EXHIBIT 99

Home Properties, Inc.

Earnings Release and Supplemental Information

Second Quarter 2015

Table of Contents

	Page
Earnings Release	1-6
Property Results, Quarterly and Year-to-Date	7-14
Physical Occupancy Comparison by Region	15
Operating Results by Region	16
New Lease and Renewal Lease Rents compared to Expiring Lease Rents	17
Resident Statistics	18
Net Operating Income Detail	19
Seasonality Factor for NAV Calculation	19
Operating Expense Detail	20
Disposition of Real Estate	21
Summary of Recent Acquisitions	22
Summary of Recent Dispositions	22
Breakdown of Units	23
Debt	24-28
Capital Expenditures	29-31
Adjusted Net Operating Income Summary	31
Development Pipeline	32

FOR IMMEDIATE RELEASE

Home Properties Reports Second Quarter 2015 Results

ROCHESTER, N.Y., July 30, 2015 – Home Properties, Inc. (NYSE:HME) today reported financial results for the quarter ended June 30, 2015. All per share results are reported on a diluted basis.

Results for the Quarter

·   Earnings per share (“EPS”) increased 20.2% to $0.47 from $0.39 in the second quarter of 2014.

·   Funds from Operations ("FFO") per share increased 11.2% to $1.16 from $1.04 in the prior year period.

·   Operating Funds from Operations (“OFFO") per share increased 9.6% to $1.21 from $1.11 in the prior year period.

Results for the Six Months

·   Earnings per share (“EPS”) increased 22.3% to $1.45 from $1.18 in the first six months of 2014.

·   Funds from Operations ("FFO") per share increased 10.0% to $2.25 from $2.04 in the prior year period.

·   Operating Funds from Operations (“OFFO") per share increased 9.4% to $2.30 from $2.10 in the prior year period.

Same-Property Operating Results (1)

	Second Quarter 2015 Compared to	Second Quarter 2015 Compared to
	Second Quarter 2014	First Quarter 2015
Rental Income	3.6% increase	1.9% increase
Total Revenues	3.5% increase	0.8% increase
Property Level
Operating Expenses	1.2% decrease	9.8% decrease
Net Operating Income (“NOI”)	6.2% increase	7.3% increase
Average Physical	95.9%, or a	95.9%, or a
Occupancy(2)	50 basis point increase	90 basis point increase
Average Monthly Rental Rates	3.0% increase to $1,371	1.0% increase to $1,371

(1) For 113 core properties containing 38,569 apartment units owned since January 1, 2014.

(2) The number of occupied apartment units divided by total apartment units.

Acquisitions and Dispositions

There were no acquisitions or dispositions of apartment communities during the quarter.

Home Properties Reports Second Quarter 2015 Results

July 30, 2015

Page 2 of 6

Development

Construction continues at The Courts at Spring Mill Station, the Company’s last remaining development project. The first of two buildings in this Conshohocken, Pennsylvania community became ready for occupancy in the fourth quarter of 2014, and the second building is nearing completion. Approximately 51% of the units are currently leased.

Capital Markets

On June 30, 2015 the Company repaid a mortgage for approximately $28 million at a fixed rate of 5.75%.

As of June 30, 2015:

·   The Company had approximately $7.8 million of cash on hand and an additional $128 million of available capacity on its corporate credit facility.

·   Unencumbered assets represented 57.5% of total undepreciated assets, up from 56.7% at December 31, 2014.

·   The Company’s ratio of debt-to-total market capitalization was 32.9%.

·   Total debt of $2.4 billion was outstanding at a weighted average interest rate of 4.1% and staggered maturities averaging 3.0 years.

·   Approximately 82% of total indebtedness was at fixed rates.

·   Interest coverage for the quarter was 4.3 times and the fixed charge ratio was 4.1 times.

Guidance

The Company announced on June 22, 2015 that it had entered into definitive agreements to be acquired by an affiliate of Lone Star Funds and to contribute a portfolio of up to six properties to an affiliate of UDR, Inc. As a result of these pending transactions, the Company is not providing an outlook for the remainder of 2015 nor updating or affirming its previously issued guidance for the full-year 2015.

Supplemental Information

The Company produces supplemental information that includes details regarding property operations, other income, acquisitions, dispositions, geographic market breakdown, debt and new development. The supplemental information is available via the Company's website through the "Investors" section or e-mail upon request.

Second Quarter Earnings Conference Call

Due to the proposed acquisition of the Company, no quarterly earnings call will be conducted.

Home Properties Reports Second Quarter 2015 Results

July 30, 2015

Page 3 of 6

Forward-Looking Statements

This release contains forward-looking statements. Although the Company believes expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Factors that may cause actual results to differ are described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission and include the ability of the Company to obtain required stockholder approval required to consummate the proposed merger of Home Properties; the ability of the Home Properties, L.P. to obtain the required unitholder approval to consummate the proposed partnership merger; the satisfaction or waiver of other conditions in the merger agreement; the outcome of any legal proceedings that may be instituted against the Company and others related to the merger agreement; the ability of third parties to fulfill their obligations relating to the proposed transactions, including providing financing under current financial market conditions; the risk that the Company merger, the partnership merger or the other transactions contemplated by the merger agreement may not be completed in the time frame expected by the parties or at all, general economic and local real estate conditions, weather and other conditions that might affect operating expenses, the timely completion of repositioning activities within anticipated budgets, the actual pace of future acquisitions and dispositions, and continued access to capital to fund growth. The Company assumes no obligation to update or supplement forward-looking statements because of subsequent events.

About Home Properties

Home Properties is a publicly traded multifamily real estate investment trust that owns, operates, acquires and repositions apartment communities in suburbs of major metropolitan areas, primarily along the East Coast of the United States. An S&P 400 Company, Home Properties owns and operates 121 communities containing 41,994 apartment units. For more information, please visit the Company’s website at www.homeproperties.com.

Home Properties Reports Second Quarter 2015 Results

July 30, 2015

Page 4 of 6

HOME PROPERTIES, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands – Unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2015			2014			2015			2014
Revenues:
Rental income	$	163,112		$	152,431		$	323,992		$	302,266
Property other income		13,542			12,973			28,989			28,294
Other income		230			179			547			321
Total revenues		176,884			165,583			353,528			330,881
Expenses:
Operating and maintenance		61,006			59,468			128,313			125,039
General and administrative		7,399			7,126			15,942			16,384
Interest		25,130			24,717			50,614			49,570
Depreciation and amortization		48,314			44,569			96,179			88,346
Other expenses		3,385			274			3,762			282
Impairment and other charges		(500	)		3,842			(319	)		3,842
Total expenses		144,734			139,996			294,491			283,463
Income from continuing operations, before gain on disposition of real estate		32,150			25,587			59,037			47,418
Gain on disposition of land		-			-			70			-
Gain on disposition of property		-			-			40,346			-
Income from continuing operations		32,150			25,587			99,453			47,418
Discontinued operations:
Income from discontinued operations		-			876			-			1,710
Gain on disposition of property		-			-			-			31,306
Discontinued operations		-			876			-			33,016
Net income		32,150			26,463			99,453			80,434
Net income attributable to noncontrolling interest		(4,719	)		(3,994	)		(14,664	)		(12,174	)
Net income attributable to common stockholders	$	27,431		$	22,469		$	84,789		$	68,260
Reconciliation from net income attributable to common stockholders to Funds From Operations:
Net income attributable to common stockholders	$	27,431		$	22,469		$	84,789		$	68,260
Real property depreciation and amortization		47,703			44,587			94,975			88,676
Noncontrolling interest		4,719			3,994			14,664			12,174
Gain on disposition of property		-			-			(40,346	)		(31,306	)
FFO - basic and diluted, as defined by NAREIT		79,853			71,050			154,082			137,804
Loss from early extinguishment of debt in connection with sale of real estate		-			-			-			802
FFO - basic and diluted (1)	$	79,853		$	71,050		$	154,082		$	138,606

(1) Pursuant to guidance provided by 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, impairment write-downs of depreciable real estate, noncontrolling interest and extraordinary items plus depreciation from real property. The Company adds back debt extinguishment costs and other one-time costs incurred as a result of repaying property-specific debt triggered upon sale of a 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. Similarly titled measures disclosed by other companies may not be calculated in the same manner.

Home Properties Reports Second Quarter 2015 Results

July 30, 2015

Page 5 of 6

HOME PROPERTIES, INC.

SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share/unit – Unaudited)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2015			2014			2015			2014
FFO – basic and diluted	$	79,853		$	71,050		$	154,082		$	138,606
Merger costs incurred and included in other expenses		3,428			-			3,428			-
Acquisition costs of closed deals included in other expenses		(43	)		274			334			282
Gain on land sale		-			-			(70	)		-
Impairment and other charges		-			3,842			3			3,842
Operating FFO (2)	$	83,238		$	75,166		$	157,777		$	142,730
FFO – basic and diluted	$	79,853		$	71,050		$	154,082		$	138,606
Recurring non-revenue generating capital expenses		(9,129	)		(9,094	)		(18,324	)		(18,225	)
AFFO (3)	$	70,724		$	61,956		$	135,758		$	120,381
Operating FFO	$	83,238		$	75,166		$	157,777		$	142,730
Recurring non-revenue generating capital expenses		(9,129	)		(9,094	)		(18,324	)		(18,225	)
Operating AFFO (2) (3)	$	74,109		$	66,072		$	139,453		$	124,505
Weighted average shares/units outstanding:
Shares – basic		58,048.7			57,247.9			57,960.5			57,162.3
Shares – diluted		58,684.7			57,795.1			58,561.9			57,660.2
Shares/units – basic (4)		68,061.8			67,452.0			68,000.7			67,379.1
Shares/units – diluted (4)		68,697.8			67,999.3			68,602.2			67,877.0
Per share/unit:
Net income – basic	$	0.47		$	0.39		$	1.46		$	1.19
Net income – diluted	$	0.47		$	0.39		$	1.45		$	1.18
FFO – basic	$	1.17		$	1.05		$	2.27		$	2.06
FFO – diluted	$	1.16		$	1.04		$	2.25		$	2.04
Operating FFO (2)	$	1.21		$	1.11		$	2.30		$	2.10
AFFO (3)	$	1.03		$	0.91		$	1.98		$	1.77
Operating AFFO (2) (3)	$	1.08		$	0.97		$	2.03		$	1.83
Common dividend paid	$	0.76		$	0.73		$	1.52		$	1.46

(2) Operating FFO is defined as FFO adjusted for the addback of acquisition costs on closed deals, land impairment costs, gain on land sale and incurred merger costs.

