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Home Properties expects roughly $1.5 million in Sandy damages

Rochester Business Journal
October 31, 2012

Home Properties Inc. is estimating costs of Hurricane Sandy-related clean-up and repairs to be roughly $1 million to $1.5 million, the company said late Tuesday afternoon.

The firm said the cost will be largely offset by insurance reimbursements, of which the amount has not yet been determined.

Home properties said the damage is to its East Coast apartment communities. There were no reports of injuries to any residents or employees.

"While our assessment of the effects of Hurricane Sandy is ongoing, we were very fortunate there were no injuries," said Bernard Quinn, senior vice president, property management operations, in a statement. "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 Thursday would provide an update on the effects of the storm and detailed earnings guidance for the fourth quarter of 2012.

 (c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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