Home Properties Reports on Damage from Hurricane Sandy
ROCHESTER, N.Y., Oct. 30, 2012
ROCHESTER, N.Y., Oct. 30, 2012 /PRNewswire/ --Home Properties, Inc. (NYSE:
HME) today announced that its East Coast apartment communities sustained some
damage from Hurricane Sandy yesterday. The Company had no reports of injury to
any residents or employees. The Company initially estimates costs of
hurricane-related clean-up and repairs to be approximately $1.0million to
$1.5million, which will be significantly offset by insurance reimbursement,
the amount of which has not been determined.
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"While our assessment of the effects of Hurricane Sandy is ongoing, we were
very fortunate there were no injuries," said Bernard J. Quinn, Senior Vice
President, Property Management Operations. "Repairs from wind and water
damage are underway."
The Company said that in its third quarter earnings news release, scheduled to
be released after the market closes on November 1, 2012, it would provide an
update on the effects of the storm and detailed earnings guidance for the
fourth quarter of 2012. It will comment further on the impact to its
properties on a conference call the following day.
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, other conditions that
might affect operating expenses, the timely completion of repositioning
activities within anticipated budgets, the actual pace of future acquisitions
and sales, and continued access to capital to fund growth.
Home Properties is a publicly traded multifamily real estate investment trust
(REIT) that owns, operates, 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 HomeProperties' website
SOURCE Home Properties, Inc.
Contact: David P. Gardner, Executive Vice President and Chief Financial
Officer, +1-585-246-4113, or Charis W. Warshof, Vice President, Investor
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