(3) Adjusted Funds From Operations ("AFFO") is defined as FFO less an annual reserve for anticipated recurring, non-revenue generating capitalized costs of $900 per apartment unit. The resulting sum is divided by the weighted average shares/units on a diluted basis to arrive at AFFO per share/unit.

(4) 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.

Home Properties Reports Second Quarter 2015 Results

July 30, 2015

Page 6 of 6

HOME PROPERTIES, INC.

SUMMARY CONSOLIDATED BALANCE SHEETS

(in thousands - Unaudited)

	June 30, 2015			December 31, 2014
Assets
Real estate:
Land	$	803,156		$	815,565
Land held for sale		36,804			13,114
Construction in progress		57,620			118,595
Buildings, improvements and equipment		4,924,425			4,817,453
		5,822,005			5,764,727
Less: accumulated depreciation		(1,429,699	)		(1,371,227	)
Real estate, net		4,392,306			4,393,500
Cash and cash equivalents		7,807			11,131
Cash in escrows		28,245			24,118
Accounts receivable, net		19,144			19,556
Prepaid expenses		11,985			23,484
Deferred charges, net		8,029			9,250
Other assets		9,291			7,496
Total assets	$	4,476,807		$	4,488,535
Liabilities and Equity
Mortgage notes payable	$	1,561,337		$	1,637,175
Unsecured notes payable		550,000			550,000
Unsecured line of credit		318,500			269,000
Accounts payable		26,215			25,835
Accrued interest payable		8,564			7,732
Accrued expenses and other liabilities		42,501			38,732
Security deposits		19,766			18,631
Total liabilities		2,526,883			2,547,105
Common stockholders’ equity		1,664,388			1,653,218
Noncontrolling interest		285,536			288,212
Total equity		1,949,924			1,941,430
Total liabilities and equity	$	4,476,807		$	4,488,535
Total shares/units outstanding:
Common stock		57,995.3			57,704.0
Operating partnership units		10,012.1			10,114.4
		68,007.4			67,818.4

For Further Information:

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

Shelly J. Doran, Vice President, Investor Relations, (585) 295-4227

###

Property Results
Second Quarter 2015
															2Q '15 Versus 2Q '14
			2Q '15												% Growth												2Q '15
	# of		Company			Date	2Q '15		2Q '15			2Q '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Baltimore
Annapolis Roads		282				6/17/2010	$	1,375		94.6	%		95.4	%		3.5	%		0.6	%		(2.2	%)		1.9	%
Bonnie Ridge		960				7/1/1999		1,231		94.1	%		94.0	%		3.4	%		5.2	%		5.8	%		4.9	%
Canterbury		618				7/15/1999		1,114		94.4	%		93.9	%		3.4	%		5.3	%		2.9	%		6.6	%
Charleston Place		858				9/30/2010		1,304		96.0	%		95.6	%		2.8	%		3.9	%		(0.9	%)		6.0	%
Country Village		344				4/30/1998		1,068		96.9	%		95.0	%		2.8	%		5.6	%		(5.2	%)		12.3	%
Dunfield		312				11/1/2007		1,296		95.9	%		93.6	%		2.4	%		8.8	%		(4.4	%)		15.7	%
Fox Hall		720				3/28/2007		990		94.4	%		92.2	%		3.0	%		7.3	%		(9.2	%)		18.1	%
Gateway Village		132				7/15/1999		1,488		96.6	%		97.7	%		2.5	%		0.9	%		(4.5	%)		3.5	%
Heritage Woods		164				10/4/2006		1,205		96.5	%		97.4	%		0.7	%		1.1	%		2.4	%		0.3	%
Howard Crossing		1,350				6/28/2012		1,198		96.1	%		93.8	%		3.0	%		5.5	%		(1.5	%)		9.0	%
Middlebrooke		208				4/1/2010		1,103		96.4	%		96.7	%		5.2	%		1.8	%		(7.3	%)		6.7	%
Mill Towne Village		384				5/31/2001		1,017		95.8	%		96.7	%		4.3	%		2.8	%		(3.7	%)		6.7	%
Morningside Heights		1,050				4/30/1998		1,047		93.9	%		93.1	%		3.6	%		4.2	%		(1.3	%)		6.8	%
Owings Run		504				7/15/1999		1,378		94.9	%		95.7	%		2.3	%		(0.5	%)		(7.3	%)		2.2	%
Ridgeview at Wakefield Valley		204				1/13/2005		1,335		95.1	%		94.4	%		4.5	%		6.7	%		(2.8	%)		12.4	%
Saddle Brooke		468				10/29/2008		1,256		96.4	%		96.8	%		4.5	%		2.3	%		(4.5	%)		5.4	%
Selford		102				7/15/1999		1,563		95.5	%		97.3	%		3.1	%		2.3	%		(2.3	%)		4.1	%
The Apts. at Cambridge Court		544				8/23/2011		1,394		95.0	%		94.0	%		1.6	%		3.5	%		10.6	%		(0.1	%)
The Greens at Columbia		168				7/29/2010		1,520		95.3	%		94.1	%		2.7	%		2.1	%		3.5	%		1.5	%
Top Field		156				10/4/2006		1,440		94.0	%		97.4	%		4.5	%		0.7	%		0.8	%		0.6	%
Village Square		370				7/15/1999		1,303		95.9	%		95.3	%		4.0	%		4.8	%		1.8	%		6.2	%
Westbrooke		110				4/1/2010		981		95.2	%		96.4	%		4.2	%		1.9	%		(4.1	%)		5.8	%
Total Baltimore		10,008		23.9	%		$	1,212		95.2	%		94.6	%		3.2	%		4.1	%		(0.9	%)		6.6	%		22.0	%
Boston
Gardencrest		696				6/28/2002	$	1,863		97.3	%		95.3	%		4.3	%		6.0	%		1.3	%		7.9	%
Highland House		172				5/31/2006		1,418		95.9	%		95.8	%		5.1	%		4.7	%		(0.3	%)		7.9	%
Liberty Commons		120				8/30/2006		1,423		98.5	%		98.4	%		6.7	%		4.7	%		(14.2	%)		14.0	%
Liberty Place		107				6/6/2006		1,631		96.1	%		95.0	%		1.4	%		2.3	%		(2.5	%)		5.4	%
Middlesex Crossing		252				12/18/2013		1,534		95.9	%		96.3	%		6.4	%		6.6	%		2.3	%		8.8	%
Redbank Village		500				7/8/1998		1,123		98.1	%		97.4	%		8.4	%		10.1	%		(1.0	%)		16.1	%
Stone Ends		280				2/12/2003		1,503		96.3	%		97.4	%		6.0	%		7.2	%		(0.9	%)		11.2	%
The Commons at Haynes Farm		302				7/15/2011		1,499		97.5	%		97.2	%		5.7	%		5.6	%		(0.6	%)		8.9	%
The Heights at Marlborough		348				9/7/2006		1,451		97.5	%		96.5	%		5.9	%		9.2	%		(4.3	%)		17.0	%
The Meadows at Marlborough		264				9/7/2006		1,384		96.2	%		96.5	%		4.8	%		4.2	%		(2.3	%)		8.1	%
The Townhomes of Beverly		204				2/15/2007		1,768		97.5	%		97.2	%		3.8	%		4.0	%		(2.6	%)		7.1	%
The Village at Marshfield		276				3/17/2004		1,387		97.9	%		96.1	%		5.4	%		5.4	%		(5.6	%)		11.2	%
Westwoods		35				4/30/2007		1,502		97.0	%		97.7	%		5.1	%		(1.6	%)		6.9	%		(5.8	%)
Total Boston		3,556		8.5	%		$	1,511		97.2	%		96.5	%		5.4	%		6.2	%		(1.5	%)		10.1	%		9.6	%

