-----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, U5EFPil4H2B4nI7kpa6xwHigOJUgbRChLlLLpUJXGvH9JnaSw780Io+ELj3e1QZ0 jXDuDapvu4E9SpJI+GH1Vw== 0000923118-96-000003.txt : 19960620 0000923118-96-000003.hdr.sgml : 19960620 ACCESSION NUMBER: 0000923118-96-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960331 FILED AS OF DATE: 19960514 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOME PROPERTIES OF NEW YORK INC CENTRAL INDEX KEY: 0000923118 STANDARD INDUSTRIAL CLASSIFICATION: 6500 IRS NUMBER: 161455126 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13136 FILM NUMBER: 96564547 BUSINESS ADDRESS: STREET 1: 850 CLINTON SQUARE CITY: ROCHESTER STATE: NY ZIP: 14604 BUSINESS PHONE: 7165464900 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, 1996 --------------------------------------------- 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, 1996 --------------------- ----------------------------- $.01 par value 5,412,556 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS HOME PROPERTIES OF NEW YORK, INC. CONSOLIDATED BALANCE SHEETS MARCH 31, 1996 AND DECEMBER 31, 1995 (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
1996 1995 ----------- ---------- (Unaudited) (Note 1) ASSETS Real estate: Land $ 7,789 $ 7,065 Buildings, improvements and equipment 209,730 191,138 -------- -------- 217,519 198,203 Less: accumulated depreciation ( 34,138) ( 32,258) -------- ------- Real estate, net 183,381 165,945 Cash and cash equivalents 444 812 Cash in escrows 3,902 3,754 Advances to affiliates 4,087 5,097 Deferred charges and other assets 13,551 5,854 -------- -------- Total assets $205,365 $181,462 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Mortgage notes payable $ 97,376 $ 86,149 Notes payable 419 470 Line of credit 8,330 4,500 Accounts payable 1,814 1,657 Accrued interest payable 530 383 Accrued expenses and other liabilities 1,946 1,882 Security deposits 2,158 1,902 -------- -------- Total liabilities 112,573 96,943 -------- -------- Minority interest 18,567 8,739 -------- -------- Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares issued - - Common stock, $.01 par value; 30,000,000 shares authorized; 5,411,721 shares issued and outstanding 54 54 Excess stock, $.01 par value; 10,000,000 shares authorized; no shares issued - - Additional paid-in capital 83,467 83,413 Distributions in excess of accumulated earnings ( 9,296) ( 7,687) ------- ------- Total stockholders' equity 74,225 75,780 ------- ------- Total liabilities and stockholders' equity $205,365 $181,462 ======== ========
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, 1996 AND 1995 (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
1996 1995 ---------- ---------- Revenues: Rental income $ 9,686 $ 7,081 Property other income 253 271 Other income 753 225 Equity in income (loss) from operations of HP Management and Conifer Realty ( 152) ( 16) --------- --------- Total revenues 10,540 7,561 --------- --------- Expenses: Operating and maintenance 5,421 3,701 General and administrative 360 254 Interest 1,988 1,266 Depreciation and amortization 1,961 1,489 --------- --------- Total expenses 9,730 6,710 --------- --------- Income before minority interest 810 851 Minority interest 147 84 --------- --------- Net income $ 663 $ 767 ========= ========= Per share data: Net income $.12 $.14 ========= ========= Weighted average number of shares outstanding 5,409,824 5,408,434 ========= =========
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, 1996 AND 1995 (UNAUDITED, IN THOUSANDS)
1996 1995 ------- ------- Cash flows from operating activities: Net income $ 663 $ 767 ------- ------- Adjustments to reconcile net income to net cash provided by operating activities: Equity in income of HP Management and Conifer Realty 152 16 Income allocated to minority interest 147 84 Depreciation and amortization 2,040 1,577 Changes in assets and liabilities: Cash in escrows ( 148) 890 Deferred charges and other assets (2,666) (7,057) Accounts payable and accrued liabilities 624 ( 213) ------ ------ Total adjustments 149 (4,703) ------ ------ Net cash provided by (used in) operating activities 812 (3,936) ------ ------ Cash flows used in investing activities: Purchase of properties, net of mortgage notes assumed (2,076) ( 152) Additions to properties (1,103) (1,286) Advances to affiliates (3,744) (1,033) Payments on advances to affiliates 4,754 200 ------ ------- Net cash used in investing activities (2,169) (2,271) ------ ------- Cash flows from financing activities: Proceeds from sale of