hme8ka3q2007supplementals.htm

EXHIBIT 99.1

HOME PROPERTIES, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

THIRD QUARTER 2007

TABLE OF CONTENTS

	3Q 2007 Supplemental Reports	Page
1.	Earnings Release	1-8
2.	Owned Community Results, Quarterly and Year-to-Date	9-14
3.	Physical Occupancy Comparison by Region	15
4.	Net Operating Results	16
5.	Resident Statistics	17
6.	Net Operating Income Detail and Seasonality “Gross-up” Factor	18
7.	Operating Expense Detail	19
8.	Discontinued Operations	20
9.	Summary of Recent Acquisitions	21
10.	Summary of Recent Sales	22
11.	Breakdown of Owned Units by Market	23
12.	Debt Summary Schedule	24-25
13.	Recurring Capital Expenditure and Adjusted NOI Summary	26-28
14.	Development Communities	29
15.	2007 Earnings Guidance	30-31

OWNED COMMUNITY RESULTS

THIRD QUARTER 2007												3Q'07versus3Q'06
												%Growth
	# of		Date	3Q'07		3Q'07			Year Ago			Rental			Total			Total			Total			3Q '07
	Units		Acquired	Rent/Mo.		Occup.			Occup.			Rates			Revenue			Expense			NOI			% Co. NOI
Baltimore Region
Bonnie Ridge		960	7/1/1999	$	1,026		93.7	%		93.1	%		0.1	%		1.3	%		4.8	%		-0.6	%
Canterbury Apartments		618	7/16/1999	$	909		95.7	%		95.1	%		2.9	%		1.0	%		-7.0	%		6.0	%
Country Village		344	4/30/1998	$	869		96.2	%		92.2	%		2.0	%		6.4	%		-5.4	%		15.7	%
Falcon Crest		396	7/16/1999	$	960		91.8	%		91.5	%		2.2	%		1.8	%		0.9	%		2.3	%
Fenland Field		234	8/1/2001	$	1,059		94.9	%		91.3	%		-1.6	%		0.4	%		0.1	%		0.6	%
Fox Hall Apartments		720	3/29/2007	$	842		94.8	%		n/a			n/a			n/a			n/a			n/a
Gateway Village		132	7/16/1999	$	1,238		95.4	%		91.3	%		1.2	%		6.4	%		1.5	%		9.2	%
Heritage Woods		164	10/4/2006	$	969		96.5	%		n/a			n/a			n/a			n/a			n/a
Mill Towne Village Apts		384	5/31/2001	$	852		94.1	%		92.9	%		3.5	%		4.0	%		-1.0	%		7.5	%
Morningside Heights		1,050	4/30/1998	$	855		94.7	%		93.2	%		2.4	%		2.8	%		-4.3	%		7.1	%
Owings Run		504	7/16/1999	$	1,157		94.4	%		94.4	%		5.0	%		4.5	%		6.8	%		3.2	%
Ridgeview at Wakefield Valley		204	1/13/2005	$	1,096		95.0	%		93.4	%		6.4	%		6.5	%		9.1	%		4.6	%
Selford Townhomes		102	7/16/1999	$	1,266		94.1	%		95.1	%		1.9	%		1.6	%		6.0	%		-0.6	%
The Coves at Chesapeake		469	11/20/2006	$	1,157		94.3	%		n/a			n/a			n/a			n/a			n/a
Timbercroft Townhomes		284	7/16/1999	$	832		99.1	%		98.5	%		2.6	%		1.4	%		-3.4	%		4.1	%
Top Field		156	10/4/2006	$	1,095		95.6	%		n/a			n/a			n/a			n/a			n/a
Village Square Townhomes		370	7/16/1999	$	1,112		95.3	%		95.8	%		1.6	%		0.6	%		7.9	%		-2.6	%
Woodholme Manor		177	3/31/2001	$	823		95.2	%		93.6	%		3.9	%		6.3	%		5.0	%		7.3	%
Total Baltimore Region		7,268		$	973		94.8	%		93.6	%		2.2	%		2.7	%		0.7	%		3.9	%		17.3	%

Boston Region
Gardencrest		696	6/28/2002	$	1,427		96.8	%		96.3	%		2.6	%		2.0	%		-4.0	%		5.5	%
Highland House		172	5/31/2006	$	1,122		97.3	%		94.6	%		2.9	%		6.5	%		-1.5	%		11.3	%
Liberty Place		107	6/6/2006	$	1,398		91.2	%		93.0	%		2.0	%		-2.1	%		10.6	%		-9.2	%
Stone Ends		280	2/12/2003	$	1,231		96.2	%		97.1	%		0.9	%		-3.5	%		-0.7	%		-4.9	%
The Heights at Marlborough		348	9/7/2006	$	1,168		95.3	%		n/a			n/a			n/a			n/a			n/a
The Meadows at Marlborough		264	9/7/2006	$	1,140		95.5	%		n/a			n/a			n/a			n/a			n/a
The Townhomes of Beverly		204	2/15/2007	$	1,452		92.9	%		n/a			n/a			n/a			n/a			n/a
The Village at Marshfield		276	3/17/2004	$	1,140		98.0	%		93.8	%		0.3	%		7.1	%		4.3	%		8.7	%
Westwoods		35	4/30/2007	$	1,211		92.6	%		n/a			n/a			n/a			n/a			n/a
Total Boston Region		2,382		$	1,277		95.9	%		95.6	%		1.9	%		1.9	%		-0.8	%		3.5	%		7.5	%

Chicago Region
Blackhawk		371	10/20/2000	$	867		95.8	%		95.4	%		1.8	%		2.2	%		0.9	%		3.8	%
Courtyards Village		224	8/29/2001	$	801		97.7	%		95.7	%		3.4	%		2.2	%		0.3	%		4.1	%
Cypress Place		192	12/27/2000	$	916		98.8	%		94.8	%		0.4	%		3.2	%		1.5	%		5.4	%
The Colony		783	9/1/1999	$	861		98.1	%		95.6	%		5.0	%		8.0	%		3.3	%		13.3	%
The New Colonies		672	6/23/1998	$	721		93.3	%		94.0	%		2.2	%		-0.6	%		-6.5	%		5.1	%
Total Chicago Region		2,242		$	819		96.5	%		95.1	%		3.1	%		3.7	%		0.0	%		7.7	%		3.7	%

Florida Region
The Hamptons		668	7/7/2004	$	1,039		94.3	%		94.2	%		4.2	%		4.0	%		-7.0	%		15.9	%
Vinings at Hampton Village		168	7/7/2004	$	1,135		95.1	%		94.5	%		5.2	%		7.6	%		1.1	%		14.5	%
Total Florida Region		836		$	1,058		94.4	%		94.2	%		4.4	%		4.8	%		-5.3	%		15.6	%		1.9	%

Hudson Valley Region
Carriage Hill		140	7/17/1996	$	1,235		96.3	%		98.1	%		3.7	%		3.0	%		24.6	%		-13.0	%
Cornwall Park		75	7/17/1996	$	1,574		97.9	%		96.1	%		-1.0	%		-1.8	%		-11.2	%		5.5	%
Lakeshore Villas		152	7/17/1996	$	1,046		96.3	%		91.9	%		-1.0	%		5.2	%		-6.2	%		15.3	%
Patricia		100	7/7/1998	$	1,413		98.6	%		95.4	%		2.1	%		4.8	%		-6.7	%		11.3	%
Sherwood Consolidation		224	10/11/2002	$	1,251		96.5	%		94.9	%		4.4	%		7.8	%		6.3	%		9.2	%
Sunset Gardens		217	7/17/1996	$	911		97.3	%		93.1	%		-2.0	%		3.3	%		-0.8	%		6.5	%
Total Hudson Valley Region		908		$	1,177		97.0	%		94.8	%		1.3	%		4.3	%		2.6	%		5.7	%		2.5	%

Page 9

Table of Contents

HOME PROPERTIES 3Q SUPPLEMENTAL FINANCIAL INFORMATION

OWNED COMMUNITY RESULTS

THIRD QUARTER 2007												3Q '07versus3Q '06
												% Growth
	# of		Date	3Q '07		3Q '07			Year Ago			Rental			Total			Total			Total			3Q '07
	Units		Acquired	Rent/Mo.		Occup.			Occup.			Rates			Revenue			Expense			NOI			% Co. NOI
Long Island, NY Region
Bayview / Colonial		160	11/1/2000	$	1,205		96.4	%		94.9	%		1.3	%		1.9	%		7.2	%		-1.5	%
Cambridge Village		82	3/1/2002	$	1,625		97.5	%		96.4	%		5.2	%		5.0	%		0.4	%		8.5	%
Coventry Village		94	7/31/1998	$	1,386		96.8	%		95.3	%		1.4	%		4.7	%		-1.0	%		10.9	%
Devonshire Hills		297	7/16/2001	$	1,719		95.8	%		96.1	%		-1.2	%		-8.8	%		-11.6	%		-7.3	%
East Winds		96	11/1/2000	$	1,178		93.2	%		95.4	%		2.3	%		-4.0	%		3.6	%		-9.1	%
Hawthorne Court		434	4/4/2002	$	1,383		94.8	%		94.5	%		1.5	%		3.1	%		2.6	%		3.6	%
Heritage Square		80	4/4/2002	$	1,621		97.0	%		97.4	%		5.3	%		2.7	%		0.3	%		4.8	%
Holiday Square		144	5/31/2002	$	1,136		94.3	%		96.2	%		3.9	%		2.1	%		-7.8	%		9.5	%
Lake Grove Apartments		368	2/3/1997	$	1,380		95.4	%		94.3	%		-1.2	%		1.6	%		-1.4	%		3.2	%
Maple Tree		84	11/1/2000	$	1,151		89.5	%		95.9	%		0.2	%		-9.5	%		9.2	%		-20.8	%
Mid- Island Estates		232	7/1/1997	$	1,303		96.7	%		93.8	%		3.3	%		6.6	%		2.7	%		9.3	%
Rider Terrace		24	11/1/2000	$	1,254		97.7	%		84.5	%		-0.4	%		13.9	%		-6.0	%		31.0	%
Sayville Commons		342	7/15/2005	$	1,469		98.2	%		99.1	%		4.8	%		3.4	%		9.9	%		-0.4	%
South Bay Manor		61	9/11/2000	$	1,584		96.1	%		93.3	%		0.9	%		0.7	%		-1.3	%		2.1	%
Southern Meadows		452	6/29/2001	$	1,332		95.6	%		95.8	%		-1.9	%		-3.1	%		11.8	%		-12.0	%
Stratford Greens		359	3/1/2002	$	1,430		95.2	%		96.2	%		2.4	%		3.1	%		-4.3	%		7.9	%
Terry Apartments		65	11/1/2000	$	1,164		88.1	%		92.4	%		0.8	%		-8.6	%		-41.1	%		17.4	%
Westwood Village Apts		242	3/1/2002	$	2,256		95.7	%		96.0	%		4.5	%		7.0	%		8.5	%		6.0	%
Woodmont Village Apts		96	3/1/2002	$	1,313		96.0	%		93.9	%		2.2	%		2.1	%		-19.9	%		16.0	%
Yorkshire Village Apts		40	3/1/2002	$	1,648		94.1	%		95.8	%		6.1	%		3.5	%		7.2	%		0.5	%
Total Long Island Region		3,752		$	1,449		95.6	%		95.6	%		1.6	%		1.0	%		1.1	%		1.0	%		13.1	%