Page 7

Property Results
Second Quarter 2015
															2Q '15 Versus 2Q '14
			2Q '15												% Growth												2Q '15
	# of		Company			Date	2Q '15		2Q '15			2Q '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Chicago
Blackhawk		371				10/20/2000	$	995		96.6	%		95.6	%		4.6	%		5.7	%		(5.3	%)		16.3	%
Courtyards Village		224				8/29/2001		1,006		97.9	%		98.0	%		4.1	%		1.8	%		12.2	%		(6.7	%)
Cypress Place		192				12/27/2000		1,176		98.2	%		98.0	%		5.5	%		5.0	%		3.8	%		5.7	%
Lakeview Townhomes		120				10/18/2010		1,300		98.3	%		97.8	%		1.8	%		2.4	%		17.3	%		(10.1	%)
Park Grove		710				1/7/2015		1,124		97.5	%		n/a			n/a			n/a			n/a			n/a
The Colony		783				9/1/1999		1,028		97.6	%		98.0	%		6.6	%		5.6	%		(0.8	%)		10.0	%
The Gates of Deer Grove		204				12/15/2011		1,172		96.9	%		97.0	%		6.0	%		6.5	%		4.1	%		8.4	%
The Lakes of Schaumburg		428				11/12/2014		1,229		98.1	%		n/a			n/a			n/a			n/a			n/a
Total Chicago		3,032		7.2	%		$	1,067		97.5	%		97.4	%		5.3	%		5.0	%		2.5	%		6.9	%		5.4	%
Long Island
Bayview / Colonial		160				11/1/2000	$	1,451		97.4	%		98.3	%		3.7	%		3.3	%		(1.1	%)		6.3	%
Cambridge Village		82				3/1/2002		2,109		98.3	%		97.0	%		5.0	%		7.6	%		1.0	%		12.0	%
Crescent Club		257				9/30/2010		1,570		96.9	%		95.5	%		5.1	%		6.3	%		(5.9	%)		14.0	%
Devonshire Hills		656				7/16/2001		1,773		96.4	%		97.1	%		3.0	%		1.5	%		1.5	%		1.5	%
Hawthorne Court		434				4/4/2002		1,638		98.1	%		98.1	%		4.1	%		4.2	%		2.0	%		5.9	%
Heritage Square		80				4/4/2002		2,049		97.4	%		98.3	%		5.6	%		1.7	%		4.1	%		0.2	%
Holiday Square		144				5/31/2002		1,400		98.4	%		97.6	%		3.1	%		3.8	%		(3.9	%)		9.1	%
Lake Grove		368				2/3/1997		1,675		96.1	%		96.9	%		5.6	%		5.1	%		(1.0	%)		8.9	%
Mid-Island Estates		232				7/1/1997		1,574		98.2	%		99.2	%		2.8	%		2.5	%		(1.6	%)		5.1	%
Sayville Commons		342				7/15/2005		1,825		95.8	%		98.2	%		4.3	%		3.5	%		(3.0	%)		8.5	%
Southern Meadows		452				6/29/2001		1,613		98.3	%		96.8	%		2.2	%		2.3	%		(5.1	%)		7.3	%
Westwood Village		242				3/1/2002		2,702		98.5	%		97.8	%		4.0	%		3.0	%		1.8	%		3.8	%
Woodmont Village		97				3/1/2002		1,516		96.4	%		97.6	%		4.4	%		(3.0	%)		5.7	%		(7.3	%)
Yorkshire Village		40				3/1/2002		2,068		98.2	%		98.8	%		4.7	%		3.6	%		2.8	%		4.3	%
Total Long Island		3,586		8.5	%		$	1,748		97.3	%		97.5	%		3.9	%		3.2	%		(0.7	%)		5.7	%		10.3	%

Page 8

Property Results
Second Quarter 2015
															2Q '15 Versus 2Q '14
			2Q '15												% Growth												2Q '15
	# of		Company			Date	2Q '15		2Q '15			2Q '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Northern New Jersey
Barrington Gardens		148				3/1/2005	$	1,489		96.6	%		96.5	%		2.7	%		4.0	%		(5.6	%)		9.0	%
Chatham Hill		308				1/30/2004		2,049		95.1	%		93.1	%		1.5	%		5.5	%		(0.5	%)		7.8	%
East Hill Gardens		33				7/8/1998		1,701		95.1	%		95.6	%		0.2	%		(1.0	%)		(4.0	%)		0.4	%
Hackensack Gardens		198				3/1/2005		1,353		96.3	%		97.1	%		6.4	%		4.5	%		(10.3	%)		14.7	%
Jacob Ford Village		270				2/15/2007		1,508		97.0	%		97.8	%		3.0	%		0.4	%		(10.6	%)		4.7	%
Lakeview		106				7/8/1998		1,536		97.3	%		97.3	%		2.2	%		0.6	%		(1.2	%)		1.7	%
Northwood		134				1/30/2004		1,527		97.4	%		98.2	%		2.9	%		2.1	%		(0.5	%)		3.8	%
Oak Manor		77				7/8/1998		2,136		98.5	%		98.2	%		1.2	%		0.3	%		(5.2	%)		2.8	%
Pleasant View		1,142				7/8/1998		1,296		97.4	%		96.4	%		2.6	%		4.8	%		1.4	%		6.7	%
Pleasure Bay		270				7/8/1998		1,244		97.7	%		95.7	%		3.3	%		5.5	%		(7.3	%)		14.5	%
Royal Gardens		550				5/28/1997		1,392		97.0	%		97.4	%		2.2	%		1.3	%		11.1	%		(3.5	%)
Sutton Pointe		241				2/19/2015		1,311		95.6	%		n/a			n/a			n/a			n/a			n/a
Wayne Village		275				7/8/1998		1,579		98.2	%		95.0	%		3.9	%		6.5	%		(7.5	%)		14.1	%
Windsor Realty		67				7/8/1998		1,409		97.6	%		96.1	%		1.7	%		6.6	%		(6.5	%)		15.0	%
Total Northern New Jersey		3,819		9.1	%		$	1,460		97.1	%		96.4	%		2.7	%		3.7	%		(1.1	%)		6.3	%		10.0	%
Philadelphia
Courts at Spring Mill Station		155				Under Construction	$	1,831		77.4	%		n/a			n/a			n/a			n/a			n/a
Glen Manor		180				9/23/1997		873		94.8	%		94.1	%		4.1	%		4.9	%		(3.3	%)		12.6	%
Golf Club		399				3/15/2000		1,244		93.7	%		95.3	%		1.9	%		(0.6	%)		(3.8	%)		0.9	%
Hill Brook Place		274				7/28/1999		983		97.4	%		95.6	%		1.5	%		3.6	%		(7.9	%)		13.5	%
Home Properties of Bryn Mawr		316				3/15/2000		1,644		87.3	%		88.1	%		(0.3	%)		4.4	%		(1.3	%)		7.4	%
Home Properties of Devon		631				3/15/2000		1,362		94.7	%		95.6	%		3.3	%		1.9	%		1.8	%		2.0	%
New Orleans Park		442				7/28/1999		979		95.3	%		94.7	%		3.4	%		5.0	%		(0.7	%)		10.0	%
Racquet Club East		466				7/7/1998		1,189		96.8	%		95.3	%		2.0	%		2.8	%		(1.7	%)		5.3	%
Racquet Club South		103				5/27/1999		996		95.4	%		94.5	%		3.0	%		5.6	%		(4.8	%)		15.1	%
Ridley Brook		244				7/28/1999		1,048		95.8	%		94.4	%		4.3	%		6.3	%		(8.8	%)		20.0	%
Sherry Lake		298				7/23/1998		1,354		97.5	%		98.3	%		1.8	%		0.8	%		0.2	%		1.2	%
Stone Hill		205				11/27/2013		963		95.6	%		91.0	%		3.4	%		17.7	%		3.0	%		31.3	%
The Brooke at Peachtree Village		146				8/15/2005		1,337		97.1	%		95.5	%		5.1	%		7.9	%		(1.6	%)		13.6	%
The Landings		384				11/22/1996		1,159		96.9	%		95.4	%		4.5	%		4.4	%		(10.9	%)		15.6	%
The Preserve at Milltown		376				6/19/2014		1,155		95.5	%		94.7	%		n/a			n/a			n/a			n/a
Trexler Park		250				3/15/2000		1,192		96.8	%		95.2	%		2.6	%		3.6	%		(6.1	%)		10.1	%
Trexler Park West		216				8/15/2008		1,425		97.4	%		98.1	%		3.1	%		0.1	%		(4.6	%)		2.4	%
Waterview		203				7/14/2011		1,168		93.7	%		95.9	%		2.2	%		1.0	%		32.1	%		(11.2	%)
William Henry		363				3/15/2000		1,276		95.2	%		95.1	%		3.0	%		3.7	%		(3.8	%)		7.9	%
Willowbrook		248				7/30/2014		1,249		94.9	%		n/a			n/a			n/a			n/a			n/a
Total Philadelphia		5,899		14.1	%		$	1,210		95.2	%		94.9	%		2.7	%		3.4	%		(2.1	%)		6.7	%		12.5	%

