Home Properties 8-K Home Properties Reports Third Quarter 2009 Results

EXHIBIT 99.2

HOME PROPERTIES, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

THIRD QUARTER 2009

TABLE OF CONTENTS

3Q 2009 Supplemental Reports		Page
1.	Earnings Release	1-8
2.	Owned Community Results, Quarterly and Year-to-Date	9-12
3.	Physical Occupancy Comparison by Region	13
4.	Net Operating Results	14
5.	Resident Statistics	15
6.	Net Operating Income Detail and Seasonality Factor for NAV Calculation	16
7.	Operating Expense Detail	17
8.	Discontinued Operations	18
9.	Summary of Recent Acquisitions	19
10.	Summary of Recent Sales	20
11.	Breakdown of Owned Units by Market	21
12.	Debt Summary Schedule	22-24
13.	Recurring Capital Expenditure and Adjusted NOI Summary	25-27
14.	Development Communities	28
15.	Cash Flow Projection	29
16.	2009 Earnings Guidance	30-31

Owned Community Results

Third Quarter 2009												3Q '09 versus 3Q '08
												% Growth
	# of		Date	3Q '09		3Q '09			3Q '08			Rental			Total			Total			Total			3Q '09
	Units		Acquired	Rent/Mo.		Occup.			Occup.			Rates(1)			Revenue			Expense			NOI			% Co. NOI
Baltimore Region
Bonnie Ridge		960	7/1/1999	$	1,079		92.4	%		92.0	%		-0.1	%		0.5	%		5.0	%		-2.0	%
Canterbury Apartments		618	7/16/1999	$	947		94.5	%		94.9	%		0.8	%		1.1	%		6.2	%		-1.8	%
Country Village		344	4/30/1998	$	910		96.8	%		93.7	%		0.2	%		2.7	%		3.7	%		2.0	%
Dunfield Townhomes		312	11/1/2007	$	1,091		96.0	%		93.9	%		2.6	%		4.8	%		-0.8	%		8.2	%
Falcon Crest		396	7/16/1999	$	971		94.1	%		92.7	%		-0.4	%		-0.4	%		-2.9	%		0.9	%
Fox Hall Apartments		720	3/29/2007	$	816		92.8	%		91.1	%		-1.8	%		0.1	%		5.2	%		-3.9	%
Gateway Village		132	7/16/1999	$	1,278		95.3	%		96.0	%		-0.5	%		0.1	%		-1.7	%		1.2	%
Heritage Woods		164	10/4/2006	$	1,027		97.1	%		94.5	%		0.1	%		2.1	%		5.5	%		-0.3	%
Mill Towne Village Apts		384	5/31/2001	$	870		93.8	%		94.7	%		0.4	%		-0.7	%		0.1	%		-1.2	%
Morningside Heights		1,050	4/30/1998	$	865		92.6	%		92.3	%		-1.6	%		-1.4	%		-3.9	%		0.2	%
Owings Run		504	7/16/1999	$	1,194		95.0	%		95.3	%		0.0	%		0.8	%		1.6	%		0.4	%
Ridgeview at Wakefield Valley		204	1/13/2005	$	1,156		95.6	%		94.1	%		-1.7	%		1.4	%		-5.6	%		6.6	%
Saddle Brooke Apartments		468	10/29/2008	$	1,038		92.7	%		n/a			n/a			n/a			n/a			n/a
Selford Townhomes		102	7/16/1999	$	1,293		89.2	%		92.2	%		-2.1	%		-4.0	%		-3.3	%		-4.5	%
The Coves at Chesapeake		469	11/20/2006	$	1,190		92.4	%		91.0	%		-1.5	%		-0.7	%		4.1	%		-3.6	%
Timbercroft Townhomes		284	7/16/1999	$	893		99.5	%		98.5	%		3.4	%		7.1	%		3.4	%		9.6	%
Top Field		156	10/4/2006	$	1,182		94.9	%		96.4	%		0.9	%		-0.7	%		0.2	%		-1.1	%
Village Square Townhomes		370	7/16/1999	$	1,124		93.3	%		95.0	%		-1.9	%		-3.8	%		-2.0	%		-4.8	%
Woodholme Manor		177	3/31/2001	$	861		96.3	%		94.9	%		0.9	%		1.7	%		-8.2	%		10.0	%
Total Baltimore Region		7,814		$	1,004		93.9	%		93.5	%		-0.4	%		0.4	%		1.3	%		-0.2	%		19.6	%
Boston Region
Gardencrest		696	6/28/2002	$	1,509		95.4	%		96.6	%		1.0	%		0.5	%		1.6	%		0.0	%
Highland House		172	5/31/2006	$	1,151		94.8	%		96.0	%		0.0	%		-2.2	%		9.8	%		-10.5	%
Liberty Place		107	6/6/2006	$	1,411		95.3	%		96.8	%		-0.2	%		-5.7	%		0.1	%		-9.3	%
Stone Ends		280	2/12/2003	$	1,226		96.0	%		95.2	%		-0.9	%		0.1	%		0.2	%		0.1	%
The Heights at Marlborough		348	9/7/2006	$	1,168		95.9	%		96.0	%		0.6	%		1.5	%		10.8	%		-3.6	%
The Meadows at Marlborough		264	9/7/2006	$	1,121		97.0	%		95.4	%		-2.3	%		-3.2	%		4.8	%		-8.7	%
The Townhomes of Beverly		204	2/15/2007	$	1,435		97.4	%		95.3	%		-1.0	%		2.3	%		-10.1	%		10.8	%
The Village at Marshfield		276	3/17/2004	$	1,127		95.6	%		95.4	%		-3.9	%		-1.1	%		5.8	%		-4.3	%
Westwoods		35	4/30/2007	$	1,258		91.2	%		96.0	%		-0.2	%		-10.3	%		4.3	%		-23.7	%
Total Boston Region		2,382		$	1,298		95.8	%		96.0	%		-0.4	%		-0.4	%		2.7	%		-2.1	%		7.8	%
Chicago Region
Blackhawk		371	10/20/2000	$	869		95.5	%		95.7	%		-3.2	%		-3.5	%		-3.8	%		-3.0	%
Courtyards Village		224	8/29/2001	$	821		98.0	%		97.8	%		-1.7	%		-2.7	%		-0.1	%		-5.0	%
Cypress Place		192	12/27/2000	$	936		97.5	%		97.7	%		-2.1	%		-2.0	%		-4.5	%		1.3	%
The Colony		783	9/1/1999	$	878		97.0	%		97.1	%		-2.7	%		-2.8	%		10.8	%		-12.7	%
The New Colonies		672	6/23/1998	$	727		96.1	%		95.0	%		-0.1	%		-2.5	%		-6.1	%		1.0	%
Total Chicago Region		2,242		$	831		96.7	%		96.4	%		-2.0	%		-2.7	%		0.6	%		-5.9	%		3.9	%
Florida Region
The Hamptons		668	7/7/2004	$	1,003		93.6	%		95.8	%		-3.1	%		-9.7	%		3.8	%		-21.7	%
Vinings at Hampton Village		168	7/7/2004	$	1,112		94.4	%		94.4	%		-2.4	%		1.2	%		1.4	%		1.1	%
Total Florida Region		836		$	1,025		93.8	%		95.5	%		-2.9	%		-7.4	%		3.2	%		-17.6	%		1.5	%
Long Island, NY Region
Bayview / Colonial		160	11/1/2000	$	1,215		95.3	%		96.9	%		2.5	%		4.0	%		12.5	%		-1.3	%
Cambridge Village		82	3/1/2002	$	1,681		97.7	%		97.4	%		1.7	%		1.2	%		1.8	%		0.8	%
Devonshire Hills		297	7/16/2001	$	1,683		95.6	%		97.5	%		-1.6	%		-2.2	%		-0.3	%		-3.2	%
Hawthorne Court		434	4/4/2002	$	1,368		97.1	%		97.4	%		-1.7	%		-1.0	%		-2.3	%		0.1	%
Heritage Square		80	4/4/2002	$	1,682		95.0	%		95.8	%		0.7	%		-1.2	%		10.8	%		-11.2	%
Holiday Square		144	5/31/2002	$	1,180		94.9	%		95.7	%		1.5	%		0.4	%		5.8	%		-3.1	%
Lake Grove Apartments		368	2/3/1997	$	1,370		96.1	%		95.9	%		0.0	%		2.0	%		6.2	%		-0.5	%
Mid- Island Estates		232	7/1/1997	$	1,324		97.4	%		95.1	%		0.3	%		4.9	%		6.2	%		4.0	%
Sayville Commons		342	7/15/2005	$	1,542		96.2	%		95.4	%		2.0	%		3.2	%		2.4	%		3.7	%
South Bay Manor		61	9/11/2000	$	1,617		95.5	%		96.6	%		0.3	%		-0.5	%		-2.7	%		1.4	%
Southern Meadows		452	6/29/2001	$	1,367		96.7	%		96.6	%		0.1	%		0.9	%		0.1	%		1.6	%
Stratford Greens		359	3/1/2002	$	1,430		97.2	%		95.9	%		-1.9	%		-2.1	%		-7.6	%		1.8	%
Westwood Village Apts		242	3/1/2002	$	2,305		96.0	%		96.4	%		-1.6	%		-1.8	%		1.2	%		-4.0	%
