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Positive earnings report from Home Properties

Rochester, N.Y. - Home Properties reported a significant jump in its second quarter earnings on Wednesday afternoon.

Earnings per share were 51 cents, compared to 28 cents per share for the same quarter in 2012.

Total revenue was $70.4 million for the three month period.

"Positive rent growth and high occupancy contributed to a solid increase in net operating income in the first quarter, supporting our view that 2013 will be another good year for Home Properties," said Edward J. Pettinella, Home Properties President and CEO. "The business environment for Home and the multifamily sector in 2013 remains favorable, although we do not expect the record level of earnings growth we experienced in 2012, which was a truly great year."

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Washington Times