<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
/x/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
---------------------------------------------
OR
// TRANSITION REPORT PURSUANT TO SECTION 13 OR
15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-13136
------------------------------
HOME PROPERTIES OF NEW YORK, INC.
---------------------------------
(Exact name of registrant as specified in its charter)
MARYLAND 16-1455126
-------- ----------
(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) Number)
850 Clinton Square, Rochester, New York 14604
---------------------------------------------
(Address of principal executive offices) (Zip Code)
(716) 546-4900
--------------
(Registrant's telephone number, including area code)
N/A
--------------
(Former name, former address and former
year, if changed since last report)
Indicate by check mark whether registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
------ ------
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date:
Class of Common Stock Outstanding at April 30, 1996
--------------------- -----------------------------
$.01 par value 5,412,556
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
HOME PROPERTIES OF NEW YORK, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 1996 AND DECEMBER 31, 1995
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
<CAPTION>
1996 1995
----------- ----------
(Unaudited) (Note 1)
<S> <C> <C>
ASSETS
Real estate:
Land $ 7,789 $ 7,065
Buildings, improvements and equipment 209,730 191,138
-------- --------
217,519 198,203
Less: accumulated depreciation ( 34,138) ( 32,258)
-------- -------
Real estate, net 183,381 165,945
Cash and cash equivalents 444 812
Cash in escrows 3,902 3,754
Advances to affiliates 4,087 5,097
Deferred charges and other assets 13,551 5,854
-------- --------
Total assets $205,365 $181,462
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage notes payable $ 97,376 $ 86,149
Notes payable 419 470
Line of credit 8,330 4,500
Accounts payable 1,814 1,657
Accrued interest payable 530 383
Accrued expenses and other liabilities 1,946 1,882
Security deposits 2,158 1,902
-------- --------
Total liabilities 112,573 96,943
-------- --------
Minority interest 18,567 8,739
-------- --------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value;
10,000,000 shares authorized;
no shares issued - -
Common stock, $.01 par value;
30,000,000 shares authorized;
5,411,721 shares issued
and outstanding 54 54
Excess stock, $.01 par value;
10,000,000 shares authorized;
no shares issued - -
Additional paid-in capital 83,467 83,413
Distributions in excess of
accumulated earnings ( 9,296) ( 7,687)
------- -------
Total stockholders' equity 74,225 75,780
------- -------
Total liabilities and
stockholders' equity $205,365 $181,462
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
<TABLE>
HOME PROPERTIES OF NEW YORK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
<CAPTION>
1996 1995
---------- ----------
<S> <C> <C>
Revenues:
Rental income $ 9,686 $ 7,081
Property other income 253 271
Other income 753 225
Equity in income (loss) from
operations of HP Management and
Conifer Realty ( 152) ( 16)
--------- ---------
Total revenues 10,540 7,561
--------- ---------
Expenses:
Operating and maintenance 5,421 3,701
General and administrative 360 254
Interest 1,988 1,266
Depreciation and amortization 1,961 1,489
--------- ---------
Total expenses 9,730 6,710
--------- ---------
Income before minority interest 810 851
Minority interest 147 84
--------- ---------
Net income $ 663 $ 767
========= =========
Per share data:
Net income $.12 $.14
========= =========
Weighted average number of
shares outstanding 5,409,824 5,408,434
========= =========
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
<TABLE>
HOME PROPERTIES OF NEW YORK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(UNAUDITED, IN THOUSANDS)
<CAPTION>
1996 1995
------- -------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 663 $ 767
------- -------
Adjustments to reconcile net income to net
cash provided by operating activities:
Equity in income of HP Management and Conifer Realty 152 16
Income allocated to minority interest 147 84
Depreciation and amortization 2,040 1,577
Changes in assets and liabilities:
Cash in escrows ( 148) 890
Deferred charges and other assets (2,666) (7,057)
Accounts payable and accrued liabilities 624 ( 213)
------ ------
Total adjustments 149 (4,703)
------ ------
