SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 1, 2001
----------------
UNITED DOMINION REALTY TRUST, INC.
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(Exact name of registrant as specified in its charter)
Virginia 1-10524 54-0857512
- ---------------------- ------------------------ -----------------------
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation of
organization)
400 East Cary Street, Richmond, Virginia 23219
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(Address of principal executive offices - zip code)
(804) 780-2691
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Registrant's telephone number, including area code
ITEM 5. OTHER EVENTS
On February 1, 2001, United Dominion Realty Trust, Inc. ("United Dominion"), the
registrant, issued a Press Release announcing 2000 fourth quarter and year to
date results of operations. The following is a summary of United Dominion
Realty Trusts, Inc.'s Press Release:
UNITED DOMINION REALTY TRUST, INC. ANNOUNCES
2000 FOURTH QUARTER AND YEAR-END RESULTS
RICHMOND, VA. (February 1, 2001) United Dominion Realty Trust, Inc. (NYSE: UDR)
today reported funds from operations (FFO) of $45.6 million, or $0.37 per share,
for the quarter ended December 31, 2000, a per share increase of 3.1% over FFO
of $0.36 per share, or $44.2 million, for the same period of 1999. FFO is
reported on a diluted basis.
For the year ended December 31, 2000, FFO was $181.4 million, or $1.47 per
share, before certain non-recurring items. The non-recurring items were recorded
in the third quarter and consisted of charges for litigation and organizational
changes partially offset by a gain on the sale of a land parcel. FFO including
these items was $178.5 million, or $1.45 per share. For 1999, the Company
reported FFO of $176.6 million, or $1.42 per share.
Highlights
. Same community revenues increased 3.9% in fourth quarter of 2000
. Fourth quarter 2000 NOI for same communities increased 3.7%
. Same community economic occupancy up 0.3% in fourth quarter of 2000
. Awarded national multifamily customer service award
. Total debt decreased by $135 million during the year
. Sold $215 million of non-strategic properties in 2000
. CEO search committee interviewing candidates
"During the fourth quarter, important progress was made in a number of areas,"
stated John P. McCann, chairman and chief executive officer. "Our same community
results improved and corporate earnings were in line with expectations. During
the full year, we increased earnings while simultaneously decreasing debt by
$135 million and improving the Company's financial flexibility. Furthermore, we
were pleased to learn this month that the leading independent surveyor of the
apartment industry has for the second consecutive year given United Dominion its
top award for customer service provided by the country's largest apartment
operators."
McCann further noted that, "At the same time this important progress was being
made within the Company, the CEO search committee of the board of directors is
proceeding with interviews of candidates. We are encouraged by the caliber of
these candidates and their interest in leading the Company."
2
Financial Results
-----------------
On a year-over-year basis, fourth quarter 2000 same community net operating
income (NOI) growth of 3.7% was the result of a 3.9% increase in revenues from
rental and other income that more than offset a 4.2% increase in operating
expenses. During the fourth quarter, 73,557 homes were classified as same
community on a weighted average basis.
Same Community Results ($ in thousands, except monthly rent)
------------------------------------------------------------
4Q00 4Q99 % Change
----- ---- -------
Gross potential rent $150,252 $145,412 3.3%
Rental and other income 143,129 137,764 3.9%
Expenses 55,058 52,845 4.2%
Net operating income 88,071 84,919 3.7%
Average monthly rent per home $ 681 $ 659 3.3%
Average monthly rent per SF $ 0.77 $ 0.75 3.3%
Average physical occupancy 94.2% 93.7% 0.5%
Average economic occupancy 92.1% 91.8% 0.3%
Operating margin 61.5% 61.6% -0.1%
The following table provides same community operating results for the year
ending December 31, 2000 and the prior year. During 2000, 76,267 homes were
classified as same community on a weighted average basis.
