-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VN3WFSX1ZXVjGJJtDGyHkzXxb/YFPWajK97OEx9rjrZVcAE2odww7JV0onl9SPsj 24GC2RdfqYuXRVWgxKakPw== 0000923118-00-000015.txt : 20000523 0000923118-00-000015.hdr.sgml : 20000523 ACCESSION NUMBER: 0000923118-00-000015 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOME PROPERTIES OF NEW YORK INC CENTRAL INDEX KEY: 0000923118 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 161455126 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-13136 FILM NUMBER: 640860 BUSINESS ADDRESS: STREET 1: 850 CLINTON SQ CITY: ROCHESTER STATE: NY ZIP: 14604 BUSINESS PHONE: 7162464105 MAIL ADDRESS: STREET 1: 850 CLINTON SQUARE CITY: ROCHESTER STATE: NY ZIP: 14604 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2000 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-13136 HOME PROPERTIES OF NEW YORK, INC. (Exact name of registrant as specified in its charter) MARYLAND 16-1455126 (State or other jurisdiction of (IRS Employer Identification incorporation or organization) Number) 850 Clinton Square, Rochester, New York 14604 (Address of principal executive offices) (Zip Code) (716) 546-4900 (Registrant's telephone number, including area code) N/A (Former name, former address and former year, if changed since last report) Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Class of Common Stock Outstanding at April 30, 2000 $.01 par value 20,256,772 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS HOME PROPERTIES OF NEW YORK, INC. CONSOLIDATED BALANCE SHEETS MARCH 31, 2000 AND DECEMBER 31, 1999 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) 2000 1999 ASSETS (Unaudited) (Note 1) Real estate: Land $218,432 $194,468 Buildings, improvements and equipment 1,434,203 1,286,285 --------- --------- 1,652,635 1,480,753 Less: accumulated depreciation (113,591) (101,904) --------- --------- Real estate, net 1,539,044 1,378,849 Cash and cash equivalents 7,390 4,742 Cash in escrows 32,610 28,281 Accounts receivable 7,048 6,842 Prepaid expenses 11,122 9,423 Deposits 86 897 Investment in and advances to affiliates 63,629 63,450 Deferred charges 2,811 2,610 Other assets 9,789 8,523 -------- --------- Total assets $1,673,529 $1,503,617 ======== ========= LIABILITIES AND STOCKHOLDERS' EQUITY Mortgage notes payable $730,201 $618,901 Line of Credit 60,500 50,800 Accounts payable 13,543 11,765 Accrued interest payable 4,775 3,839 Accrued expenses and other liabilities 6,063 6,391 Security deposits 16,818 14,918 -------- -------- Total liabilities 831,900 706,614 -------- -------- Commitments and contingencies Minority interest 331,400 299,880 -------- -------- 8.36% Series B convertible cumulative preferred stock, liquidation preference of $25.00 per share; 2,000,000 shares issued and outstanding, net of issuance costs 48,733 48,733 ------- -------- Stockholders' equity: Preferred stock, $.01 par value; 10,000,000 shares authorized: 9.0% Series A convertible cumulative preferred stock, liquidation preference of $21.00 per share; 1,666,667 shares issued and outstanding 35,000 35,000 Common stock, $.01 par value; 80,000,000 shares authorized; 20,118,715 and 19,598,464 shares issued and outstanding at March 31, 2000 and December 31, 1999, respectively 201 196 Excess stock, $.01 par value; 10,000,000 shares authorized; no shares issued - - Additional paid-in capital 478,402 461,345 Distributions in excess of accumulated earnings (42,237) (38,294) Officer and director notes for stock purchases ( 9,870) ( 9,857) ------- ------- Total stockholders' equity 461,496 448,390 -------- -------- Total liabilities and stockholders' equity $1,673,529 $1,503,617 ========= ========= The accompanying notes are an integral part of these consolidated financial statements. HOME PROPERTIES OF NEW YORK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) 2000 1999 ---- ---- Revenues: Rental income $67,845 $43,943 Property other income 2,293 1,286 Interest and dividend income 1,627 1,895 Other income 599 642 ------- ------ Total revenues 72,364 47,766 ------- ------ Expenses: Operating and maintenance 30,955 20,999 General and administrative 3,122 2,156 Interest 12,905 7,716 Depreciation and amortization 11,740 7,541 ------- ------ Total expenses 58,722 38,412 ------- ------ Income before minority interest 13,642 9,354 Minority interest 5,160 3,343 ------- ------ Net income before preferred dividends 8,482 6,011 Preferred dividends (1,928) - ------- ------ Net income available to common shareholders $ 6,554 $ 6,011 ======= ====== Per share data: Net income - Basic $ .33 $.34 ======= ====== - Diluted $ .33 $.33 ======= ====== Weighted average number of shares outstanding - Basic 19,828,714 17,871,753 ========== ========== - Diluted 19,945,995 17,960,058 ========== ========== The accompanying notes are an integral part of these consolidated financial statements. HOME PROPERTIES OF NEW YORK, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999 (UNAUDITED, IN THOUSANDS) 2000 1999 ---- ---- Cash flows from operating activities: Net income $8,482 $6,011 ----- ----- Adjustments to reconcile net income to net cash provided by operating activities: Equity in income of HP Management and Conifer Realty 176 ( 178) Income allocated to minority interest 5,160 3,343 Depreciation and amortization 11,867 7,753 Unrealized loss on available-for- sale securities - 1,169 Loss on disposition of property - 16 Changes in assets and liabilities: Other assets ( 2,275) (2,446) Accounts payable and accrued liabilities 4,286 (1,867) ------ ------ Total adjustments 19,214 7,790 ------ ------ Net cash provided by operating activities 27,696 13,801 ------ ------ Cash flows used in investing activities: Purchase of properties, net of mortgage notes assumed and UPREIT Units issued ( 35,960) ( 8,055) Additions to properties ( 14,156) ( 8,218) Deposits on property 811 ( 513) Advances to affiliates ( 8,816) ( 5,975) Payments on advances to affiliates 8,461 7,550 Other - 59 ------- ------- Net cash used in investing activities ( 49,660) (15,152) ------- ------- Cash flows from financing activities: Proceeds from sale of common stock 12,059 11,031 Purchase of treasury stock - ( 1,863) Proceeds from mortgage notes payable 30,000 - Payments of mortgage notes payable ( 1,744) ( 982) Proceeds from line of credit 12,500 - Payments on line of credit ( 2,800) - Additions to deferred loan costs ( 330) ( 2) Additions to and payments received from cash escrows ( 4,329) 425 Dividends and distributions paid (20,744) (13,363) ------ ------ Net cash provided by (used in) financing activities 24,612 (4,754) ------ ------ Net increase (decrease) in cash 2,648 ( 6,105) Cash and cash equivalents: Beginning of period 4,742 33,446 ------ ------ End of period $ 7,390 $27,341 ====== ====== Supplemental disclosure of cash flow information: Cash paid for interest $11,840 $ 7,422 ====== ======= The accompanying notes are an integral part of these consolidated financial statements. HOME PROPERTIES OF NEW YORK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) 1. Unaudited Interim Financial Statements The interim consolidated financial statements of Home Properties of New York, Inc. (the "Company") are prepared pursuant to the requirements for reporting on Form 10-Q. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with generally accepted accounting principles are omitted. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles. In the opinion of management, all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements for the interim periods have been included. The current period's results of operations are not necessarily indicative of results which ultimately may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto included in the Company's Form 10-K/A, as filed with the Securities and Exchange Commission on May 22, 2000. 2. Organization and Basis of Presentation Organization Home Properties of New York, Inc. (the "Company") was formed in November 1993, as a Maryland corporation and is engaged primarily in the ownership, management, acquisition, rehabilitation and development of residential apartment communities in the Northeastern, Mid-Atlantic and Midwestern United States. As of March 31, 2000, the Company operated 297 apartment communities with 47,155 apartments. Of this total, the Company owned 135 communities, consisting of 36,331 apartments, managed as general partner 7,690 apartments and fee managed 3,134 apartments for affiliates and third parties. The Company also fee manages 1.7 million square feet of office and retail properties. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its 60.6% (64.4% at March 31, 1999) general partnership interest in the Operating Partnership. The remaining 39.4% (35.6% at March 31, 1999) is reflected as Minority Interest in these consolidated financial statements. For financing purposes, the Company has formed a limited liability company (the "LLC") and a partnership (the "Financing Partnership") which beneficially own certain apartment communities encumbered by mortgage indebtedness. The LLC is wholly owned by the Operating Partnership. The Financing Partnership is owned 99.9% by the Operating Partnership and .1% by Home Properties Trust, a wholly owned qualified REIT subsidiary (QRS) of Home Properties of New York, Inc. All significant intercompany balances and transactions have been eliminated in these consolidated financial statements. 