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UNITED DOMINION REALTY TRUST REPORTSHIGHER SECOND QUARTER RESULTS

 RICHMOND, Va., July 21 /PRNewswire/ -- United Dominion Realty Trust, Inc. (NYSE: UDR) today reported second quarter 1993 funds from operations of $7,374,000, or 21 cents per share, compared with $5,821,000, or 17 cents per share, for the second quarter last year, representing an increase of 26 cents per share. For the current quarter, the Trust also reported rental income of $21,736,000, income from property operations excluding depreciation of $12,694,000 and net income of $2,250,000, or 6 cents per share. Each is an increase from last year's second quarter when the Trust had rental income of $15,171,000, income from property operations excluding depreciation of $8,803,000 and net income of $1,758,000, or 5 cents per share.
 For the first six months of 1993, the Trust reported funds from operations of $14,705,000, or 42 cents per share on rental income of $41,918,000, income from property operations excluding depreciation of $24,705,000 and net income of $4,839,000, or 14 cents per share. Each is an increase from the first six months of last year when funds from operations were $11,564,000, or 34 cent per share, on rental income of $30,039,000, income from property operations excluding depreciation of $17,659,000 and net income of $3,749,000, or 11 cents per share. The increase in funds from operations for the first six months was 23 percent per share. All share and per share amounts have been adjusted to reflect a 2-for-1 stock split in May 1993.
 Commenting on the second quarter, John P. McCann, president and chief executive officer, stated that the higher operating results were attributable to both the positive spreads provided by the apartment acquisitions in 1992 and 1993 and improved property results from the Trust's mature properties. The Trust has acquired eight additional apartment communities this year at initial returns well above the initial cost of funds used to make the acquisitions. These spreads plus those from the Trust's 1992 acquisitions had the larger impact on funds from operations. McCann also noted that the growth in net operating income from the Trust's existing properties, particularly its mature apartments, was encouraging.
 A comparison of property results between the second quarter of 1993 and 1992 shows the following:
 -- Mature Apartments: For the 10,924 apartments owned throughout both years, average occupancy increased 0.8 percent to 91.5 percent, average rents increased 2.5 percent and rental expenses increased 3.5 percent which resulted in the operating expense ratio declining 0.3 percent to 46.9 percent. These resulted in a 4.5 percent increase in net operating income.
 -- Non-Mature Apartments: For the 4,394 apartments acquired since the beginning of 1992, average occupancy was 92.8 percent, and the operating expense ratio was 43.3 percent.
 -- All Apartments: For the 15,318 apartment units owned at June 30, 1993, average occupancy was 91.9 percent, and the operating ratio was 45.8 percent.
 -- Commercial Properties: Average occupancy decreased 1 percent to 84 percent due to the loss of an anchor shopping center tenant, but net operating income increased 8.4 percent.
 United Dominion now owns 15,698 apartment units in the Southeast, from Baltimore/Washington 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 through 1994. United Dominion is a self-administered equity real estate investment trust, and its common stock is traded on the New York Stock Exchange under the symbol "UDR."
 UNITED DOMINION REALTY TRUST, INC.
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended Six Month Ended
 June 30, June 30,
 Operating Results 1993 1992 1993 1992
 Rental income $21,736 $15,171 $41,918 $30,039
 Income from property operations
 excluding depreciation 12,694 8,803 24,705 17,659
 Income before gains (losses) on
 investments and extraordinary
 item 2,339 1,758 4,928 3,720
 Net income 2,250 1,758 4,839 3,749
 Funds from operations(A) 7,374 5,821 14,705 11,564
 Distributions declared 7,252 5,817 13,437 11,628
 Per share:
 Net income $0.06 $0.05 $0.14 $0.11
 Funds from operations(A) 0.21 0.17 0.42 0.34
 Distribution declared 0.175 0.165 0.35 0.33
 At June 30,
 Balance Sheet Data 1993 1992
 Real estate owned, at cost $503,101 $377,248
 Cash and cash equivalents 5,505 35,611
 Mortgage and other notes payable 228,812 139,036
 Shareholders' equity 189,693 206,417
 Shares outstanding 35,347 35,253
 (A) Funds from operations is defined as income before gains (losses) on 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.
 All share and per share data have been adjusted to give retroactive effect to a 2-for-1 stock split effective May 5, 1993, on shares of record as of April 19, 1993.
 -0- 7/21/93
 /CONTACT: James Dolphin, chief financial officer, or Jerry A. Davis, corporate controller, United Dominion Realty Trust, 804-780-2691/
 (UDR)


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

DC-KD -- DC007 -- 3845 07/21/93 10:20 EDT
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Date:Jul 21, 1993
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