Same Community Results ($ in thousands, except monthly rent)
------------------------------------------------------------
12M00 12M99 % Change
----- ----- --------
Gross potential rent $610,517 $593,401 2.9%
Rental and other income 581,070 557,776 4.2%
Expenses 225,633 216,440 4.2%
Net operating income 355,437 341,336 4.1%
Average monthly rent per home $ 667 $ 648 2.9%
Average monthly rent per SF $ 0.76 $ 0.74 2.9%
Average physical occupancy 94.2% 93.0% 1.2%
Average economic occupancy 91.8% 91.0% 0.8%
Operating margin 61.2% 61.2% 0.0%
"In 2000, we placed a high priority on increasing our occupancy levels," said
John S. Schneider, United Dominion's president and chief operating officer. "We
are pleased that economic occupancy increased by 0.8% during the year. This
increase, coupled with an almost 3% increase in average monthly rent plus strong
growth in non-rental revenues, enabled us to increase total same community
revenues by 4.2% during the year.
"As we have noted since the middle of last year, expense increases have exceeded
our long-term objective of limiting annual increases to 2.5% or less. The
increases during 2000 were primarily driven by increases
3
in property insurance costs and higher real estate taxes," observed Schneider.
"Excluding increases in these two areas, all other same community expenses
increased only 1.1% during the year."
Customer Service Award
----------------------
United Dominion has won the "2000 National Multifamily Customer Service Award
for Excellence" in the Level 1 category. This category encompasses the largest
real estate companies surveyed, each with more than 100 apartment communities
under management. The award was presented by CEL & Associates, Inc., the
nation's largest independent customer surveyor for the apartment industry.
"This is the second year in a row that we have won this important award," said
Schneider. "Excelling in customer service has always been a key part of our
operating strategy for delivering superior value to our residents. We are
delighted that our efforts are being recognized and that we are setting
ourselves apart from our competition in this regard."
Divestiture Activity
--------------------
Divestitures during 2000 totaled $214 million and included 26 communities with
5,835 apartment homes sold at a capitalization rate of 9.3% (annualized 2000 NOI
less a $250 per unit replacement reserve divided by the sales price). For the
fourth quarter, sales totaled $41 million and included 1,186 apartment homes
sold at a capitalization rate of 9.1%. The proceeds of the divestiture program
have been primarily used to pay down debt and, to a lesser extent, buy back
preferred and common stock.
Debt Reduction
United Dominion is continuing its strategy of reducing its debt levels,
strengthening its capitalization structure and increasing financial flexibility.
At December 31, 2000, total debt was $1,992 million, which was $135 million
below the level at the end of 1999.
During 2000, the Company completed a number of financing transactions, including
the arrangement of a new $375 million revolving credit agreement and $200
million of long-term unsecured debt. In 2001, the Company expects a
significantly lower level of financing activity, as debt maturities during the
year are only $63 million.
Conference Call Information
---------------------------
United Dominion will hold a conference call on February 2, 2001 at 11:00 am
Eastern Standard Time (EST). The number to call and participate is 1-888-747-
3526. To hear a replay, please call 1-888-266-2086, Access Code: 4901014. The
call can also be heard at www.udrt.com or www.streetevents.com. A replay will
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be available on these sites for 90 days. Institutional members of Streetfusion
can also access the conference call replay for 30 days at www.streetfusion.com.
--------------------
4
About United Dominion Realty Trust, Inc.
- ----------------------------------------
United Dominion is one of the country's largest multifamily real estate
investment trusts, owning and operating apartment communities nationwide. The
Company currently owns all or an interest in approximately 78,000 apartment
homes and is the developer for approximately 1,900 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
its 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
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Attachment 1
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UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------------------------------------------------
