SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Amendment No. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 18, 1999
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)
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
AMENDMENT NO. 1 TO
CURRENT REPORT
ON FORM 8-K/A
Home Properties of New York, Inc. hereby amends items 2, 5 and 7 of its Current
Report on Form 8-K, which was filed on October 5, 1999, as set forth in the
pages attached hereto:
Items 2 and 5. Acquisition of Assets.
Financial Statements for the Ridley Portfolio and the Colony Apartments
purchased on July 29, 1999 and September 1, 1999, respectively, are presented
in Item 7.
Item 7. Financial Statements and Exhibits.
Financial Statements of the business acquired:
Audited statement of revenues and certain expenses of the Ridley Portfolio for
the year ended December 31, 1998.
Audited statement of revenues and certain expenses of the Colony Apartments for
the year ended December 31, 1998.
Pro Forma Financial Information:
Pro forma condensed consolidated balance sheet of the Company as of June 30,
1999 and related notes (unaudited).
Pro forma consolidated statement of operations of the Company for the six
months ended June 30, 1999 and for the year ended December 31, 1998
(unaudited).
Notes to the pro forma consolidated statement of operations of the Company for
the six months ended June 30, 1999 and for the year ended December 31, 1998
(unaudited).
Exhibit 23.0 - Consent of PricewaterhouseCoopers, LLP
Exhibit 23.1 - Consent of PricewaterhouseCoopers, LLP
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Home Properties of New York, Inc.
In our opinion, the accompanying statement of revenues and certain expenses, as
defined in Note 1, present fairly, in all material respects, the revenues and
certain expenses, as defined in Note 1, of The Ridley Portfolio for the year
ended December 31, 1998 in conformity with generally accepted accounting
principles. The statement of revenues and certain expenses is the
responsibility of The Ridley Portfolio's management; our responsibility is to
express an opinion on this financial statement based on our audit. We
conducted our audit of the statement of revenues and certain expenses in
accordance with generally accepted auditing standards, which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statement is free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statement, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for the opinion expressed above.
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 Ridley Portfolio's revenues and expenses.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
October 26, 1999
<PAGE>
THE RIDLEY PORTFOLIO
Statement of Revenues and Certain Expenses
(IN THOUSANDS)
For the Period January 1,
through June 30, 1999 For the Year Ended
(UNAUDITED) December 31, 1998
------------------------- -----------------
Revenues:
Rental income $2,858 $5,751
Other income 91 189
------ ------
2,949 5,940
------ ------
Certain expenses:
Property operating and
maintenance 1,005 2,029
Real estate taxes 309 601
------ ------
1,314 2,630
------ ------
Revenues in excess of
certain expenses $1,635 $3,310
====== ======
The accompanying note is an integral part of the financial statement.
<PAGE>
THE RIDLEY PORTFOLIO
Note to Statement of Revenues and Certain Expenses
(IN THOUSANDS)
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 Ridley Portfolio, 4
residential properties owned and managed by common parties not related to Home
Properties of New York, Inc. (the "Company").
On July 28, 1999, the Company, through its subsidiary Home Properties of New
York, L.P., acquired 100% of the real estate of The Ridley Portfolio, 825
apartment units located in 4 communities. The properties are primarily located
in suburban markets of Philadelphia, Pennsylvania.
The acquisition was funded through a mortgage note given to the seller in the
amount of $15.8 million, $8.6 million in cash and the issuance of Operating
Partnership Units in Home Properties of New York, L.P. valued at approximately
$7.9 million. The mortgage carries an interest rate of 8.0% and a maturity of
10 years.
BASIS OF PRESENTATION
The accompanying financial statement has been prepared on the accrual basis of
accounting, but is not representative of the actual operations of The Ridley
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 Ridley
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 Ridley Portfolio. The Company is not
aware of any material factors relating to The Ridley 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 January 1 through June 30, 1999 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>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
Home Properties of New York, Inc.
