Exhibit 99.1
[UNITED DOMINION REALTY TRUST LOGO] | For details, contact: |
Ella Neyland
Executive Vice President, Treasurer
Phone (720.283.6144)
E-mail: ir@udrt.com
www.udrt.com
Press Release
For Immediate Release
UNITED DOMINION REALTY TRUST, INC. REPORTS
FOURTH QUARTER 2002 FUNDS FROM OPERATIONS
IN LINE WITH FIRST CALL CONSENSUS
AND COMPLETION OF $123 MILLION OF CAPITAL TRANSACTIONS
RICHMOND, VA. (February 10, 2003) United Dominion Realty Trust, Inc. (NYSE symbol: UDR) today reported Funds From Operations (“FFO”) of $51.5 million, or $0.40 per share, for the quarter ended December 31, 2002, compared to FFO of $47.7 million, also $0.40 per share, for the comparable period a year ago, meeting its prior earnings guidance for the quarter and the Wall Street consensus estimate. FFO for the twelve months ended December 31, 2002 was $208.1 million, or $1.63 per share, up 10% per share from FFO of $178.8 million, or $1.48 per share for the twelve months ended December 31, 2001. FFO is reported on a fully diluted basis.
Adjusted Funds From Operations (“AFFO”) was $43.7 million, or $0.34 per share for the quarter ended December 31, 2002, up 3% per share from AFFO of $39.8 million, or $0.33 per share, for the comparable period a year ago. AFFO for the twelve months ended December 31, 2002 was $175.7 million, or $1.37 per share, up 12% per share from AFFO of $147.3 million, or $1.22 per share for the twelve months ended December 31, 2001. AFFO is reported on a fully diluted basis.
“We ended the year on several positive notes. We delivered Total Shareholder Return for 2002 of 22%, which lead the apartment sector. Despite a continued softness in apartment fundamentals, we increased our occupancy in the fourth quarter over the third quarter, leading to sequential growth of 2% in our Same Store Sales,” stated Thomas W. Toomey, President and Chief Executive Officer. “We started 2003 with the announcement that we would be the first multifamily REIT to be included in the S&P MidCap 400 Index. Looking toward the balance of 2003, we still do not see positive trends in some of the key drivers of our business, such as job growth, levels of new construction nor abatement in the flight to home ownership. Our focus in 2003 will continue to be attracting and retaining residents and maintaining a high level of sales and service for the people that live in our communities,” continued Mr. Toomey.
1
Highlights from the Fourth Quarter
| · | 3% Growth in AFFO |
| · | FFO in line with First Call consensus estimates |
| · | Asset Sales of $16 million |
| · | Repurchased $48 million in unsecured debt |
| · | Asset Acquisitions of $50 million |
| · | Repurchased $8.7 million of common stock at an average price of $14.19 per share |
Portfolio Operating Performance and Same Community Results
During the fourth quarter, 67,347 apartment homes, or 90% of total apartment homes, were classified as Same Community. The Company defines Same Community as stabilized apartment communities owned for at least four full quarters.
Same Community Results ($ in thousands, except monthly rent)
4th Qtr ‘02 | 4th Qtr ‘01 | % Change | |||||||||
Gross potential rent | $ | 142,478 |
| $ | 144,550 |
| -1.4 | % | |||
Net Rental & other income |
| 137,258 |
|
| 139,272 |
| -1.4 | % | |||
Expenses |
| 51,043 |
|
| 50,426 |
| 1.2 | % | |||
Net operating income |
| 86,215 |
|
| 88,846 |
| -3.0 | % | |||
Avg. monthly rent per home | $ | 705 |
| $ | 715 |
| -1.4 | % | |||
Avg. monthly rent per SF |
| 0.798 |
|
| 0.810 |
| -1.4 | % | |||
Avg. physical occupancy |
| 93.3 | % |
| 94.3 | % | -1.0 | % | |||
Operating margin |
| 62.8 | % |
| 63.8 | % | -1.0 | % | |||
Resident credit loss, % of gross potential rent |
| 0.7 | % |
| 1.2 | % | -0.5 | % | |||
Rent concessions, % of gross potential rent |
| 3.1 | % |
| 2.3 | % | 0.8 | % | |||
Annualized resident turnover rate |
| 61.0 | % |
| 73.3 | % | -12.3 | % | |||
On a quarter-over-quarter basis, fourth quarter 2002 Same Community Net Operating Income (“NOI”) growth of negative 3.0% was the result of a 1.4% decrease in revenues from rental and other income and a 1.2% increase in operating expenses.
Same Communities represent 57 markets, of which 28 markets, or 49%, generated positive Same Community NOI growth fourth quarter 2002 over fourth quarter 2001.
2
Same Community Results ($ in thousands, except monthly rent)
4th Qtr ‘02 | 3rd Qtr ‘02 | % Change | |||||||||
Gross potential rent | $ | 142,478 |
| $ | 143,544 |
| -0.7 | % | |||
Net Rental & other income |
| 137,258 |
|
| 135,877 |
| 1.0 | % | |||
Expenses |
| 51,043 |
|
| 51,333 |
| -0.6 | % | |||
Net operating income |
| 86,215 |
|
| 84,544 |
| 2.0 | % | |||
Avg. monthly rent per home | $ | 705 |
| $ | 710 |
| -0.7 | % | |||
Avg. monthly rent per SF |
| 0.798 |
|
| 0.804 |
| -0.7 | % | |||
Avg. physical occupancy |
| 93.3 | % |
| 92.8 | % | 0.5 | % | |||
Operating margin |
| 62.8 | % |
| 62.2 | % | 0.6 | % | |||
Resident credit loss, % of gross potential rent |
| 0.7 | % |
| 1.0 | % | 0.3 | % | |||
Rent concessions, % of gross potential rent |
| 3.1 | % |
| 3.1 | % | 0.0 | % | |||
Annualized Resident turnover rate |
| 61.0 | % |
| 82.7 | % | -21.7 | % | |||
Sequentially comparing fourth quarter 2002 to the third quarter 2002, Same Community NOI increased by 2.0% due to a 1.0% increase in rental income and expenses decreasing 0.6%.
Same Communities represent 57 markets, of which 27 markets, or 47%, generated positive Same Community NOI growth fourth quarter 2002 over third quarter 2002.
Financing Activities
During the fourth quarter, the Company redeemed a total of $48 million of unsecured debt that had an average weighted coupon of 8.12% and refinanced $8.6 million of existing secured debt with an average interest rate of 9.3%. Management projects that these financing activities will save the Company $1.4 million, net present value, after payment of $7.6 million in premiums, pre-payment penalties and fees which are reflected in our Consolidated Statements of Operations as extraordinary costs of early extinguishment of debt.
The Company repurchased 611,700 shares of its outstanding Common Stock at an average price per share of $14.19. As of December 31, 2002, the Company is authorized to repurchase up to an additional 2.3 million shares of common stock.
3
Portfolio Repositioning
The Company sold two communities totaling 426 apartment homes in Albuquerque, New Mexico for a total Sales Price of $16.1 million. A gain of $800,000 was realized on this sale. The sales price was on a cap rate of 9.3% using trailing 12 months Net Operating Income (“NOI”) less an actual capital expenditure reserve of $435 per unit. The average age of these two communities was 17 years. This sale divests our only two assets in this market.
We also acquired two communities totaling 418 apartment homes for a total Sales Price of $50 million. The Windemere in Riverside, California was acquired on a cap rate of 6.5% based on 2003 stabilized NOI less a capital expenditure reserve of $250 per unit. Summit Meadow, in Columbia, Maryland was acquired on a cap rate of 7.9% based on 2003 stabilized NOI less a capital expenditure reserve of $435 per unit. The age of the communities was 2 and 13 years, respectively.
The portfolio repositioning in 2002 encompassed $314 million of asset sales at an average cap rate of 8.1% and $323 million of acquisitions at an average cap rate of 8.2% This repositioning resulted in a decrease in the number of markets from 62 at the beginning of the year to a concentration in 57 markets by December 31, 2002.
2003 Common Stock Dividend
On February 7, 2003, the Company announced it is increasing the dividend to common shareholders for First Quarter 2003 to $0.285 per share (compared to $0.2775 per share for 2002). This represents an annualized dividend of $1.14 per share, a 3% increase over 2002.
4
Supplemental Information
UDR provides Quarterly Supplemental Information with details regarding the Company’s activities during the period. The information is available on the UDR website at:
http://www.udrt.com/4Q2002
Conference Call Information
Dial in at least five minutes prior to start time.
Domestic: 800-867-0938
International: 303-262-2075
If you have any questions, please contact: Elyse Fischler
Phone: 312-640-6786
E-mail: efischler@webershandwick.com
Conference Call Playback:
Domestic: 800-405-2236
International: 303-590-3000
Pass code: 514561
The playback can be accessed until February 18, 2003 at midnight.
Webcast:
The conference call will also be available on UDR’s website atwww.udrt.com and atwww.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 website and also on ccbn website.
About United Dominion Realty Trust, Inc.
United Dominion is the fourth largest apartment REIT, owning and operating apartment communities nationwide. The Company has a thirty one-year history during which it has raised the dividend each of the last twenty-seven years. United Dominion is included in the S&P MidCap 400 Index. The Company currently owns 74,480 apartment homes and is the developer of 178 homes currently under construction. United Dominion’s common stock is traded on the New York Stock Exchange under the symbol UDR. Additional information about United Dominion may be found on its web site atwww.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, acquisitions or new developments may not achieve anticipated results, 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 for the year ended December 31, 2001 and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002. 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 such statements.
Financial Tables Follow
5
Attachment 1
UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31, | Twelve Months Ended | |||||||||||||||
In thousands, except per share amounts | 2002 | 2001 | 2002 | 2001 | ||||||||||||
Rental income | $ | 152,128 |
| $ | 142,337 |
| $ | 594,314 |
| $ | 565,322 |
| ||||
Rental expenses: | ||||||||||||||||
Real estate taxes and insurance |
| 16,018 |
|
| 14,501 |
|
| 64,495 |
|
| 60,054 |
| ||||
Personnel |
| 16,160 |
|
| 14,485 |
|
| 60,580 |
|
| 57,443 |
| ||||
Utilities |
| 8,987 |
|
| 8,182 |
|
| 34,529 |
|
| 34,905 |
| ||||
Repairs and maintenance |
| 10,093 |
|
| 9,190 |
|
| 37,909 |
|
| 33,517 |
| ||||
Administrative and marketing |
| 5,708 |
|
| 5,372 |
|
| 21,876 |
|
| 20,583 |
| ||||
Property management |
| 4,212 |
|
| 4,306 |
|
| 17,240 |
|
| 17,107 |
| ||||
Other operating |
| 271 |
|
| 341 |
|
| 1,203 |
|
| 1,391 |
| ||||
| 61,449 |
|
| 56,377 |
|
| 237,832 |
|
| 225,000 |
| |||||
Other income: | ||||||||||||||||
Non-property income |
| 921 |
|
| 2,425 |
|
| 1,806 |
|
| 4,593 |
| ||||
Other expenses: | ||||||||||||||||
Real estate depreciation |
| 40,551 |
|
| 34,136 |
|
| 152,169 |
|
| 137,597 |
| ||||
Interest |
| 32,611 |
|
| 33,625 |
|
| 130,956 |
|
| 139,695 |
| ||||
Severance costs and other organizational charges |
| — |
|
| — |
|
| — |
|
| 5,404 | (C) | ||||
Impairment loss on real estate and investments |
| — |
|
| 2,248 | (A) |
| — |
|
| 4,661 | (C) | ||||
General and administrative |
| 3,864 |
|
| 7,037 |
|
| 19,343 |
|
| 21,730 |
| ||||
Non real estate depreciation and amortization |
| 869 |
|
| 864 |
|
| 4,096 |
|
| 3,333 |
| ||||
| 77,895 |
|
| 77,910 |
|
| 306,564 |
|
| 312,420 |
| |||||
Income before gains on sales of investments, minority interests, discontinued operations, and extraordinary items |
| 13,705 |
|
| 10,475 |
|
| 51,724 |
|
| 32,495 |
| ||||
Gains on sales of depreciable property |
| — |
|
| — |
|
| 1,248 | (B) |
| 24,748 |
| ||||
Income before minority interests, discontinued operations, and extraordinary items |
| 13,705 |
|
| 10,475 |
|
| 52,972 |
|
| 57,243 |
| ||||
Minority interests of outside partnerships |
| (315 | ) |
| (566 | ) |
| (1,414 | ) |
| (2,225 | ) | ||||
Minority interests of unitholders in operating partnerships |
| (406 | ) |
| (205 | ) |
| (1,500 | ) |
| (1,374 | ) | ||||
Income before discontinued operations and extraordinary items |
| 12,984 |
|
| 9,704 |
|
| 50,058 |
|
| 53,644 |
| ||||
Income from discontinued operations, net of minority interests (D) |
| 1,273 |
|
| 3,229 |
|
| 36,937 |
|
| 11,424 |
| ||||
Income before extraordinary items |
| 14,257 |
|
| 12,933 |
|
| 86,995 |
|
| 65,068 |
| ||||
Extraordinary items—early extinguishment of debt, net of minority interests (E) |
| (7,155 | ) |
| (2,629 | ) |
| (33,766 | ) |
| (3,240 | ) | ||||
Net income |
| 7,102 |
|
| 10,304 |
|
| 53,229 |
|
| 61,828 |
| ||||
Distributions to preferred shareholders—Series A and B |
| (2,911 | ) |
| (2,911 | ) |
| (11,645 | ) |
| (15,762 | ) | ||||
Distributions to preferred shareholders—Series D (Convertible) |
| (3,964 | ) |
| (3,857 | ) |
| (15,779 | ) |
| (15,428 | ) | ||||
Premium on preferred share repurchases |
| — |
|
| — |
|
| — |
|
| (3,496 | ) | ||||
Net income available to common shareholders | $ | 227 |
| $ | 3,536 |
| $ | 25,805 |
| $ | 27,142 |
| ||||
Earnings (loss) per common share—basic: | ||||||||||||||||
Income before discontinued operations and extraordinary items, net of minority interests | $ | 0.06 |
| $ | 0.04 |
| $ | 0.21 |
| $ | 0.19 |
| ||||
Income from discontinued operations, net of minority interests | $ | 0.01 |
| $ | 0.03 |
| $ | 0.35 |
| $ | 0.11 |
| ||||
Extraordinary items, net of minority interests | ($ | 0.07 | ) | ($ | 0.03 | ) | ($ | 0.32 | ) | ($ | 0.03 | ) | ||||
Net income available to common shareholders | $ | 0.00 |
| $ | 0.04 |
| $ | 0.24 |
| $ | 0.27 |
| ||||
Earnings (loss) per common share—diluted: | ||||||||||||||||
Income before discontinued operations and extraordinary items, net of minority interests | $ | 0.06 |
| $ | 0.04 |
| $ | 0.21 |
| $ | 0.19 |
| ||||
Income from discontinued operations, net of minority interests | $ | 0.01 |
| $ | 0.03 |
| $ | 0.35 |
| $ | 0.11 |
| ||||
Extraordinary items, net of minority interests | ($ | 0.07 | ) | ($ | 0.03 | ) | ($ | 0.32 | ) | ($ | 0.03 | ) | ||||
Net income available to common shareholders | $ | 0.00 |
| $ | 0.04 |
| $ | 0.24 |
| $ | 0.27 |
| ||||
Common distributions declared per share | $ | 0.2775 |
| $ | 0.2700 |
| $ | 1.1100 |
| $ | 1.0800 |
| ||||
Weighted average number of common shares outstanding-basic |
| 106,408 |
|
| 99,432 |
|
| 106,078 |
|
| 100,339 |
| ||||
Weighted average number of common shares outstanding-diluted |
| 107,227 |
|
| 100,286 |
|
| 106,952 |
|
| 101,037 |
| ||||
| (A) | Represents writedown of investment in Realeum, Inc. |
| (B) | Represents gain recognized on condemnation of 96 units of a community in Fresno, California during the second quarter of 2002. |
| (C) | Represents non-recurring charges related to workforce reductions, other severance costs and executive office relocation costs, and the writedowns of undeveloped land sites in selected markets and investment in online apartment leasing company. |
| (D) | Discontinued operations represents all properties sold in 2002 and properties that are currently classified as held for disposition at December 31, 2002. Refer to Attachment 5 for details. |
| (E) | For the three and twelve months ended December 31, 2002, extraordinary items includes a charge of $0.5 million and $2.2 million of minority interest expense, respectively. For the three and twelve months ended December 31, 2001, extraordinary items includes a charge of $0.2 million and $0.2 million of minority interest expense, respectively. |
Attachment 2
UNITED DOMINION REALTY TRUST, INC.
