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): April 30, 2001
--------------
UNITED DOMINION REALTY TRUST, INC.
----------------------------------
(Exact name of registrant as specified in its charter)
Virginia 1-10524 54-0857512
- ------------------------------- ----------------------- ----------------
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation of organization) Identification No.)
400 East Cary Street, Richmond, Virginia 23219
-----------------------------------------------
(Address of principal executive offices - zip code)
(804) 780-2691
--------------
Registrant's telephone number, including area code
ITEM 5. OTHER EVENTS
On April 30, 2001, United Dominion Realty Trust, Inc. ("United Dominion"), the
registrant, issued a Press Release announcing 2001 first quarter results of
operations. The following is a summary of United Dominion Realty Trust,
Inc.'s Press Release:
UNITED DOMINION REALTY TRUST, INC. REPORTS
FIRST QUARTER 2001 OPERATING RESULTS
RICHMOND, VA. (April 30, 2001) United Dominion Realty Trust, Inc. (NYSE symbol:
UDR) today reported funds from operations ("FFO") for the quarter ended March
31, 2001 of $45.8 million, or $0.38 per share, before certain non-recurring
items. Including these items, FFO for the quarter was $37.3 million, or $0.31
per share. For last year's first quarter, the Company reported FFO of $45.0
million, or $0.37 per share. FFO is reported on a diluted basis.
Highlights
----------
. Earnings in line with expectations
. Organizational changes completed during the first quarter
. Nine non-strategic communities sold since the beginning of the year
. Three development projects completed under budget
"Since joining United Dominion midway through the first quarter, I have been
very pleased with the progress we have made on a number of important
initiatives," said Tom Toomey, President and CEO. "These initiatives are
designed to streamline our organizational structure, increase long-term
profitability, improve our earnings growth rate, enhance the predictability of
the Company's financial results and, most importantly, build substantial value
for United Dominion's shareholders."
"I am also pleased that the Company has generated first quarter earnings in line
with our expectations as well as those of the financial community. Furthermore,
since the beginning of the year, we have successfully sold non-core communities
at attractive cap rates, and have completed the development and construction of
almost 900 new apartment homes," said Mr. Toomey.
"As previously indicated, we are now turning our attention to some key longer-
term issues for United Dominion," Mr. Toomey noted. "They include a review of
our markets in order to identify areas which we will stress in our operations
and to which we will devote additional financial and management resources. We
will also focus on improving the overall operating efficiencies of the
individual properties and the portfolio as a whole. In addition, this market
and operational review will lead to refinements in the Company's capitalization
structure to ensure efficiency and economy in our financing activities as well
as an appropriate level of long-term financial flexibility. The progress we
have made on all of these important initiatives is a credit to the skills,
diligence and motivation of our people. "
2
Portfolio Operating Performance and Same Community Results
During the first quarter, 74,987 homes were classified as Same Community on a
weighted average basis.
Same Community Results ($ in thousands, except monthly rent)
- ---------------------------------------------------------------------------
1Q01 1Q00 % Change
---------- ----------- -------------
Rental and other income $147,809 $141,897 4.2%
Expenses 57,361 53,984 6.3%
Net operating income 90,448 87,913 2.9%
Average monthly rent per home $ 690 $ 666 3.6%
Average physical occupancy 93.9% 93.7% 0.2%
Average economic occupancy 93.3% 93.1% 0.2%
Operating margin 61.2% 62.0% (0.8)%
On a year-over-year basis, first quarter 2001 Same Community net operating
income ("NOI") growth of 2.9% was the result of a 4.2% increase in revenues from
rental and other income, which more than offset a 6.3% increase in operating
expenses.
"We are pleased with our 3.6% increase in average monthly rent and 0.2%
increases in both physical and economic occupancy levels, especially in view of
the softer national economy," noted Mr. Toomey. These monthly rent and
occupancy increases enabled growth in overall net rental revenues of 3.6%.
Additional revenue growth came from increases in fee and other income. The
combination of all of these factors led to total rental and other income being
4.2% greater than in the comparable period of last year.
