<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
March 30, 1998
HOME PROPERTIES OF NEW YORK, INC.
(Exact name of Registrant as specified in its Charter)
MARYLAND 1-13136 16-1455126
(State or other jurisdiction (Commission file number) (I.R.S. Employer
of incorporation or organization Identification
Number)
850 CLINTON SQUARE
ROCHESTER, NEW YORK 14604
(Address of principal executive offices)
Registrant's telephone number, including area code: (716) 546-4900
Not applicable
(Former name or former address, if changed since last report)
Consecutive No. Page 1 of
Exhibit Index at Page
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
CURRENT REPORT
ON FORM 8-K
Item 5. Other Events.
PINES OF PERINTON
On March 30, 1998, Home Properties of New York, L.P. (the "Operating
Partnership") and Home Properties of New York, Inc. (the "Company") entered
into various agreements to acquire the equity interests in the Pines of
Perinton Apartments, a 508 unit apartment community located in Perinton, New
York for a total purchase price of approximately $1.5 million to be paid in the
form of limited partnership interests in the Operating Partnership and shares
of the Company's common stock. The Pines of Perinton is subject to mortgage
financing having a principal balance of approximately $9.0 million. The
acquisition is subject to certain conditions and approvals.
BALTIMORE PORTFOLIO
On April 30, 1998, the Operating Partnership acquired all of the partnership
interests in Strawberry Hill Apartment Company, LLLP, Country Village Limited
Partnership, Morningside Six, LLLP, Morningside North Limited Partnership and
Morningside Heights Apartment Company Limited Partnership, all Maryland
entities (the "Seller Partnerships"). The Seller Partnerships owned 1,589
apartment units in and around Baltimore, Maryland. The aggregate purchase price
for the interests was $50,787,000. The purchase price was paid by: (I) the
issuance of 807,339 Units to the former partners of the Seller Partnership
valued at $26.52188 per Unit; (ii) the payment of $4,552,722.53 in cash to the
former partners of the Seller Partnership; and (iii) assumption of existing
financing on the Property.
Approximately $15.6 million of the existing financing was prepaid at closing.
Simultaneously, with the closing the Company entered into financing, secured by
two of the properties in the amount of $20.6 million, which bears interest at
6.99% and matures on May 1, 2013.
The assumed financing consists of two loans: (a) one having a principal
balance of approximately $2,085,000 that bears interest at 8.25% and matures on
May 1, 2007; and (b) one having a principal balance of approximately $6,710,000
that bears interest at 8.385% and matures on August 1, 2006.
The properties have an average age of approximately 25 years and were 92%
occupied at closing.
The Company also acquired a vacant 6.8 parcel of land adjacent to one of the
properties for a cash purchase price of $1.5 million.
None of the above sellers were affiliated with the Operating Partnership, the
Company, any directors or officers of the Company or any affiliates of any such
director or officer.
The properties were previously operated as multifamily apartment properties,
and it is the intent of the Company and the Operating Partnership to continue
to operate them as multifamily apartment communities.
<PAGE>
The purchase prices were negotiated with the sellers and based on an internal
analysis by the Company of the historical cash flows and fair market values of
the properties.
ANNUAL SHAREHOLDERS MEETING.
At their annual meeting held on May 5, 1998, the shareholders of the Company
approved an amendment to the Company's Articles of Incorporation to increase
the number of authorized shares of Common Stock to an aggregate of 50,000,000
shares.
Also at their annual meeting, the shareholders of the Company approved the
issuance of up to 25,000 shares of the Company's Common Stock to directors in
payment of a portion of annual directors' fees and the issuance of up to
500,000 shares of the Company's common stock to directors, officers and key
employees pursuant to the Company's Director, Officer and Employee Stock
Purchase and Loan Plan.
Item 7. Financial Statements and Exhibits.
a. Financial Statements of the business acquired:
Audited statement of revenues and direct operating expenses of Pines
of Perinton for the year ended December 31, 1997.
Audited statement of revenues and certain expenses of the Baltimore
Portfolio for the year ended September 30, 1997.
b. Pro Forma Financial Information:
Pro-forma condensed consolidated balance sheet of the Company as of
March 31, 1998 and related notes (unaudited).
Pro-forma consolidated statement of operations of the Company for
the three months ended March 31, 1998 and for the year ended
December 31, 1997 (unaudited).
Notes to the pro-forma consolidated statement of operations of the
Company for the three months ended March 31, 1998 and for the year
ended December 31, 1997 (unaudited).
c. Exhibits:
Exhibit 5.1 - Form of Contribution Agreement with schedule setting
forth
material details in which documents differ from form
Exhibit 5.2 - Directors' Grant Stock Plan
Exhibit 5.3 - Director, Officer and Employee Stock Purchase and Loan
Plan
Exhibit 23.0 - Consent of Price Waterhouse, LLP
Exhibit 23.1 - Consent of Coopers & Lybrand, LLP
<PAGE>
PINES OF PERINTON
STATEMENT OF REVENUES AND
DIRECT OPERATING EXPENSES
FOR THE YEAR ENDED
DECEMBER 31, 1997
<PAGE>
Report of Independent Accountants
To the Partners of
Perinton Associates
We have audited the accompanying Statement of Revenues and Direct Operating
Expenses of Pines of Perinton for the year ended December 31, 1997. This
statement is the responsibility of the Company's management. Our
responsibility is to express an opinion on this statement based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards required that we plan and perform the audit to
obtain reasonable assurance about whether the statement is free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statement. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the
statement. We believe that our audit provides a reasonable basis for our
opinion.
The accompanying statement was prepared for the purpose of complying with the
rules and regulations of the Securities and Exchange Commission (S-X Rule 3-14)
and excludes certain material expenses, that would not be comparable to those
resulting from the proposed future operations of the property described in Note
2 and is not intended to be a complete presentation of Pines of Perinton's
revenues and expenses.
In our opinion, the statement referred to above presents fairly, in all
material aspects, the revenues and direct operating expenses described in Note
2 of Pines of Perinton for the year ended December 31, 1997, in conformity with
generally accepted accounting principles.
/s/ Price Waterhouse LLP
Price Waterhouse LLP
Chicago, Illinois
May 20, 1998
The accompanying notes are an integral part of this statement.
<PAGE>
PINES OF PERINTON
STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES
DECEMBER 31, 1997
<TABLE>
<CAPTION>
REVENUES
<S> <C>
Rents $2,278,588
Other 39,183
----------
2,317,771
----------
OPERATING EXPENSES
Administrative and rental 104,190
Operating 83,315
Utilities 462,580
Maintenance and repairs 474,865
Real estate taxes (Note 3) 155,209
Property insurance 83,428
Other taxes, interest and insurance 49,483
---------
1,413,070
---------
REVENUES IN EXCESS OF DIRECT OPERATING EXPENSES $ 904,701
===========
</TABLE>
<PAGE>
PINES OF PERINTON
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
1. ORGANIZATION OF LIMITED PARTNERSHIP
Pines of Perinton is a 508-unit apartment project (the Project) in the town of
Fairport, New York. The Project was constructed under the mortgage loan
program of the New York State Urban Development Corporation (UDC) and Section
236 of the National Housing Act.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying statement of revenues and direct operating expenses is not
representative of the actual operations for the year ended December 31, 1997,
because expenses which may not be comparable to the proposed future operations
of Pines of Perinton have been excluded. Revenues excluded consist of proceeds
from insurance claims and interest income. Expenses excluded consist of
management fees, mortgage interest, depreciation and amortization, and other
costs not directly related to future operations.
USE OF ESTIMATES
The accounting policies described below are in conformity with generally
accepted accounting principles, and have been consistently applied in all
material aspects. The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
3. REAL ESTATE TAXES
The Partnership is engaged in a dispute with the New York State Division of
Housing and Community Renewal (DHCR) with respect to the Partnership's
calculation of shelter rent tax. Shelter rent is paid in lieu of local and
municipal real estate taxes pursuant to Section 125 of Article 5 of the Private
Housing Financing Law of the State of New York. The Partnership has
determined, based upon the advice of its legal counsel, that tenant rent
subsidies the Partnership receives from the U.S. Department of Housing and
Urban Development can be excluded from the tax calculation. The DHCR, in its
capacity as the regulatory agency supervising the Partnership's operating
activities, has asserted that the law requires the Partnership to include
tenant rent subsidies in the shelter rent tax calculation. Until such time as
the aforementioned disagreement is resolved, the DHCR has advised the
Partnership that it has the authority to exercise certain rights granted to it
under the regulatory agreement, including removal of the General Partner's
board of directors and denial of future partnership requests for tenant rent
increases, if the Partnership fails to disclose the existence of this dispute
in its financial statements. The Partnership and its legal counsel continue to
believe the Partnership is exempt from any requirement to include tenant rent
subsidies in its calculation of shelter rent tax, but have acquiesced to the
DHCR regarding financial statement disclosure of their dispute.
- 2 -
<PAGE>
Baltimore Portfolio
_____
Statement of Revenues and Certain Expenses
September 30, 1997
<PAGE>
Report of Independent Accountants
To the Board of Directors and Stockholders of
Home Properties of New York, Inc.
We have audited the accompanying statement of revenues and certain
expenses, as defined in Note 1, of the Baltimore Portfolio for the year
ended September 30, 1997. The statement of revenues and certain expenses
is the responsibility of the Baltimore Portfolio's management. Our
responsibility is to express an opinion on the statement of revenues and
certain expenses based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the statement of revenues and
certain expenses is free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the statement of revenues and certain expenses. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the statement
of revenues and certain expenses. We believe that our audit provides a
reasonable basis for our opinion.
The accompanying statement of revenues and certain expenses was prepared
for the purpose of complying with the rules and regulations of the
Securities and Exchange Commission, as described in Note 1, and is not
intended to be a complete presentation of the Baltimore Portfolio's
revenues and expenses.
In our opinion, the statement of revenues and certain expenses referred to
above presents fairly, in all material respects, the revenues and certain
expenses, as defined in Note 1, of the Baltimore Portfolio for the year
ended September 30, 1997, in conformity with generally accepted accounting
principles.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
Rochester, New York
May 15, 1998
<PAGE>
Baltimore Portfolio
Statement of Revenues and Certain Expenses
(In Thousands)
Period October 1, 1997
through
March 31, 1998 Year Ended
(unaudited) September 30, 1997
Revenues:
Rental income $ 4,745 $ 9,322
Other income 225 442
4,970 9,764
Certain expenses:
Property operating
and maintenance 1,694 3,870
Real estate taxes 318 634
2,012 4,504
Revenues in excess of
certain expenses $ 2,958 $ 5,260
The accompanying note is an integral part of the financial statement.
<PAGE>
1. Basis of Presentation and Summary of Significant Accounting
Policies
Business
The accompanying statement of revenues and certain expenses includes the
operations (see "Basis of Presentation" below) of the Baltimore Portfolio,
four residential properties owned and managed by common parties not related
to Home Properties of New York, Inc. (the "Company").
On April 30, 1998, the Company, through its subsidiary Home Properties of
New York, L.P., acquired 100% of the real estate of the Baltimore
Portfolio, 1,589 apartment units located in four communities in suburban
markets of Baltimore, Maryland.
Basis of Presentation
The accompanying financial statement is not representative of the actual
operations of the Baltimore Portfolio for the period shown. As required by
the Securities and Exchange Commission Regulation S-X, Rule 3-14, certain
expenses have been excluded which may not be comparable to the proposed
future operations of the Baltimore Portfolio. Expenses excluded relate to
property management fees, interest expense, depreciation and amortization
expense and other expenses not directly related to the future operations of
the Baltimore Portfolio. The Company is not aware of any material factors
relating to the Baltimore Portfolio that would cause the reported financial
information not to be necessarily indicative of future operating results.
Revenue Recognition
Rental income attributable to residential leases is recorded when due from
residents. Leases are generally for terms of one year.
Interim Unaudited Financial Statement
The accompanying interim unaudited statement of revenues and certain
expenses for the period from October 1, 1997 through March 31, 1998 has
been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission described above. The results of operations of such
interim period are not necessarily indicative of the results for the full
year.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 1998
(Unaudited, In Thousands)
This unaudited pro forma Condensed Consolidated Balance Sheet is presented as
if the Company had purchased the Pines of Perinton and the Baltimore Portfolio
on March 31, 1998. This unaudited pro forma Condensed Consolidated Balance
Sheet should be read in conjunction with the Statement of Revenues and Direct
Operating Expenses of the Pines of Perinton and the Statement of Revenues and
Certain Expenses of the Baltimore Portfolio and notes thereto included
elsewhere herein. In management's opinion, all adjustments necessary to
reflect the purchase of the Pines of Perinton and the Baltimore Portfolio have
been made.
<TABLE>
<CAPTION>
Home
Properties
of New York, ProForma
Inc. Pines of Baltimore Adjustments Company
(A) PERINTON (B) PORTFOLIO (C) (D) PRO FORMA
<S> <C> <C> <C> <C> <C>
ASSETS
Real estate, net $548,169 $2,842 $ 7,361 $52,088 (E) $610,460
Cash and cash equivalents 2,821 2,821
Other assets 67,100 1,588 404 (1,380)(F) 67,712
Total Assets $618,090 $4,430 $ 7,765 $50,708 $680,993
LIABILITIES
Mortgage notes payable $217,376 $8,996 $24,433 $ 4,962(G) $255,767
Line of credit 22,250 1,396(H) 23,646
Other liabilities 15,936 15,936
Total Liabilities 255,562 8,996 24,433 6,358 295,349
Minority interest 187,841 23,116(D) 210,957
STOCKHOLDERS' EQUITY
Common stock 104 104
Additional paid-in capital 200,759 200,759
Accumulated deficit ( 21,302) (4,566) (16,668) 21,234(I) (21,302)
Treasury stock, at cost ( 426) (426)
Officer and Director notes for
stock purchases ( 4,448) (4,448)
Total stockholders' equity 174,687 (4,566) (16,668) 21,234 174,687
Total liabilities and
stockholders' equity $618,090 $4,430 $ 7,765 $50,708 $680,993
</TABLE>
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 1998
(Unaudited, in Thousands)
(A) Reflects the Company's historical consolidated balance sheet as of March
31, 1998 as reported on Form 10-Q.
(B) Reflects the Pines of Perinton historical balance sheet as of March 31,
1998 for the assets/liabilities proposed to be acquired by the Company.
(C) Reflects the Baltimore Portfolio historical balance sheet as of March 31,
1998 for the assets/liabilities acquired by the Company.
(D) The pro forma adjustments reflect the proposed purchase of the Pines of
Perinton and the actual purchase of the Baltimore Portfolio on April 30,
1998. The allocation of the purchase price is as follows:
<TABLE>
<CAPTION>
Appliances Other Assets/ (1)
LAND BUILDING & EQUIPMENT LIABILITIES TOTAL
<S> <C> <C> <C> <C> <C>
Pines of Perinton 1,070 7,534 508 1,588 10,700
Baltimore Portfolio 9,961 41,629 1,589 404 53,583
11,031 49,163 2,097 1,992 64,283
</TABLE>
The appliances and equipment have an estimated useful life of ten years and
the buildings have an estimated useful life of thirty-five years.
(1) The total purchase price was funded as follows:
<TABLE>
<CAPTION>
New
Mortgages Mortgage Issuance of
TOTAL Assumed NOTE O.P. UNITS NET
<S> <C> <C> <C> <C> <C>
Pines of Perinton 10,700 ( 8,996) - ( 1,704)(2) -
Baltimore Portfolio 53,583 ( 8,795) (20,600) (21,412)(3) 2,776
64,283 (17,791) (20,600) (23,116) 2,776
</TABLE>
(2) Represents the issuance of 63,111 Operating Partnership Units,
recorded as Minority Interest.
(3) Represents the issuance of 807,339 Operating Partnership Units valued at
$26.52188 per Unit. This amount is recorded as Minority Interest.
(E) Reflects the excess of the purchase price of $62,291 over the historical
seller's combined cost basis of $10,203.
(F) Reflects the loan acquisition costs of $52 from the new mortgage debt
recorded as other assets, net of $1,432 of deposits previously paid and
included in other assets as of March 31, 1998.
(G) Reflects the $15,638 of mortgage notes paid off upon closing, net of the
$20,600 proceeds from the new mortgage note received relative to the
Baltimore Portfolio.
(H) Represents the net purchase paid in cash of $2,776 plus the $52 of loan
acquisition costs, net of previous deposits of $1,432, funded by the
Company's unsecured line of credit.
(I) Represents historical seller's combined capital accounts zeroed out.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998
(Unaudited, in Thousands, Except Share and Per Share Data)
The unaudited pro forma Consolidated Statement of Operations for the three
months ended March 31, 1998 and for the year ended December 31, 1997 is
presented as if the acquisitions of the Pines of Perinton and the Baltimore
Portfolio had occurred on January 1, 1997. The unaudited pro forma
Consolidated Statement of Operations should be read in conjunction with the
Statements of Revenues and Direct Operating Expenses of the Pines of Perinton
and the Statement of Revenues and Certain Expenses of the Baltimore Portfolio
and notes thereto included elsewhere herein. In management's opinion, all
adjustments necessary to reflect the effects of the purchase of the Pines of
Perinton and the Baltimore Portfolio have been made.
The unaudited pro forma Consolidated Statement of Operations is not necessarily
indicative of what the actual results of operations would have been assuming
the transactions had occurred as of the beginning of the period presented, nor
does it purport to represent the results of operations for future periods.
<TABLE>
<CAPTION>
FOR THE THREE MONTHS ENDED MARCH 31, 1998
Home
Properties of
New York, Inc.
Historical Pines of Baltimore Pro Forma Company
(A) Perinton Portfolio ADJMNT. Pro
(B) (C) FORMA
<S> <C> <C> <C> <C> <C>
Revenues:
Rental Income $25,094 $571 $2,363 $28,028
Property other income 502 26 112 640
Interest income 914 28 942
Other income 263 263
Total revenues 26,773 625 2,475 29,873
Expenses:
Operating and maintenance 12,140 407 1,006 13,553
General and administrative 1,209 93 (D) 1,302
Interest 4,398 759 (E) 5,157
Depreciation and amortization 4,079 404 (F) 4,483
Total Expenses 21,826 407 1,006 1,256 24,495
Income before minority
interest $ 4,947 $218 $1,469 ($1,256) 5,378
Minority interest of unit
holders 2,507
Net income $2,871
Basic earnings per share data:
Net income $0.30
Weighted average shares outstanding 9,702,975
Diluted earnings per share data:
Net income $0.29
Weighted average shares outstanding 9,900,451
</TABLE>
HOME PROPERTIES OF NEW YORK, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
(Unaudited, in Thousands, Except Share and Per Share Data)
<TABLE>
<CAPTION>
FOR THE YEAR ENDED DECEMBER, 1997
Home
Properties of
New York, Inc. Pines of Baltimore Pro
Historical Perinton Portfolio Forma Company PRO
(A) (B) (C) ADJMT. FORMA
<S> <C> <C> <C> <C> <C>
Revenues:
Rental Income $64,002 $2,279 $9,322 $75,603
Property other income 2,222 39 442 2,703
Other income 3,473 3,473
Total revenues 69,697 2,318 9,764 81,779
Expenses:
Operating and maintenance 31,317 1,413 4,504 37,234
General and administrative 2,255 362 (D) 2,617
Interest 11,967 3,034 (E) 15,001
Deprecation and amortization 11,200 1,614 (F) 12,814
Total expenses 56,739 1,413 4,504 5,010 67,666
Income before loss on
disposition of property,
minority interest and
extraordinary item 12,958 905 5,260 (5,010) 14,113
Loss on disposition of property 1,283 1,283
Income before minority interest
and extraordinary item 11,675 905 5,260 (5,010) 12,830
Minority interest 5,059
Income before extraordinary item 7,771
Extraordinary item, net (1,074)
Net income $6,697
Basic earnings per share data:
Income before extraordinary item $1.05
Extraordinary item (0.15)
Net income $0.90
Weighted avg. shares outstanding 7,415,888
Diluted earnings per share data:
Income before extraordinary item $1.03
Extraordinary item (0.14)
Net income $0.89
Weighted avg. shares outstanding 7,558,167
</TABLE>
<PAGE>
HOME PROPERTIES OF NEW YROK, INC.