FUNDS FROM OPERATIONS
(Unaudited)
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
In thousands, except per share amounts | 2002 | 2001 | 2002 | 2001 | ||||||||||||
Net income | $ | 7,102 |
| $ | 10,304 |
| $ | 53,229 |
| $ | 61,828 |
| ||||
Adjustments: | ||||||||||||||||
Distributions to preferred shareholders |
| (6,875 | ) |
| (6,768 | ) |
| (27,424 | ) |
| (31,190 | ) | ||||
Real estate depreciation, net of outside partners’ interest |
| 40,260 |
|
| 33,749 |
|
| 150,743 |
|
| 135,958 |
| ||||
Minority interests of unitholders in operating partnership |
| 406 |
|
| 205 |
|
| 1,500 |
|
| 1,374 |
| ||||
Real estate depreciation related to unconsolidated entities |
| 39 |
|
| 360 |
|
| 471 |
|
| 1,105 |
| ||||
Gains on sales of depreciable property, net of outside partners’ interest |
| — |
|
| — |
|
| (1,244 | ) |
| (24,007 | ) | ||||
Extraordinary items-early extinguishment of debt, net of minority interest |
| 7,155 |
|
| 2,629 |
|
| 33,766 |
|
| 3,240 |
| ||||
Discontinued Operations: | ||||||||||||||||
Real estate depreciation |
| 220 |
|
| 3,269 |
|
| 6,986 |
|
| 14,248 |
| ||||
Minority interests of unitholders in operating partnership |
| 84 |
|
| 234 |
|
| 2,433 |
|
| 828 |
| ||||
Impairment loss on real estate |
| — |
|
| — |
|
| 2,301 |
|
| — |
| ||||
Gains on sales of depreciable property |
| (825 | ) |
| — |
|
| (31,450 | ) |
| — |
| ||||
Extraordinary items-early extinguishment of debt, net of minority interest |
| — |
|
| (94 | ) |
| 975 |
|
| (4 | ) | ||||
Funds from operations (“FFO”)-basic | $ | 47,566 |
| $ | 43,888 |
| $ | 192,286 |
| $ | 163,380 |
| ||||
Adjustment: | ||||||||||||||||
Distribution to preferred shareholders-Series D (Convertible) | $ | 3,964 |
| $ | 3,857 |
| $ | 15,779 |
| $ | 15,428 |
| ||||
Funds from operations-diluted | $ | 51,530 |
| $ | 47,745 |
| $ | 208,065 |
| $ | 178,808 |
| ||||
Adjustment: | ||||||||||||||||
Recurring capital expenditures | $ | (7,784 | ) | $ | (7,903 | ) | $ | (32,341 | ) | $ | (31,535 | ) | ||||
Adjusted funds from operations (“AFFO”)-diluted | $ | 43,746 |
| $ | 39,842 |
| $ | 175,724 |
| $ | 147,273 |
| ||||
Weighted average number of common shares and OP Units outstanding-basic |
| 113,375 |
|
| 106,625 |
|
| 113,077 |
|
| 107,741 |
| ||||
Weighted average number of common shares and OP Units outstanding-diluted |
| 128,081 |
|
| 120,037 |
|
| 127,838 |
|
| 120,728 |
| ||||
FFO per common share-basic | $ | 0.42 |
| $ | 0.41 |
| $ | 1.70 |
| $ | 1.52 |
| ||||
FFO per common share-diluted | $ | 0.40 |
| $ | 0.40 |
| $ | 1.63 |
| $ | 1.48 |
| ||||
AFFO per common share-basic | $ | 0.35 |
| $ | 0.34 |
| $ | 1.41 |
| $ | 1.22 |
| ||||
AFFO per common share-diluted | $ | 0.34 |
| $ | 0.33 |
| $ | 1.37 |
| $ | 1.22 |
| ||||
Adjustments for One Time Charges: | ||||||||||||||||
One time charges (refer to note (C) on Attachment 1) |
| — |
|
| — |
|
| — |
|
| 8,592 |
| ||||
Funds from operations—diluted before one time charges | $ | 51,530 |
| $ | 47,745 |
| $ | 208,065 |
| $ | 187,400 |
| ||||
Adjusted funds from operation—diluted before one time charges | $ | 43,746 |
| $ | 39,842 |
| $ | 175,724 |
| $ | 155,865 |
| ||||
FFO per common share—diluted before one time charges | $ | 0.40 |
| $ | 0.40 |
| $ | 1.63 |
| $ | 1.55 |
| ||||
AFFO per common share—diluted before one time charges | $ | 0.34 |
| $ | 0.33 |
| $ | 1.37 |
| $ | 1.29 |
| ||||
FFO is defined as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable property and extraordinary items, 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. In July of 2000, the Best Financial Practices Council of NAREIT further concluded that impairment write downs associated with depreciable operating property should be added back to GAAP net income to arrive at FFO.
AFFO is defined as FFO less recurring capital expenditures for our stabilized portfolio at $425 per unit in 2002 and $418 per unit in 2001.
Attachment 3
UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
In thousands, except per share amounts | December 31, 2002 | December 31, 2001 | ||||||
ASSETS | ||||||||
Real estate owned: | ||||||||
Real estate held for investment | $ | 3,908,746 |
| $ | 3,858,579 |
| ||
Less: accumulated depreciation |
| (742,876 | ) |
| (646,366 | ) | ||
| 3,165,870 |
|
| 3,212,213 |
| |||
Real estate under development |
| 30,624 |
|
| 40,240 |
| ||
Real estate held for disposition (net of accumulated depreciation of $5,857 and $0) |
| 22,256 |
|
| 8,848 |
| ||
Total real estate owned, net of accumulated depreciation |
| 3,218,750 |
|
| 3,261,301 |
| ||
Cash and cash equivalents |
| 3,152 |
|
| 4,641 |
| ||
Restricted cash |
| 11,773 |
|
| 26,830 |
| ||
Deferred financing costs |
| 17,548 |
|
| 15,802 |
| ||
Investment in unconsolidated development joint venture |
| — |
|
| 3,355 |
| ||
Other assets |
| 24,913 |
|
| 36,162 |
| ||
Total assets | $ | 3,276,136 |
| $ | 3,348,091 |
| ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Secured debt | $ | 1,015,740 |
| $ | 974,177 |
| ||
Unsecured debt |
| 1,041,900 |
|
| 1,090,020 |
| ||
Real estate taxes payable |
| 29,743 |
|
| 28,099 |
| ||
Accrued interest payable |
| 11,908 |
|
| 16,779 |
| ||
Security deposits and prepaid rent |
| 21,379 |
|
| 20,481 |
| ||
Distributions payable |
| 35,141 |
|
| 33,457 |
| ||
Accounts payable, accrued expenses and other liabilities |
| 49,634 |
|
| 66,688 |
| ||
Real estate held for disposition—liabilities |
| 204 |
|
| — |
| ||
Total liabilities |
| 2,205,649 |
|
| 2,229,701 |
| ||
Minority interests |
| 69,216 |
|
| 75,665 |
| ||
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 2001) |
| 135,400 |
|
| 135,400 |
| ||
8,000,000 shares 7.50% Series D Cumulative Convertible Redeemable issued and outstanding (8,000,000 shares in 2001) |
| 175,000 |
|
| 175,000 |
| ||
Common stock, $1 par value; 150,000,000 shares authorized 106,605,259 shares issued and outstanding (103,133,279 shares in 2001) |
| 106,605 |
|
| 103,133 |
| ||
Additional paid-in capital |
| 1,140,786 |
|
| 1,098,029 |
| ||
Distributions in excess of net income |
| (541,428 | ) |
| (448,345 | ) | ||
Deferred compensation—unearned restricted stock awards |
| (2,504 | ) |
| (1,312 | ) | ||
Notes receivable from officer-shareholders |
| (2,630 | ) |
| (4,309 | ) | ||
Accumulated other comprehensive loss, net |
| (9,958 | )(A) |
| (14,871 | )(A) | ||
Total shareholders’ equity |
| 1,001,271 |
|
| 1,042,725 |
| ||
Total liabilities and shareholders’ equity | $ | 3,276,136 |
| $ | 3,348,091 |
| ||
| (A) | Represents net unrealized loss on derivative instrument transactions. |
Attachment 4
UNITED DOMINION REALTY TRUST, INC.