common stock 54 - Proceeds from mortgage and other notes payable - 6,500 Payments of mortgage and other notes payable ( 260) (5,773) Proceeds from line of credit 8,030 8,327 Payments on line of credit (4,200) - Dividends and distributions paid (2,759) (2,474) Additions to deferred loan costs ( 82) ( 196) Capital contribution to minority interest 206 - ------ ------ Net cash provided by financing activities 989 6,384 ------ ------ Net increase (decrease) in cash ( 368) 177 Cash and cash equivalents: Beginning of period 812 1,635 ------ ------ End of period $ 444 $1,812 ====== ====== Supplemental disclosure of cash flow information: Cash paid for interest $1,757 $1,039 ====== ======
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, as filed with the Securities and Exchange Commission on March 15, 1996. 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 and development of residential apartment communities. On August 4, 1994, the Company completed an initial public offering ( " IPO " ) of 5,408,000 shares of common stock. Net proceeds from the IPO of approximately $94,000 were contributed to Home Properties of New York, L.P. (the " Operating Partnership " ) in exchange for units representing a 90.4% general partnership interest in the Operating Partnership. The Operating Partnership acquired all of the assets and assumed all of the liabilities of the Original Properties (the predecessor to the Company) and in connection therewith, (i) issued 575,375 units, representing a 9.6% minority interest in the Operating Partnership, to insiders of Home Leasing Corporation ( " HLC " ); (ii) paid $30,600 in cash to the partners of the Original Properties; (iii) prepaid approximately $29,600 of the approximately $58,000 of mortgage indebtedness on the Original Properties; and (iv) acquired four residential properties from unaffiliated sellers for approximately $32,400 in cash and the assumption of approximately $3,300 in existing mortgage indebtedness. The Original Properties is not a legal entity but rather a combination of twelve entities which were wholly owned by HLC and its affiliates that were reorganized to combine HLC's interest in certain investment properties and property management operations. The entities owned 100% of each property. The property management, leasing and development activities for properties affiliated with HLC, which were not combined with the Original Properties, and certain other properties not affiliated with HLC, are performed by Home Properties Management, Inc. (" HP Management "). HP Management issued non-voting common stock to the Operating Partnership in exchange for management contracts for commercial and development managed properties and certain other assets. This exchange entitles the Operating Partnership to receive 99% of the economic interest of HP Management. The remaining 1% economic interest and voting stock were issued to the owners of HLC. HOME PROPERTIES OF NEW YORK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) 2. Organization and Basis of Presentation (Continued) On January 1, 1996, the Operating Partnership acquired the operations of Conifer Realty, Inc. and Conifer Development, Inc. ("Conifer") and purchased certain of Conifer's assets for a total acquisition price of $15,434. The acquisition was funded by issuing 486,864 Operating Partnership units (UPREIT units, valued at $17.25 per unit), the assumption of $6,801 of existing mortgage debt and $235 in cash paid to outside partners. Additional consideration will be paid in UPREIT units if development fee income exceeds target levels over the next five years. The purchase price is allocated to three communities containing 358 units valued at $10,173, general partnership interests in 2,804 apartment units that Home Properties will manage valued at $1,757, goodwill valued at $3,348 and other assets valued at $156. The acquisition will be accounted for using the purchase method of accounting and, accordingly, the results of operations are included from the date of acquisition forward. The property management, leasing and development activities for properties affiliated with the Conifer acquisition are performed by Conifer Realty Corp. ("Conifer Realty"). Conifer Realty issued non-voting common stock to the Operating Partnership in exchange for management contracts for residential, commercial and development managed properties and certain other assets. This exchange entitles the operating Partnership to receive 99% of the economic interest of Conifer Realty. The remaining 1% economic interest and voting stock were issued to the owners of HLC and Conifer. Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its 81.8% general partnership interest in the Operating Partnership. All significant intercompany balances and transactions have been eliminated in these consolidated financial statements. HOME PROPERTIES OF NEW YORK, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) 3. Deferred Charges and Other Assets Deferred charges and other assets consist of the following:
