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 4, 2002
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UNITED DOMINION REALTY TRUST, INC.
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(Exact name of registrant as specified in its charter)
Virginia 1-10524 54-0857512
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation of organization) Identification No.)
1745 Shea Center Drive, Suite 200, Highlands Ranch, Colorado 80129
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(Address of principal executive offices - zip code)
(720) 283-6120
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Registrant's telephone number, including area code
ITEM 5. OTHER EVENTS
On February 4, 2002, United Dominion Realty Trust, Inc. ("United Dominion"), the
registrant, issued a Press Release announcing 2001 fourth quarter results of
operations. The following is a summary of United Dominion Realty Trust, Inc.'s
Press Release:
UNITED DOMINION REALTY TRUST, INC. REPORTS
FOURTH QUARTER 2001 OPERATING RESULTS
OF GROWTH IN FUNDS FROM OPERATIONS
OF 8% OVER FOURTH QUARTER 2000
AND COMPLETION OF $500 MILLION OF CAPITAL TRANSACTIONS
RICHMOND, VA. (February 4, 2002) United Dominion Realty Trust, Inc. (NYSE
symbol: UDR) today reported Funds From Operations ("FFO") of $47.7 million, or
$0.40 per share, for the quarter ended December 31, 2001, a per share increase
of 8.1% over FFO of $0.37 per share, or $45.6 million, for the comparable period
a year ago. FFO for the twelve months ended December 31, 2001 was $187.4
million, or $1.55 per share, up 4.7% per share from FFO of $1.48 per share, or
$182.3 million, for the twelve months ending December 31, 2000 (before one time
charges). FFO is reported on a diluted basis.
Adjusted Funds From Operations ("AFFO"), which management believes is the best
measure of economic profitability for real estate investment trusts, was $38.4
million, or $0.32 per share, for the quarter ended December 31, 2001,equivalent
to a per share AFFO of $0.32 per share, or $39.6 million, for the comparable
period a year ago. AFFO for the twelve months ended December 31, 2001 was $155.9
million, or $1.29 per share, up 0.8% per share from AFFO of $1.28 per share, or
$157.5 million, for the twelve months ending December 31, 2000 (before one time
charges). AFFO is reported on a diluted basis.
Highlights
o 8% Growth in FFO over Fourth Quarter 2000
o Earnings in line with First Call consensus estimates
o 1.5% Growth in Same Community Net Operating Income
o $500 Million of Capital Transactions
2
Portfolio Operating Performance and Same Community Results
During the fourth quarter, 73,555 apartment homes, or 94.8% of total apartment
homes, were classified as same community.
Same Community Results ($ in thousands, except monthly rent)
4th Qtr `01 4th Qtr `00 % Change
----------- ----------- --------
Gross Potential Rent $155,923 $150,687 3.5%
Rental & Other Income 149,598 146,024 2.4%
Expenses 55,166 52,962 4.2%
Net Operating Income 94,432 93,062 1.5%
Avg. monthly rent per home $707 $683 3.5%
Avg. monthly rent per SF 0.81 0.78 3.5%
Avg. physical occupancy 94.2% 94.2% 0.0%
Operating margin 63.1% 63.7% -0.6%
Resident Credit Loss 1.3% 0.6% 0.7%
Rent Concessions 2.7% 1.4% 1.3%
Resident Turnover Rate 20.6% 15.7% 4.9%
On a year-over-year basis, fourth quarter 2001 same community NOI growth of 1.5%
was the result of a 2.4% increase in revenues from rental and other income and a
4.2% increase in operating expenses.
Currently, the Company operates in 62 markets, and of those markets, 45 markets,
or 73%, generated positive Same Community NOI growth fourth quarter 2001 over
fourth quarter 2000.
Quarter-over-quarter for fourth quarter 2001 versus third quarter 2001, the
Company saw a .7% increase in NOI, 1% increase in revenues from rental and other
income and a 1.5% increase in operating expenses for Same Community Results.
Occupancy increased in the fourth quarter 2001 to 94.2% from a 93.8% occupancy
in third quarter 2001.
Capital Transactions
In December, the Company closed on a commitment for a $400 million Fannie Mae
Revolving Credit Facility. The facility contains an initial term of ten years,
and includes an option to the Company to extend the term an additional five
years at the then market rate. The loan will be used to refinance existing
secured debt at lower interest rates and will extend maturities and contribute
to an improvement in the Company's Fixed Charge Coverage Ratio. The Company's
Fixed Charge Coverage Ratio was 1.85x as of December 31, 2000 and has improved
by 30 basis points to 2.15x as of December 31, 2001.
The Company sold 4.1 million shares of Common Stock to the public in the Fourth
Quarter at a price per share of $14.40. The proceeds will be used to acquire
additional apartment communities.
During the quarter, the Company also sold three tracts of land for a total sales
price of $7.2 million and recognized no gain or loss on these sales.
3
On December 31, 2001, the Company closed on the purchase of three newly
completed apartment communities it had developed in a joint venture with Credit
Suisse First Boston ("CSFB"); the Meridian I, a 250-unit development in Dallas;
the Sierra Canyon, a 236-unit development in Phoenix; and the Mandolin, a
308-unit development in Dallas. The Company purchased CSFB's 75% interest for
$46 million at a cap rate of 8.7%. These properties were 97% leased at average
monthly rents of $967.
Development Activity
The Company began the year with 2,426 apartment units under development and has
now delivered 1,964 units with a projected stabilized return on average of
10.5%. The Company currently has two communities under construction containing a
total of 462 apartment units (of which 254 units have previously been
delivered). Greensview II, a 192-unit apartment community in Denver, Colorado,
will be completed by the end of this month. The Meridian II, a 270-unit
apartment community in Dallas, Texas, is expected to be completed in the second
quarter of 2002. The projected stabilized return on these two communities is
10.6% and 9.8% respectively.
Impairment Charge and Non-Recurring Income
In December, Realeum, a technology venture through which the Company and two
other multifamily REIT entities have been co-developing a web-based property
management system, successfully completed a secondary equity offering in which
it raised approximately $15 million of new capital in exchange for a 45.6%
ownership stake. The additional capital provides Realeum more flexibility as it
rolls the product out for beta testing and continues its marketing and system
enhancement processes. As a result of the equity offering, the Company's
ownership stake was reduced to approximately 4%, and the market valuation of its
stake was established at approximately $1.3 million. Although management
believes the potential revenue enhancements and cost efficiencies to be derived
from an implementation of this system would enable United Dominion to recover
its full investment in Realeum, a more conservative accounting treatment that
requires a write-down of this investment to market value is appropriate. As a
result, the Company's $3.5 million aggregate investment was adjusted to $1.3
million in the fourth quarter.
The Company recognized $1.4 million of deferred development fees as "Other
Income" in the quarter ended December 31, 2001 in connection with the completion
of the joint venture projects. Portions of the development fees were not fully
recognized until either the completion of construction or sale of the
properties.
Conference Call Information
United Dominion will hold a conference call on February 5, 2002 at 1:00 pm
Eastern Savings Time (EST) to review these results. The domestic number to call
and participate is 1-888-413-4411. To hear a replay of this call, please call
1-888-266-2086, Access Code: 5737336. The call can also be heard via webcast at
www.udrt.com or www.streetevents.com. A replay will be available on these web
sites for 90 days.
4
About United Dominion Realty Trust, Inc.
United Dominion is one of the country's largest multifamily real estate
investment trusts, owning and operating apartment communities nationwide. The
company currently owns over 77,000 apartment homes and is the developer for
almost 500 homes under construction. United Dominion's common stock is traded on
the New York Stock Exchange under the symbol UDR. Additional information about
United Dominion may be found on the company's web site at www.udrt.com.
###
In addition to historical information, this press release contains
forward-looking statements. The statements are based on current expectations,
estimates and projections about the industry and markets in which United
Dominion operates, as well as management's beliefs and assumptions.
Forward-looking statements are not guarantees of future performance and involve
certain risks and uncertainties, which may cause the company's actual results,
performance, achievements pursuant to its disposition programs and its other
activities to be materially different from the results, plans or expectations
expressed or implied by such statements. For more details, please refer to the
company's SEC filings, including its most recent annual report on Form 10-K and
quarterly reports on Form 10-Q.
Financial Tables Follow
5
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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 2001 2000 2001 2000
------------------------------------------------------------------------------------------------- ---------------------------
Rental income $ 155,837 $ 155,750 $ 618,590 $ 626,594
Rental expenses:
Real estate taxes and insurance 16,384 16,861 67,671 69,071
Personnel 15,929 16,331 63,043 65,666
Repair and maintenance 10,227 8,902 36,844 36,469
Utilities 8,710 8,975 36,707 35,560
Administrative and marketing 6,241 5,698 23,315 23,771
Property management 4,305 4,432 17,107 18,392
Other operating 337 320 1,477 1,426
--------- --------- --------- ---------
62,133 61,519 246,164 250,355
Other income:
Non-property income 2,425 894 4,593 5,326
Other expenses:
Real estate depreciation 37,405 37,689 151,845 152,994
Interest 34,691 38,114 144,379 156,040
Severance costs and other organizational charges - - 5,404 (B) 1,020 (D)
Litigation settlement charges - - - 2,700 (E)
Impairment loss on real estate and investments 2,248 (A) - 5,436 (C) -
General and administrative 7,037 4,610 21,730 15,724
Non real estate depreciation and amortization 903 929 3,482 4,367
--------- --------- --------- ---------
82,284 81,342 332,276 332,845
Income before gains on sales of investments, minority interests
and extraordinary item 13,845 13,783 44,743 48,720
Gain on sales of depreciable property - 11,728 24,748 30,618
Gain on land sales - - - 832
--------- --------- --------- ---------
Income before minority interests and extraordinary item 13,845 25,511 69,491 80,170
Minority interests of outside partnerships (566) (375) (2,225) (1,501)
Minority interests of unitholders in operating partnership (249) (1,125) (1,967) (2,885)
--------- --------- --------- ---------
Income before extraordinary item 13,030 24,011 65,299 75,784
Extraordinary item - early extinguishment of debt (2,726) 564 (3,471) 831
--------- --------- --------- ---------
Net income 10,304 24,575 61,828 76,615
Distributions to preferred shareholders - Series A and B (2,911) (5,258) (15,762) (21,591)
Distributions to preferred shareholders - Series D (Convertible) (3,857) (3,825) (15,428) (15,300)
(Premium) / discount on preferred share repurchases - 595 (3,496) 2,929
--------- --------- --------- ---------
Net income available to common shareholders $ 3,536 $ 16,087 $ 27,142 $ 42,653
========= ========= ========= =========
Earnings per common share:
Basic $ 0.04 $ 0.16 $ 0.27 $ 0.41
Diluted $ 0.04 $ 0.16 $ 0.27 $ 0.41
Common distributions declared per share $ 0.2700 $ 0.2675 $ 1.0800 $ 1.0700
Weighted average number of common shares outstanding-basic 99,432 102,710 100,339 103,072
Weighted average number of common shares outstanding-diluted 100,286 102,805 101,037 103,208
(A) Represents writedown of investment in Realeum, Inc.
