8-K

                       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):
                                 August 6, 2007

                              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)

Check  the  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 7.01.  REGULATION FD DISCLOSURE

     On August 6, 2007,  the  Registrant  issued a press release  announcing its
results for the second  quarter of 2007.  The related  press release is attached
hereto  as  Exhibit  99.1.  The  information  in this  Current  Report  is being
furnished pursuant to Item 7.01, Regulation FD Disclosure.

     The attached  press release  includes a  presentation  of Home  Properties'
Funds from Operations ("FFO") and Net Operating Income ("NOI"). FFO does and NOI
may fall within the definition of "non-GAAP financial measure" set forth in Item
10(e) of Regulation S-K and as a result Home Properties is or may be required to
include in this Current Report a statement disclosing the reasons why management
believes that  presentation  of these measures  provides  useful  information to
investors.  The  Company  believes  that  FFO  is  helpful  to  investors  as  a
supplemental  measure of the  operating  performance  of a real  estate  company
because,  along with cash flows from operating activities,  financing activities
and investing activities,  it provides investors an understanding of the ability
of the Company to incur and service debt and to make capital expenditures.  Home
Properties  believes that NOI is helpful to investors as a supplemental  measure
of the operating  performance  of a real estate  company  because it is a direct
measure of the actual operating results of the Company's  apartment  properties.
The Company also uses these two measures to compare its  performance  to that of
its peer group.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS.

     c.   Exhibits

          Exhibit 99.1 Press Release

                                   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:   August 7, 2007          HOME PROPERTIES, INC.
                                 (Registrant)



                                 By: /s/ David P. Gardner
                                     ------------------------------------------
                                     David P. Gardner, Executive Vice President
                                     and Chief Financial Officer

EX-99

                                                                      EXHIBIT 99
FOR IMMEDIATE RELEASE

               HOME PROPERTIES REPORTS SECOND QUARTER 2007 RESULTS
           FFO Per Share Exceeds Analysts' Mean Estimate by Two Cents

ROCHESTER,  NY,  AUGUST  6, 2007 - Home  Properties  (NYSE:HME)  today  released
financial  results for the second  quarter ending June 30, 2007. All results are
reported on a diluted basis.

"We are pleased with results for the quarter,  especially  considering  the very
tough  comparison  with last year's  second  quarter when Funds From  Operations
("FFO")  per share was the highest  for any second  quarter in Home  Properties'
history and property  operations  produced stellar net operating income growth,"
said Home Properties' President and CEO Edward J. Pettinella.  "FFO of $0.85 for
this year's second  quarter  exceeded  analysts'  mean estimate by two cents and
grew 1.9% over last  year's  record  second  quarter.  With first  half  results
exceeding our expectations and reflecting  improved operating  fundamentals,  we
are confident we will achieve the full year 6% to 8% FFO growth projected in our
guidance."

Earnings  per share  ("EPS")  for the  quarter  ended  June 30,  2007 was $0.26,
compared to $0.33 for the quarter  ended June 30,  2006,  due to a $3.4  million
(before the allocation of minority  interest) or $0.07 per share gain on sale of
real  estate in the prior year  quarter.  EPS for the six months  ended June 30,
2007 was $0.41  compared to $0.46 for the six months  ended June 30,  2006.  The
year over year  decrease  of $0.05  per share is  attributable  to the $0.07 per
share  impact of the  prior  year  second  quarter  gain on sale of real  estate
described above, partially offset by an increase of $0.02 per share attributable
to a strong net operating income  contribution  from owned properties during the
2007 first and second quarters.

For the quarter ended June 30, 2007, Funds From Operations was $40.5 million, or
$0.85 per share,  compared to $40.5 million, or $0.84 per share, for the quarter
ended June 30, 2006. These results exceeded analysts' mean estimate, as reported
by Thomson,  by $0.02.  FFO for the six months ended June 30, 2007 was $1.58 per
share compared to $1.47 in the year-ago period. Excluding the non-cash charge of
$0.04 in the 2007 first  quarter  related to costs  associated  with the initial
offering of the Series F preferred shares which were redeemed, Operating FFO for
the six months was $1.62, a 10.0%  increase over the 2006 first half results.  A
reconciliation  of GAAP net  income to FFO is  included  in the  financial  data
accompanying this news release.

