SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
January 24, 2005
HOME PROPERTIES, INC.
(Exact name of Registrant as specified in its Charter)
MARYLAND 1-13136 16-1455126
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
850 Clinton Square, Rochester, New York 14604
www.homeproperties.com
(Address of principal executive offices and internet site)
(585) 546-4900
(Registrant's telephone number, including area code)
Checkthe appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Home Properties, Inc. has previously reported its agreement to repurchase
the limited partnership interests in one of its few remaining affordable
properties (Report on Form 10-Q for the period ended September 30, 2004). The
purchase of the investors' interests in the partnerships which own the 1,058
unit apartment community known as Green Meadows, located in the Borough of
Baldwin, Commonwealth of Pennsylvania ("Green Meadows") is a step in Home
Properties' exit strategy for that property. The repurchase was completed on
January 24, 2005. An affiliate of Home Properties acquired the partnership
interests of Boston Capital Tax Credit Fund XIV, a Limited Partnership, Boston
Capital Tax Credit Fund XV, a Limited Partnership and BCCC, Inc. (collectively,
"Boston Capital") in the entities which own Green Meadows: H.P. Knolls I
Associates, L.P. and H.P. Knolls II Associates, L.P. (collectively, "Knolls
Partnerships") and HP-BC Limited Partnership, the general partner of the Knolls
Partnerships. Home Properties paid Boston Capital $5,681,030, pursuant to a
letter agreement and mutual releases, which include a release of Home
Properties' guarantee of certain tax credits to Boston Capital. The payment to
Boston Capital was recorded as a liability on the September 30, 2004 balance
sheet as was the expected loss on disposition of property as described Home
Properties' September 30, 2004 10-Q. The letter agreement and release are filed
as exhibits to this Current Report on Form 8-K.
Following the acquisition of Boston Capital's interests, Home Properties
and its affiliates own 100% of the interests in the owners of Green Meadows. As
also disclosed in the September 30, 2004 10-Q, Green Meadows is currently
experiencing high vacancy and debt service on the mortgage loan on the property
is not being paid. That financing is non-recourse. Home Properties anticipates
that the mortgage loan will be foreclosed on, which will eliminate all of its
ownership interests in Green Meadows as well as its management obligations
relating to the property. In the meantime, Home Properties does not anticipate
any related future cash shortfalls for which it will be responsible.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
c. Exhibits
Exhibit 10.1
Mutual Release, dated January 24, 2005, given by Home
Properties, L.P. and Home Properties, Inc. and Boston
Capital Tax Credit Fund XIV, a Limited Partnership, Boston
Capital Tax Credit Fund XV, a Limited Partnership and BCCC,
Inc. relating to certain obligations pertaining to Green
Meadows and related Letter Agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: January 24, 2005 HOME PROPERTIES, INC.
(Registrant)
By: /s/ David P. Gardner
David P. Gardner, Executive Vice President
and Chief Financial Officer