(B) Represents non-recurring charges related primarily to workforce reductions,
other severance costs and executive office relocation costs.
(C) Represents writedown of seven undeveloped land sites in selected markets
($2,788), the Company's investment in online apartment leasing company
($400) and the Company's investment in Realeum, Inc. ($2,248).
(D) Represents non-recurring charge incurred under employment agreements for
certain executives of the Company.
(E) Represents the costs associated with the settlement of a class action
lawsuit.
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Attachment 2
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UNITED DOMINION REALTY TRUST, INC.
FUNDS FROM OPERATIONS
(Unaudited)
Three Months Ended Year Ended
December 31, December 31,
----------------------- ----------------------
In thousands, except per share amounts 2001 2000 2001 2000
----------------------------------------------------------------------------------------------------------- ----------------------
Net income $ 10,304 $ 24,575 $ 61,828 $ 76,615
Adjustments:
Distributions to preferred shareholders (6,768) (9,083) (31,190) (36,891)
Real estate depreciation, net of outside partners' interest 37,018 37,346 150,206 151,520
Gains on sale of depreciable property, net of outside partners' interest - (11,728) (24,007) (30,300)
Minority interests of unitholders in operating partnership 249 1,125 1,967 2,885
Real estate depreciation related to unconsolidated entities 360 63 1,105 251
Extraordinary item-early extinguishment of debt 2,726 (564) 3,471 (831)
---------- ---------- ---------- ----------
Funds from operations-basic $ 43,889 $ 41,734 $ 163,380 $ 163,249
========== ========== ========== ==========
Adjustment:
Distribution to preferred shareholders-Series D (Convertible) 3,857 3,825 15,428 15,300
---------- ---------- ---------- ----------
Funds from operations-diluted $ 47,746 $ 45,559 $ 178,808 $ 178,549
========== ========== ========== ==========
Adjustment:
Recurring capital expenditures (9,373) (5,993) (31,535) (24,776)
---------- ---------- ---------- ----------
Adjusted funds from operations-diluted $ 38,373 $ 39,566 $ 147,273 $ 153,773
========== ========== ========== ==========
Weighted average number of common shares and OP Units outstanding-basic 106,625 110,234 107,741 110,622
Weighted average number of common shares and OP Units outstanding-diluted 120,037 122,575 120,728 123,005
FFO per common share-basic $ 0.41 $ 0.38 $ 1.52 $ 1.48
========== ========== ========== ==========
FFO per common share-diluted $ 0.40 $ 0.37 $ 1.48 $ 1.45
========== ========== ========== ==========
AFFO per common share-basic $ 0.32 $ 0.32 $ 1.22 $ 1.25
========== ========== ========== ==========
AFFO per common share-diluted $ 0.32 $ 0.32 $ 1.22 $ 1.25
========== ========== ========== ==========
Adjustments for One Time Charges:
--------------------------------------------------------------------------------
One time charges (refer to notes (B) and (C) on Attachment 1) - - 8,592 3,720
---------- ---------- ---------- ----------
Funds from operations- diluted before one time charges $ 47,746 $ 45,559 $ 187,400 $ 182,269
========== ========== ========== ==========
---------- ---------- ---------- ----------
Adjusted Funds from operation-diluted before one time charges $ 38,373 $ 39,566 $ 155,865 $ 157,493
========== ========== ========== ==========
FFO per common share-diluted before one time charges $ 0.40 $ 0.37 $ 1.55 $ 1.48
========== ========== ========== ==========
AFFO per common share-diluted before one time charges $ 0.32 $ 0.32 $ 1.29 $ 1.28
========== ========== ========== ==========
FFO is defined as net income (computed in accordance with GAAP), excluding gains
(or losses) from sales of depreciable property, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. This definition conforms with the National Association of Real Estate
Investment Trust's definition issued in October, 1999 which became effective
beginning January 1, 2000.
AFFO is defined as FFO less recurring capital expenditures for our stabilized
portfolio at $418 per unit in 2001 and $311 per unit in 2000.
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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 2001 2000
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ASSETS
Real estate owned:
Real estate held for investment $ 3,858,579 $ 3,758,974
Less: accumulated depreciation (646,366) (506,871)
----------------- ----------------
3,212,213 3,252,103
Real estate under development 40,240 60,366
Real estate held for disposition (net of accumulated depreciation of $0 and $2,534) 8,848 14,446
----------------- ----------------
Total real estate owned, net of accumulated depreciation 3,261,301 3,326,915
Cash and cash equivalents 4,641 10,305
Restricted cash 26,830 44,943
Deferred financing costs, Net 15,802 14,271
Investment in unconsolidated development joint venture 3,355 8,088
Other assets 36,162 49,435
----------------- ----------------
Total assets $ 3,348,091 $ 3,453,957
================= ================
LIABILITIES AND SHAREHOLDERS' EQUITY
Secured debt $ 974,177 $ 866,115
Unsecured debt 1,090,020 1,126,215
Real estate taxes payable 28,099 30,554
Accrued interest payable 16,779 18,059
Security deposits and prepaid rent 20,481 22,524
Distributions payable 33,457 36,128
Accounts payable, accrued expenses and other liabilities 66,688 47,144
----------------- ----------------
Total liabilities 2,229,701 2,146,739
Minority interests 75,665 88,326
Shareholders' equity
Preferred stock, no par value; $25 liquidation preference,
25,000,000 shares authorized;
0 shares 9.25% Series A Cumulative Redeemable issued and outstanding
(3,969,120 shares in 2000) - 99,228
5,416,009 shares 8.60% Series B Cumulative Redeemable issued and outstanding
(5,439,109 shares in 2000) 135,400 135,978
8,000,000 shares 7.50% Series D Cumulative Convertible Redeemable issued
and outstanding (8,000,000 shares in 2000) 175,000 175,000
Common stock, $1 par value; 150,000,000 shares authorized
103,133,279 shares issued and outstanding (102,219,250 shares in 2000) 103,133 102,219
Additional paid-in capital 1,098,029 1,081,387
Distributions in excess of net income (448,345) (366,531)
Deferred compensation - unearned restricted stock awards (1,312) (828)
Notes receivable from officer-shareholders (4,309) (7,561)
Accumulated other comprehensive loss, net (14,871)(A) -
----------------- ----------------
Total shareholders' equity 1,042,725 1,218,892
----------------- ----------------
Total liabilities and shareholders' equity $ 3,348,091 $ 3,453,957
================= ================
(A) Represents net unrealized loss on derivative financial instruments.
