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 .