Second Quarter Operating Results
- --------------------------------

For the  second  quarter  of 2007,  same-property  comparisons  (for 113  "Core"
properties  containing  33,685  apartment  units  owned  since  January 1, 2006)
reflected an increase in total  revenues of 4.0%  compared to the same quarter a
year ago. Net operating income ("NOI") increased by 1.8% from the second quarter
of 2006.  Property level operating  expenses  increased by 7.4% for the quarter,
primarily  due to  increases  in gas heating  costs,  repairs  and  maintenance,
personnel  expense,  property  insurance  and  real  estate  taxes,  which  were
partially offset by a reduction in water and sewer costs.

Average  physical  occupancy for the Core properties was 95.0% during the second
quarter of 2007, identical to the second quarter of 2006. Average monthly rental
rates, including utility reimbursements, increased 4.3% compared to the year-ago
period. A lower level of expense growth than projected in the Company's guidance
for the quarter was  largely  due to lower  heating  costs and less usage in the
period.  This also produced lower revenue growth than anticipated  since a lower
level of heating costs was passed through to residents.

On a sequential  basis,  compared to the 2007 first quarter results for the Core
properties,  total revenues were up 0.1% in the second quarter of 2007, expenses
were down 9.1% and net operating income was up 6.6%.  Average physical occupancy
increased 0.6% to 95.0% and average  monthly rental rates were 0.7% higher.  The
expense decrease in the second quarter compared to the first quarter  represents
typical seasonality from lower natural gas and snow removal costs.

Occupancies for the 4,524 apartment units acquired/developed  between January 1,
2006 and June 30, 2007 (the  "Recently  Acquired  Communities")  averaged  94.4%
during the second quarter of 2007.

Year-to-Date Operating Results
- ------------------------------

For the six months ended June 30, 2007,  same-property  comparisons for the Core
properties  reflected an increase in total revenues of 4.9%, resulting in a 6.4%
increase  in net  operating  income  compared  to the first six  months of 2006.
Property level operating expenses increased by 2.9%,  primarily due to increases
in personnel expense,  property  insurance  expense,  real estate taxes and snow
removal costs.

Average  physical  occupancy for the Core  properties was 94.7% during the first
six months of 2007,  down from 94.9% a year ago,  with  average  monthly  rents,
including utility reimbursements, rising 5.1%.

The yield on the Recently  Acquired  Communities  during the first six months of
2007  averaged  7.3% on an  annualized  basis  (calculated  as the net operating
income from the  properties,  less an allowance  for general and  administrative
expenses  equal to 3% of  revenues,  all divided by the  acquisition  costs plus
capital improvement  expenditures in excess of normalized levels). This compares
to the first year underwriting expectations of 6.4%.

Acquisitions and Dispositions
- -----------------------------

On April 30, 2007, the Company acquired Westwoods, a 35-unit apartment community
located in  Randolph,  MA, for  $4.0 million,  including  closing  costs,  which
equates to  approximately  $114,000 per apartment  unit.  Consideration  for the
purchase included the assumption of an existing $3.9 million fixed rate mortgage
at an interest  rate of 5.6% maturing on June 1, 2034 (fair market value of $3.7
million).  The weighted average first year  capitalization rate expected on this
acquisition is 6.6% after  allocating 3.0% of rental revenues for management and
overhead  expenses and before normalized  capital  expenditures of approximately
$760 per unit annually.  Westwoods was the final acquisition in a three-property
portfolio. The other two properties closed in the second quarter of 2006.

There were no dispositions  during the 2007 second quarter.  Amounts included in
discontinued  operations are the residual  settlement items associated with 2006
dispositions.

