Issuer
Free Writing Prospectus
Filed
on December 3, 2009
Pursuant
to Rule 433
Registration
No. 333-141879
Home
Properties, Inc.
FOR
IMMEDIATE RELEASE
HOME
PROPERTIES ANNOUNCES
ATM
COMMON SHARE OFFERING PROGRAM
ROCHESTER, NY,
DECEMBER 3, 2009 – Home
Properties (NYSE:HME) today announced that it has initiated an
At-The-Market (ATM) equity offering program through which it may sell up to 3.7
million common shares. The shares would be sold from time to time
through BofA Merrill Lynch and BMO Capital Markets, which will act as sales
agents and/or principals.
“Home
Properties’ three-year cash flow projection, published with third quarter 2009
results, shows that the Company believes it will end each year with more than
adequate cash or line of credit levels to fund normal operations and the
dividend,” said Edward J. Pettinella, Home Properties’ President and
CEO. “This equity offering program provides us with additional
capacity to raise equity quickly and cost effectively.”
The
Company intends to use the net proceeds from the offering for general corporate
purposes, which may include the repayment of debt, working capital, capital
expenditures, acquisitions, development and redevelopment of apartment
communities.
The
Company has filed a registration statement, including a prospectus, and a
prospectus supplement with the Securities and Exchange Commission (the
SEC). Before you invest, you should read the prospectus in that
registration statement, the prospectus supplement relating to the ATM offering
and other documents the Company has filed with the SEC for more complete
information about the Company and this offering. You may obtain these
documents for free by visiting EDGAR on the SEC Web site at
www.sec.gov. Alternatively, the Company or the sales agents will
arrange to send you the prospectus supplement, including the prospectus, if you
request it by contacting BofA Merrill Lynch at 1-866-500-5408; or by contacting
BMO Capital Markets, 3 Times Square, 27th Floor,
New York, New York 10036, Attn: Equity Syndicate or by email to
lori.begley@bmo.com or by calling 1-800-414-3627.
This
news release does not constitute an offer to sell or the solicitation of an
offer to buy the Company’s common stock nor shall there be any sale of such
common stock in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Home
Properties is a publicly traded apartment real estate investment trust
that owns, operates, develops, acquires and rehabilitates apartment communities
primarily in selected Northeast, Mid-Atlantic and Southeast Florida
markets. Currently, Home Properties operates 108 communities
containing 37,107 apartment units. Of these, 35,957 units in 106
communities are owned directly by the Company; 868 units are partially owned and
managed by the Company as general partner, and 282 units are managed for other
owners. For more information, visit Home Properties’ Web site at
http://www.homeproperties.com.
Home
Properties Announces ATM Common Share Offering Program
For
Immediate Release: December 3, 2009
Page 2 of
2
This press 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, the 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. Other risks and uncertainties are described in SEC filings, including the Annual Report on Form 10-K and periodic reports available on the Company Web site. Home Properties assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
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For
further information:
David
P. Gardner, Executive Vice President and Chief Financial Officer, (585)
246-4113
Charis
W. Warshof, Vice President, Investor Relations, (585)
295-4237