ROCHESTER, N.Y., Feb. 4, 2013 /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 6.1% raises the quarterly dividend from $0.66 per share to $0.70 per share for the quarter ended December 31, 2012. The dividend is payable on February 26, 2013 to shareholders of record on February 14, 2013 and is equivalent to an annualized rate of $2.80 per share. The current annual dividend represents a 4.6% yield based on the Friday, February 1, 2013 closing price of $60.90. Home Properties' common stock will begin trading ex-dividend on February 12, 2013.
"The Board of Directors increased the quarterly dividend based on strong operating and financial results in 2012 and its expectations for continuing positive performance in 2013," 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 multifamily real estate investment trust (REIT) 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 43,489 apartment units. For more information, visit Home Properties' website at www.homeproperties.com.
SOURCE Home Properties