Home Properties Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Year 2013; Announces Regular Cash Dividend, Payable on May 24, 2013
May 2 13
Home Properties Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. Total revenues were $167,080,000 against $153,223,000 a year ago. Income from continuing operations was $22,537,000 against $16,898,000 a year ago. Net income was $62,326,000 against $18,786,000 a year ago. Net income attributable to common stockholders was $51,880,000 or $0.99 diluted per share against $15,388,000 or $0.31 diluted per share a year ago. FFO were $66,000,000, or $1.05 diluted per share, compared to $58,400,000, or $0.98 diluted per share, for the quarter ended March 31, 2012.
The company 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. The current annual dividend represents a 4.3% yield based on the April 29 closing price of $64.48. Home Properties' common stock will begin trading ex-dividend on May 10, 2013.
For the year 2013, based solely on the actual first quarter results as compared to expectations, the company has increased the midpoint of its prior guidance by two cents to $4.38 and the range of FFO per share to $4.32 to $4.44. The guidance range of both FFO and Operating FFO per share results for the second quarter of 2013 is $1.07 to $1.11. The company expects to include additional commentary on projected results for the balance of the year when it announces second quarter 2013 financial results. Operating FFO is expected to be $4.35 to $4.47 or $4.41 at the midpoint. The difference between FFO and operating FFO is solely due to expensed acquisition cost assumed at $0.03 per share. The range of same-store revenue growth remains unchanged from the original guidance at 3.5% to 4.5% for the year 2013. Same-store NOI growth remains unchanged at 3.5% to 4.5%.
Home Properties Inc., Annual General Meeting, Apr 30, 2013
Mar 28 13
Home Properties Inc., Annual General Meeting, Apr 30, 2013., at 09:00 US Eastern Standard Time. Location: Clinton Square, 14th Floor. Agenda: To elect six directors of the company to serve until the 2014 annual meeting of stockholders and until their respective successors are elected; to cast a non-binding advisory vote to approve the company’s executive compensation; to ratify the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for 2013; and to consider and act upon any other matters that are properly brought before the annual meeting and at any adjournments or postponements thereof.
Home Properties Inc. Announces Management Appointments
Mar 1 13
Broadstone Real Estate, LLC announced four recent additions to its staff. In early January 2013, Molly Wiegel joined Broadstone as Director of Human Resources. Her primary responsibilities include identifying and hiring additional talent to support continued growth of the organization. Prior to joining Broadstone, Molly was Human Resources Director at Rochester Optical and before that spent 10 years at Nixon Peabody, LLP in various human resources functions. Rob Merrill officially joined Broadstone on February 1 as Director of New Market Development for Broadtree Homes. Broadtree Homes is Broadstone's second private real estate investment trust and it specializes in the acquisition and management of single family homes for rent. Rob will work to establish a presence and build local teams for Broadtree Homes as it enters additional geographic markets across the country. Previously, Rob spent much of his career in the telecom industry with various management roles at PICS Telecom, Choice One Communications, Frontier Communications and AT&T. Effective March 1, Jodi Falk joined Broadstone as Chief Operating Officer with a primary focus on managing and building the infrastructure necessary to support Broadtree Homes. Jodi has over 13 years of multi-family housing real estate experience. Most recently, Jodi served as Chief Administration and Information Officer for Home Properties where she had responsibility for all data systems, development of the company's internet presence, Sarbanes Oxley compliance and training and several other corporate operational directives. She has also held positions with Baush & Lomb and Kidder, Peabody & Co. Jodi is a graduate of Cornell University and the Wharton School of Business. Jodi replaces Tom Rogers as Chief Operating Officer; Tom served as COO of Broadstone from May 2011 until February 2013 and President beginning in May 2012. Amy Tait has assumed the additional title of President.