In thousands, except per share amounts 2000 1999 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
Rental and other property income $152,978 $155,004 $616,825 $618,749
Rental expenses:
Real estate taxes and insurance 16,861 15,708 69,071 63,425
Personnel 16,331 16,621 65,666 66,968
Utilities 6,203 6,999 25,791 30,106
Repair and maintenance 8,902 10,899 36,469 41,339
Administrative and marketing 5,698 6,392 23,771 25,410
Property management 4,432 4,457 18,392 18,475
Other operating 320 323 1,426 1,539
-------- -------- -------- --------
58,747 61,399 240,586 247,262
Other income:
Non-property income 894 311 5,326 1,942
Other expenses:
Real estate depreciation 37,689 30,913 152,994 121,727
Interest 38,114 37,737 156,040 153,748
Impairment loss on real estate and investments - 12,200 - 19,300
General and administrative 4,610 4,340 19,444 13,850
Non real estate depreciation and amortization 929 1,198 4,367 4,425
-------- -------- -------- --------
81,342 86,388 332,845 313,050
Income before gains on sales of investments, minority
interests and extraordinary item 13,783 7,528 48,720 60,379
Gains on sales of depreciable property 11,728 5,541 30,618 37,995
Gains on sales of land - - 832 -
-------- -------- -------- --------
Income before minority interests and extraordinary item 25,511 13,069 80,170 98,374
Minority interests of outside partnerships (375) (588) (1,501) (1,245)
Minority interests of unitholders in operating partnership (1,125) (201) (2,885) (4,434)
-------- -------- -------- --------
Income before extraordinary item 24,011 12,280 75,784 92,695
Extraordinary item-early extinguishment of debt 564 584 831 927
-------- -------- -------- --------
Net income 24,575 12,864 76,615 93,622
Distributions to preferred shareholders-Series A and B (5,258) (5,606) (21,591) (22,560)
Distributions to preferred shareholders-Series D (Convertible) (3,825) (3,788) (15,300) (15,154)
Discount on preferred share repurchases 595 - 2,929 -
-------- -------- -------- --------
Net income available to common shareholders $ 16,087 $ 3,470 $ 42,653 $ 55,908
======== ======== ======== ========
Earnings per common share:
Basic $ 0.16 $ 0.03 $ 0.41 $ 0.54
Diluted $ 0.16 $ 0.03 $ 0.41 $ 0.54
Common distributions declared per share $ 0.2675 $ 0.2650 $ 1.0700 $ 1.0600
Weighted average number of common shares outstanding-basic 102,710 102,735 103,072 103,604
Weighted average number of common shares outstanding-diluted 102,805 102,807 103,208 103,639
=================================================================================================================================
6
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Attachment 2
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UNITED DOMINION REALTY TRUST, INC.
FUNDS FROM OPERATIONS
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-----------------------------------------------
In thousands, except per share amounts 2000 1999 2000 1999
- -----------------------------------------------------------------------------------------------------------------------------------
Net income $ 24,575 $ 12,864 $ 76,615 $ 93,622
Adjustments:
Distributions to preferred shareholders (9,083) (9,394) (36,891) (37,714)
Real estate depreciation, net of outside partners' interest 37,346 30,641 151,520 120,543
Gains on sale of depreciable property, net of outside partners' interest (11,728) (5,541) (30,300) (37,995)
Minority interests of unitholders in operating partnership 1,125 201 2,885 4,434
Real estate depreciation related to unconsolidated entities 63 45 251 181
Extraordinary item-early extinguishment of debt (564) (584) (831) (927)
Impairment loss on real estate and investments - 12,200 - 19,300
-------- -------- -------- --------
Funds from operations-basic $ 41,734 $ 40,432 $163,249 $161,444
======== ======== ======== ========
Adjustment:
Distribution to preferred shareholders-Series D (Convertible) 3,825 3,788 15,300 15,154
-------- -------- -------- --------
Funds from operations-diluted $ 45,559 $ 44,220 $178,549 $176,598
======== ======== ======== ========
Weighted average number of common shares and OP Units outstanding-basic 110,234 110,269 110,622 111,785
Weighted average number of common shares and OP Units outstanding-diluted 122,575 122,649 123,005 124,127
FFO per common share-basic $ 0.38 $ 0.37 $ 1.48 $ 1.44
======== ======== ======== ========
FFO per common share-diluted $ 0.37 $ 0.36 $ 1.45 $ 1.42
======== ======== ======== ========
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 is effective
beginning January 1, 2000.