Maine Region
Liberty Commons		120	8/30/2006	$	1,156		95.7	%		79.5	%		n/a			n/a			n/a			n/a
Mill Co. Gardens		95	7/7/1998	$	781		97.4	%		96.1	%		2.5	%		3.7	%		9.1	%		-0.7	%
Redbank Village		500	7/7/1998	$	823		97.2	%		95.2	%		1.1	%		4.0	%		7.8	%		1.6	%
Total Maine Region		715		$	873		96.9	%		95.4	%		1.3	%		3.9	%		8.0	%		1.3	%		1.5	%

New Jersey Region
Barrington Gardens		148	3/1/2005	$	973		93.1	%		96.0	%		12.3	%		15.8	%		-0.7	%		35.9	%
Chatham Hill Apartments		308	1/30/2004	$	1,647		94.3	%		95.9	%		4.2	%		1.5	%		-13.9	%		8.6	%
East Hill Gardens		33	7/7/1998	$	1,506		91.3	%		96.1	%		3.9	%		-1.2	%		28.2	%		-13.0	%
Hackensack Gardens		198	3/1/2005	$	957		97.1	%		96.8	%		9.0	%		8.0	%		32.1	%		-9.2	%
Jacob Ford Village		270	2/15/2007	$	1,042		92.2	%		n/a			n/a			n/a			n/a			n/a
Lakeview		106	7/7/1998	$	1,319		97.1	%		97.6	%		5.2	%		4.4	%		4.1	%		4.6	%
Northwood Apartments		134	1/30/2004	$	1,261		96.3	%		93.0	%		4.7	%		8.9	%		4.1	%		13.0	%
Oak Manor		77	7/7/1998	$	1,757		95.5	%		96.0	%		2.0	%		-2.2	%		16.4	%		-9.6	%
Pleasant View		1,142	7/7/1998	$	1,135		93.5	%		93.8	%		6.2	%		6.9	%		-2.2	%		12.6	%
Pleasure Bay		270	7/7/1998	$	1,086		94.3	%		96.9	%		2.2	%		2.1	%		9.9	%		-3.3	%
Regency Club		372	9/24/2004	$	1,122		94.8	%		95.5	%		0.9	%		1.1	%		4.0	%		-1.0	%
Royal Gardens Apartments		550	5/28/1997	$	1,198		94.8	%		92.4	%		5.1	%		8.0	%		6.3	%		9.0	%
Wayne Village		275	7/7/1998	$	1,347		96.0	%		97.7	%		3.9	%		1.3	%		1.1	%		1.4	%
Windsor Realty		67	7/7/1998	$	1,151		96.0	%		94.9	%		0.5	%		2.9	%		24.9	%		-8.5	%
Total New Jersey Region		3,950		$	1,197		94.5	%		94.9	%		4.8	%		4.9	%		2.9	%		6.1	%		11.8	%

Philadelphia Region
Beechwood Gardens		160	7/7/1998	$	822		94.5	%		97.2	%		-1.6	%		-4.8	%		13.6	%		-18.8	%
Castle Club		158	3/15/2000	$	927		94.0	%		92.1	%		-1.3	%		0.7	%		-0.3	%		1.5	%
Chesterfield		247	9/23/1997	$	903		94.2	%		97.0	%		-0.7	%		-1.1	%		5.8	%		-6.3	%
Curren Terrace		318	9/23/1997	$	922		95.9	%		95.1	%		1.1	%		2.9	%		1.9	%		3.7	%
Glen Brook		174	7/28/1999	$	824		93.2	%		93.2	%		1.1	%		4.1	%		2.6	%		6.4	%
Glen Manor		174	9/23/1997	$	794		91.2	%		92.6	%		4.1	%		2.5	%		1.6	%		3.5	%
Golf Club		399	3/15/2000	$	1,015		95.6	%		93.0	%		0.1	%		2.5	%		-7.5	%		9.6	%
Hill Brook Place		274	7/28/1999	$	883		93.7	%		95.0	%		1.0	%		-0.2	%		1.3	%		-1.7	%
Home Properties of Bryn Mawr		316	3/15/2000	$	1,034		93.3	%		91.1	%		-2.7	%		-0.1	%		-5.4	%		4.5	%
Home Properties of Devon		631	3/15/2000	$	1,092		94.7	%		93.0	%		-0.8	%		-1.2	%		-1.9	%		-0.7	%
Home Properties of Newark		432	7/16/1999	$	868		92.0	%		94.0	%		1.8	%		-4.0	%		-5.5	%		-2.8	%
New Orleans Park		442	7/28/1999	$	854		94.7	%		96.4	%		4.1	%		3.4	%		6.2	%		1.2	%
Racquet Club		466	7/7/1998	$	1,015		96.4	%		95.2	%		-1.1	%		3.7	%		7.1	%		1.5	%
Racquet Club South		103	5/27/1999	$	862		97.2	%		96.3	%		-2.4	%		2.4	%		0.4	%		4.1	%
Ridley Brook		244	7/28/1999	$	891		93.5	%		95.4	%		0.4	%		-0.8	%		2.5	%		-3.5	%
Sherry Lake		298	7/23/1998	$	1,171		90.8	%		93.2	%		-0.1	%		-3.2	%		3.7	%		-7.1	%
The Brooke at Peachtree Village		146	8/15/2005	$	1,078		95.2	%		98.1	%		5.9	%		3.4	%		10.7	%		-1.7	%
The Landings		384	11/25/1996	$	971		95.5	%		96.5	%		0.6	%		-1.7	%		-1.6	%		-1.8	%
Trexler Park		250	3/15/2000	$	1,042		95.3	%		92.6	%		-0.1	%		-0.5	%		-9.4	%		6.5	%
Trexler Park West		144	Under Construction	$	1,295		73.9	%		13.6	%		n/a			n/a			n/a			n/a
Valley View		177	9/23/1997	$	821		91.0	%		90.1	%		-1.5	%		6.3	%		6.2	%		6.4	%
Village Square		128	9/23/1997	$	935		92.9	%		94.7	%		2.5	%		0.7	%		2.0	%		-0.5	%
William Henry		363	3/15/2000	$	1,087		95.1	%		89.7	%		-1.3	%		5.1	%		-2.6	%		10.7	%
Total Philadelphia Region		6,428		$	966		94.3	%		93.9	%		0.2	%		0.7	%		0.4	%		0.9	%		14.8	%

Page 10

Table of Contents

HOME PROPERTIES 3Q SUPPLEMENTAL FINANCIAL INFORMATION

OWNED COMMUNITY RESULTS

THIRD QUARTER 2007												3Q '07versus3Q '06
												% Growth
	# of		Date	3Q '07		3Q '07			Year Ago			Rental			Total			Total			Total			3Q '07
	Units		Acquired	Rent/Mo.		Occup.			Occup.			Rates			Revenue			Expense			NOI			% Co. NOI
Washington DC Region
Braddock Lee		255	3/16/1998	$	1,249		95.0	%		97.6	%		4.6	%		2.9	%		4.1	%		2.1	%
Cider Mill		864	9/27/2002	$	1,063		97.1	%		94.0	%		-0.2	%		2.4	%		-3.3	%		6.8	%
Cinnamon Run		511	12/28/2005	$	1,154		96.7	%		96.8	%		2.7	%		4.8	%		-7.3	%		10.9	%
East Meadow		150	8/1/2000	$	1,335		93.9	%		94.6	%		4.9	%		2.3	%		2.4	%		2.2	%
Elmwood Terrace		504	6/30/2000	$	889		92.6	%		95.4	%		4.2	%		-4.6	%		-0.2	%		-8.6	%
Falkland Chase		450	9/10/2003	$	1,311		94.4	%		96.3	%		6.9	%		2.9	%		1.8	%		3.4	%
Mount Vernon Square		1,387	12/27/2006	$	1,143		95.6	%		n/a			n/a			n/a			n/a			n/a
Orleans Village		851	11/16/2000	$	1,280		93.6	%		92.5	%		0.7	%		4.7	%		-7.6	%		14.1	%
Park Shirlington		294	3/16/1998	$	1,229		96.6	%		97.5	%		3.5	%		2.1	%		-0.9	%		4.2	%
Peppertree Farm		881	12/28/2005	$	1,117		91.2	%		90.8	%		1.0	%		1.2	%		-10.2	%		9.1	%
Seminary Hill		296	7/1/1999	$	1,210		93.6	%		94.4	%		1.6	%		2.2	%		-2.4	%		6.5	%
Seminary Towers		540	7/1/1999	$	1,251		93.5	%		95.9	%		3.8	%		1.9	%		1.2	%		2.6	%
Tamarron Apartments		132	7/16/1999	$	1,405		95.0	%		96.9	%		4.5	%		0.5	%		-6.9	%		4.1	%
The Apts at Wellington Trace		240	3/2/2004	$	1,245		94.0	%		96.3	%		2.4	%		0.4	%		7.7	%		-2.7	%
The Manor - MD		435	8/31/2001	$	1,131		94.2	%		95.7	%		0.5	%		0.7	%		3.5	%		-1.0	%
The Manor - VA		198	2/19/1999	$	996		93.7	%		96.3	%		1.3	%		0.6	%		2.1	%		-0.3	%
The Sycamores		185	12/16/2002	$	1,380		94.5	%		96.2	%		6.1	%		8.3	%		17.8	%		3.6	%
Virginia Village		344	5/31/2001	$	1,226		95.6	%		95.0	%		0.8	%		3.5	%		4.2	%		2.8	%
West Springfield		244	11/18/2002	$	1,408		96.6	%		94.9	%		3.7	%		4.5	%		12.8	%		0.9	%
Woodleaf Apartments		228	3/19/2004	$	1,105		92.2	%		94.3	%		3.9	%		1.9	%		8.8	%		-2.0	%
Total Washington DC Region		8,989		$	1,175		94.5	%		94.7	%		2.4	%		2.4	%		-1.1	%		4.7	%		25.9	%