Woodmont Village Apts		96	3/1/2002	$	1,302		96.1	%		95.7	%		0.3	%		1.7	%		-1.5	%		3.7	%
Yorkshire Village Apts		40	3/1/2002	$	1,746		95.7	%		96.7	%		0.3	%		-0.7	%		3.9	%		-4.8	%
Total Long Island Region		3,389		$	1,491		96.4	%		96.4	%		-0.3	%		0.3	%		1.1	%		-0.2	%		12.0	%
Maine Region
Liberty Commons		120	8/30/2006	$	1,175		98.2	%		94.7	%		-1.0	%		3.1	%		4.8	%		2.2	%
Redbank Village		500	7/7/1998	$	860		97.6	%		95.0	%		0.4	%		2.0	%		-10.2	%		12.8	%
Total Maine Region		620		$	921		97.8	%		95.0	%		0.1	%		2.3	%		-7.1	%		9.7	%		1.4	%
New Jersey Region
Barrington Gardens		148	3/1/2005	$	1,109		96.0	%		97.1	%		2.0	%		2.2	%		32.5	%		-23.4	%
Chatham Hill Apartments		308	1/30/2004	$	1,714		93.6	%		94.8	%		-1.9	%		-3.1	%		-7.6	%		-0.6	%
East Hill Gardens		33	7/7/1998	$	1,459		93.0	%		95.9	%		-2.6	%		-5.6	%		-11.7	%		-1.8	%
Hackensack Gardens		198	3/1/2005	$	1,065		92.5	%		95.9	%		4.0	%		-0.2	%		-36.3	%		38.9	%
Jacob Ford Village		270	2/15/2007	$	1,144		95.1	%		95.3	%		3.8	%		2.4	%		15.7	%		-5.8	%
Lakeview		106	7/7/1998	$	1,359		95.5	%		94.2	%		-0.1	%		1.6	%		-4.4	%		5.7	%
Northwood Apartments		134	1/30/2004	$	1,304		98.6	%		94.9	%		-1.5	%		3.1	%		7.4	%		-0.5	%
Oak Manor		77	7/7/1998	$	1,760		95.7	%		95.3	%		-0.7	%		-1.1	%		-25.6	%		17.4	%
Pleasant View		1,142	7/7/1998	$	1,122		94.6	%		94.1	%		-3.0	%		-0.8	%		0.1	%		-1.4	%
Pleasure Bay		270	7/7/1998	$	1,041		94.2	%		95.8	%		-3.3	%		-5.1	%		-1.6	%		-8.0	%
Royal Gardens Apartments		550	5/28/1997	$	1,211		97.2	%		95.8	%		-1.9	%		-0.6	%		-5.3	%		2.1	%
Wayne Village		275	7/7/1998	$	1,385		96.4	%		96.1	%		-0.3	%		0.8	%		-2.3	%		2.6	%
Windsor Realty		67	7/7/1998	$	1,191		90.3	%		95.5	%		-0.4	%		-10.8	%		-26.8	%		1.1	%
Total New Jersey Region		3,578		$	1,231		95.1	%		95.1	%		-1.2	%		-0.9	%		-2.9	%		0.4	%		11.0	%
Philadelphia Region
Beechwood Gardens		160	7/7/1998	$	822		96.8	%		97.9	%		-0.5	%		-4.8	%		-4.9	%		-4.6	%
Castle Club		158	3/15/2000	$	955		95.2	%		92.7	%		-0.2	%		3.5	%		-4.4	%		11.4	%
Chesterfield		247	9/23/1997	$	896		96.2	%		92.9	%		-4.4	%		-1.1	%		-0.7	%		-1.4	%
Curren Terrace		318	9/23/1997	$	879		92.1	%		94.8	%		-1.6	%		-2.7	%		-6.8	%		0.9	%
Glen Brook		174	7/28/1999	$	823		88.4	%		91.8	%		-0.1	%		-8.9	%		-3.7	%		-15.9	%
Glen Manor		174	9/23/1997	$	798		94.4	%		97.0	%		-0.9	%		-3.7	%		-3.5	%		-3.8	%
Golf Club		399	3/15/2000	$	1,061		95.3	%		93.3	%		-1.1	%		3.8	%		-3.4	%		8.5	%
Hill Brook Place		274	7/28/1999	$	844		95.1	%		94.9	%		-3.2	%		-0.7	%		2.3	%		-4.0	%
Home Properties of Bryn Mawr		316	3/15/2000	$	1,145		89.8	%		95.0	%		7.5	%		0.8	%		0.0	%		1.3	%
Home Properties of Devon		631	3/15/2000	$	1,091		92.5	%		91.7	%		-2.3	%		0.1	%		-2.8	%		2.0	%
Home Properties of Newark		432	7/16/1999	$	873		93.0	%		94.8	%		-0.6	%		-1.7	%		-3.3	%		-0.3	%
New Orleans Park		442	7/28/1999	$	858		95.7	%		95.7	%		-0.7	%		-2.5	%		-0.8	%		-4.1	%
Racquet Club		466	7/7/1998	$	1,024		95.8	%		95.6	%		-0.9	%		0.0	%		-7.2	%		5.5	%
Racquet Club South		103	5/27/1999	$	886		95.3	%		95.6	%		-2.5	%		-5.4	%		4.1	%		-13.9	%
Ridley Brook		244	7/28/1999	$	912		96.4	%		96.1	%		0.2	%		0.6	%		3.1	%		-1.5	%
Sherry Lake		298	7/23/1998	$	1,167		94.4	%		98.1	%		-2.6	%		-4.5	%		6.6	%		-10.1	%
The Brooke at Peachtree Village		146	8/15/2005	$	1,105		96.5	%		95.7	%		-0.8	%		-0.4	%		6.6	%		-5.2	%
The Landings		384	11/25/1996	$	985		94.5	%		96.0	%		-1.8	%		-4.5	%		9.5	%		-12.2	%
Trexler Park		250	3/15/2000	$	1,044		94.0	%		95.2	%		-2.7	%		-6.4	%		-2.3	%		-9.2	%
Trexler Park West		216	8/15/2008	$	1,245		94.3	%		n/a			n/a			n/a			n/a			n/a
William Henry		363	3/15/2000	$	1,097		89.4	%		94.1	%		-3.0	%		-6.6	%		5.8	%		-15.5	%
Total Philadelphia Region		6,195		$	990		93.8	%		94.7	%		-1.2	%		-1.9	%		-0.7	%		-2.8	%		14.4	%
Washington, D.C. Region
Braddock Lee		255	3/16/1998	$	1,282		96.7	%		96.1	%		1.0	%		1.0	%		-4.1	%		4.7	%
Cider Mill		864	9/27/2002	$	1,095		95.6	%		94.7	%		-0.6	%		1.8	%		7.7	%		-2.9	%
Cinnamon Run		511	12/28/2005	$	1,194		94.3	%		96.5	%		1.3	%		-1.3	%		4.4	%		-3.8	%
East Meadow		150	8/1/2000	$	1,284		97.4	%		95.2	%		-2.7	%		-2.1	%		-3.9	%		-0.9	%
Elmwood Terrace		504	6/30/2000	$	920		94.0	%		92.1	%		0.0	%		7.4	%		-3.0	%		18.5	%
Falkland Chase		450	9/10/2003	$	1,340		94.7	%		93.9	%		-2.4	%		-1.3	%		4.0	%		-4.0	%
Mount Vernon Square		1,387	12/27/2006	$	1,197		95.8	%		95.4	%		0.7	%		1.4	%		-8.4	%		7.4	%
Orleans Village		851	11/16/2000	$	1,325		94.5	%		95.1	%		0.6	%		-0.2	%		8.6	%		-6.0	%
Park Shirlington		294	3/16/1998	$	1,293		95.6	%		96.6	%		0.9	%		-1.8	%		-4.4	%		0.1	%
Peppertree Farm		879	12/28/2005	$	1,176		91.9	%		94.5	%		2.4	%		-0.8	%		-3.3	%		0.7	%
Seminary Hill		296	7/1/1999	$	1,247		97.0	%		96.0	%		0.8	%		1.9	%		-0.9	%		4.6	%
Seminary Towers		541	7/1/1999	$	1,307		94.6	%		95.1	%		1.1	%		-1.8	%		-3.7	%		-0.2	%
Tamarron Apartments		132	7/16/1999	$	1,441		94.6	%		94.6	%		-2.2	%		-1.0	%		1.3	%		-2.3	%
The Apts at Wellington Trace		240	3/2/2004	$	1,276		97.4	%		92.9	%		-1.0	%		6.3	%		-0.5	%		10.6	%
The Manor - MD		435	8/31/2001	$	1,206		97.3	%		91.6	%		0.8	%		13.4	%		6.1	%		18.2	%
The Manor - VA		198	2/19/1999	$	1,023		96.5	%		95.4	%		-3.2	%		-0.7	%		-2.4	%		0.7	%
The Sycamores		185	12/16/2002	$	1,340		98.1	%		95.3	%		-2.2	%		2.2	%		5.5	%		0.3	%
Virginia Village		344	5/31/2001	$	1,264		97.6	%		98.0	%		1.0	%		1.5	%		2.8	%		0.6	%
West Springfield		244	11/18/2002	$	1,411		96.7	%		96.2	%		-2.3	%		-2.1	%		0.8	%		-3.6	%
Westchester West		345	12/30/2008	$	1,290		93.5	%		n/a			n/a			n/a			n/a			n/a
Woodleaf Apartments		228	3/19/2004	$	1,193		94.8	%		91.6	%		2.0	%		6.4	%		0.8	%		9.9	%
Total Washington, D.C. Region		9,333		$	1,220		95.2	%		94.9	%		0.3	%		1.2	%		0.2	%		2.0	%		28.4	%
TOTAL OWNED PORTFOLIO		36,389		$	1,132		95.1	%		n/a			n/a			n/a			n/a			n/a			100.0	%
TOTAL CORE PORTFOLIO		35,360		$	1,132		95.1	%		95.0	%		-0.5	%		-0.2	%		0.2	%		-0.5	%