In our opinion, the accompanying statement of revenues and certain expenses, as
defined in Note 1, present fairly, in all material respects, the revenues and
certain expenses, as defined in Note 1, of The Colony Apartments for the year
ended December 31, 1998 in conformity with generally accepted accounting
principles. The statement of revenues and certain expenses is the
responsibility of The Colony Apartments' management; our responsibility is to
express an opinion on this financial statement based on our audit. We
conducted our audit of the statement of revenues and certain expenses in
accordance with generally accepted auditing standards, which require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statement is free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statement, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for the opinion expressed above.
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 Colony Apartments' revenues and expenses.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
November 2, 1999
<PAGE>
THE COLONY APARTMENTS
STATEMENT OF REVENUES AND CERTAIN EXPENSES
(IN THOUSANDS)
For the Period January 1,
through June 30, 1999 For the Year Ended
(UNAUDITED) December 31, 1998
------------------------- ------------------
Revenues:
Rental income $3,365 $6,594
Other income 166 230
----- -----
3,531 6,824
----- -----
Certain expenses:
Property operating and
maintenance 770 1,512
Real estate taxes 733 1,371
----- -----
1,503 2,883
----- -----
Revenues in excess of
certain expenses $2,028 $3,941
===== =====
The accompanying note is an integral part of the financial statement.
<PAGE>
THE COLONY APARTMENTS
NOTE TO STATEMENT OF REVENUES AND CERTAIN EXPENSES
(IN THOUSANDS)
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 Colony Apartments, a
residential property owned and managed by a common party not related to Home
Properties of New York, Inc. (the "Company").
On September 1, 1999, the Company, through its subsidiary Home Properties of
New York, L.P., acquired 100% of the real estate of The Colony Apartments, 783
apartment units located in one community. The property is located in a suburb
of Chicago, Illinois.
The acquisition was funded through the assumption of a mortgage in the amount
of $16.3 million, and $25.5 million in cash. The mortgage carries an interest
rate of 7.6% and matures in 2002.
Basis of Presentation
The accompanying financial statement has been prepared on the accrual basis of
accounting, but is not representative of the actual operations of The Colony
Apartments 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 Colony
Apartments. 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 Colony Apartments. The Company is not
aware of any material factors relating to The Colony Apartments 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 January 1 through June 30, 1999 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
JUNE 30, 1999
(Unaudited, In Thousands)
This unaudited pro forma Condensed Consolidated Balance Sheet is presented as
if the Company had purchased the Ridley Portfolio, the Colony Apartments and
the Maple Lane Apartments on June 30, 1999. This unaudited pro forma Condensed
Consolidated Balance Sheet should be read in conjunction with the Statement of
Revenues and Certain Expenses of the Ridley Portfolio and the Colony Apartments
and notes thereto included elsewhere herein. In management's opinion, all
adjustments necessary to reflect the purchase of the Ridley Portfolio, the
Colony Apartments and Maple Lane Apartments have been made.
<TABLE>
<CAPTION>
As of June 30, 1999
Home
Properties
of New York, Ridley Colony Maple ProForma Company
Inc. (A) Portfolio (B) Apartments (B) Lane (B) Adjust. (C) Pro Forma
------------ ------------- -------------- --------- ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Real estate, net $911,617 $4,266 $11,835 $9,808 $65,368(D) $1,002,894
Cash and cash
equivalents 48,188 (39,514) 8,674
Other assets 92,283 495 - - - 92,778
------- ------ ------ ----- ------- ---------
Total Assets $1,052,088 $4,761 $11,835 $9,808 $25,854 $1,104,346
========= ====== ====== ===== ======= =========
LIABILITIES
Mortgage notes
payable $432,852 $16,309 $12,324 $15,750(E) $477,235
Line of credit - -
Other liabilities 24,017 24,017
------- ------ ------ ------ ------ ---------
Total Liabilities 456,869 16,309 12,324 15,750 501,252
------- ------ ------ ------ ------ ---------
Minority interest 207,166 7,875(F) 215,041
------- ------ ------ ------ ------ ---------
STOCKHOLDERS' EQUITY
Common stock 189 189
Additional paid-in
capital 430,793 430,793
Accumulated deficit (33,122) 4,761 (4,474) (2,516) 2,229(G) (33,122)
Officer and Director
notes for stock
purchases (9,807) (9,807)
------- ----- ----- ----- ----- -------
Total stockholders'
equity 388,053 4,761 (4,474) (2,516) 2,229 388,053
------- ----- ----- ----- ----- -------
Total liabilities and
stockholders'
equity $1,052,088 $4,761 $11,835 $9,808 $25,854 $1,104,346
========== ====== ======= ====== ======= ==========
</TABLE>
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 1999
(Unaudited, in Thousands)
(A) Reflects the Company's historical unaudited consolidated balance sheet as
of June 30, 1999 as reported on Form 10-Q.
