Confidence grows as dividends soar.Home Properties Home Properties (NYSE: HME) is a real estate investment trust (REIT) that owns and manages apartments and apartment properties in the Midwest, New England, Mid-Atlantic and Southeast Florida. It manages or owns over 47,000 apartments. declared a regular dividend on the Company's common shares of $0.63 per share for the quarter ended September 30, 2004, an increase of 1.6 percent over the Company's prior quarterly dividend of $0.62 per share. The dividend is payable on November 26, 2004, to shareholders of record on November 16, 2004, and is equivalent to an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. rate of $2.52 per share. The dividend represents the Company's tenth consecutive annual dividend increase since its inception as a public company in 1994. The current dividend represents a 6.0 percent yield based on a closing price of $41.95. Home Properties' common stock will begin trading ex-dividend on November 10, 2004. Home Properties also declared a regular dividend of $0.5625 per share on its Series F Cumulative Redeemable Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , for the quarter ending November 30, 2004. The dividend on the preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. is payable on November 30, 2004, to shareholders of record on November 16, 2004. This dividend is equivalent to an annualized rate of $2.25 per share. Home Properties' Series F Preferred Stock will begin trading ex-dividend on November 10, 2004. "The Board increased Home Properties' common dividend based on its confidence in the Company's future performance which will result in part from a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. than we have seen in recent years," said Edward J. Pettinella, Home Properties President and Chief Executive Officer. "The Board's optimism reflects the increase in the underlying value of our properties and the increase in net asset value as cap rates have declined. "It is also based on the success of our repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. business strategy, stable geographic markets and strong balance sheet." Pettinella also said that Home Properties' historic philosophy has been to maintain a competitive dividend yield within its business sector to enhance the attractiveness of its operating partnership units as acquisition currency. |
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