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Home Properties shares up as firm reports record growth

Rochester Business Journal
February 8, 2013

Shares of Home Properties Inc. were up slightly early Friday afternoon a day after the company reported fourth-quarter financial results that beat analyst estimates. Annual growth set a record for the company.
 
The stock (NYSE:  HME) was trading midday near $60.80, up roughly 1 percent from Thursday’s close of $60.20. The company reported its results Thursday after the market closed.

Home Properties reported funds from operations of $68.3 million, or $1.09 a share, compared with $55.6 million, or 93 cents a share, a year ago. That equates to a 17.1 percent increase on a per-share basis.

Operating FFO per share, which excludes acquisition costs, also was $1.09.  Fourth- quarter FFO per share was a nickel above the midpoint of the guidance range provided by management and 4 cents above the analysts' mean estimate, as reported by Thomson Reuters.

Earnings per share were $1.34, compared with 29 cents a year ago.  The $1.05 increase primarily was attributable to a $60.9 million gain on disposition of property combined with an $8.6 million increase in income from continuing operations, the firm said.

FFO per share for the year was $4.13, compared to $3.54 in 2011, a 16.6 percent increase.  Operating FFO per share for 2012 was $4.17, a 15.9 percent increase from operating FFO per share of $3.60 in 2011 and a record high for annual growth since the company went public in 1994.

Full-year earnings per share were $2.69, compared with 89 cents in 2011. The $1.80 increase largely came from an $80.5 million gain on disposition of property combined with a $37.2 million increase in income from continuing operations, the company said.

“Home Properties’ earnings growth in 2012 was the highest in the company’s history, despite the weak macroeconomic environment,” said Edward Pettinella, president and CEO, in a statement. “Apartment sector fundamentals, results from property operations, and the acquisition environment were strong.”

For 2013, the company said it expects funds from operations of $4.28 to $4.44 a share.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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