"The first quarter increase in revenues was partially offset by increases in
expenses," Mr. Toomey observed. "The most significant change was in natural gas
expenses. While we are increasing the portion of our gas costs that are
reimbursed by residents, the well-publicized run-up in prices caused our net
expenses for gas to be $1.4 million higher than they were in last year's first
quarter, representing more than a doubling of these costs. Another area of
significant expense growth was property insurance costs, which increased by $0.8
million, representing slightly more than a 30% increase. All other expenses
increased by approximately $1.2 million, or 2.4%, over the prior year's first
quarter."
Non-Recurring Charges
As previously reported, United Dominion's first quarter results include non-
recurring charges of approximately $8.5 million. These charges consist of $4.5
million related to workforce reductions and severance costs for approximately
200 employees, $2.8 million for the write-down of seven undeveloped land sites
being sold, $0.4 million for the relocation of the Company's executive offices
to Denver, $0.3 million for the write-down of an investment in an online
apartment leasing company and $0.5 million for other asset write-offs. Chris
Genry, United Dominion's Chief Financial Officer, stated that, "Essentially all
of the planned workforce reductions have been completed."
3
Divestiture Activity
Since the beginning of 2001, United Dominion has sold nine communities for an
aggregate consideration of $129 million. During the first quarter, three
communities with 251 apartment homes were sold at a capitalization rate of 8.5%
to 8.9%.
In April, the Company sold six Florida communities with 1,638 apartment homes
(average age of 12 years) at a 7.4% to 8.0% capitalization rate. The sales price
of the Florida communities was $ 113 million resulting in a gain on sale of
$21.5 million. The properties were located in the counties of Dade, Broward and
Palm Beach in south Florida.
Upon completion of these divestitures and pending other uses, the proceeds were
applied primarily to reductions in long-term debt. Since the Florida sale was
completed in April, the Company's debt level at the end of the first quarter
does not reflect the use of the proceeds from this sale.
In addition to debt reductions, approximately $22 million of divestiture
proceeds has been utilized to complete exchanges for apartment communities in
order to defer taxable gains, and $9.7 million was utilized to repurchase United
Dominion stock. During the first quarter, the Company purchased 21,200 shares
of preferred stock for $0.5 million and 831,384 shares of common stock at an
average price of $11.10 per share.
"The sales we have completed this year," observed Mark Wallis, Senior Executive
Vice President, "have taken advantage of strong pricing for apartment
communities in the markets in which we are either reducing our presence or
exiting the market. The proceeds from these sales are being used to reduce our
debt and repurchase United Dominion stock. We are doing so in a manner that
will increase our financial flexibility and will not result in any dilution in
the per share levels of funds from operations."
Development Activity
During the first quarter, the Company completed the development of three new
communities with 880 apartment homes. The communities were undertaken by a
joint venture in which United Dominion has a 25% equity interest.
"We are delighted that these three projects were completed at a total investment
that is almost $4 million below their budgeted costs of $64.2 million," stated
Mr. Wallis. "In addition, each of the projects is being well received in their
respective markets, and they are already approximately 63% leased as of April on
a weighted average basis. The expected first-year cash-on-cash returns are
10.3%."
Conference Call Information
United Dominion will hold a conference call on May 1, 2001 at 1:00 pm Eastern
Standard Time (EST) to review these results. The domestic number to call and
participate is 1-800-952-4707 or 1-703-871-3077. To hear a replay of this call,
please call 1-888-266-2086, Access Code: 5144027. The call can also be heard
via webcast at www.udrt.com or www.streetevents.com. A replay will be available
on these web sites for 90 days. Institutional members of Streetfusion can also
access the conference call replay for 30 days at www.streetfusion.com.
4
About United Dominion Realty Trust, Inc.
- ----------------------------------------
United Dominion is the third largest multifamily real estate investment trust in
the country, owning and operating apartment communities nationwide. The Company
currently owns approximately 76,000 apartment homes and is the developer for
over 2,500 homes under construction. United Dominion employs over 2,000
employees nationwide. United Dominion's common stock is traded on the New York
Stock Exchange under the symbol UDR. Additional information about United
Dominion may be found on the Company's web site at www.udrt.com.
