Form 8-K/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
AMENDMENT TO APPLICATION OR REPORT
Filed Pursuant to Section 12, 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
United Dominion Realty Trust, Inc.
(Exact name of registrant as specified in its charter)
AMENDMENT NO. 1
The undersigned registrant hereby amends its Current Report on Form
8-K dated May 26, 1994 by updating the rental income and property expense
numbers for the four apartment acquisitions included in the column
"Acquisitions Previously Reported on Form 8-K Dated April 15,
1994" contained in the Statements of Operations for the twelve months ended
December 31, 1993 and the three months ended March 31, 1994 and Footnote C
contained in the Notes to Pro Forma Statements of Operations. Subsequent
to the filing of the Current Report on Form 8-K dated May 26, 1994, the
Trust received audited Statements of Rental Operations for the twelve
months ended December 31, 1993 and unaudited Statements of Rental
Operations for the three months ended March 31, 1994 for the four apartment
acquisitions previously reported, as set forth on the pages attached
hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNITED DOMINION REALTY TRUST, INC.
(Registrant)
/s/ Jerry A. Davis
Jerry A. Davis
Vice President
Corporate Controller
Date: June 7, 1994
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UNITED DOMINION REALTY TRUST, INC.
PRO FORMA STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1994
(UNAUDITED)
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
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<CAPTION>
ACQUISITIONS
PREVIOUSLY
REPORTED ON PRO
PORTFOLIO FORM 8-K DATED FORMA
HISTORICAL (A) ACQUISITION (B) APRIL 15, 1994 (C) ADJUSTMENTS
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STATEMENT OF OPERATIONS
INCOME
Property operations:
Rental income........................................... $ 26,706 $ 7,149 $1,544
Property expenses:
Utilities............................................. 2,712 737 81
Repairs & maintenance................................. 3,716 1,174 240
Real estate taxes..................................... 1,802 511 121
Property management................................... 921 357 70 $ (171)(E)
Other operating expenses.............................. 2,234 1,127 187 (139)(F)
Depreciation of real estate owned..................... 5,706 1,168(G)
17,091 3,906 699 858
Income from property operations........................... 9,615 3,243 845 (858)
Interest income........................................... 114
9,729 3,243 845 (858)
EXPENSES
Interest................................................ 4,655 1,581(I)
General and administrative.............................. 1,474
Other depreciation and amortization..................... 185
6,314 -- -- 1,581
Income before gains (losses) on investments............... 3,415 3,243 845 (2,439)
Gains (losses) on sale of investments.....................
Net income................................................ $ 3,415 $ 3,243 $ 845 $(2,439)
Net income per share...................................... $ 0.08
Distributions declared per share.......................... .195
Weighted average number of shares outstanding............. 41,688 7,000
<CAPTION>
PRO
FORMA
<S> <C>
STATEMENT OF OPERATIONS
INCOME
Property operations:
Rental income........................................... $35,399
Property expenses:
Utilities............................................. 3,530
Repairs & maintenance................................. 5,130
Real estate taxes..................................... 2,434
Property management................................... 1,177
Other operating expenses.............................. 3,409
Depreciation of real estate owned..................... 6,874
22,554
Income from property operations........................... 12,845
Interest income........................................... 114
12,959
EXPENSES
Interest................................................ 6,236
General and administrative.............................. 1,474
Other depreciation and amortization..................... 185
7,895
Income before gains (losses) on investments............... 5,064
Gains (losses) on sale of investments.....................
Net income................................................ $ 5,064
Net income per share...................................... $ 0.10
Distributions declared per share.......................... .195
Weighted average number of shares outstanding............. 48,688
</TABLE>
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UNITED DOMINION REALTY TRUST, INC.
PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
(UNAUDITED)
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
ACQUISITIONS ACQUISITIONS
PREVIOUSLY PREVIOUSLY
REPORTED ON REPORTED ON PRO
PORTFOLIO FORM 8-K DATED FORM 8-K DATED FORMA
HISTORICAL (A) ACQUISITION (B) APRIL 15, 1994 (C) DECEMBER 31, 1993 (D) ADJUSTMENTS
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STATEMENT OF OPERATIONS
INCOME
Property operations:
Rental income..................... $ 89,084 $28,345 $7,044 $ 9,424
Property expenses:
Utilities....................... 7,838 2,461 406 846
Repairs & maintenance........... 13,950 4,439 984 1,407
Real estate taxes............... 5,777 1,975 601 780
Property management............. 2,782 1,413 309 422 $ (826)(E)
Other operating expenses........ 7,512 4,489 912 1,552 (554)(F)
Depreciation of real estate
owned......................... 19,764 6,878(G)
57,623 14,777 3,212 5,007 5,498
Income from property operations..... 31,461 13,568 3,832 4,417 (5,498)
Interest income..................... 708 (438)(H)
32,169 13,568 3,832 4,417 (5,936)
EXPENSES
Interest.......................... 16,938 8,183(I)
General and administrative........ 3,349
Other depreciation and
amortization.................... 596
20,883 -- -- -- 8,183
Income before gains (losses) on
investments....................... 11,286 13,568 3,832 4,417 (14,119)
Gains (losses) on sale of
investments....................... (89)
Net income.......................... $ 11,197 $13,568 $3,832 $ 4,417 $ (14,119)
Net income per share................ $ 0.29
Distributions declared per share.... 0.70
Weighted average number of shares
outstanding....................... 38,202 7,000
<CAPTION>
PRO
FORMA
<S> <C>
STATEMENT OF OPERATIONS
INCOME
Property operations:
Rental income..................... $133,897
Property expenses:
Utilities....................... 11,551
Repairs & maintenance........... 20,780
Real estate taxes............... 9,133
Property management............. 4,100
Other operating expenses........ 13,911
Depreciation of real estate
owned......................... 26,642
86,117
Income from property operations..... 47,780
Interest income..................... 270
48,050
EXPENSES
Interest.......................... 25,121
General and administrative........ 3,349
Other depreciation and
amortization.................... 596
29,066
Income before gains (losses) on
investments....................... 18,984
Gains (losses) on sale of
investments....................... (89)
Net income.......................... $ 18,895
Net income per share................ $ 0.42
Distributions declared per share.... 0.70
Weighted average number of shares
outstanding....................... 45,202
</TABLE>
UNITED DOMINION REALTY TRUST, INC.
NOTES TO PRO FORMA STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1994 AND
THE YEAR ENDED DECEMBER 31, 1993
(UNAUDITED)
(A) Represents the Trust's Historical Statements of Operations contained
in its Quarterly Report on Form 10-Q for the three months ended March
31, 1994 and its Annual Report on Form 10-K for the year ended December
31, 1993.
(B) Represents actual rental income and related operating expenses of the
proposed Portfolio Acquisition, as reported elsewhere herein.
(C) Represents actual rental income and related operating expenses of four
apartment acquisitions, as previously reported on Form 8-K dated April
15, 1994.
(D) Reflects the net adjustments required to allow for a full year of
rental income and operating expenses for the year ended December 31,
1993, for the Trust's acquisitions reported on Form 8-K during 1993.
(E) Reflects the net decrease in property management fees for the Portfolio
Acquisition and the Trust's 1993 and 1994 acquisitions. The Trust
internally manages its apartment properties at a cost of approximately
3% of rental income.
(F) Reflects the net decrease in insurance expense to reflect that the
Trust insures its apartments for approximately $107 per unit less than
the historical insurance expense of the Portfolio Acquisition.
(G) Represents the net adjustments to depreciation expense as outlined in
the table below. Depreciation is computed on a straight-line basis
over the estimated useful lives of the related assets. Buildings have
been depreciated over 35 years and other improvements of 15 years based
upon an assumed allocation of the estimated initial cost of the
Portfolio Acquisition.
3 MONTHS ENDED 12 MONTHS ENDED
MARCH 31, 1994 DECEMBER 31, 1993
Increase related to the Portfolio
Acquisition $1,022,000 $4,088,000
Increase related to the acquisitions
previously reported on Form 8-K
dated April 15, 1994 146,000 1,280,000
Increase related to the acquisitions
previously reported on Form 8-K
dated December 31, 1993 -- 1,510,000
$1,168,000 $6,878,000