Page 9

Property Results
Second Quarter 2015
															2Q '15 Versus 2Q '14
			2Q '15												% Growth												2Q '15
	# of		Company			Date	2Q '15		2Q '15			2Q '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Southeast Florida
The Hamptons		668				7/7/2004	$	1,198		96.0	%		95.0	%		7.5	%		8.3	%		3.8	%		12.1	%
Vinings at Hampton Village		168				7/7/2004		1,319		97.7	%		97.8	%		6.4	%		6.1	%		(0.7	%)		10.9	%
Total Southeast Florida		836		2.0	%		$	1,222		96.3	%		95.6	%		7.2	%		7.8	%		2.9	%		11.8	%		1.6	%
Washington, D.C.
1200 East West		247				5/11/2010	$	1,814		96.3	%		93.4	%		(1.8	%)		0.8	%		(7.5	%)		4.9	%
Arbor Park of Alexandria		851				Redevelopment		1,687		80.2	%		77.7	%		3.6	%		3.3	%		(1.8	%)		6.2	%
Braddock Lee		256				3/13/1998		1,452		97.6	%		97.0	%		(0.2	%)		1.1	%		(5.9	%)		5.1	%
Cinnamon Run		511				12/28/2005		1,362		91.9	%		92.3	%		1.5	%		0.9	%		9.3	%		(2.5	%)
Courts at Huntington Station		421				6/15/2011		1,955		93.5	%		93.3	%		(0.7	%)		0.9	%		3.7	%		(0.3	%)
East Meadow		150				8/1/2000		1,514		97.6	%		96.2	%		1.5	%		1.0	%		(1.5	%)		2.4	%
Eleven55 Ripley		379				Lease Up		1,787		87.5	%		20.5	%		n/a			n/a			n/a			n/a
Elmwood Terrace		504				6/30/2000		1,085		95.4	%		94.7	%		4.9	%		5.3	%		(7.0	%)		14.6	%
Hunters Glen		108				4/19/2011		1,094		96.0	%		95.4	%		3.4	%		4.5	%		(7.9	%)		11.9	%
Mount Vernon Square		1,387				12/27/2006		1,383		95.8	%		93.4	%		1.3	%		3.4	%		(1.2	%)		5.8	%
Newport Village		937				10/17/2011		1,579		95.6	%		94.3	%		0.0	%		(0.9	%)		(9.5	%)		3.8	%
Park Shirlington		294				3/13/1998		1,497		96.6	%		95.7	%		1.9	%		2.9	%		(4.3	%)		7.6	%
Peppertree Farm		879				12/28/2005		1,358		91.6	%		91.8	%		3.0	%		1.8	%		(7.0	%)		6.9	%
Seminary Hill		296				7/1/1999		1,488		95.7	%		97.2	%		1.6	%		2.2	%		7.2	%		(1.3	%)
Seminary Towers		545				7/1/1999		1,504		94.7	%		96.5	%		1.3	%		1.3	%		0.1	%		2.0	%
Somerset Park		108				10/11/2011		1,548		97.7	%		98.2	%		1.6	%		2.4	%		(2.3	%)		4.9	%
Tamarron		132				7/15/1999		1,699		95.2	%		96.3	%		1.5	%		0.9	%		3.8	%		(0.1	%)
The Apts. at Cobblestone Square		314				6/14/2012		1,376		96.8	%		95.5	%		2.0	%		2.0	%		(4.1	%)		5.4	%
The Apts. at Wellington Trace		240				3/2/2004		1,435		96.3	%		95.8	%		0.6	%		1.4	%		(5.8	%)		5.0	%
The Courts at Dulles		411				11/30/2011		1,578		97.9	%		96.1	%		2.3	%		5.5	%		(0.9	%)		9.1	%
The Courts at Fair Oaks		364				9/30/2010		1,531		95.7	%		96.1	%		(0.9	%)		(1.5	%)		(1.4	%)		(1.5	%)
The Manor - VA		198				2/19/1999		1,243		96.2	%		95.3	%		3.4	%		2.4	%		0.5	%		3.4	%
The Manor East		164				5/11/2012		1,191		95.6	%		94.0	%		2.0	%		4.0	%		6.4	%		2.7	%
The Sycamores		185				12/16/2002		1,508		97.3	%		97.7	%		2.2	%		1.9	%		2.6	%		1.6	%
Village at Potomac Falls		247				8/5/2010		1,489		96.8	%		96.1	%		1.7	%		1.5	%		(3.9	%)		4.5	%
West Springfield		244				11/18/2002		1,616		95.9	%		96.1	%		2.0	%		3.2	%		13.1	%		(1.0	%)
Westchester West		345				12/30/2008		1,460		93.5	%		93.2	%		2.4	%		1.4	%		(4.8	%)		5.1	%
Woodway at Trinity Centre		504				5/17/2012		1,479		95.2	%		96.4	%		3.0	%		1.1	%		(2.6	%)		3.0	%
Total Washington, D.C.		11,221		26.7	%		$	1,464		95.2	%		94.7	%		1.4	%		1.8	%		(2.1	%)		3.9	%		28.6	%
Total Properties		41,957		100.0	%		$	1,374		95.5	%		n/a			n/a			n/a			n/a			n/a			100.0	%
Total Core Properties		38,569					$	1,371		95.9	%		95.4	%		3.0	%		3.5	%		(1.2	%)		6.2	%

(1) Represents the percentage of the Company's total Units/NOI attributed to each region, including Core and Non-Core Properties.

(2) For development properties, represents the date all units became available to rent.

(3) Average physical occupancy is defined as the number of occupied apartment units divided by total apartment units.

(4) Reflects net change in base rental rates before bad debts and occupancy changes.

Page 10

Property Results
June YTD															YTD '15 Versus YTD '14
			YTD '15												% Growth												YTD '15
	# of		Company			Date	YTD '15		YTD '15			YTD '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Baltimore
Annapolis Roads		282				6/17/2010	$	1,370		94.0	%		94.7	%		4.2	%		1.2	%		(8.2	%)		6.7	%
Bonnie Ridge		960				7/1/1999		1,226		94.3	%		94.5	%		3.8	%		4.9	%		1.7	%		6.5	%
Canterbury		618				7/15/1999		1,108		94.9	%		94.7	%		3.1	%		3.8	%		3.4	%		4.0	%
Charleston Place		858				9/30/2010		1,297		95.4	%		95.4	%		2.8	%		2.7	%		(1.8	%)		4.8	%
Country Village		344				4/30/1998		1,060		95.7	%		95.4	%		2.2	%		3.9	%		0.3	%		6.2	%
Dunfield		312				11/1/2007		1,289		94.8	%		92.7	%		1.8	%		7.1	%		(4.5	%)		13.4	%
Fox Hall		720				3/28/2007		986		93.2	%		93.3	%		3.0	%		0.7	%		(12.8	%)		11.2	%
Gateway Village		132				7/15/1999		1,478		96.6	%		97.3	%		2.1	%		1.5	%		(3.7	%)		4.1	%
Heritage Woods		164				10/4/2006		1,200		96.1	%		97.2	%		0.6	%		0.1	%		6.4	%		(3.5	%)
Howard Crossing		1,350				6/28/2012		1,193		95.6	%		93.8	%		3.0	%		4.9	%		(0.7	%)		7.8	%
Middlebrooke		208				4/1/2010		1,095		96.0	%		96.4	%		4.6	%		2.8	%		(5.9	%)		7.5	%
Mill Towne Village		384				5/31/2001		1,011		95.1	%		96.2	%		4.3	%		2.3	%		(1.3	%)		4.4	%
Morningside Heights		1,050				4/30/1998		1,043		93.6	%		93.3	%		3.9	%		4.2	%		0.3	%		6.3	%
Owings Run		504				7/15/1999		1,374		93.6	%		94.4	%		2.9	%		1.0	%		(4.9	%)		3.6	%
Ridgeview at Wakefield Valley		204				1/13/2005		1,323		94.8	%		93.7	%		3.9	%		4.4	%		(3.1	%)		8.9	%
Saddle Brooke		468				10/29/2008		1,250		95.5	%		96.1	%		4.9	%		3.3	%		(3.8	%)		6.9	%
Selford		102				7/15/1999		1,562		94.7	%		97.2	%		3.5	%		2.0	%		(1.8	%)		3.5	%
The Apts. at Cambridge Court		544				8/23/2011		1,390		93.1	%		93.4	%		1.9	%		2.6	%		10.2	%		(1.5	%)
The Greens at Columbia		168				7/29/2010		1,513		96.1	%		94.9	%		2.1	%		2.3	%		1.7	%		2.6	%
Top Field		156				10/4/2006		1,432		95.0	%		95.8	%		4.1	%		2.4	%		2.8	%		2.2	%
Village Square		370				7/15/1999		1,294		95.8	%		94.4	%		3.6	%		5.7	%		(2.6	%)		10.0	%
Westbrooke		110				4/1/2010		980		95.7	%		96.4	%		4.7	%		2.1	%		(4.1	%)		6.5	%
Total Baltimore		10,008		23.9	%		$	1,207		94.7	%		94.5	%		3.2	%		3.4	%		(1.3	%)		5.9	%		22.2	%
Boston
Gardencrest		696				6/28/2002	$	1,851		96.4	%		95.5	%		4.1	%		5.0	%		3.5	%		5.7	%
Highland House		172				5/31/2006		1,405		94.9	%		93.4	%		4.6	%		5.5	%		0.1	%		9.8	%
Liberty Commons		120				8/30/2006		1,411		96.5	%		96.8	%		6.0	%		3.9	%		(9.2	%)		10.7	%
Liberty Place		107				6/6/2006		1,621		95.8	%		95.7	%		1.9	%		2.1	%		(3.7	%)		6.1	%
Middlesex Crossing		252				12/18/2013		1,524		95.3	%		96.1	%		6.8	%		6.6	%		3.8	%		8.2	%
Redbank Village		500				7/8/1998		1,115		96.4	%		97.3	%		9.1	%		8.9	%		1.4	%		13.1	%
Stone Ends		280				2/12/2003		1,493		96.8	%		96.8	%		5.9	%		7.5	%		3.6	%		9.7	%
The Commons at Haynes Farm		302				7/15/2011		1,481		97.8	%		97.4	%		5.1	%		5.6	%		5.5	%		5.7	%
The Heights at Marlborough		348				9/7/2006		1,437		97.3	%		96.8	%		5.6	%		6.9	%		4.9	%		8.2	%
The Meadows at Marlborough		264				9/7/2006		1,371		96.6	%		95.9	%		4.4	%		3.4	%		2.8	%		3.8	%
The Townhomes of Beverly		204				2/15/2007		1,757		95.9	%		95.6	%		3.8	%		4.4	%		10.8	%		0.7	%
The Village at Marshfield		276				3/17/2004		1,373		97.8	%		95.5	%		5.1	%		7.1	%		1.8	%		10.2	%
Westwoods		35				4/30/2007		1,491		97.9	%		97.2	%		4.8	%		3.2	%		(2.9	%)		7.9	%
Total Boston		3,556		8.5	%		$	1,499		96.6	%		96.2	%		5.2	%		5.8	%		3.0	%		7.4	%		9.2	%

