United Dominion officials say that about 15 positions were eliminated in the property-management organization. The multifamily real estate investment trust also has established a new executive office in Denver and replaced its former senior management team.
A company spokeswoman could not tell GlobeSt.com if the move of the executives was in fact a corporate-headquarters relocation for the nation's first apartment REIT. In March, John McCann, longtime chairman and CEO, resigned his chairmanship position, having quit his CEO post in February. John S. Schneider retired as chief operating officer. Tom Toomey became the new president and CEO.
In a prepared statement, officials said the company has moved its operational decision-making closer to the real estate by eliminating a layer of management. But the job elimination was partially offset by the addition of an asset manager and seven pricing managers. United Dominion has also named Kevin McCabe a new senior vice president in Denver. McCabe will focus on overall organizational improvement.
The REIT has sold nine communities, with 1,889 apartment units, so far this year for a total of $128.5 million, bringing in a gain to earnings of nearly $25 million. Six of the apartment communities were in South Florida, two in California and one in Baltimore.
United Dominion sold the South Florida portfolio for about $113 million to IMT Real Estate Group, a Sherman Oaks, Calif.-based company that used the deal to enter that marketplace.
The company currently has six apartment communities containing 1,546 units under development with four of them scheduled for completion by year-end.
For the quarter ended June 30, the REIT had FFO of $46.6 million, or 38 cents per share, compared with FFO of $45.6 million, or 37 cents a share, for the same period last year.
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