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7
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Attachment 3
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UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, December 31,
In thousands, except per share amounts 2000 1999
--------------------------------------------------------------------------------------------------------------------------
ASSETS
Real estate owned:
Real estate held for investment $ 3,758,974 $ 3,577,848
Less: accumulated depreciation (506,871) (373,164)
------------ ------------
3,252,103 3,204,684
Real estate under development 60,366 91,914
Real estate held for disposition (net of accumulated depreciation of $2,534 and $22,700) 14,446 260,583
------------ ------------
Total real estate owned, net of accumulated depreciation 3,326,915 3,557,181
Cash and cash equivalents 10,305 7,678
Restricted cash 44,943 56,969
Deferred financing costs 14,271 13,511
Investment in unconsolidated development joint venture 8,088 -
Other assets 49,435 52,978
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Total assets $ 3,453,957 $ 3,688,317
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Secured debt $ 866,115 $ 1,000,136
Unsecured debt 1,126,215 1,127,169
Real estate taxes payable 30,554 30,887
Accrued interest payable 18,059 17,867
Security deposits and prepaid rent 22,524 20,738
Distributions payable 36,128 36,020
Accounts payable, accrued expenses and other liabilities 47,144 51,121
------------ ------------
Total liabilities 2,146,739 2,283,938
Minority interests 88,326 94,167
Shareholders' equity
Preferred stock, no par value; $25 liquidation preference,
25,000,000 shares authorized;
3,969,120 shares 9.25% Series A Cumulative Redeemable issued and outstanding
(4,168,560 in 1999) 99,228 104,214
5,439,109 shares 8.60% Series B Cumulative Redeemable issued and outstanding
(5,946,300 in 1999) 135,978 148,658
8,000,000 shares 7.50% Series D Cumulative Convertible Redeemable issued
and outstanding (8,000,000 in 1999) 175,000 175,000
Common stock, $1 par value; 150,000,000 shares authorized
102,219,250 shares issued and outstanding (102,740,777 in 1999) 102,219 102,741
Additional paid-in capital 1,081,387 1,083,687
Distributions in excess of net income (366,531) (296,030)
Deferred compensation - unearned restricted stock awards (828) (305)
Notes receivable from officer-shareholders (7,561) (7,753)
------------ ------------
Total shareholders' equity 1,218,892 1,310,212
------------ ------------
Total liabilities and shareholders' equity $ 3,453,957 $ 3,688,317
============ ============
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8
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Attachment 4
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UNITED DOMINION REALTY TRUST, INC.
SELECTED FINANCIAL INFORMATION
DECEMBER 31, 2000
(Dollars in thousands)
(Unaudited)
- --------------------------------------------------------------------------------
DEBT STRUCTURE
- --------------------------------------------------------------------------------
Balance % of Total Interest Rate
----------- ---------- -------------
Secured Fixed $593,718 29.8% 7.8%
Floating 272,397 13.7% 6.6%
--------------------------------------------
Combined 866,115 43.5% 7.4%
Unsecured Fixed 771,815 38.7% 7.8%
Floating 354,400 17.8% 7.7%
--------------------------------------------
Combined 1,126,215 56.5% 7.8%
Interest Rate Swaps (A) Fixed 247,000 7.4%
Floating (247,000) 7.8%
Total Debt Fixed 1,612,533 80.9% 7.7%
Floating 379,797 19.1% 6.9%
--------------------------------------------
Combined $1,992,330 100.0% 7.6%
(A) United Dominion has 15 interest rate swap agreements with a notional
amount aggregating $247 million used to fix the interest rate on a
portion of its variable rate debt.
- --------------------------------------------------------------------------------
DEBT MATURITIES
- --------------------------------------------------------------------------------
2001 $ 62,965
2002 108,177
2003 424,753 (B)
2004 354,678
2005 249,136
Thereafter 792,621
-----------
$1,992,330
===========
(B) Includes $244.4 million of unsecured bank debt.
- --------------------------------------------------------------------------------
COVERAGE RATIOS
- --------------------------------------------------------------------------------
Interest Coverage Ratio 2.29 (C)
Fixed Charge Coverage 1.85 (D)
(C) EBITDA (before non-recurring items) divided by interest expense.
(D) EBITDA (before non-recurring items) divided by interest expense and
preferred dividends.
