Home Properties Announces Acquisitions for $65.1M and Equity Raise

Home Properties, Inc. HME today announced that, on July 14 and 15, 2011, it purchased an apartment community in West Chester, Pennsylvania and Shrewsbury, Massachusetts, respectively, for a combined total purchase price of $65.1 million. The purchases were funded by the Company's At-The-Market equity offering program during the second quarter of 2011, which generated $90.4 million in net proceeds. Year-to-date, the Company has purchased assets of approximately $72 million. "These two acquisitions, in our suburban Philadelphia and Boston regions, will be immediately accretive to earnings," said Edward J. Pettinella, President and CEO of Home Properties. "Their significant redevelopment potential will contribute to future revenue growth, enhancing shareholder value."