Net cash provided by (used in)
operating activities 812 (3,936)
------ ------
Cash flows used in investing activities:
Purchase of properties, net of mortgage notes assumed (2,076) ( 152)
Additions to properties (1,103) (1,286)
Advances to affiliates (3,744) (1,033)
Payments on advances to affiliates 4,754 200
------ -------
Net cash used in investing activities (2,169) (2,271)
------ -------
Cash flows from financing activities:
Proceeds from sale of common stock 54 -
Proceeds from mortgage and other notes payable - 6,500
Payments of mortgage and other notes payable ( 260) (5,773)
Proceeds from line of credit 8,030 8,327
Payments on line of credit (4,200) -
Dividends and distributions paid (2,759) (2,474)
Additions to deferred loan costs ( 82) ( 196)
Capital contribution to minority interest 206 -
------ ------
Net cash provided by financing activities 989 6,384
------ ------
Net increase (decrease) in cash ( 368) 177
Cash and cash equivalents:
Beginning of period 812 1,635
------ ------
End of period $ 444 $1,812
====== ======
Supplemental disclosure of cash flow information:
Cash paid for interest $1,757 $1,039
====== ======
</TABLE>
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
1. Unaudited Interim Financial Statements
The interim consolidated financial statements of Home
Properties of New York, Inc. (the "Company") are prepared
pursuant to the requirements for reporting on Form 10-Q.
Accordingly, certain disclosures accompanying annual
financial statements prepared in accordance with generally
accepted accounting principles are omitted. The year-end
balance sheet data was derived from audited financial
statements, but does not include all disclosures required by
generally accepted accounting principles. In the opinion of
management, all adjustments, consisting solely of normal
recurring adjustments, necessary for the fair presentation
of the consolidated financial statements for the interim
periods have been included. The current period's results of
operations are not necessarily indicative of results which
ultimately may be achieved for the year. The interim
consolidated financial statements and notes thereto should
be read in conjunction with the financial statements and
notes thereto included in the Company's Form 10-K, as filed
with the Securities and Exchange Commission on March 15,
1996.
2. Organization and Basis of Presentation
Organization
Home Properties of New York, Inc. (the " Company " ) was
formed in November 1993, as a Maryland corporation and is
engaged primarily in the ownership, management, acquisition
and development of residential apartment communities. On
August 4, 1994, the Company completed an initial public
offering ( " IPO " ) of 5,408,000 shares of common stock.
Net proceeds from the IPO of approximately $94,000 were
contributed to Home Properties of New York, L.P. (the "
Operating Partnership " ) in exchange for units representing
a 90.4% general partnership interest in the Operating
Partnership. The Operating Partnership acquired all of the
assets and assumed all of the liabilities of the Original
Properties (the predecessor to the Company) and in
connection therewith, (i) issued 575,375 units, representing
a 9.6% minority interest in the Operating Partnership, to
insiders of Home Leasing Corporation ( " HLC " ); (ii) paid
$30,600 in cash to the partners of the Original Properties;
(iii) prepaid approximately $29,600 of the approximately
$58,000 of mortgage indebtedness on the Original Properties;
and (iv) acquired four residential properties from
unaffiliated sellers for approximately $32,400 in cash and
the assumption of approximately $3,300 in existing mortgage
indebtedness.
The Original Properties is not a legal entity but rather a
combination of twelve entities which were wholly owned by
HLC and its affiliates that were reorganized to combine
HLC's interest in certain investment properties and property
management operations. The entities owned 100% of each
property.
The property management, leasing and development activities
for properties affiliated with HLC, which were not combined
with the Original Properties, and certain other properties
not affiliated with HLC, are performed by Home Properties
Management, Inc. (" HP Management "). HP Management issued
non-voting common stock to the Operating Partnership in
exchange for management contracts for commercial and
development managed properties and certain other assets.