- --------------------------------------------------------------------------------
MARKET CAPITALIZATION
- --------------------------------------------------------------------------------
Balance % of Total
------- ----------
Total debt $1,992,330 56.0%
Preferred at market 380,293 10.7%
Common (including OP Units) at $10.8125 1,185,861 33.3%
----------------------
Total market capitalization $3,558,484 100.0%
======================
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9
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Attachment 5
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UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
December 31, 2000
(Dollars in thousands)
(Unaudited)
% of Total
Portfolio
----------------------------------
Total Based on Total Same
----------------------------------
Apartment Budgeted Community Physical Occupancy
----------------------------------
Homes 2000 NOI Homes 4Q 2000 4Q 1999 Change
----------------------------------------------------------------------------------
NORTHERN REGION:
Raleigh, NC 2,951 4.6% 2,951 89.9% 92.3% -2.4%
Richmond, VA 2,372 3.7% 2,372 96.1% 97.0% -0.9%
Charlotte, NC 2,710 3.5% 2,490 91.7% 91.1% 0.6%
Greensboro, NC 2,123 2.7% 2,123 91.5% 91.0% 0.5%
Baltimore, MD 1,421 2.5% 1,230 98.7% 98.0% 0.7%
Wilmington, NC 1,869 2.5% 1,869 89.3% 92.6% -3.3%
Columbus, OH 2,175 2.4% 1,723 95.0% 95.3% -0.3%
Other Northern Markets 8,383 12.0% 8,383 95.3% 95.9% -0.6%
SOUTHERN REGION:
Orlando, FL 4,140 5.1% 3,848 94.1% 94.3% -0.2%
Tampa, FL 3,372 4.6% 3,372 95.5% 92.9% 2.6%
Memphis, TN 1,956 2.3% 1,956 93.1% 94.0% -0.9%
Atlanta, GA 1,426 2.0% 1,426 95.6% 94.4% 1.2%
South Florida 1,638 1.9% 1,280 94.8% 90.7% 4.1%
Nashville, TN 2,220 2.6% 1,572 94.9% 93.1% 1.8%
Columbia, SC 1,584 2.8% 1,584 95.0% 89.4% 5.6%
Other Southern Markets 4,760 5.2% 4,332 91.7% 93.7% -2.0%
WESTERN REGION:
Dallas, TX 4,533 5.8% 4,533 95.5% 94.6% 0.9%
Houston, TX 5,722 5.5% 5,270 92.8% 90.7% 2.1%
San Francisco, CA 980 3.6% 980 99.5% 99.5% 0.0%
Fort Worth, TX 3,561 3.9% 3,561 96.9% 95.2% 1.7%
Phoenix, AZ 3,460 4.1% 3,138 91.9% 93.3% -1.4%
San Antonio, TX 3,827 3.8% 3,348 93.3% 92.5% 0.8%
Monterey Peninsula, CA 1,827 3.1% 1,827 96.7% 90.9% 5.8%
Southern California 1,414 1.9% 1,022 95.6% 93.7% 1.9%
Seattle, WA 628 0.9% 628 95.7% 97.5% -1.8%
Other Western Markets 6,167 7.2% 5,900 95.7% 94.6% 1.1%
----------------------- ------------- -------------------------------
Totals 77,219 100.0% 72,718 94.2% 93.7% 0.5%
======================= ============= ===============================
Same Community
-------------------------------------------------------------------------------------------------
------------------------------------------------- ------------------------------------------
Net Operating Income Rental Rate
------------------------------------------------- -----------------------------------------
4Q 2000 4Q 1999 Change 4Q 2000 4Q 1999 Change
-------------------------------------------------------------------------------------------------
NORTHERN REGION:
Raleigh, NC $ 3,723 $ 4,158 -10.5% $ 713 $ 699 2.1%
Richmond, VA 3,514 3,357 4.7% 694 668 4.0%
Charlotte, NC 2,561 2,788 -8.1% 673 685 -1.8%
Greensboro, NC 2,440 2,401 1.7% 633 627 1.0%
Baltimore, MD 2,378 2,181 9.0% 738 709 4.0%
Wilmington, NC 2,092 2,262 -7.5% 654 642 1.8%
Columbus, OH 1,977 2,141 -7.7% 645 636 1.4%
Other Northern Markets 11,060 10,403 6.3% 659 633 4.2%
SOUTHERN REGION:
Orlando, FL 4,750 4,674 1.6% 693 673 3.0%