###
In addition to historical information, this press release contains forward-
looking statements. The statements are based on current expectations, estimates
and projections about the industry and markets in which United Dominion
operates, as well as management's beliefs and assumptions. Forward-looking
statements are not guarantees of future performance and involve certain risks
and uncertainties, which may cause the Company's actual results, performance,
achievements pursuant to its disposition programs and its other activities to be
materially different from the results, plans or expectations expressed or
implied by such statements. For more details, please refer to the Company's SEC
filings, including its most recent annual report on Form 10-K and quarterly
reports on Form 10-Q.
Financial Tables Follow
5
Attachment 1
------------
UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
--------------------------
In thousands, except per share amounts 2001 2000
- ---------------------------------------------------------------------------------------------------------------------
Rental income $152,816 $154,057
Rental expenses:
Real estate taxes and insurance 17,561 17,483
Personnel 16,050 16,438
Utilities 7,638 6,534
Repair and maintenance 8,476 8,532
Administrative and marketing 5,833 5,923
Property management 3,790 4,643
Other operating 430 402
-------- --------
59,778 59,955
Other income:
Non-property income 1,136 1,070
Other expenses:
Real estate depreciation 40,398 33,904
Interest 37,221 39,075
Severance costs and other organizational charges 5,404 (A) -
Impairment loss on real estate and investments 3,188 (B) -
General and administrative 4,505 3,870
Non real estate depreciation and amortization 881 1,203
-------- --------
91,597 78,052
Income before gains on sales of investments, minority interests and extraordinary item 2,577 17,120
Gains on sales of depreciable property 4,102 2,533
-------- --------
Income before minority interests and extraordinary item 6,679 19,653
Minority interests of outside partnerships (1,004) (177)
Minority interests of unitholders in operating partnership 244 (668)
-------- --------
Income before extraordinary item 5,919 18,808
Extraordinary item - early extinguishment of debt (187) (228)
-------- --------
Net income 5,732 18,580
Distributions to preferred shareholders - Series A and B (5,206) (5,583)
Distributions to preferred shareholders - Series D (Convertible) (3,857) (3,825)
Discount on preferred share repurchases 23 -
-------- --------
Net income (loss) available to common shareholders $ (3,308) $ 9,172
======== ========
Earnings (loss) per common share:
Basic ($0.03) $0.09
Diluted ($0.03) $0.09
Common distributions declared per share $0.2700 $0.2675
Weighted average number of common shares outstanding-basic 101,346 103,019
Weighted average number of common shares outstanding-diluted 101,346 103,045
(A) Represents non-recurring charges related primarily to workforce reductions,
other severance costs and executive office relocation costs.
(B) Represents writedown of seven undeveloped land sites in selected markets
and investment in online apartment leasing company.
6
Attachment 2
- ------------
UNITED DOMINION REALTY TRUST, INC.
FUNDS FROM OPERATIONS
(Unaudited)
Three Months Ended
March 31,
------------------------
In thousands, except per share amounts 2001 2000
- -------------------------------------------------------------------------------------------------------------
Net income $ 5,732 $ 18,580
Adjustments:
Distributions to preferred shareholders (9,063) (9,408)
Real estate depreciation, net of outside partners' interest 39,932 33,569
Gains on sale of depreciable property, net of outside partners' interest (3,331) (2,529)
Minority interests of unitholders in operating partnership (244) 668
Real estate depreciation related to unconsolidated entities 184 46
Extraordinary item-early extinguishment of debt 187 228
-------- --------
Funds from operations-basic $ 33,397 $ 41,154
======== ========
Adjustment:
Distribution to preferred shareholders-Series D (Convertible) 3,857 3,825
-------- --------
Funds from operations-diluted $ 37,254 $ 44,979
======== ========
Weighted average number of common shares and OP Units outstanding-basic 108,954 110,523
Weighted average number of common shares and OP Units outstanding-diluted 121,571 122,857
FFO per common share-basic $ 0.31 $ 0.37
======== ========
FFO per common share-diluted $ 0.31 $ 0.37
======== ========
FFO is defined as net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of depreciable property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. This definition conforms with the National Association of Real
Estate Investment Trust's definition issued in October, 1999 which became
effective beginning January 1, 2000.