3. Earnings Per Common Share Basic earnings per share ("EPS") is computed as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock-based compensation including stock options and the conversion of any cumulative convertible preferred stock. The exchange of an Operating Partnership Unit for common stock will have no effect on diluted EPS as unitholders and stockholders effectively share equally in the net income of the Operating Partnership. Net income available to common shareholders is the same for both the basic and diluted calculation. HOME PROPERTIES OF NEW YORK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONT'D (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) 3. Earnings Per Common Share Cont'd The reconciliation of the basic weighted average shares outstanding and diluted weighted average shares outstanding for the three months ended March 31, 2000 and 1999 is as follows: 2000 1999 ---- ---- Basic weighted average number of shares outstanding 19,828,714 17,871,753 Effect of dilutive stock options 117,281 88,305 ---------- ---------- Diluted weighted average number of shares outstanding 19,945,995 17,960,058 ========== ========== Unexercised stock options to purchase 587,100 and 325,400 shares of the Company's common stock were not included in the computations of diluted EPS because the options' exercise prices were greater than the average market price of the company's stock during the three month period ended March 31, 2000 and 1999, respectively. For the three month period ended March 31, 2000, the 1,666,667 shares of the 9% Series A Convertible Cumulative Preferred Stock ("Series A Preferred") and the 2,000,000 shares of 8.36% Series B Convertible Cumulative Preferred Stock ("Series B Preferred") on an as-converted basis has an antidilutive effect and is not included in the computation of diluted EPS. 4. Comprehensive Income Total comprehensive income for the three months ended March 31, 2000 and 1999 is as follows: 2000 1999 ---- ---- Net income available to common shareholders $6,554 $6,011 Comprehensive income: Unrealized loss on available-for- sale securities before minority interest - ( 1,169) ----- ----- Net comprehensive income $ 6,554 $4,842 ===== ===== 5. Other Income Other income for the three months ended March 31, 2000 and 1999 is summarized as follows: 2000 1999 ---- ---- Management fees $439 $374 Development fees 311 62 Other 25 28 Management Companies (176) 178 ---- ---- $599 $642 Certain property management, leasing and development activities are performed by Home Properties Management, Inc. and Conifer Realty Corporation (the "Management Companies"). The Operating Partnership owns non-voting common stock in the Management Companies which entitles the Operating Partnership to receive 95% of the economic interest in the Management Companies. HOME PROPERTIES OF NEW YORK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONT'D (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) The Company's share of income from the Management Companies for the three months ended March 31, 2000 and 1999 is summarized as follows: 2000 1999 ---- ---- Management fees $868 $922 Development fees 1,362 1,303 Miscellaneous 9 35 General and administrative (1,855) (1,754) Interest expense ( 428) ( 202) Other expenses ( 141) ( 116) ------ ----- Net income ( $185) $188 ===== ===== Company's share ( $176) $178 ===== ===== 6. Segment Reporting The Company is engaged in one primary business segment - the ownership and management of market rate apartment communities (segregated as Core and Non-core properties). Company management views each apartment community as a separate component of the operating segment. Non-segment revenue to reconcile total revenue consists of unconsolidated management and development fees and interest income. Non-segment assets to reconcile to total assets include cash and cash equivalents, cash in escrows, accounts receivable, prepaid expenses, deposits, investments in and advances to affiliates, deferred charges and other assets. Core properties consist of all apartment communities which have been owned more than one full calendar year. Therefore, the 2000 Core represents communities owned as of December 31, 1998. Non-core properties consist of apartment communities acquired during 1999 and 2000, such that full year comparable operating results are not available. The accounting policies of the segments are the same as those described in Note 1. The Company assesses and measures segment operating results based on a performance measure referred to as Funds from Operations ("FFO"). The National Association of Real Estate Investment Trusts defines FFO as net income (loss), before gains (losses) from the sale of property, extraordinary items, plus real estate depreciation including adjustments for unconsolidated partnerships and joint ventures. FFO is not a measure of operating results or cash flows from operating activities as measured by generally accepted accounting principles and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. HOME PROPERTIES OF NEW YORK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 6. Segment Reporting (Continued) The revenues, profit (loss), and assets for each of the reportable segments are summarized as follows for the three month period ended March 31, 2000, and 1999. 2000 1999 ---- ---- Revenues Apartments owned Core properties $47,410 $44,967 Non-core properties 22,728 262 Reconciling items 2,226 2,537 ------ ------ Total Revenue $72,364 $47,766 ====== ====== Profit (loss) Funds from operations: Apartments owned Core properties 25,651 24,059 Non-core properties 13,532 171 Reconciling items 2,226 2,537 ------ ------ Segment contribution to FFO 41,409 26,767 General & administrative expenses ( 3,122) (2,156) Interet expense (12,905) (7,716) Unconsolidated depreciation 143 68 Non-real estate depreciation/amort. ( 118) ( 64) Loss on sale of real estate - 16 ------ ----- Funds from Operations 25,407 16,915 Depreciation - apartments owned (11,622) ( 7,477) Unconsolidated depreciation ( 143) ( 68) Loss on disposition of properties - ( 16) Minority interest in earnings ( 5,160) ( 3,343) ------ ------ Net Income before preferred dividends $ 8,482 $ 6,011 ====== ====== Assets Apartments owned $1,539,044 $885,073 Reconciling items 134,485 130,284 --------- --------- Total Assets $1,673,529 $1,015,357 ========= ========= HOME PROPERTIES OF NEW YORK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) 7. Pro Forma Financial Information Pro Forma Combined Statement of Operations For the Three Months Ended March 31, 2000 ------------------------------- Home Properties Pro Forma Company Historical Adjustment Pro Forma ---------- ---------- --------- Revenue: Rental income $67,845 $ 4,552 $72,397 Property other income 2,293 142 2,435 Interest and dividend income 1,627 - 1,627 Other income 599 - 599 ------ ------ ------ Total Revenues 72,364 77,058 4,694 Expenses: Operating and Maintenance 30,955 1,766 32,721 General and administrative 3,122 141 3,263 Interest 12,905 1,745 14,650 Depreciation and amort. 11,740 803 12,543 ------ ------ ------ Total Expenses 58,722 4,455 63,177 ------ ------ ------ Income before minority interest $13,642 $ 239 13,881 ====== ====== Minority Interest 5,512 ----- Net income before preferred dividends 8,369 Preferred dividends (1,928) ----- Net income available to common shareholders $6,441 ====== Net income per common share - Basic $0.32 ====== - Diluted $0.32 ====== Weighted average number of shares outstanding - Basic 19,828,714 ========= - Diluted 19,945,995 ========== The pro forma information was prepared as if the transactions related to the acquisition of the Old Friends Apartments (on February 1, 2000, 51 units for $2,000), the Gateside Portfolio (on March 15, 2000, 2,113 units for $135,200), and the Detroit Communities (on March 22, 2000, 360 units for $14,400) had occurred on January 1, 2000. Adjustments to the pro forma combined statements of operations for the three months ended March 31, 2000, consist principally of providing net property operating activity and recording interest, depreciation and amortization from January 1, 2000 to the acquisition date. HOME PROPERTIES OF NEW YORK, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION The following discussion is based primarily on the consolidated financial statements of Home Properties of New York, Inc. as of March 31, 2000 and 1999 and for the three month periods then ended. This information should be read in conjunction with the accompanying consolidated financial statements and notes thereto. Forward-Looking Statements This discussion 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, other conditions that might affect operating expenses, the timely completion of repositioning and current development activities within anticipated budgets, the actual pace of future acquisitions and developments and continued access to capital to fund growth. Liquidity and Capital Resources The Company's principal liquidity demands are expected to be distributions to the common and preferred stockholders and Operating Partnership unitholders, capital improvements and repairs and maintenance for the properties, acquisition of additional properties, property development and debt repayments. The Company intends to meet its short-term liquidity requirements through net cash flows provided by operating activities and its unsecured line of credit. The Company considers its ability to generate cash to be adequate to meet all operating requirements and make distributions to its stockholders in accordance with the provisions of the Internal Revenue Code, as amended, applicable to REITs. As of March 31, 2000 the Company had an unsecured line of credit from M & T Bank of $100 million with $60.5 million outstanding. Borrowings under the line of credit bear interest at the Company's option, at either 1.25% over the one-month LIBOR rate or at a money market rate as quoted on a daily basis by the lending institution. Accordingly, increases in interest rates