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, 2000
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, 2000
$.01 par value 20,256,772
<PAGE>
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
HOME PROPERTIES OF NEW YORK, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2000 AND DECEMBER 31, 1999
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
2000 1999
ASSETS (Unaudited) (Note 1)
Real estate:
Land $218,432 $194,468
Buildings, improvements and equipment
1,434,203 1,286,285
--------- ---------
1,652,635 1,480,753
Less: accumulated depreciation (113,591) (101,904)
--------- ---------
Real estate, net 1,539,044 1,378,849
Cash and cash equivalents 7,390 4,742
Cash in escrows 32,610 28,281
Accounts receivable 7,048 6,842
Prepaid expenses 11,122 9,423
Deposits 86 897
Investment in and advances to affiliates 63,629 63,450
Deferred charges 2,811 2,610
Other assets 9,789 8,523
-------- ---------
Total assets $1,673,529 $1,503,617
======== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage notes payable $730,201 $618,901
Line of Credit 60,500 50,800
Accounts payable 13,543 11,765
Accrued interest payable 4,775 3,839
Accrued expenses and other liabilities 6,063 6,391
Security deposits 16,818 14,918
-------- --------
Total liabilities 831,900 706,614
-------- --------
Commitments and contingencies
Minority interest 331,400 299,880
-------- --------
8.36% Series B convertible cumulative
preferred stock, liquidation preference
of $25.00 per share; 2,000,000 shares
issued and outstanding, net of issuance
costs 48,733 48,733
------- --------
Stockholders' equity:
Preferred stock, $.01 par value;
10,000,000 shares authorized:
9.0% Series A convertible cumulative
preferred stock, liquidation preference
of $21.00 per share; 1,666,667 shares
issued and outstanding 35,000 35,000
Common stock, $.01 par value; 80,000,000
shares authorized;
20,118,715 and 19,598,464 shares
issued and outstanding at
March 31, 2000 and December 31, 1999,
respectively 201 196
Excess stock, $.01 par value; 10,000,000
shares authorized; no shares issued - -
Additional paid-in capital 478,402 461,345
Distributions in excess of accumulated
earnings (42,237) (38,294)
Officer and director notes for stock
purchases ( 9,870) ( 9,857)
------- -------
Total stockholders' equity 461,496 448,390
-------- --------
Total liabilities and stockholders'
equity $1,673,529 $1,503,617
========= =========
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED
MARCH 31, 2000 AND 1999
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
2000 1999
---- ----
Revenues:
Rental income $67,845 $43,943
Property other income 2,293 1,286
Interest and dividend income 1,627 1,895
Other income 599 642
------- ------
Total revenues 72,364 47,766
------- ------
Expenses:
Operating and maintenance 30,955 20,999
General and administrative 3,122 2,156
Interest 12,905 7,716
Depreciation and amortization 11,740 7,541
------- ------
Total expenses 58,722 38,412
------- ------
Income before minority interest 13,642 9,354
Minority interest 5,160 3,343
------- ------
Net income before preferred
dividends 8,482 6,011
Preferred dividends (1,928) -
------- ------
Net income available to
common shareholders $ 6,554 $ 6,011
======= ======
Per share data:
Net income - Basic $ .33 $.34
======= ======
- Diluted $ .33 $.33
======= ======
Weighted average number of
shares outstanding - Basic 19,828,714 17,871,753
========== ==========
- Diluted 19,945,995 17,960,058
========== ==========
The accompanying notes are an integral part of these consolidated
financial statements.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE
MONTHS ENDED MARCH 31, 2000 AND 1999
(UNAUDITED, IN THOUSANDS)
2000 1999
---- ----
Cash flows from operating activities:
Net income $8,482 $6,011
----- -----
Adjustments to reconcile net income
to net cash provided by operating
activities:
Equity in income of HP Management
and Conifer Realty 176 ( 178)
Income allocated to minority
interest 5,160 3,343
Depreciation and amortization 11,867 7,753
Unrealized loss on available-for-
sale securities - 1,169
Loss on disposition of property - 16
Changes in assets and liabilities:
Other assets ( 2,275) (2,446)
Accounts payable and accrued
liabilities 4,286 (1,867)
------ ------
Total adjustments 19,214 7,790
------ ------
Net cash provided by
operating activities 27,696 13,801
------ ------
Cash flows used in investing activities:
Purchase of properties, net of
mortgage notes assumed
and UPREIT Units issued ( 35,960) ( 8,055)
Additions to properties ( 14,156) ( 8,218)
Deposits on property 811 ( 513)
Advances to affiliates ( 8,816) ( 5,975)
Payments on advances to affiliates 8,461 7,550
Other - 59
------- -------
Net cash used in investing
activities ( 49,660) (15,152)
------- -------
Cash flows from financing activities:
Proceeds from sale of common stock 12,059 11,031
Purchase of treasury stock - ( 1,863)
Proceeds from mortgage notes payable 30,000 -
Payments of mortgage notes payable ( 1,744) ( 982)
Proceeds from line of credit 12,500 -
Payments on line of credit ( 2,800) -
Additions to deferred loan costs ( 330) ( 2)
Additions to and payments received
from cash escrows ( 4,329) 425
Dividends and distributions paid (20,744) (13,363)
------ ------
Net cash provided by (used in)
financing activities 24,612 (4,754)
------ ------
Net increase (decrease) in cash 2,648 ( 6,105)
Cash and cash equivalents:
Beginning of period 4,742 33,446
------ ------
End of period $ 7,390 $27,341
====== ======
Supplemental disclosure of cash flow
information:
Cash paid for interest $11,840 $ 7,422
====== =======
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/A, as
filed with the Securities and Exchange Commission on May 22,
2000.
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,
rehabilitation and development of residential apartment
communities in the Northeastern, Mid-Atlantic and Midwestern
United States. As of March 31, 2000, the Company operated
297 apartment communities with 47,155 apartments. Of this
total, the Company owned 135 communities, consisting of
36,331 apartments, managed as general partner 7,690
apartments and fee managed 3,134 apartments for affiliates
and third parties. The Company also fee manages 1.7 million
square feet of office and retail properties.
Basis of Presentation
The accompanying consolidated financial statements include
the accounts of the Company and its 60.6% (64.4% at March
31, 1999) general partnership interest in the Operating
Partnership. The remaining 39.4% (35.6% at March 31, 1999)
is reflected as Minority Interest in these consolidated
financial statements. For financing purposes, the Company
has formed a limited liability company (the "LLC") and a
partnership (the "Financing Partnership") which beneficially
own certain apartment communities encumbered by mortgage
indebtedness. The LLC is wholly owned by the Operating
Partnership. The Financing Partnership is owned 99.9% by
the Operating Partnership and .1% by Home Properties Trust,
a wholly owned qualified REIT subsidiary (QRS) of Home
Properties of New York, Inc. All significant intercompany
balances and transactions have been eliminated in these
consolidated financial statements.
3. Earnings Per Common Share
Basic earnings per share ("EPS") is computed as net income
available to common shareholders divided by the weighted
average number of common shares outstanding for the period.
Diluted EPS reflects the potential dilution that could occur
from common shares issuable through stock-based compensation
including stock options and the conversion of any cumulative
convertible preferred stock. The exchange of an Operating
Partnership Unit for common stock will have no effect on
diluted EPS as unitholders and stockholders effectively
share equally in the net income of the Operating
Partnership. Net income available to common shareholders is
the same for both the basic and diluted calculation.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONT'D
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
3. Earnings Per Common Share Cont'd
The reconciliation of the basic weighted average shares
outstanding and diluted weighted average shares outstanding
for the three months ended March 31, 2000 and 1999 is as
follows:
2000 1999
---- ----
Basic weighted average number of
shares outstanding 19,828,714 17,871,753
Effect of dilutive stock options 117,281 88,305
---------- ----------
Diluted weighted average number of
shares outstanding 19,945,995 17,960,058
========== ==========
Unexercised stock options to purchase 587,100 and 325,400
shares of the Company's common stock were not included in
the computations of diluted EPS because the options'
exercise prices were greater than the average market price of
the company's stock during the three month period ended March
31, 2000 and 1999, respectively. For the three month period
ended March 31, 2000, the 1,666,667 shares of the 9% Series A
Convertible Cumulative Preferred Stock ("Series A Preferred")
and the 2,000,000 shares of 8.36% Series B Convertible
Cumulative Preferred Stock ("Series B Preferred") on
an as-converted basis has an antidilutive effect and is not
included in the computation of diluted EPS.
4. Comprehensive Income
Total comprehensive income for the three months ended March
31, 2000 and 1999 is as follows:
2000 1999
---- ----
Net income available to common
shareholders $6,554 $6,011
Comprehensive income:
Unrealized loss on available-for-
sale securities before minority
interest - ( 1,169)
----- -----
Net comprehensive income $ 6,554 $4,842
===== =====
5. Other Income
Other income for the three months ended March 31, 2000 and
1999 is summarized as follows:
2000 1999
---- ----
Management fees $439 $374
Development fees 311 62
Other 25 28
Management Companies (176) 178
---- ----
$599 $642
Certain property management, leasing and development activities are
performed by Home Properties Management, Inc. and Conifer Realty
Corporation (the "Management Companies"). The Operating Partnership
owns non-voting common stock in the Management Companies which
entitles the Operating Partnership to receive 95% of the economic
interest in the Management Companies.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS CONT'D
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
The Company's share of income from the Management Companies
for the three months ended March 31, 2000 and 1999 is
summarized as follows:
2000 1999
---- ----
Management fees $868 $922
Development fees 1,362 1,303
Miscellaneous 9 35
General and administrative (1,855) (1,754)
Interest expense ( 428) ( 202)
Other expenses ( 141) ( 116)
------ -----
Net income ( $185) $188
===== =====
Company's share ( $176) $178
===== =====
6. Segment Reporting
The Company is engaged in one primary business segment -
the ownership and management of market rate apartment
communities (segregated as Core and Non-core properties).
Company management views each apartment community as a
separate component of the operating segment.
Non-segment revenue to reconcile total revenue consists
of unconsolidated management and development fees and interest
income. Non-segment assets to reconcile to total assets
include cash and cash equivalents, cash in escrows, accounts
receivable, prepaid expenses, deposits, investments in and
advances to affiliates, deferred charges and other assets.
Core properties consist of all apartment communities which
have been owned more than one full calendar year.
Therefore, the 2000 Core represents communities owned as
of December 31, 1998. Non-core properties consist of
apartment communities acquired during 1999 and 2000, such
that full year comparable operating results are not available.
The accounting policies of the segments are the same as
those described in Note 1.