7
Attachment 3
- ------------
UNITED DOMINION REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
In thousands, except per share amounts 2001 2000
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS
Real estate owned:
Real estate held for investment $ 3,663,635 $ 3,758,974
Less: accumulated depreciation (532,739) (506,871)
----------- -----------
3,130,896 3,252,103
Real estate under development 70,085 60,366
Real estate held for disposition (net of accumulated depreciation of $15,936 and $2,534) 105,061 (A) 14,446
----------- -----------
Total real estate owned, net of accumulated depreciation 3,306,042 3,326,915
Cash and cash equivalents 7,442 10,305
Restricted cash 33,593 44,943
Deferred financing costs 13,650 14,271
Investment in unconsolidated development joint venture 7,886 8,088
Other assets 52,050 49,435
----------- -----------
Total assets $ 3,420,663 $ 3,453,957
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Secured debt $ 838,014 $ 866,115
Unsecured debt 1,177,438 1,126,215
Real estate taxes payable 21,060 30,554
Accrued interest payable 16,033 18,059
Security deposits and prepaid rent 23,266 22,524
Distributions payable 36,242 36,128
Accounts payable, accrued expenses and other liabilities 54,277 47,144
----------- -----------
Total liabilities 2,166,330 2,146,739
Minority interests 86,160 88,326
Shareholders' equity
Preferred stock, no par value; $25 liquidation preference,
25,000,000 shares authorized;
3,954,920 shares 9.25% Series A Cumulative Redeemable issued and outstanding
(3,969,120 shares in 2000) 98,873 99,228
5,432,109 shares 8.60% Series B Cumulative Redeemable issued and outstanding
(5,439,109 shares in 2000) 135,803 135,978
8,000,000 shares 7.50% Series D Cumulative Convertible Redeemable issued
and outstanding (8,000,000 shares in 2000) 175,000 175,000
Common stock, $1 par value; 150,000,000 shares authorized
101,369,483 shares issued and outstanding (102,219,250 shares in 2000) 101,369 102,219
Additional paid-in capital 1,073,051 1,081,387
Distributions in excess of net income (397,233) (366,531)
Deferred compensation - unearned restricted stock awards (2,194) (828)
Notes receivable from officer-shareholders (7,382) (7,561)
Accumulated other comprehensive income, net (9,114)(B) -
----------- -----------
Total shareholders' equity 1,168,173 1,218,892
----------- -----------
Total liabilities and shareholders' equity $ 3,420,663 $ 3,453,957
=========== ===========
(A) Includes six Florida properties sold subsequent to March 31, 2001.
See Attachment 9.
(B) Represents net unrealized loss on derivative instrument transactions.
8
Attachment 4
- -------------
UNITED DOMINION REALTY TRUST, INC.
SELECTED FINANCIAL INFORMATION
MARCH 31, 2001
(Dollars in thousands)
(Unaudited)
DEBT STRUCTURE
Balance % of Total Interest Rate
----------- ---------- -------------
Secured Fixed $ 587,618 29.2% 7.68%
Floating 250,396 12.4% 7.01%
-----------------------------------------
Combined 838,014 41.6% 7.48%
Unsecured Fixed 754,738 37.4% 7.78%
Floating 422,700 21.0% 6.15%
-----------------------------------------
Combined 1,177,438 58.4% 7.19%
Interest Rate Swaps (A) Fixed 282,000 7.20%
Floating (282,000) 6.35%
Total Debt Fixed 1,624,356 80.6% 7.64%
Floating 391,096 19.4% 6.56%
-----------------------------------------
Combined $ 2,015,452 100.0% 7.43%
=========================================
(A) United Dominion has 16 interest rate swap agreements with a notional amount
aggregating $282 million used to fix the interest rate on a portion of its
variable rate debt.