Tampa, FL 4,047 3,879 4.3% 680 659 3.1%
Memphis, TN 1,867 1,926 -3.1% 627 601 4.3%
Atlanta, GA 1,865 1,796 3.8% 728 703 3.6%
South Florida 1,837 1,672 9.9% 869 844 2.9%
Nashville, TN 1,753 1,640 6.8% 635 626 1.5%
Columbia, SC 1,604 1,377 16.5% 580 573 1.3%
Other Southern Markets 4,210 4,628 -9.0% 615 599 2.6%
WESTERN REGION:
Dallas, TX 4,987 5,005 -0.4% 666 647 3.0%
Houston, TX 4,568 4,512 1.3% 597 587 1.8%
San Francisco, CA 3,957 3,268 21.1% 1,706 1,498 13.9%
Fort Worth, TX 3,597 3,314 8.5% 619 601 3.0%
Phoenix, AZ 3,582 3,501 2.3% 692 665 4.1%
San Antonio, TX 3,494 3,369 3.7% 647 635 1.9%
Monterey Peninsula, CA 2,857 2,450 16.6% 851 798 6.6%
Southern California 1,702 1,412 20.5% 892 807 10.5%
Seattle, WA 837 677 23.6% 711 686 3.8%
Other Western Markets 6,812 6,128 11.2% 642 622 3.2%
------------------------------------------- ------------------------------------------
Totals $ 88,071 $ 84,919 3.7% $ 681 $ 659 3.3%
=========================================== ==========================================
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10
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Attachment 6
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UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
DECEMBER 31, 2000
(Dollars in thousands)
(Unaudited)
% of Total Same Community
Portfolio -----------------------------------------------------------------------------
Total Based on Total Same ------------------------- ----------------------- ------------------------
Apartment Budgeted Community Physical Occupancy Net Operating Income Rental Rate
------------------------- ----------------------- ------------------------
Homes 2000 NOI Homes YTD 2000 YTD 1999 Change YTD 2000 YTD 199 Change YTD 2000 YTD 19 Change
---------------------------------------------------------------------------------------------------------------
NORTHERN REGION:
Raleigh, NC 2,951 4.6% 2,951 90.8% 92.5% -1.7% $15,274 $ 16,520 -7.5% $ 707 $ 693 2.0%
Richmond, VA 2,372 3.7% 2,372 96.2% 94.3% 1.9% 13,707 12,639 8.5% 684 661 3.5%
Charlotte, NC 2,710 3.5% 2,490 92.0% 91.2% 0.8% 10,900 11,613 -6.1% 676 680 -0.6%
Greensboro, NC 2,123 2.7% 2,123 92.5% 89.5% 3.0% 9,999 9,147 9.3% 631 625 0.9%
Baltimore, MD 1,421 2.5% 1,230 98.3% 96.9% 1.4% 9,319 8,559 8.9% 721 697 3.5%
Wilmington, NC 1,869 2.5% 1,869 89.5% 89.7% -0.2% 8,449 8,539 -1.1% 648 646 0.3%
Columbus, OH 2,175 2.4% 1,723 95.0% 94.0% 1.0% 8,069 8,362 -3.5% 641 632 1.3%
Other Northern Markets 8,383 12.0% 8,383 95.3% 94.2% 1.1% 42,688 40,246 6.1% 643 622 3.3%
SOUTHERN REGION:
Orlando, FL 4,140 5.1% 3,848 94.4% 94.1% 0.3% 18,564 18,157 2.2% 685 666 2.9%
Tampa, FL 3,372 4.6% 3,372 94.7% 92.5% 2.2% 16,595 16,018 3.6% 676 657 2.9%
Columbia, SC 1,584 2.8% 1,584 94.0% 90.2% 3.8% 8,646 8,338 3.7% 540 530 1.8%
Nashville, TN 2,220 2.6% 1,572 94.8% 93.9% 0.9% 8,398 8,226 2.1% 612 601 1.9%
Memphis, TN 1,956 2.3% 1,956 94.5% 93.7% 0.8% 8,167 7,903 3.3% 610 596 2.3%
Atlanta, GA 1,426 2.0% 1,426 94.6% 92.7% 1.9% 7,334 6,730 9.0% 718 692 3.7%
South Florida 1,638 1.9% 1,280 92.9% 91.1% 1.8% 6,872 6,577 4.5% 860 830 3.6%
Other Southern Markets 4,760 5.2% 4,332 92.5% 93.0% -0.5% 17,791 18,132 -1.9% 608 593 2.5%
WESTERN REGION:
Dallas, TX 4,533 5.8% 4,533 95.2% 94.4% 0.8% 20,621 20,088 2.7% 662 642 3.1%
Houston, TX 5,722 5.5% 5,270 92.8% 91.3% 1.5% 19,039 18,766 1.5% 589 577 2.2%
Fort Worth, TX 3,561 3.9% 3,561 96.1% 95.1% 1.0% 14,495 13,479 7.5% 610 593 2.8%