This exchange entitles the Operating Partnership to receive
99% of the economic interest of HP Management. The
remaining 1% economic interest and voting stock were issued
to the owners of HLC.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
2. Organization and Basis of Presentation (Continued)
On January 1, 1996, the Operating Partnership acquired the
operations of Conifer Realty, Inc. and Conifer Development,
Inc. ("Conifer") and purchased certain of Conifer's assets
for a total acquisition price of $15,434. The acquisition
was funded by issuing 486,864 Operating Partnership units
(UPREIT units, valued at $17.25 per unit), the assumption of
$6,801 of existing mortgage debt and $235 in cash paid to
outside partners. Additional consideration will be paid in
UPREIT units if development fee income exceeds target levels
over the next five years.
The purchase price is allocated to three communities
containing 358 units valued at $10,173, general partnership
interests in 2,804 apartment units that Home Properties will
manage valued at $1,757, goodwill valued at $3,348 and other
assets valued at $156.
The acquisition will be accounted for using the purchase
method of accounting and, accordingly, the results of
operations are included from the date of acquisition
forward.
The property management, leasing and development activities
for properties affiliated with the Conifer acquisition are
performed by Conifer Realty Corp. ("Conifer Realty").
Conifer Realty issued non-voting common stock to the
Operating Partnership in exchange for management contracts
for residential, commercial and development managed
properties and certain other assets. This exchange entitles
the operating Partnership to receive 99% of the economic
interest of Conifer Realty. The remaining 1% economic
interest and voting stock were issued to the owners of HLC
and Conifer.
Basis of Presentation
The accompanying consolidated financial statements include
the accounts of the Company and its 81.8% general
partnership interest in the Operating Partnership.
All significant intercompany balances and transactions have
been eliminated in these consolidated financial statements.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
3. Deferred Charges and Other Assets
Deferred charges and other assets consist of the following:
<TABLE>
<CAPTION>
March 31 December 31
1996 1995
-------- -----------
<S> <C> <C>
Deferred financing and interest rate
reduction agreements $ 2,804 $ 3,564
Goodwill 3,348 -
Less: Accumulated amortization ( 908) ( 1,588)
------- ------
Net intangible assets 5,244 1,976
Prepaid expenses 3,469 1,936
Accounts receivable 1,609 1,252
Investment in HP Management and
Conifer Realty 218 215
Investment in general partnerships 1,741 14
Land held for development 848 334
Other assets 422 127
------- ------
Total deferred charges and
other assets $13,551 $5,854
======= ======
</TABLE>
4. Earnings Per Common Share
Earnings per common share amounts are based on the weighted
average number of common shares and common equivalent shares
(stock options) outstanding during the quarter. The
conversion of an Operating Partnership unit to common stock
will have no effect on earnings per common share as unit
holders and stockholders effectively share equally in the
net income of the Operating Partnership.
5. Pro Forma Financial Information
The Company completed an acquisition of the Fairways, a 200-
unit apartment community in Syracuse, New York on March 5,
1996. The pro forma results for the three months ended
March 31, 1996 would not have been materially different if
the property had been acquired on January 1, 1996.
Therefore, no pro forma presentation has been prepared
reflecting this acquisition.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The following discussion is based primarily on the consolidated
financial statements of Home Properties of New York, Inc. as of
March 31, 1996 and 1995 and for the three-month periods then
ended. This information should be read in conjunction with the
accompanying consolidated financial statements and notes thereto.
Liquidity and Capital Resources
The Company's principal liquidity demands are expected to be
distributions to stockholders, capital improvements and repairs
and maintenance for the properties, acquisition of additional
properties, property development and debt repayment.
The Company has an unsecured line of credit of $15 million with
an available balance of $6.7 million at March 31, 1996. The
Company will utilize the available balance to finance property
acquisitions, capital improvements, property development and
other corporate uses. Borrowings under the line of credit bear
interest at 1.9% over the one-month LIBOR rate. Accordingly,
increases in interest rates will increase the Company's interest
expense and as a result will effect the Company's results of
operations and financial condition. The line of credit expires
on August 22, 1996. The Company intends on either renewing the
line for another year or establishing a new line with a different
institution.
