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UNITED DOMINION REALTY TRUST REPORTS SECOND QUARTER 1992 RESULTS

 UNITED DOMINION REALTY TRUST REPORTS SECOND QUARTER 1992 RESULTS
 RICHMOND, Va., July 23 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR), today reported second quarter 1992 funds from operations of $5,821,000 or $.33 per share compared with $3,977,000, or $.33 per share last year. The weighted average number of shares outstanding increased in the current quarter to 17.6 million from 12 million shares last year as a result of the trust's public offering earlier this year.
 For the second quarter, the trust reported rental income of $15,171,000, income from property operations of $8,803,000 and net income of $1,758,000 or $.10 per share, up from the second quarter last year, when the trust had rental income of $12,280,000, income from property operations of $7,121,000 and net income of $845,000, or $.07 per share.
 John P. McCann, president and chief executive officer, commenting on the second quarter stated that both improved occupancy at the trust's mature apartments and the contribution of the trust's 1991 apartment acquisitions had a positive impact on reported results. However, these were offset by higher apartment expenses and low yields earned on the approximate $40 million of cash held for future acquisitions. He noted that the economic recovery is slowly producing occupancy gains, and the outlook for stronger property results is encouraging. He also indicated that the trust expected to fully invest its excess cash on new acquisitions during the next few months.
 For the first six months of 1992, the trust reported funds from operations of $11,564,000 or $.68 per share on rental income of $30,039,000 income from property operations of $17,659,000 and net income of $3,749,000 or $.22 per share. Each is an increase from the first six months of last year when funds from operations were $7,888,000 or $.67 per share on rental income of $24,180,000, income from property operations of $14,368,000 and net income of $1,754,000 or $.15 per share.
 A comparison of property results between the second quarters of 1992 and 1991 shows the following:
 Mature Apartments (8,677 units) -- Average occupancy increased 1.7 percent to 90.8 percent, average rents increased 2.3 percent and rental expenses increased 6.4 percent. This resulted in net operating income increasing 2.2 percent.
 Non-mature Apartments (2,247 units) -- Average occupancy was 90.3 percent, and the operating expense ratio was 42.5 percent. All of these apartments were acquired in 1991. On the last day of the quarter, the trust also acquired 2 complexes (476 units) which had almost no impact on results.
 All Apartments -- Average occupancy increased 2.4 percent to 90.7 percent, and the operating expense ratio declined .1 percent to 47.2 percent.
 Commercial Properties -- Average occupancy increased 1 percent to 85 percent, and net operating income increased slightly (less than 1 percent).
 United Dominion Realty Trust currently owns 11,400 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 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".
 UNITED DOMINION REALTY TRUST
 FINANCIAL HIGHLIGHTS
 (In thousands, except per share data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 OPERATING RESULTS
 Rental income $15,171 $12,280 $30,039 $24,180
 Income from
 property operations
 before depreciation 8,803 7,121 17,659 14,368
 Income before gain
 on sales of investments
 and extraordinary item 1,758 845 3,270 1,728
 Net income 1,758 845 3,749 1,754
 Funds from operations (A) 5,821 3,977 11,564 7,888
 Distributions declared 5,817 3,895 11,628 7,505
 Per Share:
 Net income $.10 $.07 $.22 $.15
 Funds from operations (A) .33 .33 .68 .67
 Distribution declared .33 .31 .66 .62
 At June 30,
 1992 1991
 BALANCE SHEET DATA
 Real estate owned, at cost $377,248 $314,077
 Cash and cash equivalents 35,611 134
 Mortgage and other notes payable 139,036 120,384
 Convertible subordinated debentures -- 13,856
 Shareholders' equity 206,417 128,916
 Shares outstanding 17,627 12,561
 (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- 7/23/92
 /CONTACT: James Dolphin, senior vice president, or Jerry A. Davis, corporate controller of United Dominion Realty Trust, 804-780-2691/
 (UDR) CO: United Dominion Realty Trust, Inc. ST: Virginia IN: SU: ERN


JB-AW -- CH006 -- 2394 07/23/92 10:27 EDT
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Date:Jul 23, 1992
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