-----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, BOWC18/ywyMt+gkACArWw8/tja+nInhLBo5L5b1Pd5qd2exy3W6q5yCbQwusSCb1 q62morNu6DCKyZvgERHq2A== 0000923118-99-000017.txt : 19991115 0000923118-99-000017.hdr.sgml : 19991115 ACCESSION NUMBER: 0000923118-99-000017 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19990218 ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991112 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/A SEC ACT: SEC FILE NUMBER: 001-13136 FILM NUMBER: 99749427 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 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A Amendment No. 1 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 18, 1999 HOME PROPERTIES OF NEW YORK, INC. (Exact name of Registrant as specified in its Charter) MARYLAND 1-13136 16-1455126 (State or other jurisdiction (Commission file number) (I.R.S. Employer of incorporation or organization Identification 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. AMENDMENT NO. 1 TO CURRENT REPORT ON FORM 8-K/A Home Properties of New York, Inc. hereby amends items 2, 5 and 7 of its Current Report on Form 8-K, which was filed on October 5, 1999, as set forth in the pages attached hereto: Items 2 and 5. Acquisition of Assets. Financial Statements for the Ridley Portfolio and the Colony Apartments purchased on July 29, 1999 and September 1, 1999, respectively, are presented in Item 7. Item 7. Financial Statements and Exhibits. Financial Statements of the business acquired: Audited statement of revenues and certain expenses of the Ridley Portfolio for the year ended December 31, 1998. Audited statement of revenues and certain expenses of the Colony Apartments for the year ended December 31, 1998. Pro Forma Financial Information: Pro forma condensed consolidated balance sheet of the Company as of June 30, 1999 and related notes (unaudited). Pro forma consolidated statement of operations of the Company for the six months ended June 30, 1999 and for the year ended December 31, 1998 (unaudited). Notes to the pro forma consolidated statement of operations of the Company for the six months ended June 30, 1999 and for the year ended December 31, 1998 (unaudited). Exhibit 23.0 - Consent of PricewaterhouseCoopers, LLP Exhibit 23.1 - Consent of PricewaterhouseCoopers, LLP REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors and Shareholders of Home Properties of New York, Inc. In our opinion, the accompanying statement of revenues and certain expenses, as defined in Note 1, present fairly, in all material respects, the revenues and certain expenses, as defined in Note 1, of The Ridley Portfolio for the year ended December 31, 1998 in conformity with generally accepted accounting principles. The statement of revenues and certain expenses is the responsibility of The Ridley Portfolio's management; our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit of the statement of revenues and certain expenses in accordance with generally accepted auditing standards, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for the opinion expressed above. The accompanying statement of revenues and certain expenses was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, as described in Note 1, and is not intended to be a complete presentation of The Ridley Portfolio's revenues and expenses. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP October 26, 1999 THE RIDLEY PORTFOLIO Statement of Revenues and Certain Expenses (IN THOUSANDS) For the Period January 1, through June 30, 1999 For the Year Ended (UNAUDITED) December 31, 1998 ------------------------- ----------------- Revenues: Rental income $2,858 $5,751 Other income 91 189 ------ ------ 2,949 5,940 ------ ------ Certain expenses: Property operating and maintenance 1,005 2,029 Real estate taxes 309 601 ------ ------ 1,314 2,630 ------ ------ Revenues in excess of certain expenses $1,635 $3,310 ====== ====== The accompanying note is an integral part of the financial statement. THE RIDLEY PORTFOLIO Note to Statement of Revenues and Certain Expenses (IN THOUSANDS) 