will increase the Company's interest expense and as a result will effect the Company's results of operations and financial condition. The unsecured credit facility expires on September 4, 2000. To the extent that the Company does not satisfy its long-term liquidity requirements through net cash flows provided by operating activities and its credit facility, it intends to satisfy such requirements through the issuance of UPREIT units, proceeds from the Dividend Reinvestment Plan ("DRIP"), long term secured or unsecured indebtedness, or the issuance of additional equity securities. As of March 31, 2000, the Company owned twenty-five properties with 4,205 apartment units, which were unencumbered by debt. In May, 1998, the Company's Form S-3 Registration Statement was declared effective relating to the issuance of up to $414 million of shares of common stock or other securities. During 1998, $125.6 million of common shares were issued from this and a previous shelf registration in various public and private offerings. There has been no activity during 1999 or 2000 relative to this shelf. The available balance on the shelf at March 31, 2000 is $333.7 million. On September 30, 1999, the Company completed the sale of $50 million of Series B cumulative convertible preferred stock in a private transaction with GE Capital. On December 22, 1999, the Class A limited partnership interests held by the State of Michigan Retirement Systems (originally issued in December, 1996 for $35 million) were converted to Series A Cumulative Convertible Preferred shares ("Series A Preferred"). HOME PROPERTIES OF NEW YORK, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION CONT'D The issuance of UPREIT Units for property acquisitions continues to be a significant source of capital. During 1999, 8,147 apartment units in four separate transactions were acquired for a total cost of $389 million using UPREIT Units valued at approximately $149 million, with the balance paid in cash or assumed debt. During the first three months of 2000, 2,524 apartment units in three separate transactions were acquired for a total cost of $152 million using UPREIT Units valued at approximately $39 million, with the balance paid in cash or assumed debt. During 1999, over $49 million of common stock was issued under the Company's DRIP. An additional $11.9 million has been raised through the DRIP program during the first three months of 2000. The Company's Board of Directors approved a stock repurchase program under which the Company may repurchase up to one million shares of its outstanding common stock. The Board's action did not establish a target price or a specific timetable for repurchase. During 1999, the Company repurchased 125,300 shares at a cost of $3.0 million. No additional shares were repurchased during the first quarter of 2000. As of March 31, 2000, the weighted average rate of interest on mortgage debt is 7.4% and the weighted average maturity is approximately 10 years. Approximately 88% of the debt is fixed rate. This limits the exposure to changes in interest rates, minimizing the effect on results of operations and financial condition. The following table sets forth information regarding the mortgage indebtedness at March 31, 2000.
Principal Interest Balance as of Rate as of Maturity March 31, 2000 Communities Location March 31, 2000 Date (000's) ----------- ------- -------------- ------- -------------- Fixed Rate: Philadelphia (2 properties) Philadelphia, PA 8.0000 10/01/00 25,318 Philadelphia (2 properties) Philadelphia, PA 8.5000 11/01/01 4,687 Royal Gardens Piscataway, NJ 7.6600 08/01/02 11,310 The Colony Mount Prospect, IL 7.6000 08/01/02 16,121 New York (4 properties) Upstate, NY 7.7500 11/01/02 19,118 Broadlawn Bryn Mawr, PA 8.1700 08/01/03 11,959 Racquet Club Levittown, PA 7.6250 11/01/03 11,922 Curren Terrace Norristown, PA 8.3550 11/01/03 9,412 Rolling Park Baltimore, MD 7.8750 11/01/03 2,788 Sherry Lake Conshohocken, PA 7.8750 01/01/04 6,406 Glen Manor Glenolden, PA 8.1250 05/01/04 3,631 Colonies Steger, IL 8.8750 05/01/04 12,247 Springcreek/Mendon Dansville, NY 7.6300 08/01/04* 3,080 William Henry Malvern, PA 7.6400 10/01/05 14,320 Idylwood Cheektowaga, NY 8.6250 11/01/05 9,197 Carriage Hill Dearborn, MI 7.3600 01/01/06 3,821 Carriage Park Dearborn, MI 7.4800 01/01/06 5,506 Cherry Hill Village Dearborn, MI 7.9900 01/01/06 4,465 Castle Club Morrisville, PA 9.5500 03/01/05 3,751 Mid-Island Bay-Shore, NY 7.5000 05/01/06* 6,675 Newcastle Rochester, NY 7.9000 07/31/06* 6,000 Country Village Bel Air, MD 8.3850 08/01/06 6,589 Raintree Tonawanda, NY 8.5000 11/01/06 6,268 Woodgate Spencerport, NY 7.8650 01/01/07 3,396 Strawberry Hill Baltimore, MD 8.2550 05/01/07 2,049 Seminary Towers Alexandria, VA 8.3100 07/01/07 5,120 Pavilion Rockville, MD 7.4500 01/01/08 3,916 Maple Lane South Bend, IN 7.2050 01/01/08 5,946 Valley Park South Bethlehem, PA 6.9300 01/01/08 9,939 Hamlet Court Rochester, NY 7.1100 02/01/08 1,758 Candlewood Apartments Mishawaka, IN 7.0200 02/01/08 7,747 Detroit (10 properties) Detroit, MI 7.5100 06/01/08 48,332 Canterbury Baltimore, MD 7.6700 06/01/08 2,192 Sherwood Gardens Levittown, PA 6.9800 07/01/08 3,052 Golf Club West Chester, PA 6.5850 12/01/08 17,060 Mansion House Bryn Mawr, PA 7.5000 01/01/09 688 Philadelphia (4 properties) Philadelphia, PA 8.0000 07/28/09 15,750 Old Friends Baltimore, MD 6.7300 08/01/09 2,408 Conifer Village Baldwinsville, NY 7.2000 06/01/10 2,610 Ridgeway Lansdowne, PA 8.3750 11/01/10 1,156 Multi-Property (3) Various 7.2500 01/01/11 32,978 Multi-Property (7) Various 6.1600 01/01/11 58,881 Timbercroft Owings Mills, MD 8.5000 05/01/11 938 Timbercroft Owings Mills, MD 8.0000 02/01/12 1,258 Village Square Glen Burnie, MD 7.0000 11/01/12 1,040 Baltimore (2 properties) Baltimore, MD 6.9900 05/01/13 20,004 Multi-Property (22) Various 6.4750 08/31/13 100,000 Deerfield Woods Dearborn, MI 7.0000 01/01/14 3,458 Springwells Dearborn, MI 8.0000 07/01/15 11,520 Pines of Perinton Fairport, NY 8.5000 05/01/18 8,622 Canterbury Baltimore, MD 8.2500 06/01/18 6,778 Pavilion Rockville, MD 8.0000 11/01/18 8,874 Bonnie Ridge Baltimore, MD 6.6000 12/15/18 19,372 Timbercroft Owings Mills, MD 8.3750 06/01/19 5,806 Canterbury Baltimore, MD 7.5000 09/01/19 3,703 Fairways at Village Green Tonawanda, NY 8.2300 10/01/19 4,330 Raintree Island Tonawnada, NY 8.5000 04/30/20 1,156 Chestnut Crossing Newark, DE 9.3400 07/01/20 9,936 Macomb Manor Dearborn, MI 8.6300 06/01/21 4,075 Village Square Glen Burnie 8.1250 08/01/21 6,577 Doub Meadow Hagerstown, MD 7.5000 10/01/21 2,904 Canterbury Baltimore, MD 7.5000 11/01/21 2,576 Shakespeare Park Randallstown, MD 7.5000 01/01/24 2,624 Gateway Village Jessup, MD 8.0000 05/01/30 6,396 Owings Run Owings Mills, MD 8.0000 10/01/35 17,647 Owings Run Owings Mills, MD 8.0000 06/01/36 14,703 ------- 693,866 ------- Variable Rate: Maple Lane South Bend, IN 5.950 07/27/07 6,335 M&T Multi-Property 30 day LIBOR+125% 06/15/00 30,000 M&T (unsecured) Line of Credit 30 day LIBOR+125% 09/04/00 60,500 ------ 96,835 ------ $790,701 =======
* The interest rate on these mortgages will convert to a variable rate on various dates between 2000 and 2003 and continue until maturity. Results of Operations Comparison of three months ended March 31, 2000 to the same period in 1999 The Company had 96 apartment communities with 23,680 units which were owned during both of the three month periods being presented (the "Core Properties"). The Company has acquired an additional 39 apartment communities with 12,651 units during 1999 and 2000 (the "Acquired Communities"). The inclusion of these Acquired Communities generally accounted for the significant changes in operating results for three months ended March 31, 2000. A summary of the Core Property net operating income is as follows: 2000 1999 %Change ---- ---- ------ Rent $45,798,000 $43,675,000 4.9% Property other income 1,612,000 1,292,000 24.8% ---------- ---------- ---- Total income 47,410,000 44,967,000 5.4% Operating and Maintenance (21,759,000) (20,908,000) (4.1)% ---------- ---------- --- Net operating income $25,651,000 $24,059,000 6.6% ========== ========== === Of the $23,902,000 increase in rental income, $21,779,000 is attributable to the Acquired Communities. The balance of this increase, which is from the Core Properties, was the result of an increase of 5.6% in weighted average rental rates, less a decrease in occupancy from 94.7% to 94.1%. Of the $1,007,000 increase in property other income, $687,000 is attributable to the Acquired Communities, with $320,000 representing a 24.8% increase for the Core Properties. This increase for the Core Properties reflects increased furniture/corporate/cable revenue, application fees, late charges and interest income on escrow deposits. Interest and dividend income decreased $268,000, with interest income from increased levels of financing to affiliates more than offset by a reduction of $395,000 in dividend income from investments in available-for-sale securities . Other income decreased by $43,000 due primarily to an increased level of management and development activity, offset by interest expense on land purchased for future development. Of the $9,956,000 increase in operating and maintenance expenses, $9,105,000 is attributable to the Acquired Communities. The balance for the Core Properties represents a 4.1% increase over 1999. The major areas of increase in the Core Properties occurred in utilities, repairs and maintenance, property insurance and real estate taxes, offset in part by a savings in snow removal costs. General and administrative expense increased in 2000 by $966,000, or 45%. General and administrative expenses as a percentage of total revenues was 4.3% and 4.5% for 2000 and 1999, respectively. Funds From Operations Management considers funds from operations ("FFO") to be an appropriate measure of performance of an equity REIT. Effective January 1, 2000 the National Association of Real Estate Investment Trusts ("NAREIT") clarified the White Paper definition of FFO as income (loss) before gains (losses) from the sale of property and extraordinary items, before minority interest in the Operating Partnership, plus real estate depreciation. Management believes that in order to facilitate a clear understanding of the combined historical operating results of the Company, FFO should be considered in conjunction with net income as presented in the consolidated financial statements included elsewhere herein. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles and is not necessarily indicative of cash available to fund cash needs. FFO should not be considered as an alternative to net income as an indication of the Company's performance or to cash flow as a measure of liquidity. The calculation of FFO for the previous six quarters are presented below:
March 31 Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2000 1999 1999 1999 1999 1998 -------- ------- -------- ------- -------- ------- Net income available to common shareholders $6,554 $7,931 $5,010 $6,191 $6,011 $5,388 Preferred dividends 1,928 1,141 - - - - Minority interest 5,160 6,524 4,137 3,386 3,343 3,408 Extraordinary item - - 96 - - 514 Non-recurring acquisition expense - 6,225 - - - - Depreciation from real property 11,622 11,717 9,574 8,247 7,477 8,183 Depreciation from real property from unconsolidated entities 143 90 147 153 84 393 (Gain) Loss from sale of property - - - 1,650* - - ------ ------ ----- ----- ----- ----- FFO (as previously reported) $25,407 $27,403 $25,189 $19,627 $16,915 $17,886 Non-recurring acquisition expense - - (6,225) - - - Loss on available-for- sale securities - - - ( 2,123) - - ------ ------ ------ ------ ------ ------- FFO $25,407 $27,403 $18,964 $17,504 $16,915 $17,886 ======= ======= ====== ====== ====== ====== Weighted average common shares/units outstanding - Basic 34,123.2 35,116.1 34,485.9 28,530.2 27,810.1 27,129.4 ======== ======= ======= ======= ======= ======= - Diluted 37,586.7 36,904.1 34,630.9 28,634.8 27,898.4 27,245.7 ======== ======= ======= ======= ======= =======
* Includes the loss from disposition of property investment separately disclosed as loss on available-for-sale securities. Effective January 1, 2000, NAREIT clarified the definition of FFO to include non-recurring items. The presentation above includes FFO as previously reported, as well as FFO as recalculated under the classified definition. All REITs may not be using the strict White Paper definition for new FFO. Accordingly, the above presentation may not be comparable to other similarly titled measures of FFO of other REITs. Impact of the Year 2000 on System Processing The Year 2000 ("Y2K") problem concerned the inability of information systems to properly recognize and process date- sensitive information beyond January 1, 2000. As a result, the Y2K problem could have affected any system that uses date data, including mainframes, PCs, and embedded microprocessors that control security systems, call processing systems, building climate systems, elevators, office equipment and fire alarms. Since January 1, 2000 and the critical leap year date, the Company has not experienced any disruption to its business operations as a result of Y2K compliance problems. One software application displayed the wrong date in a non-critical field. The date display is purely cosmetic and an updated version was installed during the first quarter of 2000. The Company will continue to monitor the operation of its computers and microprocessor controlled systems for any Y2K related problems. Recent Accounting Pronouncements The Company is evaluating the time period over which it recognizes revenue relating to development fees earned relative to its affordable housing activities in connection with Staff Accounting Bulletin 101. An adjustment, if any, is not expected to have a material effect on reported results of operations or financial position. Inflation Substantially all of the leases at the communities are for a term of one year or less, which enables the Company to seek increased rents upon renewal of existing leases or commencement of new leases. These short-term leases minimize the potential adverse effect of inflation on rental income, although residents may leave without penalty at the end of their lease terms and may do so if rents are increased significantly. Declaration of Dividend On May 2, 2000, the Board of Directors approved a dividend of $.53 per share for the period from January 1, 2000 to March 31, 2000. This is the equivalent of an annual distribution of $2.12 per share. The dividend is payable May 27, 2000 to shareholders of record on May 18, 2000. PART II - OTHER INFORMATION HOME PROPERTIES OF NEW YORK, INC. Item 6. Exhibits and Reports or Form 8-K (a) Exhibits: 4.1 Home Properties of New York, Inc. Amendment Number One to Amended and Restated Stock Benefit Plan 10.1 Home Properties of New York, Inc. Home Properties of New York, L.P. Amendment Number One to Executive Retention Plan 10.2 Amendments No. Thirty-One and Thirty-Two to the Second Amended and Restated Limited Partnership Agreement. (b) Reports or Form 8-K: - Form 8-K was filed on April 4, 2000, date of report November 5, 1999 with respect to various items 2 and 5 disclosures, including: (1) the Operating Partnership's acquisition of six multifamily apartment communities and two parcels of vacant land, located in the suburbs of Philadelphia, Pennsylvania for a total purchase price of $135.9 million; (2) three other unrelated transactions in which the Operating Partnership acquired four multifamily residential properties. - Form 8-K/A was filed on May 19, 2000 to amend the Form 8-K filed on April 4, 2000 and included the item 7 disclosures of the financial statement information. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. HOME PROPERTIES OF NEW YORK, INC. (Registrant) Date: May 22, 2000 By: /s/ David P. Gardner -------------------- David P. Gardner Vice President, Chief Financial Officer and Treasurer Date: May 22, 2000 By: /s/ David P. Gardner -------------------- David P. Gardner Vice President, Chief Financial Officer and Treasurer EX-4 2 EXHIBIT 4.1 HOME PROPERTIES OF NEW YORK, INC. AMENDMENT NUMBER ONE to AMENDED and RESTATED STOCK BENEFIT PLAN This Amendment Number One to the Amended and Restated Stock Benefit Plan (the Plan") is adopted by the Board of Directors of Home Properties of New York, Inc. at a meeting duly called and held on April 25, 2000. 1. DEFINED TERMS: All capitalized terms used herein but not defined in this Amendment shall have the meaning given them in the Plan. 2. AMENDMENT TO PLAN: The second to last sentence in Section 7.1 shall be deleted in its entirety and the following sentence shall be substituted in its place: Notwithstanding the foregoing: (a) in the case of a reorganization, merger or consolidation, or sale of all or substantially all of the assets of the Company, in lieu of adjustments as aforesaid, the Plan Administrator may in its discretion accelerate the date of vesting of an Award or the date after which any Award may or may not be exercised or the stated expiration data thereof; and (b) in the event of a Participant's termination of employment under the circumstances described in the Company's Executive Retention Plan and, dated February 2, 1999 (as that plan may be subsequently amended, the "Retention Plan") that would entitle the Participant to receive benefits under the Retention Plan, each Stock Option held by such Participant shall immediately become fully exercisable as to the total number of shares of Common Stock subject thereto (whether or not exercisable to that extent at the time of termination ) and shall remain so exercisable by such Participant for a period of three (3) months after termination, unless the Stock Option expires earlier by its terms. EX-10 3 HOME PROPERTIES OF NEW YORK, INC. HOME PROPERTIES OF NEW YORK, L.P. AMENDMENT NUMBER ONE TO EXECUTIVE RETENTION PLAN This Amendment Number One to Executive Retention Plan is adopted by Home Properties of New York, Inc. (the "Company"), a Maryland corporation organized and operated as a real estate investment trust ("REIT"), and Home Properties of New York, L.P. (the "Operating Partnership"), a New York limited partnership, as of the 25{th} day of April, 2000. The Company, the Operating Partnership and any subsidiary entities controlled by the Company or the Operating Partnership are collectively referred to herein as the "Company." WHEREAS, as of February 2, 1999, the Company adopted an Executive Retention Plan (the "Plan") applicable to certain of the Company's officers and employees (the "Participants"); WHEREAS, it was intended that upon a termination of employment in circumstances under which benefits would be paid to a Participant under the Plan, all of such Participant's options to purchase the Company's common stock would vest immediately; WHEREAS, the Plan in error did not contain those vesting provisions and the Company therefore wishes to amend the Plan to provide that those options would so vest. NOW THEREFORE, the Plan shall be and hereby is amended as provided below. 