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UNITED DOMINION REALTY TRUST COMPLETES DEBT PLACEMENT

 RICHMOND, Va., Feb. 25 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), announced today that it has completed a private placement of $52 million of senior unsecured notes with three insurance companies in a transaction arranged by NationsBank Investment Banking. The notes are payable in seven equal annual principal installments of approximately $7.4 million beginning in 1997 with final maturity in January 2003. The notes were priced at 7.98 percent which was 160 basis points over the seven year Treasury rate in effect at the time the terms of the financing were finalized.
 James Dolphin, senior vice president and chief financial officer, stated that the Trust will use the proceeds to retire short-term bank debt incurred in connection with the acquisition ofe fully available to help fund additional apartment acquisitions. He noted that the debt financing provides the Trust with attractively priced longer term capital that enables the Trust to lock in spreads of approximately 200 basis points on its new acquisitions.
 United Dominion now owns 14,496 apartment units in the southeast, from Baltimore/Washington, south to Tampa, Fla. The Trust also owns approximately 2 million square feet of shopping centers and other commercial space. The Trust embarked on a major apartment expansion program in the spring of 1991 which it expects to continue at least through 1993. United Dominion is a self-administered equity real estate investment trust that owns and operates primarily apartments and also shopping centers in the southeast. The Trust's common stock is traded on the New York Stock Exchange under the symbol "UDR."
 -0- 2/25/92
 /CONTACT: James Dolphin, senior vice president and chief financial officer, United Dominion Realty Trust, 804-780-2691/
 (UDR)


CO: United Dominion Realty Trust, Inc. ST: Virginia IN: FIN SU:

DS -- DC005 -- 0267 02/25/93 09:22 EST
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Publication:PR Newswire
Date:Feb 25, 1993
Words:300
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