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BUSINESS The accompanying statement of revenues and certain expenses includes the operations (see "Basis of Presentation" below) of The Ridley Portfolio, 4 residential properties owned and managed by common parties not related to Home Properties of New York, Inc. (the "Company"). On July 28, 1999, the Company, through its subsidiary Home Properties of New York, L.P., acquired 100% of the real estate of The Ridley Portfolio, 825 apartment units located in 4 communities. The properties are primarily located in suburban markets of Philadelphia, Pennsylvania. The acquisition was funded through a mortgage note given to the seller in the amount of $15.8 million, $8.6 million in cash and the issuance of Operating Partnership Units in Home Properties of New York, L.P. valued at approximately $7.9 million. The mortgage carries an interest rate of 8.0% and a maturity of 10 years. BASIS OF PRESENTATION The accompanying financial statement has been prepared on the accrual basis of accounting, but is not representative of the actual operations of The Ridley Portfolio for the period shown. As required by the Securities and Exchange Commission Regulation S-X, Rule 3-14, certain expenses have been excluded which may not be comparable to the proposed future operations of The Ridley Portfolio. Expenses excluded relate to property management fees, interest expense, depreciation and amortization expense and other expenses not directly related to the future operations of The Ridley Portfolio. The Company is not aware of any material factors relating to The Ridley Portfolio that would cause the reported financial information not to be necessarily indicative of future operating results. REVENUE RECOGNITION Rental income attributable to residential leases is recorded when due from residents. Leases are generally for terms of one year. INTERIM UNAUDITED FINANCIAL STATEMENT The accompanying interim unaudited statement of revenues and certain expenses for the period from January 1 through June 30, 1999 has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission described above. The results of operations of such interim period are not necessarily indicative of the results for the full year. USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. REPORT OF INDEPENDENT ACCOUNTANTS To the Board of Directors and Shareholders of Home Properties of New York, Inc. In our opinion, the accompanying statement of revenues and certain expenses, as defined in Note 1, present fairly, in all material respects, the revenues and certain expenses, as defined in Note 1, of The Colony Apartments for the year ended December 31, 1998 in conformity with generally accepted accounting principles. The statement of revenues and certain expenses is the responsibility of The Colony Apartments' management; our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit of the statement of revenues and certain expenses in accordance with generally accepted auditing standards, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for the opinion expressed above. The accompanying statement of revenues and certain expenses was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, as described in Note 1, and is not intended to be a complete presentation of The Colony Apartments' revenues and expenses. /s/ PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP November 2, 1999 THE COLONY APARTMENTS STATEMENT OF REVENUES AND CERTAIN EXPENSES (IN THOUSANDS) For the Period January 1, through June 30, 1999 For the Year Ended (UNAUDITED) December 31, 1998 ------------------------- ------------------ Revenues: Rental income $3,365 $6,594 Other income 166 230 ----- ----- 3,531 6,824 ----- ----- Certain expenses: Property operating and maintenance 770 1,512 Real estate taxes 733 1,371 ----- ----- 1,503 2,883 ----- ----- Revenues in excess of certain expenses $2,028 $3,941 ===== ===== The accompanying note is an integral part of the financial statement. THE COLONY APARTMENTS NOTE TO STATEMENT OF REVENUES AND CERTAIN EXPENSES (IN THOUSANDS) 1. Basis of Presentation and Summary of