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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 11, 1995
UNITED DOMINION REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
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Virginia 1-10524 54-0857512
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation of organization) File Number) Identification No.)
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10 South Sixth Street, Suite 203, Richmond, Virginia 23219-3802
(Address of principal executive offices)
Registrant's telephone number, including area code (804) 780-2691
NO CHANGE
(Former name or former address, if change since last report)
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ITEM 5. OTHER EVENTS
During 1994, United Dominion Realty Trust, Inc. and its
wholly owned subsidiaries acquired 47 apartment communities
containing 11,433 units at a total cost of $409.3 million,
including closing costs. Unaudited pro forma results of
operations for the year ended December 31, 1994 are included
herein and such pro forma results assume the acquisition of 41
apartment communities containing 9,749 units at a total cost of
$350.3 million, including closing costs, at the beginning of the
year.
The unaudited information is not necessarily indicative of
what the consolidated results of operations would have been for
United Dominion Realty Trust, Inc. if the acquisitions had
occurred at the beginning of the period presented. Additionally,
the pro forma information does not purport to be indicative of
United Dominion Realty Trust, Inc.'s consolidated results of
operations for future periods.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
Description Location
(a) Pro Forma Financial Information 3 through 4
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UNITED DOMINION REALTY TRUST, INC.
PRO FORMA STATEMENT OF OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1994
(UNAUDITED)
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
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ACQUISITIONS
PREVIOUSLY
REPORTED ON
FORMS 8-K DATED
APRIL 15, 1994,
MAY 17, 1994,
MAY 26, 1994,
SEPTEMBER 1, 1994 AND PRO FORMA PRO
HISTORICAL OCTOBER 14, 1994 (1) ADJUSTMENTS FORMA
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STATEMENT OF OPERATIONS
INCOME
Property operations:
Rental Income $139,972 $27,128 $167,100
Property expenses:
Utilities 11,206 2,019 13,225
Repairs & maintenance 21,216 4,205 25,421
Real estate taxes 9,658 2,296 11,954
Property management 4,645 1,304 ($328)(2) 5,621
Other operating expenses 11,924 3,629 (277)(3) 15,276
Depreciation of real estate owned 29,049 4,514 (4) 33,563
87,698 13,453 3,909 105,060
Income from property operations 52,274 13,675 (3,909) 62,040
Interest income 756 (111)(5) 645
53,030 13,675 (4,020) 62,685
EXPENSES
Interest 28,303 7,649 (6) 35,952
General and administrative 5,021 5,021
Other depreciation and amortization 588 588
33,912 0 7,649 41,561
Income before gains (losses) on investments
and extraordinary item 19,118 13,675 (11,669) 21,124
Gains (losses) on sale of investments 108 108
Income before extraordinary item 19,226 13,675 (11,669) 21,232
Extraordinary item - early extinguishment of
debt (89) (89)
Net income $19,137 $13,675 ($11,669) $21,143
Net income per share $0.41 $0.42
Distributions declared per share $0.78 $0.78
Weighted average number of shares outstanding 46,182 4,022 50,204
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See accompanying notes.
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UNITED DOMINION REALTY TRUST, INC.
NOTES TO PRO FORMA CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
1. Amounts appearing under the column entitled "Acquisitions
Previously Reported on Forms 8-K dated April 15, 1994, May
17, 1994, May 26, 1994, September 1, 1994 and October 14,
1994" give effect to significant acquisitions that have been
previously reported to the Securities and Exchange
Commission by United Dominion Realty Trust, Inc. on Forms 8-K
("the Previously Reported Acquisitions") dated April 15, 1994,
May 17, 1994, May 26, 1994, September 1, 1994 and October 14, 1994.
2. To record the net decrease in property management fees for
the Previously Reported Acquisitions. The Trust
internally manages its apartment properties at a cost of
approximately 3.5% of rental income.
3. To record the net decrease in insurance expense to reflect
that United Dominion Realty Trust, Inc. insures its
apartments for approximately $107 per unit less than the
historical insurance expense of the Portfolio Acquisition
previously reported to the Securities and Exchange
Commission on Form 8-K dated May 26, 1994.
4. To record depreciation expense on the Previously Reported
Acquisitions. Depreciaition is computed on a straight line basis
over the estimated useful lives of the related assets which range
from 15 to 35 years.
5. Reflects the reduction of interest income associated with the use
of short-term investments to acquire the Portfolio Acquisition (as
previously reported on Form 8-K dated May 26, 1994), Regatta
Shores Apartments (as previously reported on Form 8-K dated
September 1, 1994), Mediterranean Village Apartments, Briar Club
Apartments, Covington Crossing Apartments and Hunters Trace
Apartments (as previously reported on Form 8-K dated October 14,
1994), at assumed interest rates in effect at the time of each
respective acquisition.
6. To record interest expense on bank debt and tax exempt bonds used
to finance the Previously Reported Acquisitions at assumed
interest rates equal to market rates in effect at the time of each
respective acquisition.
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Signatures
Pursuant to the requirements of the Securities 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: April 11, 1995
James Dolphin, Senior Vice President
Chief Financial Officer
Date: April 11, 1995
Jerry A. Davis, Vice President
Corporate Controller
