- Q1 operating FFO of $1.09 up from $1.00 one year ago.
- Same property rental income up 3.2% Y/Y. Operating expenses down 1.3%. NOI up 5.2%. Average physical occupancy of 95% flat. Average monthly rental rates up 3% to $1,357. Management says rough weather was to blame for operating expenses roughly $0.03 per share higher than hoped.
- Midpoint of guidance is affirmed: Full-year OFFO of $4.54-$4.66. Q2 OFFO is expected at $1.13-$1.17.
- Conference call tomorrow at 11 ET
- Previously: Home Properties misses by $0.01, beats on revenue (April 30)
- HME flat after hours