TOTAL OWNED PORTFOLIO		37,470		$	1,108		94.9	%		n/a			n/a			n/a			n/a			n/a			100.0	%
TOTAL CORE PORTFOLIO		32,910		$	1,108		95.0	%		94.7	%		2.2	%		2.4	%		0.3	%		3.8	%

Page 11

Table of Contents

HOME PROPERTIES 3Q SUPPLEMENTAL FINANCIAL INFORMATION

OWNED COMMUNITY RESULTS

September YTD												YTD '07 versus YTD '06
												% Growth
	# of		Date	YTD '07		YTD '07			Year Ago			Rental			Total			Total			Total			YTD '07
	Units		Acquired	Rent/Mo.		Occup.			Occup.			Rates			Revenue			Expense			NOI			% Co. NOI
Baltimore Region
Bonnie Ridge		960	7/1/1999	$	1,033		93.2	%		93.5	%		3.8	%		7.8	%		2.8	%		11.2	%
Canterbury Apartments		618	7/16/1999	$	897		96.1	%		95.5	%		4.1	%		4.2	%		0.0	%		6.9	%
Country Village		344	4/30/1998	$	853		95.4	%		93.5	%		2.2	%		7.2	%		3.6	%		10.1	%
Falcon Crest		396	7/16/1999	$	957		91.8	%		91.5	%		3.8	%		3.8	%		7.0	%		2.0	%
Fenland Field		234	8/1/2001	$	1,066		94.3	%		94.3	%		1.4	%		0.5	%		1.7	%		-0.4	%
Fox Hall Apartments		720	3/29/2007	$	826		94.7	%		n/a			n/a			n/a			n/a			n/a
Gateway Village		132	7/16/1999	$	1,230		96.5	%		92.1	%		2.5	%		7.9	%		-0.3	%		12.7	%
Heritage Woods		164	10/4/2006	$	940		97.3	%		n/a			n/a			n/a			n/a			n/a
Mill Towne Village Apts		384	5/31/2001	$	837		94.9	%		94.4	%		2.9	%		5.4	%		4.1	%		6.3	%
Morningside Heights		1,050	4/30/1998	$	850		94.6	%		94.5	%		2.8	%		5.6	%		2.7	%		7.2	%
Owings Run		504	7/16/1999	$	1,139		95.4	%		94.7	%		6.5	%		7.4	%		10.5	%		5.8	%
Ridgeview at Wakefield Valley		204	1/13/2005	$	1,068		96.0	%		94.9	%		6.3	%		7.5	%		11.6	%		4.8	%
Selford Townhomes		102	7/16/1999	$	1,261		95.7	%		94.5	%		3.0	%		4.5	%		6.2	%		3.7	%
The Coves at Chesapeake		469	11/20/2006	$	1,147		91.7	%		n/a			n/a			n/a			n/a			n/a
Timbercroft Townhomes		284	7/16/1999	$	819		99.1	%		99.1	%		3.1	%		2.7	%		1.9	%		3.2	%
Top Field		156	10/4/2006	$	1,072		96.6	%		n/a			n/a			n/a			n/a			n/a
Village Square Townhomes		370	7/16/1999	$	1,109		95.8	%		96.2	%		2.6	%		3.4	%		5.1	%		2.6	%
Woodholme Manor		177	3/31/2001	$	815		94.8	%		94.2	%		4.5	%		4.8	%		1.9	%		7.2	%
Total Baltimore Region		7,268		$	979		94.7	%		94.4	%		3.6	%		5.5	%		3.9	%		6.6	%		17.3	%

Boston Region
Gardencrest		696	6/28/2002	$	1,414		95.8	%		96.6	%		3.0	%		1.9	%		-2.9	%		5.4	%
Highland House		172	5/31/2006	$	1,113		95.7	%		n/a			n/a			n/a			n/a			n/a
Liberty Place		107	6/6/2006	$	1,391		93.8	%		n/a			n/a			n/a			n/a			n/a
Stone Ends		280	2/12/2003	$	1,231		95.3	%		97.0	%		2.0	%		-1.5	%		-2.0	%		-1.2	%
The Heights at Marlborough		348	9/7/2006	$	1,177		94.7	%		n/a			n/a			n/a			n/a			n/a
The Meadows at Marlborough		264	9/7/2006	$	1,145		93.9	%		n/a			n/a			n/a			n/a			n/a
The Townhomes of Beverly		204	2/15/2007	$	1,431		93.3	%		n/a			n/a			n/a			n/a			n/a
The Village at Marshfield		276	3/17/2004	$	1,136		95.9	%		95.5	%		1.1	%		2.2	%		0.4	%		3.3	%
Westwoods		35	4/30/2007	$	1,184		94.3	%		n/a			n/a			n/a			n/a			n/a
Total Boston Region		2,382		$	1,257		95.3	%		96.5	%		2.4	%		1.2	%		-2.1	%		3.5	%		7.0	%

Chicago Region
Blackhawk		371	10/20/2000	$	857		96.0	%		93.5	%		1.7	%		7.3	%		0.5	%		16.8	%
Courtyards Village		224	8/29/2001	$	791		97.6	%		96.5	%		2.8	%		8.0	%		-0.3	%		18.0	%
Cypress Place		192	12/27/2000	$	912		98.2	%		96.0	%		1.0	%		3.9	%		2.9	%		5.1	%
The Colony		783	9/1/1999	$	845		97.8	%		96.2	%		4.1	%		6.1	%		3.8	%		8.7	%
The New Colonies		672	6/23/1998	$	707		96.1	%		94.2	%		0.9	%		5.8	%		-2.6	%		13.6	%
Total Chicago Region		2,242		$	806		97.1	%		95.2	%		2.4	%		6.2	%		1.1	%		11.9	%		3.9	%

Florida Region
The Hamptons		668	7/7/2004	$	1,032		95.5	%		95.6	%		6.8	%		7.9	%		1.2	%		14.4	%
Vinings at Hampton Village		168	7/7/2004	$	1,125		96.1	%		96.0	%		7.9	%		9.6	%		7.1	%		12.1	%
Total Florida Region		836		$	1,051		95.6	%		95.7	%		7.0	%		8.2	%		2.5	%		13.9	%		2.0	%

Hudson Valley Region
Carriage Hill		140	7/17/1996	$	1,223		95.3	%		95.0	%		2.3	%		2.0	%		7.5	%		-3.3	%
Cornwall Park		75	7/17/1996	$	1,569		95.8	%		94.0	%		-1.5	%		0.2	%		-4.3	%		4.1	%
Lakeshore Villas		152	7/17/1996	$	1,037		96.5	%		91.9	%		-2.3	%		3.2	%		-0.8	%		7.3	%
Patricia		100	7/7/1998	$	1,403		98.2	%		94.4	%		2.3	%		7.9	%		-3.4	%		18.2	%
Sherwood Consolidation		224	10/11/2002	$	1,229		96.9	%		96.0	%		4.2	%		5.2	%		1.6	%		9.4	%
Sunset Gardens		217	7/17/1996	$	906		97.9	%		95.0	%		-2.4	%		2.8	%		-2.0	%		7.3	%
Total Hudson Valley Region		908		$	1,166		96.8	%		94.6	%		0.7	%		3.7	%		0.3	%		7.2	%		2.3	%

Page 12

Table of Contents

HOME PROPERTIES 3Q SUPPLEMENTAL FINANCIAL INFORMATION

OWNED COMMUNITY RESULTS

September YTD

YTD '07VersusYTD '06

% Growth

# of

Date

YTD '07

Year Ago

Rental

Total

YTD '07

Units

Acquired

Rent/Mo.

Occup.

Rates

Revenue

Expense

NOI

% Co. NOI

Long Island, NY Region
Bayview / Colonial	160	11/1/2000	$	1,200	94.9	%	95.3	%	1.7	%	1.3	%	2.1	%	0.7	%
Cambridge Village	82	3/1/2002	$	1,599	96.3	%	95.8	%	4.4	%	4.2	%	-1.4	%	9.2	%
Coventry Village	94	7/31/1998	$	1,379	95.2	%	95.7	%	1.5	%	2.0	%	4.3	%	-0.5	%
Devonshire Hills	297	7/16/2001	$	1,715	96.0	%	95.6	%	-0.1	%	-4.3	%	-6.9	%	-3.0	%
East Winds	96	11/1/2000	$	1,173	93.2	%	96.3	%	2.7	%	-2.5	%	7.1	%	-9.4	%
Hawthorne Court	434	4/4/2002	$	1,369	94.2	%	94.1	%	0.5	%	1.3	%	7.2	%	-3.9	%
Heritage Square	80	4/4/2002	$	1,592	96.4	%	97.8	%	4.8	%	2.9	%	6.7	%	-0.3	%
Holiday Square	144	5/31/2002	$	1,130	95.5	%	95.8	%	4.3	%	3.9	%	-0.9	%	7.4	%
Lake Grove Apartments	368	2/3/1997	$	1,380	94.7	%	94.5	%	-0.8	%	0.9	%	4.4	%	-1.2	%
Maple Tree	84	11/1/2000	$	1,157	92.0	%	95.2	%	0.6	%	-4.3	%	11.4	%	-16.0	%
Mid- Island Estates	232	7/1/1997	$	1,297	95.5	%	93.2	%	3.7	%	5.9	%	4.8	%	6.7	%
Rider Terrace	24	11/1/2000	$	1,246	97.0	%	91.5	%	0.0	%	1.3	%	3.3	%	-0.3	%
Sayville Commons	342	7/15/2005	$	1,457	97.6	%	98.6	%	5.3	%	4.2	%	7.4	%	2.3	%
South Bay Manor	61	9/11/2000	$	1,561	95.7	%	91.8	%	1.5	%	3.9	%	7.3	%	1.3	%
Southern Meadows	452	6/29/2001	$	1,336	94.4	%	95.8	%	-1.2	%	-2.8	%	11.1	%	-11.8	%
Stratford Greens	359	3/1/2002	$	1,409	95.4	%	95.6	%	0.4	%	1.8	%	4.0	%	0.3	%
Terry Apartments	65	11/1/2000	$	1,167	88.7	%	96.5	%	1.8	%	-7.5	%	-4.2	%	-10.2	%
Westwood Village Apts	242	3/1/2002	$	2,216	96.3	%	95.7	%	3.2	%	6.1	%	10.1	%	3.5	%
Woodmont Village Apts	96	3/1/2002	$	1,304	94.7	%	95.4	%	2.2	%	2.3	%	-5.0	%	7.0	%
Yorkshire Village Apts	40	3/1/2002	$	1,617	96.5	%	96.5	%	4.2	%	3.7	%	5.5	%	2.0	%
Total Long Island Region	3,752		$	1,439	95.3	%	95.5	%	1.5	%	1.2	%	4.8	%	-1.3	%	12.6	%