The Company's historical unaudited consolidated balance sheet includes the
balance sheet of The Manor Apartments (acquired February 18, 1999), Ridgeway
Court (acquired February 22, 1999), Springwell Park (acquired April 7, 1999)
and Sherwood Gardens (acquired May 27, 1999). The acquisitions were recorded
as follows:
<TABLE>
<CAPTION>
Appliances Mortgages
Land Building & Equipment Assumed Total(1)
-------- -------- ----------- --------- --------
<S> <C> <C> <C> <C> <C>
The Manor Apartments 1,386 5,516 198 - (7,100)
Ridgeway Court 330 1,754 66 (1,225) (925)
Springwell Park 1,515 16,537 303 (11,737) (6,618)(2)
Sherwood Gardens 309 3,688 103 (3,100) (1,000)
------ ------ ---- ------ ------
Total 3,540 27,495 670 (16,062) (15,643)
====== ====== ==== ====== ======
</TABLE>
(1) Funded with excess cash and the Company's line of credit.
(2) Includes the issuance of 154,205 shares of operating units at a price of
$25 and excess cash of $2,763.
(A) Reflects the Ridley Portfolio (acquired July 29, 1999), the Colony
Apartments (acquired September 1, 1999) and Maple Lane Apartments
(acquired July 9, 1999), historical balance sheets as of June 30, 1999
for the assets/liabilities acquired by the Company.
(B) The pro forma adjustments reflect the purchase of the Ridley Portfolio,
Colony Apartments and Maple Lane. The purchase price was allocated as
follows:
Appliances
Land Building & Equipment Other Assets Total
-------- ---------- ----------- ------------ ---------
Ridley Portfolio $6,630 $24,400 $829 $495 $32,354
Colony Apartments 7,830 33,273 783 - 41,886
Maple Lane 2,574 14,262 696 17,532
------ ------ --- ----- ------
Total $17,034 $71,935 $2,308 $495 $91,772
====== ====== ===== ===== ======
The appliances and equipment have an estimated useful life of ten years and
the building has an estimated useful life of thirty-five years.
(D) Reflects the excess of the cash purchase price of $91,772 over the
historical seller's cost basis of $26,404.
(E) Represents a mortgage note payable due to the seller of the Ridley
Portfolio with an interest rate of 8% and a 10 year maturity.
(F) Reflects the issuance of 328,125 shares of operating units at a price
of $24 for the Ridley Portfolio.
(G) Represents the elimination of the seller's historical capital account.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999
(Unaudited, in Thousands, Except Share and Per Share Data)
The unaudited pro forma Consolidated Statement of Operations for the six months
ended June 30, 1999 and for the year ended December 31, 1998 is presented as if
the acquisitions of the Ridley Portfolio, the Colony Apartments, the Manor
Apartments, Ridgeway Court, Springwell Park, Sherwood Gardens and Maple Lane
Apartments had occurred on January 1, 1998. The unaudited pro forma
Consolidated Statement of Operations should be read in conjunction with the
Statements of Revenues Certain Expenses of the Ridley Portfolio and the Colony
Apartments and notes thereto included elsewhere herein. In management's
opinion, all adjustments necessary to reflect the effects of the purchase of
the Ridley Portfolio, the Colony Apartments, the Manor Apartments, Ridgeway
Court, Springwell Park, Sherwood Gardens and Maple Lane Apartments have been
made.
