ Totals $148,154 $144,848 2.3% $54,354 $53,526 1.5% $93,800 $91,322 2.7% ================================================================================================
Attachment 7 UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001 (Dollars in thousands) (Unaudited) % of Total Same Community Portfolio ----------------------------------------------------- Total Based on Total Same Physical Occupancy Rental Rate Apartment YTD Community --------------------------- ---------------------- Homes 2001 NOI Homes YTD 01 YTD 00 Change YTD 01 YTD 00 Change ------------------------------------------------------------------------------------------ Houston, TX 5,722 5.8% 5,486 93.6% 92.8% 0.8% $612 $596 2.7% Dallas, TX 4,533 5.6% 4,533 95.4% 95.1% 0.3% 679 656 3.5% Orlando, FL 4,140 5.6% 3,848 93.1% 94.5% -1.4% 705 682 3.4% Tampa, FL 3,372 4.7% 3,372 94.3% 94.4% -0.1% 691 669 3.3% Phoenix, AZ 3,618 4.4% 3,138 93.8% 93.7% 0.1% 702 675 4.0% San Antonio, TX 3,827 4.3% 3,348 91.3% 93.4% -2.1% 657 641 2.5% Fort Worth, TX 3,561 4.0% 3,561 96.8% 95.9% 0.9% 634 608 4.3% San Francisco, CA 980 4.0% 980 97.5% 99.6% -2.1% 1,782 1,568 13.6% Raleigh, NC 3,147 3.8% 2,951 91.0% 91.2% -0.2% 723 704 2.7% Richmond, VA 2,372 3.7% 2,372 95.5% 96.3% -0.8% 708 680 4.1% Monterey Penninsula, CA 1,706 3.1% 1,706 96.1% 94.0% 2.1% 847 788 7.5% Columbus, OH 2,527 3.1% 2,175 93.3% 95.1% -1.8% 668 655 2.0% Charlotte, NC 2,710 2.8% 2,490 89.5% 92.1% -2.6% 688 677 1.6% Nashville, TN 2,220 2.7% 2,220 94.1% 94.5% -0.4% 688 679 1.3% Southern California 1,414 2.6% 1,414 95.7% 95.3% 0.4% 894 805 11.1% Greensboro, NC 2,122 2.5% 2,122 91.2% 92.9% -1.7% 640 630 1.6% Metropolitan DC 1,291 2.4% 1,171 98.3% 97.8% 0.5% 832 770 8.1% Wilmington, NC 1,869 2.3% 1,869 92.1% 89.6% 2.5% 659 646 2.0% Baltimore, MD 1,291 2.3% 1,291 97.3% 97.8% -0.5% 809 759 6.6% Atlanta, GA 1,426 2.0% 1,426 93.7% 94.3% -0.6% 740 714 3.6% Memphis, TN 1,956 1.9% 1,956 92.8% 95.0% -2.2% 634 610 3.9% Norfolk, VA 1,437 1.9% 1,437 95.5% 96.1% -0.6% 661 628 5.3% Columbia, SC 1,584 1.7% 1,584 94.5% 93.7% 0.8% 584 576 1.4% East Lansing, MI 1,226 1.4% 1,226 90.8% 92.4% -1.6% 658 630 4.4% Jacksonville, FL 1,157 1.3% 1,157 92.2% 90.3% 1.9% 669 650 2.9% Seattle, Wa 628 1.0% 628 95.4% 96.1% -0.7% 738 697 5.9% Other Western 2,474 3.7% 2,174 95.8% 95.5% 0.3% 728 673 8.2% Other Florida 2,073 3.7% 1,905 94.0% 93.5% 0.5% 694 670 3.6% Other Pacific 1,757 2.3% 1,490 92.8% 91.3% 1.5% 697 687 1.5% Other Midwestern 2,122 2.2% 2,122 92.8% 94.0% -1.2% 626 611 2.5% Other North Carolina 1,893 2.1% 1,893 94.9% 94.4% 0.5% 564 549 2.7% Other Southwestern 2,212 2.0% 1,888 93.2% 94.9% -1.7% 588 564 4.3% Other Mid-Atlantic 928 1.6% 928 96.1% 96.6% -0.5% 766 728 5.2% Other Southeastern 764 0.9% 764 94.5% 94.4% 0.1% 586 577 1.6% Other Northeastern 372 0.5% 372 96.3% 96.4% -0.1% 666 634 5.0% ------------------------------------------------------------------------------------------ Totals 76,431 100% 72,997 93.9% 94.2% -0.3% $696 $669 4.0% ==========================================================================================
