EX-99 4 form8k11_2exh.txt EXHIBIT 99.2 SUPPLEMENTAL INFORMATION Exhibit 99.2 Supplemental Information Third Quarter 2001
Avg. Economic Third Quarter Results Occupancy Q3 '01 Q3 '01 vs. Q3 '00 --------------------- --------------- ------ ----------------- Average Monthly % Rental % Rental Rent/ Rate Revenue % NOI Q3 '01 Q3 '00 Occ Unit Growth Growth Growth ------- --------- ----------- -------- -------- ------- Core Properties(a) 93.8% 94.8% $786 7.3% 6.3% 8.7% Acquisition Properties(b) 94.0% NA $924 NA NA NA TOTAL PORTFOLIO 93.9% 94.7% $813 NA NA NA Avg. Economic Year-To-Date Results Occupancy YTD '01 YTD '01 vs. YTD '00 -------------------- ---------------- ------- -------------------------------- YTD '01 YTD '00 Average Monthly % Rental % Rental Rent/ Rate Revenue % NOI YTD '01 YTD '00 Occ Unit Growth Growth Growth ------- -------- --------- -------- --------- ------- Core Properties(a) 94.1% 94.4% $770 6.8% 6.5% 5.9% Acquisition Properties(b) 93.8% NA $879 NA NA NA TOTAL PORTFOLIO 94.1% 94.5% $788 NA NA NA
(a) Core Properties includes 113 properties with 31,166 apartment units owned since January 1, 2000. (b) Reflects 30 Properties with 7,930 apartment units acquired subsequent to January 1, 2000.
HOME PROPERTIES OF NEW YORK, INC. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data - Unaudited) Three Months Ended Nine Months Ended September 30 September 30 --------------------------------- --------------------------- 2001 2000 2001 2000 ------- ------ ------ ------- Rental income $ 89,790 $ 76,303 $258,937 $218,039 Other income - property related 3,440 2,999 9,716 8,080 Interest and dividend income 531 2,400 2,548 6,035 Other income 684 305 1,610 381 ------- -------- -------- -------- Total revenues 94,445 82,007 272,811 232,535 ------- -------- -------- -------- Operating and maintenance 34,971 31,250 110,877 92,862 General and administrative 4,336 3,479 13,274 9,799 Interest 17,293 14,132 49,056 41,522 Depreciation and amortization 16,176 13,188 47,386 37,795 ------- -------- -------- -------- Total expenses 72,776 62,049 220,593 181,978 ------- -------- -------- -------- Income before gain (loss) on disposition of property and minority interest 21,669 19,958 52,218 50,557 Gain (loss) on disposition of property 8,437 45 22,085 ( 417) ------- -------- -------- -------- Income before minority interest 30,106 20,003 74,303 50,140 Minority interest 10,811 7,658 25,558 19,219 Net income 19,295 12,345 48,745 30,921 Preferred dividends ( 4,498) ( 3,790) ( 13,492) ( 8,252) ------- -------- -------- -------- Net income available to common shareholders 14,797 8,555 35,253 22,669 Preferred dividends 4,498 3,790 13,492 8,252 Depreciation - real property 16,061 13,049 46,960 37,405 Unconsolidated adjustments 88 99 291 340 (Gain) loss on disposition of property ( 8,437) (45) ( 22,085) 417 Minority Interest 10,811 7,658 25,558 19,219 ------- -------- -------- -------- FFO (1) $37,818 $33,106 $99,469 $88,302 ======= ======== ======== ======== Weighted average shares/units outstanding: Shares - basic 21,963.0 20,994.8 21,852.4 20,412.4 Shares - diluted 29,233.6 21,174.1 21,948.2 20,539.3 Shares/units -- basic(2) 38,010.4 36,820.1 37,687.0 35,601.0 Shares/units - diluted 45,281.1 43,162.4 44,895.1 40,321.0 Per share/unit: Net income - basic $.67 $.41 $1.61 $1.11 Net income - diluted $.66 $.40 $1.61 $1.10 FFO - basic $.88 $.80 $2.28 $2.25 FFO - diluted $.84 $.77 $2.22 $2.19
(1) FFO has been calculated in conformance with NAREIT guidelines and is defined as net income (calculated in accordance with generally accepted accounting principles) excluding gains or losses from sales of property, minority interest and extraordinary items plus depreciation from real property. (2) Basic includes common stock outstanding plus operating partnership units in Home Properties of New York, L.P., which can be converted into shares of common stock. Diluted includes additional common stock equivalents and Series A through E (in 2001) and Series A through D (in 2000) convertible cumulative preferred stock, which can be converted into shares of common stock. HOME PROPERTIES OF NEW YORK, INC. SUMMARY CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data - Unaudited) September December 30, 2001 31, 2000 -------- -------- Real estate $2,101,290 $1,895,269 Accumulated depreciation (185,927) (153,324) Real estate, net 1,915,363 1,741,945 Cash and cash equivalents 5,197 10,449 Cash in escrows 40,242 36,676 Accounts receivable 6,340 11,510 Prepaid expenses 17,269 13,505 Investment in and advances to affiliates 41,609 45,048 Deferred charges 3,864 3,825 Other assets 8,327 8,930 ---------- ----------- Total Assets $2,038,211 $1,871,888 ========== =========== Mortgage notes payable $ 904,356 $ 832,783 Line of credit 72,000 -- Other liabilities 54,502 49,300 ---------- ----------- Total liabilities 1,030,858 882,083 Minority interest 343,075 371,544 Series B convertible preferred stock 48,733 48,733 Stockholders' equity 615,545 569,528 ---------- ----------- Total liabilities and stockholders' equity $2,038,211 $1,871,888 ========== =========== Total shares/units outstanding: Common stock 22,107.4 21,565.7 Operating partnership units* 16,035.1 15,854.5 Series A convertible cumulative preferred stock* 1,666.7 1,666.7 Series B convertible cumulative preferred stock* 1,679.5 1,679.5 Series C convertible cumulative preferred stock* 1,983.5 1,983.5 Series D convertible cumulative preferred stock* 833.3 833.3 Series E convertible cumulative preferred stock* 949.4 949.4 ----------- -------- 45,254.9 44,532.6 *Potential common shares # # # For further information: David Gardner, Senior Vice President and Chief Financial Officer, (716) 246-4113 Charis Copin, Director, Investor Relations, (716) 295-4237