(1) Reflects net change in base rental rates before utility reimbursements and economic occupancy changes.

Page 9

Owned Community Results

September YTD												YTD '09 versus YTD '08
												% Growth
	# of		Date	YTD '09		YTD '09			YTD '08			Rental			Total			Total			Total			YTD '09
	Units		Acquired	Rent/Mo.		Occup.			Occup.			Rates(1)			Revenue			Expense			NOI			% Co. NOI
Baltimore Region
Bonnie Ridge		960	7/1/1999	$	1,083		92.5	%		93.5	%		2.9	%		1.6	%		3.6	%		0.4	%
Canterbury Apartments		618	7/16/1999	$	941		94.2	%		93.6	%		0.8	%		-0.1	%		0.0	%		-0.1	%
Country Village		344	4/30/1998	$	900		95.9	%		94.9	%		0.7	%		0.5	%		2.7	%		-1.1	%
Dunfield Townhomes		312	11/1/2007	$	1,081		96.1	%		93.9	%		2.5	%		5.7	%		-0.6	%		9.4	%
Falcon Crest		396	7/16/1999	$	974		93.4	%		92.9	%		0.2	%		-0.2	%		-1.8	%		0.7	%
Fox Hall Apartments		720	3/29/2007	$	826		91.5	%		93.3	%		-1.7	%		1.2	%		-2.4	%		4.6	%
Gateway Village		132	7/16/1999	$	1,276		95.6	%		96.0	%		0.5	%		-0.7	%		1.1	%		-1.6	%
Heritage Woods		164	10/4/2006	$	1,023		96.1	%		95.4	%		0.6	%		1.6	%		4.0	%		0.2	%
Mill Towne Village Apts		384	5/31/2001	$	868		93.7	%		94.6	%		0.7	%		-1.0	%		3.3	%		-3.9	%
Morningside Heights		1,050	4/30/1998	$	871		92.2	%		92.6	%		-0.5	%		-1.3	%		-3.1	%		-0.2	%
Owings Run		504	7/16/1999	$	1,186		95.3	%		95.4	%		0.8	%		1.0	%		-0.5	%		1.7	%
Ridgeview at Wakefield Valley		204	1/13/2005	$	1,165		94.6	%		94.8	%		1.7	%		1.5	%		-2.3	%		4.2	%
Saddle Brooke Apartments		468	10/29/2008	$	1,054		90.5	%		n/a			n/a			n/a			n/a			n/a
Selford Townhomes		102	7/16/1999	$	1,296		90.1	%		92.7	%		0.3	%		-1.0	%		2.5	%		-2.8	%
The Coves at Chesapeake		469	11/20/2006	$	1,190		92.4	%		90.5	%		-0.9	%		1.4	%		7.6	%		-2.2	%
Timbercroft Townhomes		284	7/16/1999	$	880		99.3	%		99.0	%		4.0	%		2.7	%		1.1	%		3.7	%
Top Field		156	10/4/2006	$	1,183		95.7	%		95.8	%		3.0	%		4.6	%		4.5	%		4.6	%
Village Square Townhomes		370	7/16/1999	$	1,135		93.6	%		94.6	%		-1.5	%		-2.2	%		0.4	%		-3.5	%
Woodholme Manor		177	3/31/2001	$	855		95.7	%		93.4	%		1.3	%		4.7	%		-7.2	%		15.4	%
Total Baltimore Region		7,814		$	1,006		93.6	%		93.8	%		0.7	%		0.8	%		0.6	%		0.9	%		19.8	%
Boston Region
Gardencrest		696	6/28/2002	$	1,508		95.0	%		95.9	%		2.5	%		1.5	%		-4.4	%		5.3	%
Highland House		172	5/31/2006	$	1,149		95.6	%		96.5	%		0.7	%		0.3	%		14.0	%		-9.4	%
Liberty Place		107	6/6/2006	$	1,409		96.9	%		95.3	%		1.1	%		2.0	%		2.5	%		1.6	%
Stone Ends		280	2/12/2003	$	1,226		96.6	%		95.0	%		-0.2	%		1.9	%		1.1	%		2.3	%
The Heights at Marlborough		348	9/7/2006	$	1,170		95.2	%		96.3	%		1.9	%		2.2	%		12.3	%		-5.4	%
The Meadows at Marlborough		264	9/7/2006	$	1,137		96.2	%		96.4	%		-0.4	%		-1.1	%		12.1	%		-11.6	%
The Townhomes of Beverly		204	2/15/2007	$	1,447		95.4	%		95.1	%		0.6	%		0.3	%		0.0	%		0.6	%
The Village at Marshfield		276	3/17/2004	$	1,138		95.3	%		94.4	%		-2.2	%		-0.7	%		5.4	%		-4.2	%
Westwoods		35	4/30/2007	$	1,259		94.3	%		96.9	%		2.1	%		-2.6	%		11.2	%		-13.7	%
Total Boston Region		2,382		$	1,302		95.5	%		95.7	%		1.0	%		0.9	%		3.5	%		-0.8	%		7.3	%
Chicago Region
Blackhawk		371	10/20/2000	$	881		95.6	%		95.6	%		-0.7	%		-2.3	%		-5.5	%		1.9	%
Courtyards Village		224	8/29/2001	$	831		96.9	%		98.0	%		0.9	%		-2.0	%		-4.0	%		0.1	%
Cypress Place		192	12/27/2000	$	944		97.1	%		97.3	%		-0.5	%		-0.2	%		-4.9	%		5.7	%
The Colony		783	9/1/1999	$	888		95.3	%		97.0	%		-0.9	%		-2.2	%		-1.8	%		-2.5	%
The New Colonies		672	6/23/1998	$	727		95.7	%		95.8	%		0.7	%		-2.0	%		-8.7	%		4.1	%
Total Chicago Region		2,242		$	838		95.8	%		96.6	%		-0.2	%		-1.9	%		-4.8	%		1.0	%		4.1	%
Florida Region
The Hamptons		668	7/7/2004	$	1,010		94.6	%		94.4	%		-2.7	%		-6.5	%		-0.5	%		-12.2	%
Vinings at Hampton Village		168	7/7/2004	$	1,117		95.3	%		93.9	%		-2.5	%		0.6	%		-4.4	%		6.6	%
Total Florida Region		836		$	1,032		94.7	%		94.3	%		-2.7	%		-5.0	%		-1.4	%		-8.5	%		1.7	%
Long Island, NY Region
Bayview / Colonial		160	11/1/2000	$	1,215		95.0	%		94.7	%		2.2	%		2.9	%		-2.0	%		7.4	%
Cambridge Village		82	3/1/2002	$	1,669		98.0	%		98.4	%		1.9	%		3.8	%		3.9	%		3.7	%
Devonshire Hills		297	7/16/2001	$	1,674		96.6	%		96.9	%		-1.6	%		-0.6	%		4.4	%		-3.1	%
Hawthorne Court		434	4/4/2002	$	1,368		96.8	%		96.4	%		-1.9	%		-0.8	%		-0.5	%		-1.0	%
Heritage Square		80	4/4/2002	$	1,675		95.4	%		97.0	%		1.2	%		-1.3	%		7.9	%		-8.7	%
Holiday Square		144	5/31/2002	$	1,180		95.5	%		96.7	%		1.8	%		0.1	%		7.6	%		-5.0	%
Lake Grove Apartments		368	2/3/1997	$	1,379		96.3	%		95.5	%		-0.9	%		1.7	%		4.6	%		-0.3	%
Mid- Island Estates		232	7/1/1997	$	1,317		97.4	%		95.7	%		0.1	%		3.5	%		9.1	%		-0.8	%
Sayville Commons		342	7/15/2005	$	1,535		96.3	%		94.9	%		1.8	%		4.0	%		4.5	%		3.6	%
South Bay Manor		61	9/11/2000	$	1,616		96.5	%		93.3	%		-0.8	%		1.2	%		0.3	%		1.9	%
Southern Meadows		452	6/29/2001	$	1,366		96.0	%		94.9	%		0.9	%		3.4	%		3.5	%		3.2	%
Stratford Greens		359	3/1/2002	$	1,427		96.5	%		96.5	%		-1.0	%		-1.5	%		-5.5	%		1.6	%
Westwood Village Apts		242	3/1/2002	$	2,338		95.4	%		97.4	%		1.8	%		0.8	%		5.0	%		-2.1	%
Woodmont Village Apts		96	3/1/2002	$	1,279		96.5	%		93.6	%		-4.0	%		3.0	%		8.2	%		-0.1	%
Yorkshire Village Apts		40	3/1/2002	$	1,755		96.3	%		97.7	%		2.6	%		0.9	%		-0.5	%		2.3	%
Total Long Island Region		3,389		$	1,490		96.3	%		96.0	%		0.1	%		1.2	%		2.8	%		0.1	%		11.9	%
Maine Region
Liberty Commons		120	8/30/2006	$	1,187		97.0	%		96.2	%		1.5	%		3.5	%		3.2	%		3.7	%
Redbank Village		500	7/7/1998	$	862		96.0	%		95.1	%		2.1	%		1.8	%		-1.8	%		4.6	%
Total Maine Region		620		$	925		96.3	%		95.4	%		1.9	%		2.2	%		-0.8	%		4.3	%		1.4	%
New Jersey Region
Barrington Gardens		148	3/1/2005	$	1,113		95.3	%		96.6	%		5.4	%		3.3	%		13.6	%		-5.0	%
Chatham Hill Apartments		308	1/30/2004	$	1,711		94.0	%		95.0	%		-0.6	%		-1.2	%		-4.6	%		0.7	%
East Hill Gardens		33	7/7/1998	$	1,475		95.2	%		97.0	%		-1.9	%		-4.5	%		8.3	%		-12.0	%
Hackensack Gardens		198	3/1/2005	$	1,060		91.8	%		93.1	%		5.1	%		4.4	%		-6.8	%		19.2	%
Jacob Ford Village		270	2/15/2007	$	1,132		95.9	%		94.4	%		3.9	%		4.4	%		3.1	%		5.4	%
Lakeview		106	7/7/1998	$	1,354		93.5	%		96.8	%		0.7	%		-2.4	%		1.7	%		-5.4	%
Northwood Apartments		134	1/30/2004	$	1,313		96.2	%		94.6	%		0.4	%		2.4	%		-1.0	%		5.9	%
Oak Manor		77	7/7/1998	$	1,770		94.9	%		96.8	%		-0.4	%		-1.7	%		1.1	%		-3.4	%
Pleasant View		1,142	7/7/1998	$	1,139		93.3	%		93.7	%		-1.5	%		-0.8	%		8.9	%		-7.4	%
Pleasure Bay		270	7/7/1998	$	1,047		93.6	%		93.3	%		-2.8	%		-2.6	%		-1.4	%		-3.6	%
Royal Gardens Apartments		550	5/28/1997	$	1,221		95.6	%		95.3	%		-0.8	%		0.2	%		2.5	%		-1.5	%
Wayne Village		275	7/7/1998	$	1,387		96.4	%		95.6	%		0.5	%		1.6	%		0.0	%		2.6	%
Windsor Realty		67	7/7/1998	$	1,191		94.1	%		95.7	%		0.1	%		-0.4	%		-0.7	%		-0.3	%
Total New Jersey Region		3,578		$	1,238		94.4	%		94.7	%		-0.1	%		0.1	%		2.8	%		-1.8	%		10.4	%
Philadelphia Region
Beechwood Gardens		160	7/7/1998	$	830		92.9	%		96.3	%		0.6	%		-4.2	%		3.7	%		-12.0	%
Castle Club		158	3/15/2000	$	953		94.8	%		93.8	%		0.7	%		2.0	%		0.9	%		3.2	%
Chesterfield		247	9/23/1997	$	911		96.1	%		93.9	%		-1.3	%		0.3	%		4.9	%		-3.9	%
Curren Terrace		318	9/23/1997	$	885		93.7	%		93.0	%		-2.3	%		0.1	%		0.0	%		0.2	%
Glen Brook		174	7/28/1999	$	825		91.2	%		92.0	%		0.1	%		-2.7	%		0.3	%		-6.5	%
Glen Manor		174	9/23/1997	$	802		95.3	%		95.2	%		0.4	%		0.4	%		-0.5	%		1.3	%
Golf Club		399	3/15/2000	$	1,074		93.8	%		94.8	%		1.9	%		2.0	%		1.2	%		2.5	%
Hill Brook Place		274	7/28/1999	$	856		95.2	%		94.7	%		-2.0	%		-1.5	%		4.4	%		-7.6	%
Home Properties of Bryn Mawr		316	3/15/2000	$	1,114		91.3	%		93.8	%		5.6	%		0.5	%		0.7	%		0.3	%
Home Properties of Devon		631	3/15/2000	$	1,098		92.7	%		93.2	%		-1.1	%		-1.9	%		2.5	%		-4.8	%
Home Properties of Newark		432	7/16/1999	$	875		94.2	%		94.4	%		0.0	%		0.1	%		-2.2	%		2.1	%
New Orleans Park		442	7/28/1999	$	864		94.4	%		94.6	%		0.5	%		-1.5	%		4.0	%		-6.6	%
Racquet Club		466	7/7/1998	$	1,030		95.6	%		95.8	%		-0.2	%		-2.1	%		4.1	%		-6.6	%
Racquet Club South		103	5/27/1999	$	894		94.8	%		95.5	%		-0.3	%		-2.5	%		8.2	%		-12.1	%
Ridley Brook		244	7/28/1999	$	917		94.9	%		94.8	%		1.3	%		2.9	%		2.4	%		3.3	%
Sherry Lake		298	7/23/1998	$	1,179		94.6	%		95.5	%		-0.5	%		-1.4	%		3.6	%		-4.1	%
The Brooke at Peachtree Village		146	8/15/2005	$	1,105		97.5	%		96.8	%		0.4	%		0.9	%		1.9	%		0.2	%
The Landings		384	11/25/1996	$	989		95.5	%		96.1	%		-0.2	%		0.0	%		4.9	%		-3.1	%
Trexler Park		250	3/15/2000	$	1,052		93.0	%		94.2	%		-0.3	%		-5.9	%		3.4	%		-12.8	%
Trexler Park West		216	8/15/2008	$	1,239		94.3	%		n/a			n/a			n/a			n/a			n/a
William Henry		363	3/15/2000	$	1,117		92.7	%		95.6	%		-0.1	%		-4.8	%		-3.5	%		-5.8	%
Total Philadelphia Region		6,195		$	995		94.1	%		94.6	%		0.1	%		-1.1	%		2.0	%		-3.5	%		14.6	%
Washington, D.C. Region
Braddock Lee		255	3/16/1998	$	1,275		97.3	%		96.0	%		1.2	%		1.8	%		0.7	%		2.5	%
Cider Mill		864	9/27/2002	$	1,104		94.7	%		95.8	%		1.3	%		0.0	%		5.4	%		-4.2	%
Cinnamon Run		511	12/28/2005	$	1,190		95.7	%		96.8	%		1.5	%		0.2	%		-0.6	%		0.6	%
East Meadow		150	8/1/2000	$	1,286		98.7	%		96.3	%		-1.6	%		0.2	%		-1.8	%		1.5	%
Elmwood Terrace		504	6/30/2000	$	920		92.4	%		93.2	%		1.2	%		2.3	%		-0.4	%		4.9	%
Falkland Chase		450	9/10/2003	$	1,355		93.3	%		93.8	%		0.2	%		-0.8	%		4.2	%		-3.3	%
Mount Vernon Square		1,387	12/27/2006	$	1,195		94.8	%		95.7	%		2.7	%		0.8	%		-0.8	%		1.6	%
Orleans Village		851	11/16/2000	$	1,324		95.2	%		96.1	%		2.0	%		0.7	%		5.4	%		-2.3	%
Park Shirlington		294	3/16/1998	$	1,294		96.2	%		96.7	%		3.1	%		2.9	%		-1.0	%		5.8	%
Peppertree Farm		879	12/28/2005	$	1,174		92.7	%		93.4	%		2.7	%		1.2	%		1.3	%		1.2	%
Seminary Hill		296	7/1/1999	$	1,249		97.1	%		96.5	%		2.1	%		1.3	%		1.2	%		1.3	%
Seminary Towers		541	7/1/1999	$	1,298		94.6	%		95.0	%		1.6	%		0.6	%		1.8	%		-0.4	%
Tamarron Apartments		132	7/16/1999	$	1,453		96.4	%		94.9	%		0.4	%		2.4	%		0.6	%		3.3	%
The Apts at Wellington Trace		240	3/2/2004	$	1,267		97.0	%		90.8	%		-0.7	%		8.0	%		1.4	%		11.8	%
The Manor - MD		435	8/31/2001	$	1,210		95.4	%		91.9	%		3.2	%		5.8	%		5.4	%		6.0	%
The Manor - VA		198	2/19/1999	$	1,032		96.3	%		95.7	%		-0.6	%		1.0	%		2.8	%		-0.4	%
The Sycamores		185	12/16/2002	$	1,346		97.4	%		96.1	%		-0.6	%		1.4	%		3.5	%		0.2	%
Virginia Village		344	5/31/2001	$	1,260		98.0	%		97.4	%		2.5	%		2.6	%		-0.2	%		4.7	%
West Springfield		244	11/18/2002	$	1,421		96.5	%		97.3	%		-0.3	%		-0.9	%		6.9	%		-4.5	%
Westchester West		345	12/30/2008	$	1,284		92.5	%		n/a			n/a			n/a			n/a			n/a
Woodleaf Apartments		228	3/19/2004	$	1,177		93.7	%		93.5	%		2.8	%		3.4	%		2.7	%		3.8	%
Total Washington, D.C. Region		9,333		$	1,220		95.0	%		95.2	%		1.7	%		1.3	%		2.0	%		0.9	%		28.8	%
TOTAL OWNED PORTFOLIO		36,389		$	1,135		94.8	%		n/a			n/a			n/a			n/a			n/a			100.0	%
TOTAL CORE PORTFOLIO		35,360		$	1,135		94.9	%		95.0	%		0.6	%		0.4	%		1.5	%		-0.4	%