1. DEFINITIONS: All capitalized terms used but not defined in this Amendment shall have the meaning given them in the Plan. 2. VESTING OF STOCK OPTIONS: The following sentence shall be added at the end of each of sub-paragraphs (a), (b) and (c) of paragraph 3 of the Plan: "In addition, in the event of a termination of employment as described in the preceding sentence, all of options to purchase the common stock of the Company granted to the affected employee under the Company's 1994 Amended and Restated Stock Benefit Plan, the Company's 2000 Stock Benefit Plan, as either plan may be subsequently amended, and under any subsequently adopted stock benefit plan shall immediately become fully exercisable as to the total number of shares of the Company's common stock subject thereto (whether or not exercisable to that extent at the time of termination) and shall remain so exercisable for a period of three (3) months after such termination unless such stock option expires earlier by its terms. 3. MISCELLANEOUS: As modified by this Amendment Number One, the Plan shall remain in full force and effect. EX-10 4 EXHIBIT 10.2 Home Properties of New York, L.P. Amendment No. Thirty-One to Second Amended and Restated Agreement of Limited Partnership The Second Amended and Restated Agreement of Limited Partnership of Home Properties of New York, L.P. (the "Partnership Agreement") is hereby amended effective March 15, 2000 to substitute the "Schedule A" attached hereto for the "Schedule A" currently attached to the Partnership Agreement. "Schedule A" is hereby amended to reflect various changes, including the issuance of limited partnership interests to certain of the former holders of interests in various entities owning the Gateside Portfolio, located in and around Philadelphia, Pennsylvania. GENERAL PARTNER Home Properties of New York, Inc. /s/ Ann M. McCormick - ------------------------------ Ann M. McCormick Secretary LIMITED PARTNERS LISTED ON ATTACHED SCHEDULE A By: Home Properties of New York, Inc. as attorney in fact /s/ Ann M. McCormick - ------------------------------ Ann M. McCormick Secretary Home Properties of New York, L.P. Amendment No. Thirty-Two to Second Amended and Restated Agreement of Limited Partnership The Second Amended and Restated Agreement of Limited Partnership of Home Properties of New York, L.P. (the "Partnership Agreement") is hereby amended effective March 22, 2000 to substitute the "Schedule A" attached hereto for the "Schedule A" currently attached to the Partnership Agreement. "Schedule A" is hereby amended to reflect various changes, including the issuance of limited partnership interests to certain of the former holders of interests in various entities owning Deerfield Woods and Macomb Manor, both located in the suburbs of Detroit, Michigan. GENERAL PARTNER Home Properties of New York, Inc. /s/ Ann M. McCormick - ------------------------------- Ann M. McCormick Secretary LIMITED PARTNERS LISTED ON ATTACHED SCHEDULE A By: Home Properties of New York, Inc. as attorney in fact /s/ Ann M. McCormick - ------------------------------- Ann M. McCormick Secretary
MARCH 22, 2000 SCHEDULE A HOME PROPERTIES OF NEW YORK, L.P. PARTNERS, UNITS AND PERCENTAGE INTERESTS GENERAL PARTNER Number of Percentage NAME AND IDENTIFYING NUMBER BUSINESS OR RESIDENCE ADDRESS UNITS HELD INTEREST Home Properties of New York, Inc. 850 Clinton Square 391,999.799 1.00121% Rochester, New York 14604 LIMITED PARTNERS Number of Percentage NAME AND IDENTIFYING NUMBER BUSINESS OR RESIDENCE ADDRESS UNITS HELD INTEREST PREFERRED UNITS CLASS A LIMITED PARTNERSHIP INTERESTS Home Properties Trust 850 Clinton Square 1,666,667 4.25685% Rochester, New York 14604 SERIES B PARTNERSHIP PREFERRED UNITS Home Properties Trust 850 Clinton Square 2,000,000 5.10822% Rochester, New York 14604 COMMON UNITS Home Properties Trust 850 Clinton Square 19,679,433.100 50.26340% Rochester, New York 14604 Home Leasing Corporation 850 Clinton Square 429,376 1.09667% Rochester, New York 14604 Leenhouts Ventures 850 Clinton Square 8,010 0.02046% Rochester, New York 14604 Norman P. Leenhouts 850 Clinton Square 467 0.00119% Rochester, New York 14604 Nelson B. Leenhouts 850 Clinton Square 219 0.00056% Rochester, New York 14604 Arlene Z. Leenhouts 850 Clinton Square 50,000 0.12771% Rochester, New York 14604 Nancy E. Leenhouts 850 Clinton Square 50,000 0.12771% Rochester, New York 14604 Amy L. Tait 850 Clinton Square 11,195 0.02859% Rochester, New York 14604 Amy L. Tait and 850 Clinton Square 2,548 0.00651% Robert C. Tait Rochester, New York 14604 Ann M. McCormick 850 Clinton Square 565 0.00144% Rochester, New York 14604 Ann M. McCormick and 850 Clinton Square 1,737 0.00444% Patrick M. McCormick Rochester, New York 14604 David P. Gardner 850 Clinton Square 3,506 0.00895% Rochester, New York 14604 William E. Beach 850 Clinton Square 2,433 0.00621% Rochester, New York 14604 William E. Beach and 850 Clinton Square 3,046 0.00778% Richelle A. Beach Rochester, New York 14604 Paul O'Leary 850 Clinton Square 3,207 0.00819% Rochester, New York 14604 Richard J. Struzzi 850 Clinton Square 2,363 0.00604% Rochester, New York 14604 Robert C. Tait 850 Clinton Square 70 0.00018% Rochester, New York 14604 Timothy A. Florczak 850 Clinton Square 600 0.00153% Rochester, New York 14604 Laurie Leenhouts 850 Clinton Square 6,033 0.01541% Rochester, New York 14604 J. Neil Boger 27 Arlington Drive 1,225 0.00313% Pittsford, New York 14534 Joyce P. Caldarone 162 Anchor Drive 1,225 0.00313% Vero Beach, Florida 32963 Peter L. Cappuccilli, Sr. 605 Genesee Street 6,250 0.01596% Syracuse, New York 13204 Rocco M. Cappuccilli 605 Genesee Street 6,250 0.01596% Syracuse, New York 13204 Linda Wells Davey 17 Green Valley Road 1,225 0.00313% Pittsford, New York 14534 Richard J. Dorschel 32 Whitestone Lane 1,225 0.00313% Rochester, New York 14618 Elizabeth Hatch Dunn P.O. Box 14261 2,450 0.00626% North Palm Beach, Florida 33408 Jeremy A. Klainer 295 San Gabriel Drive 612 0.00156% Rochester, New York 14610 J. Robert Maney 506 Panorama Trail 2,450 0.00626% Rochester, New York 14625 John A. McAlpin and Mary E. McAlpin 6270 Bopple Hill Road 1,225 0.00313% Trustees or their successors in trust Naples, New York 14512-9771 under the McAlpin Living Trust, dated January 19, 1999 and any amendments thereto George E. Mercier 99 Ridgeland Road 1,225 0.00313% Rochester, New York 14623 Harold S. Mercier Trust c/o Star Bank N.A. Trustee 1,225 0.00313% P.O. Box 1118, ML 7193 Cincinnati, OH 45201 Michelle Mercier 99 Ridgeland Road 1,225 0.00313% Rochester, New York 14623 Jack E. Post 11 Oakfield Way 1,225 0.00313% Pittsford, New York 14534 Carolyn M. Steklof 144 Dunrovin Lane 1,225 0.00313% Rochester, New York 14618 William T. Uhlen, Jr. 5556 Vardon Drive 2,450 0.00626% Canandaigua, NY 14424 Lawrence R. Brattain 1200 Edgewater Drive 500 0.00128% Apartment 907 Lakewood, OH 44107 C. Terence Butwid 850 Clinton Square 4,246 0.01084% Rochester, New York 14604 C.O.F. Inc. 850 Clinton Square 332,681 0.84970% Rochester, New York 14604 Conifer Development, Inc. 850 Clinton Square 20,738 0.05297% Rochester, New York 14604 Crossed Family Partnership 850 Clinton Square 7,200 0.01839% Rochester, New York 14604 Richard J. Crossed 850 Clinton Square 68,021 0.17373% Rochester, New York 14604 Kathleen M. Dunham 850 Clinton Square 200 0.00051% Rochester, New York 14604 John H. Fennessey 850 Clinton Square 30,700 0.07841% Rochester, New York 14604 Timothy D. Fournier 850 Clinton Square 7,600 0.01941% Rochester, New York 14604 Barbara Lopa 850 Clinton Square 100 0.00026% Rochester, New York 14604 Peter J. Obourn 850 Clinton Square 30,700 0.07841% Rochester, New York 14604 John Oster 850 Clinton Square 4,595 0.01174% Rochester, New York 14604 Eric Stevens 850 Clinton Square 100 0.00026% Rochester, New York 14604 Tamarack Associates c/o Mr. Timothy D. Fournier 2,316 0.00592% 850 Clinton Square Rochester, New York 14604 Tamarack II Associates 850 Clinton Square 2,027 0.00518% Rochester, New York 14604 Burton S. August 11 Woodbury Place 4,246 0.01084% Rochester, New York 14618 Charles J. August 47 Woodbury Drive 4,246 0.01084% Rochester, New York 14618 Robert W. August 222 Shoreham Drive 1,158 0.00296% Rochester, New York 14618 John H. Cline 35 Vick Park A 2,316 0.00592% Rochester, New York 14607 Ralph DeStephano, Sr. 1249-1/2 Long Pond Road 2,316 0.00592% Rochester, New York 14626 Gerald A. Fillmore 3800 Delano Road 2,316 0.00592% F/B/O Living Trust of G.A.F. Oxford, Michigan 48371 Richard J. Katz, Jr. 136 Spyglass Lane 2,316 0.00592% Jupiter, Florida 33477 Anwer Masood, MD 1445 Portland Avenue 2,316 0.00592% Rochester, New York 14621 Ernest Reveal Family Trust c/o J. Harrison 976 0.00249% #321001810 Chase P.O. Box 1412 Rochester, New York 14603 Hazel E. Reveal Marital Trust c/o J. Harrison 1,340 0.00342% #321001860 Chase P.O. Box 1412 Rochester, New York 14603 Gregory J. Riley, MD 9 Beach Flint Way 2,256 0.00576% Victor, New York 14564 Thomas P. Riley 346 Beach Avenue 2,316 0.00592% Rochester, New York 14612 William G. vonberg 8 Old Landmark Drive 2,316 0.00592% Rochester, New York 14618 Philip W. Dunskar & Marcia L. Dunskar 70 Woodland Road 2,316 0.00592% Settlors and Cheryl S. Bickett Short Hills, New Jersey 07078 Trustee U/T/A dated June 2, 1994 Stephen C. Whitney 9 Devonwood Lane 869 0.00222% Pittsford, New York 14534 Mr. and Mrs. Frank Zamiara 136 Mendon-Ionia Road 2,316 0.00592% Mendon, New York 14506 The Joseph A. Cicci Revocable Trust c/o Case Supply 53,000 0.13537% P.O. Box 1032 Syracuse, New York 13201-1032 Daniel Solondz 968 Stuyvesant Avenue 261,678 0.66835% Union, New Jersey 07063 Gaby Solondz 1997 Trust dated 9/1/97 28 Fordham Road 25,000 0.06385% Livingston, NJ 07039 Philip J. Solondz P.O. Box 641 236,678 0.60450% 500 Morris Avenue, Suite A104 Springfield, NJ 07081-0641 Julia Weinstein 308 E. 72nd St., Apt. 3D 56,051 0.14316% New York, New York 10021 Peter B. Baker 300 Park Street 4,871 0.01244% Haworth, NJ 07641 John F. Barna 11 Hummingbird Lane 5,977 