SELECTED FINANCIAL INFORMATION
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
DEBT STRUCTURE
Balance | % of Total | Interest Rate | ||||||||||
Secured | Fixed | $ | 538,080 |
| 26.2 | % | 6.84 | % | ||||
Floating |
| 477,660 |
| 23.2 | % | 2.01 | % | |||||
Combined |
| 1,015,740 |
| 49.4 | % | 4.56 | % | |||||
Unsecured | Fixed |
| 756,100 |
| 36.7 | % | 7.34 | % | ||||
Floating |
| 285,800 |
| 13.9 | % | 2.86 | % | |||||
Combined |
| 1,041,900 |
| 50.6 | % | 6.11 | % | |||||
Interest Rate Swaps (A) | Fixed |
| 232,000 |
| 7.72 | % | ||||||
Floating |
| (232,000 | ) | 2.60 | % | |||||||
Total Debt | Fixed |
| 1,526,180 |
| 74.2 | % | 7.22 | % | ||||
Floating |
| 531,460 |
| 25.8 | % | 2.21 | % | |||||
Combined | $ | 2,057,640 |
| 100.0 | % | 5.93 | % | |||||
| (A) | United Dominion has 13 interest rate swap agreements with a notional amount aggregating $232 million that are used to fix the interest rate on a portion of its variable rate debt. |
DEBT MATURITIES
Secured Debt | Bank Lines | Other Unsecured Debt | Balance | Interest Rate | ||||||||||||
2003 | $ | 19,504 | $ | 175,800 | $ | 115,102 |
| $ | 310,406 | 8.02 | %(B) | |||||
2004 |
| 60,377 |
| — |
| 151,211 | (C) |
| 211,588 | 7.95 | % | |||||
2005 |
| 24,591 |
| — |
| 121,368 |
|
| 145,959 | 7.64 | % | |||||
2006 |
| 35,237 |
| — |
| 110,374 |
|
| 145,611 | 7.46 | % | |||||
2007 |
| 7,574 |
| — |
| 92,265 |
|
| 99,839 | 7.30 | % | |||||
Thereafter |
| 868,457 |
| — |
| 275,780 |
|
| 1,144,237 | 4.83 | % | |||||
$ | 1,015,740 | $ | 175,800 | $ | 866,100 |
| $ | 2,057,640 | ||||||||
| (B) | Interest rate excludes the effect of the Company’s bank lines. |
| (C) | Includes $54.1 million of 8.5% debentures which include a one-time put option in September 2004. Should the investors choose not to put these debentures back to UDR at that time, the debentures will not mature until September 2024. |
COVERAGE RATIOS
Quarter | Year-to-Date | ||||
Interest Coverage Ratio | 2.71 | 2.70 | (D) | ||
Fixed Charge Coverage Ratio | 2.24 | 2.24 | (E) |
| (D) | EBITDA (before non-recurring items) divided by interest expense. |
| (E) | EBITDA (before non-recurring items) divided by interest expense and preferred dividends. |
MARKET CAPITALIZATION
Balance | % of Total | |||||
Total debt | $ | 2,057,640 | 48.6 | % | ||
Preferred equity at market |
| 314,354 | 7.4 | % | ||
Common shares & OP Units at $16.36 |
| 1,858,038 | 44.0 | % | ||
Total market capitalization | $ | 4,230,032 | 100.0 | % | ||
COMMON STOCK EQUIVALENTS
Weighted Average | Ending | |||
Common Shares | 106,453,398 | 106,605,259 | ||
Stock Options | 774,068 | 957,735 | ||
Out-Performance Partnership Units | 1,578,534 | 1,578,534 | ||
Operating Partnership Units | 6,967,147 | 6,967,147 | ||
Convertible Preferred Stock | 12,307,692 | 12,307,692 | ||
Total Common Stock Equivalents | 128,080,839 | 128,416,367 | ||
SECURITIES RATINGS
Debt | Preferred | |||
Moody’s Investors Service | Baa3 | Ba1 | ||
Standard & Poors | BBB- | BB+ |
QUICK FACTS
| * | For the three and twelve months ended December 31, 2002, total interest capitalized was $107 thousand and $931 thousand, respectively. |
| * | Secured debt encumbers $1.5 billion or 36.3% of the carrying value of UDR’s real estate owned. $2.4 billion or 61.7% of the carrying value of UDR’s real estate owned is unencumbered. |
Attachment 5
UNITED DOMINION REALTY TRUST, INC.
INCOME FROM DISCONTINUED OPERATIONS
(Unaudited)
During the twelve months ended December 31, 2002, United Dominion sold 25 communities with a total of 6,990 apartment homes, one commercial property and one parcel of land. At December 31, 2002, United Dominion had two communities with 363 apartment homes with a net book value of $13.6 million, two parcels of land with a net book value of $6.9 million and one commercial property with a net book value of $1.8 million included in real estate held for disposition. The results of operations for these properties are classified on the Consolidated Statements of Operations in the line item entitled “Income from discontinued operations, net of minority interests.”
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
In thousands | 2002 | 2001 | 2002 | 2001 | ||||||||||||
Rental income | $ | 1,576 |
| $ | 13,644 |
| $ | 34,559 |
| $ | 54,217 |
| ||||
Rental expenses |
| 728 |
|
| 5,901 |
|
| 14,312 |
|
| 22,028 |
| ||||
Other expenses |
| 316 |
|
| 4,374 |
|
| 9,051 |
|
| 19,166 |
| ||||
Impairment loss on real estate |
| — |
|
| — |
|
| 2,301 |
|
| 775 |
| ||||
| 1,044 |
|
| 10,275 |
|
| 25,664 |
|
| 41,969 |
| |||||
Income before gains on sales of investments, minority interests and extraordinary items |
| 532 |
|
| 3,369 |
|
| 8,895 |
|
| 12,248 |
| ||||
Gains on sales of depreciable property |
| 825 |
|
| — |
|
| 31,450 |
|
| — |
| ||||
Income before minority interests and extraordinary items |
| 1,357 |
|
| 3,369 |
|
| 40,345 |
|
| 12,248 |
| ||||
Minority interests on income from discontinued operations |
| (84 | ) |
| (234 | ) |
| (2,433 | ) |
| (828 | ) | ||||
Income before extraordinary items |
| 1,273 |
|
| 3,135 |
|
| 37,912 |
|
| 11,420 |
| ||||
Extraordinary items—early extinguishment of debt, net of minority interests |
| — |
|
| 94 |
|
| (975 | ) |
| 4 |
| ||||
Income from discontinued operations, net of minority interests | $ | 1,273 |
| $ | 3,229 |
| $ | 36,937 |
| $ | 11,424 |
| ||||
Attachment 6(A)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
% Change | ||||||||||||||||||
Quarter Ended December 31, 2002 | Quarter Ended September 30, 2002 | Quarter Ended December 31, 2001 | SEQUENTIAL QTR | YTD | ||||||||||||||
REVENUES | ||||||||||||||||||
Same Communities (67,347 homes) | $ | 137,258 |
| $ | 135,877 |
| $ | 139,272 |
| 1.0 | % | -1.4 | % | |||||
Acquired Properties (4,481 homes) |
| 10,351 |
|
| 8,816 |
|
| — |
| |||||||||
Developed Properties (1,238 homes) |
| 2,724 |
|
| 2,736 |
|
| 1,127 |
| |||||||||
Other Properties & Commercial |
| 1,795 |
|
| 2,212 |
|
| 1,938 |
| |||||||||
Total | $ | 152,128 |
| $ | 149,641 |
| $ | 142,337 |
| 1.7 | % | 6.9 | % | |||||
EXPENSES | ||||||||||||||||||
Same Communities | $ | 51,043 |
| $ | 51,333 |
| $ | 50,426 |
| -0.6 | % | 1.2 | % | |||||
Acquired Properties |
| 4,107 |
|
| 3,355 |
|
| — |
| |||||||||
Developed Properties |
| 941 |
|
| 1,033 |
|
| 533 |
| |||||||||
Other Properties & Commercial |
| 875 |
|
| 812 |
|
| 771 |
| |||||||||
Total | $ | 56,966 |
| $ | 56,533 |
| $ | 51,730 |
| 0.8 | % | 10.1 | % | |||||
NOI | ||||||||||||||||||
Same Communities | $ | 86,215 |
| $ | 84,544 |
| $ | 88,846 |
| 2.0 | % | -3.0 | % | |||||
Acquired Properties |
| 6,244 |
|
| 5,461 |
|
| — |
| |||||||||
Developed Properties |
| 1,783 |
|
| 1,703 |
|
| 594 |
| |||||||||
Other Properties & Commercial |
| 920 |
|
| 1,400 |
|
| 1,167 |
| |||||||||
Total | $ | 95,162 |
| $ | 93,108 |
| $ | 90,607 |
| 2.2 | % | 5.0 | % | |||||
OPERATING MARGIN | ||||||||||||||||||
Same Communities |
| 62.8 | % |
| 62.2 | % |
| 63.8 | % | 0.6 | % | -1.0 | % | |||||
Acquired Properties |
| 60.3 | % |
| 61.9 | % |
| n/a |
| |||||||||
Developed Properties |
| 65.5 | % |
| 62.2 | % |
| 52.7 | % | |||||||||
Other Properties & Commercial |
| 51.3 | % |
| 63.3 | % |
| 60.2 | % | |||||||||
Total |
| 62.6 | % |
| 62.2 | % |
| 63.7 | % | 0.4 | % | -1.1 | % | |||||
Same Communities consist of all multifamily properties owned and stabilized for at least one year as of the beginning of the most recent quarter.
Acquired Properties consist of all multifamily properties acquired by the Company, other than through development activity, during the last six quarters.
Developed Properties consist of all multifamily properties developed or under development by the Company which are currently majority owned by the Company and had not achieved stabilization at least one year prior to the beginning of the most recent quarter.
Other Properties include properties managed by third parties, non multi-family properties and any property where greater than ten percent of available units have been pulled off-line for major renovation.
Stabilization occurs with the initial achievement of 90% occupancy for at least three consecutive months.
Apartment home unit count is as of December 31, 2002.
Attachment 6(B)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
% Change | ||||||||||||||||||
Quarter Ended December 31, 2002 | Quarter Ended September 30, 2002 | Quarter Ended December 31, 2001 | SEQUENTIAL QTR | YTD | ||||||||||||||
RENTAL RATE PER UNIT | ||||||||||||||||||
Same Communities | $ | 705 |
| $ | 710 |
| $ | 715 |
| -0.7 | % | -1.4 | % | |||||
Acquired Properties |
| 1,046 |
|
| 1,042 |
|
| — |
| |||||||||
Developed Properties |
| 894 |
|
| 900 |
|
| 900 |
| |||||||||
Held for Disposition |
| 742 |
|
| 741 |
|
| 742 |
| |||||||||
Total | $ | 726 |
| $ | 728 |
| $ | 718 |
| -0.3 | % | 1.1 | % | |||||
PHYSICAL OCCUPANCY | ||||||||||||||||||
Same Communities |
| 93.3 | % |
| 92.8 | % |
| 94.3 | % | 0.5 | % | -1.0 | % | |||||
Acquired Properties |
| 92.9 | % |
| 91.2 | % |
| 90.5 | % | |||||||||
Developed Properties |
| 85.9 | % |
| 85.5 | % |
| 60.3 | % | |||||||||
Held for Disposition |
| 92.1 | % |
| 92.2 | % |
| 91.9 | % | |||||||||
Total |
| 93.1 | % |
| 92.6 | % |
| 93.5 | % | 0.5 | % | -0.4 | % | |||||
CONCESSIONS | ||||||||||||||||||
Same Communities |
| 3.1 | % |
| 3.1 | % |
| 2.3 | % | 0.0 | % | 0.8 | % | |||||
Acquired Properties |
| 5.6 | % |
| 5.9 | % |
| 0.0 | % | |||||||||
Developed Properties |
| 6.0 | % |
| 5.3 | % |
| 10.4 | % | |||||||||
Held for Disposition |
| 5.9 | % |
| 6.2 | % |
| 3.5 | % | |||||||||
Total |
| 3.3 | % |
| 3.4 | % |
| 2.4 | % | -0.1 | % | 0.9 | % | |||||
ROIC | ||||||||||||||||||
Same Communities |
| 10.2 | % |
| 10.1 | % |
| 10.7 | % | 0.1 | % | -0.5 | % | |||||
Acquired Properties |
| 7.3 | % |
| 7.9 | % |
| 0.0 | % | |||||||||
Developed Properties |
| 8.3 | % |
| 8.1 | % |
| 7.1 | % | |||||||||
Held for Disposition |
| 11.2 | % |
| 10.5 | % |
| 11.4 | % | |||||||||
Total |
| 9.9 | % |
| 9.8 | % |
| 10.6 | % | 0.1 | % | -0.7 | % | |||||
Physical occupancy represents the number of occupied units divided by the total units available for a property.
Concessions are disclosed as a percentage of gross potential.
Return on Invested Capital (“ROIC”) represents the most recent quarter’s NOI, annualized, divided by the average of beginning and ending invested capital for the quarter.