March 31 December 31 1996 1995 -------- ----------- Deferred financing and interest rate reduction agreements $ 2,804 $ 3,564 Goodwill 3,348 - Less: Accumulated amortization ( 908) ( 1,588) ------- ------ Net intangible assets 5,244 1,976 Prepaid expenses 3,469 1,936 Accounts receivable 1,609 1,252 Investment in HP Management and Conifer Realty 218 215 Investment in general partnerships 1,741 14 Land held for development 848 334 Other assets 422 127 ------- ------ Total deferred charges and other assets $13,551 $5,854 ======= ======
4. Earnings Per Common Share Earnings per common share amounts are based on the weighted average number of common shares and common equivalent shares (stock options) outstanding during the quarter. The conversion of an Operating Partnership unit to common stock will have no effect on earnings per common share as unit holders and stockholders effectively share equally in the net income of the Operating Partnership. 5. Pro Forma Financial Information The Company completed an acquisition of the Fairways, a 200- unit apartment community in Syracuse, New York on March 5, 1996. The pro forma results for the three months ended March 31, 1996 would not have been materially different if the property had been acquired on January 1, 1996. Therefore, no pro forma presentation has been prepared reflecting this acquisition. 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, 1996 and 1995 and for the three-month periods then ended. This information should be read in conjunction with the accompanying consolidated financial statements and notes thereto. Liquidity and Capital Resources The Company's principal liquidity demands are expected to be distributions to stockholders, capital improvements and repairs and maintenance for the properties, acquisition of additional properties, property development and debt repayment. The Company has an unsecured line of credit of $15 million with an available balance of $6.7 million at March 31, 1996. The Company will utilize the available balance to finance property acquisitions, capital improvements, property development and other corporate uses. Borrowings under the line of credit bear interest at 1.9% over the one-month LIBOR rate. 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 line of credit expires on August 22, 1996. The Company intends on either renewing the line for another year or establishing a new line with a different institution. In October of 1995, the Company completed three refinancing transactions which reduced the interest rate and extended the maturity of such indebtedness. At March 31, 1996, the weighted average rate of interest on mortgage debt is 7.6% and the weighted average maturity is 8.4 years. Most of the debt is fixed rate, with only 9% variable rate debt. This limits the exposure to changes in interest rates, minimizing the effect on results of operations and financial condition. The Company intends to meet its short-term liquidity requirements through net cash flows provided by operating activities and the line of credit. The Company considers its ability to generate cash to continue 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. To the extent that the Company does not satisfy its long-term liquidity requirements through net cash flows provided by operating activities and the line of credit, it intends to satisfy such requirements through the use of UPREIT units, proceeds from the Dividend Reinvestment Plan, or issuing additional common shares or shares of the Company's preferred stock. The Company has successfully completed acquisitions using equity contributions in the form of partnership units totalling approximately $11 million, and expects to continue to fund its growth through its UPREIT structure. Management believes that net cash flows provided by operating activities and the line of credit will be sufficient to satisfy the Company's cash requirements for the next one to two years. The following table sets forth information regarding the mortgage indebtedness at March 31, 1996.