The Company assesses and measures segment operating results
based on a performance measure referred to as Funds from
Operations ("FFO"). The National Association of Real Estate
Investment Trusts defines FFO as net income (loss), before
gains (losses) from the sale of property, extraordinary
items, plus real estate depreciation including adjustments
for unconsolidated partnerships and joint ventures. FFO is
not a measure of operating results or cash flows from
operating activities as measured by generally accepted
accounting principles and it is not indicative of cash
available to fund cash needs and should not be considered an
alternative to cash flows as a measure of liquidity.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
6. Segment Reporting (Continued)
The revenues, profit (loss), and assets for each of the
reportable segments are summarized as follows for the three
month period ended March 31, 2000, and 1999.
2000 1999
---- ----
Revenues
Apartments owned
Core properties $47,410 $44,967
Non-core properties 22,728 262
Reconciling items 2,226 2,537
------ ------
Total Revenue $72,364 $47,766
====== ======
Profit (loss)
Funds from operations:
Apartments owned
Core properties 25,651 24,059
Non-core properties 13,532 171
Reconciling items 2,226 2,537
------ ------
Segment contribution to FFO 41,409 26,767
General & administrative expenses ( 3,122) (2,156)
Interet expense (12,905) (7,716)
Unconsolidated depreciation 143 68
Non-real estate depreciation/amort. ( 118) ( 64)
Loss on sale of real estate - 16
------ -----
Funds from Operations 25,407 16,915
Depreciation - apartments owned (11,622) ( 7,477)
Unconsolidated depreciation ( 143) ( 68)
Loss on disposition of properties - ( 16)
Minority interest in earnings ( 5,160) ( 3,343)
------ ------
Net Income before preferred dividends $ 8,482 $ 6,011
====== ======
Assets
Apartments owned $1,539,044 $885,073
Reconciling items 134,485 130,284
--------- ---------
Total Assets $1,673,529 $1,015,357
========= =========
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
7. Pro Forma Financial Information
Pro Forma Combined Statement of
Operations For the Three Months
Ended March 31, 2000
-------------------------------
Home
Properties Pro Forma Company
Historical Adjustment Pro Forma
---------- ---------- ---------
Revenue:
Rental income $67,845 $ 4,552 $72,397
Property other income 2,293 142 2,435
Interest and dividend income 1,627 - 1,627
Other income 599 - 599
------ ------ ------
Total Revenues 72,364 77,058 4,694
Expenses:
Operating and Maintenance 30,955 1,766 32,721
General and administrative 3,122 141 3,263
Interest 12,905 1,745 14,650
Depreciation and amort. 11,740 803 12,543
------ ------ ------
Total Expenses 58,722 4,455 63,177
------ ------ ------
Income before minority interest $13,642 $ 239 13,881
====== ======
Minority Interest 5,512
-----
Net income before preferred dividends 8,369
Preferred dividends (1,928)
-----
Net income available to
common shareholders $6,441
======
Net income per common share
- Basic $0.32
======
- Diluted $0.32
======
Weighted average number of
shares outstanding - Basic 19,828,714
=========
- Diluted 19,945,995
==========
The pro forma information was prepared as if the transactions related to
the acquisition of the Old Friends Apartments (on February 1, 2000, 51
units for $2,000), the Gateside Portfolio (on March 15, 2000, 2,113
units for $135,200), and the Detroit Communities (on March 22, 2000,
360 units for $14,400) had occurred on January 1, 2000.
Adjustments to the pro forma combined statements of operations for the
three months ended March 31, 2000, consist principally of providing net
property operating activity and recording interest, depreciation and
amortization from January 1, 2000 to the acquisition date.
<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, 2000 and 1999 and for the three month periods then
ended. This information should be read in conjunction with the
accompanying consolidated financial statements and notes thereto.
Forward-Looking Statements
This discussion contains forward-looking statements. Although
the Company believes expectations reflected in such forward-
looking statements are based on reasonable assumptions, it can
give no assurance that its expectations will be achieved.
Factors that may cause actual results to differ include general
economic and local real estate conditions, other conditions that
might affect operating expenses, the timely completion of
repositioning and current development activities within
anticipated budgets, the actual pace of future acquisitions and
developments and continued access to capital to fund growth.
Liquidity and Capital Resources
The Company's principal liquidity demands are expected to be
distributions to the common and preferred stockholders and
Operating Partnership unitholders, capital improvements and
repairs and maintenance for the properties, acquisition of
additional properties, property development and debt repayments.
The Company intends to meet its short-term liquidity requirements
through net cash flows provided by operating activities and its
unsecured line of credit. The Company considers its ability to
generate cash 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.
As of March 31, 2000 the Company had an unsecured line of credit
from M & T Bank of $100 million with $60.5 million outstanding.
Borrowings under the line of credit bear interest at the
Company's option, at either 1.25% over the one-month LIBOR rate or
at a money market rate as quoted on a daily basis by the
lending institution. 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 unsecured credit facility expires on September 4,
2000.
To the extent that the Company does not satisfy its long-term
liquidity requirements through net cash flows provided by
operating activities and its credit facility, it intends to
satisfy such requirements through the issuance of UPREIT units,
proceeds from the Dividend Reinvestment Plan ("DRIP"), long term
secured or unsecured indebtedness, or the issuance of additional
equity securities. As of March 31, 2000, the Company owned
twenty-five properties with 4,205 apartment units, which were
unencumbered by debt.
In May, 1998, the Company's Form S-3 Registration Statement was
declared effective relating to the issuance of up to $414 million of
shares of common stock or other securities. During 1998, $125.6
million of common shares were issued from this and a previous
shelf registration in various public and private offerings.
There has been no activity during 1999 or 2000 relative to
this shelf. The available balance on the shelf at March 31, 2000
is $333.7 million.
On September 30, 1999, the Company completed the sale of $50
million of Series B cumulative convertible preferred stock in a
private transaction with GE Capital.
On December 22, 1999, the Class A limited partnership interests
held by the State of Michigan Retirement Systems (originally
issued in December, 1996 for $35 million) were converted to
Series A Cumulative Convertible Preferred shares ("Series A
Preferred").
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION CONT'D
The issuance of UPREIT Units for property acquisitions continues to
be a significant source of capital. During 1999, 8,147
apartment units in four separate transactions were acquired for a
total cost of $389 million using UPREIT Units valued at
approximately $149 million, with the balance paid in cash or
assumed debt. During the first three months of 2000, 2,524
apartment units in three separate transactions were acquired for a
total cost of $152 million using UPREIT Units valued at
approximately $39 million, with the balance paid in cash or
assumed debt.
During 1999, over $49 million of common stock was issued under
the Company's DRIP. An additional $11.9 million has been raised
through the DRIP program during the first three months of 2000.
The Company's Board of Directors approved a stock repurchase
program under which the Company may repurchase up to one million
shares of its outstanding common stock. The Board's action did
not establish a target price or a specific timetable for
repurchase. During 1999, the Company repurchased 125,300 shares at
a cost of $3.0 million. No additional shares were repurchased
during the first quarter of 2000.
As of March 31, 2000, the weighted average rate of interest on
mortgage debt is 7.4% and the weighted average maturity is
approximately 10 years. Approximately 88% of the debt is fixed
rate. This limits the exposure to changes in interest rates,
minimizing the effect on results of operations and financial
condition.
The following table sets forth information regarding the mortgage
indebtedness at March 31, 2000.
<TABLE>
<CAPTION>
Principal
Interest Balance as of
Rate as of Maturity March 31, 2000
Communities Location March 31, 2000 Date (000's)
----------- ------- -------------- ------- --------------
<S> <C> <C> <C> <C>
Fixed Rate:
Philadelphia (2 properties) Philadelphia, PA 8.0000 10/01/00 25,318
Philadelphia (2 properties) Philadelphia, PA 8.5000 11/01/01 4,687
Royal Gardens Piscataway, NJ 7.6600 08/01/02 11,310
The Colony Mount Prospect, IL 7.6000 08/01/02 16,121
New York (4 properties) Upstate, NY 7.7500 11/01/02 19,118
Broadlawn Bryn Mawr, PA 8.1700 08/01/03 11,959
Racquet Club Levittown, PA 7.6250 11/01/03 11,922
Curren Terrace Norristown, PA 8.3550 11/01/03 9,412
Rolling Park Baltimore, MD 7.8750 11/01/03 2,788
Sherry Lake Conshohocken, PA 7.8750 01/01/04 6,406
Glen Manor Glenolden, PA 8.1250 05/01/04 3,631
Colonies Steger, IL 8.8750 05/01/04 12,247
Springcreek/Mendon Dansville, NY 7.6300 08/01/04* 3,080
William Henry Malvern, PA 7.6400 10/01/05 14,320
Idylwood Cheektowaga, NY 8.6250 11/01/05 9,197
Carriage Hill Dearborn, MI 7.3600 01/01/06 3,821
Carriage Park Dearborn, MI 7.4800 01/01/06 5,506
Cherry Hill Village Dearborn, MI 7.9900 01/01/06 4,465
Castle Club Morrisville, PA 9.5500 03/01/05 3,751
Mid-Island Bay-Shore, NY 7.5000 05/01/06* 6,675
Newcastle Rochester, NY 7.9000 07/31/06* 6,000
Country Village Bel Air, MD 8.3850 08/01/06 6,589
Raintree Tonawanda, NY 8.5000 11/01/06 6,268
Woodgate Spencerport, NY 7.8650 01/01/07 3,396
Strawberry Hill Baltimore, MD 8.2550 05/01/07 2,049
Seminary Towers Alexandria, VA 8.3100 07/01/07 5,120
Pavilion Rockville, MD 7.4500 01/01/08 3,916
Maple Lane South Bend, IN 7.2050 01/01/08 5,946
Valley Park South Bethlehem, PA 6.9300 01/01/08 9,939
Hamlet Court Rochester, NY 7.1100 02/01/08 1,758
Candlewood Apartments Mishawaka, IN 7.0200 02/01/08 7,747
Detroit (10 properties) Detroit, MI 7.5100 06/01/08 48,332
Canterbury Baltimore, MD 7.6700 06/01/08 2,192
Sherwood Gardens Levittown, PA 6.9800 07/01/08 3,052
Golf Club West Chester, PA 6.5850 12/01/08 17,060
Mansion House Bryn Mawr, PA 7.5000 01/01/09 688
Philadelphia (4 properties) Philadelphia, PA 8.0000 07/28/09 15,750
Old Friends Baltimore, MD 6.7300 08/01/09 2,408
Conifer Village Baldwinsville, NY 7.2000 06/01/10 2,610
Ridgeway Lansdowne, PA 8.3750 11/01/10 1,156
Multi-Property (3) Various 7.2500 01/01/11 32,978
Multi-Property (7) Various 6.1600 01/01/11 58,881
Timbercroft Owings Mills, MD 8.5000 05/01/11 938
Timbercroft Owings Mills, MD 8.0000 02/01/12 1,258
Village Square Glen Burnie, MD 7.0000 11/01/12 1,040
Baltimore (2 properties) Baltimore, MD 6.9900 05/01/13 20,004
Multi-Property (22) Various 6.4750 08/31/13 100,000
Deerfield Woods Dearborn, MI 7.0000 01/01/14 3,458
Springwells Dearborn, MI 8.0000 07/01/15 11,520
Pines of Perinton Fairport, NY 8.5000 05/01/18 8,622
Canterbury Baltimore, MD 8.2500 06/01/18 6,778
Pavilion Rockville, MD 8.0000 11/01/18 8,874
Bonnie Ridge Baltimore, MD 6.6000 12/15/18 19,372
Timbercroft Owings Mills, MD 8.3750 06/01/19 5,806
Canterbury Baltimore, MD 7.5000 09/01/19 3,703
Fairways at Village Green Tonawanda, NY 8.2300 10/01/19 4,330
Raintree Island Tonawnada, NY 8.5000 04/30/20 1,156
Chestnut Crossing Newark, DE 9.3400 07/01/20 9,936
Macomb Manor Dearborn, MI 8.6300 06/01/21 4,075
Village Square Glen Burnie 8.1250 08/01/21 6,577
Doub Meadow Hagerstown, MD 7.5000 10/01/21 2,904
Canterbury Baltimore, MD 7.5000 11/01/21 2,576
Shakespeare Park Randallstown, MD 7.5000 01/01/24 2,624
Gateway Village Jessup, MD 8.0000 05/01/30 6,396
Owings Run Owings Mills, MD 8.0000 10/01/35 17,647
Owings Run Owings Mills, MD 8.0000 06/01/36 14,703
-------
693,866
-------
Variable Rate:
Maple Lane South Bend, IN 5.950 07/27/07 6,335
M&T Multi-Property 30 day LIBOR+125% 06/15/00 30,000
M&T (unsecured) Line of Credit 30 day LIBOR+125% 09/04/00 60,500
------
96,835
------
$790,701
=======
</TABLE>
* The interest rate on these mortgages will convert to a variable
rate on various dates between 2000 and 2003 and continue until
maturity.
