Home Properties Mulls Acquisitions
Nov 1 13
Home Properties Inc. (NYSE:HME) intends to make acquisitions. At an earnings conference call, Ed Pettinella, President and Chief Executive Officer of the company said: “I actually think we'll do more acquisitions in 2014 than in 2013 for sure. So the stable, I think we'll see a stable cap rate environment for our quality that we're buying.” David Gardner, Chief Financial Officer and Executive Vice President said: “On our side, looking forward with acquisitions, we're in a position now with the October closing that we had and some of the expectations for dispositions in January, that probably are for the next few quarters after that any acquisitions will probably be using the line of credit at a very low rate and spread all in, until we build up enough outstanding to take it out with a unsecured. Short term we could expect some really nice accretion as we use that kind of funding for our acquisitions in 2014.”
Home Properties Inc. Declares Regular Quarterly Dividend, Payable on November 22, 2013; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Revises FFO Guidance for the Full Year 2013; Reaffirms FFO Guidance for the Fourth Quarter of 2013
Oct 31 13
Home Properties Inc. announced a regular cash dividend on the company's common shares of $0.70 per share for the quarter ended September 30, 2013. The dividend is payable on November 22, 2013 to shareholders of record on November 12, 2013 and is equivalent to an annualized rate of $2.80 per share. Based on the closing price of $60.83 on October 29, 2013, the day prior to the Board's declaration of the dividend, the yield was 4.6%. Home Properties' common stock will begin trading ex-dividend on November 8, 2013.
The company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total revenues of $166,813,000 compared to $161,765,000 a year ago. Income from continuing operations was $29,624,000 compared to $22,412,000 a year ago. Net income attributable to common stockholders was $25,038,000 or $0.44 per diluted share compared to $36,413,000 or $0.71 per diluted share a year ago. FFO was $73,096,000 or $1.09 per diluted share compared to $67,285,000 or $1.09 per diluted share a year ago. Operating FFO was $73,112,000 or $1.09 per diluted share compared to $67,300,000 or $1.09 per diluted share a year ago. The $0.27 decrease in EPS is primarily attributable to a $19.7 million decrease in gain on disposition of two properties sold in the third quarter of 2012, partially offset by a $7.2 million increase in income from continuing operations from both the properties owned throughout 2012 and 2013 and those acquired, developed or redeveloped subsequent to January 1, 2012.
For the nine months, the company reported total revenues of $500,548,000 compared to $469,276,000 a year ago. Income from continuing operations was $79,722,000 compared to $53,940,000 a year ago. Net income attributable to common stockholders was $103,954,000 or $1.92 per diluted share compared to $65,528,000 or $1.33 per diluted share a year ago. FFO was $209,593,000 or $3.25 per diluted share compared to $183,354,000 or $3.03 per diluted share a year ago. Operating FFO was $209,641,000 or $3.25 per diluted share compared to $186,080,000 or $3.08 per diluted share a year ago. The $0.61 increase in EPS is primarily attributable to a $25.3 million year-over-year increase in gain on disposition of property combined with a $25.8 million increase in income from continuing operations.
Based on slightly lower third quarter results than projected, the company has decreased from $4.34 to $4.42 the range of its annual FFO per share guidance to $4.34 to $4.38. FFO per share expected for the fourth quarter of 2013 remains unchanged at a range from $1.09 to $1.13.
Home Properties Inc. Presents at REITWorld 2013: NAREIT's Annual Convention, Nov-13-2013
Oct 31 13
Home Properties Inc. Presents at REITWorld 2013: NAREIT's Annual Convention, Nov-13-2013 . Venue: Marriott Marquis, San Francisco, California, United States.