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): January 15, 2002
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.)
400 East Cary Street, Richmond, Virginia 23219
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(Address of principal executive offices - zip code)
(804) 780-2691
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Registrant's telephone number, including area code
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ITEM 5. OTHER EVENTS
On January 15, 2002, United Dominion Realty Trust, Inc. ("United Dominion"), the
registrant, issued a Press Release announcing an increase in the dividends
payable to common stock shareholders for 2002. The following is a summary of
United Dominion Realty Trust, Inc.'s Press Release:
UNITED DOMINION REALTY TRUST
INCREASES 2002 COMMON STOCK DIVIDEND
RICHMOND, Virginia (January 15, 2002) United Dominion Realty Trust, Inc. (NYSE:
UDR) announced today that it will increase the dividend payable to common stock
holders for the First Quarter 2002 Dividend to $.2775 per share (compared to
$.27 per share in 2001). This increase, on an annualized basis, would correspond
to a dividend for 2002 of $1.11 per share (a 2.8% increase over 2001). This
increase in the First Quarter Dividend is reflective of the Company's continued
improving operations and profitability. The Company has a 25-year track record
of increasing the dividend annually. Based on First Call earnings estimates of
Funds From Operations ("FFO") of $1.63 for 2002, the 2002 payout ratio would be
68%.
Future dividends will be at the discretion of the Company's Board of Directors
after considering actual FFO, financial conditions and capital requirements, the
annual distribution requirements under the REIT provisions of the Internal
Revenue Code and other factors.
United Dominion is one of the country's largest multifamily real estate
investment trusts owning and operating apartment communities nationwide. The
Company currently owns all or an interest in approximately 76,000 apartment
homes and is the developer for over 800 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 its web
site at www.udrt.com.
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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.
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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: January 16, 2002 /s/ Christopher D. Genry
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Christopher D. Genry
Executive Vice President and
Chief Financial Officer
Date: January 16, 2002 /s/ Scott A. Shanaberger
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Scott A. Shanaberger
Vice President and
Chief Accounting Officer
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