Significant Accounting Policies Business The accompanying statement of revenues and certain expenses includes the operations (see "Basis of Presentation" below) of The Colony Apartments, a residential property owned and managed by a common party not related to Home Properties of New York, Inc. (the "Company"). On September 1, 1999, the Company, through its subsidiary Home Properties of New York, L.P., acquired 100% of the real estate of The Colony Apartments, 783 apartment units located in one community. The property is located in a suburb of Chicago, Illinois. The acquisition was funded through the assumption of a mortgage in the amount of $16.3 million, and $25.5 million in cash. The mortgage carries an interest rate of 7.6% and matures in 2002. Basis of Presentation The accompanying financial statement has been prepared on the accrual basis of accounting, but is not representative of the actual operations of The Colony Apartments for the period shown. As required by the Securities and Exchange Commission Regulation S-X, Rule 3-14, certain expenses have been excluded which may not be comparable to the proposed future operations of The Colony Apartments. Expenses excluded relate to property management fees, interest expense, depreciation and amortization expense and other expenses not directly related to the future operations of The Colony Apartments. The Company is not aware of any material factors relating to The Colony Apartments that would cause the reported financial information not to be necessarily indicative of future operating results. Revenue Recognition Rental income attributable to residential leases is recorded when due from residents. Leases are generally for terms of one year. Interim Unaudited Financial Statement The accompanying interim unaudited statement of revenues and certain expenses for the period from January 1 through June 30, 1999 has been prepared pursuant to the rules and regulations of the Securities and Exchange Commission described above. The results of operations of such interim period are not necessarily indicative of the results for the full year. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. HOME PROPERTIES OF NEW YORK, INC. PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET JUNE 30, 1999 (Unaudited, In Thousands) This unaudited pro forma Condensed Consolidated Balance Sheet is presented as if the Company had purchased the Ridley Portfolio, the Colony Apartments and the Maple Lane Apartments on June 30, 1999. This unaudited pro forma Condensed Consolidated Balance Sheet should be read in conjunction with the Statement of Revenues and Certain Expenses of the Ridley Portfolio and the Colony Apartments and notes thereto included elsewhere herein. In management's opinion, all adjustments necessary to reflect the purchase of the Ridley Portfolio, the Colony Apartments and Maple Lane Apartments have been made.
As of June 30, 1999 Home Properties of New York, Ridley Colony Maple ProForma Company Inc. (A) Portfolio (B) Apartments (B) Lane (B) Adjust. (C) Pro Forma ------------ ------------- -------------- --------- ----------- --------- ASSETS Real estate, net $911,617 $4,266 $11,835 $9,808 $65,368(D) $1,002,894 Cash and cash equivalents 48,188 (39,514) 8,674 Other assets 92,283 495 - - - 92,778 ------- ------ ------ ----- ------- --------- Total Assets $1,052,088 $4,761 $11,835 $9,808 $25,854 $1,104,346 ========= ====== ====== ===== ======= ========= LIABILITIES Mortgage notes payable $432,852 $16,309 $12,324 $15,750(E) $477,235 Line of credit - - Other liabilities 24,017 24,017 ------- ------ ------ ------ ------ --------- Total Liabilities 456,869 16,309 12,324 15,750 501,252 ------- ------ ------ ------ ------ --------- Minority interest 207,166 7,875(F) 215,041 ------- ------ ------ ------ ------ --------- STOCKHOLDERS' EQUITY Common stock 189 189 Additional paid-in capital 430,793 430,793 Accumulated deficit (33,122) 4,761 (4,474) (2,516) 2,229(G) (33,122) Officer and Director notes for stock purchases (9,807) (9,807) ------- ----- ----- ----- ----- ------- Total stockholders' equity 388,053 4,761 (4,474) (2,516) 2,229 388,053 ------- ----- ----- ----- ----- ------- Total liabilities and stockholders' equity $1,052,088 $4,761 $11,835 $9,808 $25,854 $1,104,346 ========== ====== ======= ====== ======= ==========