Attachment 8 UNITED DOMINION REALTY TRUST, INC. OPERATING INFORMATION BY MAJOR MARKET FOR THE NINE MONTHS ENDED SEPTEMBER 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 $28,649 $27,575 3.9% $12,658 $12,330 2.7% $15,991 $15,245 4.9% Dallas, TX 27,102 25,771 5.2% 10,889 10,273 6.0% 16,213 15,498 4.6% Orlando, FL 23,348 23,152 0.8% 8,647 8,712 -0.7% 14,701 14,440 1.8% Phoenix, AZ 18,172 17,614 3.2% 6,297 6,278 0.3% 11,875 11,336 4.8% San Antonio, TX 18,058 18,302 -1.3% 7,435 7,112 4.5% 10,623 11,190 -5.1% Tampa, FL 20,835 20,201 3.1% 8,205 7,978 2.8% 12,630 12,223 3.3% Fort Worth, TX 20,612 19,391 6.3% 8,858 8,533 3.8% 11,754 10,858 8.3% San Francisco, CA 15,558 14,073 10.6% 3,802 3,505 8.5% 11,756 10,568 11.2% Raleigh, NC 17,125 17,291 -1.0% 5,964 5,295 12.6% 11,161 11,996 -7.0% Richmond, VA 15,218 14,784 2.9% 4,522 4,226 7.0% 10,696 10,558 1.3% Monterey Penninsula, CA 12,876 11,649 10.5% 4,065 3,750 8.4% 8,811 7,899 11.5% Columbus, OH 12,515 12,524 -0.1% 4,397 4,251 3.4% 8,118 8,273 -1.9% Charlotte, NC 13,190 13,958 -5.5% 5,683 5,251 8.2% 7,507 8,707 -13.8% Nashville, TN 13,032 12,919 0.9% 5,114 4,654 9.9% 7,918 8,265 -4.2% Southern California 10,950 9,943 10.1% 3,363 3,200 5.1% 7,587 6,743 12.5% Greensboro, NC 11,149 11,501 -3.1% 3,976 3,628 9.6% 7,173 7,873 -8.9% Metropolitan DC 9,093 8,297 9.6% 2,484 2,532 -1.9% 6,609 5,765 14.6% Wilmington, NC 10,497 10,021 4.8% 3,767 3,383 11.4% 6,730 6,638 1.4% Baltimore, MD 9,550 9,042 5.6% 2,803 2,694 4.0% 6,747 6,348 6.3% Atlanta, GA 9,109 8,980 1.4% 3,384 3,281 3.1% 5,725 5,699 0.5% Memphis, TN 10,003 10,184 -1.8% 4,379 3,998 9.5% 5,624 6,186 -9.1% Norfolk, VA 8,578 8,219 4.4% 2,906 2,905 0.0% 5,672 5,314 6.7% Columbia, SC 8,109 8,011 1.2% 3,082 3,168 -2.7% 5,027 4,843 3.8% East Lansing, MI 6,746 6,614 2.0% 2,719 2,599 4.6% 4,027 4,015 0.3% Jacksonville, FL 6,479 6,284 3.1% 2,772 2,524 9.8% 3,707 3,760 -1.4% Seattle, Wa 4,208 3,918 7.4% 1,332 1,353 -1.6% 2,876 2,565 12.1% Other Western 14,299 12,887 11.0% 4,243 4,062 4.5% 10,056 8,825 13.9% Other Florida 11,539 11,273 2.4% 4,116 4,181 -1.6% 7,423 7,092 4.7% Other Pacific 8,808 8,355 5.4% 3,274 3,378 -3.1% 5,534 4,977 11.2% Other Midwestern 11,455 11,278 1.6% 4,927 4,445 10.8% 6,528 6,833 -4.5% Other North Carolina 9,528 9,185 3.7% 3,408 3,332 2.3% 6,120 5,853 4.6% Other Southwestern 9,560 9,313 2.7% 3,623 3,596 0.8% 5,937 5,717 3.8% Other Mid-Atlantic 6,572 6,217 5.7% 1,775 1,757 1.0% 4,797 4,460 7.6% Other Southeastern 3,926 3,816 2.9% 1,390 1,368 1.6% 2,536 2,448 3.6% Other Northeastern 2,290 2,150 6.5% 817 706 15.7% 1,473 1,444 2.0% ---------------------------------------------------------------------------------------------- Totals $438,738 $424,692 3.3% $161,076 $154,238 4.4% $277,662 $270,454 2.7% ==============================================================================================
Attachment 9 UNITED DOMINION REALTY TRUST, INC. DEVELOPMENT SUMMARY SEPTEMBER 30, 2001 (Dollars in thousands, except Cost Per Home) (Unaudited) 2001 COMPLETIONS Expected No. of Apt. Development Cost Per Date First Year Homes Cost Home Completed % Leased Return ----------- ---------- --------------- --------- ---------- New Communities: - ---------------- Red Stone Ranch Apartments 324 $19,100 $59,000 Sep-01 57.9% 9.7% Austin, TX Phase II Additions: - ------------------- Manor at England Run III 120 $7,800 $65,000 Sep-01 100.0% 13.4% Fredericksburg, VA ----------- ---------- ------- Total 444 $26,900 $60,600 =========== ========== ======= 