Maine Region
Liberty Commons	120	8/30/2006	$	1,132	97.2	%	55.8	%	n/a		n/a		n/a		n/a
Mill Co. Gardens	95	7/7/1998	$	773	95.8	%	95.3	%	2.4	%	2.4	%	8.7	%	-3.0	%
Redbank Village	500	7/7/1998	$	820	95.7	%	94.8	%	2.0	%	4.5	%	15.9	%	-2.2	%
Total Maine Region	715		$	866	96.0	%	94.9	%	2.0	%	4.2	%	14.5	%	-2.3	%	1.5	%

New Jersey Region
Barrington Gardens	148	3/1/2005	$	941	94.8	%	96.8	%	11.7	%	13.5	%	7.6	%	19.0	%
Chatham Hill Apartments	308	1/30/2004	$	1,627	93.4	%	96.0	%	3.7	%	2.8	%	12.3	%	-1.0	%
East Hill Gardens	33	7/7/1998	$	1,494	94.5	%	98.3	%	4.4	%	1.2	%	18.7	%	-7.1	%
Hackensack Gardens	198	3/1/2005	$	936	97.7	%	98.1	%	9.0	%	9.3	%	4.6	%	14.4	%
Jacob Ford Village	270	2/15/2007	$	1,018	90.5	%	n/a		n/a		n/a		n/a		n/a
Lakeview	106	7/7/1998	$	1,304	96.2	%	97.9	%	5.2	%	3.8	%	0.4	%	6.2	%
Northwood Apartments	134	1/30/2004	$	1,247	94.4	%	94.8	%	5.3	%	4.5	%	10.4	%	-1.1	%
Oak Manor	77	7/7/1998	$	1,739	97.0	%	97.7	%	1.8	%	2.8	%	2.3	%	3.1	%
Pleasant View	1,142	7/7/1998	$	1,119	94.1	%	95.0	%	6.4	%	6.3	%	-2.1	%	12.9	%
Pleasure Bay	270	7/7/1998	$	1,075	93.9	%	95.2	%	2.3	%	6.9	%	4.6	%	9.0	%
Regency Club	372	9/24/2004	$	1,119	95.3	%	93.7	%	1.5	%	5.1	%	5.3	%	5.0	%
Royal Gardens Apartments	550	5/28/1997	$	1,186	93.0	%	94.7	%	6.0	%	5.1	%	-2.0	%	10.8	%
Wayne Village	275	7/7/1998	$	1,330	95.5	%	97.6	%	4.4	%	2.3	%	3.9	%	1.2	%
Windsor Realty	67	7/7/1998	$	1,145	95.0	%	94.9	%	0.9	%	4.7	%	4.2	%	5.1	%
Total New Jersey Region	3,950		$	1,194	94.4	%	95.6	%	5.0	%	5.3	%	2.5	%	7.4	%	11.1	%

Philadelphia Region
Beechwood Gardens	160	7/7/1998	$	832	95.0	%	95.0	%	0.4	%	3.8	%	3.1	%	4.5	%
Castle Club	158	3/15/2000	$	928	93.9	%	94.2	%	-0.1	%	3.9	%	1.5	%	6.3	%
Chesterfield	247	9/23/1997	$	906	94.1	%	97.1	%	0.9	%	3.6	%	5.3	%	2.1	%
Curren Terrace	318	9/23/1997	$	912	95.0	%	94.4	%	0.6	%	6.9	%	3.5	%	10.0	%
Glen Brook	174	7/28/1999	$	817	94.0	%	93.5	%	0.7	%	8.1	%	-12.4	%	40.0	%
Glen Manor	174	9/23/1997	$	784	95.3	%	92.8	%	2.9	%	8.5	%	1.7	%	17.3	%
Golf Club	399	3/15/2000	$	1,011	94.5	%	93.5	%	0.2	%	5.3	%	2.5	%	7.4	%
Hill Brook Place	274	7/28/1999	$	877	94.9	%	95.0	%	0.7	%	5.0	%	-0.7	%	11.1	%
Home Properties of Bryn Mawr	316	3/15/2000	$	1,036	92.8	%	91.9	%	-1.4	%	2.5	%	-1.7	%	6.1	%
Home Properties of Devon	631	3/15/2000	$	1,085	95.8	%	93.0	%	-0.3	%	6.3	%	-0.5	%	11.2	%
Home Properties of Newark	432	7/16/1999	$	857	94.0	%	94.9	%	0.4	%	0.3	%	5.3	%	-3.6	%
New Orleans Park	442	7/28/1999	$	846	94.4	%	95.7	%	4.1	%	8.9	%	2.8	%	15.3	%
Racquet Club	466	7/7/1998	$	1,012	95.8	%	94.6	%	-0.9	%	6.3	%	2.5	%	9.2	%
Racquet Club South	103	5/27/1999	$	865	95.4	%	95.3	%	-1.4	%	5.9	%	1.1	%	10.5	%
Ridley Brook	244	7/28/1999	$	885	95.4	%	96.5	%	1.3	%	4.8	%	3.2	%	6.4	%
Sherry Lake	298	7/23/1998	$	1,162	91.9	%	93.7	%	0.2	%	1.6	%	2.5	%	1.1	%
The Brooke at Peachtree Village	146	8/15/2005	$	1,056	97.7	%	97.3	%	4.9	%	5.5	%	6.2	%	5.0	%
The Landings	384	11/25/1996	$	960	96.0	%	94.6	%	-0.4	%	3.4	%	-2.0	%	7.6	%
Trexler Park	250	3/15/2000	$	1,038	91.8	%	90.2	%	-0.8	%	-1.5	%	-3.5	%	0.3	%
Trexler Park West	144	Under Construction	$	1,254	63.7	%	4.6	%	n/a		n/a		n/a		n/a
Valley View	177	9/23/1997	$	826	87.8	%	90.5	%	-0.5	%	7.6	%	-85.4	%	126.0	%
Village Square	128	9/23/1997	$	931	93.3	%	93.9	%	2.7	%	2.8	%	41.5	%	-36.8	%
William Henry	363	3/15/2000	$	1,074	94.5	%	91.6	%	-2.7	%	4.9	%	-59.8	%	51.9	%
Total Philadelphia Region	6,428		$	960	94.4	%	93.9	%	0.2	%	4.7	%	-4.2	%	12.2	%	15.7	%

Page 13

Table of Contents

HOME PROPERTIES 3Q SUPPLEMENTAL FINANCIAL INFORMATION

OWNED COMMUNITY RESULTS

September YTD

YTD '07VersusYTD '06

% Growth

# of

Date

YTD '07

Year Ago

Rental

Total

YTD '07

Units

Acquired

Rent/Mo.

Occup.

Rates

Revenue

Expense

NOI

% Co. NOI

Washington DC Region
Braddock Lee	255	3/16/1998	$	1,226	95.6	%	96.5	%	2.3	%	5.7	%	3.7	%	7.0	%
Cider Mill	864	9/27/2002	$	1,061	95.1	%	95.0	%	0.8	%	3.4	%	-1.7	%	7.3	%
Cinnamon Run	511	12/28/2005	$	1,138	96.3	%	95.5	%	2.2	%	3.7	%	-4.3	%	7.3	%
East Meadow	150	8/1/2000	$	1,314	94.9	%	95.7	%	5.0	%	6.3	%	-3.5	%	13.0	%
Elmwood Terrace	504	6/30/2000	$	875	92.9	%	93.1	%	3.7	%	0.9	%	1.0	%	0.8	%
Falkland Chase	450	9/10/2003	$	1,284	94.3	%	95.5	%	6.3	%	4.1	%	3.0	%	4.6	%
Mount Vernon Square	1,387	12/27/2006	$	1,126	94.9	%	n/a		n/a		n/a		n/a		n/a
Orleans Village	851	11/16/2000	$	1,275	92.4	%	94.5	%	2.1	%	3.5	%	-2.2	%	7.4	%
Park Shirlington	294	3/16/1998	$	1,200	96.1	%	96.0	%	1.5	%	4.6	%	-2.1	%	9.6	%
Peppertree Farm	881	12/28/2005	$	1,100	90.8	%	88.5	%	0.4	%	4.7	%	-2.9	%	10.1	%
Seminary Hill	296	7/1/1999	$	1,196	93.4	%	94.8	%	1.1	%	3.7	%	-3.2	%	10.6	%
Seminary Towers	540	7/1/1999	$	1,239	93.9	%	95.1	%	2.9	%	5.0	%	3.3	%	6.3	%
Tamarron Apartments	132	7/16/1999	$	1,391	95.0	%	95.9	%	6.0	%	4.5	%	5.8	%	3.9	%
The Apts at Wellington Trace	240	3/2/2004	$	1,242	93.6	%	97.6	%	4.2	%	-1.3	%	8.6	%	-5.4	%
The Manor - MD	435	8/31/2001	$	1,120	93.6	%	94.4	%	-0.2	%	2.1	%	5.8	%	-0.4	%
The Manor - VA	198	2/19/1999	$	984	93.2	%	95.8	%	0.1	%	0.8	%	3.4	%	-1.1	%
The Sycamores	185	12/16/2002	$	1,356	95.8	%	96.9	%	6.8	%	8.1	%	8.7	%	7.8	%
Virginia Village	344	5/31/2001	$	1,217	95.3	%	95.7	%	0.7	%	5.2	%	0.5	%	9.4	%
West Springfield	244	11/18/2002	$	1,382	96.8	%	95.3	%	4.0	%	4.4	%	4.7	%	4.2	%
Woodleaf Apartments	228	3/19/2004	$	1,090	94.3	%	94.4	%	4.9	%	5.0	%	12.3	%	1.1	%
Total Washington DC Region	8,989		$	1,161	94.1	%	94.5	%	2.4	%	3.8	%	0.7	%	6.0	%	26.6	%