(1) Reflects net change in base rental rates before utility reimbursements and economic occupancy changes.

Page 12

Physical Occupancy Comparison By Region - Core Properties
Sequential Comparison
Third Quarter 2009 vs. Second Quarter 2009
Region	% Units			3Q '09			2Q '09			Variance
Washington, D.C.		25.4	%		95.3	%		95.3	%		0.0	%
Baltimore		20.8	%		94.0	%		94.0	%		0.0	%
New Jersey, Long Island		19.7	%		95.7	%		95.4	%		0.3	%
Philadelphia		16.9	%		93.8	%		94.6	%		-0.8	%
Boston		6.7	%		95.8	%		95.6	%		0.2	%
Chicago		6.3	%		96.7	%		95.9	%		0.8	%
Florida		2.4	%		93.8	%		94.4	%		-0.6	%
Other		1.8	%		97.8	%		96.4	%		1.4	%
Total Core		100.0	%		95.1	%		95.1	%		0.0	%
Year over Year Comparison
Third Quarter 2009 vs. Third Quarter 2008
Region	% Units			3Q '09			3Q '08			Variance
Washington, D.C.		25.4	%		95.3	%		94.9	%		0.4	%
Baltimore		20.8	%		94.0	%		93.5	%		0.5	%
New Jersey, Long Island		19.7	%		95.7	%		95.7	%		0.0	%
Philadelphia		16.9	%		93.8	%		94.7	%		-0.9	%
Boston		6.7	%		95.8	%		96.0	%		-0.2	%
Chicago		6.3	%		96.7	%		96.4	%		0.3	%
Florida		2.4	%		93.8	%		95.5	%		-1.7	%
Other		1.8	%		97.8	%		95.0	%		2.8	%
Total Core		100.0	%		95.1	%		95.0	%		0.1	%
September vs. Quarter Comparison
Region	% Units			Sep '09			3Q '09			Variance
Washington, D.C.		25.4	%		95.3	%		95.3	%		0.0	%
Baltimore		20.8	%		94.3	%		94.0	%		0.3	%
New Jersey, Long Island		19.7	%		96.1	%		95.7	%		0.4	%
Philadelphia		16.9	%		93.8	%		93.8	%		0.0	%
Boston		6.7	%		96.0	%		95.8	%		0.2	%
Chicago		6.3	%		97.2	%		96.7	%		0.5	%
Florida		2.4	%		93.7	%		93.8	%		-0.1	%
Other		1.8	%		98.6	%		97.8	%		0.8	%
Total Core		100.0	%		95.3	%		95.1	%		0.2	%

Page 13

Net Operating Results - Core Properties
Sequential Results
Third Quarter 2009 vs. Second Quarter 2009
				Base Rental			Total
Region	% Units			Revenues(1)			Revenues			Expenses			NOI
Washington, D.C.		25.4	%		0.0	%		0.8	%		4.0	%		-1.1	%
Baltimore		20.8	%		-0.6	%		-0.4	%		2.5	%		-2.2	%
New Jersey, Long Island		19.7	%		0.0	%		-0.1	%		-1.4	%		0.8	%
Philadelphia		16.9	%		-1.6	%		-2.4	%		-2.9	%		-2.1	%
Boston		6.7	%		-0.8	%		-0.3	%		-10.4	%		6.6	%
Chicago		6.3	%		-0.8	%		-0.1	%		10.0	%		-8.5	%
Florida		2.4	%		-3.7	%		-1.7	%		5.7	%		-9.3	%
Other		1.8	%		0.8	%		0.7	%		1.2	%		0.4	%
Total Core		100.0	%		-0.5	%		-0.3	%		0.6	%		-0.9	%
Year Over Year Results
Third Quarter 2009 vs. Third Quarter 2008
				Base Rental			Total
Region	% Units			Revenues(1)			Revenues			Expenses			NOI
Washington, D.C.		25.4	%		1.1	%		1.2	%		0.2	%		2.0	%
Baltimore		20.8	%		-0.1	%		0.4	%		1.3	%		-0.2	%
New Jersey, Long Island		19.7	%		-0.4	%		-0.2	%		-0.7	%		0.1	%
Philadelphia		16.9	%		-2.2	%		-1.9	%		-0.7	%		-2.8	%
Boston		6.7	%		-0.9	%		-0.4	%		2.7	%		-2.1	%
Chicago		6.3	%		-1.9	%		-2.7	%		0.6	%		-5.9	%
Florida		2.4	%		-6.8	%		-7.4	%		3.2	%		-17.6	%
Other		1.8	%		2.7	%		2.2	%		-7.1	%		8.8	%
Total Core		100.0	%		-0.4	%		-0.2	%		0.2	%		-0.5	%

(1) Reflects net change in base rental revenues before utility reimbursements and economic occupancy changes.