0.01527% Darien, CT 06820 Nadine L. Barna 11 Hummingbird Lane 4,042 0.01032% Darien, CT 06820 Robert E. & Barbara T. Buce 16846 Glynn Drive 1,282 0.00327% Pacific Palisades, CA 90272 Vincent J. Cannella Living Trust 14657 Amberleigh Hill Court 4,635 0.01184% St. Louis, MO 63017 Andrew J. Capelli 35 Starlight Road 3,344 0.00854% Staten Island, NY 10301 John J. Chopack 202 Hedgemere Drive 444 0.00113% Devon, PA 19333 Harris R. Chorney 43 Mountain Brook Road 705 0.00180% West Hartford, CT 06117 Ralph W. Clermont 2311 Clifton Forge Drive 1,324 0.00338% St. Louis, MO 63131 Thomas J. Coffey 5 Brampton Road 662 0.00169% Malvern, PA 19355 Barbara G. Collins 2141 Ponus Ridge 1,324 0.00338% New Canaan, CT 06840 Charles T. Collins 684 Fernfield Circle 5,942 0.01518% Wayne, PA 19087 John D. Collins 2141 Ponus Ridge Road 6,227 0.01590% New Canaan, CT 06840 Patricia A. Collins 684 Fernfield Circle 388 0.00099% Wayne, PA 19087 Michael A. Conway 15 Berndale Drive 6,227 0.01590% Westport, CT 06880 Veronica A. Conway 15 Berndale Drive 3,571 0.00912% Westport, CT 06880 Mildred M. Cozine 5 Manchester Court 1,986 0.00507% Morristown, NJ 07960 William J. Cozine 5 Manchester Court 6,663 0.01702% Morristown, NJ 07960 Kenneth Daly 1359 Shadowoak Drive 1,104 0.00282% Malvern, PA 19355 Anthony J. Del Tufo 29 Fox Glen Drive 462 0.00118% Stamford, CT 06903 Jack C. Dixon 16 Lands End Drive 3,589 0.00917% Greensboro, NC 27408-3841 Priscilla M. Elder 230 Sundial Court 5,788 0.01478% Vero Beach, FL 32963-3469 Doris E. Ficca 415 Lancaster Avenue, Unit 8 776 0.00198% Haverford, PA 19041 John J. Ficca, Jr. 415 Lancaster Avenue - Unit 8 10,150 0.02592% Haverford, PA 19041 John & Doris Ficca 415 Lancaster Avenue, Unit 8 2,295 0.00586% Haverford, PA 19041 Alfred W. Fiore 27 Copper Beach Road 444 0.00113% Greenwich, CT 06830 Carol T. Fish 38 Cedar Knoll Road 6,006 0.01534% Cockeysville, MD 21030 Jeffrey Fish 38 Cedar Knoll Road 450 0.00115% Cockeysville, MD 21030 Joseph H. Fisher 345 W. Mountain Road 10,600 0.02707% West Simsbury, CT 06092 John A. Flack 89 Perkins Road 642 0.00164% Grenwich, CT 06830 F. David Fowler 9724 Beman Woods Way 1,821 0.00465% Potomac, MD 20854 Freedom House Foundation P.O. Box 67 200 0.00051% Glen Gardner, NJ 08826-0367 James L. Goble 10260 Strait Lane 11,228 0.02868% Dallas, TX 75229 LaVonne B. Graese Diane M. Graese, Trustee 28,769 0.07348% Grantor Retained Annuity Trust 1704 Cordoba Canyon Street dated 3/31/99 Las Vegas, Nevada 89117 LaVonne B. Graese, Trustee 5193 Fairway Oaks Drive 20,462 0.05226% Windermere, FL 34786 James J. Grifferty 57 Woods Lane 23,515 0.06006% Scarsdale, NY 10583 John M. Guinan 4 Denford Drive 778 0.00199% Newtown Square, PA 19073 M. Candace Guinan 4 Denford Drive 773 0.00197% Newtown Square, PA 19073 William A. Hasler 102 Golden Gate Avenue 923 0.00236% Belvedere, CA 94920 Maxine S. Holton 12861 Marsh Landing 6,418 0.01639% Palm Beach Gardens, FL 33418 Thomas L. Holton 12861 Marsh Landing 8,136 0.02078% Palm Beach Gardens, FL 33418 Charles T. Hopkins 1121 Tintern Drive 6,202 0.01584% Ambler, PA 19002 Robert D. Huth 44 W. Lancaster Avenue 571 0.00146% Ardmore, PA 19003 Richard Isserman 165 W. 66th Street 4,428 0.01131% Apartment 21B New York, New York 10023 Thomas F. Keaveney 1420 Regatta Drive 8,016 0.02047% Wilmington, NC 28405 Patrick W. Kenny 33 Fulton Place 642 0.00164% West Hartford, CT 06107 Frank Kilkenny and Irene M. Kilkenny 42 Highland Circle 5,884 0.01503% JTWROS Bronxville, NY 10708 Janet T. Klion 25 Bailiwick Road 7,608 0.01943% Greenwich, CT 06831 Howard J. Krongard 9 Cornell Way 8,387 0.02142% Upper Montclair, NJ 07043 Louis E. Levy 26 Farmstead Road 15,586 0.03981% Short Hills, NJ 07078 Sandra H. Levy 26 Farmstead Road 3,000 0.00766% Short Hills, NJ 07078 RJL Marital Trust I c/o William E. Logan 2,835 0.00724% 3613 Sarah Drive Wantagle, NY 11793 Jerome Lowengrub 7 Lee Terrace 6,611 0.01689% Short Hills, NJ 07078 Kelly Lowengrub Custodian for 30 Randall Shea Drive 250 0.00064% Kaycee Lowengrub Swansea, MA 02777-2912 Kelly Lowengrub Custodian for 30 Randall Shea Drive 300 0.00077% Kate Lowengrub Swansea, MA 02777-2912 Kelly Lowengrub Custodian for 30 Randall Shea Drive 150 0.00038% Kristopher Lowengrub Swansea, MA 02777-2912 Kelly Lowengrub 30 Randall Shea Drive 250 0.00064% Swansea, MA 02777-2912 Kenneth Lowengrub 30 Randall Shea Drive 200 0.00051% Swansea, MA 02777-2912 Michael C. Lowengrub Custodian for 3 Shoreham Drive West 250 0.00064% Robin Lowengrub Dix Hills, NY 11746-6510 Michael C. Lowengrub Custodian for 3 Shoreham Drive West 450 0.00115% Jason Lowengrub Dix Hills, NY 11746-6510 Nancy Lowengrub, custodian for 3 Shoreham Drive, West 150 0.00038% Robin Lowengrub Dix Hills, NY 11746 Roderick C. McGeary 1911 Waverly Street 3,710 0.00948% Palo Alto, CA 94301 United Jewish Appeal of MetroWest 901 Route 10 200 0.00051% Whippany, New Jersey 07981-1156 Ingunn T. McGregor Two Cherry Lane 8,335 0.02129% Old Greenwich, CT 06870-1902 Michael Meltzer 6362 Innsdale Drive 887 0.00227% Los Angeles, CA 90068 Martin F. Mertz 150 East 69th Street 7,551 0.01929% New York, New York 10021 Bernard J. Milano 134 MacIntyre Lane 662 0.00169% Allendale, NJ 07401 Burton M. Mirsky 21 Woodcrest Drive 4,216 0.01077% Morristown, NJ 07960 Thomas J. Murphy 208 N. Edmonds Avenue 923 0.00236% Havertown, PA 19083 Mary Jane & Jay Patchen 9406 Mary Tucker Cove 1,324 0.00338% Memphis, TN 38133 Michael C. Plansky 156 Beach Avenue 802 0.00205% Larchmont, NY 10538 Dorothy Powers 9870 Huntcliff Trace 4,158 0.01062% Atlanta, GA 30350 Henry A. Quinn 603 Benson House 145,383 0.37132% Rosemont, PA 19010 Michael G. Regan 14 Brenner Place 10,984 0.02805% Demarest, NJ 07627 Lavoy Robison 1001 Green Oaks Drive 2,469 0.00631% Littleton, CO 80121 Eugene G. Schorr KPMG Peat Marwick 444 0.00113% 345 Park Avenue New York, NY 10154 David M. Seiden 29 Hampton Road 314 0.00080% Scarsdale, NY 10583 William Simon KPMG Peat Marwick 12,212 0.03119% 725 South Figueroa Street Los Angeles, CA 90017 Dorothy L. Shanahan 123 Rotary Drive 3,711 0.00948% Summit, NJ 07901 John T. Shanahan 123 Rotary Drive 16,442 0.04199% Summit, NJ 07901 Dallas E. Smith 78083 Foxbrook Lane 222 0.00057% Palm Desert, CA 92211-1229 Edward F. Smith 1031 Lawrence Avenue 2,194 0.00560% Westfield, NJ 07090 Harold I. Steinberg Revocable 1221 Ranleigh Road 2,855 0.00729% Inter Vivos Trust under agreement McLean, VA 22101 dated 5/24/91 Denis J. Taura 90 Montadale Drive 8,892 0.02271% Princeton, NJ 08540 Shaileen & Timothy Tracy 111 Lampwick Lane 1,100 0.00281% Fairfield, CT 06430 Timothy P. Tracy Pension Trust 111 Lampwick Lane 1,552 0.00396% Fairfield, CT 06430 Edward W. Trott 97 Sea Beach Drive 4,176 0.01067% Stamford, CT 06902 Estate of William F. VanFossan 8576 Woodbriar Drive 1,571 0.00401% Sarasota, FL 34238 Katharine E. Van Riper 57 Foremost Mountain Road 9,311 0.02378% Montville, NJ 07045 Eileen M. Walsh 37 Beechwood Road 449 0.00115% Irvington, NY 10533 Lillian D. Walsh 29986 Maple View Drive 2,835 0.00724% Rainier, OR 97048 Sam Yellen 22433 Oxnard Street 9,938 0.02538% Woodland, CA 91367 Thomas J. Yoho 12 Indian Rock Lane 1,572 0.00402% Greenwich, CT 06830 ___________________________________________________________ B&L Realty Investments 21790 Coolidge Highway 33,560 0.08572% Limited Partnership Oak Park, MI 48237 Berger/Lewiston Associates 21790 Coolidge Highway 1,076,594 2.74974% Limited Partnership Oak Park, MI 48237 Big Beaver-Rochester Properties 21790 Coolidge Highway 528,348 1.34946% Limited Partnership Oak Park, MI 48237 Century Realty Investment Company 21790 Coolidge Highway 99,195 0.25335% Limited Partnership Oak Park, MI 48237 Greentrees Apartments 21790 Coolidge Highway 275,905 0.70469% Limited Partnership Oak Park, MI 48237 Kingsley-Moravian Company 21790 Coolidge Highway 376,288 0.96108% Limited Partnership Oak Park, MI 48237 Stephenson-Madison Heights Company 21790 Coolidge Highway 104,541 0.26701% Limited Partnership Oak Park, MI 48237 Southpointe Square Apartments 21790 Coolidge Highway 155,623 0.39748% Limited Partnership Oak Park, MI 48237 Woodland Garden Apartments 21790 Coolidge Highway 319,860 0.81696% Limited Partnership Oak Park, MI 48237 ___________________________________________________________ John M. DiProsa 32 Sydenham Road 6,150 0.01571% Rochester, NY 14609 Claude S. Fedele 12 Beckenham Lane 23,765 0.06070% Fairport, NY 14450 Gabriel W. Gruttadaro 6 Powder Mill Drive 11,150 0.02848% Pittsford, NY 14534 Anthony M. Julian 204 Angelus Drive 5,575 0.01424% Rochester, NY 14622 Natalie M. Julian 204 Angelus Drive 5,575 0.01424% Rochester, NY 14622 Joanne M. Lobozzo 118 Argyle Street 165,188 0.42191% Rochester, NY 14607 Geraldine B. Lynch 92 Eagle Ridge Circle 3,922 0.01002% Rochester, NY 14617 Michael E. McCusker and Elaine R. 6 Talbot Drive 31,687 0.08093% McCusker, Trustees under the Michael Penfield, New York 14526 E. and Elaine R. McCusker Living Trust dated August 30, 1994 Jack P. Schifano 916 Highland Trails Avenue 3,961 0.01012% Henderson, NV 89015 ___________________________________________________________ Stephen W. Hall P.O. Box 370068 92,889 0.23725% Las Vegas, NV 89137-0068 Donald H. Schefmeyer 63262 Orange Road 102,250 0.26116% South Bend, IN 46614 ___________________________________________________________ Beverly B. Bernstein P.O. Box 25370 72,304 0.18467% Washington, DC 20007 Leona Libby Feldman 575 Greensward Lane 4,388 0.01121% Delray Beach, FL 33445 Park Shirlington Apartments c/o 11501 Huff Court 72,304 0.18467% Limited Partnership N. Bethesda, MD 20895 Lauren Libby Pearce 537 Hilarie Road 21,938 0.05603% St. Davids, PA 19807 Steven M. Reich 1976 Trust c/o Stephen A. Bodzin Trustee 59,313 0.15149% 1156 15th Street, NW Suite 329 Washington, DC 20005 Amy S. Rubenstein 252 