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Attachment 4
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UNITED DOMINION REALTY TRUST, INC.
SELECTED FINANCIAL INFORMATION
DECEMBER 31, 2001
(Dollars in thousands)
(Unaudited)
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DEBT STRUCTURE
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Balance % of Total Interest Rate
------- ---------- -------------
Secured Fixed $ 516,449 25.0% 7.65%
Floating 457,728 22.2% 3.60%
--------------------------------------------------
Combined 974,177 47.2% 5.75%
Unsecured Fixed 749,820 36.3% 7.78%
Floating 340,200 16.5% 3.08%
--------------------------------------------------
Combined 1,090,020 52.8% 6.31%
Interest Rate Swaps (A) Fixed 282,000 7.20%
Floating (282,000) 3.13%
Total Debt Fixed 1,548,269 75.0% 7.63%
Floating 515,928 25.0% 3.51%
--------------------------------------------------
Combined $2,064,197 100.0% 6.60%
==================================================
(A) United Dominion has 16 interest rate swap agreements with a notional
amount aggregating $282.0 million that are used to fix the interest
rate on a portion of its variable rate debt.
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DEBT MATURITIES
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Secured Debt Bank Lines Unsecured Debt Total
------------ ---------- -------------- -----
2002 $ 53,609 - $ 55,038 $ 108,647
2003 39,076 $230,200 115,376 384,652
2004 129,281 - 229,187 358,468
2005 125,312 - 122,917 248,229
2006 46,791 - 128,179 174,970
Thereafter 580,108 - 209,123 789,231
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$974,177 $230,200 $859,820 $2,064,197
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COVERAGE RATIOS
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Interest Coverage Ratio 2.57 (B)
Fixed Charge Coverage Ratio 2.15 (C)
(B) EBITDA (before non-recurring items) divided by interest expense.
(C) EBITDA (before non-recurring items) divided by interest expense
and preferred dividends.
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MARKET CAPITALIZATION
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Balance
-------
as of 12/31/01 % of Total
Total debt $2,064,197 52.1%
Preferred equity at market 309,046 7.8%
Common shares & OP units at $14.40 1,586,765 40.1%
---------------------------------
Total market capitalization $3,960,008 100.0%
=================================
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Attachment 5
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UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE THREE MONTHS ENDED DECEMBER 31, 2001
(Dollars in thousands)
(Unaudited)
% of Total
Portfolio Same Community
Total Based on Total Same -------------------------------------------------------
----------------------------- -------------------------
Apartment YTD Community Physical Occupancy Rental Rate
----------------------------- -------------------------
Homes 2001 NOI Homes QTD 01 QTD 00 Change QTD 01 QTD 00 Change
--------------------------------------------------------------------------------------------
Houston, TX 5,722 5.8% 5,722 95.2% 92.9% 2.3% $ 635 $ 610 4.1%
Orlando, FL 4,140 5.6% 3,848 91.5% 94.1% -2.6% 720 693 3.9%
Dallas, TX 5,177 5.5% 4,533 94.8% 95.5% -0.7% 688 666 3.3%
Phoenix, AZ 3,854 4.8% 3,460 92.9% 91.9% 1.0% 715 706 1.3%
San Antonio, TX 3,827 4.3% 3,348 94.5% 93.3% 1.2% 667 647 3.1%
Tampa, FL 3,372 4.3% 3,372 93.7% 95.5% -1.8% 705 680 3.7%
Fort Worth, TX 3,561 4.1% 3,561 96.2% 96.9% -0.7% 649 619 4.8%
San Francisco, CA 980 4.0% 980 96.5% 99.5% -3.0% 1,719 1,706 0.8%
Raleigh, NC 3,283 3.9% 2,951 93.8% 89.9% 3.9% 707 713 -0.8%
Richmond, VA 2,372 3.7% 2,372 95.9% 96.1% -0.2% 721 694 3.9%
Columbus, OH 2,527 3.2% 2,175 95.2% 94.7% 0.5% 675 660 2.3%
Monterey Penninsula, CA 1,706 3.1% 1,706 93.6% 96.6% -3.0% 894 816 9.6%
Charlotte, NC 2,710 2.7% 2,490 88.4% 91.7% -3.3% 693 673 3.0%
Nashville, TN 2,220 2.7% 2,220 94.6% 94.3% 0.3% 686 682 0.6%
Southern California 1,414 2.6% 1,414 96.1% 95.5% 0.6% 931 854 9.0%
