United Dominion Completes $475M in Capital Transactions

RICHMOND, VA-Thirty-year-old multifamily real estate investment trust United Dominion Realty Trust Inc. has revealed its completion of $475 million in capital transactions for the second quarter ending June 30. The transactions involve acquisitions, dispositions, and the issuing of unsecured notes. Activity during the second quarter proved fruitful, as UDRT reported Funds From Operations totaling $54.4 million; a figure that represents a 10% jump over the FFO number for the same quarter in 2001.

It was just last month that the company issued $200 million worth of unsecured notes from an existing shelf registration. The move yielded UDRT $198.5 million, which the company applied toward its outstanding $375 million unsecured credit facility. An additional $104 million changed hands during last quarter when UDRT–continuing its repositioning strategy of pulling out of markets with limited long-term growth–sold ten apartment properties.