SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported):
July 6,
2009
HOME
PROPERTIES, INC.
(Exact
name of Registrant as specified in its Charter)
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MARYLAND
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1-13136
No.
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16-1455126
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(State
or other jurisdiction
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(Commission
File Number)
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(IRS
Employer
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of
incorporation)
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Identification
Number)
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850
Clinton Square, Rochester, New York 14604
(Address
of principal executive offices and internet site)
(585)
546-4900
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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HOME
PROPERTIES, INC.
CURRENT
REPORT
ON FORM
8-K
Item
1.01 Entry
into a Material Definitive Agreement.
On July
6, 2009, Home Properties, L.P. (the “Company”) entered into an Amended and
Restated Lease Agreement (the “Lease”) with Clinton Asset Holding Associates,
L.P. (“CAHA”) for 62,213 rentable square feet of office space in the Clinton
Square building located in Rochester, New York. The office space will
continue to be used by Home Properties as its corporate
headquarters. The Lease amends and restates existing Leases that the
Company has for 75,296 rentable square feet in the same building. The
term commences on October 1, 2009 and extends to September 30, 2019 with two
five-year renewal options, unless terminated earlier in accordance with the
Lease’s terms. The Lease contains customary commercial terms for
office leases.
Amy Tait,
Nelson Leenhouts and Norman Leenhouts, each of whom is a director of Home
Properties, Inc., and members of their immediate family collectively have an
approximately 75% interest in CAHA. In addition, the Clinton Square
building is managed by Broadstone Real Estate, LLC, which receives a management
fee from the building owner. Norman Leenhouts is an owner and
Chairman of Broadstone Real Estate, LLC. Amy Tait and her husband,
Robert Tait, are both owners and directors of Broadstone Real Estate, LLC as
well as the Chief Executive Officer and President, respectively, of that
entity.
The
Company retained CB Richard Ellis/Rochester, NY LLC to assist in evaluating and
negotiating competitive headquarter alternatives in the Rochester, New York
area. The Company considered more than ten alternatives and received
five proposals. Based on the financial aspects of the proposals,
along with subjective considerations such as quality, location and convenience,
the Company thoroughly negotiated and selected the CAHA proposal and worked with
outside counsel to negotiate the Lease document. The Lease was
approved by a unanimous vote of the disinterested members of the Board of
Directors after full disclosure of the interests of Amy Tait, Nelson Leenhouts
and Norman Leenhouts.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
HOME PROPERTIES,
INC.
(Registrant)
Date: July
8, 2009
By: /s/
David P. Gardner
David P. Gardner
Executive Vice President and Chief
Financial Officer
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