Home Properties Announces Acquisition Costs for Howard Crossing Apartment Community
ROCHESTER, N.Y., July 2, 2012 /PRNewswire/ -- In conjunction with the acquisition of Howard Crossing in Ellicott City, Maryland announced earlier today by Home Properties, Inc. (NYSE: HME), the Company said acquisition costs of approximately $2.2 million will be included in other expense in the 2012 second quarter. The $2.2 million will be included in the calculation of Funds From Operations ("FFO"), but excluded from the calculation of Operating FFO. As previously announced, Home Properties purchased the 1,350-unit property on June 28, 2012 for $186 million.
This release contains forward-looking statements. Although the Company believes expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that may cause actual results to differ include general economic and local real estate conditions, weather and other conditions that might affect operating expenses, the timely completion of repositioning and new development activities within anticipated budgets, the actual pace of future acquisitions and dispositions, and continued access to capital to fund growth.
Home Properties is a publicly traded multifamily real estate investment trust (REIT) that owns, manages, develops, acquires and rehabilitates apartment communities primarily in selected Northeast and Mid-Atlantic markets. An S & P 400 Company, Home Properties owns and operates 127 communities containing 44,232 apartment units. For more information, visit Home Properties' website at homeproperties.com.
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