Page 11

Property Results
June YTD															YTD '15 Versus YTD '14
			YTD '15												% Growth												YTD '15
	# of		Company			Date	YTD '15		YTD '15			YTD '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Chicago
Blackhawk		371				10/20/2000	$	987		95.7	%		95.1	%		4.4	%		4.9	%		(2.7	%)		12.8	%
Courtyards Village		224				8/29/2001		997		97.4	%		97.4	%		3.5	%		2.9	%		4.0	%		1.9	%
Cypress Place		192				12/27/2000		1,164		97.7	%		96.9	%		4.9	%		5.3	%		(6.9	%)		14.3	%
Lakeview Townhomes		120				10/18/2010		1,289		97.2	%		97.4	%		1.3	%		1.5	%		2.2	%		0.9	%
Park Grove		710				1/7/2015		1,106		96.1	%		n/a			n/a			n/a			n/a			n/a
The Colony		783				9/1/1999		1,018		97.5	%		97.0	%		6.2	%		7.6	%		(4.9	%)		17.2	%
The Gates of Deer Grove		204				12/15/2011		1,159		96.8	%		96.7	%		6.0	%		6.5	%		0.5	%		12.1	%
The Lakes of Schaumburg		428				11/12/2014		1,219		97.8	%		n/a			n/a			n/a			n/a			n/a
Total Chicago		3,032		7.2	%		$	1,057		97.1	%		96.7	%		5.0	%		5.7	%		(2.3	%)		12.5	%		5.5	%
Long Island
Bayview / Colonial		160				11/1/2000	$	1,443		97.6	%		97.8	%		3.4	%		0.6	%		(9.5	%)		8.3	%
Cambridge Village		82				3/1/2002		2,101		96.8	%		97.0	%		5.3	%		4.2	%		4.6	%		4.0	%
Crescent Club		257				9/30/2010		1,558		96.6	%		96.1	%		5.2	%		4.8	%		(3.3	%)		10.1	%
Devonshire Hills		656				7/16/2001		1,763		95.6	%		96.7	%		3.0	%		0.1	%		(4.2	%)		2.4	%
Hawthorne Court		434				4/4/2002		1,629		97.3	%		97.2	%		3.9	%		3.0	%		1.5	%		4.2	%
Heritage Square		80				4/4/2002		2,036		97.1	%		97.9	%		5.1	%		2.7	%		(2.8	%)		6.8	%
Holiday Square		144				5/31/2002		1,397		97.3	%		97.7	%		3.4	%		2.9	%		(1.1	%)		6.1	%
Lake Grove		368				2/3/1997		1,656		97.0	%		95.5	%		4.8	%		6.2	%		(0.9	%)		11.0	%
Mid-Island Estates		232				7/1/1997		1,574		97.3	%		98.3	%		3.3	%		1.3	%		2.6	%		0.3	%
Sayville Commons		342				7/15/2005		1,817		95.4	%		97.5	%		4.4	%		5.7	%		0.2	%		10.0	%
Southern Meadows		452				6/29/2001		1,607		97.3	%		96.1	%		2.5	%		3.2	%		(2.3	%)		7.1	%
Westwood Village		242				3/1/2002		2,675		97.4	%		97.3	%		3.6	%		3.3	%		2.4	%		3.9	%
Woodmont Village		97				3/1/2002		1,521		96.7	%		97.6	%		5.1	%		(2.6	%)		1.8	%		(5.2	%)
Yorkshire Village		40				3/1/2002		2,058		97.8	%		97.3	%		4.2	%		7.6	%		12.1	%		3.7	%
Total Long Island		3,586		8.5	%		$	1,738		96.7	%		96.9	%		3.8	%		2.9	%		(0.8	%)		5.5	%		10.5	%

Page 12

Property Results
June YTD															YTD '15 Versus YTD '14
			YTD '15												% Growth												YTD '15
	# of		Company			Date	YTD '15		YTD '15			YTD '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Northern New Jersey
Barrington Gardens		148				3/1/2005	$	1,480		97.3	%		96.9	%		3.1	%		4.5	%		(10.0	%)		13.4	%
Chatham Hill		308				1/30/2004		2,039		94.1	%		92.2	%		0.6	%		4.3	%		(4.9	%)		8.3	%
East Hill Gardens		33				7/8/1998		1,700		95.9	%		96.8	%		1.2	%		1.0	%		0.6	%		1.3	%
Hackensack Gardens		198				3/1/2005		1,343		95.4	%		97.7	%		6.4	%		2.8	%		(8.4	%)		11.6	%
Jacob Ford Village		270				2/15/2007		1,501		96.4	%		96.9	%		2.9	%		1.5	%		(10.2	%)		7.1	%
Lakeview		106				7/8/1998		1,528		97.4	%		97.4	%		1.9	%		(0.8	%)		6.8	%		(6.0	%)
Northwood		134				1/30/2004		1,518		96.2	%		97.6	%		2.7	%		1.6	%		(1.9	%)		3.9	%
Oak Manor		77				7/8/1998		2,127		97.3	%		96.5	%		1.4	%		0.8	%		(6.4	%)		4.8	%
Pleasant View		1,142				7/8/1998		1,291		96.9	%		96.2	%		2.7	%		4.3	%		(0.4	%)		7.5	%
Pleasure Bay		270				7/8/1998		1,236		95.8	%		95.7	%		3.7	%		3.3	%		(6.3	%)		11.0	%
Royal Gardens		550				5/28/1997		1,387		97.0	%		97.4	%		2.3	%		1.9	%		5.4	%		(0.3	%)
Sutton Pointe		241				2/19/2015		1,294		92.8	%		n/a			n/a			n/a			n/a			n/a
Wayne Village		275				7/8/1998		1,568		97.4	%		95.3	%		3.3	%		5.1	%		(0.7	%)		8.5	%
Windsor Realty		67				7/8/1998		1,404		97.1	%		96.4	%		1.5	%		4.3	%		(7.3	%)		13.7	%
Total Northern New Jersey		3,819		9.1	%		$	1,453		96.5	%		96.2	%		2.6	%		3.2	%		(2.1	%)		6.5	%		9.6	%
Philadelphia
Courts at Spring Mill Station		155				Under Construction	$	1,858		61.6	%		n/a			n/a			n/a			n/a			n/a
Glen Manor		180				9/23/1997		863		94.6	%		93.9	%		4.7	%		7.0	%		(6.4	%)		22.8	%
Golf Club		399				3/15/2000		1,243		94.3	%		95.8	%		2.4	%		(0.1	%)		(2.6	%)		1.2	%
Hill Brook Place		274				7/28/1999		981		95.6	%		95.1	%		1.6	%		1.1	%		(5.9	%)		7.7	%
Home Properties of Bryn Mawr		316				3/15/2000		1,630		92.5	%		91.9	%		1.5	%		3.7	%		(0.6	%)		5.7	%
Home Properties of Devon		631				3/15/2000		1,357		94.8	%		95.3	%		3.6	%		2.1	%		(2.5	%)		4.5	%
New Orleans Park		442				7/28/1999		969		96.0	%		94.8	%		3.0	%		3.8	%		(3.5	%)		10.8	%
Racquet Club East		466				7/7/1998		1,182		95.5	%		93.2	%		1.8	%		3.6	%		(1.5	%)		6.8	%
Racquet Club South		103				5/27/1999		989		95.7	%		92.0	%		2.4	%		8.1	%		(8.4	%)		27.3	%
Ridley Brook		244				7/28/1999		1,043		96.4	%		94.7	%		4.4	%		5.1	%		(5.4	%)		15.4	%
Sherry Lake		298				7/23/1998		1,348		95.9	%		97.1	%		1.5	%		0.0	%		(1.4	%)		0.8	%
Stone Hill		205				11/27/2013		955		96.2	%		90.3	%		2.8	%		22.1	%		2.6	%		42.4	%
The Brooke at Peachtree Village		146				8/15/2005		1,326		96.6	%		96.2	%		4.5	%		5.7	%		(4.8	%)		12.4	%
The Landings		384				11/22/1996		1,150		96.1	%		95.9	%		3.9	%		2.3	%		(7.4	%)		10.3	%
The Preserve at Milltown		376				6/19/2014		1,144		95.6	%		94.7	%		n/a			n/a			n/a			n/a
Trexler Park		250				3/15/2000		1,189		95.9	%		96.1	%		3.1	%		1.8	%		(5.1	%)		6.7	%
Trexler Park West		216				8/15/2008		1,423		96.7	%		97.7	%		3.5	%		1.4	%		(4.8	%)		4.5	%
Waterview		203				7/14/2011		1,160		92.9	%		96.1	%		2.2	%		(0.9	%)		7.7	%		(5.9	%)
William Henry		363				3/15/2000		1,272		94.5	%		94.5	%		3.0	%		4.0	%		(4.7	%)		9.7	%
Willowbrook		248				7/30/2014		1,245		94.4	%		n/a			n/a			n/a			n/a			n/a
Total Philadelphia		5,899		14.1	%		$	1,203		95.2	%		94.9	%		2.8	%		3.1	%		(3.2	%)		7.3	%		12.6	%

