ROCHESTER, N.Y., Aug. 3,
2015 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) ("Home
Properties" or the "Company") today announced that, at a special
meeting of unitholders of its operating partnership, Home
Properties, L.P., held earlier today, the unitholders voted to
approve the merger (the "Partnership Merger") of Home Properties,
L.P. with LSREF4 Lighthouse Operating Acquisitions, LLC, an
affiliate of Lone Star Funds ("Lone
Star"), and the previously announced merger agreement
entered into on June 22, 2015 by and
among Home Properties, Home Properties, L.P., affiliates of
Lone Star and UDR, Inc.
The acquisition of Home Properties by Lone Star is subject to the condition that the
Partnership Merger be approved by holders of at least a majority of
units held by outside limited partners (i.e., limited partners
other than Home Properties). Based on the voting results, this
condition has now been satisfied. The acquisition remains
subject to separate approval by the Home Properties
stockholders.
The transaction is expected to close during the third or fourth
quarter of 2015, subject to the approval of Home Properties
stockholders, as well as the satisfaction of certain customary
closing conditions. Upon completion of the transaction, Home
Properties will become a privately held company.
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 121 communities containing 41,994 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 ability of the Company
to obtain required stockholder approval required to consummate the
proposed Home Properties Merger; the satisfaction or waiver of
other 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 Home Properties Merger, the
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.
Additional Information about the Proposed Transactions and
Where to Find It
In connection with the proposed transactions, the Company
expects to file with the SEC a proxy statement, which proxy
statement will be mailed or otherwise disseminated to the Company's
stockholders when it becomes available. The Company also plans to
file other relevant documents with the SEC regarding the proposed
transactions. INVESTORS ARE URGED TO READ THE PROXY STATEMENT AND
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME
AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. You may
obtain a free copy of the proxy statement (if and when it becomes
available) and other relevant documents filed by the Company with
the SEC at the SEC's website at www.sec.gov. Copies of the
documents filed by the Company will be available free of charge on
its website at www.homeproperties.com, or by directing a written
request to Home Properties, Inc. at 850 Clinton Square,
Rochester, New York 14604,
Attention: Investor Relations.
The Company and its directors and executive officers may be
deemed to be participants in the solicitation of proxies in respect
of the proposed transactions. You can find information about the
Company's directors and executive officers in the Company's
definitive proxy statement filed with the SEC on March 27,
2015 in connection with its 2015 annual meeting of stockholders.
Additional information regarding the interests of such potential
participants will be included in the proxy statement and other
relevant documents filed with the SEC if and when they become
available. You may obtain free copies of these documents from the
Company using the sources indicated above.
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SOURCE Home Properties, Inc.