Attachment 7(A)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
CURRENT QUARTER VS. PRIOR YEAR QUARTER
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
Total Apartment Homes | % of Total Portfolio Based on YTD 2002 NOI | Total Same Community Homes | Same Community | ||||||||||||||||||||||||||||||||||||||||
Physical Occupancy | Rental Rate | Annualized Resident Turnover (1) | Concessions (2) | ||||||||||||||||||||||||||||||||||||||||
QTD 02 | QTD 01 | Change | QTD 02 | QTD 01 | Change | QTD 02 | QTD 01 | Change | QTD 02 | QTD 01 | Change | ||||||||||||||||||||||||||||||||
Dallas, TX | 5,133 | 6.3 | % | 4,305 | 93.6 | % | 94.7 | % | -1.1 | % | $ | 662 | $ | 686 | -3.5 | % | 58.3 | % | 72.6 | % | -14.3 | % | 5.3 | % | 2.3 | % | 3.0 | % | |||||||||||||||
Houston, TX | 5,726 | 6.3 | % | 5,726 | 90.9 | % | 95.1 | % | -4.2 | % |
| 647 |
| 635 | 1.9 | % | 74.8 | % | 84.3 | % | -9.5 | % | 2.5 | % | 3.0 | % | -0.5 | % | |||||||||||||||
Orlando, FL | 4,140 | 5.2 | % | 3,884 | 91.9 | % | 91.7 | % | 0.2 | % |
| 728 |
| 740 | -1.6 | % | 57.6 | % | 72.2 | % | -14.6 | % | 3.5 | % | 2.3 | % | 1.2 | % | |||||||||||||||
Phoenix, AZ | 3,855 | 4.9 | % | 3,399 | 92.9 | % | 93.4 | % | -0.5 | % |
| 716 |
| 723 | -1.0 | % | 71.9 | % | 77.1 | % | -5.2 | % | 9.3 | % | 7.0 | % | 2.3 | % | |||||||||||||||
Mid Cities, TX | 3,465 | 4.3 | % | 3,065 | 94.8 | % | 96.1 | % | -1.3 | % |
| 662 |
| 659 | 0.5 | % | 57.6 | % | 61.5 | % | -3.9 | % | 3.1 | % | 1.2 | % | 1.9 | % | |||||||||||||||
Raleigh, NC | 3,663 | 4.0 | % | 2,951 | 93.6 | % | 93.8 | % | -0.2 | % |
| 645 |
| 707 | -8.8 | % | 50.2 | % | 68.9 | % | -18.7 | % | 3.0 | % | 2.8 | % | 0.2 | % | |||||||||||||||
Tampa, FL | 3,372 | 4.0 | % | 3,372 | 91.8 | % | 93.7 | % | -1.9 | % |
| 702 |
| 705 | -0.4 | % | 53.0 | % | 71.9 | % | -18.9 | % | 4.1 | % | 2.3 | % | 1.8 | % | |||||||||||||||
Metropolitan DC | 2,330 | 3.8 | % | 1,028 | 94.5 | % | 97.3 | % | -2.8 | % |
| 941 |
| 879 | 7.1 | % | 68.5 | % | 72.4 | % | -3.9 | % | 1.1 | % | 0.1 | % | 1.0 | % | |||||||||||||||
Richmond, VA | 2,372 | 3.6 | % | 2,372 | 94.8 | % | 95.9 | % | -1.1 | % |
| 717 |
| 721 | -0.6 | % | 56.0 | % | 60.4 | % | -4.4 | % | 2.7 | % | 1.0 | % | 1.7 | % | |||||||||||||||
San Francisco, CA | 980 | 3.4 | % | 980 | 96.9 | % | 96.5 | % | 0.4 | % |
| 1,553 |
| 1,719 | -9.7 | % | 51.8 | % | 80.4 | % | -28.6 | % | 1.3 | % | 1.6 | % | -0.3 | % | |||||||||||||||
Columbus, OH | 2,530 | 3.4 | % | 2,530 | 93.1 | % | 94.8 | % | -1.7 | % |
| 684 |
| 692 | -1.2 | % | 61.2 | % | 63.4 | % | -2.2 | % | 3.1 | % | 0.8 | % | 2.3 | % | |||||||||||||||
Monterey Peninsula, CA | 1,706 | 3.1 | % | 1,706 | 93.0 | % | 93.6 | % | -0.6 | % |
| 923 |
| 894 | 3.2 | % | 58.4 | % | 58.1 | % | 0.3 | % | 0.4 | % | 0.0 | % | 0.4 | % | |||||||||||||||
Southern California | 1,558 | 2.7 | % | 1,318 | 96.8 | % | 96.0 | % | 0.8 | % |
| 935 |
| 908 | 3.0 | % | 56.4 | % | 65.6 | % | -9.2 | % | 1.3 | % | 0.8 | % | 0.5 | % | |||||||||||||||
Nashville, TN | 2,220 | 2.7 | % | 2,220 | 92.3 | % | 94.6 | % | -2.3 | % |
| 661 |
| 686 | -3.6 | % | 59.8 | % | 78.2 | % | -18.4 | % | 1.0 | % | 1.7 | % | -0.7 | % | |||||||||||||||
Baltimore, MD | 1,470 | 2.5 | % | 1,292 | 95.9 | % | 96.7 | % | -0.8 | % |
| 864 |
| 840 | 2.9 | % | 52.3 | % | 50.2 | % | 2.1 | % | 0.8 | % | 0.1 | % | 0.7 | % | |||||||||||||||
Charlotte, NC | 2,711 | 2.3 | % | 2,711 | 94.9 | % | 88.3 | % | 6.6 | % |
| 613 |
| 706 | -13.2 | % | 70.7 | % | 80.7 | % | -10.0 | % | 4.1 | % | 5.6 | % | -1.5 | % | |||||||||||||||
Wilmington, NC | 1,868 | 2.3 | % | 1,868 | 90.8 | % | 94.2 | % | -3.4 | % |
| 646 |
| 665 | -2.9 | % | 64.2 | % | 80.3 | % | -16.1 | % | 4.6 | % | 2.1 | % | 2.5 | % | |||||||||||||||
Greensboro, NC | 2,122 | 2.3 | % | 2,122 | 92.0 | % | 90.2 | % | 1.8 | % |
| 589 |
| 646 | -8.8 | % | 49.6 | % | 81.8 | % | -32.2 | % | 1.3 | % | 2.2 | % | -0.9 | % | |||||||||||||||
Norfolk, VA | 1,438 | 2.3 | % | 1,438 | 97.1 | % | 95.1 | % | 2.0 | % |
| 709 |
| 678 | 4.6 | % | 59.0 | % | 78.2 | % | -19.2 | % | 0.7 | % | 0.7 | % | 0.0 | % | |||||||||||||||
Columbia, SC | 1,584 | 1.8 | % | 1,584 | 95.8 | % | 96.2 | % | -0.4 | % |
| 594 |
| 589 | 0.8 | % | 56.3 | % | 64.1 | % | -7.8 | % | 1.3 | % | 2.2 | % | -0.9 | % | |||||||||||||||
Lansing, MI | 1,226 | 1.6 | % | 1,226 | 94.6 | % | 97.3 | % | -2.7 | % |
| 666 |
| 669 | -0.4 | % | 49.6 | % | 36.2 | % | 13.4 | % | 3.3 | % | 0.9 | % | 2.4 | % | |||||||||||||||
Atlanta, GA | 1,426 | 1.5 | % | 1,426 | 89.3 | % | 91.9 | % | -2.6 | % |
| 703 |
| 746 | -5.8 | % | 70.7 | % | 67.6 | % | 3.1 | % | 3.3 | % | 4.5 | % | -1.2 | % | |||||||||||||||
Jacksonville, FL | 1,157 | 1.4 | % | 1,157 | 96.1 | % | 95.0 | % | 1.1 | % |
| 676 |
| 670 | 0.9 | % | 49.1 | % | 80.6 | % | -31.5 | % | 3.2 | % | 3.4 | % | -0.2 | % | |||||||||||||||
Seattle, WA | 628 | 1.0 | % | 628 | 89.6 | % | 93.4 | % | -3.8 | % |
| 752 |
| 753 | -0.1 | % | 80.9 | % | 102.5 | % | -21.6 | % | 4.5 | % | 2.5 | % | 2.0 | % | |||||||||||||||
Other Southwestern | 2,077 | 5.3 | % | 1,336 | 91.0 | % | 93.6 | % | -2.6 | % |
| 628 |
| 658 | -4.6 | % | 72.2 | % | 93.1 | % | -20.9 | % | 4.7 | % | 4.8 | % | -0.1 | % | |||||||||||||||
Other Western | 2,650 | 3.7 | % | 2,042 | 91.2 | % | 96.1 | % | -4.9 | % |
| 757 |
| 733 | 3.3 | % | 54.1 | % | 72.5 | % | -18.4 | % | 3.2 | % | 1.8 | % | 1.4 | % | |||||||||||||||
Other Pacific | 2,275 | 2.9 | % | 1,757 | 94.8 | % | 94.6 | % | 0.2 | % |
| 731 |
| 717 | 2.0 | % | 51.2 | % | 66.9 | % | -15.7 | % | 3.5 | % | 1.2 | % | 2.3 | % | |||||||||||||||
Other Florida | 2,089 | 2.9 | % | 1,825 | 94.4 | % | 92.8 | % | 1.6 | % |
| 732 |
| 730 | 0.3 | % | 63.6 | % | 76.5 | % | -12.9 | % | 2.8 | % | 2.8 | % | 0.0 | % | |||||||||||||||
Other Midwestern | 2,122 | 2.4 | % | 2,122 | 93.7 | % | 93.6 | % | 0.1 | % |
| 632 |
| 637 | -0.8 | % | 59.8 | % | 74.3 | % | -14.5 | % | 2.3 | % | 2.3 | % | 0.0 | % | |||||||||||||||
Other North Carolina | 1,893 | 2.2 | % | 1,893 | 94.0 | % | 95.6 | % | -1.6 | % |
| 581 |
| 570 | 1.9 | % | 78.2 | % | 100.4 | % | -22.2 | % | 0.9 | % | 0.7 | % | 0.2 | % | |||||||||||||||
Other Mid-Atlantic | 928 | 1.8 | % | 928 | 96.5 | % | 97.9 | % | -1.4 | % |
| 814 |
| 784 | 3.8 | % | 72.8 | % | 85.3 | % | -12.5 | % | 0.7 | % | 0.0 | % | 0.7 | % | |||||||||||||||
Other Southeastern | 1,394 | 1.6 | % | 764 | 93.7 | % | 95.9 | % | -2.2 | % |
| 584 |
| 586 | -0.3 | % | 51.8 | % | 63.9 | % | -12.1 | % | 1.0 | % | 2.5 | % | -1.5 | % | |||||||||||||||
Other Northeastern | 372 | 0.5 | % | 372 | 96.5 | % | 96.6 | % | -0.1 | % |
| 702 |
| 689 | 1.9 | % | 49.5 | % | 55.9 | % | -6.4 | % | 0.5 | % | 0.2 | % | 0.3 | % | |||||||||||||||
Totals | 74,480 | 100.0 | % | 67,347 | 93.3 | % | 94.3 | % | -1.0 | % | $ | 705 | $ | 715 | -1.4 | % | 61.0 | % | 73.3 | % | -12.3 | % | 3.1 | % | 2.3 | % | 0.8 | % | |||||||||||||||
| (1) | Annualized Resident Turnover represents the percentage of units that would be turned in the course of the year if the average weekly move-outs experienced throughout the most recent quarter were diplicated for the entire year. |
| (2) | Concessions disclosed as a percentage of gross potential. |
Attachment 7(B)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
CURRENT QUARTER VS. PRIOR YEAR QUARTER
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
Same Community | |||||||||||||||||||||||||||
Revenues | Expenses | Net Operating Income | |||||||||||||||||||||||||
QTD 02 | QTD 01 | Change | QTD 02 | QTD 01 | Change | QTD 02 | QTD 01 | Change | |||||||||||||||||||
Dallas, TX | $ | 8,103 | $ | 8,575 | -5.5 | % | $ | 3,283 | $ | 3,459 | -5.1 | % | $ | 4,820 | $ | 5,116 | -5.8 | % | |||||||||
Houston, TX |
| 10,392 |
| 10,432 | -0.4 | % |
| 4,373 |
| 4,695 | -6.9 | % |
| 6,019 |
| 5,737 | 4.9 | % | |||||||||
Orlando, FL |
| 7,921 |
| 8,085 | -2.0 | % |
| 3,139 |
| 3,031 | 3.6 | % |
| 4,782 |
| 5,054 | -5.4 | % | |||||||||
Phoenix, AZ |
| 6,592 |
| 6,739 | -2.2 | % |
| 2,382 |
| 2,299 | 3.6 | % |
| 4,210 |
| 4,440 | -5.2 | % | |||||||||
Mid Cities, TX |
| 5,957 |
| 6,064 | -1.8 | % |
| 2,529 |
| 2,333 | 8.4 | % |
| 3,428 |
| 3,731 | -8.1 | % | |||||||||
Raleigh, NC |
| 5,414 |
| 5,764 | -6.1 | % |
| 2,010 |
| 1,883 | 6.7 | % |
| 3,404 |
| 3,881 | -12.3 | % | |||||||||
Tampa, FL |
| 6,817 |
| 6,943 | -1.8 | % |
| 2,708 |
| 2,844 | -4.8 | % |
| 4,109 |
| 4,099 | 0.2 | % | |||||||||
Metropolitan DC |
| 2,875 |
| 2,770 | 3.8 | % |
| 740 |
| 719 | 2.9 | % |
| 2,135 |
| 2,051 | 4.1 | % | |||||||||
Richmond, VA |
| 5,014 |
| 5,140 | -2.5 | % |
| 1,486 |
| 1,468 | 1.2 | % |
| 3,528 |
| 3,672 | -3.9 | % | |||||||||
San Francisco, CA |
| 4,500 |
| 4,919 | -8.5 | % |
| 1,256 |
| 1,229 | 2.2 | % |
| 3,244 |
| 3,690 | -12.1 | % | |||||||||
Columbus, OH |
| 5,033 |
| 5,161 | -2.5 | % |
| 1,845 |
| 1,683 | 9.6 | % |
| 3,188 |
| 3,478 | -8.3 | % | |||||||||
Monterey Peninsula, CA |
| 4,556 |
| 4,426 | 2.9 | % |
| 1,433 |
| 1,383 | 3.6 | % |
| 3,123 |
| 3,043 | 2.6 | % | |||||||||
Southern California |
| 3,639 |