In October of 1995, the Company completed three refinancing
transactions which reduced the interest rate and extended the
maturity of such indebtedness. At March 31, 1996, the weighted
average rate of interest on mortgage debt is 7.6% and the
weighted average maturity is 8.4 years. Most of the debt is
fixed rate, with only 9% variable rate debt. This limits the
exposure to changes in interest rates, minimizing the effect on
results of operations and financial condition.
The Company intends to meet its short-term liquidity requirements
through net cash flows provided by operating activities and the
line of credit. The Company considers its ability to generate
cash to continue to be adequate to meet all operating
requirements and make distributions to its stockholders in
accordance with the provisions of the Internal Revenue Code, as
amended, applicable to REITs.
To the extent that the Company does not satisfy its long-term
liquidity requirements through net cash flows provided by
operating activities and the line of credit, it intends to
satisfy such requirements through the use of UPREIT units,
proceeds from the Dividend Reinvestment Plan, or issuing
additional common shares or shares of the Company's preferred
stock. The Company has successfully completed acquisitions using
equity contributions in the form of partnership units totalling
approximately $11 million, and expects to continue to fund its
growth through its UPREIT structure.
Management believes that net cash flows provided by operating
activities and the line of credit will be sufficient to satisfy
the Company's cash requirements for the next one to two years.
<PAGE>
The following table sets forth information regarding the mortgage
indebtedness at March 31, 1996.
<TABLE>
<CAPTION>
Principal
Interest Balance as of
Rate as of Maturity March 31,
Communities Location March 31, 1996 Date 1996 (000's)
- - ----------- -------- -------------- -------- -------------
<S> <C> <C> <C> <C>
Fixed Rate:
Westminster Syracuse, NY 8.50% 07/01/96 $ 3,230
Hamlet Court Rochester, NY 8.25% 05/01/98 1,845
Conifer Court Syracuse, NY 10.53% 11/01/99 417
Perinton, Riverton and Rochester and
Waterfalls Buffalo, NY 6.75% (1) 08/01/00 12,161
Wedgewood Village Columbus, OH 6.00% (2) 07/31/01 6,250
Williamstowne Village Buffalo, NY 7.37% (3) 10/27/02 10,059
Brook Hill Rochester, NY 7.75% 11/01/02 5,072
Garden Village Buffalo, NY 7.75% 11/01/02 4,773
1600 Elmwood Rochester, NY 7.75% 11/01/02 5,569
Village Green Syracuse, NY 7.75% 11/01/02 4,972
Fairview Heights Ithaca, NY 7.71% (4) 11/30/03 4,073
Finger Lakes Manor Rochester, NY 7.71% (4) 11/30/03 4,073
Springcreek/Meadows Rochester, NY 6.75% (5) 08/01/04 3,298
Idylwood Buffalo, NY 8.625% 11/01/05 9,522
Raintree Island Buffalo, NY 8.50% 11/01/06 6,644
Conifer Village Syracuse, NY 7.20% 06/01/10 3,170
Village Green
(Fairways) Syracuse, NY 8.23% 10/01/19 4,634
Raintree Island Buffalo, NY 8.50% 05/01/20 1,230
Harborside Manor Syracuse, NY 8.92% 07/01/27 5,084
--------
96,076
Floating Rate:
Westminster Syracuse Prime +1% 07/01/96 1,300
--------
Subtotal 97,376
Line of Credit:
Unsecured N/A 30 day
LIBOR +1.9% On Demand 8,330
--------
$105,706
========
</TABLE>
(1) Fixed through August 4, 1999, then prime +.5% until
maturity.
(2) Fixed through August 4, 1999, then 5-year T-bill +2% until
maturity.
(3) Fixed through November 1, 2000, then prime +.5% until
maturity.
(4) Fixed through April 30, 2000, then prime +.5% until
maturity.
(5) Fixed through July 31, 1997, then 175 basis points above
three year treasuries.