Page 14

Resident Statistics
Top Six Reasons for Moveouts - Owned Communities
	3Q '09			2Q '09			1Q '09			4Q '08			3Q '08			2Q '08			1Q '08			Year '08			Year '07			Year '06
Employment related		14.0	%		16.4	%		17.7	%		15.6	%		14.5	%		15.2	%		15.6	%		15.2	%		16.1	%		15.6	%
Eviction/skip		12.5	%		12.2	%		16.6	%		15.1	%		13.8	%		13.0	%		16.4	%		14.6	%		14.6	%		14.2	%
Home purchase		12.4	%		12.2	%		9.9	%		11.7	%		12.4	%		12.6	%		11.1	%		12.0	%		15.5	%		18.5	%
Transfer w/in HME		11.8	%		12.4	%		13.8	%		14.2	%		9.8	%		8.2	%		10.6	%		10.7	%		8.3	%		8.2	%
Location convenience/
apartment size		11.6	%		10.0	%		8.3	%		9.0	%		10.0	%		11.0	%		11.0	%		10.3	%		13.7	%		12.4	%
Domestic Situation		10.7	%		10.4	%		6.2	%		6.4	%		10.0	%		10.0	%		7.5	%		8.5	%		9.2	%		8.9	%
Traffic - Core													Turnover - Core
							Signed			Signed
	Traffic			Traffic			Leases			Leases
	3Q '09			YTD '09			3Q '09			YTD '09
	vs.			vs.			vs.			vs.
	3Q '08			YTD '08			3Q '08			YTD '08			3Q '09			3Q '08			YTD '09			YTD '08
Region
Baltimore		-5	%		-2	%		1	%		-1	%		13.1	%		13.2	%		31.9	%		34.3	%
Boston		12	%		2	%		14	%		-2	%		11.5	%		11.6	%		31.0	%		31.3	%
Chicago		23	%		2	%		15	%		0	%		15.0	%		14.9	%		36.6	%		38.2	%
Florida		-13	%		-28	%		42	%		0	%		12.3	%		11.6	%		37.3	%		35.0	%
Long Island		6	%		0	%		-4	%		-12	%		10.9	%		9.9	%		26.7	%		27.4	%
Maine		-12	%		-6	%		-10	%		-5	%		12.4	%		14.4	%		34.2	%		36.9	%
New Jersey		2	%		5	%		-20	%		-2	%		9.5	%		11.7	%		28.1	%		28.7	%
Philadelphia		2	%		1	%		5	%		-12	%		13.2	%		13.5	%		34.2	%		34.4	%
Washington, D.C.		13	%		2	%		2	%		-12	%		11.4	%		11.6	%		28.3	%		30.3	%
Total Core		5	%		0	%		2	%		-7	%		12.1	%		12.4	%		30.9	%		32.2	%
Bad Debt as % of Rent and Utility Recovery - Core
	3Q '09			3Q '08			YTD '09			YTD '08
		1.41	%		1.39	%		1.26	%		1.19	%

Page 15

Net Operating Income Detail - Core Properties
($ in thousands, except per unit data)
							Qtr			%									YTD			%
	3Q '09			3Q '08			Variance			Variance			YTD '09			YTD '08			Variance			Variance
Rent	$	112,592		$	113,066		$	(474	)		(0.4	%)	$	338,153		$	336,687		$	1,466			0.4	%
Utility recovery		3,468			3,444			24			0.7	%		14,395			14,637			(242	)		(1.7	%)
Rent including recoveries		116,060			116,510			(450	)		(0.4	%)		352,548			351,324			1,224			0.3	%
Other income		5,559			5,392			167			3.1	%		15,656			15,417			239			1.6	%
Total income		121,619			121,902			(283	)		(0.2	%)		368,204			366,741			1,463			0.4	%
Operating & maintenance		(49,612	)		(49,529	)		(83	)		(0.2	%)		(153,623	)		(151,290	)		(2,333	)		(1.5	%)
Net Core NOI	$	72,007		$	72,373		$	(366	)		(0.5	%)	$	214,581		$	215,451		$	(870	)		(0.4	%)
Physical Occupancy %		95.1	%		95.0	%		0.1	%					94.9	%		95.0	%		(0.1	%)
Weighted Avg Rent per Unit	$	1,132		$	1,138		$	(6	)		(-0.5	%)	$	1,135		$	1,128		$	7			0.6	%

Seasonality Factor for NAV Calculation

To annualize net operating income in order to calculate a net asset value, the seasonality factor to apply to the current quarter's effective NOI run rate is 25%.  This will adjust for the typical seasonal variability in NOI for each quarter.

Page 16

Operating Expense Detail - Core Properties
($ in thousands)
					Qtr			%							YTD			%
	3Q '09		3Q '08		Variance			Variance			YTD '09		YTD '08		Variance			Variance
Electricity	$	2,459	$	2,487	$	28			1.1	%	$	6,888	$	6,453	$	(435	)		(6.7	%)
Gas		1,540		1,813		273			15.1	%		13,427		13,488		61			0.5	%
Water & sewer		3,777		3,548		(229	)		(6.5	%)		10,584		10,270		(314	)		(3.1	%)
Repairs & maintenance		8,449		8,823		374			4.2	%		22,598		21,964		(634	)		(2.9	%)
Personnel expense		11,670		10,944		(726	)		(6.6	%)		35,535		33,488		(2,047	)		(6.1	%)
Advertising		1,093		1,147		54			4.7	%		3,143		3,339		196			5.9	%
Legal & professional		304		515		211			41.0	%		1,116		1,234		118			9.6	%
Office & telephone		1,578		1,524		(54	)		(3.5	%)		4,443		4,475		32			0.7	%
Property insurance		2,237		2,886		649			22.5	%		6,500		8,526		2,026			23.8	%
Real estate taxes		12,048		11,362		(686	)		(6.0	%)		35,340		33,616		(1,724	)		(5.1	%)
Snow		1		1		-			0.0	%		711		531		(180	)		(33.9	%)
Trash		879		821		(58	)		(7.1	%)		2,598		2,522		(76	)		(3.0	%)
Property management G & A		3,577		3,658		81			2.2	%		10,740		11,384		644			5.7	%
Total Core	$	49,612	$	49,529	$	(83	)		(0.2	%)	$	153,623	$	151,290	$	(2,333	)		(1.5	%)

Page 17

Discontinued Operations

($ in thousands)

The operating results of discontinued operations are summarized as follows for the three and nine months ended September 30, 2009 and 2008:

	3Q '09			3Q '08		Year '09			Year '08
Revenues:
Rental income	$	10		$	4,249	$	741		$	13,295
Property other income		8			422		50			1,316
Total revenues		18			4,671		791			14,611
Expenses:
Operating and maintenance		(59	)		2,007		461			6,848
Interest expense (1)		-			661		4,497			3,485
Depreciation and amortization		-			995		-			3,051
Total expenses		(59	)		3,663		4,958			13,384
Income (loss) from discontinued operations	$	77		$	1,008	$	(4,167	)	$	1,227

(1) Includes prepayment penalties of $4,927 and $1,384 for the nine months ended 2009 and 2008, respectively.

Page 18

Summary of Recent Acquisitions

($ in millions, except per unit data)

Wgtd. Avg.

Purchase

# of

CAP

Purchase

Price Per

Community

Market

State

Date

Units

Rate (1)

Price

Unit

2009 Acquisitions

Wgtd. Avg.

Purchase

# of

CAP

Purchase

Price Per

Community

Market

State

Date

Units

Rate (1)

Price

Unit

2008 Acquisitions

Saddle Brooke

Baltimore

MD

10/29/2008

468

6.7

%

$

51.5

$

109,955

Westchester West

NoVA/DC

MD

12/30/2008

345

6.9

%

49.0

141,939

Total 2008

813

6.8

%

$

100.4

$

123,528

Total 2009 and 2008 Acquisitions

813

6.8

%

$

100.4

$

123,528

(1)  CAP rate based on projected NOI at the time of acquisition after an allowance for a 3% management fee but before capital expenditures.

Page 19

Summary Of Recent Sales
($ in millions, except per unit data)
											Wtd. Avg.
			Sale	# of		CAP			Sales		Price Per
Community	Market	State	Date	Units		Rate (1)			Price		Unit
2009 Sales
Regency Club	New Jersey	NJ	1/30/2009		372		7.3	%	$	39.9	$	107,277
Lakeshore Villas	Hudson Valley	NY	1/30/2009		152		8.4	%		11.5		75,631
Sunset Gardens	Hudson Valley	NY	1/30/2009		217		8.0	%		16.4		75,631
	Subtotal through 9/30/2009				741		7.6	%	$	67.8	$	91,518
Sold after the third quarter close
Home Properties of Newark	Philadelphia	PA	10/1/2009		432		8.4	%		30.0		69,444
			Total 2009		1,173		7.9	%	$	97.8	$	83,389
											Wtd. Avg.
			Sale	# of		CAP			Sales		Price Per
Community	Market	State	Date	Units		Rate (1)			Price		Unit
2008 Sales
Carriage Hill Apartments	Hudson Valley	NY	1/31/2008		140		6.7	%	$	15.1	$	107,750
Long Island: 5 Properties (2)	Long Island	NY	2/1/2008		363		6.1	%		42.0		115,749
Mill Company Gardens	Portland	ME	2/21/2008		95		6.3	%		7.4		77,747
Village Square	Philadelphia	PA	10/15/2008		128		6.5	%		13.1		102,289
Valley View	Philadelphia	PA	12/22/2008		177		8.8	%		10.5		59,073
Westchester Portfolio: 6 Properties (3)	Hudson Valley	NY	12/30/2008		324		7.3	%		36.4		112,404
			Total 2008		1,227		6.8	%	$	124.5	$	101,431
	Total 2009 and 2008 Sales				2,400		7.3	%	$	222.3	$	92,613

(1)            CAP rate based on projected NOI at the time of sale after an allowance for a 3% management fee but before capital expenditures.

(2)            Consists of East Winds Apartments, Coventry Village, Maple Tree, Terry Apartments and Rider Terrace.

(3)            Consists of Bari Manor, Hudson View Estates, Sherwood Townhomes, Sparta Green, Sherwood House and Patricia Apartments.

