$252m sale marks HP's exit from market.Home Properties, Inc. announced the sale of its entire Upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. portfolio of 18 properties containing 4,567 apartments for total cash consideration of $252 million. Home Properties also was relieved of its obligations under a $6.4 million capitalized lease. The regional property companies that jointly purchased the portfolio are Dawn Homes Management and Tri-City Rentals based in Albany, New York For other uses, see Albany. Albany is the capital of the State of New York and the county seat of Albany County. Albany lies 136 miles (219 km) north of New York City, and slightly to the south of the juncture of the Mohawk and Hudson Rivers. and Morgan Management of Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or . Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Home Properties were approximately $171.3 million, after closing costs and approximately $71.8 million in debt repayments by the company. The company said it expects to use the net proceeds for property acquisitions in its targeted East Coast markets as well as the retirement of its 9.0% Series F Cumulative Redeemable Preferred Stock on or after March 25, 2007. "The sale of Home Properties' Upstate New York portfolio, combined with our exit from the Michigan market in June 2006, completes the realignment of our geographic footprint," said Edward J. Pettinella, Home Properties' president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have achieved our stated objective of exiting lower growth markets to focus on selected high barrier-to-entry, higher growth markets along the eastern seaboard which will enhance the Company's future financial performance." |
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