Principal Interest Balance as of Rate as of Maturity March 31, Communities Location March 31, 1996 Date 1996 (000's) - - ----------- -------- -------------- -------- ------------- Fixed Rate: Westminster Syracuse, NY 8.50% 07/01/96 $ 3,230 Hamlet Court Rochester, NY 8.25% 05/01/98 1,845 Conifer Court Syracuse, NY 10.53% 11/01/99 417 Perinton, Riverton and Rochester and Waterfalls Buffalo, NY 6.75% (1) 08/01/00 12,161 Wedgewood Village Columbus, OH 6.00% (2) 07/31/01 6,250 Williamstowne Village Buffalo, NY 7.37% (3) 10/27/02 10,059 Brook Hill Rochester, NY 7.75% 11/01/02 5,072 Garden Village Buffalo, NY 7.75% 11/01/02 4,773 1600 Elmwood Rochester, NY 7.75% 11/01/02 5,569 Village Green Syracuse, NY 7.75% 11/01/02 4,972 Fairview Heights Ithaca, NY 7.71% (4) 11/30/03 4,073 Finger Lakes Manor Rochester, NY 7.71% (4) 11/30/03 4,073 Springcreek/Meadows Rochester, NY 6.75% (5) 08/01/04 3,298 Idylwood Buffalo, NY 8.625% 11/01/05 9,522 Raintree Island Buffalo, NY 8.50% 11/01/06 6,644 Conifer Village Syracuse, NY 7.20% 06/01/10 3,170 Village Green (Fairways) Syracuse, NY 8.23% 10/01/19 4,634 Raintree Island Buffalo, NY 8.50% 05/01/20 1,230 Harborside Manor Syracuse, NY 8.92% 07/01/27 5,084 -------- 96,076 Floating Rate: Westminster Syracuse Prime +1% 07/01/96 1,300 -------- Subtotal 97,376 Line of Credit: Unsecured N/A 30 day LIBOR +1.9% On Demand 8,330 -------- $105,706 ========
(1) Fixed through August 4, 1999, then prime +.5% until maturity. (2) Fixed through August 4, 1999, then 5-year T-bill +2% until maturity. (3) Fixed through November 1, 2000, then prime +.5% until maturity. (4) Fixed through April 30, 2000, then prime +.5% until maturity. (5) Fixed through July 31, 1997, then 175 basis points above three year treasuries. Results of Operations Comparison of three-months ended March 31, 1996 to the same period in 1995 The Company has 17 apartment communities, one small ancillary convenience shopping area and a 202 site manufactured home community which were owned during both the three-month periods being presented (the "Core Properties"). The Company has acquired eight apartment communities from April 1, 1995 through March 31, 1996 (the "Acquired Communities"). The inclusion of these Acquired Communities generally accounted for the significant changes in operating results for the three months ended March 31, 1996. Of the $2,605,000 increase in rental income, $2,210,000 is attributable to the Acquired Communities. The balance of this increase, which is from the Core Properties, was the result of an increase of 3.6% in weighted average rental rates, plus an increase in occupancy from 92.5% to 94.3%. The decrease in property other income is due to the net results for properties accounted for on the equity method being included in 1995, where by 1996, the same properties had been purchased and gross results are included in the consolidated statement of operations in the appropriate line categories. Other income increased in 1996 by $528,000. Of this increase, $345,000 is from development fee income from four low income housing tax credit properties, $41,000 is from increased interest income and $125,000 is from a non-recurring construction management fee. The equity in the loss from operations of HP Management and Conifer Realty increased by $136,000. The management and development activities increased greatly in 1996 with the addition of Conifer Realty. Much of the development fee income from low income housing tax credit properties will be earned later in the year by Conifer Realty. The results for both of the three month periods is not indicative of the full years' results because development and construction fees tend to be earned later in the year, reflecting the seasonal nature of development and construction. Of the $1,720,000 increase in operating and maintenance expenses, $1,383,000 is attributable to the Acquired Communities. The balance for the Core Properties represents a 9.1% increase over 1995. The main reason for increases at the Core Properties can be traced to the extraordinary severe winter weather in 1996 resulting in increased utilities and snow removal costs of $233,000. General and administrative expenses increased by $106,000, or 42% from $254,000 in the three months ended March 31, 1995 to $360,000 in the three months ended March 31, 1996 primarily as a result of costs associated with new positions added and an increase in the bonus accrued during 1996 from the incentive compensation plan. Funds From Operations Management considers funds from operations to be an appropriate measure of performance of an equity REIT. The National Association of Real Estate Investment Trusts ("NAREIT") revised White Paper definition of funds from operations is 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, funds from operations should be considered in conjunction with net income as presented in the consolidated financial statements included elsewhere herein. Funds from operations 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. Funds from operations 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 funds from operations for the previous five quarters are presented below. The sub-total labeled "New FFO" represents funds from operations as calculated under NAREIT's revised White Paper definition, which definition the Company has adopted effective January 1, 1996. For comparison purposes, the presentation calculates funds from operations under NAREIT's previous definition which included an addback for amortization and depreciation from non-real property ("Old FFO").
