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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) October 7, 1999
_______________HOMESTEAD VILLAGE INCORPORATED____________
(Exact Name of Registrant as Specified in its Charter)
______________________________Maryland__________________________
(State or Other Jurisdiction of Incorporation)
______1-12269_________ ________74-2770966_________
(Commission File Number) (I.R.S. Employer Identification No.)
2100 RiverEdge Parkway, 9th Floor, Atlanta, Georgia 30328___________
(Address of Principal Executive Offices) (Zip Code)
___________________________(770) 303-2200_________________________
(Registrant's Telephone Number, Including Area Code)
__________________________Not applicable________________________
(Former name or former address, if changed since last report)
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<PAGE>
ITEM 5. OTHER
On October 7, 1999, Homestead Village Incorporated
("Homestead") announced its earnings before depreciation, interest, taxes and
amortization ("EBITDA") for the third quarter of 1999, and the status of the
disposition of land-held-for-sale. A copy of this press release is filed as an
exhibit to this report and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Businesses Acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
99.1 Press Release dated October 7, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HOMESTEAD VILLAGE INCORPORATED
By: /s/ Jeffrey A. Klopf
Jeffrey A. Klopf
Senior Vice President and Secretary
Dated: October 7, 1999
Homestead Village Guest Studios
NEWS RELEASE Contact: Investor Relations, Kelly F. Lee
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800/201-9455 - 770/303-8299
HOMESTEAD VILLAGE ANTICIPATES THIRD QUARTER
EBITDA WILL EXCEED ESTIMATE BY 18%-24%
ATLANTA - (October 7, 1999) - Homestead Village Incorporated (NYSE: HSD)
announced today that its third quarter 1999 earnings before depreciation,
interest, taxes, and amortization (EBITDA) will be 20 cents to 21 cents per
diluted share (excluding gains on sale of excess land), exceeding the published
First Call(R) estimate of 17 cents by 18% to 24%. Management said that the
primary reasons for the performance exceeding analyst's expectations were a
higher level of occupancy during the third quarter and an improved
property-level operating margin. Homestead's property-level operating margin was
60.1% for the quarter ended September 30, compared to 54.1% in the second
quarter 1999. For the third quarter 1999, the company's average occupancy was
75.2%; the average occupancy during the second quarter 1999 was 70.9%. At
September 30, Homestead had 136 operating properties, including seven hotels
that opened during the third quarter. Homestead is scheduled to release its
third quarter performance information on November 4, 1999.
Since May 1999, the company has sold or placed under contract 16 of its
24 parcels of land-held-for-sale; the estimated net sale proceeds from these 16
parcels would be approximately $82 million or 85% of the $96.6 million carrying
value of all the land-held-for-sale. Proceeds from the land sales will be used
primarily to retire debt. Management believes that the aggregate proceeds from
land sales will be adequate to recover the company's carrying value in the
assets. Management noted that the timing of a sale, as well as the actual
proceeds, can vary until a purchaser has waived all contingencies in a contract
or the transaction has closed. The company's goal is to have most of the sites
sold in the first half of 2000.
Homestead Village, based in Atlanta, Georgia, is an owner and operator
of 136 extended stay lodging facilities in 28 states. Focused on the business
traveler, Homestead has developed a proprietary operating system to ensure its
customers a consistent, high-quality, uniform lodging experience.
# # #
Homestead's press releases and corporate information are available on the
company's web site at www.stayhsd.com.
In addition to historical information, this press release contains
forward-looking statements under the federal securities laws. These statements
are based on current expectations, estimates and projections about the industry
and markets in which Homestead operates, management's beliefs and assumptions
made by management. Forward-looking statements are not guarantees of future
performance and involve certain risks and uncertainties, which are difficult to
predict. Actual operating results may be affected by changes in national and
local economic conditions, competitive market conditions, changes in financial
markets or interest rates that could adversely affect Homestead's cost of
capital and its ability to meet its financing needs and obligations, weather,
and the ability of potential buyers of land-held-for-sale to obtain financing
for such a purchase, and therefore, may differ materially from what is expressed
or forecasted in this press release.