Greensboro, NC 2,122 2.5% 2,122 90.2% 91.5% -1.3% 646 633 2.1%
Metropolitan DC 1,291 2.4% 1,171 96.7% 98.5% -1.8% 884 797 10.9%
Wilmington, NC 1,869 2.3% 1,869 94.2% 89.3% 4.9% 665 654 1.7%
Baltimore, MD 1,291 2.3% 1,291 96.7% 98.7% -2.0% 840 781 7.6%
Norfolk, VA 1,437 2.0% 1,437 95.1% 95.1% 0.0% 678 646 5.0%
Atlanta, GA 1,426 1.9% 1,426 91.9% 95.6% -3.7% 746 728 2.5%
Memphis, TN 1,956 1.9% 1,956 90.9% 93.1% -2.2% 631 627 0.6%
Columbia, SC 1,584 1.7% 1,584 96.2% 95.0% 1.2% 589 580 1.6%
East Lansing, MI 1,226 1.5% 1,226 97.3% 94.9% 2.4% 669 649 3.1%
Jacksonville, FL 1,157 1.3% 1,157 95.0% 90.0% 5.0% 670 661 1.4%
Seattle, Wa 628 1.0% 628 93.4% 95.7% -2.3% 753 711 5.9%
Other Western 2,594 3.7% 2,174 95.3% 97.0% -1.7% 750 698 7.4%
Other Florida 2,073 3.5% 1,905 94.1% 95.1% -1.0% 707 681 3.8%
Other Pacific 1,757 2.3% 1,490 94.7% 93.3% 1.4% 707 682 3.7%
Other Midwestern 2,122 2.2% 2,122 93.6% 90.8% 2.8% 637 621 2.6%
Other North Carolina 1,893 2.1% 1,893 95.6% 94.7% 0.9% 570 556 2.5%
Other Southwestern 2,212 2.1% 1,888 94.3% 95.6% -1.3% 590 577 2.3%
Other Mid-Atlantic 928 1.7% 928 97.9% 95.0% 2.9% 784 749 4.7%
Other Southeastern 764 0.9% 764 95.9% 90.9% 5.0% 586 583 0.5%
Other Northeastern 372 0.5% 372 96.6% 96.1% 0.5% 689 649 6.2%
----------------------------------------------------------------------------------------------
Totals 77,567 100% 73,555 94.2% 94.2% 0.0% $ 707 $ 683 3.5%
==============================================================================================
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Attachment 6
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UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE THREE MONTHS ENDED DECEMBER 31, 2001
(Dollars in thousands)
(Unaudited)
Same Community
-----------------------------------------------------------------------------------
------------------------- -------------------------- ---------------------------
Revenues Expenses Net Operating Income
------------------------- -------------------------- ---------------------------
QTD 01 QTD 00 Change QTD 01 QTD 00 Change QTD 01 QTD 00 Change
------------------------- -------------------------- ---------------------------
------------------------- -------------------------- ---------------------------
Houston, TX $ 10,433 $ 9,759 6.9% $ 4,696 $ 4,462 5.2% $ 5,737 $ 5,297 8.3%
Orlando, FL 7,744 7,789 -0.6% 2,969 2,831 4.9% 4,775 4,958 -3.7%
Dallas, TX 9,063 8,851 2.4% 3,650 3,606 1.2% 5,413 5,245 3.2%
Phoenix, AZ 6,767 6,660 1.6% 2,293 2,344 -2.2% 4,474 4,316 3.7%
San Antonio, TX 5,958 6,167 -3.4% 2,872 2,485 15.6% 3,086 3,682 -16.2%
Tampa, FL 6,945 6,883 0.9% 2,847 2,649 7.5% 4,098 4,234 -3.2%
Fort Worth, TX 6,976 6,670 4.6% 2,724 2,881 -5.4% 4,252 3,789 12.2%
San Francisco, CA 4,922 5,173 -4.9% 1,232 1,152 6.9% 3,690 4,021 -8.2%
Raleigh, NC 5,764 5,706 1.0% 1,882 1,834 2.6% 3,882 3,872 0.3%
Richmond, VA 5,118 5,064 1.1% 1,446 1,428 1.3% 3,672 3,636 1.0%
Columbus, OH 4,350 4,228 2.9% 1,348 1,467 -8.1% 3,002 2,761 8.7%
Monterey Penninsula, CA 4,426 4,185 5.8% 1,383 1,299 6.5% 3,043 2,886 5.4%
Charlotte, NC 4,310 4,587 -6.0% 2,137 1,903 12.3% 2,173 2,684 -19.0%
Nashville, TN 4,436 4,453 -0.4% 1,738 1,669 4.1% 2,698 2,784 -3.1%
Southern California 3,851 3,551 8.4% 1,159 1,092 6.1% 2,692 2,459 9.5%
Greensboro, NC 3,737 3,788 -1.3% 1,323 1,242 6.5% 2,414 2,546 -5.2%
Metropolitan DC 3,164 2,906 8.9% 857 842 1.8% 2,307 2,064 11.8%
Wilmington, NC 3,633 3,331 9.1% 1,228 1,145 7.2% 2,405 2,186 10.0%
Baltimore, MD 3,268 3,111 5.0% 899 905 -0.7% 2,369 2,206 7.4%
Norfolk, VA 2,942 2,790 5.4% 956 997 -4.1% 1,986 1,793 10.8%
Atlanta, GA 2,942 3,113 -5.5% 1,312 1,172 11.9% 1,630 1,941 -16.0%
Memphis, TN 3,113 3,390 -8.2% 1,503 1,415 6.2% 1,610 1,975 -18.5%
Columbia, SC 2,791 2,722 2.5% 1,044 1,018 2.6% 1,747 1,704 2.5%
East Lansing, MI 2,594 2,322 11.7% 734 600 22.3% 1,860 1,722 8.0%
Jacksonville, FL 2,238 2,098 6.7% 967 889 8.8% 1,271 1,209 5.1%
Seattle, Wa 1,361 1,353 0.6% 470 475 -1.1% 891 878 1.5%
Other Western 4,833 4,540 6.5% 1,477 1,422 3.9% 3,356 3,118 7.6%
Other Florida 3,950 3,833 3.1% 1,421 1,368 3.9% 2,529 2,465 2.6%