DEBT MATURITIES
2001 $ 52,988
2002 109,228
2003 489,076 (B)
2004 354,573
2005 249,511
Thereafter 760,076
-----------
$ 2,015,452
===========
(B) Includes $312.7 million of unsecured revolving bank debt.
COVERAGE RATIOS
Interest Coverage Ratio 2.39 (C)
Fixed Charge Coverage Ratio 1.92 (D)
(C) EBITDA (before non-recurring items) divided by interest expense.
(D) EBITDA (before non-recurring items) divided by interest expense and
preferred dividends.
MARKET CAPITALIZATION
Balance % of Total
----------- ----------
Total debt $ 2,015,452 53.0%
Preferred at market 407,115 10.7%
Common (including OP Units) at $12.70 1,381,697 36.3%
--------------------------
Total market capitalization $ 3,804,264 100.0%
==========================
9
Attachment 5
- ------------
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
March 31, 2001
(Dollars in thousands)
(Unaudited)
% of Total Same Community
Portfolio ---------------------------------------------------------------
Total Based on Total Same Physical Occupancy Rental Rate
Apartment Budgeted Community ----------------------------- ----------------------------
Homes 2001 NOI Homes YTD 2001 YTD 2000 Change YTD 2001 YTD 2000 Change
------------------------------------------------------------------------------------------------------
Houston, TX 5,722 5.5% 5,486 93.3% 92.1% 1.2% $ 605 $ 593 2.0%
Dallas, TX 4,533 5.2% 4,533 95.5% 95.0% 0.5% 670 651 3.0%
Orlando, FL 4,140 5.6% 3,848 92.6% 94.4% -1.8% 697 677 3.0%
San Antonio, TX 3,827 4.2% 3,348 93.2% 93.2% 0.0% 648 637 1.7%
Phoenix, AZ 3,618 4.4% 3,138 94.1% 95.1% -1.0% 699 669 4.5%
Fort Worth, TX 3,561 3.8% 3,561 97.0% 95.4% 1.6% 625 604 3.5%
Tampa, FL 3,372 4.2% 3,372 94.6% 93.5% 1.1% 684 664 3.1%
Raleigh, NC 2,951 4.2% 2,951 89.6% 91.2% -1.6% 717 702 2.1%
Charlotte, NC 2,710 3.5% 2,490 91.0% 89.8% 1.2% 676 684 -1.2%
Richmond, VA 2,372 3.7% 2,372 96.1% 95.8% 0.3% 698 672 3.9%
Nashville, TN 2,220 2.9% 2,220 92.2% 92.6% -0.4% 685 677 1.2%
Columbus, OH 2,175 2.9% 2,175 92.2% 94.7% -2.5% 663 654 1.4%
Greensboro, NC 2,123 2.6% 2,123 92.0% 92.7% -0.7% 635 628 1.1%
Memphis, TN 1,956 2.1% 1,956 92.1% 94.5% -2.4% 631 602 4.8%
Wilmington, NC 1,869 2.2% 1,869 88.1% 87.3% 0.8% 655 644 1.8%
Monterey Peninsula, CA 1,706 3.0% 1,706 96.1% 89.6% 6.5% 824 775 6.3%
South Florida 1,638 2.5% 1,638 95.7% 93.4% 2.3% 863 837 3.1%
Columbia, SC 1,584 1.7% 1,584 94.4% 91.3% 3.1% 582 574 1.3%
Atlanta, GA 1,426 2.0% 1,426 93.9% 93.6% 0.3% 734 708 3.7%
Southern California 1,414 2.1% 1,414 96.0% 95.7% 0.3% 869 786 10.6%
Baltimore, MD 1,292 2.3% 1,292 97.8% 97.1% 0.7% 790 751 5.2%
San Francisco, CA 980 4.1% 980 99.1% 99.7% -0.6% 1,761 1,519 15.9%
Seattle, WA 628 0.9% 628 96.3% 95.9% 0.4% 721 690 4.5%
Other Northern Markets 8,383 11.3% 8,383 94.7% 95.1% -0.4% 667 640 4.3%
Other Western Markets 6,232 7.6% 5,902 95.7% 94.1% 1.6% 650 624 4.2%
Other Southern Markets 4,760 5.5% 4,592 91.9% 93.4% -1.5% 640 621 3.0%
-------------------- ------ --------------------------- --------------------------
Totals 77,192 100.0% 74,987 93.9% 93.7% 0.2% $ 690 $ 666 3.6%
==================== ====== =========================== ==========================
