Search
 

Home Properties' Q1 Revenues Rise 23.5%

ROCHESTER, NY-Despite a weak economy, apartment owner and operator Home Properties reports it recorded a 23.5% increase in earnings during the first quarter of this year.

By John Jordan | Updated on May 06, 2002

ROCHESTER, NY-Home Properties reports its first quarter earnings shot up 23.5% and its funds from operations rose 8.3% as compared to last year, due in part to the mild winter that afforded the firm lower natural gas and snow removal costs at its 133 apartment properties. At the same time, the company increased rental revenues by 4.3%.

While the first quarter financial report was positive, the apartment owner and operator did relate that its second quarter funds from operations per share guidance would have to be reduced by $.02 per share due to a recent $58.1-million offering of preferred stock.

Home Properties’ Chairman and Chief Executive Officer Normal Leenhouts explains, “At the time Home Properties raised the preferred capital, we anticipated making a significant acquisition in the Boston market. Unfortunately, due to deterioration in rental rates and occupancy in this market, the potential deal did not meet our hurdle rates, so we terminated discussions with the seller.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.