Form 8-K/A
UNITED STATES
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. 5
The undersigned registrant hereby amends its Current Report on Form 8-K dated
May 26, 1994, which was filed with the Securities and Exchange Commission on May
26, 1994. The Financial Statements of Real Estate Properties Acquired and
Exhibit (Consents of experts) was revised to include the report and related
consent of the other auditors.
ITEM 7. Financial Statements, Pro forma Financial Information and Exhibits
(a) Financial Statements of Real Estate Properties Acquired
(b) Pro forma Financial Information
(c) Exhibits
(23) Consents of experts
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 and
Corporate Controller
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Report of Independent Auditors
To the Board of Directors
United Dominion Realty Trust, Inc.
We have audited the accompanying combined statement of rental operations of
Clover Financial Partnership Properties, as defined in Notes 1 and 2, for the
year ended December 31, 1993. This combined statement is the responsibility of
the management of Clover Financial Partnership Properties. Our responsibility is
to express an opinion on this combined statement based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the combined statement is free from material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the combined statement. An audit also includes
assessing the basis of accounting used and the significant estimates made by
management, as well as evaluating the overall presentation of the combined
statement. We believe that our audit provides a reasonable basis for our
opinion.
The accompanying combined statement of rental operations was prepared for the
purpose of complying with the rules and regulations of the Securities and
Exchange Commission for inclusion on a Current Report on form 8-K of United
Dominion Realty Trust, Inc. As described in Note 2 and is not intended to be a
complete presentation of the gross income and direct operating expenses of
Clover Financial Partnership Properties.
In our opinion, based on our audit the combined statement of rental operations
presents fairly, in all material respects, the combined gross income and
combined direct operating expenses described in Note 2 of the Clover Financial
Partnership Properties described in Note 1 for the year ended December 31, 1993,
in conformity with generally accepted accounting principles.
/s/ D'Amico, Caglioti & Co.
D'Amico, Caglioti & Co.
May 19, 1994
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CLOVER FINANCIAL PARTNERSHIP PROPERTIES
COMBINED STATEMENT OF RENTAL OPERATIONS
YEAR ENDED DECEMBER 31, 1993
REVENUES FROM RENTAL PROPERTY $ 5,638,277
RENTAL PROPERTY EXPENSES
Real Estate Taxes $ 411,453
Repairs and Maintenance 892,660
Utilities, Water & Sewer 489,126
Property Management Fees 231,889
Other Operating Expenses 1,022,281
TOTAL RENTAL PROPERTY EXPENSES 3,047,409
INCOME FROM RENTAL OPERATIONS $ 2,590,868
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT
3
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CLOVER FINANCIAL PARTNERSHIP PROPERTIES
NOTES TO THE COMBINED STATEMENT OF RENTAL OPERATIONS
YEAR ENDED DECEMBER 31, 1993
1. BASIS OF PRESENTATION
The Clover Financial Partnership Properties consist of residential apartment
communities together with the existing leases and property management
agreements. The assets that comprise the Properties have been held as
investments of Partnerships affiliated with the Clover Financial Corp.
throughout the year ended December 31, 1993. The accompanying financial
statement presents the results of the combined rental operations of only the
properties listed below as a single entity. The residential apartment
communities included in this financial statement are as follows;
Apartment Community Location # of Units
- - ------------------- -------- ----------
Crossroads I, II and III Columbia, South Carolina 622
Overlook Greenville, South Carolina 237
Park I and II Columbia, South Carolina 292
Hunting Ridge Greenville, South Carolina 152
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue and Expense Recognition
The accompanying combined statement of rental operations has been prepared using
the accrual method of accounting. Certain expenses such as depreciation,
amortization, income taxes and mortgage interest are not reflected in the
statement of rental operations, as required by rule 3-14 of Regulation S-X of
the Securities and Exchange Commission.
Repairs and Maintenance
Repairs and Maintenance costs were expenses as incurred, while significant
improvements, renovations and replacements were not reflected in the statement
of rental operations.
3. PROPERTY MANAGEMENT FEES
Property management services were provided through affiliates of Clover
Financial Corporation. Fees for such services vary by apartment community, as
defined in the applicable management agreements. Property management fees for
the year ended December 31, 1993 are summarized as follows:
Apartment Community % Gross Receipts Amount
- - ------------------- ---------------- ------
Crossroads I, II and III 4% $ 124,111
Overlook 4% 35,530
Park I and II 4% 44,987
Hunting Ridge 5% 27,261
------
Total $ 231,889
----- =======
4. OTHER OPERATING EXPENSES
General and administrative overhead expenses not associated with the direct
operations of the Properties were not reflected in the combined statement of
rental operations.
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CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
United Dominion realty Trust, Inc.
We consent to the incorporation by reference in the previously filed
Registration Statement Form S-3 No. 33-40433, Registration Statement Form S-3
No. 33-32930, Registration Statement Form S-8 No. 33-47926 and Registration
Statement Form S-8 No. 33-48000 of United Dominion Realty Trust, Inc. of our
report dated May 19, 1994 with respect to the Statement of Rental Operations of
the Clover Financial Partnership Properties for the year ended December 31,
1993, included in this Form 8-K dated May 26, 1994.
/s/ D'Amico, Caglioti & Co.
D'Amico, Caglioti & Co.
February 26, 1996