HOME PROPERTIES OF NEW YORK, INC. NOTES TO PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET JUNE 30, 1999 (Unaudited, in Thousands) (A) Reflects the Company's historical unaudited consolidated balance sheet as of June 30, 1999 as reported on Form 10-Q. The Company's historical unaudited consolidated balance sheet includes the balance sheet of The Manor Apartments (acquired February 18, 1999), Ridgeway Court (acquired February 22, 1999), Springwell Park (acquired April 7, 1999) and Sherwood Gardens (acquired May 27, 1999). The acquisitions were recorded as follows:
Appliances Mortgages Land Building & Equipment Assumed Total(1) -------- -------- ----------- --------- -------- The Manor Apartments 1,386 5,516 198 - (7,100) Ridgeway Court 330 1,754 66 (1,225) (925) Springwell Park 1,515 16,537 303 (11,737) (6,618)(2) Sherwood Gardens 309 3,688 103 (3,100) (1,000) ------ ------ ---- ------ ------ Total 3,540 27,495 670 (16,062) (15,643) ====== ====== ==== ====== ======
(1) Funded with excess cash and the Company's line of credit. (2) Includes the issuance of 154,205 shares of operating units at a price of $25 and excess cash of $2,763. (A) Reflects the Ridley Portfolio (acquired July 29, 1999), the Colony Apartments (acquired September 1, 1999) and Maple Lane Apartments (acquired July 9, 1999), historical balance sheets as of June 30, 1999 for the assets/liabilities acquired by the Company. (B) The pro forma adjustments reflect the purchase of the Ridley Portfolio, Colony Apartments and Maple Lane. The purchase price was allocated as follows: Appliances Land Building & Equipment Other Assets Total -------- ---------- ----------- ------------ --------- Ridley Portfolio $6,630 $24,400 $829 $495 $32,354 Colony Apartments 7,830 33,273 783 - 41,886 Maple Lane 2,574 14,262 696 17,532 ------ ------ --- ----- ------ Total $17,034 $71,935 $2,308 $495 $91,772 ====== ====== ===== ===== ====== The appliances and equipment have an estimated useful life of ten years and the building has an estimated useful life of thirty-five years. (D) Reflects the excess of the cash purchase price of $91,772 over the historical seller's cost basis of $26,404. (E) Represents a mortgage note payable due to the seller of the Ridley Portfolio with an interest rate of 8% and a 10 year maturity. (F) Reflects the issuance of 328,125 shares of operating units at a price of $24 for the Ridley Portfolio. (G) Represents the elimination of the seller's historical capital account. HOME PROPERTIES OF NEW YORK, INC. PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1999 (Unaudited, in Thousands, Except Share and Per Share Data) The unaudited pro forma Consolidated Statement of Operations for the six months ended June 30, 1999 and for the year ended December 31, 1998 is presented as if the acquisitions of the Ridley Portfolio, the Colony Apartments, the Manor Apartments, Ridgeway Court, Springwell Park, Sherwood Gardens and Maple Lane Apartments had occurred on January 1, 1998. The unaudited pro forma Consolidated Statement of Operations should be read in conjunction with the Statements of Revenues Certain Expenses of the Ridley Portfolio and the Colony Apartments and notes thereto included elsewhere herein. In management's opinion, all adjustments necessary to reflect the effects of the purchase of the Ridley Portfolio, the Colony Apartments, the Manor Apartments, Ridgeway Court, Springwell Park, Sherwood Gardens and Maple Lane Apartments have been made. The unaudited pro forma Consolidated Statement of Operations for the six months ended June 30, 1999 and for the year ended December 31, 1998 is not necessarily indicative of what the actual results of operations would have been assuming the transactions had occurred as of the beginning of the period presented, nor does it purport to represent the results of operations for future periods.
