ROCHESTER, NY (REIT Media) February 10, 2009 - Home Properties (NYSE: HME) today announced that on February 9, 2009 it declared a regular cash dividend on the Company's common shares of $0.67 per share for the quarter ended December 31, 2008. The cash dividend is payable on February 27, 2009 to shareholders of record on February 20, 2009 and is equivalent to an annualized rate of $2.68 per share. The current annual dividend represents an 8.25 percent yield based on Monday's closing price of $32.49. Home Properties' common stock will begin trading ex-dividend on February 18, 2009.

"After assessing the Company's 2008 financial results, 2009 outlook, future financing requirements and liquidity needs, the Board was very comfortable declaring the regular quarterly cash dividend," said President and CEO Edward J. Pettinella.

The Company said it would provide more information, including 2008 results and expectations for 2009, in its earnings news release to be issued after the stock market's close on February 19, 2009 and on a conference call at 11:00 AM on February 20, 2009.

This release 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, weather, other conditions that might affect operating expenses, the timely completion of repositioning activities within anticipated budgets, the actual pace of future acquisitions and sales, and continued access to capital to fund growth.

Home Properties is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in selected Northeast, Mid-Atlantic and Southeast Florida markets. Currently, Home Properties operates 118 communities containing 38,436 apartment units. Of these, 37,286 units in 116 communities are owned directly by the Company; 868 units are partially owned and managed by the Company as general partner, and 282 units are managed for other owners. For more information, visit Home Properties' Web site at homeproperties.com.