Home Properties Profile

Home Properties, Inc. is a self-administered and self-managed real estate investment trust (REIT) that owns, operates, acquires, develops and rehabilitates apartment communities. The Company's properties are regionally focused in select Northeast, Mid-Atlantic, Midwest and Southeast Florida markets of the United States. As of December 31, 2005, Home Properties operates 158 communities with 47,001 apartment units. Of these, 43,432 units in 153 communities are owned outright (the Owned Properties), 868 units in one community are managed and partially owned by the Company as general partner, and 2,701 units in four communities are managed for other owners (collectively, the Managed Properties). For the three months ended 31 March 2006, Home Properties, Inc.'s revenues rose 13% to $119.4M. Net income from continuing operations applicable to Common fell 3% to $1.7M. Revenues reflect higher rental income, increased occupancy levels and an increase in property income. Net income was offset by higher operating & maintenance costs, increased interest expense and an increase in depreciation charges.