Results of Operations
Comparison of three months ended March 31, 2000 to the same
period in 1999
The Company had 96 apartment communities with 23,680 units which
were owned during both of the three month periods being presented
(the "Core Properties"). The Company has acquired an additional 39
apartment communities with 12,651 units during 1999 and 2000 (the
"Acquired Communities"). The inclusion of these Acquired
Communities generally accounted for the significant changes in
operating results for three months ended March 31, 2000.
A summary of the Core Property net operating income is as
follows:
2000 1999 %Change
---- ---- ------
Rent $45,798,000 $43,675,000 4.9%
Property other income 1,612,000 1,292,000 24.8%
---------- ---------- ----
Total income 47,410,000 44,967,000 5.4%
Operating and Maintenance (21,759,000) (20,908,000) (4.1)%
---------- ---------- ---
Net operating income $25,651,000 $24,059,000 6.6%
========== ========== ===
Of the $23,902,000 increase in rental income, $21,779,000 is
attributable to the Acquired Communities. The balance of this
increase, which is from the Core Properties, was the result of an
increase of 5.6% in weighted average rental rates, less a
decrease in occupancy from 94.7% to 94.1%.
Of the $1,007,000 increase in property other income, $687,000 is
attributable to the Acquired Communities, with $320,000
representing a 24.8% increase for the Core Properties. This
increase for the Core Properties reflects increased
furniture/corporate/cable revenue, application fees, late charges
and interest income on escrow deposits.
Interest and dividend income decreased $268,000, with interest
income from increased levels of financing to affiliates more than
offset by a reduction of $395,000 in dividend income from
investments in available-for-sale securities .
Other income decreased by $43,000 due primarily to an increased
level of management and development activity, offset by interest
expense on land purchased for future development.
Of the $9,956,000 increase in operating and maintenance expenses,
$9,105,000 is attributable to the Acquired Communities. The
balance for the Core Properties represents a 4.1% increase over
1999. The major areas of increase in the Core Properties
occurred in utilities, repairs and maintenance, property
insurance and real estate taxes, offset in part by a savings in
snow removal costs.
General and administrative expense increased in 2000 by $966,000, or
45%. General and administrative expenses as a percentage of total
revenues was 4.3% and 4.5% for 2000 and 1999, respectively.
Funds From Operations
Management considers funds from operations ("FFO") to be an
appropriate measure of performance of an equity REIT. Effective
January 1, 2000 the National Association of Real Estate
Investment Trusts ("NAREIT") clarified the White Paper definition of
FFO as 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, FFO should be
considered in conjunction with net income as presented in the
consolidated financial statements included elsewhere herein. FFO
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.
FFO 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 FFO for the previous six quarters are
presented below:
<TABLE>
<CAPTION>
March 31 Dec. 31 Sept. 30 June 30 March 31 Dec. 31
2000 1999 1999 1999 1999 1998
-------- ------- -------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C>
Net income available
to common shareholders $6,554 $7,931 $5,010 $6,191 $6,011 $5,388
Preferred dividends 1,928 1,141 - - - -
Minority interest 5,160 6,524 4,137 3,386 3,343 3,408
Extraordinary item - - 96 - - 514
Non-recurring
acquisition expense - 6,225 - - - -
Depreciation from real
property 11,622 11,717 9,574 8,247 7,477 8,183
Depreciation from real
property from
unconsolidated entities 143 90 147 153 84 393
(Gain) Loss from sale
of property - - - 1,650* - -
------ ------ ----- ----- ----- -----
FFO (as previously
reported) $25,407 $27,403 $25,189 $19,627 $16,915 $17,886
Non-recurring
acquisition expense - - (6,225) - - -
Loss on available-for-
sale securities - - - ( 2,123) - -
------ ------ ------ ------ ------ -------
FFO $25,407 $27,403 $18,964 $17,504 $16,915 $17,886
======= ======= ====== ====== ====== ======
Weighted average common
shares/units
outstanding - Basic 34,123.2 35,116.1 34,485.9 28,530.2 27,810.1 27,129.4
======== ======= ======= ======= ======= =======
- Diluted 37,586.7 36,904.1 34,630.9 28,634.8 27,898.4 27,245.7
======== ======= ======= ======= ======= =======
</TABLE>
* Includes the loss from disposition of property investment
separately disclosed as loss on available-for-sale securities.
Effective January 1, 2000, NAREIT clarified the definition of FFO to
include non-recurring items. The presentation above includes FFO as
previously reported, as well as FFO as recalculated under the
classified definition.
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.
Impact of the Year 2000 on System Processing
The Year 2000 ("Y2K") problem concerned the inability of
information systems to properly recognize and process date-
sensitive information beyond January 1, 2000. As a result, the Y2K
problem could have affected any system that uses date data,
including mainframes, PCs, and embedded microprocessors that
control security systems, call processing systems, building
climate systems, elevators, office equipment and fire alarms.
Since January 1, 2000 and the critical leap year date, the
Company has not experienced any disruption to its business
operations as a result of Y2K compliance problems. One software
application displayed the wrong date in a non-critical field. The
date display is purely cosmetic and an updated version was
installed during the first quarter of 2000. The Company will
continue to monitor the operation of its computers and
microprocessor controlled systems for any Y2K related problems.
Recent Accounting Pronouncements
The Company is evaluating the time period over which it
recognizes revenue relating to development fees earned relative to
its affordable housing activities in connection with Staff
Accounting Bulletin 101. An adjustment, if any, is not expected to
have a material effect on reported results of operations or
financial position.
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 2, 2000, the Board of Directors approved a dividend of $.53 per
share for the period from January 1, 2000 to March 31, 2000.
This is the equivalent of an annual distribution of $2.12 per share.
The dividend is payable May 27, 2000 to shareholders of record on
May 18, 2000.
PART II - OTHER INFORMATION
HOME PROPERTIES OF NEW YORK, INC.
Item 6. Exhibits and Reports or Form 8-K
(a) Exhibits:
4.1 Home Properties of New York, Inc. Amendment Number One
to Amended and Restated Stock Benefit Plan
10.1 Home Properties of New York, Inc. Home Properties of
New York, L.P. Amendment Number One to Executive
Retention Plan
10.2 Amendments No. Thirty-One and Thirty-Two to the
Second Amended and Restated Limited Partnership Agreement.
(b) Reports or Form 8-K:
- Form 8-K was filed on April 4, 2000, date of report
November 5, 1999 with respect to various items 2 and 5
disclosures, including: (1) the Operating Partnership's
acquisition of six multifamily apartment communities and
two parcels of vacant land, located in the suburbs of
Philadelphia, Pennsylvania for a total purchase price of
$135.9 million; (2) three other unrelated transactions in
which the Operating Partnership acquired four
multifamily residential properties.
- Form 8-K/A was filed on May 19, 2000 to amend the Form 8-K
filed on April 4, 2000 and included the item 7 disclosures
of the financial statement information.
<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, 2000
By: /s/ David P. Gardner
--------------------
David P. Gardner
Vice President, Chief Financial Officer
and Treasurer
Date: May 22, 2000
By: /s/ David P. Gardner
--------------------
David P. Gardner
Vice President, Chief Financial Officer
and Treasurer
EXHIBIT 4.1
HOME PROPERTIES OF NEW YORK, INC.
AMENDMENT NUMBER ONE
to
AMENDED and RESTATED
STOCK BENEFIT PLAN
This Amendment Number One to the Amended and Restated Stock Benefit
Plan (the Plan") is adopted by the Board of Directors of Home Properties of
New York, Inc. at a meeting duly called and held on April 25, 2000.
1. DEFINED TERMS: All capitalized terms used herein but not defined
in this Amendment shall have the meaning given them in the Plan.
2. AMENDMENT TO PLAN: The second to last sentence in Section 7.1
shall be deleted in its entirety and the following sentence shall be
substituted in its place:
Notwithstanding the foregoing: (a) in the case of a reorganization,
merger or consolidation, or sale of all or substantially all of the assets
of the Company, in lieu of adjustments as aforesaid, the Plan Administrator
may in its discretion accelerate the date of vesting of an Award or the
date after which any Award may or may not be exercised or the stated
expiration data thereof; and (b) in the event of a Participant's
termination of employment under the circumstances described in the
Company's Executive Retention Plan and, dated February 2, 1999 (as that
plan may be subsequently amended, the "Retention Plan") that would entitle
the Participant to receive benefits under the Retention Plan, each Stock
Option held by such Participant shall immediately become fully exercisable
as to the total number of shares of Common Stock subject thereto (whether
or not exercisable to that extent at the time of termination ) and shall
remain so exercisable by such Participant for a period of three (3) months
after termination, unless the Stock Option expires earlier by its terms.