Subsequent  to the end of the  quarter,  on July  12,  2007,  the  Company  sold
Brittany Place Apartments, with a total of 591 units, in Greenbelt, Maryland for
$74.1  million.  A gain on sale  of  approximately  $21.6  million,  before  the
allocation of minority  interest,  will be recorded in the third quarter related
to this sale. The weighted average first year  capitalization  rate projected on
this disposition is 5.7%.

Capital Markets Activities
- --------------------------

As of June 30, 2007, the Company's ratio of debt-to-total market  capitalization
was 47.4% (based on the June 29, 2007 stock price of $51.93 to determine  equity
value),  with  $39 million  outstanding  on its $140  million  revolving  credit
facility  and $5.4  million  of  unrestricted  cash on hand.  Total debt of $2.2
billion was outstanding,  at rates of interest averaging 5.6% and with staggered
maturities  averaging  approximately  seven years.  Approximately 96.9% of total
indebtedness is at fixed rates.  Both the interest coverage and the fixed charge
ratio  (which  includes  preferred  dividends)  averaged  2.3 times  during  the
quarter.

The Company  estimates its net asset value ("NAV") per share at June 30, 2007 to
be  $66.76  based on  capitalizing  at 5.95%  the  total of the  annualized  and
seasonally  adjusted  second quarter  property net operating  income,  plus a 4%
growth factor,  minus a management  fee. The Company  believes the cap rate used
reflects current market conditions.

During the second  quarter of 2007,  the Company did not  repurchase  any common
shares.  Through the end of the second  quarter,  the total  shares  repurchased
during 2007 were  approximately  109,000  shares for $6  million,  or a weighted
average  price of $55.01 per share.  As of June 30, 2007,  the Company has Board
authorization to buy back up to approximately  2.5 million  additional shares of
its common stock or Operating Partnership Units.

Outlook
- -------

For 2007,  the Company has  increased  its prior  guidance  based only on higher
actual second quarter results compared to the original range of guidance and now
expects  Operating FFO per share to be between $3.26 and $3.32 per share,  which
will produce  Operating  FFO per share  growth of 6.2% to 8.1% when  compared to
2006 results.  This guidance range reflects  management's  current assessment of
economic and market  conditions.  The Series F Perpetual  Preferred  shares were
redeemed at the end of the first quarter 2007, and the Company incurred a charge
to FFO of  $1.9 million  for the  original  issuance  costs,  or $0.04 cents per
share.  This charge is reported in FFO per share  results but has been  excluded
from Operating FFO.

The  guidance  for the balance of 2007 is  reaffirmed  without  change,  and the
quarterly  breakdown  of both FFO and  Operating  FFO per  share  results  is as
follows: Third quarter $0.84 to $0.87; fourth quarter $0.80 to $0.83.

Conference Call
- ---------------

The Company will conduct a conference call and simultaneous  webcast tomorrow at
11:00 AM Eastern Time to review and comment on the information  reported in this
release.  To  listen  to  the  call,  please  dial  800-266-2145  (International
212-676-5362).  A replay of the call will be available  through August 14, 2007,
by dialing  800-633-8284  or  402-977-9140  and entering  21319515.  The Company
webcast,  which  includes  a  slide  presentation,  will be  available,  live at
11:00 AM and  archived by 1:00 PM,  through the  "Investors"  section of our Web
site, homeproperties.com, on the Investor Relations home page.

The Company produces  supplemental  information that provides details  regarding
property  operations,  other  income,  acquisitions,  sales,  market  geographic
breakdown,  debt and net asset value. The supplemental  information is available
via the Company's Web site, e-mail or facsimile upon request.

This press 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, the weather and other conditions that
might affect operating expenses,  the timely completion of repositioning and new
development  activities within  anticipated  budgets,  the actual pace of future
acquisitions and dispositions, 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 129 communities containing 39,092 apartment
units.  Of these,  37,630  units in 126  communities  are owned  directly by the
Company;  868 units are  partially  owned and  managed by the Company as general
partner, and 594 units are managed for other owners. For more information, visit
Home Properties' Web site at homeproperties.com.