Page 20

Breakdown of Owned Units By Market
		Net							Net
		Acquired/							Acquired/
		Developed		As of		12/31/2008			Developed		As of		Current
Market	State	in 2008		12/31/2008		% of Units			in 2009		9/30/2009		% of Units
Suburban Washington, D.C.			345		9,333		25.14	%		0		9,333		25.65	%
Baltimore	MD		468		7,814		21.04	%		0		7,814		21.47	%
Suburban New York City	NY/NJ		-827		7,708		20.76	%		-741		6,967		19.15	%
Philadelphia	PA		-257		6,195		16.68	%		0		6,195		17.02	%
Boston	MA		0		2,382		6.42	%		0		2,382		6.55	%
Chicago	IL		0		2,242		6.04	%		0		2,242		6.16	%
Florida	FL		0		836		2.25	%		0		836		2.30	%
Portland	ME		-95		620		1.67	%		0		620		1.70	%
Total			-366		37,130		100.0	%		-741		36,389		100.0	%

Page 21

Debt Summary Schedule

			INTEREST		09/30/09			MATURITY	YEARS TO
PROPERTY		LENDER	RATE		BALANCE			DATE	MATURITY
FIXED RATE SECURED
Blackhawk		M&T Realty - Freddie Mac		5.060		12,539,446		12/01/09		0.17
Braddock Lee		Prudential - Fannie Mae		4.575		20,141,583		01/01/10		0.25
Elmwood Terrace		Centerline - Fannie Mae		5.300		19,941,549		01/01/10		0.25
Lakeview		Prudential - Fannie Mae		4.575		8,195,414		01/01/10		0.25
Pleasure Bay		Prudential - Fannie Mae		4.575		14,247,539		01/01/10		0.25
Windsor Realty		Prudential - Fannie Mae		4.575		4,411,572		01/01/10		0.25
Multi-Property		M&T Realty - Freddie Mac		7.575		45,400,000		05/01/10		0.58
East Meadow Apartments - 2nd		M&T Realty - Freddie Mac		5.550		5,954,446		05/01/10		0.58
Selford Townhomes - 2nd		M&T Realty - Freddie Mac		5.550		4,552,414		05/01/10		0.58
Seminary Hill - 2nd		M&T Realty - Freddie Mac		5.550		10,276,970		05/01/10		0.58
South Bay/Woodmont - 2nd		M&T Realty - Freddie Mac		5.550		5,648,584		05/01/10		0.58
Tamarron Apartments - 2nd		M&T Realty - Freddie Mac		5.550		7,611,036		05/01/10		0.58
The Manor (VA) - 2nd		M&T Realty - Freddie Mac		5.550		6,659,903		05/01/10		0.58
Cider Mill - 1st	(1)	Deutsche Bank - Freddie Mac		4.720		38,724,144		10/01/10		1.00
Cider Mill - 2nd		Deutsche Bank - Freddie Mac		5.180		17,258,949		10/01/10		1.00
Cider Mill - 3rd		Deutsche Bank - Freddie Mac		4.810		8,767,514		10/01/10		1.00
Home Properties of Devon		Prudential - Fannie Mae		7.500		28,892,000		10/01/10		1.00
The Heights at Marlborough - 1st	(1)	Deutsche Bank - Freddie Mac		5.420		21,387,386		10/01/10		1.00
The Heights at Marlborough - 2nd		Deutsche Bank - Freddie Mac		4.890		5,225,940		10/01/10		1.00
Trexler Park		Prudential - Fannie Mae		7.500		10,140,000		10/01/10		1.00
William Henry		NorthMarq - Freddie Mac		5.310		21,355,032		12/01/10		1.17
Multi-Property		Prudential - Fannie Mae		7.250		32,978,000		01/01/11		1.25
Multi-Property		Prudential - Fannie Mae		6.360		8,141,000		01/01/11		1.25
Multi-Property		Prudential - Fannie Mae		6.160		58,881,000		01/01/11		1.25
Orleans Village - 1st		Prudential - Fannie Mae		6.815		43,745,000		01/01/11		1.25
Orleans Village - 2nd		Prudential - Fannie Mae		5.360		22,248,000		01/01/11		1.25
Sherry Lake		Capmark - Freddie Mac		5.180		18,407,342		01/01/11		1.25
Bayview Apartments		M&T Realty - Freddie Mac		4.950		10,936,427		03/01/11		1.42
New Orleans/Arbor Crossing		Prudential - Fannie Mae		4.860		18,237,168		03/01/11		1.42
Racquet Club East - 1st		Prudential - Fannie Mae		6.875		20,274,906		04/01/11		1.50
Racquet Club East - 2nd		Prudential - Fannie Mae		5.490		9,946,557		04/01/11		1.50
Timbercroft Townhomes 1 - 1st		Capmark - HUD		8.500		201,825		05/01/11		1.58
The Meadows at Marlborough	(1)	Prudential - Fannie Mae		5.500		20,005,574		08/01/11		1.84
Lake Grove - 1st		Prudential - Fannie Mae		6.540		24,678,856		12/01/11		2.17
Lake Grove - 2nd		Prudential - Fannie Mae		5.510		10,666,988		12/01/11		2.17
Mount Vernon Square	(1)	KeyBank RE Cap-Fannie Mae		5.490		86,040,695		01/01/12		2.25
Multi-Property Notes Pay		Seller Financing		4.000		249,499		02/01/12		2.34
Timbercroft III - 1st		Capmark - HUD		8.000		359,450		02/01/12		2.34
Castle Club Apartments		NorthMarq - Freddie Mac		7.080		6,346,321		05/01/12		2.59
Gateway Village		Prudential - Fannie Mae		6.885		6,542,956		05/01/12		2.59
The New Colonies		Prudential - Fannie Mae		7.110		18,884,992		06/01/12		2.67
Woodholme Manor		Prudential - Fannie Mae		7.165		3,529,776		07/01/12		2.75
Liberty Place	(1)	CW Capital - Fannie Mae		5.710		6,082,424		11/01/12		3.09
Hackensack Gardens - 1st		Wash Mutual - Fannie Mae		5.260		4,499,086		03/01/13		3.42
Hackensack Gardens - 2nd		Wash Mutual - Fannie Mae		5.440		4,364,541		03/01/13		3.42
Barrington Gardens		Wachovia - Freddie Mac		4.960		11,226,003		04/01/13		3.50
Topfield Apartments		M&T Realty-Fannie Mae		5.300		6,042,843		04/01/13		3.50
Canterbury Apartments - 1st		M&T Realty-Fannie Mae		5.020		27,509,160		05/01/13		3.59
Canterbury Apartments - 2nd		M&T Realty-Fannie Mae		6.460		16,887,639		05/01/13		3.59
Multi-Property		Prudential - Fannie Mae		6.475		100,000,000		08/31/13		3.92
Heritage Woods Apts	(1)	MMA Realty - Fannie Mae		5.290		4,873,300		09/01/13		3.92
Saddle Brook Apts. - 1st	(1)	Wells Fargo - Fannie Mae		5.840		27,272,295		11/01/13		4.09
Saddle Brook Apts. - 2nd	(1)	Wells Fargo - Fannie Mae		6.290		3,242,085		11/01/13		4.09
Falkland Chase		Centerline - Fannie Mae		5.480		12,413,747		04/01/14		4.50
The Apts. At Wellington Trace		M&T Realty - Freddie Mac		5.520		24,489,697		04/01/14		4.50
Hawthorne Court		Centerline - Fannie Mae		5.270		35,424,601		07/01/14		4.75
Curren Terrace - 1st		M&T Realty - Freddie Mac		5.360		13,817,458		10/01/14		5.01
Curren Terrace - 2nd		M&T Realty - Freddie Mac		5.090		9,997,739		10/01/14		5.01
Westchester West - 1st	(1)	Deutsche Bank - Freddie		6.150		27,007,573		03/01/15		5.42
Westchester West - 2nd	(1)	Deutsche Bank - Freddie		6.640		7,522,583		03/01/15		5.42
Stratford Greens		Capital One Bank		5.750		31,717,462		07/01/15		5.75
Sayville Commons		M&T Realty - Freddie Mac		5.000		40,758,720		08/01/15		5.84
Cypress Place Apartments		Prudential - Fannie Mae		6.555		10,354,204		11/01/15		6.09
Golf Club Apartments		Prudential - Fannie Mae		6.380		33,405,369		11/01/15		6.09
Northwood Apartments		M&T Realty - Freddie Mac		5.500		10,675,000		12/01/15		6.17
Cinnamon Run - 1st		M&T Realty - Freddie Mac		5.250		51,048,999		01/01/16		6.26
Cinnamon Run - 2nd		M&T Realty - Freddie Mac		5.550		5,286,839		01/01/16		6.26
Peppertree Farm - 1st		M&T Realty - Freddie Mac		5.250		78,574,463		01/01/16		6.26
Peppertree Farm - 2nd		M&T Realty - Freddie Mac		5.550		1,922,483		01/01/16		6.26
The Hamptons/Vinings at Hamptons		Prudential - Fannie Mae		5.565		51,992,945		02/01/16		6.34
Devonshire - 1st		Wachovia - Fannie Mae		5.600		38,033,904		04/01/16		6.51
Devonshire - 2nd		Wachovia - Fannie Mae		6.235		8,464,361		04/01/16		6.51
Mid-Island		Prudential - Fannie Mae		5.480		19,802,606		04/01/16		6.51
Owings Run 1 & 2		Prudential - Fannie Mae		5.590		42,847,022		04/01/16		6.51
Country Village		Centerline - Fannie Mae		5.520		19,086,928		06/01/16		6.67
Fox Hall Apartments		Columbia Nat'l - Freddie Mac		5.610		47,000,000		06/01/17		7.67
Mill Towne Village		Prudential - Fannie Mae		5.990		24,239,000		09/01/17		7.93
Royal Gardens Apts.		M&T Realty - Freddie Mac		5.830		47,000,000		11/01/17		8.09
Village Square 1, 2 & 3		Prudential - Fannie Mae		5.810		39,285,000		12/01/17		8.18
Chatham Hill		M&T Realty - Freddie Mac		5.590		45,000,000		01/01/18		8.26
Seminary Towers Apartments		Prudential - Fannie Mae		5.485		53,515,000		07/01/18		8.76
Bonnie Ridge - 1st		Prudential Life		6.600		12,461,088		12/15/18		9.21
Bonnie Ridge - 2nd		Prudential Life		6.160		18,210,689		12/15/18		9.21
Bonnie Ridge - 3rd		Prudential Life		6.070		25,321,237		12/15/18		9.21
Westwood Village		M&T Realty - Freddie Mac		5.680		47,581,975		01/01/19		9.26
Ridgeview at Wakefield Valley		M&T Realty - Freddie Mac		5.750		18,620,484		01/01/19		9.26
The Sycamores		M&T Realty - Freddie Mac		5.710		21,712,589		01/01/19		9.26
Timbercroft III - 2nd		M & T Realty - HUD		8.375		2,408,534		06/01/19		9.67
Timbercroft Townhomes 1 - 2nd		M & T Realty - HUD		8.375		1,635,212		06/01/19		9.67
The Brooke at Peachtree		Wells Fargo - Fannie Mae		5.470		12,572,198		07/01/19		9.76
Glen Manor		Prudential - Fannie Mae		5.830		8,048,021		08/01/19		9.84
Ridley Brook		Prudential - Fannie Mae		5.830		13,360,415		08/01/19		9.84
Southern Meadows		Red Mortgage - Fannie Mae		5.360		41,475,000		10/01/19		10.01
Dunfield Townhomes		Centerline Capital - HUD		5.250		12,410,900		09/01/28		18.93
Highland House	(1)	Arbor Comml - Fannie Mae		6.320		6,133,342		01/01/29		19.27
Westwoods	(1)	Capstone Realty - HUD		5.940		3,610,774		06/01/34		24.68
Briggs-Wedgewood	(2)	Berkshire Mtg - HUD		6.000		16,068,343		11/01/34		25.10
WTD AVG - FIXED SECURED				5.781		2,042,947,634				5.00
VARIABLE RATE SECURED
Falkland Chase BMA Index + 1.10		Mont Cty HOC-Fannie Mae		1.374		24,695,000		10/01/30		21.02
Adjusts Weekly
Hill Brook Apts - 30L+2.85+0.44		M&T Realty - Freddie Mac		3.570		13,181,000		09/01/16		6.93
Adjusts Monthly
Wayne Village - 30L+3.00+0.387		M&T Realty - Freddie Mac		3.666		26,810,000		09/01/16		6.93
Adjusts Monthly
Virginia Village - Freddie 30d Ref + 1.99		Wachovia - Freddie Mac		2.115		30,889,903		07/01/15		5.75
Adjusts Monthly
WTD AVG - VARIABLE SECURED				2.559		95,575,903				10.19
WTD AVG - TOTAL SECURED DEBT				5.637		2,138,523,537				5.24
FIXED RATE UNSECURED
Exchangeable Senior Notes				5.750		135,632,420		11/01/26		17.10
VARIABLE RATE UNSECURED - LINE OF CREDIT
Unsecured Line of Credit		M and T Bank et. al.		4.750		71,500,000		08/31/12		2.92
Adjusts Daily 30 LIBOR (Floor 1.50) + 3.25
TOTAL COMBINED DEBT				5.616	$	2,345,655,957				5.85
% OF PORTFOLIO - FIXED						92.9	%
WTG AVG - TOTAL SECURED DEBT				5.637						5.24
WTD AVG - TOTAL PORTFOLIO				5.616						5.85