<PAGE>
HOME PROPERTIES OF NEW YORK, INC.
HOME PROPERTIES OF NEW YORK, L.P.
AMENDMENT NUMBER ONE TO EXECUTIVE RETENTION PLAN
This Amendment Number One to Executive Retention Plan is adopted by
Home Properties of New York, Inc. (the "Company"), a Maryland corporation
organized and operated as a real estate investment trust ("REIT"), and Home
Properties of New York, L.P. (the "Operating Partnership"), a New York
limited partnership, as of the 25{th} day of April, 2000. The Company, the
Operating Partnership and any subsidiary entities controlled by the Company
or the Operating Partnership are collectively referred to herein as the
"Company."
WHEREAS, as of February 2, 1999, the Company adopted an Executive
Retention Plan (the "Plan") applicable to certain of the Company's officers
and employees (the "Participants");
WHEREAS, it was intended that upon a termination of employment in
circumstances under which benefits would be paid to a Participant under the
Plan, all of such Participant's options to purchase the Company's common
stock would vest immediately;
WHEREAS, the Plan in error did not contain those vesting provisions
and the Company therefore wishes to amend the Plan to provide that those
options would so vest.
NOW THEREFORE, the Plan shall be and hereby is amended as provided
below.
1. DEFINITIONS: All capitalized terms used but not defined in this
Amendment shall have the meaning given them in the Plan.
2. VESTING OF STOCK OPTIONS: The following sentence shall be added
at the end of each of sub-paragraphs (a), (b) and (c) of paragraph 3 of the
Plan:
"In addition, in the event of a termination of employment as described
in the preceding sentence, all of options to purchase the common stock of
the Company granted to the affected employee under the Company's 1994
Amended and Restated Stock Benefit Plan, the Company's 2000 Stock Benefit
Plan, as either plan may be subsequently amended, and under any
subsequently adopted stock benefit plan shall immediately become fully
exercisable as to the total number of shares of the Company's common stock
subject thereto (whether or not exercisable to that extent at the time of
termination) and shall remain so exercisable for a period of three (3)
months after such termination unless such stock option expires earlier by
its terms.
3. MISCELLANEOUS: As modified by this Amendment Number One, the Plan
shall remain in full force and effect.
EXHIBIT 10.2
Home Properties of New York, L.P.
Amendment No. Thirty-One to
Second Amended and Restated
Agreement of Limited Partnership
The Second Amended and Restated Agreement of Limited Partnership of Home
Properties of New York, L.P. (the "Partnership Agreement") is hereby amended
effective March 15, 2000 to substitute the "Schedule A" attached hereto for the
"Schedule A" currently attached to the Partnership Agreement. "Schedule A" is
hereby amended to reflect various changes, including the issuance of limited
partnership interests to certain of the former holders of interests in various
entities owning the Gateside Portfolio, located in and around Philadelphia,
Pennsylvania.
GENERAL PARTNER
Home Properties of New York, Inc.
/s/ Ann M. McCormick
- ------------------------------
Ann M. McCormick
Secretary
LIMITED PARTNERS LISTED ON ATTACHED SCHEDULE A
By: Home Properties of New York, Inc.
as attorney in fact
/s/ Ann M. McCormick
- ------------------------------
Ann M. McCormick
Secretary
<PAGE>
Home Properties of New York, L.P.
Amendment No. Thirty-Two to
Second Amended and Restated
Agreement of Limited Partnership
The Second Amended and Restated Agreement of Limited Partnership of Home
Properties of New York, L.P. (the "Partnership Agreement") is hereby amended
effective March 22, 2000 to substitute the "Schedule A" attached hereto for the
"Schedule A" currently attached to the Partnership Agreement. "Schedule A" is
hereby amended to reflect various changes, including the issuance of limited
partnership interests to certain of the former holders of interests in various
entities owning Deerfield Woods and Macomb Manor, both located in the suburbs
of Detroit, Michigan.
GENERAL PARTNER
Home Properties of New York, Inc.
/s/ Ann M. McCormick
- -------------------------------
Ann M. McCormick
Secretary
LIMITED PARTNERS LISTED ON ATTACHED SCHEDULE A
By: Home Properties of New York, Inc.
as attorney in fact
/s/ Ann M. McCormick
- -------------------------------
Ann M. McCormick
Secretary
<PAGE>
<TABLE>
<CAPTION>
MARCH 22, 2000
SCHEDULE A
HOME PROPERTIES OF NEW YORK, L.P.
PARTNERS, UNITS AND PERCENTAGE
INTERESTS
GENERAL PARTNER
<S> <C> <C> <C>
Number of Percentage
NAME AND IDENTIFYING NUMBER BUSINESS OR RESIDENCE ADDRESS UNITS HELD INTEREST
Home Properties of New York, Inc. 850 Clinton Square 391,999.799 1.00121%
Rochester, New York 14604
LIMITED PARTNERS
Number of Percentage
NAME AND IDENTIFYING NUMBER BUSINESS OR RESIDENCE ADDRESS UNITS HELD INTEREST
PREFERRED UNITS
CLASS A LIMITED PARTNERSHIP INTERESTS
Home Properties Trust 850 Clinton Square 1,666,667 4.25685%
Rochester, New York 14604
SERIES B PARTNERSHIP PREFERRED UNITS
Home Properties Trust 850 Clinton Square 2,000,000 5.10822%
Rochester, New York 14604
COMMON UNITS
Home Properties Trust 850 Clinton Square 19,679,433.100 50.26340%
Rochester, New York 14604
Home Leasing Corporation 850 Clinton Square 429,376 1.09667%
Rochester, New York 14604
Leenhouts Ventures 850 Clinton Square 8,010 0.02046%
Rochester, New York 14604
Norman P. Leenhouts 850 Clinton Square 467 0.00119%
Rochester, New York 14604
Nelson B. Leenhouts 850 Clinton Square 219 0.00056%
Rochester, New York 14604
Arlene Z. Leenhouts 850 Clinton Square 50,000 0.12771%
Rochester, New York 14604
Nancy E. Leenhouts 850 Clinton Square 50,000 0.12771%
Rochester, New York 14604
Amy L. Tait 850 Clinton Square 11,195 0.02859%
Rochester, New York 14604
Amy L. Tait and 850 Clinton Square 2,548 0.00651%
Robert C. Tait Rochester, New York 14604
Ann M. McCormick 850 Clinton Square 565 0.00144%
Rochester, New York 14604
Ann M. McCormick and 850 Clinton Square 1,737 0.00444%
Patrick M. McCormick Rochester, New York 14604
David P. Gardner 850 Clinton Square 3,506 0.00895%
Rochester, New York 14604
William E. Beach 850 Clinton Square 2,433 0.00621%
Rochester, New York 14604
William E. Beach and 850 Clinton Square 3,046 0.00778%
Richelle A. Beach Rochester, New York 14604
Paul O'Leary 850 Clinton Square 3,207 0.00819%
Rochester, New York 14604
Richard J. Struzzi 850 Clinton Square 2,363 0.00604%
Rochester, New York 14604
Robert C. Tait 850 Clinton Square 70 0.00018%
Rochester, New York 14604
Timothy A. Florczak 850 Clinton Square 600 0.00153%
Rochester, New York 14604
Laurie Leenhouts 850 Clinton Square 6,033 0.01541%
Rochester, New York 14604
J. Neil Boger 27 Arlington Drive 1,225 0.00313%
Pittsford, New York 14534
Joyce P. Caldarone 162 Anchor Drive 1,225 0.00313%
Vero Beach, Florida 32963
Peter L. Cappuccilli, Sr. 605 Genesee Street 6,250 0.01596%
Syracuse, New York 13204
Rocco M. Cappuccilli 605 Genesee Street 6,250 0.01596%
Syracuse, New York 13204
Linda Wells Davey 17 Green Valley Road 1,225 0.00313%
Pittsford, New York 14534
Richard J. Dorschel 32 Whitestone Lane 1,225 0.00313%
Rochester, New York 14618
Elizabeth Hatch Dunn P.O. Box 14261 2,450 0.00626%
North Palm Beach, Florida 33408
Jeremy A. Klainer 295 San Gabriel Drive 612 0.00156%
Rochester, New York 14610
J. Robert Maney 506 Panorama Trail 2,450 0.00626%
Rochester, New York 14625