For the Six Months Ended June 30, 1999 -------------------------------------- Home Other Properties of Ridley Acquired Pro Company New York, Inc. Portfolio Colony Properties Forma Pro Historical(A) (B) Apts. (C) (D) Adjmnt. Forma ------------- --------- --------- ---------- ------- -------- Revenues: Rental Income $89,374 $2,858 $3,365 $2,625 $98,222 Property other income 2,689 91 166 132 3,078 Interest and Dividend Income 3,812 (659)(E) 3,153 Other income 1,548 1,548 ------ ----- ----- ----- ------- ------- Total revenues 97,423 2,949 3,531 2,757 (659) 106,001 ------ ----- ----- ----- ------- ------- Expenses: Operating and maintenance 40,963 1,314 1,503 1,009 44,789 General and administrative 4,327 277 (F) 4,604 Interest 15,676 2,004 (G) 17,680 Depreciation and amortization 15,860 1,335 (H) 17,195 Loss on available-for- sale securities 2,123 2,123 ------ ------ ------ ------ -------- ------ Total Expenses 78,949 1,314 1,503 1,009 3,616 86,391 ------ ------ ----- ----- -------- ------ Income before gain on disposition of property and minority interest 18,474 1,635 2,028 1,748 ($4,275) 19,610 Gain on disposition of property 457 457 ------ ----- ----- ----- --------- ------ Income before minority interest $18,931 $1,635 $2,028 $1,748 ($4,275) 20,067 ======= ====== ===== ====== ======= Minority interest of Unit holders 7,270 ------- Net income $12,797 ======= Net income per common share -basic $0.70 ======= - diluted $0.70 ======= Weighted average number of shares outstanding - basic 18,159,499 ========== - diluted 18,252,321 ==========
HOME PROPERTIES OF NEW YORK, INC. PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 1998 (Unaudited, in Thousands, Except Share and Per Share Data)
For the Year Ended December 31, 1998 ------------------------------------ Home Properties of New Other York, Inc. Ridley Colony Acquired Pro Company Historical Portfolio Apts. Properties Forma Pro (A) (B) (C) (D) Adjmt. Forma ---------- --------- ------- ---------- ------- ------- Revenues: Rental Income $137,557 $5,751 $6,594 $8,262 $158,164 Property other income 3,614 189 230 352 4,385 Interest and dividend income 5,102 (1,536)(E) 3,566 Other income 2,970 2,970 ------- ------ ----- ----- ------- -------- Total revenues 149,243 5,940 6,824 8,614 (1,536) 169,085 ------- ------ ----- ----- ------- -------- Expenses: Operating and maintenance 63,136 2,630 2,883 2,980 71,629 General and administrative 6,685 641 (F) 7,326 Interest 23,980 4,537 (G) 28,517 Deprecation and amortization 23,191 3,118 (H) 26,309 ------- ------- ------ ------ ------ ------ Total expenses 116,992 2,630 2,883 2,980 8,296 133,781 ------- ------- ------ ------ ------ ------- Income before minority interest and extraordinary item $32,251 $3,310 $3,941 $5,634 ($9,832) $35,304 ======= ===== ===== ===== ====== Minority interest 14,295 ------- Income before extraordinary item 21,009 Extraordinary item (925) ------ Net income $20,084 ====== Net income per common share - Basic $1.45 ====== - Diluted $1.43 ====== Weighted average number of shares outstanding - Basic 13,898,221 ========== - Diluted 14,022,329 ==========
HOME PROPERTIES OF NEW YORK, INC. NOTES TO PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND FOR THE YEAR ENDED DECEMBER 31, 1998 (Unaudited, in Thousands) (A) Reflects the historical unaudited consolidated statement of operations for the Company for the six months ended June 30, 1999 and the historical consolidated statement of operations for the Company for the year ended December 31, 1998. (B) Reflects the historical revenues and certain expenses of the Ridley Portfolio which were not owned by the Company for the year ended December 31, 1998 and for the period prior to their acquisition in 1999. (C) Reflects the historical revenues and certain expenses of the Colony Apartments which was not owned by the Company for the year ended December 31, 1998 and for the period prior to their acquisition in 1999. (D) Reflects the combined historical revenues and certain expenses of the Manor Apartments, Ridgeway