TOTAL OWNED PORTFOLIO	37,470		$	1,099	94.7	%	n/a		n/a		n/a		n/a		n/a		100.0	%
TOTAL CORE PORTFOLIO	32,910		$	1,098	94.8	%	94.8	%	2.4	%	4.1	%	2.2	%	5.5	%

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Physical Occupancy Comparison By Region - Core Properties

Sequential Comparison
Third Quarter 2007 vs. Second Quarter 2007

Region	% Units			3Q '07			2Q '07			Variance

New Jersey, Long Island, Hudson Valley		25.3	%		95.3	%		95.0	%		0.3	%
Washington		23.1	%		94.4	%		94.6	%		-0.2	%
Philadelphia		19.1	%		94.3	%		94.4	%		-0.1	%
Baltimore		17.5	%		94.7	%		94.9	%		-0.2	%
Chicago		6.8	%		96.5	%		97.4	%		-0.9	%
Boston		3.8	%		96.9	%		96.1	%		0.8	%
Florida		2.5	%		94.4	%		96.9	%		-2.5	%
Other		1.9	%		97.2	%		96.1	%		1.1	%

Total Core		100.0	%		95.0	%		95.0	%		0.0	%

Year over Year Comparison
Third Quarter 2007 vs. Third Quarter 2006

Region	% Units			3Q '07			3Q '06			Variance

New Jersey, Long Island, Hudson Valley		25.3	%		95.3	%		95.2	%		0.1	%
Washington		23.1	%		94.4	%		94.7	%		-0.3	%
Philadelphia		19.1	%		94.3	%		94.0	%		0.3	%
Baltimore		17.5	%		94.7	%		93.7	%		1.0	%
Chicago		6.8	%		96.5	%		95.1	%		1.4	%
Boston		3.8	%		96.9	%		96.0	%		0.9	%
Florida		2.5	%		94.4	%		94.2	%		0.2	%
Other		1.9	%		97.2	%		95.4	%		1.8	%

Total Core		100.0	%		95.0	%		94.7	%		0.3	%

September vs. Quarter Comparison

Region	% Units			Sep '07			3Q '07			Variance

New Jersey, Long Island, Hudson Valley		25.3	%		95.5	%		95.3	%		0.2	%
Washington		23.1	%		94.4	%		94.4	%		0.0	%
Philadelphia		19.1	%		94.2	%		94.3	%		-0.1	%
Baltimore		17.5	%		95.5	%		94.7	%		0.8	%
Chicago		6.8	%		96.4	%		96.5	%		-0.1	%
Boston		3.8	%		97.2	%		96.9	%		0.3	%
Florida		2.5	%		93.6	%		94.4	%		-0.8	%
Other		1.9	%		97.1	%		97.2	%		-0.1	%

Total Core		100.0	%		95.0	%		95.0	%		0.0	%

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Net Operating Results - Core Properties

Sequential Results
Third Quarter 2007 vs. Second Quarter 2007

Region	% Units			Revenues			Expenses			NOI

New Jersey, Long Island, Hudson Valley		25.3	%		0.8	%		-4.9	%		4.3	%
Washington		23.1	%		0.3	%		1.1	%		-0.1	%
Philadelphia		19.1	%		-3.1	%		-3.0	%		-3.2	%
Baltimore		17.5	%		-2.2	%		-0.4	%		-3.1	%
Chicago		6.8	%		-2.9	%		-3.1	%		-2.7	%
Boston		3.8	%		1.3	%		-9.6	%		7.5	%
Florida		2.5	%		-2.1	%		-3.1	%		-1.4	%
Other		1.9	%		0.5	%		-3.9	%		3.1	%

Total Core		100.0	%		-0.7	%		-2.6	%		0.4	%

Year Over Year Results
Third Quarter 2007 vs. Third Quarter 2006

Region	% Units			Revenues			Expenses			NOI

New Jersey, Long Island, Hudson Valley		25.3	%		2.9	%		2.0	%		3.5	%
Washington		23.1	%		2.4	%		-1.1	%		4.7	%
Philadelphia		19.1	%		0.7	%		0.4	%		0.9	%
Baltimore		17.5	%		2.7	%		0.7	%		3.9	%
Chicago		6.8	%		3.7	%		0.0	%		7.7	%
Boston		3.8	%		1.7	%		-1.7	%		3.7	%
Florida		2.5	%		4.8	%		-5.3	%		15.6	%
Other		1.9	%		3.9	%		8.0	%		1.3	%

Total Core		100.0	%		2.4	%		0.3	%		3.8	%

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Resident Statistics

	Top Six Reasons for Moveouts - Owned Communities
	3Q '07			2Q '07			1Q '07			4Q '06			3Q '06			2Q '06			1Q '06			Year '06			Year '05			Year '04
Employment related		17.40	%		15.70	%		15.20	%		14.60	%		15.70	%		15.70	%		16.40	%		15.60	%		15.60	%		15.50	%
Home purchase		14.90	%		16.60	%		16.70	%		18.60	%		19.10	%		18.70	%		17.60	%		18.50	%		19.40	%		19.50	%
Location convenience/apartment size		14.10	%		13.90	%		13.80	%		12.70	%		13.60	%		11.70	%		11.50	%		12.40	%		12.80	%		12.30	%
Eviction/skip		12.80	%		12.70	%		16.70	%		17.00	%		12.60	%		12.30	%		14.70	%		14.20	%		13.10	%		12.30	%
Domestic Situation		11.20	%		10.30	%		7.90	%		8.20	%		10.60	%		9.50	%		7.10	%		8.85	%		8.10	%		8.00	%
Rent Level		7.40	%		8.60	%		8.60	%		8.40	%		7.20	%		8.70	%		9.10	%		8.40	%		9.20	%		9.60	%

	Traffic - Core												Turnover – Core
							Signed			Signed
	Traffic			Traffic			Leases			Leases
	3Q '07			Year '07			3Q '07			Year '07
	vs.			To			vs.			To
	3Q '06			Year '06			3Q '06			Year '06			3Q '07			3Q '06			Year '07			Year '06
Region
Baltimore		12	%		14	%		30	%		13	%		12	%		13	%		32	%		33	%
Boston		14	%		22	%		-10	%		22	%		11	%		12	%		31	%		29	%
Chicago		3	%		-2	%		-9	%		-11	%		14	%		16	%		33	%		40	%
Florida		6	%		2	%		-23	%		9	%		15	%		14	%		39	%		37	%
Hudson Valley		-9	%		-1	%		-39	%		-23	%		12	%		14	%		32	%		35	%
Long Island		-23	%		-13	%		-16	%		-7	%		11	%		11	%		29	%		28	%
Maine		-7	%		1	%		3	%		2	%		10	%		12	%		33	%		35	%
New Jersey		10	%		13	%		14	%		15	%		12	%		11	%		32	%		27	%
Philadelphia		-9	%		-1	%		-21	%		-8	%		14	%		15	%		36	%		38	%
Washington		1	%		4	%		-3	%		2	%		13	%		12	%		32	%		33	%
Total Core		-2	%		3	%		-8	%		0	%		12	%		12	%		32	%		32	%

Bad Debt as % of Rent - Core
	3Q '07			3Q '06			Year '07			Year '06
		1.03	%		0.90	%		0.83	%		0.72	%

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Net Operating Income Detail - Core Properties

($ in thousands, except per unit data)

	3Q '07			3Q '06			Qtr			%			YTD '07			YTD '06			YTD			%
	Actual			Actual			Variance			Variance			Actual			Actual			Variance			Variance
Rent	$	102,774		$	100,365		$	2,409			2.4	%	$	305,714		$	298,744		$	6,970			2.3	%
Utility recovery		2,661			2,176			485			22.3	%		12,253			5,845			6,408			109.6	%
Rent including recoveries		105,435			102,541			2,894			2.8	%		317,967			304,589			13,378			4.4	%
Other income		4,530			4,846			(316	)		-6.5	%		13,364			13,591			(227	)		-1.7	%

Total income		109,965			107,387			2,578			2.4	%		331,331			318,180			13,151			4.1	%
Operating & maintenance		(43,858	)		(43,706	)		(152	)		-0.3	%		(137,644	)		(134,669	)		(2,975	)		-2.2	%

Net Core NOI	$	66,107		$	63,681		$	2,426			3.8	%	$	193,687		$	183,511		$	10,176			5.5	%

Physical Occupancy %		95.0	%		94.7	%		0.3	%					94.8	%		94.8	%		0.0	%

Weighted Avg Rent	$	1,108		$	1,084		$	24			2.2	%	$	1,098		$	1,072		$	26			2.4	%

Seasonality factor for purposes of "grossing up" the third quarter results - 25.5%

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Operating Expense Detail - Core Properties

($ in thousands)

	3Q '07		3Q '06		Qtr			%			YTD '07		YTD '06		YTD			%
	Actual		Actual		Variance			Variance			Actual		Actual		Variance			Variance
Electricity	$	2,145	$	2,216	$	71			3.2	%	$	5,617	$	5,537	$	(80	)		-1.4	%
Gas		1,698		1,719		21			1.2	%		14,183		14,268		85			0.6	%
Water & sewer		3,303		3,029		(274	)		-9.0	%		9,206		8,773		(433	)		-4.9	%
Repairs & maintenance		6,364		8,136		1,772			21.8	%		18,574		20,431		1,857			9.1	%
Personnel expense		9,628		9,118		(510	)		-5.6	%		29,169		26,901		(2,268	)		-8.4	%
Site level incentive compensation		437		564		127			22.5	%		1,568		1,758		190			10.8	%
Advertising		1,101		1,092		(9	)		-0.8	%		3,198		3,145		(53	)		-1.7	%
Legal & professional		293		230		(63	)		-27.4	%		997		986		(11	)		-1.1	%
Office & telephone		1,356		1,522		166			10.9	%		4,085		4,284		199			4.6	%
Property insurance		2,600		1,576		(1,024	)		-65.0	%		6,714		5,178		(1,536	)		-29.7	%
Real estate taxes		10,859		10,460		(399	)		-3.8	%		31,565		30,522		(1,043	)		-3.4	%
Snow		2		2		-			0.0	%		671		475		(196	)		-41.3	%
Trash		734		660		(74	)		-11.2	%		2,100		1,979		(121	)		-6.1	%
Property management G & A		3,338		3,382		44			1.3	%		9,996		10,433		437			4.2	%

