Home Properties best quarter ever.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. released financial results for the second quarter ending June June: see month. 30, 2006 showing Funds from Operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. per share was the highest for any second quarter in Home Properties' history as a public company. Earnings per share for the quarter ended June 30, 2006 was $0.33 compared to $0.25 for the quarter ended June 30, 2005. The increase is primarily attributable to a $3.4 million gain on sale of property in the current quarter compared to a small loss on sales in the prior year quarter. Edward J. Pettinella, 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. said the gains were a result of strong property operations, versus non-routine gains. "Improved operating fundamentals and successful implementation of key strategic initiatives resulted in excellent first half results which we will build on in the balance of the year." |
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