John A. McAlpin and Mary E. McAlpin 6270 Bopple Hill Road 1,225 0.00313%
Trustees or their successors in trust Naples, New York 14512-9771
under the McAlpin Living Trust, dated
January 19, 1999 and any amendments
thereto
George E. Mercier 99 Ridgeland Road 1,225 0.00313%
Rochester, New York 14623
Harold S. Mercier Trust c/o Star Bank N.A. Trustee 1,225 0.00313%
P.O. Box 1118, ML 7193
Cincinnati, OH 45201
Michelle Mercier 99 Ridgeland Road 1,225 0.00313%
Rochester, New York 14623
Jack E. Post 11 Oakfield Way 1,225 0.00313%
Pittsford, New York 14534
Carolyn M. Steklof 144 Dunrovin Lane 1,225 0.00313%
Rochester, New York 14618
William T. Uhlen, Jr. 5556 Vardon Drive 2,450 0.00626%
Canandaigua, NY 14424
Lawrence R. Brattain 1200 Edgewater Drive 500 0.00128%
Apartment 907
Lakewood, OH 44107
C. Terence Butwid 850 Clinton Square 4,246 0.01084%
Rochester, New York 14604
C.O.F. Inc. 850 Clinton Square 332,681 0.84970%
Rochester, New York 14604
Conifer Development, Inc. 850 Clinton Square 20,738 0.05297%
Rochester, New York 14604
Crossed Family Partnership 850 Clinton Square 7,200 0.01839%
Rochester, New York 14604
Richard J. Crossed 850 Clinton Square 68,021 0.17373%
Rochester, New York 14604
Kathleen M. Dunham 850 Clinton Square 200 0.00051%
Rochester, New York 14604
John H. Fennessey 850 Clinton Square 30,700 0.07841%
Rochester, New York 14604
Timothy D. Fournier 850 Clinton Square 7,600 0.01941%
Rochester, New York 14604
Barbara Lopa 850 Clinton Square 100 0.00026%
Rochester, New York 14604
Peter J. Obourn 850 Clinton Square 30,700 0.07841%
Rochester, New York 14604
John Oster 850 Clinton Square 4,595 0.01174%
Rochester, New York 14604
Eric Stevens 850 Clinton Square 100 0.00026%
Rochester, New York 14604
Tamarack Associates c/o Mr. Timothy D. Fournier 2,316 0.00592%
850 Clinton Square
Rochester, New York 14604
Tamarack II Associates 850 Clinton Square 2,027 0.00518%
Rochester, New York 14604
Burton S. August 11 Woodbury Place 4,246 0.01084%
Rochester, New York 14618
Charles J. August 47 Woodbury Drive 4,246 0.01084%
Rochester, New York 14618
Robert W. August 222 Shoreham Drive 1,158 0.00296%
Rochester, New York 14618
John H. Cline 35 Vick Park A 2,316 0.00592%
Rochester, New York 14607
Ralph DeStephano, Sr. 1249-1/2 Long Pond Road 2,316 0.00592%
Rochester, New York 14626
Gerald A. Fillmore 3800 Delano Road 2,316 0.00592%
F/B/O Living Trust of G.A.F. Oxford, Michigan 48371
Richard J. Katz, Jr. 136 Spyglass Lane 2,316 0.00592%
Jupiter, Florida 33477
Anwer Masood, MD 1445 Portland Avenue 2,316 0.00592%
Rochester, New York 14621
Ernest Reveal Family Trust c/o J. Harrison 976 0.00249%
#321001810 Chase P.O. Box 1412
Rochester, New York 14603
Hazel E. Reveal Marital Trust c/o J. Harrison 1,340 0.00342%
#321001860 Chase P.O. Box 1412
Rochester, New York 14603
Gregory J. Riley, MD 9 Beach Flint Way 2,256 0.00576%
Victor, New York 14564
Thomas P. Riley 346 Beach Avenue 2,316 0.00592%
Rochester, New York 14612
William G. vonberg 8 Old Landmark Drive 2,316 0.00592%
Rochester, New York 14618
Philip W. Dunskar & Marcia L. Dunskar 70 Woodland Road 2,316 0.00592%
Settlors and Cheryl S. Bickett Short Hills, New Jersey 07078
Trustee U/T/A
dated June 2, 1994
Stephen C. Whitney 9 Devonwood Lane 869 0.00222%
Pittsford, New York 14534
Mr. and Mrs. Frank Zamiara 136 Mendon-Ionia Road 2,316 0.00592%
Mendon, New York 14506
The Joseph A. Cicci Revocable Trust c/o Case Supply 53,000 0.13537%
P.O. Box 1032
Syracuse, New York 13201-1032
Daniel Solondz 968 Stuyvesant Avenue 261,678 0.66835%
Union, New Jersey 07063
Gaby Solondz 1997 Trust dated 9/1/97 28 Fordham Road 25,000 0.06385%
Livingston, NJ 07039
Philip J. Solondz P.O. Box 641 236,678 0.60450%
500 Morris Avenue, Suite A104
Springfield, NJ 07081-0641
Julia Weinstein 308 E. 72nd St., Apt. 3D 56,051 0.14316%
New York, New York 10021
Peter B. Baker 300 Park Street 4,871 0.01244%
Haworth, NJ 07641
John F. Barna 11 Hummingbird Lane 5,977 0.01527%
Darien, CT 06820
Nadine L. Barna 11 Hummingbird Lane 4,042 0.01032%
Darien, CT 06820
Robert E. & Barbara T. Buce 16846 Glynn Drive 1,282 0.00327%
Pacific Palisades, CA 90272
Vincent J. Cannella Living Trust 14657 Amberleigh Hill Court 4,635 0.01184%
St. Louis, MO 63017
Andrew J. Capelli 35 Starlight Road 3,344 0.00854%
Staten Island, NY 10301
John J. Chopack 202 Hedgemere Drive 444 0.00113%
Devon, PA 19333
Harris R. Chorney 43 Mountain Brook Road 705 0.00180%
West Hartford, CT 06117
Ralph W. Clermont 2311 Clifton Forge Drive 1,324 0.00338%
St. Louis, MO 63131
Thomas J. Coffey 5 Brampton Road 662 0.00169%
Malvern, PA 19355
Barbara G. Collins 2141 Ponus Ridge 1,324 0.00338%
New Canaan, CT 06840
Charles T. Collins 684 Fernfield Circle 5,942 0.01518%
Wayne, PA 19087
John D. Collins 2141 Ponus Ridge Road 6,227 0.01590%
New Canaan, CT 06840
Patricia A. Collins 684 Fernfield Circle 388 0.00099%
Wayne, PA 19087
Michael A. Conway 15 Berndale Drive 6,227 0.01590%
Westport, CT 06880
Veronica A. Conway 15 Berndale Drive 3,571 0.00912%
Westport, CT 06880
Mildred M. Cozine 5 Manchester Court 1,986 0.00507%
Morristown, NJ 07960
William J. Cozine 5 Manchester Court 6,663 0.01702%
Morristown, NJ 07960
Kenneth Daly 1359 Shadowoak Drive 1,104 0.00282%
Malvern, PA 19355
Anthony J. Del Tufo 29 Fox Glen Drive 462 0.00118%
Stamford, CT 06903
Jack C. Dixon 16 Lands End Drive 3,589 0.00917%
Greensboro, NC 27408-3841
Priscilla M. Elder 230 Sundial Court 5,788 0.01478%
Vero Beach, FL 32963-3469
Doris E. Ficca 415 Lancaster Avenue, Unit 8 776 0.00198%
Haverford, PA 19041
John J. Ficca, Jr. 415 Lancaster Avenue - Unit 8 10,150 0.02592%
Haverford, PA 19041
John & Doris Ficca 415 Lancaster Avenue, Unit 8 2,295 0.00586%
Haverford, PA 19041
Alfred W. Fiore 27 Copper Beach Road 444 0.00113%
Greenwich, CT 06830
Carol T. Fish 38 Cedar Knoll Road 6,006 0.01534%
Cockeysville, MD 21030
Jeffrey Fish 38 Cedar Knoll Road 450 0.00115%
Cockeysville, MD 21030
Joseph H. Fisher 345 W. Mountain Road 10,600 0.02707%
West Simsbury, CT 06092
John A. Flack 89 Perkins Road 642 0.00164%
Grenwich, CT 06830
F. David Fowler 9724 Beman Woods Way 1,821 0.00465%
Potomac, MD 20854
Freedom House Foundation P.O. Box 67 200 0.00051%
Glen Gardner, NJ 08826-0367
James L. Goble 10260 Strait Lane 11,228 0.02868%
Dallas, TX 75229
LaVonne B. Graese Diane M. Graese, Trustee 28,769 0.07348%
Grantor Retained Annuity Trust 1704 Cordoba Canyon Street
dated 3/31/99 Las Vegas, Nevada 89117
LaVonne B. Graese, Trustee 5193 Fairway Oaks Drive 20,462 0.05226%
Windermere, FL 34786
James J. Grifferty 57 Woods Lane 23,515 0.06006%
Scarsdale, NY 10583
John M. Guinan 4 Denford Drive 778 0.00199%
Newtown Square, PA 19073
M. Candace Guinan 4 Denford Drive 773 0.00197%
Newtown Square, PA 19073
William A. Hasler 102 Golden Gate Avenue 923 0.00236%
Belvedere, CA 94920
Maxine S. Holton 12861 Marsh Landing 6,418 0.01639%
Palm Beach Gardens, FL 33418
Thomas L. Holton 12861 Marsh Landing 8,136 0.02078%
Palm Beach Gardens, FL 33418
Charles T. Hopkins 1121 Tintern Drive 6,202 0.01584%
Ambler, PA 19002
Robert D. Huth 44 W. Lancaster Avenue 571 0.00146%
Ardmore, PA 19003
Richard Isserman 165 W. 66th Street 4,428 0.01131%
Apartment 21B
New York, New York 10023
Thomas F. Keaveney 1420 Regatta Drive 8,016 0.02047%
Wilmington, NC 28405
Patrick W. Kenny 33 Fulton Place 642 0.00164%
West Hartford, CT 06107
Frank Kilkenny and Irene M. Kilkenny 42 Highland Circle 5,884 0.01503%
JTWROS Bronxville, NY 10708
Janet T. Klion 25 Bailiwick Road 7,608 0.01943%
Greenwich, CT 06831
Howard J. Krongard 9 Cornell Way 8,387 0.02142%