Other Pacific 3,112 2,899 7.3% 1,134 1,111 2.1% 1,978 1,788 10.6%
Other Midwestern 3,896 3,704 5.2% 1,655 1,613 2.6% 2,241 2,091 7.2%
Other North Carolina 3,306 3,126 5.8% 1,118 1,101 1.5% 2,188 2,025 8.0%
Other Southwestern 3,282 3,196 2.7% 1,382 1,210 14.2% 1,900 1,986 -4.3%
Other Mid-Atlantic 2,284 2,091 9.2% 593 597 -0.7% 1,691 1,494 13.2%
Other Southeastern 1,315 1,255 4.8% 466 476 -2.1% 849 779 9.0%
Other Northeastern 774 730 6.0% 251 262 -4.2% 523 468 11.8%
-----------------------------------------------------------------------------------
Totals $149,598 $146,024 2.4% $ 55,166 $52,962 4.2% $94,432 $93,062 1.5%
===================================================================================
========================================================================
================================================================================
Attachment 7
------------
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2001
(Dollars in thousands)
(Unaudited)
% of Total
Portfolio Same Community
Total Based on Total Same --------------------------------------------------------
--------------------------- --------------------------
Apartment YTD Community Physical Occupancy Rental Rate
--------------------------- --------------------------
Homes 2001 NOI Homes YTD 01 YTD 00 Change YTD 01 YTD 00 Change
-------------------------------------------------------------------------------------------
Houston, TX 5,722 5.8% 5,486 94.0% 92.8% 1.2% $ 616 $ 598 3.0%
Orlando, FL 4,140 5.6% 3,848 92.7% 94.4% -1.7% 709 685 3.5%
Dallas, TX 5,177 5.5% 4,533 95.3% 95.2% 0.1% 681 659 3.3%
Phoenix, AZ 3,854 4.8% 3,138 93.5% 93.3% 0.2% 701 679 3.2%
Tampa, FL 3,372 4.3% 3,372 94.1% 94.7% -0.6% 694 671 3.4%
San Antonio, TX 3,827 4.3% 3,348 92.0% 93.7% -1.7% 660 642 2.8%
Fort Worth, TX 3,561 4.1% 3,561 96.6% 96.1% 0.5% 638 611 4.4%
San Francisco, CA 980 4.0% 980 97.3% 99.5% -2.2% 1,767 1,602 10.3%
Raleigh, NC 3,283 3.9% 2,951 91.7% 90.8% 0.9% 719 707 1.7%
Richmond, VA 2,372 3.7% 2,372 95.6% 96.2% -0.6% 711 684 3.9%
Columbus, OH 2,527 3.2% 2,175 93.5% 94.8% -1.3% 670 656 2.1%
Monterey Penninsula, CA 1,706 3.1% 1,706 95.4% 94.5% 0.9% 859 795 8.1%
Charlotte, NC 2,710 2.7% 2,490 89.2% 92.0% -2.8% 689 676 1.9%
Nashville, TN 2,220 2.7% 2,220 94.2% 94.4% -0.2% 688 680 1.2%
Southern California 1,414 2.6% 1,414 95.8% 95.4% 0.4% 903 818 10.4%
Greensboro, NC 2,122 2.5% 2,122 91.0% 92.5% -1.5% 642 631 1.7%
Metropolitan DC 1,291 2.4% 1,171 97.9% 98.0% -0.1% 845 776 8.9%
Wilmington, NC 1,869 2.3% 1,869 92.6% 89.5% 3.1% 661 648 2.0%
Baltimore, MD 1,291 2.3% 1,291 97.1% 98.0% -0.9% 817 765 6.8%
Norfolk, VA 1,437 2.0% 1,437 95.4% 95.9% -0.5% 665 632 5.2%
Atlanta, GA 1,426 1.9% 1,426 93.3% 94.6% -1.3% 741 718 3.2%
Memphis, TN 1,956 1.9% 1,956 92.3% 94.5% -2.2% 633 614 3.1%
Columbia, SC 1,584 1.7% 1,584 95.0% 94.0% 1.0% 586 577 1.6%
East Lansing, MI 1,226 1.5% 1,226 92.4% 93.0% -0.6% 661 635 4.1%
Jacksonville, FL 1,157 1.3% 1,157 92.9% 90.2% 2.7% 669 652 2.6%
Seattle, Wa 628 1.0% 628 94.9% 96.0% -1.1% 742 701 5.8%
Other Western 2,594 3.7% 2,174 96.0% 95.9% 0.1% 734 679 8.1%
Other Florida 2,073 3.5% 1,905 94.0% 94.4% -0.4% 697 673 3.6%
Other Pacific 1,757 2.3% 1,490 93.2% 91.6% 1.6% 699 685 2.0%
Other Midwestern 2,122 2.2% 2,122 93.0% 93.2% -0.2% 629 613 2.6%
Other North Carolina 1,893 2.1% 1,893 95.1% 94.2% 0.9% 566 550 2.9%
Other Southwestern 2,212 2.1% 1,888 93.4% 95.1% -1.7% 589 567 3.9%
Other Mid-Atlantic 928 1.7% 928 96.6% 95.9% 0.7% 770 734 4.9%
Other Southeastern 764 0.9% 764 94.8% 93.4% 1.4% 586 579 1.2%
Other Northeastern 372 0.5% 372 96.4% 96.3% 0.1% 672 638 5.3%
-------------------------------------------------------------------------------------------
Totals 77,567 100% 72,997 94.0% 94.2% -0.2% $ 698 $ 672 3.9%
===========================================================================================
================================================================================
========================================================================
Attachment 8
------------
UNITED DOMINION REALTY TRUST, INC.
