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UNITED DOMINION REALTY TRUST REPORTS HIGHER FIRST QUARTER RESULTS

UNITED DOMINION REALTY TRUST REPORTS HIGHER FIRST QUARTER RESULTS
 RICHMOND, Va., April 28 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), a real estate investment trust, today reported first quarter 1992 funds from operations of $5,743,000 or $.35 per share, an increase of 4 percent per share from $3,911,000 or $.34 per share for the first quarter last year. There were an additional 5,978,000 shares outstanding at the end of the current quarter.
 For the first quarter, the Trust had rental income of $14,868,000, income from property operations (before depreciation) of $8,856,000 and net income of $1,991,000 or $.12 per share. Each represents an increase from rental income of $11,900,000, income from property operations (before depreciation) of $7,246,000 and net income of $909,000 or $.08 per share for the first quarter last year.
 John P. McCann, President and Chief Executive Officer, stated that the increases resulted primarily from 1991 apartment acquisitions rather than improved results at the property level. He noted that while the number of occupied apartments increased during each month this year, the occupancy gains in January and February were too slight to have an impact on the first quarter. He indicated that the economic recovery which appears to be underway will not bring meaningful occupancy gains and stronger property results until later in the year. Finally, he stated that the January 1992 common stock offering had a dilutive effect on funds from operations during the first quarter because of low yields available in the money market.
 A comparison of property results between the first quarters of 1992 and 1991 shows the following:
 Mature Apartments (8,677 units) - Average occupancy increased 2.2 percent to 89.5 percent, average rents increased 2.3 percent and rental expenses increased 8 percent. This resulted in net operating income increasing 2.2 percent.
 Non-mature Apartments (2,247 units) - Average occupancy was 88.2 percent, and the operating expense ratio was $42.3 percent. All of these apartments were acquired during 1991.
 All Apartments - Average occupancy increased 2.6 percent to 89.2 percent, and operating expense ratio increased .8 percent to 44.7 percent. The troop deployment to the Middle East reduced last year's first quarter occupancy by almost 2 percent.
 Commercial Properties - Average occupancy declined 6 percent to 84 percent, and net operating income declined 3.2 percent.
 United Dominion Realty Trust currently owns 10,924 apartments and approximately 2 million square feet of shopping centers and other commercial properties in the South Atlantic region. The Trust began a major acquisition program in the first half of 1991 and expects to acquire more than $75 million of additional properties in 1992 after acquiring more than $50 million of additional apartments in 1991. The Trust's common stock is traded on the New York Stock Exchange under the symbol "UDR".
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended
 March 31,
 Operating Results 1992 1991
 Rental income $14,868 $11,900
 Income from property operations
 before depreciation 8,856 7,246
 Income before gains on sales of
 investments and extraordinary
 items 1,962 883
 Net income 1,991 909
 Funds from operations (A) 5,743 3,911
 Distributions declared 5,811 3,610
 Per Share:
 Net income $.12 $.08
 Funds from operations (A) .35 .34
 Distribution declared .33 .31
 At March 31,
 Balance Sheet Data 1992 1991
 Real estate owned, at cost $364,162 $300,718
 Cash and cash equivalents 45,964 313
 Mortgage and other notes payable 136,225 123,639
 Convertible subordinated
 debentures -- 14,341
 Shareholders' equity 210,206 116,093
 Shares outstanding 17,608 11,630
 (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- 4/28/92
 /CONTACT: James Dolphin, Senior Vice President, or Jerry A. Davis, Corporate Controller, United Dominion Realty Trust, 804-780-2691/
 (UDR) CO: United Dominion Realty Trust ST: Virginia IN: SU: ERN


CM-JM -- CH002 -- 3605 04/28/92 09:24 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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