| 3,493 | 4.2 | % |
| 1,089 |
| 1,025 | 6.2 | % |
| 2,550 |
| 2,468 | 3.3 | % | |||||||||
Nashville, TN |
| 4,271 |
| 4,437 | -3.7 | % |
| 1,609 |
| 1,738 | -7.4 | % |
| 2,662 |
| 2,699 | -1.4 | % | |||||||||
Baltimore, MD |
| 3,393 |
| 3,268 | 3.8 | % |
| 963 |
| 899 | 7.1 | % |
| 2,430 |
| 2,369 | 2.6 | % | |||||||||
Charlotte, NC |
| 4,642 |
| 4,741 | -2.1 | % |
| 2,423 |
| 2,347 | 3.2 | % |
| 2,219 |
| 2,394 | -7.3 | % | |||||||||
Wilmington, NC |
| 3,365 |
| 3,632 | -7.4 | % |
| 1,129 |
| 1,227 | -8.0 | % |
| 2,236 |
| 2,405 | -7.0 | % | |||||||||
Greensboro, NC |
| 3,617 |
| 3,737 | -3.2 | % |
| 1,311 |
| 1,322 | -0.8 | % |
| 2,306 |
| 2,415 | -4.5 | % | |||||||||
Norfolk, VA |
| 3,241 |
| 2,946 | 10.0 | % |
| 981 |
| 959 | 2.3 | % |
| 2,260 |
| 1,987 | 13.7 | % | |||||||||
Columbia, SC |
| 2,886 |
| 2,787 | 3.6 | % |
| 1,130 |
| 1,040 | 8.7 | % |
| 1,756 |
| 1,747 | 0.5 | % | |||||||||
Lansing, MI |
| 2,432 |
| 2,597 | -6.4 | % |
| 818 |
| 737 | 11.0 | % |
| 1,614 |
| 1,860 | -13.2 | % | |||||||||
Atlanta, GA |
| 2,740 |
| 2,943 | -6.9 | % |
| 1,365 |
| 1,314 | 3.9 | % |
| 1,375 |
| 1,629 | -15.6 | % | |||||||||
Jacksonville, FL |
| 2,365 |
| 2,240 | 5.6 | % |
| 871 |
| 969 | -10.1 | % |
| 1,494 |
| 1,271 | 17.5 | % | |||||||||
Seattle, WA |
| 1,341 |
| 1,361 | -1.5 | % |
| 492 |
| 470 | 4.7 | % |
| 849 |
| 891 | -4.7 | % | |||||||||
Other Southwestern |
| 2,277 |
| 2,445 | -6.9 | % |
| 1,087 |
| 1,095 | -0.7 | % |
| 1,190 |
| 1,350 | -11.9 | % | |||||||||
Other Western |
| 4,366 |
| 4,477 | -2.5 | % |
| 1,592 |
| 1,415 | 12.5 | % |
| 2,774 |
| 3,062 | -9.4 | % | |||||||||
Other Pacific |
| 3,722 |
| 3,717 | 0.1 | % |
| 1,263 |
| 1,318 | -4.2 | % |
| 2,459 |
| 2,399 | 2.5 | % | |||||||||
Other Florida |
| 3,935 |
| 3,822 | 3.0 | % |
| 1,503 |
| 1,407 | 6.8 | % |
| 2,432 |
| 2,415 | 0.7 | % | |||||||||
Other Midwestern |
| 4,039 |
| 3,950 | 2.3 | % |
| 1,839 |
| 1,708 | 7.7 | % |
| 2,200 |
| 2,242 | -1.9 | % | |||||||||
Other North Carolina |
| 3,340 |
| 3,307 | 1.0 | % |
| 1,110 |
| 1,119 | -0.8 | % |
| 2,230 |
| 2,188 | 1.9 | % | |||||||||
Other Mid-Atlantic |
| 2,348 |
| 2,272 | 3.3 | % |
| 589 |
| 581 | 1.4 | % |
| 1,759 |
| 1,691 | 4.0 | % | |||||||||
Other Southeastern |
| 1,350 |
| 1,315 | 2.7 | % |
| 463 |
| 466 | -0.6 | % |
| 887 |
| 849 | 4.5 | % | |||||||||
Other Northeastern |
| 775 |
| 767 | 1.0 | % |
| 232 |
| 244 | -4.9 | % |
| 543 |
| 523 | 3.8 | % | |||||||||
Totals | $ | 137,258 | $ | 139,272 | -1.4 | % | $ | 51,043 | $ | 50,426 | 1.2 | % | $ | 86,215 | $ | 88,846 | -3.0 | % | |||||||||
Attachment 7(C)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
CURRENT YEAR-TO-DATE VS. PRIOR YEAR-TO-DATE
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
Total Apartment Homes | % of Total Portfolio Based on YTD 2002 NOI | Total Same Community Homes | Same Community | ||||||||||||||||||||||||||||||||||||||||
Physical Occupancy | Rental Rate | Annualized Resident Turnover (1) | Concessions (2) | ||||||||||||||||||||||||||||||||||||||||
YTD 02 | YTD 01 | Change | YTD 02 | YTD 01 | Change | YTD 02 | YTD 01 | Change | YTD 02 | YTD 01 | Change | ||||||||||||||||||||||||||||||||
Dallas, TX | 5,133 | 6.3 | % | 4,305 | 93.5 | % | 95.2 | % | -1.7 | % | $ | 674 | $ | 679 | -0.7 | % | 66.0 | % | 71.2 | % | -5.2 | % | 3.5 | % | 2.0 | % | 1.5 | % | |||||||||||||||
Houston, TX | 5,726 | 6.3 | % | 5,726 | 93.8 | % | 94.0 | % | -0.2 | % |
| 644 |
| 623 | 3.4 | % | 80.6 | % | 75.1 | % | 5.5 | % | 2.3 | % | 2.4 | % | -0.1 | % | |||||||||||||||
Orlando, FL | 4,140 | 5.2 | % | 3,884 | 91.8 | % | 92.8 | % | -1.0 | % |
| 737 |
| 729 | 1.1 | % | 66.3 | % | 66.7 | % | -0.4 | % | 4.2 | % | 2.0 | % | 2.2 | % | |||||||||||||||
Phoenix, AZ | 3,855 | 4.9 | % | 3,240 | 93.0 | % | 93.7 | % | -0.7 | % |
| 715 |
| 722 | -1.0 | % | 72.9 | % | 78.2 | % | -5.3 | % | 9.6 | % | 7.0 | % | 2.6 | % | |||||||||||||||
Mid Cities, TX | 3,465 | 4.3 | % | 3,065 | 95.1 | % | 96.5 | % | -1.4 | % |
| 663 |
| 648 | 2.3 | % | 63.0 | % | 65.0 | % | -2.0 | % | 2.6 | % | 0.7 | % | 1.9 | % | |||||||||||||||
Raleigh, NC | 3,663 | 4.0 | % | 2,951 | 91.5 | % | 91.7 | % | -0.2 | % |
| 671 |
| 719 | -6.7 | % | 71.2 | % | 68.0 | % | 3.2 | % | 3.7 | % | 3.9 | % | -0.2 | % | |||||||||||||||
Tampa, FL | 3,372 | 4.0 | % | 3,372 | 91.6 | % | 94.1 | % | -2.5 | % |
| 706 |
| 694 | 1.7 | % | 65.9 | % | 71.2 | % | -5.3 | % | 3.6 | % | 1.6 | % | 2.0 | % | |||||||||||||||
Metropolitan DC | 2,330 | 3.8 | % | 1,028 | 96.0 | % | 98.0 | % | -2.0 | % |
| 919 |
| 841 | 9.3 | % | 71.7 | % | 69.5 | % | 2.2 | % | 0.5 | % | 0.1 | % | 0.4 | % | |||||||||||||||
Richmond, VA | 2,372 | 3.6 | % | 2,372 | 94.5 | % | 95.6 | % | -1.1 | % |
| 723 |
| 711 | 1.7 | % | 65.9 | % | 59.4 | % | 6.5 | % | 2.2 | % | 0.6 | % | 1.6 | % | |||||||||||||||
San Francisco, CA | 980 | 3.4 | % | 980 | 97.2 | % | 97.3 | % | -0.1 | % |
| 1,590 |
| 1,767 | -10.0 | % | 58.2 | % | 72.2 | % | -14.0 | % | 2.1 | % | 1.0 | % | 1.1 | % | |||||||||||||||
Columbus, OH | 2,530 | 3.4 | % | 2,178 | 94.0 | % | 93.5 | % | 0.5 | % |
| 674 |
| 669 | 0.7 | % | 65.6 | % | 62.4 | % | 3.2 | % | 2.5 | % | 1.3 | % | 1.2 | % | |||||||||||||||
Monterey Peninsula, CA | 1,706 | 3.1 | % | 1,706 | 92.1 | % | 95.4 | % | -3.3 | % |
| 914 |
| 859 | 6.4 | % | 58.1 | % | 54.6 | % | 3.5 | % | 0.2 | % | 0.2 | % | 0.0 | % | |||||||||||||||
Southern California | 1,558 | 2.7 | % | 1,318 | 95.1 | % | 95.9 | % | -0.8 | % |
| 925 |
| 881 | 5.0 | % | 60.5 | % | 67.1 | % | -6.6 | % | 1.4 | % | 0.8 | % | 0.6 | % | |||||||||||||||
Nashville, TN | 2,220 | 2.7 | % | 2,220 | 92.4 | % | 94.2 | % | -1.8 | % |
| 669 |
| 688 | -2.8 | % | 72.0 | % | 75.0 | % | -3.0 | % | 1.5 | % | 3.2 | % | -1.7 | % | |||||||||||||||
Baltimore, MD | 1,470 | 2.5 | % | 1,292 | 96.0 | % | 97.1 | % | -1.1 | % |
| 857 |
| 816 | 5.0 | % | 54.4 | % | 51.6 | % | 2.8 | % | 0.8 | % | 0.2 | % | 0.6 | % | |||||||||||||||
Charlotte, NC | 2,711 | 2.3 | % | 2,711 | 90.8 | % | 88.9 | % | 1.9 | % |
| 643 |
| 703 | -8.5 | % | 73.8 | % | 72.7 | % | 1.1 | % | 3.3 | % | 5.1 | % | -1.8 | % | |||||||||||||||
Wilmington, NC | 1,868 | 2.3 | % | 1,868 | 91.4 | % | 92.6 | % | -1.2 | % |
| 655 |
| 661 | -0.9 | % | 85.5 | % | 83.5 | % | 2.0 | % | 2.8 | % | 2.6 | % | 0.2 | % | |||||||||||||||
Greensboro, NC | 2,122 | 2.3 | % | 2,122 | 90.4 | % | 91.0 | % | -0.6 | % |
| 613 |
| 642 | -4.5 | % | 68.5 | % | 73.8 | % | -5.3 | % | 2.1 | % | 3.1 | % | -1.0 | % | |||||||||||||||
Norfolk, VA | 1,438 | 2.3 | % | 1,438 | 97.3 | % | 95.4 | % | 1.9 | % |
| 697 |
| 665 | 4.8 | % | 64.6 | % | 70.7 | % | -6.1 | % | 0.5 | % | 0.7 | % | -0.2 | % | |||||||||||||||
Columbia, SC | 1,584 | 1.8 | % | 1,584 | 95.0 | % | 95.0 | % | 0.0 | % |
| 592 |
| 586 | 1.0 | % | 70.7 | % | 79.1 | % | -8.4 | % | 1.7 | % | 2.3 | % | -0.6 | % | |||||||||||||||
Lansing, MI | 1,226 | 1.6 | % | 1,226 | 93.2 | % | 92.4 | % | 0.8 | % |
| 675 |
| 661 | 2.1 | % | 86.2 | % | 74.3 | % | 11.9 | % | 2.9 | % | 1.5 | % | 1.4 | % | |||||||||||||||
Atlanta, GA | 1,426 | 1.5 | % | 1,426 | 89.3 | % | 93.3 | % | -4.0 | % |
| 728 |
| 741 | -1.8 | % | 69.0 | % | 70.2 | % | -1.2 | % | 4.9 | % | 2.4 | % | 2.5 | % | |||||||||||||||
Jacksonville, FL | 1,157 | 1.4 | % | 1,157 | 95.0 | % | 92.9 | % | 2.1 | % |
| 675 |
| 669 | 0.9 | % | 63.2 | % | 72.3 | % | -9.1 | % | 3.8 | % | 3.7 | % | 0.1 | % | |||||||||||||||
Seattle, WA | 628 | 1.0 | % | 628 | 92.6 | % | 94.9 | % | -2.3 | % |
| 748 |
| 742 | 0.8 | % | 84.4 | % | 79.0 | % | 5.4 | % | 2.9 | % | 1.4 | % | 1.5 | % | |||||||||||||||
Other Southwestern | 2,077 | 5.3 | % | 1,336 | 92.8 | % | 93.6 | % | -0.8 | % |
| 638 |
| 654 | -2.4 | % | 96.6 | % | 81.7 | % | 14.9 | % | 5.4 | % | 2.2 | % | 3.2 | % | |||||||||||||||
Other Western | 2,650 | 3.7 | % | 1,790 | 91.4 | % | 96.7 | % | -5.3 | % |
| 781 |
| 745 | 4.8 | % | 64.7 | % | 70.5 | % | -5.8 | % | 3.5 | % | 0.6 | % | 2.9 | % | |||||||||||||||
Other Pacific | 2,275 | 2.9 | % | 1,757 | 92.6 | % | 93.6 | % | -1.0 | % |
| 725 |
| 707 | 2.5 | % | 67.8 | % | 74.7 | % | -6.9 | % | 3.3 | % | 2.1 | % | 1.2 | % | |||||||||||||||
Other Florida | 2,089 | 2.9 | % | 1,657 | 94.1 | % | 93.5 | % | 0.6 | % |
| 707 |
| 694 | 1.9 | % | 72.8 | % | 73.9 | % | -1.1 | % | 2.4 | % | 2.3 | % | 0.1 | % | |||||||||||||||
Other Midwestern | 2,122 | 2.4 | % | 2,122 | 93.9 | % | 93.0 | % | 0.9 | % |
| 635 |
| 629 | 1.0 | % | 65.0 | % | 67.4 | % | -2.4 | % | 2.4 | % | 1.7 | % | 0.7 | % | |||||||||||||||
Other North Carolina | 1,893 | 2.2 | % | 1,893 | 95.2 | % | 95.1 | % | 0.1 | % |
| 572 |
| 566 | 1.1 | % | 87.2 | % | 96.2 | % | -9.0 | % | 0.6 | % | 0.7 | % | -0.1 | % | |||||||||||||||
Other Mid-Atlantic | 928 | 1.8 | % | 928 | 97.0 | % | 96.6 | % | 0.4 | % |
| 801 |
| 770 | 4.0 | % | 82.1 | % | 87.1 | % | -5.0 | % | 0.3 | % | 0.1 | % | 0.2 | % | |||||||||||||||
Other Southeastern | 1,394 | 1.6 | % | 764 | 94.2 | % | 94.8 | % | -0.6 | % |
| 584 |
| 586 | -0.3 | % | 64.5 | % | 65.6 | % | -1.1 | % | 2.0 | % | 2.5 | % | -0.5 | % | |||||||||||||||
