Home Properties FFO Rises

(RTTNews) - Home Properties Inc (HME) Thursday reported second-quarter funds from operations of $71 million or $1.04 per share, compared with $70.5 million or $1.11 per share in the prior year.

FFO per share results for the quarter reflect a higher share count.

The company said results were mainly hurt by $3.8 million charges related to its exit from new development.

Operating FFO for the quarter was $1.11 per share. Analysts polled by Thomson Reuters projected FFO of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Net earnings were $22.85 million or $0.39 per share, compared with $27 million or $0.51 per share last year.

Revenue for the quarter was $168.4 million, compared with $162.4 million in the prior year.

Analysts projected revenue of $168.3 million for the quarter.

For the third quarter, the company expects FFO of $1.11 to $1.15 per share, while analysts expect $1.17 per share.

For fiscal year 2014, the company has now lowered the midpoint of its prior operating FFO guidance by $0.07 per share to $4.42, with a range of $4.38 to $4.46 per share.

Analysts project FFO of $4.45 per share for the year.