Total Core	$	43,858	$	43,706	$	(152	)		-0.3	%	$	137,643	$	134,670	$	(2,973	)		-2.2	%

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Discontinued Operations

($ in thousands)

The operating results of discontinued operations are summarized as follows for the quarter and nine months ended September 30, 2007 and 2006:

	3Q '07			3Q '06			YTD '07			YTD '06
Revenues:
Rental income	$	696		$	11,989		$	5,106		$	55,809
Property other income		21			1,476			411			5,434
Total revenues		717			13,465			5,517			61,243
Operating and maintenance		362			6,977			2,091			32,855
Interest expense		45			1,543			(86	)		10,179
Depreciation and amortization		50			1,404			1,331			7,270
Total expenses		457			9,924			3,336			50,304
Income from discontinued operations
before minority interest		260			3,541			2,181			10,939
Minority interest in operating partnership		(74	)		(1,017	)		(626	)		(3,491	)
Income from discontinued operations	$	186		$	2,524		$	1,555		$	7,448

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Summary Of Recent Acquisitions

($ in millions, except per unit data)

							(1)					Wgtd. Avg.
			Purchase	# of		CAP			Purchase			Price Per
Community	Market	State	Date	Units		Rate			Price			Unit
2007 Acquisitions
The Townhomes of Beverly	Boston	MA	2/15/2007		204		5.8	%	$	36.4		$	178,598
Jacob Ford Village	New Jersey	NJ	2/15/2007		270		5.5	%	$	26.7		$	98,811
Fox Hall Apartments	Baltimore	MD	3/28/2007		720		5.7	%	$	62.2		$	86,436
Westwoods	Boston	MA	4/30/2007		35		6.6	%	$	4.0		$	114,143

Acquired after the third quarter close
Dunfield Townhouses	Baltimore	MD	11/1/2007		312		6.5	%	$	32.4	⁽²⁾	$	103,821
			Total YTD		1,541		5.9	%	$	161.7		$	104,954

							(1)				Wgtd. Avg.
			Purchase	# of		CAP			Purchase		Price Per
Community	Market	State	Date	Units		Rate			Price		Unit
2006 Acquisitions
Highland House	Boston	MA	5/31/2006		172		6.3	%	$	17.9	$	104,006
Liberty Place	Boston	MA	6/6/2006		107		6.6	%	$	14.9	$	139,178
The Heights at Marlborough	Boston	MA	9/7/2006		348		6.0	%	$	48.9	$	140,557
The Meadows at Marlborough	Boston	MA	9/7/2006		264		6.4	%	$	34.2	$	129,402
Heritage Woods	Baltimore	MD	10/4/2006		164		7.2	%	$	14.0	$	85,622
Topfield Apartments	Baltimore	MD	10/4/2006		156		6.7	%	$	18.4	$	117,891
The Coves at Chesapeake	Baltimore	MD	11/20/2006		469		5.7	%	$	67.0	$	142,949
Mount Vernon Square	NoVA/DC	VA	12/27/2006		1,387		7.4	%	$	144.8	$	104,375
			Total YTD		3,067		6.7	%	$	360.1	$	117,411

Total 2007and 2006Acquisitions					4,608		6.4	%	$	521.8	$	113,245

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

⁽²⁾	Purchase Price is $2.2 million less than reported in acquisition press release due to GAAP fair market value adjustment for OP Units issued at a price above current market value.

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Summary Of Recent Sales

($ in millions, except per unit data)

						(1)					Wgtd. Avg.
			Sale	# of		CAP			Sales		Price Per
Community	Market	State	Date	Units		Rate			Price		Unit
2007 Sales
Brittany Place	NoVA/DC	MD	7/12/2007		591		5.7	%	$	74.1	$	125,381
Executive House	Philadelphia	PA	8/20/2007		100		6.4	%	$	9.6	$	96,000
Shakespeare Park	Baltimore	MD	9/18/2007		84		7.3	%	$	6.9	$	82,143
			Total YTD		775		5.9	%	$	90.6	$	116,903

							(1)				Wgtd. Avg.
			Sale	# of		CAP			Sales		Price Per
Community	Market	State	Date	Units		Rate			Price		Unit
2006 Sales
Fairmount & Kensington	New Jersey	NJ	4/5/2006		92		4.0	%	$	9.2	$	99,478
Detroit Portfolio (19 properties)	Detroit	MI	6/29/2006		5,046		8.3	%	$	228.8	$	45,334
Upstate Portfolio (18 properties)	Upstate NY	NY	12/6/2006		4,567		7.2	%	$	257.4	$	56,364
			Total YTD		9,705		7.6	%	$	495.3	$	51,038

Total 2007and 2006Sales					10,480		7.4	%	$	585.9	$	55,909

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

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Breakdown Of Owned Units By Market

		Net							Net
		Acquired/							Acquired/
		Developed		As of		12/31/2006			Developed		As of		Current
Market	State	in 2006		12/31/2006		% of Units			in 2007		9/30/2007		% of Units
Suburban Washington	DC		1,387		9,579		25.92	%		-590		8,989		23.99	%
Suburban New York City	NY/NJ		-92		8,340		22.57	%		270		8,610		22.98	%
Baltimore	MD		790		6,632		17.95	%		636		7,268		19.40	%
Philadelphia	PA		87		6,467		17.50	%		-39		6,428		17.16	%
Boston	MA		891		2,143		5.80	%		239		2,382		6.36	%
Chicago	IL		0		2,242		6.07	%		0		2,242		5.98	%
Florida	FL		0		836		2.26	%		0		836		2.23	%
Portland	ME		72		715		1.93	%		0		715		1.91	%
Detroit	MI		-5,046		0		0.00	%		0		0		0.00	%
Upstate New York	NY		-4,567		0		0.00	%		0		0		0.00	%