Other Northeastern | 372 | 0.5 | % | 372 | 96.9 | % | 96.4 | % | 0.5 | % |
| 692 |
| 672 | 3.0 | % | 64.0 | % | 61.6 | % | 2.4 | % | 0.6 | % | 0.1 | % | 0.5 | % | |||||||||||||||
Totals | 74,480 | 100.0 | % | 66,416 | 93.3 | % | 94.1 | % | -0.8 | % | $ | 709 | $ | 707 | 0.3 | % | 70.5 | % | 71.5 | % | -1.0 | % | 2.9 | % | 2.1 | % | 0.8 | % | |||||||||||||||
| (1) | Annualized Resident Turnover represents the percentage of units that would be turned in the course of the year if the average weekly move-outs experienced throughout the most recent quarter were diplicated for the entire year. |
| (2) | Concessions disclosed as a percentage of gross potential. |
Attachment 7(D)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
CURRENT YEAR-TO-DATE VS. PRIOR YEAR-TO-DATE
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
Same Community | |||||||||||||||||||||||||||
Revenues | Expenses | Net Operating Income | |||||||||||||||||||||||||
YTD 02 | YTD 01 | Change | YTD 02 | YTD 01 | Change | YTD 02 | YTD 01 | Change | |||||||||||||||||||
Dallas, TX | $ | 33,252 | $ | 34,228 | -2.9 | % | $ | 13,315 | $ | 13,775 | -3.3 | % | $ | 19,937 | $ | 20,453 | -2.5 | % | |||||||||
Houston, TX |
| 42,474 |
| 40,601 | 4.6 | % |
| 17,737 |
| 17,988 | -1.4 | % |
| 24,737 |
| 22,613 | 9.4 | % | |||||||||
Orlando, FL |
| 31,683 |
| 32,353 | -2.1 | % |
| 12,199 |
| 11,857 | 2.9 | % |
| 19,484 |
| 20,496 | -4.9 | % | |||||||||
Phoenix, AZ |
| 24,923 |
| 25,609 | -2.7 | % |
| 8,722 |
| 8,751 | -0.3 | % |
| 16,201 |
| 16,858 | -3.9 | % | |||||||||
Mid Cities, TX |
| 23,965 |
| 24,052 | -0.4 | % |
| 9,978 |
| 10,022 | -0.4 | % |
| 13,987 |
| 14,030 | -0.3 | % | |||||||||
Raleigh, NC |
| 21,541 |
| 22,889 | -5.9 | % |
| 8,016 |
| 7,847 | 2.2 | % |
| 13,525 |
| 15,042 | -10.1 | % | |||||||||
Tampa, FL |
| 27,128 |
| 27,767 | -2.3 | % |
| 11,381 |
| 11,038 | 3.1 | % |
| 15,747 |
| 16,729 | -5.9 | % | |||||||||
Metropolitan DC |
| 11,421 |
| 10,691 | 6.8 | % |
| 2,847 |
| 2,809 | 1.4 | % |
| 8,574 |
| 7,882 | 8.8 | % | |||||||||
Richmond, VA |
| 20,295 |
| 20,418 | -0.6 | % |
| 6,175 |
| 6,051 | 2.0 | % |
| 14,120 |
| 14,367 | -1.7 | % | |||||||||
San Francisco, CA |
| 18,277 |
| 20,433 | -10.6 | % |
| 4,871 |
| 4,987 | -2.3 | % |
| 13,406 |
| 15,446 | -13.2 | % | |||||||||
Columbus, OH |
| 17,226 |
| 17,131 | 0.6 | % |
| 5,845 |
| 6,010 | -2.7 | % |
| 11,381 |
| 11,121 | 2.3 | % | |||||||||
Monterey Peninsula, CA |
| 17,909 |
| 17,302 | 3.5 | % |
| 5,653 |
| 5,448 | 3.8 | % |
| 12,256 |
| 11,854 | 3.4 | % | |||||||||
Southern California |
| 14,067 |
| 13,542 | 3.9 | % |
| 4,230 |
| 4,059 | 4.2 | % |
| 9,837 |
| 9,483 | 3.7 | % | |||||||||
Nashville, TN |
| 17,138 |
| 17,468 | -1.9 | % |
| 6,557 |
| 6,852 | -4.3 | % |
| 10,581 |
| 10,616 | -0.3 | % | |||||||||
Baltimore, MD |
| 13,364 |
| 12,831 | 4.2 | % |
| 3,712 |
| 3,716 | -0.1 | % |
| 9,652 |
| 9,115 | 5.9 | % | |||||||||
Charlotte, NC |
| 18,472 |
| 19,113 | -3.4 | % |
| 9,220 |
| 8,462 | 9.0 | % |
| 9,252 |
| 10,651 | -13.1 | % | |||||||||
Wilmington, NC |
| 13,937 |
| 14,125 | -1.3 | % |
| 4,903 |
| 4,990 | -1.7 | % |
| 9,034 |
| 9,135 | -1.1 | % | |||||||||
Greensboro, NC |
| 14,465 |
| 14,861 | -2.7 | % |
| 5,467 |
| 5,274 | 3.7 | % |
| 8,998 |
| 9,587 | -6.1 | % | |||||||||
Norfolk, VA |
| 12,722 |
| 11,572 | 9.9 | % |
| 3,810 |
| 3,913 | -2.6 | % |
| 8,912 |
| 7,659 | 16.4 | % | |||||||||
Columbia, SC |
| 11,258 |
| 10,887 | 3.4 | % |
| 4,233 |
| 4,113 | 2.9 | % |
| 7,025 |
| 6,774 | 3.7 | % | |||||||||
Lansing, MI |
| 9,748 |
| 9,343 | 4.3 | % |
| 3,396 |
| 3,456 | -1.7 | % |
| 6,352 |
| 5,887 | 7.9 | % | |||||||||
Atlanta, GA |
| 11,189 |
| 12,055 | -7.2 | % |
| 5,298 |
| 4,700 | 12.7 | % |
| 5,891 |
| 7,355 | -19.9 | % | |||||||||
Jacksonville, FL |
| 9,239 |
| 8,719 | 6.0 | % |
| 3,507 |
| 3,741 | -6.3 | % |
| 5,732 |
| 4,978 | 15.1 | % | |||||||||
Seattle, WA |
| 5,529 |
| 5,570 | -0.7 | % |
| 1,764 |
| 1,802 | -2.1 | % |
| 3,765 |
| 3,768 | -0.1 | % | |||||||||
Other Southwestern |
| 9,318 |
| 9,963 | -6.5 | % |
| 4,284 |
| 3,940 | 8.7 | % |
| 5,034 |
| 6,023 | -16.4 | % | |||||||||
Other Western |
| 15,640 |
| 16,197 | -3.4 | % |
| 5,061 |
| 4,839 | 4.6 | % |
| 10,579 |
| 11,358 | -6.9 | % | |||||||||
Other Pacific |
| 14,493 |
| 14,282 | 1.5 | % |
| 4,962 |
| 5,152 | -3.7 | % |
| 9,531 |
| 9,130 | 4.4 | % | |||||||||
Other Florida |
| 13,790 |
| 13,280 | 3.8 | % |
| 5,199 |
| 4,926 | 5.5 | % |
| 8,591 |
| 8,354 | 2.8 | % | |||||||||
Other Midwestern |
| 16,355 |
| 15,596 | 4.9 | % |
| 6,935 |
| 6,827 | 1.6 | % |
| 9,420 |
| 8,769 | 7.4 | % | |||||||||
Other North Carolina |
| 13,253 |
| 12,834 | 3.3 | % |
| 4,386 |
| 4,526 | -3.1 | % |
| 8,867 |
| 8,308 | 6.7 | % | |||||||||
Other Mid-Atlantic |
| 9,277 |
| 8,842 | 4.9 | % |
| 2,353 |
| 2,354 | 0.0 | % |
| 6,924 |
| 6,488 | 6.7 | % | |||||||||
Other Southeastern |
| 5,302 |
| 5,251 | 0.4 | % |
| 1,863 |
| 1,867 | -0.2 | % |
| 3,439 |
| 3,384 | 1.6 | % | |||||||||
Other Northeastern |
| 3,079 |
| 3,037 | 1.4 | % |
| 936 |
| 1,040 | -10.0 | % |
| 2,143 |
| 1,997 | 7.3 | % | |||||||||
Totals | $ | 541,729 | $ | 542,842 | -0.2 | % | $ | 198,815 | $ | 197,132 | 0.9 | % | $ | 342,914 | $ | 345,710 | -0.8 | % | |||||||||
Attachment 7(E)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
CURRENT QUARTER VS. LAST QUARTER
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
Total Apartment Homes | % of Total Portfolio Based on YTD | Total Same Community Homes | Same Community | ||||||||||||||||||||||||||||||||||||||||
Physical Occupancy | Rental Rate | Annualized Resident Turnover (1) | Concessions (2) | ||||||||||||||||||||||||||||||||||||||||
4Q 02 | 3Q 02 | Change | 4Q 02 | 3Q 02 | Change | 4Q 02 | 3Q 02 | Change | 4Q 02 | 3Q 02 | Change | ||||||||||||||||||||||||||||||||
Dallas, TX | 5,133 | 6.3 | % | 4,305 | 93.6 | % | 92.6 | % | 1.0 | % | $ | 662 | $ | 673 | -1.6 | % | 58.3 | % | 72.4 | % | -14.1 | % | 5.3 | % | 3.7 | % | 1.6 | % | |||||||||||||||
Houston, TX | 5,726 | 6.3 | % | 5,726 | 90.9 | % | 93.4 | % | -2.5 | % |
| 647 |
| 648 | -0.2 | % | 74.8 | % | 89.1 | % | -14.3 | % | 2.5 | % | 1.9 | % | 0.6 | % | |||||||||||||||
Orlando, FL | 4,140 | 5.2 | % | 3,884 | 91.9 | % | 92.0 | % | -0.1 | % |
| 728 |
| 737 | -1.2 | % | 57.6 | % | 76.3 | % | -18.7 | % | 3.5 | % | 4.2 | % | -0.7 | % | |||||||||||||||
Phoenix, AZ | 3,855 | 4.9 | % | 3,399 | 92.9 | % | 92.8 | % | 0.1 | % |
| 716 |
| 717 | -0.1 | % | 71.9 | % | 81.0 | % | -9.1 | % | 9.3 | % | 11.9 | % | -2.6 | % | |||||||||||||||
Mid Cities, TX | 3,465 | 4.3 | % | 3,065 | 94.8 | % | 94.6 | % | 0.2 | % |
| 662 |
| 665 | -0.5 | % | 57.6 | % | 76.6 | % | -19.0 | % | 3.1 | % | 2.6 | % | 0.5 | % | |||||||||||||||
Raleigh, NC | 3,663 | 4.0 | % | 2,951 | 93.6 | % | 90.7 | % | 2.9 | % |
| 645 |
| 666 | -3.2 | % | 50.2 | % | 88.9 | % | -38.7 | % | 3.0 | % | 3.7 | % | -0.7 | % | |||||||||||||||
Tampa, FL | 3,372 | 4.0 | % | 3,372 | 91.8 | % | 90.5 | % | 1.3 | % |
| 702 |
| 705 | -0.4 | % | 53.0 | % | 70.6 | % | -17.6 | % | 4.1 | % | 3.8 | % | 0.3 | % | |||||||||||||||
Metropolitan DC | 2,330 | 3.8 | % | 1,028 | 94.5 | % | 96.5 | % | -2.0 | % |
| 941 |
| 929 | 1.3 | % | 68.5 | % | 88.7 | % | -20.2 | % | 1.1 | % | 0.2 | % | 0.9 | % | |||||||||||||||
Richmond, VA | 2,372 | 3.6 | % | 2,372 | 94.8 | % | 93.0 | % | 1.8 | % |
| 717 |
| 726 | -1.2 | % | 56.0 | % | 82.5 | % | -26.5 | % | 2.7 | % | 4.1 | % | -1.4 | % | |||||||||||||||
San Francisco, CA | 980 | 3.4 | % | 980 | 96.9 | % | 97.0 | % | -0.1 | % |
| 1,553 |
| 1,572 | -1.2 | % | 51.8 | % | 61.2 | % | -9.4 | % | 1.3 | % | 2.1 | % | -0.8 | % | |||||||||||||||
Columbus, OH | 2,530 | 3.4 | % | 2,530 | 93.1 | % | 93.1 | % | 0.0 | % |
| 684 |
| 690 | -0.9 | % | 61.2 | % | 92.6 | % | -31.4 | % | 3.1 | % | 2.5 | % | 0.6 | % | |||||||||||||||
Monterey Peninsula, CA | 1,706 | 3.1 | % | 1,706 | 93.0 | % | 91.6 | % | 1.4 | % |
| 923 |
| 929 | -0.6 | % | 58.4 | % | 60.5 | % | -2.1 | % | 0.4 | % | 0.1 | % | 0.3 | % | |||||||||||||||
Southern California | 1,558 | 2.7 | % | 1,318 | 96.8 | % | 94.7 | % | 2.1 | % |
| 935 |
| 931 | 0.4 | % | 56.4 | % | 55.5 | % | 0.9 | % | 1.3 | % | 2.3 | % | -1.0 | % | |||||||||||||||
Nashville, TN | 2,220 | 2.7 | % | 2,220 | 92.3 | % | 91.1 | % | 1.2 | % |
| 661 |
| 667 | -0.9 | % | 59.8 | % | 82.7 | % | -22.9 | % | 1.0 | % | 1.9 | % | -0.9 | % | |||||||||||||||
Baltimore, MD | 1,470 | 2.5 | % | 1,292 | 95.9 | % | 95.0 | % | 0.9 | % |
| 864 |
| 862 | 0.2 | % | 52.3 | % | 66.9 | % | -14.6 | % | 0.8 | % | 0.9 | % | -0.1 | % | |||||||||||||||
Charlotte, NC | 2,711 | 2.3 | % | 2,711 | 94.9 | % | 91.8 | % | 3.1 | % |
| 613 |
| 633 | -3.2 | % | 70.7 | % | 78.3 | % | -7.6 | % | 4.1 | % | 2.8 | % | 1.3 | % | |||||||||||||||
Wilmington, NC | 1,868 | 2.3 | % | 1,868 | 90.8 | % | 91.9 | % | -1.1 | % |
| 646 |
| 655 | -1.4 | % | 64.2 | % | 107.5 | % | -43.3 | % | 4.6 | % | 2.3 | % | 2.3 | % | |||||||||||||||
Greensboro, NC | 2,122 | 2.3 | % | 2,122 | 92.0 | % | 89.1 | % | 2.9 | % |
