-----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, CAPGXgTeGi6PFlO37E+lwkpsiHqmTi2uJzMgrNByqM+pMAq1yGNvug0BtA3dOE6B nKDwPRbsIYR3W7LJGS85Nw== 0000923118-01-000006.txt : 20010125 0000923118-01-000006.hdr.sgml : 20010125 ACCESSION NUMBER: 0000923118-01-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010124 ITEM INFORMATION: FILED AS OF DATE: 20010124 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: 8-K SEC ACT: SEC FILE NUMBER: 001-13136 FILM NUMBER: 1514454 BUSINESS ADDRESS: STREET 1: 850 CLINTON SQ CITY: ROCHESTER STATE: NY ZIP: 14604 BUSINESS PHONE: 7165464900 MAIL ADDRESS: STREET 1: 850 CLINTON SQUARE CITY: ROCHESTER STATE: NY ZIP: 14604 8-K 1 0001.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 24, 2001 HOME PROPERTIES OF NEW YORK, INC. (Exact name of Registrant as specified in its Charter)
MARYLAND 1-13136 16-1455126 (State or other jurisdiction of (Commission file number) (I.R.S. Employer Identification incorporation or organization Number)
850 CLINTON SQUARE ROCHESTER, NEW YORK 14604 (Address of principal executive offices) Registrant's telephone number, including area code: (716) 546-4900 Not applicable (Former name or former address, if changed since last report) HOME PROPERTIES OF NEW YORK, INC. CURRENT REPORT ON FORM 8-K Item 7. Exhibits. Exhibit 99.1 Press Release Item 9. Regulation FD Disclosure. In connection with the press release issued today and filed as an exhibit to this current report on Form 8-K, management had several discussions with individual analysts. During these discussions, it was confirmed that the Company hopes to be in a position in the coming weeks to announce details regarding a potential new hire to assume responsibilities previously held by Amy L. Tait. It was also mentioned that the Company is considering the sale of $100 million to $200 million of properties in its portfolio, although no sale agreements have been entered into at this time. If completed, it is expected that sale proceeds would be opportunistically applied to repurchase shares of HME common stock under its share repurchase program and/or to make acquisitions with higher expected returns. While the concept of selling mature properties was discussed in the Company's third quarter, 2000 conference call (with the transcript included as part of a current report on Form 8-K filed October 26, 2000) this scope of potential sales was not disclosed. This current report on Form 8-K includes 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 competitive opportunities, general and local real estate conditions, the ability to find purchasers for its properties and interest rates and debt availability. This paragraph is intended to provide safe harbor for forward- looking statements, which are not required to be publicly revised as circumstances change. The furnishing of this information is not intended to constitute a representation that such furnishing is required by Regulation FD or that the information it contains is material investor information that is not otherwise publicly available. 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: January 24, 2001 By: /s/ David P. Gardner ----------------------------------- David P. Gardner Senior Vice President EX-99 2 0002.txt EXHIBIT 99.1 FOR IMMEDIATE RELEASE HOME PROPERTIES REVISES EARNINGS OUTLOOK TO REFLECT HIGHER HEATING COSTS ROCHESTER, NY, January 24, 2001 / PRNewswire / -- HOME PROPERTIES (NYSE:HME) TODAY ANNOUNCED THAT IT HAS LOWERED ITS EARNINGS ESTIMATES FOR FOURTH QUARTER 2000 AND FULL YEAR 2001 TO REFLECT HIGHER OPERATING EXPENSES DUE PRIMARILY TO ESCALATING NATURAL GAS PRICES. MANAGEMENT CURRENTLY ESTIMATES FUNDS FROM OPERATIONS (FFO) FOR FOURTH QUARTER 2000 TO BE $0.75 PER SHARE, $0.02 LESS THAN PREVIOUSLY EXPECTED. THE COMPANY WILL RELEASE FINAL 2000 EARNINGS RESULTS ON FEBRUARY 13. FOR 2001, THE COMPANY NOW ESTIMATES THAT RISING GAS PRICES WILL REDUCE EARNINGS BY $0.05 TO $0.06 PER SHARE (OFF THE PREVIOUS GUIDANCE OF $3.16 DETAILED IN THE COMPANY'S OCTOBER 26, 2000 THIRD QUARTER EARNINGS PRESS RELEASE), WITH THE REDUCTION PRIMARILY AFFECTING THE FIRST QUARTER'S RESULTS. The Company attributes its revised outlook to continued increases in utility expenses at its apartment communities, where the majority of residents receive heat as part of their fixed monthly rental rate. Compared to a year ago, natural gas prices have increased from about $2.50 per decatherm to a current spot price of approximately $7.00 per decatherm. These rate increases, combined with a particularly cold and snowy start to the winter season, raised total utility costs by approximately 47% for the fourth quarter of 2000, when comparing expenses for the same properties to the same quarter a year ago. Larger than anticipated increases in personnel, snow removal, advertising and insurance expenses also contributed to the fourth quarter variance but have not affected the Company's future outlook. According to Norman Leenhouts, Chairman and Co-CEO of Home Properties, "There was no way that we could have fully predicted or avoided the magnitude of increase we have experienced in natural gas prices for this winter heating season. Last October, when we provided earnings guidance to analysts and investors, gas prices had only reached a little over $5.00 per decatherm, and futures prices indicated that rates were expected to moderate. Consequently, the adjustment we made to our forecasts at that time was not sufficient to cover subsequent increases. While we are disappointed by the short-term impact this has on earnings, we remain optimistic that these higher expenses will eventually be absorbed by our residents. Our practice of including heat in our rents provides a competitive advantage for our apartments, compared to other housing options where the occupant must absorb this volatility in their monthly household budgets." THIS PRESS RELEASE 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, THE WEATHER AND OTHER CONDITIONS THAT MIGHT AFFECT OPERATING EXPENSES, THE TIMELY COMPLETION OF REPOSITIONING ACTIVITIES WITHIN ANTICIPATED BUDGETS, THE ACTUAL PACE OF FUTURE ACQUISITIONS, AND CONTINUED ACCESS TO CAPITAL TO FUND GROWTH. Home Properties, the 11th largest apartment company in the United States, is a fully integrated, self-administered, and self-managed real estate investment trust ("REIT"). With operations in select Northeast, Midwest, and Mid-Atlantic markets, the Company owns, operates, acquires, rehabilitates, and develops apartment communities. Currently, Home Properties operates 319 communities containing 50,912 apartment units. Of these, 39,041 units in 147 communities are owned directly by the Company; 8,325 units are partially owned and managed by the Company as general partner, and 3,546 units are managed for other owners. The Company also manages 1.2 million square feet of commercial space. Home Properties' common stock is traded on the New York Stock Exchange under the symbol "HME" and on the Berlin Stock Exchange under the symbol "HMP GR". For more information, view Home Properties' web site at www.homeproperties.com. ### FOR FURTHER INFORMATION: David P. Gardner, Senior Vice President and Chief Financial Officer, (716) 246-4113 Norman Leenhouts, Chairman and Co-CEO, (716) 246-4109 -----END PRIVACY-ENHANCED MESSAGE-----