Upper Montclair, NJ 07043
Louis E. Levy 26 Farmstead Road 15,586 0.03981%
Short Hills, NJ 07078
Sandra H. Levy 26 Farmstead Road 3,000 0.00766%
Short Hills, NJ 07078
RJL Marital Trust I c/o William E. Logan 2,835 0.00724%
3613 Sarah Drive
Wantagle, NY 11793
Jerome Lowengrub 7 Lee Terrace 6,611 0.01689%
Short Hills, NJ 07078
Kelly Lowengrub Custodian for 30 Randall Shea Drive 250 0.00064%
Kaycee Lowengrub Swansea, MA 02777-2912
Kelly Lowengrub Custodian for 30 Randall Shea Drive 300 0.00077%
Kate Lowengrub Swansea, MA 02777-2912
Kelly Lowengrub Custodian for 30 Randall Shea Drive 150 0.00038%
Kristopher Lowengrub Swansea, MA 02777-2912
Kelly Lowengrub 30 Randall Shea Drive 250 0.00064%
Swansea, MA 02777-2912
Kenneth Lowengrub 30 Randall Shea Drive 200 0.00051%
Swansea, MA 02777-2912
Michael C. Lowengrub Custodian for 3 Shoreham Drive West 250 0.00064%
Robin Lowengrub Dix Hills, NY 11746-6510
Michael C. Lowengrub Custodian for 3 Shoreham Drive West 450 0.00115%
Jason Lowengrub Dix Hills, NY 11746-6510
Nancy Lowengrub, custodian for 3 Shoreham Drive, West 150 0.00038%
Robin Lowengrub Dix Hills, NY 11746
Roderick C. McGeary 1911 Waverly Street 3,710 0.00948%
Palo Alto, CA 94301
United Jewish Appeal of MetroWest 901 Route 10 200 0.00051%
Whippany, New Jersey 07981-1156
Ingunn T. McGregor Two Cherry Lane 8,335 0.02129%
Old Greenwich, CT 06870-1902
Michael Meltzer 6362 Innsdale Drive 887 0.00227%
Los Angeles, CA 90068
Martin F. Mertz 150 East 69th Street 7,551 0.01929%
New York, New York 10021
Bernard J. Milano 134 MacIntyre Lane 662 0.00169%
Allendale, NJ 07401
Burton M. Mirsky 21 Woodcrest Drive 4,216 0.01077%
Morristown, NJ 07960
Thomas J. Murphy 208 N. Edmonds Avenue 923 0.00236%
Havertown, PA 19083
Mary Jane & Jay Patchen 9406 Mary Tucker Cove 1,324 0.00338%
Memphis, TN 38133
Michael C. Plansky 156 Beach Avenue 802 0.00205%
Larchmont, NY 10538
Dorothy Powers 9870 Huntcliff Trace 4,158 0.01062%
Atlanta, GA 30350
Henry A. Quinn 603 Benson House 145,383 0.37132%
Rosemont, PA 19010
Michael G. Regan 14 Brenner Place 10,984 0.02805%
Demarest, NJ 07627
Lavoy Robison 1001 Green Oaks Drive 2,469 0.00631%
Littleton, CO 80121
Eugene G. Schorr KPMG Peat Marwick 444 0.00113%
345 Park Avenue
New York, NY 10154
David M. Seiden 29 Hampton Road 314 0.00080%
Scarsdale, NY 10583
William Simon KPMG Peat Marwick 12,212 0.03119%
725 South Figueroa Street
Los Angeles, CA 90017
Dorothy L. Shanahan 123 Rotary Drive 3,711 0.00948%
Summit, NJ 07901
John T. Shanahan 123 Rotary Drive 16,442 0.04199%
Summit, NJ 07901
Dallas E. Smith 78083 Foxbrook Lane 222 0.00057%
Palm Desert, CA 92211-1229
Edward F. Smith 1031 Lawrence Avenue 2,194 0.00560%
Westfield, NJ 07090
Harold I. Steinberg Revocable 1221 Ranleigh Road 2,855 0.00729%
Inter Vivos Trust under agreement McLean, VA 22101
dated 5/24/91
Denis J. Taura 90 Montadale Drive 8,892 0.02271%
Princeton, NJ 08540
Shaileen & Timothy Tracy 111 Lampwick Lane 1,100 0.00281%
Fairfield, CT 06430
Timothy P. Tracy Pension Trust 111 Lampwick Lane 1,552 0.00396%
Fairfield, CT 06430
Edward W. Trott 97 Sea Beach Drive 4,176 0.01067%
Stamford, CT 06902
Estate of William F. VanFossan 8576 Woodbriar Drive 1,571 0.00401%
Sarasota, FL 34238
Katharine E. Van Riper 57 Foremost Mountain Road 9,311 0.02378%
Montville, NJ 07045
Eileen M. Walsh 37 Beechwood Road 449 0.00115%
Irvington, NY 10533
Lillian D. Walsh 29986 Maple View Drive 2,835 0.00724%
Rainier, OR 97048
Sam Yellen 22433 Oxnard Street 9,938 0.02538%
Woodland, CA 91367
Thomas J. Yoho 12 Indian Rock Lane 1,572 0.00402%
Greenwich, CT 06830
___________________________________________________________
B&L Realty Investments 21790 Coolidge Highway 33,560 0.08572%
Limited Partnership Oak Park, MI 48237
Berger/Lewiston Associates 21790 Coolidge Highway 1,076,594 2.74974%
Limited Partnership Oak Park, MI 48237
Big Beaver-Rochester Properties 21790 Coolidge Highway 528,348 1.34946%
Limited Partnership Oak Park, MI 48237
Century Realty Investment Company 21790 Coolidge Highway 99,195 0.25335%
Limited Partnership Oak Park, MI 48237
Greentrees Apartments 21790 Coolidge Highway 275,905 0.70469%
Limited Partnership Oak Park, MI 48237
Kingsley-Moravian Company 21790 Coolidge Highway 376,288 0.96108%
Limited Partnership Oak Park, MI 48237
Stephenson-Madison Heights Company 21790 Coolidge Highway 104,541 0.26701%
Limited Partnership Oak Park, MI 48237
Southpointe Square Apartments 21790 Coolidge Highway 155,623 0.39748%
Limited Partnership Oak Park, MI 48237
Woodland Garden Apartments 21790 Coolidge Highway 319,860 0.81696%
Limited Partnership Oak Park, MI 48237
___________________________________________________________
John M. DiProsa 32 Sydenham Road 6,150 0.01571%
Rochester, NY 14609
Claude S. Fedele 12 Beckenham Lane 23,765 0.06070%
Fairport, NY 14450
Gabriel W. Gruttadaro 6 Powder Mill Drive 11,150 0.02848%
Pittsford, NY 14534
Anthony M. Julian 204 Angelus Drive 5,575 0.01424%
Rochester, NY 14622
Natalie M. Julian 204 Angelus Drive 5,575 0.01424%
Rochester, NY 14622
Joanne M. Lobozzo 118 Argyle Street 165,188 0.42191%
Rochester, NY 14607
Geraldine B. Lynch 92 Eagle Ridge Circle 3,922 0.01002%
Rochester, NY 14617
Michael E. McCusker and Elaine R. 6 Talbot Drive 31,687 0.08093%
McCusker, Trustees under the Michael Penfield, New York 14526
E. and Elaine R. McCusker Living Trust
dated August 30, 1994
Jack P. Schifano 916 Highland Trails Avenue 3,961 0.01012%
Henderson, NV 89015
___________________________________________________________
Stephen W. Hall P.O. Box 370068 92,889 0.23725%
Las Vegas, NV 89137-0068
Donald H. Schefmeyer 63262 Orange Road 102,250 0.26116%
South Bend, IN 46614
___________________________________________________________
Beverly B. Bernstein P.O. Box 25370 72,304 0.18467%
Washington, DC 20007
Leona Libby Feldman 575 Greensward Lane 4,388 0.01121%
Delray Beach, FL 33445
Park Shirlington Apartments c/o 11501 Huff Court 72,304 0.18467%
Limited Partnership N. Bethesda, MD 20895
Lauren Libby Pearce 537 Hilarie Road 21,938 0.05603%
St. Davids, PA 19807
Steven M. Reich 1976 Trust c/o Stephen A. Bodzin Trustee 59,313 0.15149%
1156 15th Street, NW
Suite 329
Washington, DC 20005
Amy S. Rubenstein 252 Collingwood Street 11,627 0.02970%
San Francisco, CA 94114
Barton S. Rubenstein 4003 Underwood Street 13,689 0.03496%
Chevy Chase, MD 20815
Beth Dana Rubenstein 451 29th Street 13,689 0.03496%
San Francisco, CA 94131
Trust U/W Daryl R. Rubenstein c/o David Osnos 2,062 0.00527%
F/B/O Amy Sara Rubenstein 1050 Connecticut Avenue, NW
Washington, DC 20036
Lee G. Rubenstein 4915 Linnean Avenue, NW 2,808 0.00717%
Washington, DC 20008
Sarah Selsky 1801 East Jefferson Street 42,779 0.10926%
Apartment 608
Rockville, MD 20852
Tower Capital, LLC 11501 Huff Court 279,782 0.71459%
N. Bethesda, MD 20895
WHC Associates, LLC 7201 Wisconsin Avenue 83,364 0.21292%
Suite 650
Bethesda, MD 20814
___________________________________________________________
Merrill Bank 200 Bradley Place 19,783 0.05053%
Apartment 305
Palm Beach, FL 33480
Ariel Golden Behr 151 W. 88th Street 1,469 0.00375%
New York, NY 10027
Doris Berliner 7 Slade Avenue 2,637 0.00674%
Apartment 108
Baltimore, MD 21208
Phillip Chmar 7 Slade Avenue 3,830 0.00978%
Apartment 713
Baltimore, MD 21208
Louis K. Coleman 2508 Guilford Avenue 7,152 0.01827%
Baltimore, MD 21218
Mark Dopkin 6303 Lincoln Avenue 371 0.00095%
Baltimore, MD 21209
Paul Goldberg 7111 Park Heights Avenue, 509 0.00130%
Apartment 712
Baltimore, MD 21215
Carol Golden P.O. Box 9691 2,486 0.00635%