The unaudited pro forma Consolidated Statement of Operations for the six months
ended June 30, 1999 and for the year ended December 31, 1998 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 Six Months Ended June 30, 1999
--------------------------------------
Home Other
Properties of Ridley Acquired Pro Company
New York, Inc. Portfolio Colony Properties Forma Pro
Historical(A) (B) Apts. (C) (D) Adjmnt. Forma
------------- --------- --------- ---------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Rental Income $89,374 $2,858 $3,365 $2,625 $98,222
Property other income 2,689 91 166 132 3,078
Interest and Dividend
Income 3,812 (659)(E) 3,153
Other income 1,548 1,548
------ ----- ----- ----- ------- -------
Total revenues 97,423 2,949 3,531 2,757 (659) 106,001
------ ----- ----- ----- ------- -------
Expenses:
Operating and
maintenance 40,963 1,314 1,503 1,009 44,789
General and
administrative 4,327 277 (F) 4,604
Interest 15,676 2,004 (G) 17,680
Depreciation and
amortization 15,860 1,335 (H) 17,195
Loss on available-for-
sale securities 2,123 2,123
------ ------ ------ ------ -------- ------
Total Expenses 78,949 1,314 1,503 1,009 3,616 86,391
------ ------ ----- ----- -------- ------
Income before gain on
disposition of
property and minority
interest 18,474 1,635 2,028 1,748 ($4,275) 19,610
Gain on disposition of
property 457 457
------ ----- ----- ----- --------- ------
Income before minority
interest $18,931 $1,635 $2,028 $1,748 ($4,275) 20,067
======= ====== ===== ====== =======
Minority interest of
Unit holders 7,270
-------
Net income $12,797
=======
Net income per common share
-basic $0.70
=======
- diluted $0.70
=======
Weighted average number of
shares outstanding - basic 18,159,499
==========
- diluted 18,252,321
==========
</TABLE>
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
(Unaudited, in Thousands, Except Share and Per Share Data)
<TABLE>
<CAPTION>
For the Year Ended December 31, 1998
------------------------------------
Home
Properties
of New Other
York, Inc. Ridley Colony Acquired Pro Company
Historical Portfolio Apts. Properties Forma Pro
(A) (B) (C) (D) Adjmt. Forma
---------- --------- ------- ---------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Rental Income $137,557 $5,751 $6,594 $8,262 $158,164
Property other
income 3,614 189 230 352 4,385
Interest and
dividend income 5,102 (1,536)(E) 3,566
Other income 2,970 2,970
------- ------ ----- ----- ------- --------
Total revenues 149,243 5,940 6,824 8,614 (1,536) 169,085
------- ------ ----- ----- ------- --------
Expenses:
Operating and
maintenance 63,136 2,630 2,883 2,980 71,629
General and
administrative 6,685 641 (F) 7,326
Interest 23,980 4,537 (G) 28,517
Deprecation and
amortization 23,191 3,118 (H) 26,309
------- ------- ------ ------ ------ ------
Total expenses 116,992 2,630 2,883 2,980 8,296 133,781
------- ------- ------ ------ ------ -------
Income before
minority interest
and extraordinary
item $32,251 $3,310 $3,941 $5,634 ($9,832) $35,304
======= ===== ===== ===== ======
Minority interest 14,295
-------
Income before
extraordinary item 21,009
Extraordinary item (925)
------
Net income $20,084
======
Net income per
common share
- Basic $1.45
======
- Diluted $1.43
======
Weighted average number
of shares outstanding
- Basic 13,898,221
==========
- Diluted 14,022,329
==========
</TABLE>
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1999 AND
FOR THE YEAR ENDED DECEMBER 31, 1998
(Unaudited, in Thousands)
(A) Reflects the historical unaudited consolidated statement of operations
for the Company for the six months ended June 30, 1999 and the historical
consolidated statement of operations for the Company for the year ended
December 31, 1998.
(B) Reflects the historical revenues and certain expenses of the Ridley
Portfolio which were not owned by the Company for the year ended December
31, 1998 and for the period prior to their acquisition in 1999.
(C) Reflects the historical revenues and certain expenses of the Colony
Apartments which was not owned by the Company for the year ended December
31, 1998 and for the period prior to their acquisition in 1999.
(D) Reflects the combined historical revenues and certain expenses of the Manor
Apartments, Ridgeway Court, Springwell Park, Sherwood Gardens and Maple
Lane Apartments which were not owned by the Company for the year ended
December 31, 1998 and for the period prior to their acquisition in 1999.