Page 13

Property Results
June YTD															YTD '15 Versus YTD '14
			YTD '15												% Growth												YTD '15
	# of		Company			Date	YTD '15		YTD '15			YTD '14			Rental			Total			Total			Total			Company
Region	Units		% Units (1)			Acquired (2)	Rent/Mo		Occup(3)			Occup(3)			Rates(4)			Revenue			Expense			NOI			% NOI (1)
Southeast Florida
The Hamptons		668				7/7/2004	$	1,187		96.3	%		95.9	%		7.5	%		6.9	%		(1.2	%)		14.0	%
Vinings at Hampton Village		168				7/7/2004		1,309		97.5	%		96.6	%		6.3	%		7.5	%		(0.2	%)		13.6	%
Total Southeast Florida		836		2.0	%		$	1,212		96.5	%		96.0	%		7.2	%		7.0	%		(1.0	%)		13.9	%		1.6	%
Washington, D.C.
1200 East West		247				5/11/2010	$	1,805		95.7	%		93.1	%		(2.6	%)		1.4	%		(1.4	%)		2.8	%
Arbor Park of Alexandria		851				Redevelopment		1,688		78.7	%		79.3	%		4.1	%		0.9	%		(2.4	%)		2.9	%
Braddock Lee		256				3/13/1998		1,449		96.6	%		97.0	%		(0.2	%)		0.1	%		(4.5	%)		2.9	%
Cinnamon Run		511				12/28/2005		1,362		92.3	%		92.2	%		2.1	%		1.4	%		10.8	%		(2.3	%)
Courts at Huntington Station		421				6/15/2011		1,950		92.7	%		93.4	%		(1.1	%)		(0.1	%)		1.8	%		(1.1	%)
East Meadow		150				8/1/2000		1,510		96.4	%		96.0	%		1.6	%		0.6	%		0.3	%		0.7	%
Eleven55 Ripley		379				Lease Up		1,813		81.9	%		16.1	%		n/a			n/a			n/a			n/a
Elmwood Terrace		504				6/30/2000		1,077		95.5	%		95.3	%		4.9	%		5.4	%		(4.2	%)		12.8	%
Hunters Glen		108				4/19/2011		1,092		94.8	%		94.6	%		4.1	%		2.3	%		(9.1	%)		9.2	%
Mount Vernon Square		1,387				12/27/2006		1,379		95.0	%		93.1	%		1.3	%		3.3	%		(0.6	%)		5.5	%
Newport Village		937				10/17/2011		1,575		94.7	%		93.0	%		(0.1	%)		(1.4	%)		(9.2	%)		3.4	%
Park Shirlington		294				3/13/1998		1,494		95.6	%		95.1	%		1.7	%		2.2	%		(4.0	%)		6.2	%
Peppertree Farm		879				12/28/2005		1,351		91.8	%		92.6	%		3.0	%		1.2	%		(4.5	%)		4.7	%
Seminary Hill		296				7/1/1999		1,483		95.7	%		97.3	%		1.6	%		0.8	%		4.6	%		(1.8	%)
Seminary Towers		545				7/1/1999		1,505		94.5	%		95.4	%		1.3	%		(0.4	%)		(1.1	%)		0.1	%
Somerset Park		108				10/11/2011		1,542		94.9	%		98.0	%		1.1	%		(1.8	%)		(0.7	%)		(2.4	%)
Tamarron		132				7/15/1999		1,695		93.6	%		96.3	%		2.0	%		0.2	%		4.9	%		(1.6	%)
The Apts. at Cobblestone Square		314				6/14/2012		1,362		96.1	%		95.8	%		1.7	%		1.7	%		(0.2	%)		2.8	%
The Apts. at Wellington Trace		240				3/2/2004		1,437		95.5	%		96.4	%		1.1	%		0.2	%		(1.5	%)		1.0	%
The Courts at Dulles		411				11/30/2011		1,567		97.1	%		95.9	%		1.9	%		3.7	%		(0.0	%)		5.9	%
The Courts at Fair Oaks		364				9/30/2010		1,530		94.8	%		94.9	%		(0.9	%)		(1.4	%)		0.3	%		(2.3	%)
The Manor - VA		198				2/19/1999		1,238		94.4	%		95.0	%		3.7	%		(0.3	%)		(1.7	%)		0.4	%
The Manor East		164				5/11/2012		1,185		93.8	%		92.9	%		2.2	%		2.4	%		6.1	%		0.3	%
The Sycamores		185				12/16/2002		1,500		97.9	%		96.6	%		1.9	%		3.1	%		3.9	%		2.5	%
Village at Potomac Falls		247				8/5/2010		1,484		95.6	%		95.2	%		1.5	%		1.3	%		(4.5	%)		4.8	%
West Springfield		244				11/18/2002		1,612		96.3	%		96.0	%		2.1	%		3.5	%		1.7	%		4.3	%
Westchester West		345				12/30/2008		1,456		92.0	%		92.8	%		2.6	%		1.2	%		(0.4	%)		2.1	%
Woodway at Trinity Centre		504				5/17/2012		1,469		95.1	%		95.7	%		2.7	%		1.1	%		(1.4	%)		2.3	%
Total Washington, D.C.		11,221		26.7	%		$	1,459		94.7	%		94.4	%		1.4	%		1.2	%		(1.4	%)		2.7	%		28.8	%
Total Properties		41,957		100.0	%		$	1,367		94.9	%		n/a			n/a			n/a			n/a			n/a			100.0	%
Total Core Properties		38,569					$	1,364		95.4	%		95.2	%		3.0	%		3.1	%		(1.2	%)		5.7	%

(1) Represents the percentage of the Company's total Units/NOI attributed to each region, including Core and Non-Core Properties.

(2) For development properties, represents the date all units became available to rent.

(3) Average physical occupancy is defined as the number of occupied apartment units divided by total apartment units.

(4) Reflects net change in base rental rates before bad debts and occupancy changes.

Page 14

Physical Occupancy Comparison by Region - Core Properties
Sequential Comparison
Second Quarter 2015 vs. First Quarter 2015
Region	% Units			2Q '15			1Q '15			Variance
Baltimore		25.9	%		95.2	%		94.2	%		1.0	%
Boston		9.2	%		97.2	%		96.0	%		1.2	%
Chicago		4.9	%		97.5	%		96.7	%		0.8	%
Long Island		9.3	%		97.3	%		96.2	%		1.1	%
Northern New Jersey		9.3	%		97.1	%		96.0	%		1.1	%
Philadelphia		13.3	%		95.2	%		95.2	%		0.0	%
Southeast Florida		2.2	%		96.3	%		96.7	%		(0.4	%)
Washington, D.C.		25.9	%		95.2	%		94.1	%		1.1	%
Total Core		100.0	%		95.9	%		95.0	%		0.9	%
Quarter over Quarter Comparison
Second Quarter 2015 vs. Second Quarter 2014
Region	% Units			2Q '15			2Q'14			Variance
Baltimore		25.9	%		95.2	%		94.6	%		0.6	%
Boston		9.2	%		97.2	%		96.5	%		0.7	%
Chicago		4.9	%		97.5	%		97.4	%		0.1	%
Long Island		9.3	%		97.3	%		97.5	%		(0.2	%)
Northern New Jersey		9.3	%		97.1	%		96.4	%		0.7	%
Philadelphia		13.3	%		95.2	%		94.9	%		0.3	%
Southeast Florida		2.2	%		96.3	%		95.6	%		0.7	%
Washington, D.C.		25.9	%		95.2	%		94.7	%		0.5	%
Total Core		100.0	%		95.9	%		95.4	%		0.5	%
June 2015 vs. Second Quarter 2015
Region	% Units			Jun '15			2Q '15			Variance
Baltimore		25.9	%		95.3	%		95.2	%		0.1	%
Boston		9.2	%		97.3	%		97.2	%		0.1	%
Chicago		4.9	%		97.3	%		97.5	%		(0.2	%)
Long Island		9.3	%		97.5	%		97.3	%		0.2	%
Northern New Jersey		9.3	%		97.5	%		97.1	%		0.4	%
Philadelphia		13.3	%		94.4	%		95.2	%		(0.8	%)
Southeast Florida		2.2	%		95.4	%		96.3	%		(0.9	%)
Washington, D.C.		25.9	%		95.7	%		95.2	%		0.5	%
Total Core		100.0	%		96.0	%		95.9	%		0.1	%

Page 15

Operating Results by Region - Core Properties
Sequential Results
Second Quarter 2015 vs. First Quarter 2015
				Base Rental			Total
Region	% Units			Revenues(1)			Revenues			Expenses			NOI
Baltimore		25.9	%		1.6	%		0.9	%		(7.8	%)		5.5	%
Boston		9.2	%		2.8	%		3.1	%		(19.5	%)		18.0	%
Chicago		4.9	%		2.4	%		0.6	%		0.0	%		1.0	%
Long Island		9.3	%		2.6	%		(0.2	%)		(8.7	%)		5.7	%
Northern New Jersey		9.3	%		2.3	%		2.0	%		(15.7	%)		13.7	%
Philadelphia		13.3	%		0.5	%		(1.6	%)		(12.2	%)		5.3	%
Southeast Florida		2.2	%		2.0	%		1.7	%		2.7	%		0.9	%
Washington, D.C.		25.9	%		2.0	%		0.8	%		(7.5	%)		5.7	%
Total Core		100.0	%		1.9	%		0.8	%		(9.8	%)		7.3	%
Year over Year Results
Second Quarter 2015 vs. Second Quarter 2014
				Base Rental			Total
Region	% Units			Revenues(1)			Revenues			Expenses			NOI
Baltimore		25.9	%		4.1	%		4.1	%		(0.9	%)		6.6	%
Boston		9.2	%		6.4	%		6.2	%		(1.5	%)		10.1	%
Chicago		4.9	%		5.1	%		5.0	%		2.5	%		6.9	%
Long Island		9.3	%		3.6	%		3.2	%		(0.7	%)		5.7	%
Northern New Jersey		9.3	%		3.8	%		3.7	%		(1.1	%)		6.3	%
Philadelphia		13.3	%		3.1	%		3.4	%		(2.1	%)		6.7	%
Southeast Florida		2.2	%		7.9	%		7.8	%		2.9	%		11.8	%
Washington, D.C.		25.9	%		1.8	%		1.8	%		(2.1	%)		3.9	%
Total Core		100.0	%		3.6	%		3.5	%		(1.2	%)		6.2	%
Year over Year Results
YTD 2015 vs. YTD 2014
				Base Rental			Total
Region	% Units			Revenues(1)			Revenues			Expenses			NOI
Baltimore		25.9	%		3.8	%		3.4	%		(1.3	%)		5.9	%
Boston		9.2	%		6.1	%		5.8	%		3.0	%		7.4	%
Chicago		4.9	%		5.4	%		5.7	%		(2.3	%)		12.5	%
Long Island		9.3	%		3.4	%		2.9	%		(0.8	%)		5.5	%
Northern New Jersey		9.3	%		3.4	%		3.2	%		(2.1	%)		6.5	%
Philadelphia		13.3	%		3.3	%		3.1	%		(3.2	%)		7.3	%
Southeast Florida		2.2	%		7.3	%		7.0	%		(1.0	%)		13.9	%
Washington, D.C.		25.9	%		1.5	%		1.2	%		(1.4	%)		2.7	%
Total Core		100.0	%		3.4	%		3.1	%		(1.2	%)		5.7	%

(1) Reflects net change in base rental revenues after bad debts and occupancy changes.

