Home Properties Q3 FFO Rises

(RTTNews) - Home Properties Inc. (HME) Thursday reported third-quarter funds from operations or FFO of $73.1 million or $1.09 per share, compared to $67.3 million or $1.09 per share last year.

On average, 16 analysts polled by Thomson Reuters expected FFO of $1.10 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter dropped to $25.0 million or $0.44 per share from $36.4 million or $0.71 per share last year.

Total revenues for the quarter rose to $166.8 million from $161.8 million last year. Analysts estimated revenues of $167.99 million for the quarter. Looking ahead to the fourth quarter, the company lowered its full-year FFO guidance to $4.34 to $4.38 per share from $4.34 to $4.42 per share. Analysts currently estimate FFO of $4.37 per share for the year.

FFO expected for the fourth quarter of 2013 remains unchanged at a range from $1.09 to $1.13 per share. Analysts currently estimate FFO of $1.11 per share.