ROCHESTER, N.Y., Sept. 20 /PRNewswire-FirstCall/ -- Home Properties today announced an increase in the Company's outlook for Funds From Operations ("FFO") for the quarter ending September 30, 2010 and the full-year 2010. This release updates management's prior guidance provided on August 5, 2010 in its second quarter 2010 earnings news release.
Home Properties now expects FFO per share for the quarter ending September 30, 2010 to be at the high end of, or slightly above, the range it provided on August 5, 2010, which was $0.73 to $0.77. Based on preliminary results, Home Properties expects to report FFO between $0.76 and $0.80 per diluted share for the third quarter of 2010. As a result of this increase, FFO per share for the full year is projected to be between $2.98 and $3.06.
"The increase in our expectations for third quarter results is a combination of higher top line revenue and continued expense control," said David P. Gardner, Home Properties Executive Vice President and Chief Financial Officer. "Rent, other income and property expenses, as well as general and administrative expenses, are all projected to be better than previously anticipated."
He added, "We expect same-store revenue growth to be slightly positive in the third quarter, which would be the first increase in year-over-year revenue since the first quarter of 2009. With the increase in revenue, NOI growth is anticipated to be in excess of 2%."
Home Properties is hosting an Investor/Analyst meeting in Washington, D.C. on September 22, 2010, which will be broadcast live at 8:30 AM ET and last approximately two hours. The audio webcast and a copy of the presentation materials will be available at homeproperties.com in the Investors section. The webcast also will be available for replay at that link.
The Company expects to release final third quarter financial results after the stock market closes on Thursday, November 4, 2010. A conference call, which will be simultaneously webcast, is scheduled for Friday, November 5, 2010 at 11:00 AM ET and is accessible following the above instructions or by dialing 800-758-5606. An audio replay of the call will be available by dialing 800-633-8284 and using the passcode 21442493.
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 conditions, including unemployment levels, prevailing interest rates for home mortgages and consumer confidence generally; local real estate conditions, including the supply of apartments, perceptions of convenience and quality of schools, and operating costs especially real estate taxes and utility and insurance costs; the weather and other conditions that might affect operating expenses, including unusual snow removal costs, storm damage and other extraordinary factors; the timely completion of repositioning and development activities within anticipated budgets, especially delays that may arise in obtaining zoning approvals and other government permits, labor cost increases and material shortages or price increases; the actual pace of future acquisitions, sales and developments; and continued access to capital to fund growth, including continued availability of financing through government sponsored entities such as Fannie Mae and Freddie Mac.
Home Properties is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in selected Northeast and Mid-Atlantic markets. Currently, Home Properties operates 113 communities containing 38,019 apartment units. Of these, 37,151 units in 112 communities are owned directly by the Company and 868 units are partially owned and managed by the Company as general partner. For more information, visit Home Properties' website at homeproperties.com.
Home Properties
CONTACT: David P. Gardner, Executive Vice President and Chief Financial
Officer, +1-585-246-4113 or Charis W. Warshof, Vice President, Investor
Relations, +1-585-295-4237
Web Site: http://www.homeproperties.com/