<PAGE>
Results of Operations
Comparison of three-months ended March 31, 1996 to the same
period in 1995
The Company has 17 apartment communities, one small ancillary
convenience shopping area and a 202 site manufactured home
community which were owned during both the three-month periods
being presented (the "Core Properties"). The Company has
acquired eight apartment communities from April 1, 1995 through
March 31, 1996 (the "Acquired Communities"). The inclusion of
these Acquired Communities generally accounted for the
significant changes in operating results for the three months
ended March 31, 1996.
Of the $2,605,000 increase in rental income, $2,210,000 is
attributable to the Acquired Communities. The balance of this
increase, which is from the Core Properties, was the result of an
increase of 3.6% in weighted average rental rates, plus an
increase in occupancy from 92.5% to 94.3%.
The decrease in property other income is due to the net results
for properties accounted for on the equity method being included
in 1995, where by 1996, the same properties had been purchased
and gross results are included in the consolidated statement of
operations in the appropriate line categories.
Other income increased in 1996 by $528,000. Of this increase,
$345,000 is from development fee income from four low income
housing tax credit properties, $41,000 is from increased interest
income and $125,000 is from a non-recurring construction
management fee.
The equity in the loss from operations of HP Management and
Conifer Realty increased by $136,000. The management and
development activities increased greatly in 1996 with the
addition of Conifer Realty. Much of the development fee income
from low income housing tax credit properties will be earned
later in the year by Conifer Realty. The results for both of the
three month periods is not indicative of the full years' results
because development and construction fees tend to be earned later
in the year, reflecting the seasonal nature of development and
construction.
Of the $1,720,000 increase in operating and maintenance expenses,
$1,383,000 is attributable to the Acquired Communities. The
balance for the Core Properties represents a 9.1% increase over
1995. The main reason for increases at the Core Properties can
be traced to the extraordinary severe winter weather in 1996
resulting in increased utilities and snow removal costs of
$233,000.
General and administrative expenses increased by $106,000, or 42%
from $254,000 in the three months ended March 31, 1995 to
$360,000 in the three months ended March 31, 1996 primarily as a
result of costs associated with new positions added and an
increase in the bonus accrued during 1996 from the incentive
compensation plan.
<PAGE>
Funds From Operations
Management considers funds from operations to be an appropriate
measure of performance of an equity REIT. The National
Association of Real Estate Investment Trusts ("NAREIT") revised
White Paper definition of funds from operations is income (loss)
before gains (losses) from the sale of property and extraordinary
items, before minority interest in the Operating Partnership,
plus real estate depreciation. Management believes that in order
to facilitate a clear understanding of the combined historical
operating results of the Company, funds from operations should be
considered in conjunction with net income as presented in the
consolidated financial statements included elsewhere herein.
Funds from operations does not represent cash generated from
operating activities in accordance with generally accepted
accounting principles and is not necessarily indicative of cash
available to fund cash needs. Funds from operations should not
be considered as an alternative to net income as an indication of
the Company's performance or to cash flow as a measure of
liquidity.
The calculation of funds from operations for the previous five
quarters are presented below. The sub-total labeled "New FFO"
represents funds from operations as calculated under NAREIT's
revised White Paper definition, which definition the Company has
adopted effective January 1, 1996. For comparison purposes, the
presentation calculates funds from operations under NAREIT's
previous definition which included an addback for amortization
and depreciation from non-real property ("Old FFO").