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 332 196 $21,300 $25,700 $77,400 1Q02 11.0% Raleigh, NC ----------- ---------- ------- -------- --------- Subtotal 332 196 21,300 25,700 77,400 ----------- ---------- ------- -------- --------- Phase II Additions: - ------------------- Greensview II 192 48 12,700 16,700 87,000 1Q02 10.8% Denver, CO The Meridian II 270 - 9,100 17,400 64,400 2Q02 9.9% Dallas, TX ----------- ---------- ------- -------- --------- Subtotal 462 48 21,800 34,100 73,800 ----------- ---------- ------- -------- --------- ----------- ---------- ------- -------- --------- Total 794 244 $43,100 $59,800 $75,300 =========== ========== ======= ======== =========
Note: In addition, United Dominion owns eight parcels of land aggregating $11.0 million held for future development at September 30, 2001. Seven of the eight parcels represent second phases to existing properties. Attachment 10 UNITED DOMINION REALTY TRUST, INC. DEVELOPMENT JOINT VENTURE SUMMARY SEPTEMBER 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 97.6% 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 95.5% Lakeland, FL Sierra Canyon 236 15,400 65,300 Mar-01 99.2% Phoenix, AZ Oaks at Weston 380 28,000 73,700 Mar-01 79.7% Raleigh, NC Mandolin 308 21,100 68,500 Sep-01 97.1% Dallas, TX ----------- ----------- -------- Total 1,188 $81,600 $67,800 =========== =========== ========
Attachment 11 UNITED DOMINION REALTY TRUST, INC. DISPOSITION SUMMARY SEPTEMBER 30, 2001 (Dollars in thousands) (Unaudited) Date of No. of Apt. Sales Sale Homes Price Gain ------- ----------- --------- ---- Apartment Communities - -------------------------------- 1. Twin Coves 1/3/01 130 $ 6,570 Baltimore, MD 2. Glenridge 1/11/01 40 2,970 Monterey Peninsula, CA 3. Santanna 3/30/01 81 6,000 Monterey Peninsula, CA 4. Pembroke Bay 4/20/01 358 23,400 Pembroke Pines, FL 5. University Club 4/20/01 164 11,480 Tamarac, FL 6. Cleary Court 4/20/01 192 13,440 Plantation, FL 7. Copperfield 4/20/01 352 24,640 Coral Springs, FL 8. Polo Chase 4/20/01 320 22,400 Wellington, FL 9. Mediterranean Village 4/20/01 252 17,640 Miami, FL ----------- --------- 2001 YTD Total for Depreciable Property 1,889 128,540 Undeveloped Land - -------------------------------- 1. Mason Road Land 8/22/01 n/a 2,760 Houston, TX 2. Salisbury Land 9/21/01 n/a 2,800 Chesterfield, VA ----------- --------- 2001 YTD Total for Land Sales - 5,560 ----------- --------- -------- 2001 YTD Grand Total 1,889 $ 134,100 $ 24,748 =========== ========= ========
ITEM 9. REGULATION FD DISCLOSURE 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. Management is comfortable with its 2001 FFO estimate of $1.48 per share. For 2002, current First Call estimates range from $1.50 per share to $1.69 per share, with a consensus estimate of $1.62. Management is comfortable with its prior guidance of $1.65 per share. 17 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 17, 2001 /s/ Christopher D. Genry ---------------------- ----------------------------- Christopher D. Genry Executive Vice President and Chief Financial Officer Date: December 17, 2001 /s/ Scott A. Shanaberger ---------------------- ----------------------------- Scott A. Shanaberger Vice President and Chief Accounting Officer 18 -----END PRIVACY-ENHANCED MESSAGE-----