ROCHESTER, N.Y., Oct. 30, 2012 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced that its East Coast apartment communities sustained some damage from Hurricane Sandy yesterday. The Company had no reports of injury to any residents or employees. The Company initially estimates costs of hurricane-related clean-up and repairs to be approximately $1.0 million to $1.5 million, which will be significantly offset by insurance reimbursement, the amount of which has not been determined.
"While our assessment of the effects of Hurricane Sandy is ongoing, we were very fortunate there were no injuries," said Bernard J. Quinn, Senior Vice President, Property Management Operations. "Repairs from wind and water damage are underway."
The Company said that in its third quarter earnings news release, scheduled to be released after the market closes on November 1, 2012, it would provide an update on the effects of the storm and detailed earnings guidance for the fourth quarter of 2012. It will comment further on the impact to its properties on a conference call the following day.
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, other conditions that might affect operating expenses, the timely completion of repositioning activities within anticipated budgets, the actual pace of future acquisitions and sales, 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 127 communities containing 44,232 apartment units. For more information, visit Home Properties' website at www.homeproperties.com.
SOURCE Home Properties, Inc.