Tables to follow.

                                 Avg. Physical
Second Quarter Results:            Occupancy(a)          2Q '07       2Q '07 vs. 2Q '06 % Growth
- -----------------------            ------------          ------       --------------------------
                                                        Average
                                                  Monthly Rent/   Rental    Total      Total
                            2Q '07       2Q '06        Occ Unit    Rates  Revenue    Expense    NOI
                            ------       ------        --------   ------  -------    -------    ---
Core Properties(b)           95.0%        95.0%          $1,094     2.2%     4.0%       7.4%   1.8%
Acquisition Properties(c)    94.4%          NA           $1,094      NA       NA         NA     NA
                             ----         ----           ------     ---      ---        ---    ---
TOTAL PORTFOLIO              94.9%        95.0%          $1,094      NA       NA         NA     NA


                                 Avg. Physical
Year-To-Date Results:              Occupancy(a)         YTD '07      YTD '07 vs. YTD '06 % Growth
- ---------------------              ------------         -------      ----------------------------
                                                        Average
                                                  Monthly Rent/   Rental     Total      Total
                           YTD '07      YTD '06        Occ Unit    Rates   Revenue    Expense    NOI
                           -------      -------        --------   ------   -------    -------    ---
Core Properties(b)           94.7%        94.9%          $1,091     2.5%      4.9%       2.9%   6.4%
Acquisition Properties(c)    93.8%           NA          $1,110      NA        NA         NA     NA
                             ----         ----           ------     ---       ---        ---    ---
TOTAL PORTFOLIO              94.6%        94.9%          $1,093      NA        NA         NA     NA

(a)  Average physical  occupancy is defined as total possible rental income, net
     of vacancy expense, as a percentage of total possible rental income.  Total
     possible rental income is determined by valuing  occupied units at contract
     rates and vacant units at market rates.

(b)  Core Properties  includes 113 properties with 33,685  apartment units owned
     throughout 2006 and 2007.

(c)  Reflects  14  properties  with  4,524  apartment  units  acquired/developed
     subsequent to January 1, 2006.

                             HOME PROPERTIES, INC.
                 SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
           (in thousands, except share and per share data - Unaudited)

                                                     Three Months Ended          Six Months Ended
                                                     ------------------          ----------------
                                                            June 30                   June 30
                                                            -------                   -------
                                                       2007          2006         2007        2006
                                                       ----          ----         ----        ----
Rental income                                      $119,884      $103,879     $235,622    $205,981
Property other income                                 9,796         6,698       20,582      12,777
Interest income                                          83           119        1,290         210
Other income                                             58           504          833       1,021
                                                   --------      --------      -------     -------
  Total revenues                                    129,821       111,200      258,327     219,989
                                                   --------      --------      -------     -------

Operating and maintenance                            52,668        43,610      108,530      95,414
General and administrative                            5,953         6,057       11,471      11,096
Interest                                             30,716        26,432       59,845      52,336
Depreciation and amortization                        28,365        23,227       55,962      45,930
                                                   --------      --------      -------     -------
  Total expenses                                    117,702        99,326      235,808     204,776
                                                   --------      --------      -------     -------
Income from operations                               12,119        11,874       22,519      15,213
Minority interest in Operating Partnership           (3,480)       (3,271)      (5,550)     (3,963)
                                                   --------      --------      -------     -------
Income from continuing operations                     8,639         8,603       16,969      11,250
                                                   --------      --------      -------     -------

Discontinued operations
  Income from operations, net of minority
    interest                                            178         1,389          251       4,230
  Loss on disposition of property, net of
    minority Interest                                  (115)        2,361         (248)      2,361
                                                   --------      --------      -------     -------
Discontinued operations                                  63         3,750            3       6,591
                                                   --------      --------      -------     -------
Net Income                                            8,702        12,353       16,972      17,841


