ROCHESTER, N.Y., Oct. 2, 2015 /PRNewswire/ -- Home
Properties, Inc. (NYSE: HME) ("Home Properties" or the "Company")
today announced that it has received notice from Lone Star Funds
("Lone Star") specifying
October 7, 2015 as the closing date
for the previously announced acquisition of Home Properties by
Lone Star. The notice was provided by Lone Star in accordance with the merger
agreement relating to the acquisition. As a result, Home
Properties expects the acquisition to close on October 7, 2015, with the previously announced
property contribution transaction with an affiliate of UDR, Inc. to
close on October 6, 2015.
Based on the expected October 7,
2015 closing date, the previously announced contingent
dividend is expected to be payable on October 7, 2015 to stockholders of record at the
close of business on October 5, 2015. These dates will
change if the closing occurs later than October 7, 2015.
Upon the closing of the acquisition, trading of Home Properties
shares on the New York Stock Exchange will cease and each
outstanding share of common stock of Home Properties will be
converted into the right to receive $75.23 in cash.
About Home Properties
Home Properties is a publicly traded multifamily real estate
investment trust that owns, operates, acquires and repositions
apartment communities in suburbs of major metropolitan areas,
primarily along the East Coast of the
United States. An S&P 400 Company, Home Properties owns
and operates 120 communities containing 41,862 apartment units. For
more information, please visit the Company's website at
www.homeproperties.com.
Forward Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally can be
identified by use of statements that include phrases such as
"believe," "expect," "anticipate," "estimate," "intend," "plan,"
"will," "predicted," "likely," or other words or phrases of similar
import. Such statements involve known and unknown risks,
uncertainties, and other factors that may cause the actual results,
performance, or achievements of the Company to be materially
different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, but are not limited to, the satisfaction or waiver
of conditions in the Merger Agreement; the outcome of any
legal proceedings that may be instituted against the Company and
others related to the Merger Agreement; the ability of third
parties to fulfill their obligations relating to the proposed
transactions, including providing financing under current financial
market conditions; the risk that the REIT merger, the operating
partnership merger or the other transactions contemplated by the
Merger Agreement may not be completed in the time frame expected by
the parties or at all; the ability of the Company to implement its
operating strategy; changes in economic cycles; and competition
within the multifamily residential real estate industry. Although
the Company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, any of
the assumptions could be inaccurate, and therefore there can be no
assurance that such statements included in this communication will
prove to be accurate. In light of the significant uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such information should not be regarded as a
representation by the Company or any other person that the results
or conditions described in such statements or the objectives and
plans of the Company will be achieved. Certain factors that could
cause actual results to differ materially from these
forward-looking statements are listed from time to time in the
Company's SEC reports, including, but not limited to, in the
section entitled "Item 1A. Risk Factors" in the Annual Report on
Form 10-K filed by the Company with the SEC on
February 24, 2015. Any forward-looking statement speaks only
as of the date of this communication and we undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new developments or otherwise.
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SOURCE Home Properties