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Home Properties history
Home Properties company history timeline
Home Properties of New York was established in 1993 as a corporation conducting its business through Home Properties of New York, L.P., a limited partnership in which the company held a 90 percent partnership interest at the time.
Predecessor Home Leasing had revenues of $21.42 million and net income of $1.8 million in 1993.
By 1994 half of the 12-person management team were family members, consisting of Norman's two daughters and the husband of one of the daughters, plus the husband of Nelson's daughter, as well as the Leenhoutses themselves.
The company completed its initial public offering of 5.4 million shares in 1994 at $19 a share, netting $95.56 million.
Expanding West and South: 1994–99
1994: As Home Properties of New York, Inc., the firm becomes a public real estate investment trust (REIT).
Another tenant-friendly initiative, adopted in 1995, offered to release dissatisfied tenants from their leases during the first 30 days of the contract and to let them break a lease, for reasons beyond their control, on 60 days' notice.
Effective on the first day of 1996, the company acquired Rochester-based Conifer Realty, Inc. and Conifer Development, Inc. for $13.4 million.
In 1997 Home Properties spent $266 million to purchase 7,496 apartments in four states—New Jersey, Pennsylvania, Indiana, and Michigan—by means of 11 acquisitions.
Picking up the acquisition pace, Home Properties acquired properties in Indiana, Maryland, New Jersey, Virginia, and Washington, D.C., in the first three months of 1998 alone.
In 1997 Home Properties Trust was formed as a Maryland real estate trust and REIT subsidiary. It became a limited partner of the operating partnership, Home Properties of New York, L.P., which at the end of 2000 was 62.5 percent owned by Home Properties of New York, Inc.
Home Properties was planning to sell some of its holdings in 2001, having identified about two dozen complexes with over 5,000 units in all for sale at an estimated $200 million.
Formed to comply with the technical requirements of federal income tax laws, both were Maryland corporations that, effective in 2001, elected to convert to taxable REIT subsidiaries.
In September 2003, the company acquired a property in Silver, Spring, Maryland for $58.9 million.
In December 2005, the company acquired two contiguous apartment communities, Peppertree Farm and Cinnamon Run, in Silver Spring, Maryland for $172 million.
In September 2011, the company acquired a property in White Marsh, Maryland for $90.4 million.
In July 2012, the company acquired a property in Ellicott City, Maryland for $186 million.
The company sold the property in April 2013.
In December 2013, the company acquired a property in Brookhaven, Pennsylvania for $15.5 million.
In February 2014, the company sold a property in Montgomery Village, Maryland for $110 million.
Amber was one of HomeLight’s Buyer Center editors and has been a real estate content expert since 2014.
In October 2015, Lone Star Funds acquired the company.
Ninety-five percent of buyers searched online to find additional information about homes they were considering purchasing, according to the National Association of Realtors’ 2021 Profile of Home Buyers and Sellers.
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Home Properties competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Avalonbay Communities, Inc. | 1978 | $2.9B | 3,090 | 74 |
| Realogy | 2006 | $5.7B | 9,435 | - |
| Simon Property Group | 1993 | $6.0B | 3,300 | 198 |
| UMH Properties | 1968 | $186.1M | 420 | 51 |
| Tanger Outlets | 1981 | $526.1M | 287 | 23 |
| Realty Income | 1969 | $2.1B | 194 | 6 |
| Cousins Properties | 1958 | $856.8M | 331 | 52 |
| Mack-Cali Realty | 1997 | $350.0M | 283 | - |
| Cedar Realty Trust | 1984 | $34.5M | 74 | - |
| Kimco Realty | 1958 | $2.0B | 484 | 27 |
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Zippia gives an in-depth look into the details of Home Properties, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Home Properties. The employee data is based on information from people who have self-reported their past or current employments at Home Properties. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Home Properties. The data presented on this page does not represent the view of Home Properties and its employees or that of Zippia.
Home Properties may also be known as or be related to Clinton Square Associates Inc, HOME PROPERTIES INC, Home Properties and Home Properties Inc.