Jerusalem, Israel 91090
Joseph Goldman 5250 Linnean Avenue, NW 3,661 0.00935%
Washington, D.C. 20015
Dr. Milton L. Goldman 3240 Patterson Street, N.W. 8,363 0.02136%
Washington, D.C. 20015-1661
Samuel and Esther Hanik 5800 Nicholson Lane 16,582 0.04235%
Apartment 1-903
Rockville, MD 20852
Muriel Hettleman Revocable Trust Muriel Hettleman, Trustee 6,906 0.01764%
1 Slade Avenue
Apartment 203
Baltimore, MD 21208
Charles Heyman 3409 Old Post Drive 1,406 0.00359%
Baltimore, MD 21208
Samuel Hillman Marital Trust NationsBank 9,758 0.02492%
c/o Anne Weisner
P.O. Box 830151
Dallas, TX 75283
Samuel Hillman Residuary Trust NationsBank 9,758 0.02492%
c/o Nancy Politsch
100 S. Charles Street
Baltimore, MD 21201-2713
Marvin A. Jolson 7812 Ridge Terrace 1,018 0.00260%
Baltimore, MD 21208
Hilda Kaplan, Trustee u/r/d/t/d 7111 Park Heights Avenue 6,500 0.01660%
10/18/99
Apartment 110
Baltimore, MD 21215
Isadore Kaplan Revocable Trust 7111 Park Heights Avenue 9,324 0.02381%
Apartment 110
Baltimore, MD 21215
Milton Klein 1 Slade Avenue 7,305 0.01866%
Apartment 706
Baltimore, MD 21208
Dr. Lee Kress 417 Barby Lane 7,152 0.01827%
Cherry Hill, NJ 08003
Richard & Cheryl Kress 15 W. Aylesbery Road 7,152 0.01827%
Suite 700
Timonium, MD 21093
William Kress Marital Trust c/o Richard Kress Trustee 60,305 0.15403%
15 W. Aylesbery Road
Suite 700
Timonium, MD 21093
Elmer W. Leibensperger 1900 Dumont Court 859 0.00219%
Timonium, MD 21093
Merrill & Natalie S. Levy 5906 Eastcliff Drive 2,637 0.00674%
Baltimore, MD 21209
Gertrude Myerberg 2227 Ibis Isle Road East 14,611 0.03732%
Palm Beach, FL 33480
Bertha Pollock 5550 Tuckerman Lane 2,486 0.00635%
Apartment 442
Rockville, MD 20852
Lawrence E. Putnam Family Trust 3241 Worthington Street, NW 5,424 0.01385%
Washington, DC 20015
Stephen F. Rosenberg 3 Greenwood Place 367 0.00094%
Suite 307
Baltimore, MD 21208
Z. Valeere Sass, Trustee 758 Regency Lakes Drive, E501 2,637 0.00674%
Boca Raton, FL 33433
Isidore Schnaper 11 Slade Avenue 10,421 0.02662%
Apartment 304
Baltimore, MD 21208
M. Gerald Sellman Revocable Trust 2 Yearling Way 18,347 0.04686%
Agreement dated November 30, 1998 Lutherville, MD 21093
Albert Shapiro Revocable Trust Albert Shapiro, Trustee 13,196 0.03370%
dated 10/6/89 and amended 4/20/00 100 Sunrise Avenue
Palm Beach, FL 33480
Earle K. Shawe Shawe & Rosenthal 85,085 0.21732%
20 S. Charles Street
Baltimore, MD 21201
Rhoda E. Silverman, Trustee R. Silverman Revoc. Trust 1,469 0.00375%
4701 Willard Avenue
Apartment 1034
Chevy Chase, MD 20815
Herbert J. Siegel 20 Pleasant Ridge Drive, Suite A 419,094 1.07041%
Owings Mills, MD 21117
Siegel Family, LLLP c/o Herbert J. Siegel 31,995 0.08172%
20 Pleasant Ridge Drive, Suite A
Owings Mills, MD 21117
Dr. Edgar Sweren 77 Seminary Farm Road 1,018 0.00260%
Timonium, MD 21093
Dr. Myra Jody Whitehouse 1 Staffordshire Road 2,085 0.00533%
Cherry Hill, NJ 08003
Ms. Terry Whitehouse 3706 Taylor Street 2,085 0.00533%
Chevy Chase, MD 20815
___________________________________________________________
Harold M. Davis 2180 Twinbrook Road 229,754 0.58682%
Berwyn, PA 19312
Nicholas V. Martell 1551 Harmoneyville Road 229,754 0.58682%
Pottstown, PA 19465
R.C.E. Developers, Inc. 1000 Chesterbrook Blvd 4,642 0.01186%
Berwyn, PA 19312
___________________________________________________________
Frances Berkowitz 29 East 64th Street 1,358 0.00347%
Apartment 7D
New York, New York 10021
Richard A. Eisner 1107 Fifth Avenue 10,180 0.02600%
New York, New York 10128
Michael Glick 1035 Fifth Avenue 18,664 0.04767%
New York, New York 10028
Ronnie Glick 1035 Fifth Avenue 1,696 0.00433%
Apartment 14B
New York, New York 10028
Claire Morse 240 Lee Street 5,090 0.01300%
Brookline, MA 02445-5915
Enid Morse 840 Park Avenue 5,090 0.01300%
#7/8A
New York, New York 10021
Lester Morse, Jr. 840 Park Avenue 19,088 0.04875%
#7/8A
New York, New York 10021
Richard Morse 240 Lee Street 6,999 0.01788%
Brookline, MA 02445
___________________________________________________________
Leslie G. Berman 1100 Reisterstown Road #202 39,094 0.09985%
Baltimore, MD 21208
___________________________________________________________
Norman J. Cohen Living Trust 1547 Island Lane 17,025 0.04348%
UAD 8/8/88 Bloomfield Hills, MI 48302
Rochelle Fang 135 W. 70th Street, Apt. 4F 6,767 0.01728%
New York, NY 10023
Aaron H. Ginsberg Living Trust Aaron H. Ginsberg, Trustee 4,597 0.01174%
UAD 11/25/86 30875 River Crossing
Bingham Farms, MI 48025
Anne Ginsberg Living Trust Anne Ginsberg, Trustee 4,511 0.01152%
UAD 7/27/98 30875 River Crossing
Bingham Farms, MI 48025
Sandra Greenstone 10918 Kirwick 28,332 0.07236%
Houston, TX 77024
Sharon Hart 5377 Old Pond Way 10,215 0.02609%
West Bloomfield, MI 48323
Shirley Latessa Two Fifth Avenue, #12A 9,023 0.02305%
New York, NY 10011
Max Levenson Trust Vivian Berry, Trustee 17,025 0.04348%
10485 Elgin
Huntington Woods, MI 48070
Dave Muskovitz Associates c/o Melvn Muskovitz 34,156 0.08724%
Limited Partnership 2101 Woodside
Ann Arbor, MI 48104
Jerry Muskovitz 6085 Ledgeway Drive 34,156 0.08724%
West Bloomfield, MI 48322
Jerome Pershin Marital Trust Helen Pershin, Trustee 22,771 0.05816%
Dated 2/13/75 25225 Franklin Park Drive
Franklin, MI 48025
Ran Family Limited Partnership 2025 W. Long Lake Road 9,640 0.02462%
Suite 104
Troy, MI 48098
Phyllis Ring 330 E. Strawberry Drive 10,215 0.02609%
Mill Valley, CA 94941
Annette Stollman 7500 N.E. Dolphin Drive 9,640 0.02462%
Bainbridge Island, WA 98110
Bernard H. Stollman Living Trust Bernard H. Stollman, Trustee 29,437 0.07519%
UAD 8/17/87 2025 W. Long Lake Road
Suite 104
Troy, MI 48098
Gerald H. Stollman 4864 Hidden Lane 17,025 0.04348%
West Bloomfield, MI 48323
Melvyn J. Stollman Trust Bernard H. Stollman, Trustee 29,481 0.07530%
2025 W. Long Lake Road
Suite 104
Troy, MI 48098
Estate of Phillip Stollman Bernard H. Stollman and 43,071 0.11001%
Gerald H. Stollman, Personal
Representatives
2025 W. Long Lake Road
Suite 104
Troy, MI 48098
West Side Real Estate Corp. Bernard H. Stollman, President 3,405 0.00870%
2025 W. Long Lake Road
Suite 104
Troy, MI 48098
___________________________________________________________
William S. Beinecke 99 Park Avenue 1,946 0.00497%
Suite 2200
New York, New York 10016
Robert K. Kraft c/o Chestnut Hill Management Corp. 1,946 0.00497%
One Boston Place
Boston, MA 02108
Robert J. Sharp 121 Middlebrook Farm Road 1,946 0.00497%
Wilton, CT 06897
Estate of Ross D. Siragusa c/o Melvyn H. Schneider 11,672 0.02981%
Altschuler, Melvoin & Glass, LLP
2029 Century Park East
Suite 3100
Los Angeles, CA 90007
___________________________________________________________
Patricia D. Moore Trust No. 413 51267 Windsor Manor Court 6,687 0.01708%
South Bend, IN 46530
___________________________________________________________
The Enid Barden Trust of Enid Barden, Trustee 11,758 0.03003%
June 28, 1995 74 E. Long Lake Road
Bloomfield Hills, MI 48304-2379
Fairway Property Company 32270 Telegraph Road 5,324 0.01360%
Suite 200
Birmingham, MI 48205
David A. Gumenick 30160 Orchard Lake Road - 110 7,454 0.01904%
Farmington Hills, MI 48334
David Herskovitz 1055 Trailridge Lane 2,130 0.00544%
Atlanta, GA 30338
Constance W. Jacob 8344 Hendrie 2,662 0.00680%
Huntington Woods, MI 48070
The Howard J. Leshman Revocable Howard J. Leshman, Trustee 7,839 0.02002%
Trust Dated May 20, 1983 as Amended 74 E. Long Lake Road
and Restated on March 4, 1998 Bloomfield Hills, MI 48304-2379
Lyle Properties Limited Partnership Marc W. Pomeroy, General Partner 11,758 0.03003%