Page 16

Percentage Change in New Lease and Renewal Lease Rents Compared to
Expiring Lease Rents - Core Properties
	1Q '14						2Q '14						3Q '14						4Q '14						YTD '14
Region	New			Renewal			New			Renewal			New			Renewal			New			Renewal			New			Renewal
Baltimore		0.3	%		3.3	%		3.4	%		3.7	%		2.1	%		3.9	%		1.2	%		3.9	%		2.1	%		3.7	%
Boston		0.4	%		3.0	%		5.3	%		3.8	%		5.8	%		4.1	%		4.8	%		4.1	%		4.6	%		3.9	%
Chicago		2.3	%		3.4	%		4.3	%		2.9	%		2.7	%		3.9	%		2.1	%		4.4	%		3.1	%		3.6	%
Long Island		(0.4	%)		3.4	%		4.5	%		3.5	%		3.6	%		4.0	%		1.1	%		4.1	%		2.8	%		3.8	%
Northern New Jersey		2.8	%		2.1	%		4.4	%		2.0	%		4.9	%		2.4	%		2.2	%		2.4	%		4.0	%		2.2	%
Philadelphia		(2.0	%)		2.4	%		2.7	%		3.4	%		3.5	%		3.8	%		1.0	%		3.5	%		2.0	%		3.4	%
Southeast Florida		6.9	%		4.2	%		9.4	%		3.9	%		9.7	%		4.6	%		6.7	%		4.5	%		8.3	%		4.2	%
Washington, D.C.		(2.3	%)		2.7	%		(0.1	%)		3.0	%		(0.2	%)		3.1	%		(2.0	%)		3.3	%		(1.0	%)		3.0	%
Total Core		(0.2	%)		2.9	%		3.0	%		3.2	%		2.5	%		3.6	%		0.9	%		3.6	%		1.9	%		3.4	%

	1Q '15						2Q '15
Region	New			Renewal			New			Renewal
Baltimore		(0.1	%)		4.3	%		2.0	%		3.7	%
Boston		3.6	%		4.2	%		7.5	%		4.3	%
Chicago		3.0	%		5.1	%		9.0	%		5.1	%
Long Island		1.9	%		4.5	%		2.8	%		4.4	%
Northern New Jersey		(0.3	%)		2.2	%		6.1	%		1.5	%
Philadelphia		(2.5	%)		3.1	%		3.5	%		3.6	%
Southeast Florida		8.4	%		4.6	%		9.4	%		4.3	%
Washington, D.C.		(2.1	%)		3.2	%		0.7	%		2.9	%
Total Core		0.1	%		3.7	%		3.3	%		3.4	%

Page 17

Resident Statistics
Top Six Reasons for Moveouts
	2Q '15			1Q '15			4Q '14			3Q '14			2Q '14			1Q '14			Year '14			Year '13			Year '12
Employment related		14.7	%		15.0	%		14.6	%		13.1	%		14.8	%		13.9	%		14.1	%		13.5	%		13.2	%
Location, apartment size		14.5	%		13.8	%		12.7	%		15.1	%		14.5	%		14.0	%		14.2	%		13.1	%		12.6	%
Home purchase		12.8	%		12.0	%		13.2	%		12.2	%		10.8	%		10.6	%		11.8	%		12.5	%		11.3	%
Transfer within HME		12.3	%		15.3	%		13.5	%		11.9	%		11.2	%		15.4	%		12.8	%		13.4	%		13.1	%
Domestic Situation		11.0	%		9.1	%		8.6	%		11.3	%		11.1	%		8.2	%		10.8	%		10.1	%		10.2	%
Eviction, skip		10.7	%		12.7	%		14.2	%		11.7	%		12.1	%		14.6	%		13.0	%		12.9	%		14.2	%
Traffic - Core Properties													Turnover - Core Properties
							Signed			Signed
	Traffic			Traffic			Leases			Leases
	2Q '15			YTD '15			2Q '15			YTD '15
	vs.			vs.			vs.			vs.
Region	2Q '14			YTD '14			2Q '14			YTD '14			2Q '15			2Q '14			YTD '15			YTD '14
Baltimore		(3.3	%)		(2.4	%)		19.7	%		13.1	%		10.3	%		10.9	%		18.0	%		18.9	%
Boston		(1.4	%)		(10.4	%)		8.0	%		6.1	%		11.0	%		11.9	%		18.7	%		20.2	%
Chicago		(16.6	%)		(13.5	%)		5.5	%		3.9	%		13.6	%		12.3	%		21.9	%		19.9	%
Long Island		17.5	%		14.6	%		29.5	%		18.4	%		9.1	%		8.0	%		17.0	%		15.3	%
Northern New Jersey		(12.5	%)		(6.8	%)		3.8	%		2.8	%		8.7	%		9.8	%		16.9	%		17.8	%
Philadelphia		(9.6	%)		(6.9	%)		(0.7	%)		(2.4	%)		14.4	%		14.3	%		22.2	%		22.1	%
Southeast Florida		(4.2	%)		3.6	%		23.8	%		16.2	%		13.4	%		12.1	%		25.5	%		23.4	%
Washington, D.C.		(10.0	%)		(3.6	%)		12.8	%		11.6	%		9.4	%		9.4	%		17.3	%		17.1	%
Total Core		(5.6	%)		(3.7	%)		12.4	%		8.7	%		10.7	%		10.8	%		18.6	%		18.7	%
Bad Debt as % of Rent and Utility Recovery
	2Q '15			2Q '14			YTD '15			YTD '14
Total Core		0.70	%		0.78	%		0.72	%		0.81	%

Page 18

Net Operating Income Detail
($ in thousands, except per unit data)
Core Properties
							Qtr			%									Qtr			%
	2Q '15			2Q '14			Variance			Variance			YTD '15			YTD '14			Variance			Variance
Rent	$	150,636		$	145,394		$	5,242			3.6	%	$	298,412		$	288,656		$	9,756			3.4	%
Utility recovery		5,534			5,205			329			6.3	%		13,073			13,184			(111	)		(0.8	%)
Rent including recoveries		156,170			150,599			5,571			3.7	%		311,485			301,840			9,645			3.2	%
Other income		7,158			7,170			(12	)		(0.2	%)		13,940			13,901			39			0.3	%
Total income		163,328			157,769			5,559			3.5	%		325,425			315,741			9,684			3.1	%
Operating & maintenance		(55,678	)		(56,358	)		680			1.2	%		(117,419	)		(118,894	)		1,475			1.2	%
Core Properties NOI	$	107,650		$	101,411		$	6,239			6.2	%	$	208,006		$	196,847		$	11,159			5.7	%
Physical Occupancy		95.9	%		95.4	%		0.5	%					95.4	%		95.2	%		0.2	%
Weighted Avg Rent per Unit	$	1,371		$	1,330		$	40			3.0	%	$	1,364		$	1,324		$	40			3.0	%

Acquired Properties (1)							Redevelopment Property (2)
	2Q '15			YTD '15				2Q '15			YTD '15
Rent	$	8,599		$	16,093		Rent	$	3,350		$	6,594
Utility recovery		130			286		Utility recovery		99			208
Rent including recoveries		8,729			16,379		Rent including recoveries		3,449			6,802
Other income		441			794		Other income		122			225
Total income		9,170			17,173		Total income		3,571			7,027
Operating & maintenance		(3,803	)		(7,139	)	Operating & maintenance		(1,231	)		(2,494	)
Acquired Properties NOI	$	5,367		$	10,034		Redevelopment Property NOI	$	2,340		$	4,533
Physical Occupancy		95.2	%		93.5	%	Physical Occupancy		80.2	%		78.7	%
Weighted Avg Rent per Unit	$	1,292		$	1,286		Weighted Avg Rent per Unit	$	1,687		$	1,688
Development Properties (3)							Disposed Properties (4)
	2Q '15			YTD '15				2Q '15			YTD '15
Rent	$	527		$	817		Rent	$	-		$	2,076
Utility recovery		28			42		Utility recovery		-			91
Rent including recoveries		555			859		Rent including recoveries		-			2,167
Other income		30			67		Other income		-			263
Total income		585			926		Total income		-			2,430
Operating & maintenance		(294	)		(516	)	Operating & maintenance		-			(745	)
Development Properties NOI	$	291		$	410		Disposed Properties NOI	$	-		$	1,685
Physical Occupancy	(see development pipeline schedule)			(see development pipeline schedule)
Weighted Avg Rent per Unit	$	1,831		$	1,858

(1) Acquired Properties consists of properties acquired subsequent to January 1, 2014 and a development property currently in Lease-up (full year operating results not available).

(2) Arbor Park of Alexandria - 851 units in 52 buildings commenced renovation in 2011 on a building-by-building basis and was completed in 2Q'15.

(3) Development Properties consists of one property, Courts at Spring Mill Station.

(4) Disposed Properties consists of two properties, The New Colonies and The Coves at Chesapeake.

Seasonality Factor for NAV Calculation

To annualize net operating income for net asset value calculation, the seasonality factor to apply to the current quarter's effective NOI run rate is 25.9%.  This will adjust for the typical seasonal variability in NOI.

