Home Properties, Inc. has a market cap of $3.17 billion; its shares were traded at around $64.75 with a P/E ratio of 17.8 and P/S ratio of 5.5. The dividend yield of Home Properties, Inc. stocks is 4.1%.
Highlight of Business Operations:The Companys net cash flow from operating activities was $133 million in the first six months of 2012 compared to $93 million in the first six months of 2011. The $40 million increase was primarily due to more profitable operations and the full period impact of properties acquired during 2011, as more fully described in the results of operations section below.
The table below summarizes the actual total capital improvements incurred by major categories for the three and six months ended June 30, 2012 and 2011 and an estimate of the breakdown of total capital improvements by major categories between recurring, and non-recurring revenue generating, capital improvements for the three and six months ended June 30, 2012 as follows:
General and administrative expenses increased in 2012 by $2,211, or 25.1%. General and administrative expenses as a percentage of total revenues were 6.8% for 2012 as compared to 6.3% for 2011. Both the dollar and percentage increases are primarily due to the restricted stock grants and stock option grants to executives at or near official retirement age resulting in these grants being expensed immediately, or one year less based on age.
General and administrative expenses increased in 2012 by $4,288, or 28.5%. General and administrative expenses as a percentage of total revenues were 6.0% for 2012 as compared to 5.3% for 2011. The cost of the incentive bonus was up $262 as compared to 2011, reflecting the Companys favorable operating performance versus its peers. Stock-based compensation costs recognized during 2012 were up $4,282, or 81.6%, of which $2,090 is due to the impact of executives at, or near retirement age and $2,447 due to the new three year performance restricted stock unit grants issued in the first quarter of 2012.
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