10
Attachment 6
- ------------
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
March 31, 2001
(Dollars in thousands)
(Unaudited)
Same Community
-----------------------------------------------------------------------------------------------------
Revenues Expenses Net Operating Income
----------------------------- ------------------------------ ----------------------------
YTD 2001 YTD 2000 Change YTD 2001 YTD 2000 Change YTD 2001 YTD 2000 Change
-----------------------------------------------------------------------------------------------------
Houston, TX $ 9,288 $ 8,886 4.5% $ 4,393 $ 4,260 3.1% $ 4,895 $ 4,626 5.8%
Dallas, TX 8,816 8,372 5.3% 3,701 3,355 10.3% 5,115 5,017 2.0%
Orlando, FL 7,592 7,525 0.9% 2,916 2,962 -1.6% 4,676 4,563 2.5%
San Antonio, TX 6,069 5,981 1.5% 2,556 2,401 6.5% 3,513 3,580 -1.8%
Phoenix, AZ 6,074 5,944 2.2% 2,219 2,131 4.1% 3,855 3,813 1.1%
Fort Worth, TX 6,634 6,266 5.9% 2,834 2,769 2.3% 3,800 3,497 8.7%
Tampa, FL 6,770 6,372 6.2% 2,582 2,585 -0.1% 4,188 3,787 10.6%
Raleigh, NC 5,650 5,699 -0.9% 2,029 1,732 17.1% 3,621 3,967 -8.7%
Charlotte, NC 4,500 4,559 -1.3% 1,884 1,722 9.4% 2,616 2,837 -7.8%
Richmond, VA 4,991 4,768 4.7% 1,574 1,450 8.6% 3,417 3,318 3.0%
Nashville, TN 4,209 4,124 2.1% 1,662 1,574 5.6% 2,547 2,550 -0.1%
Columbus, OH 4,029 4,046 -0.4% 1,628 1,359 19.8% 2,401 2,687 10.7%
Greensboro, NC 3,796 3,802 -0.2% 1,432 1,340 6.9% 2,364 2,462 -4.0%
Memphis, TN 3,383 3,350 1.0% 1,538 1,443 6.6% 1,845 1,907 -3.3%
Wilmington, NC 3,240 3,145 3.0% 1,280 1,136 12.7% 1,960 2,009 -2.4%
Monterey Peninsula, CA 4,174 3,612 15.6% 1,614 1,396 15.6% 2,560 2,216 15.5%
South Florida 4,038 3,773 7.0% 1,572 1,632 -3.7% 2,466 2,141 15.1%
Columbia, SC 2,642 2,555 3.4% 1,042 1,092 -4.6% 1,600 1,463 9.4%
Atlanta, GA 2,968 2,861 3.7% 1,123 1,041 7.9% 1,845 1,820 1.4%
Southern California 3,510 3,215 9.2% 1,331 1,183 12.5% 2,179 2,032 7.2%
Baltimore, MD 3,093 2,929 5.6% 1,011 931 8.6% 2,082 1,998 4.2%
San Francisco, CA 5,172 4,499 15.0% 1,310 1,190 10.1% 3,862 3,309 16.7%
Seattle, WA 1,354 1,254 8.0% 484 430 12.6% 870 824 5.5%
Other Northern Markets 16,468 15,767 4.4% 6,050 5,684 6.4% 10,418 10,083 3.3%
Other Western Markets 11,162 10,508 6.2% 4,017 4,078 -1.5% 7,145 6,430 11.1%
Other Southern Markets 8,187 8,085 1.3% 3,579 3,108 15.2% 4,608 4,977 -7.4%
------------------------------ ------------------------------- -----------------------------
Totals $147,809 $141,897 4.2% $57,361 $53,984 6.3% $90,448 $87,913 2.9%
============================== =============================== =============================
11
Attachment 7
- ------------
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT SUMMARY
March 31, 2001
(Dollars in thousands, except Cost Per Home)
(Unaudited)
2001 COMPLETIONS
New Communities:
----------------
None
Additional Phases:
------------------
None
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 - $15,000 $25,700 $77,400 1Q02
Raleigh, NC
Red Stone Ranch Apartments 324 66 14,000 21,700 67,000 4Q01
Austin, TX
----------- ---------- -------- -------- ---------
