Home Properties Explained

Home Properties
Industry:Real estate investment trust
Apartments
Predecessor:Home Leasing Corporation
Founder:Nelson B. Leenhouts
Norman P. Leenhouts
Fate:Acquired by Lone Star Funds and dissolved
Location City:Rochester, New York
Revenue:$0.671 billion (2014)
Net Income:$0.189 billion (2014)
Assets:$4.488 billion (2014)
Equity:$1.653 billion (2014)
Num Employees:1,200 (2014)
Footnotes:[1]

Home Properties was a real estate investment trust that invested in apartments. As of December 31, 2014, the company owned and operated 121 apartment complexes with 42,107 apartment units, all of which were in Washington, D.C., Baltimore, Philadelphia, Long Island, Northern New Jersey, Boston, Chicago, and Florida. The company was acquired by Lone Star Funds in 2015 and dissolved.

The company specialized in acquiring older "Class C" and "Class B-" apartment communities and upgrading them to at least "Class B" quality.[2] [3]

History

Home Properties dates back to Home Leasing Corporation, a company founded in 1967 by twin brothers Nelson and Norman Leenhouts.[4]

Home Properties, Inc. was formed in 1993 and, on August 4, 1994, the company became a public company via an initial public offering.[1]

Effective January 1, 2004, Edward J. Pettinella was named president and CEO.[5]

In October 2015, Lone Star Funds acquired the company.[6]

Notes and References

  1. Web site: HOME PROPERTIES, INC. 2016 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
  2. News: There's No Place Like Home . Miriam . Lupkin . Multifamily Executive . May 3, 2005.
  3. News: Home Properties Does Total Rehab . Jennifer Duell . Popovec . Multifamily Executive . April 9, 2013.
  4. News: University Life Trustee Norman Leenhouts dies at age 81 . . January 9, 2017.
  5. News: Feeling right at home as chief executive . Megan E. . Connor . Rochester Business Journal . December 12, 2003.
  6. Home Properties Completes Sale to Lone Star Funds . . October 7, 2015.