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UNITED DOMINION REALTY ANNOUNCES THIRD QUARTER 1992 RESULTS UP SLIGHTLY /REPEATING FOR POINTS NEEDED/

UNITED DOMINION REALTY ANNOUNCES THIRD QUARTER 1992 RESULTS UP SLIGHTLY
 /REPEATING FOR POINTS NEEDED/
 RICHMOND, Va., Oct. 22 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR) today reported third quarter 1992 funds from operations of $5,930,000 on $.34 per share compared with $4,190,000, or $.33 per share last year. The weighted average number of shares of common stock outstanding increase in the current quarter to 17.6 million from 12.6 last year, as a result of the Trust's second ?stock offering earlier this year.
 For the third quarter, the Trust reported rental income of $16,095,000, income from property operations of $9,023,000 and net income of $1,891,000 or $.11 per share, all up from the third quarter last year, when the Trust reported rental income of $13,015,000, income from property operations of $7,571,000 and net income of $816,000, or $.06 per share.
 John P. McCann, President and Chief Executive Officer, commenting on the third quarter, stated that higher apartment occupancy and average rents were offset by larger increases in rental expenses. New apartments acquired since the beginning of 1991 provided returns well in excess of the initial cost of funds used to acquire them. However, much of this benefit from spreads on these newer acquisitions was offset by the dilutive effect of low money market yields on the temporary investment of excess cash from the January stock offering. He noted that the Trust expected to fully invest its excess cash in new acquisitions in the fourth quarter.
 For the first nine months of 1992, the Trust reported funds from operations of $17,494,000 or $1.02 per share on rental income of $46,134,000, income from property operations of $26,682,000 and net income of $5,640,000 or $.33 per share. Each is an increase from the first nine months of last year when funds from operations were $12,078,000 or $1.00 per share on rental income of $37,194,000, income from property operations of $21,938,000 and net income of $2,570,000 or $.21 per share.
 A comparison of property results between the third quarters of 1992 and 1991 shows the following:
 Mature Apartments (8,677 units) -- Average occupancy increased .1 percent to 90.8 percent, average rents increased 2.3 percent and rental expenses increased 9.2 percent. This resulted in net operating income decreasing 4.2 percent.
 Apartments Acquired In 1991 and 1992 (3,260 units) -- Average occupancy was 93.4 percent, and the operating expense ratio was 42.6 percent.
 All Apartments -- Average occupancy increased 2.0 percent to 91.5 percent, and the operating expense ratio increased 1.7 percent to 48.7 percent.
 Commercial Properties -- Average occupancy increased 1 percent to 85 percent, and net operating income decreased 1.7 percent.
 United Dominion Realty Trust currently owns 11,937 apartments and approximately 2 million square feet of shopping centers and other commercial properties in the South Atlantic region. The Trust began a major apartment acquisition program in the spring of 1991 to take advantage of depressed real estate values. The Trust's common stock is traded on the New York Stock exchange under the symbol "UDR."
 FINANCIAL HIGHLIGHTS
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 OPERATING RESULTS 1992 1991 1992 1991
 Rental income $16,095 $13,015 $46,134 $37,194
 Income from property
 operations before
 depreciation 9,023 7,571 26,682 21,938
 Income before gains
 on sales of
 investments and
 extraordinary item 1,891 816 5,611 2,544
 Net income 1,891 816 5,640 2,570
 Funds from operations(A) 5,930 4,190 17,494 12,078
 Distributions declared 5,819 4,026 17,447 11,531
 Per Share:
 Net income $.11 $.06 $.33 $.21
 Funds from operations(A) .34 .33 1.02 1.00
 Distribution declared .33 .32 .99 .94
 At Sept. 30,
 BALANCE SHEET DATA 1992 1991
 Real estate owned, at cost $391,016 $339,002
 Cash and cash equivalents 22,286 646
 Mortgage and other notes payable 138,835 145,301
 Convertible subordinated debentures -- 13,560
 Shareholders' equity 202,645 125,953
 Shares outstanding 17,634 12,580
 (A) Funds from operations is defined as income before gains on sales of investments and extraordinary items adjusted for certain non-cash items, primarily real estate depreciation. Industry analysts generally consider funds from operations, as defined, to be an appropriate measure of the performance of an equity REIT.
 -0- 10/22/92
 /CONTACT: James Dolphin, Senior Vice President and Chief Financial Officer, or Jerry A. Davis, Vice President and Corporate Controller, United Dominion Realty Trust, 804-780-2691/
 (UDR) CO: United Dominion Realty Trust ST: Virginia IN: SU: ERN


CM -- CH005 -- 3450 10/22/92 10:43 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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