Total			-6,478		36,954		100.0	%		516		37,470		100.0	%

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Debt Summary Schedule

							MATURITY	YEARS TO
PROPERTY		LENDER	RATE		BALANCE		DATE	MATURITY
FIXED RATE SECURED
Royal Gardens Apts. - 1st		M&T Realty - Freddie Mac		4.900		29,902,728	11/01/07		0.09
Royal Gardens Apts. - 2nd		M&T Realty - Freddie Mac		4.550		1,406,465	11/01/07		0.09
Fenland Field		Prudential-Fannie Mae		5.050		11,705,274	12/01/07		0.17
Home Properties of Newark		Prudential-Fannie Mae		4.840		16,022,079	12/01/07		0.17
Village Square 1, 2 & 3		Prudential-Fannie Mae		5.050		20,404,579	12/01/07		0.17
Cypress Place		Reilly - Fannie Mae		7.130		5,896,552	01/01/08		0.25
The Landings - 2nd		CharterMac-Fannie Mae		6.740		3,518,305	01/01/08		0.25
The Landings -1st		CharterMac-Fannie Mae		6.930		8,783,521	01/01/08		0.25
Virginia Village		Wachovia - Svcr		6.910		8,628,512	01/01/08		0.25
Cambridge Village - 1st	(1)	North Fork Bank		5.960		2,458,290	03/01/08		0.42
Cambridge Village - 2nd		North Fork Bank		5.250		534,379	03/01/08		0.42
Yorkshire Village	(1)	North Fork Bank		5.810		1,405,741	03/01/08		0.42
Racquet Club South		NorthMarq - Freddie		6.980		2,747,995	07/01/08		0.75
Westwood Village - 1st	(1)	M and T Bank		5.940		14,821,649	10/31/08		1.09
Stone Ends		Prudential-Fannie Mae		4.530		22,481,197	11/01/08		1.09
Westwood Village - 2nd	(1)	M and T Bank		5.940		825,857	11/01/08		1.09
Westwood Village - 3rd		M and T Bank		5.550		17,201,797	11/01/08		1.09
Golf Club Apartments		ARCS - Fannie		6.585		15,123,433	12/01/08		1.17
Devonshire - 2nd		Wachovia - Fannie Mae		6.720		4,566,761	01/01/09		1.26
Heritage Square		CharterMac-Fannie		5.150		6,206,252	07/01/09		1.75
Blackhawk		M&T Realty - Freddie Mac		5.060		13,078,405	12/01/09		2.17
William Henry		NorthMarq - Freddie		5.310		22,239,510	12/01/09		2.17
Braddock Lee		Prudential-Fannie Mae		4.575		20,948,085	01/01/10		2.26
Elmwood Terrace		CharterMac-Fannie Mae		5.300		20,763,581	01/01/10		2.26
Glen Manor		Prudential-Fannie Mae		5.065		5,713,916	01/01/10		2.26
Hill Brook Apts		M&T Realty - Freddie Mac		5.210		11,030,328	01/01/10		2.26
Lakeview		Prudential-Fannie Mae		4.575		8,523,571	01/01/10		2.26
Pleasure Bay		Prudential-Fannie Mae		4.575		14,818,033	01/01/10		2.26
Ridley Brook		Prudential-Fannie Mae		4.865		9,520,758	01/01/10		2.26
Sherry Lake		GMAC - Freddie Mac		5.180		19,179,820	01/01/10		2.26
Windsor Realty		Prudential-Fannie Mae		4.575		4,588,218	01/01/10		2.26
Bayview/Colonial		M&T Realty - Freddie Mac		4.950		11,344,010	03/01/10		2.42
East Winds Apartments		M&T Realty - Freddie Mac		4.990		6,442,870	03/01/10		2.42
Multi-Property		M&T Realty - Freddie Mac		7.575		45,400,000	05/01/10		2.59
Cider Mill - 1st	(1)	Deutsche Bank - Freddie		4.720		41,950,483	10/01/10		3.01
Cider Mill - 2nd		Deutsche Bank - Freddie		5.180		17,893,493	10/01/10		3.01
Home Properties of Devon		Prudential-Fannie Mae		7.500		28,892,000	10/01/10		3.01
The Heights at Marlborough	(1)	Deutsche Bank - Freddie		5.420		22,971,887	10/01/10		3.01
Trexler Park		Prudential-Fannie Mae		7.500		10,140,000	10/01/10		3.01
Multi-Property		Prudential-Fannie Mae		7.250		32,978,000	01/01/11		3.26
Multi-Property		Prudential-Fannie Mae		6.360		8,141,000	01/01/11		3.26
Multi-Property		Prudential-Fannie Mae		6.160		58,881,000	01/01/11		3.26
Orleans Village - 1st		Prudential-Fannie Mae		6.815		43,745,000	01/01/11		3.26
Orleans Village - 2nd		Prudential-Fannie Mae		5.360		22,248,000	01/01/11		3.26
New Orleans/Arbor Crossing		Prudential-Fannie Mae		4.860		18,926,853	03/01/11		3.42
Racquet Club East - 1st		Prudential-Fannie Mae		6.875		21,040,900	04/01/11		3.50
Racquet Club East - 2nd		Prudential-Fannie Mae		5.490		10,273,754	04/01/11		3.50
Timbercroft Townhomes 1 - 1st		GMAC - HUD		8.500		409,258	05/01/11		3.59
The Meadows at Marlborough	(1)	Prudential - Fannie Mae		5.500		21,153,770	08/01/11		3.84
Lake Grove - 1st		Prudential-Fannie Mae		6.540		25,602,324	12/01/11		4.17
Lake Grove - 2nd		Prudential-Fannie Mae		5.510		11,016,700	12/01/11		4.17
Mount Vernon Square	(1)	KeyBank RE Cap-Fannie		5.490		88,774,163	01/01/12		4.26
Multi-Property Notes Pay		Seller Financing		4.000		415,831	02/01/12		4.34
Timbercroft III - 1st		GMAC - HUD		8.000		608,790	02/01/12		4.34
Castle Club Apartments		NorthMarq - Freddie		7.080		6,557,686	05/01/12		4.59
Gateway Village		Prudential-Fannie Mae		6.885		6,787,980	05/01/12		4.59
The Colonies		Prudential-Fannie Mae		7.110		19,980,574	06/01/12		4.67
Carriage Hill - NY		M&T Realty - Freddie Mac		6.850		5,624,451	07/01/12		4.76
Cornwall Park		M&T Realty - Freddie Mac		6.830		5,435,735	07/01/12		4.76
Lakeshore Villas		M&T Realty - Freddie Mac		6.850		4,860,463	07/01/12		4.76
Patricia Apts		M&T Realty - Freddie Mac		6.830		5,154,577	07/01/12		4.76
Sunset Gardens - 1st		M&T Realty - Freddie Mac		6.830		5,716,894	07/01/12		4.76
Sunset Gardens - 2nd		M&T Realty - Freddie Mac		5.520		2,746,169	07/01/12		4.76
Woodholme Manor		Prudential-Fannie Mae		7.165		3,654,847	07/01/12		4.76
Regency Club - 1st	(1)	CharterMac-Fannie Mae		4.840		18,050,144	10/01/12		5.01
Regency Club - 2nd		CharterMac-Fannie Mae		4.950		7,646,675	10/01/12		5.01
Liberty Place	(1)	CW Capital- Fannie		5.710		6,367,825	11/01/12		5.09
Hackensack Gardens - 1st		Wash Mutual-Fannie Mae		5.260		4,672,165	03/01/13		5.42
Hackensack Gardens - 2nd		Wash Mutual-Fannie Mae		5.440		4,505,029	03/01/13		5.42
Topfield Apartments		M&T Realty-Fannie Mae		5.300		6,272,384	04/01/13		5.51
Canterbury Apartments		M&T Realty-Fannie Mae		5.020		28,663,156	05/01/13		5.59
Morningside		JPMorganChase		6.990		16,592,498	05/01/13		5.59
Multi-Property		Prudential - Fannie Mae		6.475		100,000,000	08/31/13		5.92
Heritage Woods Apts	(1)	MMA Realty - Fannie		5.290		5,069,207	09/01/13		5.93
Falkland Chase		CharterMac-Fannie Mae		5.480		13,749,412	04/01/14		6.51
Wellington Trace		M&T Realty - Freddie Mac		5.520		25,315,847	04/01/14		6.51
Hawthorne Court		CharterMac-Fannie Mae		5.270		36,738,828	7/1/2014		6.76
Curren Terrace		M&T Realty - Freddie Mac		5.360		14,351,313	10/01/14		7.01
Stratford Greens		North Fork Bank		5.750		32,728,240	07/01/15		7.76
Sayville Commons		M&T Realty - Freddie Mac		5.000		42,222,686	08/01/15		7.84

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								MATURITY	YEARS TO
PROPERTY			LENDER	RATE		BALANCE		DATE	MATURITY
Northwood Apartments			M&T Realty - Freddie Mac	5.500		10,675,000		12/01/15	8.18
Cinnamon Run			M&T Realty - Freddie Mac	5.250		52,300,000		01/01/16	8.26
Peppertree Farm			M&T Realty - Freddie Mac	5.250		80,500,000		01/01/16	8.26
The Hamptons/Vinings at Hamptons			Prudential-Fannie Mae	5.565		53,631,524		2/1/2016	8.35
Devonshire - 1st			Wachovia - Fannie Mae	5.600		39,211,073		04/01/16	8.51
Mid-Island			Prudential-Fannie Mae	5.480		19,913,000		04/01/16	8.51
Owings Run 1 & 2			Prudential-Fannie Mae	5.590		43,081,000		04/01/16	8.51
Country Village			CharterMac-Fannie Mae	5.520		19,678,833		06/01/16	8.68
Fox Hall Apartments			Columbia Nat'l - Freddie	5.610		47,000,000		06/01/17	9.68
Seminary Towers Apartments			Prudential-Fannie Mae	5.485		53,515,000		07/01/18	10.76
Mill Towne Village			Prudential-Fannie Mae	5.990		24,239,000		09/01/17	9.93
Chatham Hill			M&T Realty - Freddie Mac	5.590		45,000,000		01/01/18	10.26
Bonnie Ridge - 1st			Prudential Life	6.600		14,294,588		12/15/18	11.22
Bonnie Ridge - 2nd			Prudential Life	6.160		18,852,542		12/15/18	11.22
Bonnie Ridge - 3rd			Prudential Life	6.070		25,974,462		12/15/18	11.22
Timbercroft III - 2nd			M & T Realty - HUD	8.375		2,703,274		06/01/19	11.68
Timbercroft Townhomes 1 - 2nd			M & T Realty - HUD	8.375		1,835,318		06/01/19	11.68
Bari Manor	(1	)	Wachovia (Servicer)	4.440		2,674,590		10/11/28	21.05
Hudson View Estates	(1	)	Wachovia (Servicer)	4.500		2,075,421		10/11/28	21.05
Sherwood Townhouses	(1	)	Wachovia (Servicer)	4.290		647,110		10/11/28	21.05
Sparta Green	(1	)	Wachovia (Servicer)	4.440		1,690,972		10/11/28	21.05
Highland House	(1	)	Arbor Comml - Fannie	6.320		6,438,240		01/01/29	21.27
Westwoods	(1	)	Capstone Realty - HUD	5.940		3,719,966		06/01/34	26.69
Briggs-Wedgewood	(2	)	Berkshire Mtg - HUD	6.000		16,585,013		11/01/34	27.11
The Village At Marshfield	(1	)	Capstone Realty - HUD	5.950		23,920,130		01/01/42	34.28

^{WTD AVG - FIXED SECURED}				5.752		1,933,916,517			6.06

^{VARIABLE RATE SECURED}
Barrington Gardens 30L+165			Wachovia Bank	7.340		4,035,000		3/15/2008	0.46
Falkland Chase BMA Index + 1.10			MontCtyHOC-Fannie Mae	4.788		24,695,000		10/01/30	23.02
Adjusts Weekly

^{WTD AVG - VARIABLE SECURED}				5.146		28,730,000			19.85

^{WTD AVG - TOTAL SECURED DEBT}				5.743		1,962,646,517			6.26

^{FIXED RATE UNSECURED}
Exchangeable Senior Notes				4.125		200,000,000		11/01/26	19.10

^{VARIABLE RATE UNSECURED - LINE OF CREDIT}
Unsecured Line of Credit			M and T Bank et. al.	5.874		0		09/01/08	0.92
Adjusts Daily 30 LIBOR + 75

^{TOTAL COMBINED DEBT}				5.593	$	2,162,646,517			7.45

% OF PORTFOLIO - FIXED						98.7	%

WTG AVG - TOTAL SECURED DEBT				5.743					6.26
WTD AVG - TOTAL PORTFOLIO				5.593					7.45

⁽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
UNENCUMBERED PROPERTIES					MATURING DEBT SCHEDULE
							MATURING		WTD AVG		% OF
					YEAR		DEBT		RATE		TOTAL
Beechwood Gardens	160		Ridgeview Chase	204	2007		$	79,441,125		4.94		4.11	%
Courtyards Village	224		Sherwood House	6	2008			104,427,226		5.95		5.40	%
Coventry Village	94		Southern Meadows	452	2009			46,090,927		5.36		2.38	%
East Hill Gardens	33		Terry Apartments	65	2010			300,121,055		5.68		15.52	%
Gardencrest	696		The Brooke at Peachtree	146	2011			274,416,559		6.24		14.19	%
Glen Brook	174		The Colony	783	2012			188,382,804		5.92		9.74	%
Holiday Square	144		The Coves at Chesapeake	469	2013			165,774,439		6.13		8.57	%
Jacob Ford Village	270		The Sycamores	185	2014			90,155,400		5.39		4.66	%
Liberty Commons	120		The Townhomes of Beverly	204	2015			85,625,926		5.35		4.43	%
Maple Tree	84		Trexler Park	144	2016			308,315,429		5.43		15.94	%
Rider Terrace	24		Wayne Village Apartments	275		2017 - 2042		291,165,626		5.83		15.06	%
			Woodleaf Apartments	228	TOTAL		$	1,933,916,517		5.75		100.00	%
Total Unencumbered Properties:		23	Total Units:	5,184

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Recurring Capital Expenditure Summary

Effective January 1, 2007, the Company has 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 proper amount is $760 per apartment unit compared to $525 which had been used since 2001. This new amount better reflects current actual costs and the effects of inflation 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 upgrades include, among other items: community centers, new windows, and kitchen/bath apartment upgrades. 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	$	1,368		10	$	137	$	5	$	142
Blinds/shades		135		3		45		6		51
Carpets/cleaning		840		4		210		97		307
Computers, equipment, misc.⁽⁴⁾		120		5		24		29		53
Contract repairs		-		-		-		102		102
Exterior painting ⁽⁵⁾		84		3		28		1		29
Flooring		250		7		36		-		36
Furnace/air (HVAC)		765		24		32		43		75
Hot water heater		260		7		37		-		37
Interior painting		-		-		-		138		138
Kitchen/bath cabinets		1,100		25		44		-		44
Landscaping		-		-		-		106		106
New roof		800		24		33		-		33
Parking lot		540		15		36		-		36
Pool/exercise facility		105		16		7		23		30
Windows		1,505		28		54		-		54
Miscellaneous ⁽⁶⁾		555		15		37		40		77
Total	$	8,427			$	760	$	590	$	1,350

⁽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 $760 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 similar 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.