(E) Reflects the reduction in interest income calculated at 3% of excess cash
used to finance the acquisitions as follows:
Interest
---------------------------------
Cash Balance 12 mos. 6 mos.
----------- ------- -------
The Manor (for the period
1/1/99-2/18/99) $7,100 $213 $28
Ridgeway (for the period
1/1/99-2/22/99) 1,010 30 4
Springwells (for the period
1/1/99-4/7/99) 2,763 83 22
Sherwood Gardens (for the
period 1/1/99-5/27/99) 1,000 30 12
Maple Lane (for the period
1/1/99-6/30/99) 5,208 156 78
Ridley (for the period
1/1/99-6/30/99) 8,729 262 131
The Colony (for the period
1/1/99-6/30/99) 25,577 762 384
------ ----- -----
$51,387 $1,536 $ 659
====== ===== =====
(F) Reflects additional general and administrative expenses.
(G) Reflects the increase in interest related to debt assumed to finance the
acquisitions. The interest is calculated as follows:
Interest
------------------------
Amortizing mortgage: Principal Balance 12 mos. 6 mos.
----------------- ------- ------
Ridgeway at 8.38% (for
the period 1/1/99-2/22/99) $1,225 $103 $15
Springwells at 8.00%(for
the period 1/1/99-4/7/99) 11,737 939 253
Sherwood Gardens at 6.98% (for
the period 1/1/99-5/27/99) 3,100 216 88
Maple Lane at 7.20% 5,989 431 217
Maple Lane at 5.50% (for the
period 1/1/99-6/30/99) 6,335 348 175
Ridley at 8.00% (for the period
1/1/99-6/30/99) 15,750 1,260 633
The Colony at 7.60% (for the
period 1/1/99-6/30/99) 16,309 1,240 623
------ ----- ----
$60,445 $4,537 $2,004
====== ===== =====
The historical consolidated statement of operations for the Company for the
year ended December 31, 1998 needs twelve months worth of
interest on each loan associated with the acquisition.
(H) Reflects depreciation and amortization related to the acquisition. See
Note C on page 10 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: November 12, 1999
By: /s/ David P. Gardner
-----------------------------
David P. Gardner
Vice President
Chief Financial Officer and
Treasurer
Date: November 12, 1999
By: /s/ David P. Gardner
-------------------------------
David P. Gardner
Vice President
Chief Financial Officer and
Treasurer
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
EXHIBIT INDEX
Exhibit 23.0 - Consent of PricewaterhouseCoopers, LLP
Exhibit 23.1 - Consent of PricewaterhouseCoopers, LLP
EXHIBIT 23.0
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statements on
Forms S-3 (Nos. 33-96004, 333-37229, 333-46243, 333-2672, 333-2674, 333-58799,
333-67733, 333-64069, 333-52601 and 333-75253) and on Forms S-8 (Nos. 333-
05705, 333-12551, 333-58801, 333-60731 and 333-89631) filed by Home Properties
of New York, Inc. of our report dated October 26, 1999 relating to the
financial statement of The Ridley Portfolio for the year ended December 31,
1998, which report is included in the accompanying Form 8-K/A. We also consent
to the reference to our firm under the caption "Experts."
/s/ PricewaterhouseCoopers LLP
PRICEWATERHOUSECOOPERS LLP
Rochester, New York
November 12, 1999
EXHIBIT 23.1
Consent of Independent Accountants
We consent to the incorporation by reference in the Registration Statements on
Forms S-3 (Nos. 33-96004, 333-37229, 333-46243, 333-2672, 333-2674, 333-58799,
333-67733, 333-64069, 333-52601 and 333-75253) and on Forms S-8 (Nos. 333-
05705, 333-12551, 333-58801, 333-60731 and 333-89631) filed by Home Properties
of New York, Inc. of our report dated November 2, 1999 relating to the
financial statement of The Colony Apartments for the year ended December 31,
1998, which report is included in the accompanying Form 8-K/A. We also consent
to the reference to our firm under the caption "Experts."
/s/ PricewaterhouseCoopers LLP
PRICEWATERHOUSECOOPERS LLP
Rochester, New York
November 12, 1999