OPERATING INFORMATION BY MAJOR MARKET
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2001
(Dollars in thousands)
(Unaudited)
Same Community
-----------------------------------------------------------------------------------
------------------------- ---------------------------- ----------------------------
Revenues Expenses Net Operating Income
------------------------- ---------------------------- ----------------------------
YTD 01 YTD 00 Change YTD 01 YTD 00 Change YTD 01 YTD 00 Change
------------------------- ---------------------------- ----------------------------
------------------------- ---------------------------- ----------------------------
Houston, TX $38,541 $36,870 4.5% $17,121 $16,563 3.4% $21,420 $20,307 5.5%
Orlando, FL 31,091 30,941 0.5% 11,616 11,542 0.6% 19,475 19,399 0.4%
Dallas, TX 36,165 34,622 4.5% 14,539 13,879 4.8% 21,626 20,743 4.3%
Phoenix, AZ 24,159 23,501 2.8% 8,362 8,388 -0.3% 15,797 15,113 4.5%
Tampa, FL 27,780 27,084 2.6% 11,051 10,627 4.0% 16,729 16,457 1.7%
San Antonio, TX 24,016 24,469 -1.9% 10,307 9,596 7.4% 13,709 14,873 -7.8%
Fort Worth, TX 27,588 26,062 5.9% 11,582 11,414 1.5% 16,006 14,648 9.3%
San Francisco, CA 20,480 19,246 6.4% 5,034 4,657 8.1% 15,446 14,589 5.9%
Raleigh, NC 22,889 22,997 -0.5% 7,847 7,129 10.1% 15,042 15,868 -5.2%
Richmond, VA 20,335 19,848 2.5% 5,968 5,654 5.6% 14,367 14,194 1.2%
Columbus, OH 16,865 16,752 0.7% 5,745 5,718 0.5% 11,120 11,034 0.8%
Monterey Penninsula, CA 17,302 15,834 9.3% 5,448 5,049 7.9% 11,854 10,785 9.9%
Charlotte, NC 17,500 18,545 -5.6% 7,820 7,154 9.3% 9,680 11,391 -15.0%
Nashville, TN 17,468 17,372 0.6% 6,852 6,323 8.4% 10,616 11,049 -3.9%
Southern California 14,801 13,493 9.7% 4,523 4,292 5.4% 10,278 9,201 11.7%
Greensboro, NC 14,886 15,289 -2.6% 5,299 4,871 8.8% 9,587 10,418 -8.0%
Metropolitan DC 12,257 11,203 9.4% 3,341 3,374 -1.0% 8,916 7,829 13.9%
Wilmington, NC 14,130 13,352 5.8% 4,995 4,528 10.3% 9,135 8,824 3.5%
Baltimore, MD 12,818 12,153 5.5% 3,702 3,599 2.9% 9,116 8,554 6.6%
Norfolk, VA 11,521 11,009 4.7% 3,861 3,902 -1.1% 7,660 7,107 7.8%
Atlanta, GA 12,051 12,094 -0.4% 4,696 4,454 5.4% 7,355 7,640 -3.7%
Memphis, TN 13,116 13,575 -3.4% 5,882 5,413 8.7% 7,234 8,162 -11.4%
Columbia, SC 10,901 10,733 1.6% 4,126 4,186 -1.4% 6,775 6,547 3.5%
East Lansing, MI 9,340 8,936 4.5% 3,453 3,199 7.9% 5,887 5,737 2.6%
Jacksonville, FL 8,717 8,382 4.0% 3,740 3,413 9.6% 4,977 4,969 0.2%
Seattle, Wa 5,570 5,270 5.7% 1,802 1,828 -1.4% 3,768 3,442 9.5%
Other Western 19,133 17,427 9.8% 5,720 5,484 4.3% 13,413 11,943 12.3%
Other Florida 15,489 15,105 2.5% 5,537 5,549 -0.2% 9,952 9,556 4.1%
Other Pacific 11,920 11,254 5.9% 4,408 4,489 -1.8% 7,512 6,765 11.0%
Other Midwestern 15,351 14,982 2.5% 6,582 6,058 8.6% 8,769 8,924 -1.7%
Other North Carolina 12,834 12,311 4.2% 4,526 4,433 2.1% 8,308 7,878 5.5%
Other Southwestern 12,842 12,509 2.7% 5,005 4,806 4.1% 7,837 7,703 1.7%
Other Mid-Atlantic 8,855 8,308 6.6% 2,368 2,354 0.6% 6,487 5,954 9.0%
Other Southeastern 5,241 5,071 3.4% 1,856 1,844 0.7% 3,385 3,227 4.9%
Other Northeastern 3,064 2,880 6.4% 1,067 968 10.2% 1,997 1,912 4.4%
-----------------------------------------------------------------------------------
Totals $587,016 $569,479 3.1% $215,781 $206,737 4.4% $371,235 $362,742 2.3%
===================================================================================
========================================================================
================================================================================
Attachment 9
------------
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT SUMMARY
DECEMBER 31, 2001
(Dollars in thousands, except Cost Per Home)
(Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
2001 COMPLETIONS
------------------------------------------------------------------------------------------------------------------------------------
Expected
No. of Apt. Development Cost Per Date First Year
Homes Cost Home Completed % Leased Return
------------- -------------- -------------- -------------- ------------- --------------
New Communities:
----------------
Red Stone Ranch Apartments 324 $19,400 $59,900 Sep-01 76.9% 9.4%
Austin, TX
Dominion Place at Kildaire Farm 332 23,600 71,100 Dec-01 49.0% 11.0%
Raleigh, NC
Phase II Additions:
-------------------
Manor at England Run III 120 8,500 70,800 Sep-01 99.2% 10.1%
Fredericksburg, VA
------------- -------------- --------------
Total 776 $51,500 $66,400
============= ============== ==============
------------------------------------------------------------------------------------------------------------------------------------
UNDER DEVELOPMENT