74 E. Long Lake Road
Bloomfield Hills, MI 48304-2379
Marvin Novick 12820 Burton 331 0.00085%
Oak Park, MI 48237
David K. Page 2290 First National Building 7,986 0.02040%
Detroit, MI 48226
Keith J. Pomeroy Trust of 12/13/76 Keith J. Pomeroy, Trustee 22,406 0.05723%
as Amended and Restated 6/28/95 74 E. Long Lake Road
Bloomfield Hills, MI 48304-2379
David Sillman 6421 Inkster Road 31,965 0.08164%
Suite 200
Bloomfield Hills, MI 48301
Lionel J. Stober Trust Lionel J. Stober, Trustee 5,324 0.01360%
6013 Shawdow Lake Drive
Toledo, OH 43623
Ruth Stober 6670 Vachon Court 5,324 0.01360%
Bloomfield Hills, MI 48301
Ari Stutz 732 W. Grace Street 2,662 0.00680%
Apartment 2W
Chicago, IL 60613
Jonah L. Stutz 29757 Farmbrook Villa Lane 5,324 0.01360%
Southfield, MI 48034
Leah Stutz 6677 Girvin 2,662 0.00680%
Oakland, CA 94611
Steven I. Victor Trust 401 S. Old Woodward 5,324 0.01360%
Suite 333
Birmingham, MI 48009
Woodridge Properties Limited Stephen R. Polk, Managing General 15,972 0.04079%
Partnership Partner
26955 Northwestern Highway
Southfield, MI 48034
___________________________________________________________
Richard Bacas 2413 N. Edgewood Street 2,136 0.00546%
Arlington, VA 22207-4926
Julie Belinkie 1120 Connecticut Ave NW, #1200 7,854 0.02006%
Washington, DC 20036
David Bender 1120 Connecticut Ave NW, #1200 7,854 0.02006%
Washington, DC 20036
Jay Bender 12721 Maidens Bower Dirve 6,283 0.01605%
Potomac, MD 20854-6052
Lisa Bender-Feldman 2579 Eagle Run Lane 6,283 0.01605%
Ft. Lauderdale, FL 33327
Scott M. Bender Revocable 12700 Glen Mill Road 6,283 0.01605%
Trust dated 4/20/98 Potomac, MD 20854
Barbara Bender-Laskow 8303 Larkmeade Terrace 7,854 0.02006%
Potomac, MD 20854
Caplin Family Investments, LLC c/o Mortimer Caplin 111,705 0.28531%
Caplin & Drysdale
One Thomas Circle
Washington, DC 20005
Michael A. Caplin 8477 Portland Place, NW 26,284 0.06713%
McLean, VA 22102
Jeremy O. Caplin 360 Ardwood Road 39,425 0.10070%
Earlysville, VA 22936
Catherine Caplin 1219 Sunset Plaza Drive, #7 32,854 0.08391%
Los Angeles, CA 90069-1254
The Caplin Family Trust P.O. Box 854 32,854 0.08391%
Pebble Beach, CA 93953
Estate of Yetta K. Cohen 1650 Tysons Boulevard, #620 150,991 0.38565%
McLean, VA 22102
Community Realty Company, Inc. 6305 Ivy Lane, Suite 210 160,360 0.40958%
Greenbelt, MD 20770
Benedict C. Cosimano 3505 Fulton Street, NW 2,136 0.00546%
Washington, DC 20007
Samuel Diener, Jr. Revocable Trust Samuel Diener, M.D., Trustee 16,758 0.04280%
786 Eastern Point Road
Annapolis, MD 21401
Clarence Dodge, Jr. Revocable Trust 5146 Palisade Lane 154,036 0.39342%
dated 1/10/92 Washington, DC 20016
Marcia Esterman Living Trust Marcia Esterman, Trustee 7,900 0.02018%
5709 Mayfair Manor Drive
Rockville, MD 20852
Lydia Funger McClain 12201 Lake Potomac Terrace 21,807 0.05570%
Potomac, MD 20854
William S. Funger 6 Great Elm Court 21,807 0.05570%
Potomac, MD 20854
Keith P. Funger 10530 South Glen Road 21,807 0.05570%
Potomac, MD 20854
Morton Funger 1650 Tysons Boulevard, #620 150,898 0.38541%
McLean, VA 22102
Bernard S. Gewirz 1730 K Street, NW #1204 50,219 0.12826%
Washington, DC 20006
Bernard and Sarah Gewirz Foundation 1730 K Street, NW #1204 16,000 0.04087%
Washington, DC 20006
Carl S. Gewirz 1730 K Street, NW #1204 23,071 0.05893%
Washington, DC 20006
Steven B. Gewirz 1730 K Street, NW #1204 7,150 0.01826%
Washington, DC 20006
Michael AK Gewirz 1730 K Street, NW #1204 9,534 0.02435%
Washington, DC 20006
Diane Goldblatt Apt 420 5,713 0.01459%
10500 Rockville Pike
Rockville, MD 20852
Herbert Goldblatt 11936 Canfield Road 5,713 0.01459%
Potomac, MD 20854
Barbara Goldman 1624 Belvedere Boulevard 7,900 0.02018%
Silver Spring, MD 20902
Theodore L. Gray 1200 Jossie Lane 1,971 0.00503%
McLean, VA 22102
Eileen Greenberg 1120 Connecticut Ave NW, #1200 7,854 0.02006%
Washington, DC 20036
Hermen Greenberg 1050 Connecticut Ave., NW #444 1,006,836 2.57157%
Washington, DC 20036
William Kaplan 19674 Waters End Drive, #1002 83,779 0.21398%
Boca Raton, Florida 33434
Herman Kraft Sunrise Assisted Living, #212 2,628 0.00671%
5910 Wilson Blvd.
Arlington, VA 22205
Patricia A. Mancuso 11912 Tallwood Court 493 0.00126%
Potomac, MD 20854
Charles and Lupe Mancuso, T.B.T.E. 9421 Reach Road 493 0.00126%
Potomac, MD 20854
Melanie F. Nichols 21 Crescent Lane 21,801 0.05568%
San Anselmo, CA 94960
Jeffrey W. Ochsman 9505 Newbridge Drive 21,807 0.05570%
Potomac, MD 20854
Bruce D. Ochsman 8905 Hunt Valley Court 21,807 0.05570%
Potomac, MD 20854
Ralph Ochsman 1650 Tysons Boulevard, #620 150,898 0.38541%
McLean, VA 22102
Michael P. & Esther K. Ochsman Tenants By the Entirety 21,807 0.05570%
5600 Wisconsin Avenue
Chevy Chase, MD 20815
Sharon Lynn Ochsman c/o Terri Weisenberger 21,807 0.05570%
1650 Tysons Blvd. #620
McLean, VA 22102
Wendy A. Ochsman 90720 Holloway Hill Court 21,807 0.05570%
Potomac, MD 20854
Ralmor Corporation c/o Terri Weisenberger 392,503 1.00250%
1650 Tysons Blvd., #620
McLean, VA 22102
Jerome Shapiro 9511 Orion Court 7,903 0.02019%
Burke, VA 22015
Sophie B. Shapiro Family Trust c/o Bobbie Goldman 62,369 0.15930%
1624 Belvedere Boulevard
Silver Spring, MD 20902
Albert H. Small 1050 Connecticut Ave., NW #444 1,006,836 2.57157%
Washington, DC 20036
David Stearman 5630 Wisconsin Avenue, #1007 83,779 0.21398%
Chevy Chase, MD 20815
Juanita H. West Trust c/o Martin R. West III 19,255 0.04918%
3 Farm Haven Court
Rockville, MD 20852
Martin R. West, III 3 Farm Haven Court 5,776 0.01475%
Rockville, MD 20852
___________________________________________________________
Arthur Baitch 119 Swan Hill Court 14,785 0.03776%
Baltimore, MD 21208
Stuart Brager 6 Schloss Court 4,290 0.01096%
Baltimore, MD 21208-1926
David C. Browne 910 Rambling Drive 77,222 0.19723%
Baltimore, MD 21228
C. Coleman Bunting, Jr. RD 1, Box 140 15,369 0.03925%
Selbyville, DE 19975
Genine Macks Fidler 4750 Owings Mills Blvd 101,126 0.25829%
Owings Mills, MD 21117
Josh E. Fidler 4750 Owings Mills Blvd 72,539 0.18527%
Owings Mills, MD 21117
Thomas O'R. Frech 16 Deer Woods Ct 9,473 0.02420%
Glen Arm, MD 21057
Melvin Friedman, M.D. 8108 Anita Rd. 10,738 0.02743%
Baltimore, MD 21208
George H. Greenstein 7724 Grasty Rd. 9,771 0.02496%
Baltimore, MD 21208
Mildred Hemstetter 47-H Queen Anne Way 2,123 0.00542%
Chester, MD 21619
Sanford G. Jacobson Suite 616, 901 Dulaney Valley Rd. 17,620 0.04500%
Towson, MD 21204
James C. Johnson and 3955 Olean Gateway 2,145 0.00548%
Sandra J. Johnson Linkwood, MD 21835
William R. Kahn 7903 Long Meadow Rd. 8,279 0.02115%
Baltimore, MD 21208
Kanode Partnership 8213 A Stevens Rd. 77,222 0.19723%
Thurmont, MD 21788
Allan Krumholz and 5404 Springlake Way 4,290 0.01096%
Francine Krumholz Baltimore, MD 21212
Burton H. Levinson 11 Slade Ave #316 22,947 0.05861%
Baltimore, MD 21208
Eugene K. Lewis and 842 Wyndemere Way 3,600 0.00919%
Suzanne D. Lewis Naples, FL 34105
Arthur M. Lopatin Revocable Trust 11312 Wingfood Dr. 4,931 0.01259%
Boynton Beach, FL 33437
Lawrence Macks 4750 Owings Mills Blvd 173,664 0.44356%
Owings Mills, MD 21117
Martha Macks 3908 N. Charles St., #500 90,886 0.23213%
Baltimore, MD 21218
Morton J. Macks 4750 Owings Mills Blvd 343,442 0.87719%
Owings Mills, MD 21117
Joseph M. Mosmiller 687 Ardmore Lane 4,290 0.01096%
Naples, FL 34108
N & C Partnership P.O. Box 26260 9,982 0.02550%
Baltimore, MD 21210
Orlinsky Family Limited Partnership 899 N.E. 32nd Street 2,145 0.00548%
Boca Raton, FL 33431
Albert Perlow 7903 Winterset Ave. 4,290 0.01096%
Baltimore, MD 21208
Anne Louise Perlow 10 Talton Court 6,435 0.01644%
Baltimore, MD 21208
Alleck A. Resnick 3402 Old Forest Rd. 4,290 0.01096%
Harriet Resnick Baltimore, MD 21208
Stanley Safier 6210 Frankford Ave. 4,290 0.01096%
Baltimore, MD 21206
Arnold Sagner PO Box 416 11,065 0.02826%
Ellicott City, MD 21041
Donald I. Saltzman 3407 Engelmeade Rd. 5,434 0.01388%
Baltimore, MD 21208
Murray Saltzman 8216 N.W. 80th Street 2,145 0.00548%
Tamarac, FL 33321
William G. Scaggs 1520 Royal Palm Way 8,579 0.02191%
Boca Raton, FL 33432
Earle K. Shawe c/o Shawe & Rosenthal 29,645 0.07572%
20 S. Charles Street
Baltimore, MD 21201
Steven D. Shawe Shawe & Rosenthal 5,014 0.01281%
20 S. Charles Street
Baltimore, MD 21201
Karolyn Solomon 3706 Breton Way 4,991 0.01275%
Baltimore, MD 21208-1707
William B. Warren Dewey Ballantine LLP 2,145 0.00548%
1301 Avenue of Americas
New York, NY 10019
Robert M. Wertheimer 9 Greenlea Drive 2,145 0.00548%
Baltimore, MD 21208
___________________________________________________________
Leonard Klorfine 1105 Bryn Tyddyn Drive 170,312 0.43500%
Gladwyne, PA 19035
Greenacres Associates 1105 Bryn Tyddyn Road 59,896 0.15298%
Gladwyne, PA 19035
Ridley Brook Associates 1105 Bryn Tyddyn Road 97,917 0.25009%
Gladwyne, PA 19035
___________________________________________________________
Community Investment Strategies, Inc. 120 Albany Street 64,150 0.16385%
8th Floor
New Brunswick, New Jersey 08901
___________________________________________________________
Louis J. Siegel The Siegel Organization 143 0.00037%
20 Pleasant Ridge Drive
Suite A
Owings Mills, MD 21117
Andrew N. Siegel The Siegel Organization 143 0.00037%
20 Pleasant Ridge Drive
Suite A
Owings Mills, MD 21117
___________________________________________________________
Ronald Altman 38 Crawford Road 162,062 0.41392%
Harrison, NY 10528
Cottonwood Associates c/o The Gateside Corporation 2,446 0.00625%
555 Theodore Fremd Avenue
Suite B-304
Rye, New York 10580
Estate of David M. Dolgenos Ronald Altman, Executor 556,675 1.42181%
Weissbarth, Altman & Michaelson
156 W. 56th Street
New York, New York 10019
Norman Feinberg c/o The Gateside Corporation 162,057 0.41391%
555 Theodore Fremd Avenue
Suite B-304
Rye, New York 10580
Gateside-Bryn Mawr Company, L.P. c/o The Gateside Corporation 5,603 0.01431%
555 Theodore Fremd Avenue
Suite B-304
Rye, New York 10580
King Road Associates c/o The Gateside Corporation 22,899 0.05849%
555 Theodore Fremd Avenue
Suite B-304
Rye, New York 10580
Sagar Points, Inc. c/o Joel A. Poretsky, Esq. 58,858 0.15033%
Parker Chapin LLP
405 Lexington Avenue
New York, New York 10174
Staf-Arms Corp. c/o Joel A. Poretsky, Esq. 225,689 0.57643%
Parker Chapin LLP
405 Lexington Avenue
New York, New York 10174
Helene Sterling Trust Under Helene Sterling, Trustee 6,398 0.01634%
Trust dated 4/14/89 12 Schoolhouse Lane
Great Neck, New York 11020
___________________________________________________________
Macomb Apartments Limited Partnership David Schostak 151,672 0.38739%
25800 Northwestern Highway
Suite 750
Southfield, MI 48075
Deerfield Woods Venture Limited David Schostak 72,684 0.18564%
Partnership 25800 Northwestern Highway
Suite 750
Southfield, MI 48075
TOTAL UNITS/INTERESTS 39,152,607.899 100.00%
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