Preferred dividends                                       -        (1,350)      (1,290)     (2,700)
Redemption of preferred stock                             -             -       (1,902)          -
                                                   --------      --------      -------     -------
Net income available to common shareholders        $  8,702      $ 11,003      $13,780     $15,141
                                                   ========      ========      =======     =======
Reconciliation from net income available to common
  shareholders to Funds From Operations:

Net income available to common shareholders         $ 8,702      $ 11,003      $13,780     $15,141
Real property depreciation and amortization          28,094        25,041       55,170      49,539
Minority Interest                                     3,480         3,271        5,550       3,963
Minority Interest - income from discontinued
  operations                                             72           625          102       2,140
Loss on disposition of property, net of minority
  Interest                                              115        (2,361)         248      (2,361)
Loss from early extinguishment of debt in
  connection with sale of real estate                     -         2,970            -       2,970
                                                   --------      --------      -------     -------
FFO - basic (1)                                    $ 40,463      $ 40,549      $74,850     $71,392
                                                   ========      ========      =======     =======

(1)  Pursuant to the revised  definition of Funds From Operations adopted by the
     Board of Governors of the National  Association  of Real Estate  Investment
     Trusts  ("NAREIT"),  FFO is defined as net income  (computed in  accordance
     with  accounting  principles  generally  accepted  in the United  States of
     America  ("GAAP"))  excluding gains or losses from disposition of property,
     minority  interest  and  extraordinary  items plus  depreciation  from real
     property.  Because of the limitations of the FFO definition as published by
     NAREIT as set forth above, the Company has made certain  interpretations in
     applying  the  definition.   The  Company   believes  all  adjustments  not
     specifically  provided  for  are  consistent  with  the  definition.  Other
     similarly titled measures may not be calculated in the same manner.

                             HOME PROPERTIES, INC.
                 SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS
           (in thousands, except share and per share data - Unaudited)

                                                         Three Months Ended     Six Months Ended
                                                         ------------------     ----------------
                                                                June 30             June 30
                                                                -------             -------
                                                           2007        2006       2007        2006
                                                           ----        ----       ----        ----

FFO - basic                                            $ 40,463    $ 40,549   $ 74,850    $ 71,392
Preferred dividends - convertible preferred stock (2)         -           -          -           -
                                                       --------    --------    -------     -------
   FFO - diluted                                       $ 40,463    $ 40,549   $ 74,850    $ 71,392
                                                       ========    ========    =======     =======
FFO - basic                                            $ 40,463    $ 40,549   $ 74,850    $ 71,392
Preferred dividends - convertible preferred stock             -           -          -           -
Redemption of Series F Preferred stock                        -           -      1,902           -
                                                       --------    --------    -------     -------
   FFO - operating (4)                                 $ 40,463    $ 40,549   $ 76,752    $ 71,392
                                                       ========    ========    =======     =======
FFO - basic                                            $ 40,463    $ 40,549   $ 74,850    $ 71,392
Preferred dividends - convertible preferred stock             -           -          -           -
Recurring non-revenue generating capital expenses        (7,256)     (5,696)   (14,329)    (11,401)
                                                       --------    --------    -------     -------
   AFFO (5)                                            $ 33,207    $ 34,853   $ 60,521    $ 59,991
                                                       ========    ========    =======     =======
FFO - operating                                        $ 40,463    $ 40,549   $ 76,752    $ 71,392
Recurring non-revenue generating capital expenses        (7,256)     (5,696)   (14,329)    (11,401)
                                                       --------    --------    -------     -------
   AFFO - operating                                    $ 33,207    $ 34,853   $ 62,423    $ 59,991
                                                       ========    ========    =======     =======
Weighted average shares/units outstanding:
   Shares - basic                                      33,255.9    32,936.9   33,161.4    32,101.6
   Shares - diluted                                    33,985.3    33,598.7   33,959.0    32,722.2