(1) General ledger balance and rate have been adjusted pursuant to FAS #141 to reflect fair market value of debt.

(2) Affordable general partner minority interest property consolidated pursuant to FIN 46R.

FIXED RATE - MATURING DEBT SCHEDULE
	WTD AVG		MATURING		% OF
YEAR	RATE		DEBT		TOTAL
2009		5.06		12,539,446		0.6	%
2010		5.75		304,791,973		14.9	%
2011		6.13		299,348,645		14.7	%
2012		5.94		128,036,112		6.3	%
2013		6.00		205,916,954		10.1	%
2014		5.36		96,143,243		4.7	%
2015		5.83		161,440,911		7.9	%
2016		5.45		317,060,549		15.5	%
2017		5.78		157,524,000		7.7	%
2018		5.78		154,508,014		7.6	%
2019 - 2042		5.70		205,637,787		10.1	%
TOTAL		5.78	$	2,042,947,634		100.00	%

Page 23

Debt Summary Schedule

Unencumbered Properties
Property	# Units		Market	State
Morningside Heights		1,050	Baltimore	MD
The Coves at Chesapeake		469	Baltimore	MD
Gardencrest		696	Boston	MA
Stone Ends Apartments		280	Boston	MA
The Townhomes of Beverly		204	Boston	MA
The Village at Marshfield		276	Boston	MA
Courtyards Village		224	Chicago	IL
The Colony		783	Chicago	IL
Cambridge Village		82	Long Island	NY
Heritage Square		80	Long Island	NY
Holiday Square		144	Long Island	NY
Yorkshire Village		40	Long Island	NY
Liberty Commons		120	Portland	ME
East Hill Gardens		33	Northern NJ	NJ
Jacob Ford Village		270	Northern NJ	NJ
Beechwood Gardens		160	Philadelphia	PA
Glen Brook		177	Philadelphia	PA
Racquet Club South		103	Philadelphia	PA
The Landings		384	Philadelphia	PA
Trexler Park West		216	Philadelphia	PA
Woodleaf Apartments		228	Suburban Washington, D.C.	DC
Total Number of Units:		6,019
Total Number of Properties:		21

Page 24

Recurring Capital Expenditure Summary

Effective January 1, 2009, the Company updated its estimate of the amount of recurring, non-revenue enhancing capital expenditures incurred on an annual basis for a standard garden style apartment.  The Company now estimates that the annual amount is $800 per apartment unit compared to $780 per apartment unit in the prior year.  This new amount better reflects current actual costs since the last update.

The Company has a policy to capitalize costs related to the acquisition, development, rehabilitation, construction and improvement of properties.  Capital improvements are costs that increase the value and extend the useful life of an asset.  Ordinary repair and maintenance costs that do not extend the useful life of the asset are expensed as incurred.  Costs incurred on a lease turnover due to normal wear and tear by the resident are expensed on the turn.  Recurring capital improvements typically include: appliances, carpeting and flooring, HVAC equipment, kitchen/bath cabinets, new roofs, site improvements and various exterior building improvements.   Non-recurring, revenue generating upgrades include, among other items:  community centers, new windows, and kitchen/bath apartment upgrades.  Revenue generating capital improvements will directly result in increased rental earnings or expense savings.  The Company capitalizes interest and certain internal personnel costs related to the communities under rehabilitation and construction.

The table below is a list of the items that management considers recurring, non-revenue enhancing capital and maintenance expenditures for a standard garden style apartment.  Included are the per unit replacement cost and the useful life that Management estimates the Company incurs on an annual basis.

							Maintenance
					Capitalized		Expense		Total
	Capitalized				Expenditure		Cost Per		Cost Per
	Cost Per		Useful		Per Unit		Unit		Unit
Category	Unit		Life(1)		Per Year(2)		Per Year(3)		Per Year
Appliances	$	1,436		9	$	160	$	13	$	173
Blinds/shades		135		3		45		7		52
Carpets/cleaning		770		4		193		180		373
Computers, equipment, misc.(4)		120		6		20		18		38
Contract repairs		-		-		-		147		147
Exterior painting (5)		84		3		28		-		28
Flooring		250		9		28		-		28
Furnace/air (HVAC)		824		24		34		105		139
Hot water heater		260		7		37		-		37
Interior painting		-				-		205		205
Kitchen/bath cabinets upgrades		1,200		15		80		-		80
Landscaping site		-		-		-		131		131
New roof		800		24		33		-		33
Parking lot site		540		15		36		-		36
Pool/exercise facility		119		15		8		54		62
Windows major		1,505		20		75		-		75
Miscellaneous (6)		385		17		23		-		23
Total	$	8,428			$	800	$	860	$	1,660

(1) Estimated weighted average actual physical useful life of the expenditure capitalized.

(2) This amount is not necessarily incurred each and every year.  Some years will be higher, or lower depending on the timing of certain longer life expenditures.

(3) These expenses are included in the Operating and Maintenance line item of the Consolidated Statement of Operations.  Maintenance labor costs are not included in the $860 per unit estimate.  All personnel costs for site supervision, leasing agents, and maintenance staff are combined and disclosed in the Company's same-store expense detail schedule.

(4) Includes computers, office equipment/furniture, and maintenance vehicles.

(5) The level of exterior painting may be lower than other similarly titled presentations as the Company's portfolio has a significant amount of brick exteriors.  In addition, the other exposed surfaces are most often covered in aluminum or vinyl.

(6) Includes items such as: balconies, siding, and concrete/sidewalks.

In reviewing the breakdown of costs above, one must consider the Company's unique strategy in operating apartments which has been to improve every property every year regardless of age.  Another part of its strategy is to purchase older properties and rehab and reposition them to enhance internal rates of return.  This strategy results in higher costs of capital expenditures and maintenance costs which is more than justified by higher revenue growth, higher net operating income growth and a higher rate of property appreciation.

Page 25

Capital Expenditure Summary

The Company estimates that on an annual basis $800 and $780 per unit is spent on recurring capital expenditures in 2009 and 2008, respectively.  During the three months ended September 30, 2009 and 2008, approximately $200 and $195 per unit, respectively, was estimated to be spent on recurring capital expenditures.  For the nine months ended September 30, 2009 and 2008, approximately $600 and $585 per unit, respectively, was estimated to be spent on recurring capital expenditures.  The table below summarizes the actual total capital improvements incurred by major categories 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 nine months ended September 30, 2009 as follows:

For the three months ended September 30, 2009
($ in thousands, except per unit data)
					Non-				Total
	Recurring				Recurring				Capital
	Cap Ex		Per Unit(a)		Cap Ex		Per Unit(a)		Improvements		Per Unit(a)
New buildings	$	-	$	-	$	34	$	1	$	34	$	1
Major building improvements		1,139		32		2,152		59		3,291		91
Roof replacements		298		8		358		10		656		18
Site improvements		398		11		1,682		47		2,080		58
Apartment upgrades		1,379		38		4,352		120		5,731		158
Appliances		1,204		33		-		-		1,204		33
Carpeting/flooring		1,999		55		939		26		2,938		81
HVAC/mechanicals		642		18		1,619		45		2,261		63
Miscellaneous		175		5		-		-		175		5
Totals	$	7,234	$	200	$	11,136	$	308	$	18,370	$	508

(a) Calculated using the weighted average number of units owned, including 35,360 core units, and 2008 acquisition units of 813 for the three months ended September 30, 2009.

For the nine months ended September 30, 2009
(in thousands, except per unit data)
					Non-				Total
	Recurring				Recurring				Capital
	Cap Ex		Per Unit(b)		Cap Ex		Per Unit(b)		Improvements		Per Unit(b)
New Buildings	$	-	$	-	$	630	$	17	$	630	$	17
Major building improvements		3,418		94		6,193		172		9,611		266
Roof replacements		895		25		1,198		33		2,093		58
Site improvements		1,194		33		2,577		71		3,771		104
Apartment upgrades		4,367		121		13,149		363		17,516		484
Appliances		3,371		93		34		1		3,405		94
Carpeting/Flooring		5,996		166		2,047		56		8,043		222
HVAC/Mechanicals		1,926		53		4,301		119		6,227		172
Miscellaneous		537		15		908		25		1,445		40
Totals	$	21,704	$	600	$	31,037	$	857	$	52,741	$	1,457

(b) Calculated using the weighted average number of units owned, including 35,360 core units, and 2008 acquisition units of 813 for the nine months ended September 30, 2009.

Page 26

Capital Expenditure Summary

The schedule below summarizes the breakdown of total capital improvements between core and non-core as follows:

For the three months ended September 30, 2009
($ in thousands, except per unit data)
					Non-				Total
	Recurring				Recurring				Capital
	Cap Ex		Per Unit(c)		Cap Ex		Per Unit(c)		Improvements		Per Unit(c)
Core Communities	$	7,072	$	200	$	10,128	$	286	$	17,200	$	486
2008 Acquisition Communities		162		200		1,008		1,240		1,170		1,440
Sub-total		7,234		200		11,136		308		18,370		508
2009 Disposed Communities		-		-		-		-		-		-
2008 Disposed Communities		-		-		-		-		-		-
Corporate office expenditures (1)		-		-		-		-		464		-
	$	7,234	$	200	$	11,136	$	308	$	18,834	$	508

(c) Calculated using the weighted average number of units owned, including 35,360 core units, and 2008 acquisition units of 813 for the three months ended September 30, 2009.