| 589 |
| 607 | -3.0 | % | 49.6 | % | 77.9 | % | -28.3 | % | 1.3 | % | 1.3 | % | 0.0 | % | |||||||||||||||
Norfolk, VA | 1,438 | 2.3 | % | 1,438 | 97.1 | % | 98.2 | % | -1.1 | % |
| 709 |
| 701 | 1.1 | % | 59.0 | % | 76.8 | % | -17.8 | % | 0.7 | % | 0.2 | % | 0.5 | % | |||||||||||||||
Columbia, SC | 1,584 | 1.8 | % | 1,584 | 95.8 | % | 95.5 | % | 0.3 | % |
| 594 |
| 592 | 0.3 | % | 56.3 | % | 81.6 | % | -25.3 | % | 1.3 | % | 1.5 | % | -0.2 | % | |||||||||||||||
Lansing, MI | 1,226 | 1.6 | % | 1,226 | 94.6 | % | 89.7 | % | 4.9 | % |
| 666 |
| 687 | -3.1 | % | 49.6 | % | 167.4 | % | -117.8 | % | 3.3 | % | 4.9 | % | -1.6 | % | |||||||||||||||
Atlanta, GA | 1,426 | 1.5 | % | 1,426 | 89.3 | % | 86.9 | % | 2.4 | % |
| 703 |
| 733 | -4.1 | % | 70.7 | % | 79.9 | % | -9.2 | % | 3.3 | % | 5.6 | % | -2.3 | % | |||||||||||||||
Jacksonville, FL | 1,157 | 1.4 | % | 1,157 | 96.1 | % | 94.9 | % | 1.2 | % |
| 676 |
| 676 | 0.0 | % | 49.1 | % | 74.0 | % | -24.9 | % | 3.2 | % | 4.0 | % | -0.8 | % | |||||||||||||||
Seattle, WA | 628 | 1.0 | % | 628 | 89.6 | % | 92.1 | % | -2.5 | % |
| 752 |
| 750 | 0.3 | % | 80.9 | % | 91.7 | % | -10.8 | % | 4.5 | % | 2.0 | % | 2.5 | % | |||||||||||||||
Other Southwestern | 2,077 | 5.3 | % | 1,336 | 91.0 | % | 92.8 | % | -1.8 | % |
| 628 |
| 632 | -0.6 | % | 72.2 | % | 110.8 | % | -38.6 | % | 4.7 | % | 6.0 | % | -1.3 | % | |||||||||||||||
Other Western | 2,650 | 3.7 | % | 2,042 | 91.2 | % | 91.5 | % | -0.3 | % |
| 757 |
| 754 | 0.4 | % | 54.1 | % | 73.8 | % | -19.7 | % | 3.2 | % | 2.6 | % | 0.6 | % | |||||||||||||||
Other Pacific | 2,275 | 2.9 | % | 1,757 | 94.8 | % | 90.7 | % | 4.1 | % |
| 731 |
| 729 | 0.3 | % | 51.2 | % | 79.9 | % | -28.7 | % | 3.5 | % | 5.1 | % | -1.6 | % | |||||||||||||||
Other Florida | 2,089 | 2.9 | % | 1,825 | 94.4 | % | 93.3 | % | 1.1 | % |
| 732 |
| 729 | 0.4 | % | 63.6 | % | 85.7 | % | -22.1 | % | 2.8 | % | 2.1 | % | 0.7 | % | |||||||||||||||
Other Midwestern | 2,122 | 2.4 | % | 2,122 | 93.7 | % | 93.7 | % | 0.0 | % |
| 632 |
| 634 | -0.3 | % | 59.8 | % | 76.9 | % | -17.1 | % | 2.3 | % | 2.3 | % | 0.0 | % | |||||||||||||||
Other North Carolina | 1,893 | 2.2 | % | 1,893 | 94.0 | % | 95.7 | % | -1.7 | % |
| 581 |
| 575 | 1.0 | % | 78.2 | % | 102.1 | % | -23.9 | % | 0.9 | % | 0.3 | % | 0.6 | % | |||||||||||||||
Other Mid-Atlantic | 928 | 1.8 | % | 928 | 96.5 | % | 97.3 | % | -0.8 | % |
| 814 |
| 803 | 1.4 | % | 72.8 | % | 99.6 | % | -26.8 | % | 0.7 | % | 0.1 | % | 0.6 | % | |||||||||||||||
Other Southeastern | 1,394 | 1.6 | % | 764 | 93.7 | % | 93.9 | % | -0.2 | % |
| 584 |
| 583 | 0.2 | % | 51.8 | % | 76.4 | % | -24.6 | % | 1.0 | % | 1.5 | % | -0.5 | % | |||||||||||||||
Other Northeastern | 372 | 0.5 | % | 372 | 96.5 | % | 96.7 | % | -0.2 | % |
| 702 |
| 692 | 1.4 | % | 49.5 | % | 89.2 | % | -39.7 | % | 0.5 | % | 0.1 | % | 0.4 | % | |||||||||||||||
Totals | 74,480 | 100.0 | % | 67,347 | 93.3 | % | 92.8 | % | 0.5 | % | $ | 705 | $ | 710 | -0.7 | % | 61.0 | % | 82.7 | % | -21.7 | % | 3.1 | % | 3.1 | % | 0.0 | % | |||||||||||||||
| (1) | Annualized Resident Turnover represents the percentage of units that would be turned in the course of the year if the average weekly move-outs experienced throughout the most recent quarter were diplicated for the entire year. |
| (2) | Concessions disclosed as a percentage of gross potential. |
Attachment 7(F)
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
CURRENT QUARTER VS. LAST QUARTER
DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
Same Community | |||||||||||||||||||||||||||
Revenues | Expenses | Net Operating Income | |||||||||||||||||||||||||
4Q 02 | 3Q 02 | Change | 4Q 02 | 3Q 02 | Change | 4Q 02 | 3Q 02 | Change | |||||||||||||||||||
Dallas, TX | $ | 8,103 | $ | 8,199 | -1.2 | % | $ | 3,283 | $ | 3,405 | -3.6 | % | $ | 4,820 | $ | 4,794 | 0.5 | % | |||||||||
Houston, TX |
| 10,392 |
| 10,625 | -2.2 | % |
| 4,373 |
| 4,450 | -1.7 | % |
| 6,019 |
| 6,175 | -2.5 | % | |||||||||
Orlando, FL |
| 7,921 |
| 7,841 | 1.0 | % |
| 3,139 |
| 3,105 | 1.1 | % |
| 4,782 |
| 4,736 | 1.0 | % | |||||||||
Phoenix, AZ |
| 6,592 |
| 6,366 | 3.6 | % |
| 2,382 |
| 2,425 | -1.8 | % |
| 4,210 |
| 3,941 | 6.8 | % | |||||||||
Mid Cities, TX |
| 5,957 |
| 5,981 | -0.4 | % |
| 2,529 |
| 2,526 | 0.1 | % |
| 3,428 |
| 3,455 | -0.8 | % | |||||||||
Raleigh, NC |
| 5,414 |
| 5,340 | 1.4 | % |
| 2,010 |
| 2,183 | -7.9 | % |
| 3,404 |
| 3,157 | 7.8 | % | |||||||||
Tampa, FL |
| 6,817 |
| 6,651 | 2.5 | % |
| 2,708 |
| 2,964 | -8.6 | % |
| 4,109 |
| 3,687 | 11.4 | % | |||||||||
Metropolitan DC |
| 2,874 |
| 2,904 | -1.0 | % |
| 740 |
| 714 | 3.6 | % |
| 2,134 |
| 2,190 | -2.6 | % | |||||||||
Richmond, VA |
| 5,014 |
| 4,841 | 3.6 | % |
| 1,486 |
| 1,617 | -8.1 | % |
| 3,528 |
| 3,224 | 9.4 | % | |||||||||
San Francisco, CA |
| 4,500 |
| 4,510 | -0.2 | % |
| 1,256 |
| 1,178 | 6.6 | % |
| 3,244 |
| 3,332 | -2.6 | % | |||||||||
Columbus, OH |
| 5,033 |
| 5,034 | 0.0 | % |
| 1,845 |
| 1,759 | 4.9 | % |
| 3,188 |
| 3,275 | -2.7 | % | |||||||||
Monterey Peninsula, CA |
| 4,556 |
| 4,467 | 2.0 | % |
| 1,433 |
| 1,332 | 7.6 | % |
| 3,123 |
| 3,135 | -0.4 | % | |||||||||
Southern California |
| 3,639 |
| 3,438 | 5.8 | % |
| 1,089 |
| 1,016 | 7.2 | % |
| 2,550 |
| 2,422 | 5.3 | % | |||||||||
Nashville, TN |
| 4,271 |
| 4,179 | 2.2 | % |
| 1,609 |
| 1,639 | -1.8 | % |
| 2,662 |
| 2,540 | 4.8 | % | |||||||||
Baltimore, MD |
| 3,393 |
| 3,316 | 2.3 | % |
| 963 |
| 952 | 1.2 | % |
| 2,430 |
| 2,364 | 2.8 | % | |||||||||
Charlotte, NC |
| 4,642 |
| 4,638 | 0.1 | % |
| 2,423 |
| 2,410 | 0.5 | % |
| 2,219 |
| 2,228 | -0.4 | % | |||||||||
Wilmington, NC |
| 3,365 |
| 3,563 | -5.6 | % |
| 1,129 |
| 1,315 | -14.1 | % |
| 2,236 |
| 2,248 | -0.5 | % | |||||||||
Greensboro, NC |
| 3,617 |
| 3,607 | 0.3 | % |
| 1,311 |
| 1,442 | -9.1 | % |
| 2,306 |
| 2,165 | 6.5 | % | |||||||||
Norfolk, VA |
| 3,241 |
| 3,229 | 0.4 | % |
| 981 |
| 967 | 1.4 | % |
| 2,260 |
| 2,262 | -0.1 | % | |||||||||
Columbia, SC |
| 2,886 |
| 2,832 | 1.9 | % |
| 1,130 |
| 1,025 | 10.2 | % |
| 1,756 |
| 1,807 | -2.8 | % | |||||||||
Lansing, MI |
| 2,432 |
| 2,303 | 5.6 | % |
| 818 |
| 920 | -11.1 | % |
| 1,614 |
| 1,383 | 16.7 | % | |||||||||
Atlanta, GA |
| 2,740 |
| 2,689 | 1.9 | % |
| 1,365 |
| 1,290 | 5.8 | % |
| 1,375 |
| 1,399 | -1.7 | % | |||||||||
Jacksonville, FL |
| 2,365 |
| 2,306 | 2.6 | % |
| 871 |
| 860 | 1.3 | % |
| 1,494 |
| 1,446 | 3.3 | % | |||||||||
Seattle, WA |
| 1,341 |
| 1,369 | -2.0 | % |
| 492 |
| 416 | 18.3 | % |
| 849 |
| 953 | -10.9 | % | |||||||||
Other Southwestern |
| 2,277 |
| 2,255 | 1.0 | % |
| 1,087 |
| 1,140 | -4.6 | % |
| 1,190 |
| 1,115 | 6.7 | % | |||||||||
Other Western |
| 4,366 |
| 4,310 | 1.3 | % |
| 1,592 |
| 1,468 | 8.4 | % |
| 2,774 |
| 2,842 | -2.4 | % | |||||||||
Other Pacific |
| 3,723 |
| 3,500 | 6.4 | % |
| 1,263 |
| 1,241 | 1.8 | % |
| 2,460 |
| 2,259 | 8.9 | % | |||||||||
Other Florida |
| 3,935 |
| 3,872 | 1.6 | % |
| 1,503 |
| 1,436 | 4.7 | % |
| 2,432 |
| 2,436 | -0.2 | % | |||||||||
Other Midwestern |
| 4,039 |
| 3,970 | 1.7 | % |
| 1,839 |
| 1,743 | 5.5 | % |
| 2,200 |
| 2,227 | -1.2 | % | |||||||||
Other North Carolina |
| 3,340 |
| 3,357 | -0.5 | % |
| 1,110 |
| 1,112 | -0.2 | % |
| 2,230 |
| 2,245 | -0.7 | % | |||||||||
Other Mid-Atlantic |
| 2,348 |
| 2,322 | 1.1 | % |
| 589 |
| 588 | 0.2 | % |
| 1,759 |
| 1,734 | 1.4 | % | |||||||||
Other Southeastern |
| 1,350 |
| 1,301 | 3.8 | % |
| 463 |
| 466 | -0.6 | % |
| 887 |
| 835 | 6.2 | % | |||||||||
Other Northeastern |
| 775 |
| 762 | 1.7 | % |
| 232 |
| 229 | 1.3 | % |
| 543 |
| 533 | 1.9 | % | |||||||||
Totals | $ | 137,258 | $ | 135,877 | 1.0 | % | $ | 51,043 | $ | 51,333 | -0.6 | % | $ | 86,215 | $ | 84,544 | 2.0 | % | |||||||||
Attachment 8
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT SUMMARY
DECEMBER 31, 2002
(Dollars in thousands, except Cost Per Home)
(Unaudited)
UNDER DEVELOPMENT
No. of Apt. Homes | Completed Apt. Homes | Cost to Date | Budgeted Cost | Est. Cost Per Home | Expected Completion Date | Expected Stabilized Return | ||||||||||||
The Mandolin II | 178 | — | $ | 5,400 | $ | 13,300 | $ | 74,700 | 4Q03 | 9.1 | % | |||||||
Dallas, TX | ||||||||||||||||||
Rancho Cucamongo | 414 | — | $ | 13,806 | $ | 60,400 | $ | 145,900 | 4Q05 | 8.5 | % | |||||||
Los Angeles, CA | ||||||||||||||||||
2000 Post III | 24 | — | $ | 2,067 | $ | 6,600 | $ | 275,000 | 3Q04 | 8.0 | % | |||||||
San Francisco, CA | ||||||||||||||||||
Copperfield (A) | 504 | — | $ | 3,122 | $ | 28,400 | $ | 56,300 | 1Q05 | 10.0 | % | |||||||
Houston TX | ||||||||||||||||||
| (A) | This parcel of land will be contributed to the AEGON joint venture in the first quarter of 2003. |
| Note: | In addition, UDR owns seven parcels of land held for future development aggregating $9.4 million at December 31, 2002. Six of the seven parcels represent additional phases to existing properties. |
Attachment 9
UNITED DOMINION REALTY TRUST, INC.