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Capital Expenditure Summary

The Company estimates that during the three and nine months ended September 30, 2007 approximately $190 and $570 per unit, respectively, was spent on recurring capital expenditures. The table below summarizes the breakdown of capital improvements by major categories between recurring and non-recurring, revenue generating capital improvements as follows:

For the three months ended September 30, 2007
($ 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	$	-	$	-	$	306	$	8	$	306	$	8
Major building improvements		1,107		31		3,369		91		4,476		122
Roof replacements		307		8		467		13		774		21
Site improvements		400		11		2,560		69		2,960		80
Apartment upgrades		973		26		5,329		143		6,302		169
Appliances		1,129		31		8		-		1,137		31
Carpeting/flooring		2,288		61		1,231		33		3,519		94
HVAC/mechanicals		642		16		2,980		80		3,622		96
Miscellaneous		223		6		286		8		509		14
Totals	$	7,069	$	190	$	16,536	$	445	$	23,605	$	635

^(a)

Calculated using the weighted average number of units owned, including 32,910 core units, 2006 acquisition units of 3,067, and 2007 acquisition units of 1,229 for the three months ended September 30, 2007 and 32,910 core units and 2006 acquisition units of 442 for the three months ended September 30, 2006.

For the nine months ended September 30, 2007
(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	$	-	$	-	$	1,428	$	39	$	1,428	$	39
Major building improvements		3,291		90		9,029		245		12,320		335
Roof replacements		913		25		1,537		41		2,450		66
Site improvements		1,189		32		4,584		124		5,773		156
Apartment upgrades		3,255		89		11,316		306		14,571		394
Appliances		2,851		78		-		-		2,851		78
Carpeting/Flooring		6,804		185		1,601		43		8,405		228
HVAC/Mechanicals		1,909		52		6,467		174		8,376		226
Miscellaneous		664		19		1,633		43		2,297		62
Totals	$	20,876	$	570	$	37,595	$	1,015	$	58,471	$	1,584

(a)

Calculated using the weighted average number of units owned, including 32,910 core units, 2006 acquisition units of 3,067, and 2007 acquisition units of 902 for the nine months ended September 30, 2007 and 32,910 core units and 2006 acquisition units of 177 for the nine months ended September 30, 2006.

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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, 2007

($ in thousands, except per unit data)

					Non-				Total
	Recurring				Recurring				Capital
	Cap Ex		Per Unit		Cap Ex		Per Unit		Improvements		Per Unit
Core Communities	$	6,252	$	190	$	13,388	$	407	$	19,640	$	597
2007 Acquisition Communities		234		190		668		544		902		734
2006 Acquisition Communities		583		190		2,480		809		3,063		999
Sub-total		7,069		190		16,536		445		23,605		635
2007 Disposed Communities		39		190		38		185		77		375
2006 Disposed Communities		-		-		-		-		-		-
Corporate office expenditures ₍₁₎		-		-		-		-		703		-
	$	7,108	$	190	$	16,574	$	442	$	24,385	$	632

For the nine months ended September 30, 2007

(in thousands, except per unit data)

					Non-				Total
	Recurring				Recurring				Capital
	Cap Ex		Per Unit		Cap Ex		Per Unit		Improvements		Per Unit
Core Communities	$	18,614	$	570	$	32,110	$	971	$	50,724	$	1,541
2007 Acquisition Communities		514		570		671		743		1,185		1,313
2006 Acquisition Communities		1,748		570		4,814		1,570		6,562		2,140
Sub-total		20,876		570		37,595		1,015		58,471		1,584
2007 Disposed Communities		332		570		384		658		716		1,228
2006 Disposed Communities		-		-		-		-		-		-
Corporate office expenditures ₍₁₎		-		-		-		-		2,413		-
	$	21,208	$	570	$	37,979	$	1,014	$	61,600	$	1,580

⁽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 and fixtures.

Adjusted Net Operating Income - Core Properties

($ in thousands)

	Quarter			Quarter
	9/30/2007			9/30/2006		Change
Net Operating Income	$	66,107		$	63,681		3.8	%

Less: Non-recurring Cap-ex @ 6%		(803	)		-		-

Adjusted Net Operating Income	$	65,304		$	63,681		2.5	%

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.

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Development Communities as of September 30, 2007

($ 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:
Trexler Park West	Garden		216	$	25,900	$	119.9	$	20,273	3Q05	3Q06	2Q08		49.2	%
Allentown, PA

1200 East West Highway	High Rise		247		74,000		299.6		15,652	2Q07	2Q09	4Q09		n/a
Silver Spring, MD

Pre-construction:
Huntington Metro	Podium		421		123,000		292.2		35,420	1Q08	3Q09	1Q11		n/a
Alexandria, VA

Falkland North *	High Rise		1,059		317,700		300.0		1,102	2009	2011	2012		n/a
Silver Spring, MD

Totals			1,943	$	540,600	$	278.2	$	72,447

* visit our website at www.homeproperties.com/falkland to learn more

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2007 Earnings Guidance

	Actual			Actual			Actual
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter			Year

2007 compared to 2006 based on NAREIT definition
FFO per share - 2007 guidance per NAREIT definition	$	0.726		$	0.853		$	0.835		$	.80 - $.83		$	3.214 - $3.244
Midpoint of guidance	$	0.726		$	0.853		$	0.835		$	0.815		$	3.23
FFO per share - 2006 actual per NAREIT definition	$	0.636		$	0.837		$	0.827		$	0.767		$	3.071
Improvement projected		14.2	%		1.9	%		1.0	%		6.3	%		5.2	%

2007 compared to 2006 based on "Operating FFO"
FFO per share - 2007 Operating FFO	$	0.766		$	0.853		$	0.835		$	.80 - $.83		$	3.254 - $3.284
Midpoint of guidance	$	0.766		$	0.853		$	0.835		$	0.815		$	3.27
FFO per share - 2006 Operating FFO	$	0.636		$	0.837		$	0.827		$	0.767		$	3.071
Improvement projected		20.4	%		1.9	%		1.0	%		6.3	%		6.5	%

"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. Following the NAREIT definition creates certain noise in 2007 due to the redemption of the 9.0% Series F Preferred Stock. The $1.9 million in issuance costs originally incurred in 2002 were recorded as a reduction to shareholders' equity. Upon redemption in the first quarter of 2007, the $1.9 million is reflected as a reduction from both net income available to common shareholders and Funds From Operations available to common shareholders. Operating FFO for the year will exceed the results as measured under the NAREIT definition by approximately four cents per share in 2007 as this $1.9 million is added back for Operating FFO purposes.

The metrics below have been restated for Core as defined as of September 30, 2007, excluding properties which have been sold in 2007 out of the Core portfolio.

		Actual			Actual			Actual
		First			Second			Third			Fourth
		Quarter			Quarter			Quarter			Quarter			Year
Assumptions for mid-point of guidance:
Same store revenue growth	see note (1)		5.8	%		4.1	%		2.4	%		4.6	%		4.2	%
Same store expense growth			-0.8	%		7.7	%		0.3	%		4.3	%		2.9	%
Same store NOI growth			11.9	%		1.8	%		3.8	%		4.8	%		5.5	%

Same store 2007 physical occupancy			94.5	%		95.0	%		95.0	%		94.9	%		94.9	%
Same store 2006 physical occupancy			94.7	%		95.1	%		94.7	%		94.4	%		94.7	%

Difference in occupancy			-0.2	%		-0.1	%		0.3	%		0.5	%		0.2	%

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HOME PROPERTIES 3Q SUPPLEMENTAL FINANCIAL INFORMATION

2007 Earnings Guidance

⁽¹⁾	The water and sewer portion of our utility reimbursement program is not affected significantly by seasonality and we expect a consistent revenue stream each quarter.

The heating cost reimbursement revenue will be much higher in the winter months, and accordingly lower in the warmer months, so this will create a certain "lumpiness", but will match up better with our period of higher costs. The breakdown by quarter for both types of reimbursement is as follows:

	2007 (in thousands)
	Actual		Actual		Actual
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		Year
Water & sewer recovery	$	1,900	$	2,000	$	1,900	$	2,100	$	7,900
Heating costs recovery		3,400		2,200		700		2,400		8,700
	$	5,300	$	4,200	$	2,600	$	4,500	$	16,600

	2006 (in thousands)
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		Year
Water & sewer recovery	$	1,400	$	1,500	$	1,700	$	1,600	$	6,200
Heating costs recovery		300		300		400		1,200		2,200
	$	1,700	$	1,800	$	2,100	$	2,800	$	8,400

	Actual	Actual	Actual
	First	Second	Third	Fourth
	Quarter	Quarter	Quarter	Quarter	Year
⁽²⁾G & A costs are expected to be flat compared to 2006. The run rate is projected as follows:	$5.5 million	$6.0 million	$6.2 million	$5.8 million	$23.5 million
⁽³⁾ Interest and dividend income is expected to have a run rate as follows:	$1.2 million	$0.1 million	$0.4 million	$0.4 million	$2.1 million
⁽⁴⁾ Other income is expected to have a run rate as follows:	$0.8 million	$0.1 million	$0.2 million	$0.1 million	$1.2 million
⁽⁵⁾Acquisition pace	$125 million	$4 million	$0 million	$71 million	$200 million
⁽⁶⁾ Disposition pace	$0 million	$0 million	$91 million	$75 million	$166 million