Key Developments: Home Properties Inc (HME)
63.95USD
23 May 2013
$-1.68 (-2.56%)
$65.63
$65.25
$65.30
$63.29
1,123,271
372,809
$67.79
$56.85
Latest Key Developments (Source: Significant Developments)
Home Properties Inc Raises Low End Of Prior FY 2013 Guidance To A Range In Line With Analysts Estimates-Conference Call
Home Properties Inc announced that for fiscal 2013, FFO to be in the range of $4.32 to $4.44, or a midpoint of $4.38 and Operating FFO is expected to be $4.35 to $4.47, or $4.41 at the midpoint. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $4.38 for fiscal 2013. Full Article
Home Properties Inc Declares Regular Cash Dividend
Home Properties Inc announced a regular cash dividend on the Company's common shares of $0.70 per share for the quarter ended March 31, 2013. The dividend is payable on May 24, 2013 to shareholders of record on May 14, 2013 and is equivalent to an annualized rate of $2.80 per share. Full Article
Home Properties Inc Sells Two Apartment Properties
Home Properties Inc announced the March 2013 sale of two properties with a combined total of 511 units for $109.1 million. Falkland Chase, a property containing 450 apartment units, was sold for $98 million, or approximately $218,000 per unit. The property, located in downtown Silver Spring, Maryland, consists of three parcels at the intersections of 16th Street NW, East-West Highway and Colesville Road. The north parcel of Falkland Chase currently contains 182 garden apartments and has final site plan approval for development of a maximum of 1,250 multifamily residential units in four high-rise buildings and 70,000 square feet of retail space. Net proceeds to Home Properties, after closing costs and $35.9 million in debt repayments, were $60.3 million. The weighted average historical capitalization rate on the sale is 5.5% after applying a 2.7% management fee and before capital expenditures. A gain of approximately $36 million will be recorded in the 2013 first quarter. Full Article
Home Properties Inc Issues FY, Q1 2013 FFO Guidance In Line With Analysts' Estimates
Home Properties Inc announced that for fiscal 2013, it expects FFO guidance between $4.28 and $4.44 per share. For the first quarter of 2013, it expects for FFO guidance of $1.01 to $1.05. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $4.35 for fiscal 2013; FFO of $1.05 for the first quarter of 2013. Full Article
Home Properties Inc Increases Dividend
Home Properties Inc announced that $0.04 per share increase to its regular quarterly cash dividend on common shares. The increase of 6.1% raises the quarterly dividend from $0.66 per share to $0.70 per share for the quarter ended December 31, 2012. The dividend is payable on February 26, 2013 to shareholders of record on February 14, 2013 and is equivalent to an annualized rate of $2.80 per share. Full Article
Home Properties Inc Raises FY 2012 FFO Guidance; Issues Q4 2012 FFO Guidance In Line With Analysts' Estimates
Home Properties Inc announced that for fiscal 2012, the Company has increased the midpoint of its prior FFO guidance by seven cents to $4.07 and the range of FFO per share to $4.05 to $4.09 from $3.96 to $4.04. For the fourth quarter of 2012, it expects for FFO and OFFO per share results is identical at a range from $1.02 to $1.06. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $4.04 for fiscal 2012; FFO of $1.04 for the fourth quarter of 2012. Full Article
Home Properties Inc Raises FY 2012 FFO Guidance; Issues Q3 2012 FFO Guidance Above Analysts' Estimates
Home Properties Inc announced that for fiscal 2012, it has increased the midpoint of its prior FFO guidance by seven cents to $4.00 and the range of FFO per share to $3.96-$4.04. For third quarter of 2012, it expects FFO of $1.03-$1.07. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $3.99 for fiscal 2012; FFO of $1.02 for third quarter of 2012. Full Article
Home Properties Inc Announces Regular Cash Dividend
Home Properties Inc announced a regular cash dividend on the Company's common shares of $0.66 per share for the quarter ended June 30, 2012. The dividend is payable on August 24, 2012 to shareholders of record on August 14, 2012 and is equivalent to an annualized rate of $2.64 per share. Home Properties' common stock will begin trading ex-dividend on August 10, 2012. Full Article
Home Properties Inc Acquires Apartment Community
Home Properties Inc announced that, on June 28, 2012, it purchased Howard Crossing in Ellicott City, Maryland for $186 million. Howard Crossing (1,350 units) was purchased for $186 million in cash, which equates to approximately $138,000 per apartment unit. A portion of the acquisition was funded using the proceeds from the issuance of $50 million of unsecured Senior Guaranteed Notes, which are due June 27, 2019 and bear interest at 4.16%. The terms of the Notes mirror those contained in the outstanding Series A and B Notes. The balance of the purchase price was funded through the line of credit and a $100 million unsecured bank demand loan, with the same terms and rate as the line of credit. At closing, Howard Crossing was 92.6% occupied at monthly rents averaging $1,111. The property is located off U.S. 40, with easy access to U.S. 29, I-95 and the Baltimore Beltway. It is near employment centers, approximately 12 miles from downtown Baltimore and eight miles from Columbia. Fort Meade is 20 miles to the southeast and BWI is less than 20 minutes from the property. Constructed in phases from 1968 through 1975, Howard Crossing consists of 1,350 units in 42 three-story brick garden-style apartment buildings. There are 680 one-bedroom units and 670 two-bedroom units. The average unit size is 854 square feet. Full Article
Home Properties Inc Acquires Two Apartment Communities
Home Properties Inc announced that it recently purchased two apartment communities for a total of $112.2 million. On May 11, 2012, it purchased Hunter's Crossing in Leesburg, Virginia, renamed The Manor East, for $16.2 million. On May 17, 2012, it purchased Woodway at Trinity Centre in Centreville, Virginia for $96.0 million. The Company also announced that it has begun marketing 10 properties for sale in the Baltimore, Washington, D.C., Philadelphia and Long Island regions. The Manor East (164 units) was purchased for $16.2 million (before mortgage assumption fair market value adjustment), which equates to approximately $99,000 per apartment unit. Consideration for the purchase included the assumption of a fixed-rate note with an aggregate principal balance of $6.7 million at the contractual interest rate of 5.69% maturing April 1, 2016, with the balance paid in cash. At closing, the property was 98.0% occupied at monthly rents averaging $1,050. Completed in 1964, The Manor East consists of 164 units in fifteen three-story brick garden-style apartment buildings with pitched roofs. There are 75 one-bedroom units and 89 two-bedroom units. The average unit size is 822 square feet. Full Article
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