Home Properties.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. has completed the sale of $25 million of Series D Cumulative Convertible Preferred Stock Convertible Preferred Stock
Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". through a private transaction with The Equitable 1-ife Assurance Society of the Limited States. The Series D 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. has been assigned a rating of 'BBB' by Fitch, the international rating agency formed through the recent merger of Fitch IBCA IBCA International Braille Chess Association
IBCA Institute of Burial and Cremation Administration
IBCA Integrated Business Communications Alliance
IBCA International Barbeque Cookers Association
IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co. Fitch has also recently assigned a corporate credit rating to Home Properties of 'BBB'.
The Series D Preferred Stock carries an annual dividend rate equal to the greater of 8.776 percent or the actual dividend paid on the number of the Company's common shares into which the Series D Preferred Stock is convertible. The Series D Preferred Stock has a conversion price of $3000 per share and can be redeemed re·deem
tr.v. re·deemed, re·deem·ing, re·deems
1. To recover ownership of by paying a specified sum.
2. To pay off (a promissory note, for example).
3. at the Company's option after five years. Proceeds will be used to fund potential acquisitions and property upgrades. Mercury Partners LI-C acted as financial advisor to Home Properties in connection with the transaction.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Amy L. Tait, Executive Vice President of Home Properties, "We are delighted to have Equitable as our partner and are excited about the potential to expand this alliance as our Company grows. Using convertible preferred stock allows us to raise equity an terms that more closely reflect the underlying net asset value of our portfolio, thereby enabling us to continue to make value-added acquisitions without diluting our shareholders."