Court, Springwell Park, Sherwood Gardens and Maple Lane Apartments which were not owned by the Company for the year ended December 31, 1998 and for the period prior to their acquisition in 1999. (E) Reflects the reduction in interest income calculated at 3% of excess cash used to finance the acquisitions as follows: Interest --------------------------------- Cash Balance 12 mos. 6 mos. ----------- ------- ------- The Manor (for the period 1/1/99-2/18/99) $7,100 $213 $28 Ridgeway (for the period 1/1/99-2/22/99) 1,010 30 4 Springwells (for the period 1/1/99-4/7/99) 2,763 83 22 Sherwood Gardens (for the period 1/1/99-5/27/99) 1,000 30 12 Maple Lane (for the period 1/1/99-6/30/99) 5,208 156 78 Ridley (for the period 1/1/99-6/30/99) 8,729 262 131 The Colony (for the period 1/1/99-6/30/99) 25,577 762 384 ------ ----- ----- $51,387 $1,536 $ 659 ====== ===== ===== (F) Reflects additional general and administrative expenses. (G) Reflects the increase in interest related to debt assumed to finance the acquisitions. The interest is calculated as follows: Interest ------------------------ Amortizing mortgage: Principal Balance 12 mos. 6 mos. ----------------- ------- ------ Ridgeway at 8.38% (for the period 1/1/99-2/22/99) $1,225 $103 $15 Springwells at 8.00%(for the period 1/1/99-4/7/99) 11,737 939 253 Sherwood Gardens at 6.98% (for the period 1/1/99-5/27/99) 3,100 216 88 Maple Lane at 7.20% 5,989 431 217 Maple Lane at 5.50% (for the period 1/1/99-6/30/99) 6,335 348 175 Ridley at 8.00% (for the period 1/1/99-6/30/99) 15,750 1,260 633 The Colony at 7.60% (for the period 1/1/99-6/30/99) 16,309 1,240 623 ------ ----- ---- $60,445 $4,537 $2,004 ====== ===== ===== The historical consolidated statement of operations for the Company for the year ended December 31, 1998 needs twelve months worth of interest on each loan associated with the acquisition. (H) Reflects depreciation and amortization related to the acquisition. See Note C on page 10 for further information on useful lives of these assets. 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: November 12, 1999 By: /s/ David P. Gardner ----------------------------- David P. Gardner Vice President Chief Financial Officer and Treasurer Date: November 12, 1999 By: /s/ David P. Gardner ------------------------------- David P. Gardner Vice President Chief Financial Officer and Treasurer HOME PROPERTIES OF NEW YORK, INC. EXHIBIT INDEX Exhibit 23.0 - Consent of PricewaterhouseCoopers, LLP Exhibit 23.1 - Consent of PricewaterhouseCoopers, LLP EX-23 2 EXHIBIT 23.0 CONSENT OF INDEPENDENT ACCOUNTANTS We consent to the incorporation by reference in the Registration Statements on Forms S-3 (Nos. 33-96004, 333-37229, 333-46243, 333-2672, 333-2674, 333-58799, 333-67733, 333-64069, 333-52601 and 333-75253) and on Forms S-8 (Nos. 333- 05705, 333-12551, 333-58801, 333-60731 and 333-89631) filed by Home Properties of New York, Inc. of our report dated October 26, 1999 relating to the financial statement of The Ridley Portfolio for the year ended December 31, 1998, which report is included in the accompanying Form 8-K/A. We also consent to the reference to our firm under the caption "Experts." /s/ PricewaterhouseCoopers LLP PRICEWATERHOUSECOOPERS LLP Rochester, New York November 12, 1999 EX-23 3 EXHIBIT 23.1 Consent of Independent Accountants We consent to the incorporation by reference in the Registration Statements on Forms S-3 (Nos. 33-96004, 333-37229, 333-46243, 333-2672, 333-2674, 333-58799, 333-67733, 333-64069, 333-52601 and 333-75253) and on Forms S-8 (Nos. 333- 05705, 333-12551, 333-58801, 333-60731 and 333-89631) filed by Home Properties of New York, Inc. of our report dated November 2, 1999 relating to the financial statement of The Colony Apartments for the year ended December 31, 1998, which report is included in the accompanying Form 8-K/A. We also consent to the reference to our firm under the caption "Experts." /s/ PricewaterhouseCoopers LLP PRICEWATERHOUSECOOPERS LLP Rochester, New York November 12, 1999 -----END PRIVACY-ENHANCED MESSAGE-----