   Shares/units - basic (3)                            46,713.0    47,788.1   46,581.8    47,853.3
   Shares/units - diluted (3)                          47,442.4    48,450.0   47,379.3    48,473.9


Per share/unit:
   Net income - basic                                     $0.26       $0.33      $0.42       $0.47
   Net income - diluted                                   $0.26       $0.33      $0.41       $0.46


   FFO - basic                                            $0.87       $0.85      $1.61       $1.49
   FFO - diluted                                          $0.85       $0.84      $1.58       $1.47
   Operating FFO - diluted, before preferred stock
     redemption (4)                                       $0.85       $0.84      $1.62       $1.47


   AFFO (5)                                               $0.70       $0.72      $1.28       $1.24
   Operating AFFO - before preferred stock
     redemption (4) (5)                                   $0.70       $0.72      $1.32       $1.24
   Common Dividend paid                                   $0.65       $0.64      $1.30       $1.28

(2)  There was no convertible  preferred  stock  outstanding  during the periods
     presented.

(3)  Basic includes common stock outstanding plus operating partnership units in
     Home Properties,  L.P., which can be converted into shares of common stock.
     Diluted includes additional common stock equivalents.

(4)  Operating  FFO is defined as FFO as  computed  in  accordance  with  NAREIT
     definition,  adjusted for the addback of real estate impairment charges and
     preferred  stock  redemption  costs.  This is  presented  for a  consistent
     comparison of how NAREIT defined FFO in 2003.

(5)  Adjusted  Funds From  Operations  ("AFFO")  is defined as gross FFO less an
     annual   reserve  for   anticipated   recurring,   non-revenue   generating
     capitalized  costs of $760 and $525 per  apartment  unit in 2007 and  2006,
     respectively.  The  resulting  sum  is  divided  by  the  weighted  average
     shares/units on a diluted basis to arrive at AFFO per share/unit.

                              HOME PROPERTIES, INC.
                       SUMMARY CONSOLIDATED BALANCE SHEETS
           (in thousands, except share and per share data - Unaudited)

                                             June 30, 2007     December 31, 2006
                                             -------------     -----------------
Land                                             $ 518,298             $ 493,017
Construction in progress, including land            51,950                 1,409
Buildings, improvements and equipment            3,114,789             2,957,336
                                                ----------            ----------
                                                 3,685,037             3,451,762
Accumulated depreciation                          (504,327)             (450,129)
                                                ----------            ----------
Real estate, net                                 3,180,710             3,001,633

Cash and cash equivalents                            5,350               118,212
Cash in escrows                                     32,723                74,069
Accounts receivable                                 10,802                 9,287
Prepaid expenses                                    11,250                15,059
Deferred charges                                    13,003                13,619
Other assets                                         5,847                 8,539
                                                ----------            ----------
Total assets                                    $3,259,685            $3,240,418
                                                ==========            ==========
Mortgage notes payable                          $1,963,368            $1,924,313
Exchangeable senior notes                          200,000               200,000
Line of credit                                      39,000                     -
Accounts payable                                    18,346                20,797
Accrued interest payable                            10,815                10,473
Accrued expenses and other liabilities              24,689                24,697
Security deposits                                   23,555                21,979
                                                ----------            ----------
Total liabilities                                2,279,773             2,202,259

Minority interest                                  281,585               282,542
Stockholders' equity                               698,327               755,617
                                                ----------            ----------
Total liabilities and stockholders' equity      $3,259,685            $3,240,418
                                                ==========            ==========

Total shares/units outstanding:
Common stock                                      33,528.2              33,103.2
Operating partnership units                       13,362.4              13,290.4
                                                ----------            ----------
                                                  46,890.6              46,393.6
                                                ==========            ==========

                                      # # #

For further information:
- ------------------------

David P. Gardner, Executive Vice President and Chief Financial Officer, (585)
246-4113

Charis W. Warshof, Vice President, Investor Relations, (585) 295-4237