ROCHESTER, N.Y., Feb. 6, 2012 /PRNewswire/ -- Home Properties (NYSE: HME) today announced a $0.04 per share increase to its regular quarterly cash dividend on common shares. The increase of 6.5% raises the quarterly dividend from $0.62 per share to $0.66 per share for the quarter ended December 31, 2011. The dividend is payable on February 28, 2012 to shareholders of record on February 16, 2012 and is equivalent to an annualized rate of $2.64 per share. The current annual dividend represents a 4.3% yield based on the Friday, February 3, 2012 closing price of $60.89. Home Properties' common stock will begin trading ex-dividend on February 14, 2012.
"The Board's decision to increase the quarterly dividend reflects the strong same-store net operating income and Funds From Operations growth in 2011 and expectations for favorable 2012 results," said Edward J. Pettinella, Home Properties' President and Chief Executive Officer.
This 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, weather and other conditions that might affect operating expenses, the timely completion of repositioning and new development activities within anticipated budgets, the actual pace of future acquisitions and dispositions, and continued access to capital to fund growth.Home Properties is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in selected Northeast and Mid-Atlantic markets. An S & P 400 Company, Home Properties owns and operates 124 communities containing 41,909 apartment units. For more information, visit Home Properties' website at homeproperties.com .
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV