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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported):
April 13, 1998
HOME PROPERTIES OF NEW YORK, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-13136 16-1455126
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation
850 Clinton Square, Rochester, New York 14604
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (716)246-4150
Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
As of April 13, 1998, Home Properties of New York, Inc.
("Home Properties" or "Registrant") entered into an agreement
with the State Treasurer of the State of Michigan, as custodian
for various public employee retirement funds (the "Michigan
Retirement System") whereby the Michigan Retirement System has
agreed to purchase 1,320,755 shares at a price of $26.50 per
share, resulting in aggregate proceeds to the Company of
$35,000,000, less any applicable expenses. The Company has agreed
to sell the Common Stock offered hereby to the Michigan
Retirement System pursuant to the terms of an agreement dated as
of April 13, 1998. The agreement provides for settlement of the
purchase of the Common Stock on April 22, 1998
On April 15, 1998, Home Properties filed with the Securities
and Exchange Commission a Prospectus Supplement, dated April 15,
1998, with respect to the transaction described above,
supplementing the Home Properties Prospectus, dated February 24,
1997, which forms a portion of Home Properties Registration
Statement on Form S-3 (No. 333-02674) covering the Common Stock.
This Report on Form 8-K contains the agreement with the Michigan
Retirement System which is filed as an exhibit to such
Registration Statement.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
a. Financial Statements of Businesses Acquired.
None
bb. Pro Forma Financial Information.
None.
c. Exhibits
99 Additional Exhibits
.1 Agreement, dated as of April 13, 1998, between Home
Properties of New York, Inc. and the Treasurer of the State of
Michigan.
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.
Dated: April 15, 1998
Home Properties of New York, Inc.
By: /s/ Ann M. McCormick
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Ann M. McCormick
Vice President
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Exhibit 99.1
April 13, 1998
By Telecopy and Federal Express
Administrator
Mortgage and Real Estate Division
430 West Allegan
Lansing, MI 48922
Re: Investment in Home Properties of New York, Inc.
Ladies and Gentlemen:
The purpose of this letter is to confirm the agreement by Home
Properties of New York, Inc. ("HME") to sell to the State
Treasurer of the State of Michigan, Custodian of the Michigan
Public School Employees' Retirement System, State Employees'
Retirement System, Michigan State Police Retirement System and
Michigan Judges' Retirement System ("SMRS") 1,320,755 shares of
HME's common stock for a purchase price of $35 million ($26.50
per share).
It is our understanding that SMRS will wire funds in the above
amount to the order of HME on April 22, 1998. Upon receipt of
those funds, HME will issue and deliver to the order of SMRS
1,320,775 fully registered and listed shares of HME's common
stock.
In addition, SMRS has agreed to waive its rights under Sections
7.1 and 7.2 of the Partnership Interest Purchase Agreement, dated
December 23, 1996, to purchase additional shares of common stock
of HME with respect to the next $100 million raised by HME in
Private Offerings and Public Offerings (as defined in that
Agreement) that are closed prior to December 31, 1998.
To confirm the agreement of SMRS to the above, please sign the
enclosed copy of this letter and return it to me by telecopy with
original signatures to follow by overnight mail.
Sincerely,
HOME PROPERTIES OF NEW YORK, INC.
/s/ Norman Leenhouts
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Norman Leenhouts
Chairman
AGREED TO ON BEHALF OF SMRS:
/s/ Alan H. VanNoord
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Alan H. VanNoord
Director - Bureau of Investments