Subtotal 656 66 29,000 47,400 72,300
----------- ---------- -------- -------- ---------
Additional Phases:
Greensview II 192 - 5,900 16,700 87,000 4Q01
Denver, CO
Manor at England Run III 120 - 2,900 8,800 73,300 4Q01
Fredericksburg, VA
The Meridian II 270 - 3,100 17,400 64,400 1Q02
Dallas, TX
----------- ---------- -------- -------- ---------
Subtotal 582 - 11,900 42,900 73,700
----------- ---------- -------- -------- ---------
----------- ---------- -------- -------- ---------
Total 1,238 66 $40,900 $90,300 $72,900
=========== ========== ======== ======== =========
Note: In addition, United Dominion owns 15 parcels of land aggregating $29.1
million at March 31, 2001.
12
Attachment 8
------------
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT JOINT VENTURE SUMMARY
March 31, 2001
(Dollars in thousands, except Cost Per Home)
(Unaudited)
2001 COMPLETIONS
No. of Apt. Development Cost Per Date
Homes Cost Home Completed % Leased
---------- ----------- -------- --------- --------
New Communities:
----------------
Parke 33 264 $17,100 $64,600 Feb-01 70.1%
Lakeland, FL
Sierra Canyon 236 15,400 65,000 Mar-01 70.3%
Phoenix, AZ
Oaks at Weston 380 28,000 74,000 Mar-01 53.4%
Raleigh, NC
---------- ----------- --------
Total 880 $60,500 $68,800
========== =========== ========
UNDER DEVELOPMENT
Expected
No. of Apt. Completed Cost to Budgeted Est. Cost Completion
Homes Apt. Homes Date Cost Per Home Date
----------- ---------- ------- -------- --------- ----------
New Community:
--------------
Mandolin 308 132 $17,800 $22,100 $71,800 3Q01
Dallas, TX
Note: The Meridian - Phase I, a 250 home community located in Dallas, Texas,
was completed in June 2000.
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Attachment 9
- ------------
UNITED DOMINION REALTY TRUST, INC.
DISPOSITION SUMMARY
AS OF MARCH 31, 2001
(Dollars in thousands)
(Unaudited)
Date of No. of Apt. Sales
Sale Homes Price Gain
------ ---------- ----------- -------
1. Twin Coves 1/03/01 130 $ 6,567
Baltimore, MD
2. Glenridge 1/11/01 40 2,970
Monterey Peninsula, CA
3. Santanna 3/30/01 81 6,000
Monterey Peninsula, CA
------- ----------- -------
2001 Total 251 $ 15,537 $ 4,102
======= =========== =======
Note: The following apartment community sales were consumated subsequent to
March 31, 2001:
1. Pembroke Bay 4/20/01 358 $ 23,400
Pembroke Pines, FL
2. University Club 4/20/01 164 9,600
Tamarac, FL
3. Cleary Court 4/20/01 192 12,300
Plantation, FL
4. Copperfield 4/20/01 352 27,900
Coral Springs, FL
5. Polo Chase 4/20/01 320 22,800
Wellington, FL
6. Mediterranean Village 4/20/01 252 17,000
Miami, FL
------- ----------- -------
Total 1,638 $113,000 $21,500
======= =========== =======
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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: May 4, 2001 /s/ Christopher D. Genry
---------------------- -------------------------
Christopher D. Genry
Senior Vice President and
Chief Financial Officer
Date: May 4, 2001 /s/ Scott A. Shanaberger
---------------------- ------------------------
Scott A. Shanaberger
Vice President and
Chief Accounting Officer
15