For the nine months ended September 30, 2009
(in thousands, except per unit data)
					Non-				Total
	Recurring				Recurring				Capital
	Cap Ex		Per Unit(d)		Cap Ex		Per Unit(d)		Improvements		Per Unit(d)
Core Communities	$	21,216	$	600	$	29,087	$	823	$	50,303	$	1,423
2008 Acquisition Communities		488		600		1,950		2,399		2,438		2,999
Sub-total		21,704		600		31,037		857		52,741		1,457
2009 Disposed Communities		49		600		126		1,549		175		2,149
2008 Disposed Communities		-		-		-		-		-		-
Corporate office expenditures (1)		-		-		-		-		1,226		-
	$	21,753	$	600	$	31,163	$	860	$	54,142	$	1,460

(1) No distinction is made between recurring and non-recurring expenditures for corporate office.  Corporate office expenditures includes principally computer hardware, software and office furniture, fixtures and leasehold improvements.

(d) Calculated using the weighted average number of units owned, including 35,360 core units, 2008 acquisition units of 813 and 2009 disposed units of 81 for the nine months ended September 30, 2009.

Adjusted Net Operating Income - Core Properties

($ in thousands)

	Quarter			Quarter
	9/30/2009			9/30/2008		Change
Net Operating Income	$	72,007		$	72,373		-0.5	%
Less: Non Recurring Cap Ex @ 6%		(608	)		-		-
Adjusted Net Operating Income	$	71,399		$	72,373		-1.3	%

Some of our Core Property NOI reflects incremental investments in the communities above and beyond normal capital replacements.  After charging ourselves a 6% cost of debt capital on these additional expenditures, what we refer to as the adjusted NOI for the quarter is recalculated and presented above.

Page 27

Development Communities as of September 30, 2009

($ in thousands)

# of

Estimated

%

Property

Units at

Estimated

Costs

Costs

Construction

Initial

Construction

Physical

Type

Completion

Costs

Per Unit

Incurred

Start

Occupancy

Completion

Occupancy

Under construction:

1200 East West Highway

High Rise

247

$

80,000

$

323.9

$

64,043

2Q 07

1Q 10

1Q 10

n/a

Silver Spring, MD

Courts at Huntington Station

Podium

421

129,900

308.6

69,244

1Q 08

1Q 10

2Q 11

n/a

Alexandria, VA

Total

668

$

209,900

$

314.2

Pre-construction:

Falkland North

High Rise

tbd

tbd

tbd

1,799

tbd

tbd

tbd

n/a

Silver Spring, MD

Ripley Street *

High Rise

300

tbd

tbd

18,081

tbd

tbd

tbd

n/a

Silver Spring, MD

Total

$

153,167

*  Preliminary estimates.  A site plan for construction of up to 314 apartment units has been filed.  More detail will be provided in subsequent quarters.

Page 28

Home Properties Cash Flow Projection *
	12/31/08			2009			2010			2011
Beginning cash on hand (line of credit balance)				$	(71,000	)	$	(59,000	)	$	(46,000	)
FFO (2009 at midpoint, 2010 no increase, 2011 +5%)					145,000			145,000			152,050
Non-cash expense add-back to arrive at FFO cash flow					11,000			11,000			11,000
Normal capital replacements					(29,000	)		(29,000	)		(29,000	)
Dividends (kept constant at current $2.68 run rate)					(121,000	)		(121,000	)		(121,000	)
Cash flow after normal cap ex and dividends					6,000			6,000			13,050
Stock buy back					-			-			-
Stock issuance					-			-			-
Upgrading & repositioning cap ex		��			(50,000	)		(50,000	)		(65,000	)
Acquisitions					-			(100,000	)		(100,000	)
Secured financing assumed or placed new					-			70,000			70,000
Net cash flow used for acquisitions					-			(30,000	)		(30,000	)
Disposition gross proceeds - named					110,000			-			-
Disposition debt					(42,000	)		-			-
Disposition gross proceeds - unnamed					-			50,000			50,000
Disposition debt - unnamed					-			(25,000	)		(25,000	)
Net cash flow provided from dispositions					68,000			25,000			25,000
Development needs for projects in pipeline					(63,000	)		(59,000	)		(11,000	)
Debt Activity
Required mortgage principle amortization					(25,000	)		(25,000	)		(25,000	)
Maturing secured debt - per Feb 2009 published average debt schedule					(19,000	)		(333,000	)		(301,000	)
Refinance certain 2010 and 2011 maturities in 2009					(225,000	)		206,000			19,000
Net 2009 maturities as adjusted					(244,000	)
Refinance certain 2011 maturities in 2010								(184,000	)		184,000
Net 2010 maturities as adjusted								(311,000	)
Net 2011 maturities as adjusted											(98,000	)
Maturing convertible senior notes					-			-			(140,000	)
Net cash flow used for debt reductions					(269,000	)		(336,000	)		(263,000	)
Gross proceeds from refinancing net 2009 maturities as adjusted					239,000
Gross proceeds from refinancing net 2010 maturities as adjusted								457,000
Gross proceeds from refinancing net 2011 maturities as adjusted											121,000
Secured debt on properties from unencumbered pool					81,000			-			145,000
Net cash flow provided from debt increases					320,000			457,000			266,000
Net cash flow					12,000			13,000			(64,950	)
Ending cash on hand (line of credit balance)	$	(71,000	)	$	(59,000	)	$	(46,000	)	$	(110,950	)
Debt statistics and ratios at period end
Debt to total market cap (based on bank covenants, not
equity trading value)		57.5	%		58.3	%		60.4	%		61.8	%
Unencumbered pool as % of total property		19.6	%		19.8	%		21.1	%		16.9	%

* Assumptions and projections detailed in this presentation are for discussion purposes only.  Data does not constitute guidance.  Certain assumptions have been made to "stress" the balance sheet.

Page 29

2009 Earnings Guidance
	First			Second				Third			Fourth
Restatement of 2008	Quarter			Quarter				Quarter			Quarter			Year
Restatement of 2008 FFO for APB 14-1
FFO per share - 2008 actual reported per NAREIT definition	$	0.7920		$	0.8993			$	0.8555		$	1.0177		$	3.5652
							��
Increased interest expense	$	(0.0137	)	$	(0.0142	)		$	(0.0143	)	$	(0.0118	)	$	(0.0541	)
Reduced gain on early extinguishment of debt	$	0.0000		$	0.0000			$	0.0000		$	(0.0570	)	$	(0.0567	)
FFO per share - 2008 actual per NAREIT definition as restated	$	0.7783		$	0.8851			$	0.8412		$	0.9489		$	3.4544
Restatement of 2008 "Operating FFO" for APB 14-1
Operating FFO per share - 2008 actual reported	$	0.7920		$	0.8993			$	0.8555		$	1.1060		$	3.6530
Increased interest expense from APB 14-1	$	(0.0137	)	$	(0.0142	)		$	(0.0143	)	$	(0.0118	)	$	(0.0541	)
Reduced gain on early extinguishment of debt - APB 14-1	$	0.0000		$	0.0000			$	0.0000		$	(0.0570	)	$	(0.0567	)
Operating FFO per share - 2008 actual as restated	$	0.7783		$	0.8851			$	0.8412		$	1.0372		$	3.5422

"Operating FFO" is defined as FFO as computed under the strict interpretation of the NAREIT definition and adding back impairment and other non-recurring charges.  In the fourth quarter of 2008, the Company recorded a non-cash charge of $4 million for impairment on an affordable property in Columbus, Ohio where Home Properties is the general partner owning a 0.01% interest.  This $4 million non-cash charge reduced FFO by $0.088 per share in 2008.  The Company expects 2009 FFO and Operating FFO to be the same.

Both FFO and Operating FFO have been restated to reflect the mandatory adoption of FASB Staff Position APB 14-1, which requires companies to expense on a current and retroactive basis certain implied costs of the option value inherent in convertible debt beginning January 1, 2009.  Adoption of APB 14-1 will result in the recognition of non-cash charges which will have no material impact on the company's debt coverage ratios or debt covenants.

Specifically, additional interest expense of approximately 5.5 cents will be recorded in the 2008 restatement.  In addition, the $13.9 million gain on early extinguishment of debt recorded in the fourth quarter of 2008 will be restated to an $11.3 million gain.  The economics of the gain transaction have not changed, only the accounting treatment.

For 2009, there is an additional $1.9 million of interest expense to be recorded from APB 14-1, or approximately 4 cents per share for the year, or one cent per quarter, reflected in the 2009 numbers below.

	Actual			Actual			Actual
	First			Second			Third			Fourth
2009 Earnings Guidance	Quarter			Quarter			Quarter			Quarter			Year
2009 compared to 2008 based on NAREIT definition
FFO per share - 2009 guidance per NAREIT definition	$	0.794		$	0.838		$	0.814		$	.73 - $.79		$	3.18 - $3.24
Actual result / Midpoint of guidance	$	0.794		$	0.838		$	0.814		$	0.76		$	3.21
FFO per share - 2008 actual per NAREIT definition as restated	$	0.778		$	0.885		$	0.841		$	0.949		$	3.454
Positive (negative) growth projected		2.0	%		-5.3	%		-3.2	%		-19.9	%		-7.1	%
2009 compared to 2008 based on "Operating FFO"
FFO per share - 2009 Operating FFO	$	0.794		$	0.838		$	0.814		$	.73 - $.79		$	3.18 - $3.24
Actual result / Midpoint of guidance	$	0.794		$	0.838		$	0.814		$	0.76		$	3.21
Operating FFO per share - 2008 actual as restated	$	0.778		$	0.885		$	0.841		$	1.037		$	3.542
Positive (negative) growth projected		2.0	%		-5.3	%		-3.2	%		-26.7	%		-9.4	%

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2009 Earnings Guidance	Actual			Actual			Actual
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter			Year
Assumptions for mid-point of guidance:
Same store revenue growth		1.6	%		-0.2	%		-0.2	%		-1.5	%		-0.1	%
Same store expense growth		2.6	%		1.7	%		0.2	%		-1.8	%		0.7	%
Same store NOI growth		0.8	%		-1.4	%		-0.5	%		-1.3	%		-0.6	%
Same store 2009 physical occupancy		94.4	%		95.1	%		95.1	%		94.7	%		94.8	%
Same store 2008 physical occupancy		94.9	%		95.0	%		95.0	%		94.9	%		95.0	%
Change in occupancy		-0.5	%		0.1	%		0.1	%		-0.2	%		-0.2	%