Collingwood Street 11,627 0.02970% San Francisco, CA 94114 Barton S. Rubenstein 4003 Underwood Street 13,689 0.03496% Chevy Chase, MD 20815 Beth Dana Rubenstein 451 29th Street 13,689 0.03496% San Francisco, CA 94131 Trust U/W Daryl R. Rubenstein c/o David Osnos 2,062 0.00527% F/B/O Amy Sara Rubenstein 1050 Connecticut Avenue, NW Washington, DC 20036 Lee G. Rubenstein 4915 Linnean Avenue, NW 2,808 0.00717% Washington, DC 20008 Sarah Selsky 1801 East Jefferson Street 42,779 0.10926% Apartment 608 Rockville, MD 20852 Tower Capital, LLC 11501 Huff Court 279,782 0.71459% N. Bethesda, MD 20895 WHC Associates, LLC 7201 Wisconsin Avenue 83,364 0.21292% Suite 650 Bethesda, MD 20814 ___________________________________________________________ Merrill Bank 200 Bradley Place 19,783 0.05053% Apartment 305 Palm Beach, FL 33480 Ariel Golden Behr 151 W. 88th Street 1,469 0.00375% New York, NY 10027 Doris Berliner 7 Slade Avenue 2,637 0.00674% Apartment 108 Baltimore, MD 21208 Phillip Chmar 7 Slade Avenue 3,830 0.00978% Apartment 713 Baltimore, MD 21208 Louis K. Coleman 2508 Guilford Avenue 7,152 0.01827% Baltimore, MD 21218 Mark Dopkin 6303 Lincoln Avenue 371 0.00095% Baltimore, MD 21209 Paul Goldberg 7111 Park Heights Avenue, 509 0.00130% Apartment 712 Baltimore, MD 21215 Carol Golden P.O. Box 9691 2,486 0.00635% Jerusalem, Israel 91090 Joseph Goldman 5250 Linnean Avenue, NW 3,661 0.00935% Washington, D.C. 20015 Dr. Milton L. Goldman 3240 Patterson Street, N.W. 8,363 0.02136% Washington, D.C. 20015-1661 Samuel and Esther Hanik 5800 Nicholson Lane 16,582 0.04235% Apartment 1-903 Rockville, MD 20852 Muriel Hettleman Revocable Trust Muriel Hettleman, Trustee 6,906 0.01764% 1 Slade Avenue Apartment 203 Baltimore, MD 21208 Charles Heyman 3409 Old Post Drive 1,406 0.00359% Baltimore, MD 21208 Samuel Hillman Marital Trust NationsBank 9,758 0.02492% c/o Anne Weisner P.O. Box 830151 Dallas, TX 75283 Samuel Hillman Residuary Trust NationsBank 9,758 0.02492% c/o Nancy Politsch 100 S. Charles Street Baltimore, MD 21201-2713 Marvin A. Jolson 7812 Ridge Terrace 1,018 0.00260% Baltimore, MD 21208 Hilda Kaplan, Trustee u/r/d/t/d 7111 Park Heights Avenue 6,500 0.01660% 10/18/99 Apartment 110 Baltimore, MD 21215 Isadore Kaplan Revocable Trust 7111 Park Heights Avenue 9,324 0.02381% Apartment 110 Baltimore, MD 21215 Milton Klein 1 Slade Avenue 7,305 0.01866% Apartment 706 Baltimore, MD 21208 Dr. Lee Kress 417 Barby Lane 7,152 0.01827% Cherry Hill, NJ 08003 Richard & Cheryl Kress 15 W. Aylesbery Road 7,152 0.01827% Suite 700 Timonium, MD 21093 William Kress Marital Trust c/o Richard Kress Trustee 60,305 0.15403% 15 W. Aylesbery Road Suite 700 Timonium, MD 21093 Elmer W. Leibensperger 1900 Dumont Court 859 0.00219% Timonium, MD 21093 Merrill & Natalie S. Levy 5906 Eastcliff Drive 2,637 0.00674% Baltimore, MD 21209 Gertrude Myerberg 2227 Ibis Isle Road East 14,611 0.03732% Palm Beach, FL 33480 Bertha Pollock 5550 Tuckerman Lane 2,486 0.00635% Apartment 442 Rockville, MD 20852 Lawrence E. Putnam Family Trust 3241 Worthington Street, NW 5,424 0.01385% Washington, DC 20015 Stephen F. Rosenberg 3 Greenwood Place 367 0.00094% Suite 307 Baltimore, MD 21208 Z. Valeere Sass, Trustee 758 Regency Lakes Drive, E501 2,637 0.00674% Boca Raton, FL 33433 Isidore Schnaper 11 Slade Avenue 10,421 0.02662% Apartment 304 Baltimore, MD 21208 M. Gerald Sellman Revocable Trust 2 Yearling Way 18,347 0.04686% Agreement dated November 30, 1998 Lutherville, MD 21093 Albert Shapiro Revocable Trust Albert Shapiro, Trustee 13,196 0.03370% dated 10/6/89 and amended 4/20/00 100 Sunrise Avenue Palm Beach, FL 33480 Earle K. Shawe Shawe & Rosenthal 85,085 0.21732% 20 S. Charles Street Baltimore, MD 21201 Rhoda E. Silverman, Trustee R. Silverman Revoc. Trust 1,469 0.00375% 4701 Willard Avenue Apartment 1034 Chevy Chase, MD 20815 Herbert J. Siegel 20 Pleasant Ridge Drive, Suite A 419,094 1.07041% Owings Mills, MD 21117 Siegel Family, LLLP c/o Herbert J. Siegel 31,995 0.08172% 20 Pleasant Ridge Drive, Suite A Owings Mills, MD 21117 Dr. Edgar Sweren 77 Seminary Farm Road 1,018 0.00260% Timonium, MD 21093 Dr. Myra Jody Whitehouse 1 Staffordshire Road 2,085 0.00533% Cherry Hill, NJ 08003 Ms. Terry Whitehouse 3706 Taylor Street 2,085 0.00533% Chevy Chase, MD 20815 ___________________________________________________________ Harold M. Davis 2180 Twinbrook Road 229,754 0.58682% Berwyn, PA 19312 Nicholas V. Martell 1551 Harmoneyville Road 229,754 0.58682% Pottstown, PA 19465 R.C.E. Developers, Inc. 1000 Chesterbrook Blvd 4,642 0.01186% Berwyn, PA 19312 ___________________________________________________________ Frances Berkowitz 29 East 64th Street 1,358 0.00347% Apartment 7D New York, New York 10021 Richard A. Eisner 1107 Fifth Avenue 10,180 0.02600% New York, New York 10128 Michael Glick 1035 Fifth Avenue 18,664 0.04767% New York, New York 10028 Ronnie Glick 1035 Fifth Avenue 1,696 0.00433% Apartment 14B New York, New York 10028 Claire Morse 240 Lee Street 5,090 0.01300% Brookline, MA 02445-5915 Enid Morse 840 Park Avenue 5,090 0.01300% #7/8A New York, New York 10021 Lester Morse, Jr. 840 Park Avenue 19,088 0.04875% #7/8A New York, New York 10021 Richard Morse 240 Lee Street 6,999 0.01788% Brookline, MA 02445 ___________________________________________________________ Leslie G. Berman 1100 Reisterstown Road #202 39,094 0.09985% Baltimore, MD 21208 ___________________________________________________________ Norman J. Cohen Living Trust 1547 Island Lane 17,025 0.04348% UAD 8/8/88 Bloomfield Hills, MI 48302 Rochelle Fang 135 W. 70th Street, Apt. 4F 6,767 0.01728% New York, NY 10023 Aaron H. Ginsberg Living Trust Aaron H. Ginsberg, Trustee 4,597 0.01174% UAD 11/25/86 30875 River Crossing Bingham Farms, MI 48025 Anne Ginsberg Living Trust Anne Ginsberg, Trustee 4,511 0.01152% UAD 7/27/98 30875 River Crossing Bingham Farms, MI 48025 Sandra Greenstone 10918 Kirwick 28,332 0.07236% Houston, TX 77024 Sharon Hart 5377 Old Pond Way 10,215 0.02609% West Bloomfield, MI 48323 Shirley Latessa Two Fifth Avenue, #12A 9,023 0.02305% New York, NY 10011 Max Levenson Trust Vivian Berry, Trustee 17,025 0.04348% 10485 Elgin Huntington Woods, MI 48070 Dave Muskovitz Associates c/o Melvn Muskovitz 34,156 0.08724% Limited Partnership 2101 Woodside Ann Arbor, MI 48104 Jerry Muskovitz 6085 Ledgeway Drive 34,156 0.08724% West Bloomfield, MI 48322 Jerome Pershin Marital Trust Helen Pershin, Trustee 22,771 0.05816% Dated 2/13/75 25225 Franklin Park Drive Franklin, MI 48025 Ran Family Limited Partnership 2025 W. Long Lake Road 9,640 0.02462% Suite 104 Troy, MI 48098 Phyllis Ring 330 E. Strawberry Drive 10,215 0.02609% Mill Valley, CA 94941 Annette Stollman 7500 N.E. Dolphin Drive 9,640 0.02462% Bainbridge Island, WA 98110 Bernard H. Stollman Living Trust Bernard H. Stollman, Trustee 29,437 0.07519% UAD 8/17/87 2025 W. Long Lake Road Suite 104 Troy, MI 48098 Gerald H. Stollman 4864 Hidden Lane 17,025 0.04348% West Bloomfield, MI 48323 Melvyn J. Stollman Trust Bernard H. Stollman, Trustee 29,481 0.07530% 2025 W. Long Lake Road Suite 104 Troy, MI 48098 Estate of Phillip Stollman Bernard H. Stollman and 43,071 0.11001% Gerald H. Stollman, Personal Representatives 2025 W. Long Lake Road Suite 104 Troy, MI 48098 West Side Real Estate Corp. Bernard H. Stollman, President 3,405 0.00870% 2025 W. Long Lake Road Suite 104 Troy, MI 48098 ___________________________________________________________ William S. Beinecke 99 Park Avenue 1,946 0.00497% Suite 2200 New York, New York 10016 Robert K. Kraft c/o Chestnut Hill Management Corp. 1,946 0.00497% One Boston Place Boston, MA 02108 Robert J. Sharp 121 Middlebrook Farm Road 1,946 0.00497% Wilton, CT 06897 Estate of Ross D. Siragusa c/o Melvyn H. Schneider 11,672 0.02981% Altschuler, Melvoin & Glass, LLP 2029 Century Park East Suite 3100 Los Angeles, CA 90007 ___________________________________________________________ Patricia D. Moore Trust No. 413 51267 Windsor Manor Court 6,687 0.01708% South Bend, IN 46530 ___________________________________________________________ The Enid Barden Trust of Enid Barden, Trustee 11,758 0.03003% June 28, 1995 74 E. Long Lake Road Bloomfield Hills, MI 48304-2379 Fairway Property Company 32270 Telegraph Road 5,324 0.01360% Suite 200 Birmingham, MI 48205 David A. Gumenick 30160 Orchard Lake Road - 110 7,454 0.01904% Farmington Hills, MI 48334 David Herskovitz 1055 Trailridge Lane 2,130 0.00544% Atlanta, GA 30338 Constance W. Jacob 8344 Hendrie 2,662 0.00680% Huntington Woods, MI 48070 The Howard J. Leshman Revocable Howard J. Leshman, Trustee 7,839 0.02002% Trust Dated May 20, 1983 as Amended 74 E. Long Lake Road and Restated on March 4, 1998 Bloomfield Hills, MI 48304-2379 Lyle Properties Limited Partnership Marc W. Pomeroy, General Partner 11,758 0.03003% 74 E. Long Lake Road Bloomfield Hills, MI 48304-2379 Marvin Novick 12820 Burton 331 0.00085% Oak Park, MI 48237 David K. Page 2290 First National Building 7,986 0.02040% Detroit, MI 48226 Keith J. Pomeroy Trust of 12/13/76 Keith J. Pomeroy, Trustee 22,406 0.05723% as Amended and Restated 6/28/95 74 E. Long Lake Road Bloomfield Hills, MI 48304-2379 David Sillman 6421 Inkster Road 31,965 0.08164% Suite 200 Bloomfield Hills, MI 48301 Lionel J. Stober Trust Lionel J. Stober, Trustee 5,324 0.01360% 6013 Shawdow Lake Drive Toledo, OH 43623 Ruth Stober 6670 Vachon Court 5,324 0.01360% Bloomfield Hills, MI 48301 Ari Stutz 732 W. Grace Street 2,662 0.00680% Apartment 2W Chicago, IL 60613 Jonah L. Stutz 29757 Farmbrook Villa Lane 5,324 0.01360% Southfield, MI 48034 Leah Stutz 6677 Girvin 2,662 0.00680% Oakland, CA 94611 Steven I. Victor Trust 401 S. Old Woodward 5,324 0.01360% Suite 333 Birmingham, MI 48009 Woodridge Properties Limited Stephen R. Polk, Managing