<TABLE>
<CAPTION>
March 31 Dec. 31 Sept. 30 June 30 March 31
1996 1995 1995 1995 1995
-------- ------- -------- ------- --------
<S> <C> <C> <C> <C> <C>
Net income (loss) $ 663 ($ 15) $1,119 $ 925 $ 767
Minority interest 147 ( 1) 126 105 84
Extraordinary item - 1,390 - - -
Depreciation from
real property 1,870 1,738 1,649 1,447 1,406
Depreciation from
real property from
unconsolidated entities 69 41 97 78 69
------ ------ ------ ----- -----
New FFO 2,749 3,153 2,991 2,555 2,326
Depreciation - other 9 8 8 7 7
Depreciation - other, from
unconsolidated entities 18 12 12 12 9
Amortization:
Deferred financing 61 64 92 83 88
Included in interest 84 83 84 84 84
Goodwill 21 - - - -
------ ------ ------ ------ ------
Old FFO $2,942 $3,320 $3,187 $2,741 $2,514
====== ====== ====== ====== ======
Per Share/Unit:
New FFO $.42 $.52 $.50 $.42 $.39
==== ==== ==== ==== ====
Old FFO $.45 $.55 $.53 $.46 $.42
==== ==== ==== ==== ====
</TABLE>
All REITs may not be using the strict White Paper definition for
new FFO. Accordingly, the above presentation may not be
comparable to other similarly titled measures of FFO of other
REITs.
<PAGE>
Inflation
Substantially all of the leases at the communities are for a term
of one year or less, which enables the Company to seek increased
rents upon renewal of existing leases or commencement of new
leases. These short-term leases minimize the potential adverse
effect of inflation on rental income, although residents may
leave without penalty at the end of their lease terms and may do
so if rents are increased significantly.
Declaration of Dividend
On May 7, 1996, the Board of Directors approved a dividend of
$.42 per share for the period from January 1, 1996 to March 31,
1996. This is the equivalent of an annual distribution of $1.68
per share. The dividend is payable May 28, 1996 to shareholders
of record on May 17, 1996.
<PAGE>
PART II - OTHER INFORMATION
HOME PROPERTIES OF NEW YORK, INC.
Item 6. Exhibits and Reports or Form 8-K
(a) Exhibits: There are no exhibits which are filed
with, or incorporated by reference, to this
report.
(b) Reports or Form 8-K:
* Form 8-K/A was filed on March 15, 1996, date of
report January 1, 1996, with respect to providing
financial information on the acquisition of Conifer
Corporation and Subsidiaries and the Conifer
Acquisition Properties.
Financial Statements included:
i) Financial Statements of the business
acquired:
Audited statements of net assets
acquired of Conifer Corporation and Subsidiaries
as of March 31, 1995 and 1994 and the related
statements of acquired operations for the years
then ended.
Audited combined statements of revenues
and certain expenses of the Conifer Acquisition
Properties for the year ended December 31, 1995.
ii) Pro Forma Financial Information:
Pro forma condensed consolidated balance
sheet of the Company as of December 31, 1995 and
related notes (unaudited).
Pro forma consolidated statement of
operations of the Company for the year ended
December 31, 1995 and related notes (unaudited).
<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 thereunto duly authorized.
HOME PROPERTIES OF NEW YORK, INC.
(Registrant)
Date: May 14, 1996
By: /s/ David P. Gardner
----------------------------------
David P. Gardner
Vice President
Chief Financial Officer and Treasurer
Date: May 14, 1996
By: /s/ David P. Gardner
----------------------------------
David P. Gardner
Vice President
Chief Financial Officer and Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
HOME PROPERTIES OF NEW YORK, INC.'S FINANCIAL STATEMENTS CONTAINED IN ITS
MARCH 31, 1996 FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<EXCHANGE-RATE> 1
<CASH> 444
<SECURITIES> 0
<RECEIVABLES> 1,609
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 217,519
<DEPRECIATION> 34,138
<TOTAL-ASSETS> 205,365
<CURRENT-LIABILITIES> 0
<BONDS> 97,376
0
0
<COMMON> 54
<OTHER-SE> 74,171
<TOTAL-LIABILITY-AND-EQUITY> 205,365
<SALES> 0
<TOTAL-REVENUES> 10,540
<CGS> 0
<TOTAL-COSTS> 7,742
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,988
<INCOME-PRETAX> 810
<INCOME-TAX> 0
<INCOME-CONTINUING> 663
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 663
<EPS-PRIMARY> 0.12
<EPS-DILUTED> 0
</TABLE>