NOTES TO PRO FORMA CONSOLIDATED STAEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND
FOR THE YEAR ENDED DECEMBER 31, 1997
(Unaudited, in Thousands)
(A) Reflects the historical consolidated statement of operations for the
Company for the three months ended March 31, 1998 and the historical
consolidated statement of operations for the Company for the year ended
December 31, 1997.
(B) Reflects the historical revenues and direct operating expenses of the Pines
of Perinton which was not owned by the Company for the period presented.
(C) Reflects the historical revenues and certain expenses of the Baltimore
Portfolio which was not owned by the Company for the periods presented.
(D) Reflects additional general and administrative expenses estimated at 3% of
gross revenues.
(E) Reflects the increase related to debt borrowed to finance the acquisitions.
The interest is calculated as follows:
<TABLE>
<CAPTION>
Principal INTEREST
Amortizing mortgage: BALANCE 3 MOS. 12 MOS.
<S> <C> <C> <C>
BALTIMORE PORTFOLIO $ 8,795 $184 $ 734
Assumed Mortgages at 8.35%
New mortgage at 6.99% 20,600 360 1,440
PINES OF PERINTON 8,996 191 765
(Assumed Mortgage at 8.5%
LINE OF CREDIT at 6.8% 1,396 24 95
$39,787 $759 $3,034
</TABLE>
(F) Reflects depreciation related to the acquisitions. See Note D to the
pro forma condensed consolidated balance sheet for further information on
useful lives of these assets.
<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 22, 1998
By: /S/ DAVID P. GARDNER
David P. Gardner
Vice President
Chief Financial Officer and
Treasurer
Date: May 22, 1998
By: /S/ NORMAN LEENHOUTS
Norman Leenhouts
Chairman of the Board of Directors
Co-Chief Executive Officer and Director
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
EXHIBIT INDEX
LOCATION
Exhibit 5.1 - Form of Contribution Agreement with
schedule setting forth material details in which documents
differ from form Pages ____ to _____
Exhibit 5.2 - Directors' Grant Stock Plan Pages ____ to ______
Exhibit 5.3 - Director, Officer and Employee
Stock Purchase and Loan Program Pages _____ to _____
Exhibit 23.0 - Consent of Price Waterhouse, LLP Pages _____ to _____
Exhibit 23.1 - Consent of Coopers & Lybrand, LLP Pages _____ to _____
<PAGE>
Exhibit 5.1
Form of Contribution Agreement with schedule
setting forth material details in which documents
differ from form
<PAGE>
Exhibit 5.2
Directors' Grant Stock Plan
<PAGE>
Exhibit 5.3
Director, Officer and Employee Stock Purchase
and Loan Program
<PAGE>
Exhibit 23.0
CONSENT OF INDEPENDENT CONSULTANTS
We consent to the incorporation by reference in the Registration Statements on
Forms S-3 (Nos. 333-37437, 333-37229, 333-30835, 333-13723, 333-43303, 333-
46243, 333-2672, 333-2674 and 333-52601) and on Forms S-8 (Nos. 333-05705 and
333-12551) filed by Home Properties of New York, Inc. of our report dated May
20, 1998 on our audit of the Statement of Revenues and Direct Operating
Expenses of Pines of Perinton for the year ended December 31, 1997, which
report is included in the accompanying Form 8-K. We also consent to the
reference to our firm under the caption "Experts".
/s/ Price Waterhouse, LLP
Price Waterhouse, LLP
Chicago, Illinois
May 20, 1998
<PAGE>
Exhibit 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statements
on Forms S-3 (Nos. 333-37437, 333-37229, 333-30835, 333-13723, 333-43303,
333-46243, 333-2672, 333-2674, 333-49781 and 333-52601) and on Forms S-8
(Nos. 333-05705 and 333-12551) filed by Home Properties of New York, Inc.
of our report dated May 15, 1998, on our audit of The Acquisition Portfolio
for the year ended December 31, 1997, which report is included in the
accompanying Form 8-K. We also consent to the reference to our firm under
the caption "Experts".
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
Rochester, New York
May 22, 1998
