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Home Properties reports boost in FFO, sales in Q4

Rochester Business Journal
February 6, 2014

Home Properties Inc. reported in increase in funds from operations and sales for the fourth quarter.

Home Properties reported FFO of $75.2 million, or $1.11 a share, compared with $68.3 million, or $1.09 a share, a year ago. That equates to a 1.6 percent increase on a per-share basis.

Sales were $167.8 million, up from sales of $162.3 million during last year’s quarter.

Earnings per share were 99 cents, compared with $1.34 during last year’s quarter. The 35 cents reduction was primarily attributable to a $24.7 million lower gain on dispositions of property, partially offset by an $8 million increase in income from continuing operations from both the properties owned throughout 2012 and 2013 and those acquired, developed or redeveloped subsequent to Jan. 1, 2012, the company reported.

Analysts polled by Thomson Reuters expected the Rochester firm to report sales of $169 million and earnings per share of 44 cents.

FFO for the year was $4.37 per share, compared to $4.13 per share in the year-ago period, which equates to a 5.9 percent increase on a per-share basis.  

Sales were $663.6 million, versus sales of $627 million a year ago.

Earnings per share for the year were $2.93 compared to $2.69 the prior year.  The increase primarily attributable to a $33.6 million increase in income from continuing operations, the company reported.

For the year, the analysts expected Home Properties to report sales of $669 million and earnings per share of $1.53.

"Home Properties continued its track record of consistent performance in 2013, delivering solid operating results as well as further strengthening its balance sheet to enhance future financial flexibility," said Edward Pettinella, Home Properties’ president and CEO, in a statement.

The guidance range on FFO per share results for the first quarter is $1.02 to $1.06. For 2014, the company expects FFO between $4.44 and $4.60 a share, which will produce FFO per share growth of 1.6 percent to 5.3 percent when compared to 2013 results.

The firm’s stock (NYSE: HME) closed Thursday at $57.42, up 1 percent from Wednesday’s close of $56.68. The company reported its results after the market closed.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.




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