Home Properties was a real estate investment trust that invested in apartments. As of December 31, 2014, the company owned and operated 121 apartment complexes with 42,107 apartment units, all of which were in Washington, D.C., Baltimore, Philadelphia, Long Island, Northern New Jersey, Boston, Chicago, and Florida. The company was acquired by Lone Star Funds in 2015 and dissolved.
 | |
| Industry | Real estate investment trust Apartments |
|---|---|
| Predecessor | Home Leasing Corporation |
| Founded | November 13, 1993 |
| Founder | Nelson B. Leenhouts Norman P. Leenhouts |
| Fate | Acquired by Lone Star Funds and dissolved |
| Headquarters | |
| Revenue | $0.671 billion (2014) |
| $0.189 billion (2014) | |
| Total assets | $4.488 billion (2014) |
| Total equity | $1.653 billion (2014) |
Number of employees | 1,200 (2014) |
| Footnotes / references [1] | |
The company specialized in acquiring older "Class C" and "Class B-" apartment communities and upgrading them to at least "Class B" quality.[2][3]
History
editHome Properties dates back to Home Leasing Corporation, a company founded in 1967 by twin brothers Nelson and Norman Leenhouts.[4]
Home Properties, Inc. was formed in 1993 and, on August 4, 1994, the company became a public company via an initial public offering.[1]
Effective January 1, 2004, Edward J. Pettinella was named president and CEO.[5]
In October 2015, Lone Star Funds acquired the company.[6]
References
edit- ^ a b "HOME PROPERTIES, INC. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ Lupkin, Miriam (May 3, 2005). "There's No Place Like Home". Multifamily Executive.
- ^ Popovec, Jennifer Duell (April 9, 2013). "Home Properties Does Total Rehab". Multifamily Executive.
- ^ "University Life Trustee Norman Leenhouts dies at age 81". University of Rochester. January 9, 2017.
- ^ Connor, Megan E. (December 12, 2003). "Feeling right at home as chief executive". Rochester Business Journal.
- ^ "Home Properties Completes Sale to Lone Star Funds" (Press release). PR Newswire. October 7, 2015.