SUMMARY OF ACQUISITIONS AND DISPOSITIONS
AS OF DECEMBER 31, 2002
(Dollars in thousands)
(Unaudited)
ACQUISITIONS
Date | Property Name | Location | Price | Units | ||||||
Jan-02 | The Cliffs | Arlington, TX | $ | 21,900 |
| 400 | ||||
Mar-02 | Barton Creek Landing | Austin, TX |
| 17,400 |
| 250 | ||||
Apr-02 | Taylor Place | Arlington, VA |
| 19,700 |
| 218 | ||||
Apr-02 | The Reflections | Denver, CO |
| 33,400 |
| 416 | ||||
May-02 | Presidential Greens | Alexandria, VA |
| 29,800 |
| 395 | ||||
May-02 | Stonehaven I and II | Tacoma, WA |
| 35,900 |
| 518 | ||||
Jun-02 | Parke 33 | Lakeland, FL |
| 16,700 |
| 264 | ||||
Jun-02 | Oaks at Weston | Raleigh, NC |
| 35,400 |
| 380 | ||||
Aug-02 | Pine Avenue | Long Beach, CA |
| 3,300 | (A) | 158 | ||||
Aug-02 | Grand Resort | Anaheim, CA |
| 14,000 | (A) | 768 | ||||
Aug-02 | Ridgewood I and II | Silver Spring, MD |
| 45,700 |
| 426 | ||||
Nov-02 | Windemere | Riverside, CA |
| 28,800 |
| 240 | ||||
Nov-02 | Tamar Meadow | Columbia, MD |
| 21,100 |
| 178 | ||||
Total Apartment Communities | $ | 323,100 |
| 4,611 | ||||||
Oct-02 | Rancho Cucamongo | Inland Empire | $ | 13,600 |
| |||||
Total Land | $ | 13,600 |
| |||||||
DISPOSITIONS
Date | Property Name | Location | Price | Units | |||||
Apr-02 | Briar Club | Memphis, TN | $ | 8,500 | 272 | ||||
Apr-02 | Cinnamon Trails | Memphis, TN |
| 8,100 | 208 | ||||
Apr-02 | Dogwood Creek | Memphis, TN |
| 14,700 | 278 | ||||
Apr-02 | Hunters Trace | Memphis, TN |
| 7,400 | 192 | ||||
May-02 | Desert Springs | Tucson, AZ |
| 7,800 | 248 | ||||
May-02 | Posada Del Rio | Tucson, AZ |
| 4,600 | 160 | ||||
Jun-02 | Santa Barbara Landing | Naples, FL |
| 16,500 | 248 | ||||
Jun-02 | Trails at Kirby Parkway | Memphis, TN |
| 13,200 | 376 | ||||
Jun-02 | Sunset Pointe | Las Vegas, NV |
| 20,800 | 384 | ||||
Sep-02 | Preston Trace | Dallas, TX |
| 12,200 | 228 | ||||
Sep-02 | Hunters Ridge | Fort Worth, TX |
| 9,700 | 248 | ||||
Sep-02 | Southern Oaks | Fort Worth, TX |
| 9,400 | 248 | ||||
Sep-02 | Promontory Pointe | San Antonio, TX |
| 33,700 | 596 | ||||
Sep-02 | Sunset Canyon | San Antonio, TX |
| 16,600 | 466 | ||||
Sep-02 | Escalante | San Antonio, TX |
| 23,100 | 540 | ||||
Sep-02 | Kenton Place | San Antonio, TX |
| 12,700 | 244 | ||||
Sep-02 | Peppermill | San Antonio, TX |
| 10,900 | 232 | ||||
Sep-02 | Ashley Oaks | San Antonio, TX |
| 22,100 | 462 | ||||
Sep-02 | Grand Cypress | San Antonio, TX |
| 9,400 | 164 | ||||
Sep-02 | The Bluffs | San Antonio, TX |
| 8,700 | 318 | ||||
Sep-02 | Audubon | San Antonio, TX |
| 7,400 | 216 | ||||
Sep-02 | Cimarron City | San Antonio, TX |
| 6,500 | 140 | ||||
Sep-02 | Winward Point | Chula Vista, CA |
| 13,900 | 96 | ||||
Dec-02 | Alvarado | Albuquerque, NM |
| 9,000 | 210 | ||||
Dec-02 | Dorado Heights | Albuquerque, NM |
| 7,100 | 216 | ||||
Total Apartment Communities | $ | 314,000 | 6,990 | ||||||
May-02 | Tri-County | Bristol, TN | $ | 2,200 | |||||
Total Commercial | $ | 2,200 | |||||||
Nov-02 | Palazzo | Brandon, FL | $ | 2,500 | |||||
Total Land | $ | 2,500 | |||||||
| (A) | Represents purchase price of the 36% outside partnership interest in the property. |
Attachment 10(A)
UNITED DOMINION REALTY TRUST, INC.
OVERVIEW OF CAPITAL EXPENDITURES
AS OF DECEMBER 31, 2002
(Unaudited)
Category | Expenditure Example | Estimated GAAP Life (Yrs) | Year Ended December 31, 2002 | Year Ended December 31, 2001 | ||||||
Capital Expenditures | ||||||||||
Development | Development Expenditures | |||||||||
— Hard and Soft Costs of Development | 5-35 | |||||||||
— Internal Dedicated Development Personnel Costs | 35 | |||||||||
— Capitalized Interest to the Month of C.O. | 35 | |||||||||
Development of Real Estate Assets | $ | 22,539 | $ | 53,607 | ||||||
Major Renovation | Building Interiors/Exteriors | |||||||||
— Rewiring or Replumbing an Entire Building | 20 | |||||||||
— Major Structural Changes to Existing Buildings | 20 | |||||||||
— Architectural Revisions to Existing Buildings | 20 | |||||||||
Total Major Renovations |
| 1,081 |
| 3,594 | ||||||
Return on Investment/ Revenue Enhancing ** | Building Interiors |
| 7,337 |
| 12,332 | |||||
— Upgrades of Carpet, Vinyl, Fixtures and Cabinets; Installation of Ventilated Shelving; Replacement of Doors, Tubs, Sinks, etc. Simultaneously performed to update the look and quality of the unit and increase rents | 5-10 | |||||||||
— Initial Install of Washer/Dryers and their Connections * | 10 | |||||||||
— Upgrade or Initial Installation of Appliances * | 10 | |||||||||
— Initial installation of Intrusion Alarms * | 10 | |||||||||
Building Exteriors |
| 1,267 |
| 4,639 | ||||||
— Garages/Storage/ Carport installation | 20 | |||||||||
— Replacement of Wood Siding with Vinyl Siding | 20 | |||||||||
— Submeter Installation * | 10 | |||||||||
— Trash Compactors | 10 | |||||||||
Landscaping & Grounds |
| 801 |
| 996 | ||||||
— Water Well Installations | 10 | |||||||||
— Gating systems * | 5 | |||||||||
Total Return on Investment / Revenue Enhancing |
| 9,405 |
| 17,967 | ||||||
*— Expenditures noted with an asterisk are capitalized as ROI the first time they are installed; however, their replacements are charged to recurring CAPEX.
**—Management approves Return on Investment/Revenue Enhancing expenditures that exceed a 12% return hurdle and fit within the company's overall CAPEX plan. | ||||||||||
Recurring /AFFO Charges | Asset Preservation | |||||||||
Building Interiors |
| 7,419 |
| 4,771 | ||||||
— Plumbing Replacements | 20 | |||||||||
— Replacement of Stairs, Doors, Windows | 10 | |||||||||
— Common Area Improvements | 10 | |||||||||
— Fixture and Equipment Replacement | 10 | |||||||||
— HVAC Replacement | 5 | |||||||||
— Clubhouse and Model Redecorating | 5 | |||||||||
— Water Heater Replacement | 5 | |||||||||
Building Exteriors |
| 5,193 |
| 5,929 | ||||||
— Roof Replacement | 20 | |||||||||
— Replacement of Porches, Awnings, Canopies | 10 | |||||||||
— Replacment of Balconies, Patios, Sunrooms | 10 | |||||||||
— Vinyl Siding Replacement | 10 | |||||||||
— Exterior Painting | 5 | |||||||||
Landscaping & Grounds |
| 3,255 |
| 4,059 | ||||||
— Drainage Improvements | 10 | |||||||||
— Irrigation System Replacments | 10 | |||||||||
— New Signage | 10 | |||||||||
— Retaining Wall Replacements | 10 | |||||||||
— Fencing, Gating Replacements | 10 | |||||||||
— Site Lighting Replacements | 10 | |||||||||
— Major Parking Lot Improvements | 10 | |||||||||
— Major Pool Improvements | 10 | |||||||||
Turnover Related |
| 16,474 |
| 16,776 | ||||||
— Carpet, Vinyl and Tile Replacement | 5 | |||||||||
— Appliance Replacement | 5 | |||||||||
Total Recurring/AFFO Charges |
| 32,341 |
| 31,535 | ||||||
Average Stabilized Unit Count |
| 76,065 |
| 75,439 | ||||||
Average Recurring Capital Expenditures Per Unit |
| 425 |
| 418 | ||||||
Capital Expenditures—Real Estate Assets | $ | 42,827 | $ | 53,096 | ||||||
| NOTE — | United Dominion capitalizes real estate improvement costs that fit these descriptions/categories, and any others that have a cost in excess of $500 and a useful life in excess of one year. |
Attachment 10(B)
UNITED DOMINION REALTY TRUST, INC.
OVERVIEW OF REPAIRS AND MAINTENANCE EXPENDITURES
AS OF DECEMBER 31, 2002
(Unaudited)
Category | Expenditure Example | Year Ended December 31, 2002 | Year Ended December 31, 2001 | |||||
Repairs & Maintenance | ||||||||
Contract Services | $ | 17,843 | $ | 17,308 | ||||
— Trash, Cleaning | ||||||||
— Lawn & Grounds | ||||||||
— Seasonal Landscaping | ||||||||
— Pest Control | ||||||||
Turnover Related Expenses |
| 11,375 |
| 7,723 | ||||
— Painting of Units | ||||||||
— Cleaning of Units | ||||||||
— Janitorial Supplies | ||||||||
— Carpet Cleaning and Supplies | ||||||||
Other Repairs & Maintenance | ||||||||
Building Interiors |
| 7,153 |
| 7,505 | ||||
— Mechanical Repairs | ||||||||
— Appliance Repairs | ||||||||
— Fixture Repairs | ||||||||
— Sheetrock, Carpentry Repairs | ||||||||
— Plumbing Repairs | ||||||||
— Safety Equipment | ||||||||
Building Exteriors |
| 2,645 |
| 2,554 | ||||
— Wood Replacement | ||||||||
— Roof, Chimney Repairs | ||||||||
— Garage, Carport, Storage Repairs | ||||||||
— Foundation Repairs | ||||||||
Landscaping & Grounds |
| 1,062 |
| 1,107 | ||||
— Pool Repairs | ||||||||
— Pool Chemicals | ||||||||
— Replacement of Trees and Shrubs | ||||||||
— Parking Lot Repairs | ||||||||
— Fence and Gate Repairs | ||||||||
Total Repairs & Maintenance | $ | 40,078 | $ | 36,197 | ||||