San Francisco, CA 980 3.6% 980 99.5% 98.8% 0.7% 14,334 12,817 11.8% 1,602 1,482 8.1%
Phoenix, AZ 3,460 4.1% 3,138 93.3% 91.5% 1.8% 14,332 13,833 3.6% 679 662 2.6%
San Antonio, TX 3,827 3.8% 3,348 93.7% 92.5% 1.2% 14,122 13,700 3.1% 642 627 2.4%
Monterey Peninsula, CA 1,827 3.1% 1,827 94.8% 92.7% 2.1% 10,877 9,921 9.6% 829 775 6.9%
Southern California 1,414 1.9% 1,022 95.2% 94.7% 0.5% 6,482 5,721 13.3% 856 786 8.9%
Seattle, WA 628 0.9% 628 96.0% 93.0% 3.0% 3,279 2,676 22.5% 701 676 3.6%
Other Western Markets 6,167 7.2% 5,900 94.7% 92.4% 2.3% 27,084 24,629 10.0% 634 619 2.5%
------------- --------- ------------------------ ------------------------- ----------------------
Totals 77,219 100.0% 72,718 94.2% 93.0% 1.2% $ 355,437 $341,336 4.1% $ 667 $ 648 2.9%
============= ========= ======================== ========================= ======================
================================================================================
11
================================================================================
Attachment 7
- ------------
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT SUMMARY
DECEMBER 31, 2000
(Dollars in thousands, except Cost Per Home)
(Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------
2000 COMPLETIONS
- ------------------------------------------------------------------------------------------------------------------------------
No. of Apt. Development Cost Per Date
Homes Cost Home Completed % Leased
------------- --------------- ------------ ------------ --------------
New Communities:
---------------
Ashton at Waterford Lakes 292 $21,500 $73,600 Feb-00 97.9%
Orlando, FL
Additional Phases:
-----------------
Dominion Crown Pointe II 220 14,700 66,800 Jun-00 89.1%
Charlotte, NC
Escalante II 312 19,100 61,200 Nov-00 82.1%
San Antonio, TX
Ashlar II 168 12,800 76,200 Dec-00 29.2%
Ft. Myers, FL
------------- --------------- ------------
Total 992 $68,100 $68,600
============= =============== ============
- ------------------------------------------------------------------------------------------------------------------------------------
UNDER DEVELOPMENT
- ------------------------------------------------------------------------------------------------------------------------------------
Expected
No. of Apt. Completed Cost to Budgeted Est. Cost Completion
Homes Apt. Homes Date Cost Per Home Date
------------- --------------- ------------ ------------ -------------- ------------
New Communities:
---------------
Dominion Place at Kildaire Farm 332 -- $11,400 $25,700 $77,400 1Q02
Raleigh, NC
Red Stone Ranch Apartments 324 -- 8,600 21,700 67,000 4Q01
Austin, TX
------------- --------------- ------------- ----------- --------------
Subtotal 656 -- 20,000 47,400 72,300
------------- --------------- ------------ ------------ --------------
Additional Phases:
-----------------
Greensview II 192 -- 3,200 16,700 87,000 4Q01
Denver, CO
Manor at England Run III 120 -- 900 8,800 73,300 4Q01
Fredericksburg, VA
The Meridian II 270 -- 2,700 17,400 64,400 1Q02
Dallas, TX
------------- --------------- ------------- ----------- --------------
Subtotal 582 -- 6,800 42,900 73,700
------------- --------------- ------------ ------------ --------------
------------- --------------- ------------ ------------ --------------
Total 1,238 -- $26,800 $90,300 $72,900
============= =============== ============ ============ ==============
In addition, United Dominion owns 16 parcels of land aggregating $33.6 million
at December 31, 2000.