General 15,972 0.04079% Partnership Partner 26955 Northwestern Highway Southfield, MI 48034 ___________________________________________________________ Richard Bacas 2413 N. Edgewood Street 2,136 0.00546% Arlington, VA 22207-4926 Julie Belinkie 1120 Connecticut Ave NW, #1200 7,854 0.02006% Washington, DC 20036 David Bender 1120 Connecticut Ave NW, #1200 7,854 0.02006% Washington, DC 20036 Jay Bender 12721 Maidens Bower Dirve 6,283 0.01605% Potomac, MD 20854-6052 Lisa Bender-Feldman 2579 Eagle Run Lane 6,283 0.01605% Ft. Lauderdale, FL 33327 Scott M. Bender Revocable 12700 Glen Mill Road 6,283 0.01605% Trust dated 4/20/98 Potomac, MD 20854 Barbara Bender-Laskow 8303 Larkmeade Terrace 7,854 0.02006% Potomac, MD 20854 Caplin Family Investments, LLC c/o Mortimer Caplin 111,705 0.28531% Caplin & Drysdale One Thomas Circle Washington, DC 20005 Michael A. Caplin 8477 Portland Place, NW 26,284 0.06713% McLean, VA 22102 Jeremy O. Caplin 360 Ardwood Road 39,425 0.10070% Earlysville, VA 22936 Catherine Caplin 1219 Sunset Plaza Drive, #7 32,854 0.08391% Los Angeles, CA 90069-1254 The Caplin Family Trust P.O. Box 854 32,854 0.08391% Pebble Beach, CA 93953 Estate of Yetta K. Cohen 1650 Tysons Boulevard, #620 150,991 0.38565% McLean, VA 22102 Community Realty Company, Inc. 6305 Ivy Lane, Suite 210 160,360 0.40958% Greenbelt, MD 20770 Benedict C. Cosimano 3505 Fulton Street, NW 2,136 0.00546% Washington, DC 20007 Samuel Diener, Jr. Revocable Trust Samuel Diener, M.D., Trustee 16,758 0.04280% 786 Eastern Point Road Annapolis, MD 21401 Clarence Dodge, Jr. Revocable Trust 5146 Palisade Lane 154,036 0.39342% dated 1/10/92 Washington, DC 20016 Marcia Esterman Living Trust Marcia Esterman, Trustee 7,900 0.02018% 5709 Mayfair Manor Drive Rockville, MD 20852 Lydia Funger McClain 12201 Lake Potomac Terrace 21,807 0.05570% Potomac, MD 20854 William S. Funger 6 Great Elm Court 21,807 0.05570% Potomac, MD 20854 Keith P. Funger 10530 South Glen Road 21,807 0.05570% Potomac, MD 20854 Morton Funger 1650 Tysons Boulevard, #620 150,898 0.38541% McLean, VA 22102 Bernard S. Gewirz 1730 K Street, NW #1204 50,219 0.12826% Washington, DC 20006 Bernard and Sarah Gewirz Foundation 1730 K Street, NW #1204 16,000 0.04087% Washington, DC 20006 Carl S. Gewirz 1730 K Street, NW #1204 23,071 0.05893% Washington, DC 20006 Steven B. Gewirz 1730 K Street, NW #1204 7,150 0.01826% Washington, DC 20006 Michael AK Gewirz 1730 K Street, NW #1204 9,534 0.02435% Washington, DC 20006 Diane Goldblatt Apt 420 5,713 0.01459% 10500 Rockville Pike Rockville, MD 20852 Herbert Goldblatt 11936 Canfield Road 5,713 0.01459% Potomac, MD 20854 Barbara Goldman 1624 Belvedere Boulevard 7,900 0.02018% Silver Spring, MD 20902 Theodore L. Gray 1200 Jossie Lane 1,971 0.00503% McLean, VA 22102 Eileen Greenberg 1120 Connecticut Ave NW, #1200 7,854 0.02006% Washington, DC 20036 Hermen Greenberg 1050 Connecticut Ave., NW #444 1,006,836 2.57157% Washington, DC 20036 William Kaplan 19674 Waters End Drive, #1002 83,779 0.21398% Boca Raton, Florida 33434 Herman Kraft Sunrise Assisted Living, #212 2,628 0.00671% 5910 Wilson Blvd. Arlington, VA 22205 Patricia A. Mancuso 11912 Tallwood Court 493 0.00126% Potomac, MD 20854 Charles and Lupe Mancuso, T.B.T.E. 9421 Reach Road 493 0.00126% Potomac, MD 20854 Melanie F. Nichols 21 Crescent Lane 21,801 0.05568% San Anselmo, CA 94960 Jeffrey W. Ochsman 9505 Newbridge Drive 21,807 0.05570% Potomac, MD 20854 Bruce D. Ochsman 8905 Hunt Valley Court 21,807 0.05570% Potomac, MD 20854 Ralph Ochsman 1650 Tysons Boulevard, #620 150,898 0.38541% McLean, VA 22102 Michael P. & Esther K. Ochsman Tenants By the Entirety 21,807 0.05570% 5600 Wisconsin Avenue Chevy Chase, MD 20815 Sharon Lynn Ochsman c/o Terri Weisenberger 21,807 0.05570% 1650 Tysons Blvd. #620 McLean, VA 22102 Wendy A. Ochsman 90720 Holloway Hill Court 21,807 0.05570% Potomac, MD 20854 Ralmor Corporation c/o Terri Weisenberger 392,503 1.00250% 1650 Tysons Blvd., #620 McLean, VA 22102 Jerome Shapiro 9511 Orion Court 7,903 0.02019% Burke, VA 22015 Sophie B. Shapiro Family Trust c/o Bobbie Goldman 62,369 0.15930% 1624 Belvedere Boulevard Silver Spring, MD 20902 Albert H. Small 1050 Connecticut Ave., NW #444 1,006,836 2.57157% Washington, DC 20036 David Stearman 5630 Wisconsin Avenue, #1007 83,779 0.21398% Chevy Chase, MD 20815 Juanita H. West Trust c/o Martin R. West III 19,255 0.04918% 3 Farm Haven Court Rockville, MD 20852 Martin R. West, III 3 Farm Haven Court 5,776 0.01475% Rockville, MD 20852 ___________________________________________________________ Arthur Baitch 119 Swan Hill Court 14,785 0.03776% Baltimore, MD 21208 Stuart Brager 6 Schloss Court 4,290 0.01096% Baltimore, MD 21208-1926 David C. Browne 910 Rambling Drive 77,222 0.19723% Baltimore, MD 21228 C. Coleman Bunting, Jr. RD 1, Box 140 15,369 0.03925% Selbyville, DE 19975 Genine Macks Fidler 4750 Owings Mills Blvd 101,126 0.25829% Owings Mills, MD 21117 Josh E. Fidler 4750 Owings Mills Blvd 72,539 0.18527% Owings Mills, MD 21117 Thomas O'R. Frech 16 Deer Woods Ct 9,473 0.02420% Glen Arm, MD 21057 Melvin Friedman, M.D. 8108 Anita Rd. 10,738 0.02743% Baltimore, MD 21208 George H. Greenstein 7724 Grasty Rd. 9,771 0.02496% Baltimore, MD 21208 Mildred Hemstetter 47-H Queen Anne Way 2,123 0.00542% Chester, MD 21619 Sanford G. Jacobson Suite 616, 901 Dulaney Valley Rd. 17,620 0.04500% Towson, MD 21204 James C. Johnson and 3955 Olean Gateway 2,145 0.00548% Sandra J. Johnson Linkwood, MD 21835 William R. Kahn 7903 Long Meadow Rd. 8,279 0.02115% Baltimore, MD 21208 Kanode Partnership 8213 A Stevens Rd. 77,222 0.19723% Thurmont, MD 21788 Allan Krumholz and 5404 Springlake Way 4,290 0.01096% Francine Krumholz Baltimore, MD 21212 Burton H. Levinson 11 Slade Ave #316 22,947 0.05861% Baltimore, MD 21208 Eugene K. Lewis and 842 Wyndemere Way 3,600 0.00919% Suzanne D. Lewis Naples, FL 34105 Arthur M. Lopatin Revocable Trust 11312 Wingfood Dr. 4,931 0.01259% Boynton Beach, FL 33437 Lawrence Macks 4750 Owings Mills Blvd 173,664 0.44356% Owings Mills, MD 21117 Martha Macks 3908 N. Charles St., #500 90,886 0.23213% Baltimore, MD 21218 Morton J. Macks 4750 Owings Mills Blvd 343,442 0.87719% Owings Mills, MD 21117 Joseph M. Mosmiller 687 Ardmore Lane 4,290 0.01096% Naples, FL 34108 N & C Partnership P.O. Box 26260 9,982 0.02550% Baltimore, MD 21210 Orlinsky Family Limited Partnership 899 N.E. 32nd Street 2,145 0.00548% Boca Raton, FL 33431 Albert Perlow 7903 Winterset Ave. 4,290 0.01096% Baltimore, MD 21208 Anne Louise Perlow 10 Talton Court 6,435 0.01644% Baltimore, MD 21208 Alleck A. Resnick 3402 Old Forest Rd. 4,290 0.01096% Harriet Resnick Baltimore, MD 21208 Stanley Safier 6210 Frankford Ave. 4,290 0.01096% Baltimore, MD 21206 Arnold Sagner PO Box 416 11,065 0.02826% Ellicott City, MD 21041 Donald I. Saltzman 3407 Engelmeade Rd. 5,434 0.01388% Baltimore, MD 21208 Murray Saltzman 8216 N.W. 80th Street 2,145 0.00548% Tamarac, FL 33321 William G. Scaggs 1520 Royal Palm Way 8,579 0.02191% Boca Raton, FL 33432 Earle K. Shawe c/o Shawe & Rosenthal 29,645 0.07572% 20 S. Charles Street Baltimore, MD 21201 Steven D. Shawe Shawe & Rosenthal 5,014 0.01281% 20 S. Charles Street Baltimore, MD 21201 Karolyn Solomon 3706 Breton Way 4,991 0.01275% Baltimore, MD 21208-1707 William B. Warren Dewey Ballantine LLP 2,145 0.00548% 1301 Avenue of Americas New York, NY 10019 Robert M. Wertheimer 9 Greenlea Drive 2,145 0.00548% Baltimore, MD 21208 ___________________________________________________________ Leonard Klorfine 1105 Bryn Tyddyn Drive 170,312 0.43500% Gladwyne, PA 19035 Greenacres Associates 1105 Bryn Tyddyn Road 59,896 0.15298% Gladwyne, PA 19035 Ridley Brook Associates 1105 Bryn Tyddyn Road 97,917 0.25009% Gladwyne, PA 19035 ___________________________________________________________ Community Investment Strategies, Inc. 120 Albany Street 64,150 0.16385% 8th Floor New Brunswick, New Jersey 08901 ___________________________________________________________ Louis J. Siegel The Siegel Organization 143 0.00037% 20 Pleasant Ridge Drive Suite A Owings Mills, MD 21117 Andrew N. Siegel The Siegel Organization 143 0.00037% 20 Pleasant Ridge Drive Suite A Owings Mills, MD 21117 ___________________________________________________________ Ronald Altman 38 Crawford Road 162,062 0.41392% Harrison, NY 10528 Cottonwood Associates c/o The Gateside Corporation 2,446 0.00625% 555 Theodore Fremd Avenue Suite B-304 Rye, New York 10580 Estate of David M. Dolgenos Ronald Altman, Executor 556,675 1.42181% Weissbarth, Altman & Michaelson 156 W. 56th Street New York, New York 10019 Norman Feinberg c/o The Gateside Corporation 162,057 0.41391% 555 Theodore Fremd Avenue Suite B-304 Rye, New York 10580 Gateside-Bryn Mawr Company, L.P. c/o The Gateside Corporation 5,603 0.01431% 555 Theodore Fremd Avenue Suite B-304 Rye, New York 10580 King Road Associates c/o The Gateside Corporation 22,899 0.05849% 555 Theodore Fremd Avenue Suite B-304 Rye, New York 10580 Sagar Points, Inc. c/o Joel A. Poretsky, Esq. 58,858 0.15033% Parker Chapin LLP 405 Lexington Avenue New York, New York 10174 Staf-Arms Corp. c/o Joel A. Poretsky, Esq. 225,689 0.57643% Parker Chapin LLP 405 Lexington Avenue New York, New York 10174 Helene Sterling Trust Under Helene Sterling, Trustee 6,398 0.01634% Trust dated 4/14/89 12 Schoolhouse Lane Great Neck, New York 11020 ___________________________________________________________ Macomb Apartments Limited Partnership David Schostak 151,672 0.38739% 25800 Northwestern Highway Suite 750 Southfield, MI 48075 Deerfield Woods Venture Limited David Schostak 72,684 0.18564% Partnership 25800 Northwestern Highway Suite 750 Southfield, MI 48075 TOTAL UNITS/INTERESTS 39,152,607.899 100.00%
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