March 31 Dec. 31 Sept. 30 June 30 March 31 1996 1995 1995 1995 1995 -------- ------- -------- ------- -------- Net income (loss) $ 663 ($ 15) $1,119 $ 925 $ 767 Minority interest 147 ( 1) 126 105 84 Extraordinary item - 1,390 - - - Depreciation from real property 1,870 1,738 1,649 1,447 1,406 Depreciation from real property from unconsolidated entities 69 41 97 78 69 ------ ------ ------ ----- ----- New FFO 2,749 3,153 2,991 2,555 2,326 Depreciation - other 9 8 8 7 7 Depreciation - other, from unconsolidated entities 18 12 12 12 9 Amortization: Deferred financing 61 64 92 83 88 Included in interest 84 83 84 84 84 Goodwill 21 - - - - ------ ------ ------ ------ ------ Old FFO $2,942 $3,320 $3,187 $2,741 $2,514 ====== ====== ====== ====== ====== Per Share/Unit: New FFO $.42 $.52 $.50 $.42 $.39 ==== ==== ==== ==== ==== Old FFO $.45 $.55 $.53 $.46 $.42 ==== ==== ==== ==== ====
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. 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 7, 1996, the Board of Directors approved a dividend of $.42 per share for the period from January 1, 1996 to March 31, 1996. This is the equivalent of an annual distribution of $1.68 per share. The dividend is payable May 28, 1996 to shareholders of record on May 17, 1996. PART II - OTHER INFORMATION HOME PROPERTIES OF NEW YORK, INC. Item 6. Exhibits and Reports or Form 8-K (a) Exhibits: There are no exhibits which are filed with, or incorporated by reference, to this report. (b) Reports or Form 8-K: * Form 8-K/A was filed on March 15, 1996, date of report January 1, 1996, with respect to providing financial information on the acquisition of Conifer Corporation and Subsidiaries and the Conifer Acquisition Properties. Financial Statements included: i) Financial Statements of the business acquired: Audited statements of net assets acquired of Conifer Corporation and Subsidiaries as of March 31, 1995 and 1994 and the related statements of acquired operations for the years then ended. Audited combined statements of revenues and certain expenses of the Conifer Acquisition Properties for the year ended December 31, 1995. ii) Pro Forma Financial Information: Pro forma condensed consolidated balance sheet of the Company as of December 31, 1995 and related notes (unaudited). Pro forma consolidated statement of operations of the Company for the year ended December 31, 1995 and related notes (unaudited). 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 14, 1996 By: /s/ David P. Gardner ---------------------------------- David P. Gardner Vice President Chief Financial Officer and Treasurer Date: May 14, 1996 By: /s/ David P. Gardner ---------------------------------- David P. Gardner Vice President Chief Financial Officer and Treasurer EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM HOME PROPERTIES OF NEW YORK, INC.'S FINANCIAL STATEMENTS CONTAINED IN ITS MARCH 31, 1996 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 U.S. DOLLARS 3-MOS DEC-31-1996 JAN-01-1996 MAR-31-1996 1 444 0 1,609 0 0 0 217,519 34,138 205,365 0 97,376 0 0 54 74,171 205,365 0 10,540 0 7,742 0 0 1,988 810 0 663 0 0 0 663 0.12 0
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