================================================================================
12
================================================================================
Attachment 8
- ------------
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT JOINT VENTURE SUMMARY
DECEMBER 31, 2000
(Dollars in thousands, except Cost Per Home)
(Unaudited)
- ------------------------------------------------------------------------------------------------------------------------------
2000 COMPLETIONS
- ------------------------------------------------------------------------------------------------------------------------------
No. of Apt. Development Cost Per Date
Homes Cost Home Completed % Leased
------------ --------------- ------------ ------------- ------------
New Communities:
- ---------------
The Meridian 250 $16,400 $65,600 Jun-00 100.0%
Dallas, TX
- ------------------------------------------------------------------------------------------------------------------------------
UNDER DEVELOPMENT
- ------------------------------------------------------------------------------------------------------------------------------
Expected
No. of Apt. Completed Cost to Budgeted Est. Cost Completion
Homes Apt. Homes Date Cost Per Home Date
------------ --------------- ------------ ------------- ------------ --------------
New Communities:
- ---------------
Oaks at Weston 380 280 $26,300 $30,100 $79,200 2Q01
Raleigh, NC
Sierra Canyon 236 92 13,900 16,700 70,800 1Q01
Phoenix, AZ
Parke 33 264 244 16,700 17,400 65,900 1Q01
Lakeland, FL
Mandolin 308 -- 12,600 22,100 71,800 3Q01
Dallas, TX
------------ --------------- ------------ ------------- ------------
Total 1,188 616 $69,500 $86,300 $72,600
============ =============== ============ ============= ============
================================================================================
13
================================================================================
Attachment 9
- ------------
UNITED DOMINION REALTY TRUST, INC.
DISPOSITION SUMMARY
AS OF DECEMBER 31, 2000
(Dollars in thousands)
(Unaudited)
Date of No. of Apt. Sales
Sale Homes Price
------------- -------------- ---------------
1. Cold Springs Manor 01/18/2000 109 $ 2,675
Indianapolis, IN
2. Valli Hi 02/04/2000 76 6,200
Monterey Peninsula, CA
3. Park on Preston 02/29/2000 286 9,625
Dallas, TX
4. Meadowdale Office Park 03/03/2000 N/A 485
Richmond, VA
5. The Lakes 03/31/2000 256 9,450
Nashville, TN
6. On the Boulevard 04/20/2000 202 10,725
Kennewick, WA
7. Montfort Townhomes 05/30/2000 83 6,340
Dallas, TX
8. The Claremont 06/06/2000 52 3,150
Monterey Peninsula, CA
9. Dove Park 06/16/2000 262 12,325
Fort Worth, TX
10. Citiscape 06/27/2000 231 10,100
Dallas, TX
11. Village at Old Tampa Bay 06/29/2000 400 16,400
Tampa, FL
12. Hickory Pointe 07/14/2000 240 7,900
Memphis, TN
13. Bammelwood 08/24/2000 226 5,400
Houston, TX
14. Prestonwood 08/24/2000 156 4,950
Houston, TX
15. Parmer Lane (Land) 08/31/2000 N/A 3,700
Austin, TX
16. Villa Serena 09/01/2000 104 3,710
Albuquerque, NM
17. Crossroads 09/08/2000 622 18,400
Columbia, SC
18. St. Andrews 09/08/2000 216 8,000
Columbia, SC
19. The Park 09/08/2000 292 8,600
Columbia, SC
20. 2131 Apartments 09/08/2000 403 12,250
Nashville, TN
21. Harbour Town 09/08/2000 185 5,750
Nashville, TN
22. Chandler's Mill 09/29/2000 248 7,750
Corpus Christi, TX
23. Laurel Ridge 11/14/2000 215 6,200
Roanoke, VA
24. Craig Manor 11/14/2000 108 3,450
Roanoke, VA
25. Northview 11/14/2000 131 4,000
Roanoke, VA
26. Memorial Bend 12/22/2000 124 4,140
Houston, TX
27. Three Fountains 12/28/2000 242 6,600
Montgomery, AL
28. Woodside 12/29/2000 366 16,180
Baltimore, MD
-------------- ---------------
2000 Total 5,835 $214,455
============== ===============
-------------- ---------------
1999 Total 7,443 $241,224
============== ===============
================================================================================
14
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: March 9, 2001 /s/ A. William Hamill
----------------------------- ----------------------------------
A. William Hamill
Executive Vice President and
Chief Financial Officer
Date: March 9, 2001 /s/ Scott A. Shanaberger
----------------------------- ----------------------------------
Scott A. Shanaberger
Vice President and
Chief Accounting Officer
15