------------------------------------------------------------------------------------------------------------------------------------
Expected Expected
No. of Apt. Completed Cost to Budgeted Est. Cost Completion First Year
Homes Apt. Homes Date Cost Per Home Date Return
------------- -------------- -------------- -------------- ------------- ------------ ------------
New Communities:
----------------
None
Phase II Additions:
-------------------
Greensview II 192 168 $15,400 $16,700 $87,000 1Q02 10.6%
Denver, CO
The Meridian II 270 86 12,000 17,400 64,400 2Q02 9.8%
Dallas, TX
------------- -------------- -------------------------------------------
Total 462 254 $27,400 $34,100 $73,800
============= ============== ===========================================
Note: In addition, United Dominion owns nine parcels of land held for future
development aggregating $12.8 million at December 31, 2001. Eight of the
nine parcels represent additional phases to existing properties.
================================================================================
================================================================================
Attachment 10
-------------
UNITED DOMINION REALTY TRUST, INC.
DEVELOPMENT JOINT VENTURE SUMMARY
DECEMBER 31, 2001
(Dollars in thousands, except Cost Per Home)
(Unaudited)
---------------------------------------------------------------------------------------------------
2000 COMPLETIONS
---------------------------------------------------------------------------------------------------
No. of Apt. Development Cost Per Date
Homes Cost Home Completed % Leased
-------------- ------------- ------------- ------------- ------------
New Communities:
----------------
Meridian I (A) 250 $16,400 $65,600 Jun-00 94.4%
Dallas, TX
---------------------------------------------------------------------------------------------------
2001 COMPLETIONS
---------------------------------------------------------------------------------------------------
No. of Apt. Development Cost Per Date
Homes Cost Home Completed % Leased
-------------- ------------- ------------- ------------- ------------
New Communities:
----------------
Parke 33 264 $17,100 $64,800 Feb-01 92.0%
Lakeland, FL
Sierra Canyon (A) 236 15,400 65,300 Mar-01 97.9%
Phoenix, AZ
Oaks at Weston 380 28,000 73,700 Mar-01 82.9%
Raleigh, NC
Mandolin (A) 308 21,100 68,500 Sep-01 99.4%
Dallas, TX
-------------- ------------- -------------
Total 1,188 $81,600 $68,700
============== ============= =============
(A) On December 28, 2001, UDRT purchased these properties from the joint
venture for a total cash outlay of $57.2 million, which is net of
UDR's equity in the joint venture.
================================================================================
=============================================================================
Attachment 11
-------------
UNITED DOMINION REALTY TRUST, INC.
DISPOSITION SUMMARY
DECEMBER 31, 2001
(Dollars in thousands)
(Unaudited)
Date of No. of Apt. Sales
Sale Homes Price Gain
-------------- ------------- ------------ -------------
Apartment Communities
------------------------------------
1. Twin Coves 1/3/2001 130 $ 6,570
Baltimore, MD
2. Glenridge 1/11/2001 40 2,970
Monterey Peninsula, CA
3. Santanna 3/30/2001 81 6,000
Monterey Peninsula, CA
4. Pembroke Bay 4/20/2001 358 23,400
Pembroke Pines, FL
5. University Club 4/20/2001 164 11,480
Tamarac, FL
6. Cleary Court 4/20/2001 192 13,440
Plantation, FL
7. Copperfield 4/20/2001 352 24,640
Coral Springs, FL
8. Polo Chase 4/20/2001 320 22,400
Wellington, FL
9. Mediterranean Village 4/20/2001 252 17,640
Miami, FL
------------ ------------
2001 YTD Total for Depreciable Property 1,889 128,540
Undeveloped Land
------------------------------------
1. Mason Road 8/22/2001 n/a 2,760
Houston, TX
2. Salisbury 9/21/2001 n/a 2,800
Chesterfield, VA
3. Wakefield Plantation 10/16/2001 n/a 3,880
Raleigh, North Carolina
4. Frisco 11/14/2001 n/a 1,740
Collin County, Texas
5. Park at Cordova 12/18/2001 n/a 1,580
Shelby County, Tennessee
------------ ------------
2001 YTD Total for Land Sales - 12,760
------------ ------------ ------------
2001 YTD Grand Total 1,889 $ 141,300 $ 24,748
============ ============ ============
=============================================================================
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 15, 2002 /s/ Christopher D. Genry
----------------------------- ------------------------
Christopher D. Genry
Executive Vice President and
Chief Financial Officer
Date: March 15, 2002 /s/ Scott A. Shanaberger
----------------------------- ------------------------
Scott A. Shanaberger
Senior Vice President and
Chief Accounting Officer
17