Page 19

Operating Expense Detail - Core Properties
($ in thousands)
					Qtr			%							YTD			%
	2Q '15		2Q '14		Variance			Variance			YTD '15		YTD '14		Variance			Variance
Electricity	$	1,833	$	1,869	$	(36	)		(1.9	%)	$	4,142	$	4,068	$	74			1.8	%
Gas		2,029		2,427		(398	)		(16.4	%)		8,168		9,193		(1,025	)		(11.1	%)
Water & sewer		4,650		4,354		296			6.8	%		9,207		8,795		412			4.7	%
Repairs & maintenance		6,499		8,949		(2,450	)		(27.4	%)		12,555		15,136		(2,581	)		(17.1	%)
Personnel expense		13,658		13,401		257			1.9	%		27,261		27,160		101			0.4	%
Advertising		1,274		1,226		48			3.9	%		2,433		2,379		54			2.3	%
Legal & professional		392		303		89			29.4	%		733		550		183			33.3	%
Office & telephone		1,583		1,672		(89	)		(5.3	%)		3,269		3,287		(18	)		(0.5	%)
Property insurance		2,202		1,377		825			59.9	%		4,853		4,528		325			7.2	%
Real estate taxes		16,292		15,549		743			4.8	%		32,536		31,451		1,085			3.4	%
Snow		76		45		31			68.9	%		1,948		1,988		(40	)		(2.0	%)
Trash		932		905		27			3.0	%		1,877		1,817		60			3.3	%
Property management G&A		4,258		4,281		(23	)		(0.5	%)		8,437		8,542		(105	)		(1.2	%)
Total Core	$	55,678	$	56,358	$	(680	)		(1.2	%)	$	117,419	$	118,894	$	(1,475	)		(1.2	%)

Page 20

Disposition of Real Estate

($ in thousands)

Results of operations for the two communities sold during the first quarter of 2015 are included in continuing operations in the consolidated statements of operations in accordance with ASU 2014-08 adopted effective January 1, 2015. Communities sold were:

- The New Colonies in the Chicago region was sold on January 26

- The Coves at Chesapeake in the Baltimore region was sold on March 25

Operating results provided below:

	2Q '15		2Q '14		YTD '15		YTD '14
Revenues:
Rental income	$	-	$	3,219	$	2,076	$	6,388
Property other income		-		314		354		652
Total revenues		-		3,533		2,430		7,040
Expenses:
Operating and maintenance		-		1,271		745		2,597
Depreciation and amortization		-		965		421		1,925
Total expenses		-		2,236		1,166		4,522
Net income	$	-	$	1,297	$	1,264	$	2,518

Results of operations for the three communities sold during 2014 are included in the line item “Income from discontinued operations.” Communities sold were:

- Cider Mill in the Washington, D.C. region was sold on February 26, 2014

- Woodleaf in the Washington, D.C. region was sold on December 19, 2014

- The Manor - MD in the Washington, D.C. region was sold on December 29, 2014

Operating results provided below:

	2Q '14		YTD '14
Revenues:
Rental income	$	2,591	$	7,124
Property other income		196		722
Total revenues		2,787		7,846
Expenses:
Operating and maintenance		834		2,614
Interest (1)		479		2,063
Depreciation and amortization		598		1,459
Total expenses		1,911		6,136
Net income	$	876	$	1,710

(1) Includes debt extinguishment costs of $802 incurred as a result of repaying property-specific debt upon sale.

Page 21

Summary of Recent Acquisitions
($ in millions, except unit and per unit data)
											Wtd Avg
			Purchase	# of		Cap (1)			Purchase		Price per
Community	Region	State	Date	Units		Rate			Price		Unit
2015 Acquisitions
Park Grove	Chicago	IL	1/7/2015		710		5.8	%	$	92.0	$	129,577
Sutton Pointe	Northern New Jersey	NJ	2/19/2015		241		6.1	%		31.0		128,631
			Total 2015		951		5.9	%	$	123.0	$	129,338
2014 Acquisitions
The Preserve at Milltown	Philadelphia	PA	6/19/2014		376		6.3	%	$	45.0	$	119,681
Willowbrook	Philadelphia	PA	7/30/2014		248		6.8	%		30.5		122,984
Lakes of Schaumburg	Chicago	IL	11/12/2014		428		6.0	%		66.0		154,206
			Total 2014		1,052		6.3	%	$	141.5	$	134,506
Total 2015 and 2014 Acquisitions					2,003		6.1	%	$	264.5	$	132,052

(1) Capitalization (Cap) rate based on projected NOI at the time of acquisition after allowance for a 2.7% management fee, but before capital expenditures.

Summary of Recent Dispositions
($ in millions, except unit and per unit data)
											Wtd Avg
			Sale	# of		Cap (2)			Sales		Price per		Unlevered
Community	Region	State	Date	Units		Rate			Price		Unit		IRR
2015 Sales
The New Colonies	Chicago	IL	1/26/2015		672		7.3	%	$	49.3	$	73,390		10.5	%
The Coves at Chesapeake	Baltimore	MD	3/25/2015		469		6.6	%		76.3		162,580		6.3	%
			Total 2015		1,141		6.9	%	$	125.6	$	110,051		8.0	%
2014 Sales
Cider Mill	Washington, D.C.	MD	2/26/2014		864		6.9	%	$	110.0	$	127,315		8.3	%
Woodleaf	Washington, D.C.	MD	12/19/2014		228		7.1	%		33.5		146,930		12.1	%
The Manor (MD)	Washington, D.C.	MD	12/29/2014		435		6.3	%		73.3		168,391		11.5	%
			Total 2014		1,527		6.7	%	$	216.8	$	141,945		10.0	%
Total 2015 and 2014 Sales					2,668		6.8	%	$	342.3	$	128,305		9.2	%

(2) Capitalization (Cap) rate based on historical NOI after allowance for a 2.7% management fee, but before capital expenditures.  The cap rate as calculated from the buyer's perspective could be lower if risk of real estate re-assessment is taken into account.

Page 22

Breakdown of Units
							Net								Net
							Acquired/Sold/								Acquired/Sold/
		As of		12/31/2013			Developed			As of		12/31/2014			Developed			As of		6/30/2015
Region	State	12/31/2013		% of units			in 2014			12/31/2014		% of Units			in 2015			6/30/2015		% of Units
Baltimore	MD		10,477		24.8	%		-			10,477		24.9	%		(469	)		10,008		23.9	%
Boston	MA/ME		3,556		8.4	%		-			3,556		8.4	%		-			3,556		8.5	%
Chicago	IL		2,566		6.1	%		428			2,994		7.1	%		38			3,032		7.2	%
Long Island	NY		3,586		8.5	%		-			3,586		8.5	%		-			3,586		8.5	%
Northern New Jersey	NJ		3,578		8.5	%		-			3,578		8.5	%		241			3,819		9.1	%
Philadelphia	PA		5,114		12.2	%		745			5,859		14.0	%		40			5,899		14.1	%
Southeast Florida	FL		836		2.0	%		-			836		2.0	%		-			836		2.0	%
Washington, D.C.	MD/VA		12,457		29.5	%		(1,236	)		11,221		26.6	%		-			11,221		26.7	%
Total			42,170		100.0	%		(63	)		42,107		100.0	%		(150	)		41,957		100.0	%

Page 23

Debt
($ in thousands)
		Interest			06/30/15
Property	Lender	Rate %			Balance		Maturity Date
Fixed Rate Secured
Sayville Commons	M&T Realty - Freddie Mac		5.00	%		35,637	08/01/15
Charleston Place	Wells Fargo - Freddie Mac		3.77	%		31,295	09/01/15
Charleston Place	Wells Fargo - Freddie Mac		3.77	%		21,382	09/01/15
Charleston Place	Wells Fargo - Freddie Mac		3.77	%		18,350	09/01/15
Cypress Place Apartments	Prudential - Fannie Mae		6.56	%		9,530	11/01/15
Golf Club Apartments	Prudential - Fannie Mae		6.38	%		30,671	11/01/15
Northwood Apartments	M&T Realty - Freddie Mac		5.50	%		9,777	12/01/15
Cinnamon Run - 1st	M&T Realty - Freddie Mac		5.25	%		45,789	01/01/16
Cinnamon Run - 2nd	M&T Realty - Freddie Mac		5.55	%		4,765	01/01/16
Peppertree Farm - 1st	M&T Realty - Freddie Mac		5.25	%		70,479	01/01/16
Peppertree Farm - 2nd	M&T Realty - Freddie Mac		5.55	%		1,733	01/01/16
The Hamptons/Vinings at Hamptons	Prudential - Fannie Mae		5.57	%		46,129	02/01/16
Devonshire - 1st	Wachovia - Fannie Mae		5.60	%		33,816	04/01/16
Devonshire - 2nd	Wachovia - Fannie Mae		6.24	%		7,812	04/01/16
Mid-Island	Prudential - Fannie Mae		5.48	%		17,992	04/01/16
Owings Run 1 & 2	Prudential - Fannie Mae		5.59	%		38,996	04/01/16
The Manor East	KeyBank - Freddie Mac		3.25	%		6,473	04/01/16
Country Village	Centerline (CIII) - Fannie Mae		5.52	%		16,973	06/01/16
Fox Hall Apartments	Columbia Nat'l - Freddie Mac		5.61	%		47,000	06/01/17
Mill Towne Village	Prudential - Fannie Mae		5.99	%		24,239	09/01/17
Royal Gardens Apts.	M&T Realty - Freddie Mac		5.83	%		47,000	11/01/17
Village Square 1, 2 & 3	Prudential - Fannie Mae		5.81	%		39,285	12/01/17
Chatham Hill	M&T Realty - Freddie Mac		5.59	%		41,334	01/01/18
William Henry Apartments	PNC - Fannie Mae		4.85	%		26,654	01/01/18
Seminary Towers Apartments	Prudential - Fannie Mae		5.49	%		53,515	07/01/18
Bonnie Ridge - 1st	Prudential Life		6.60	%		5,623	12/15/18
Bonnie Ridge - 2nd	Prudential Life		6.16	%		15,859	12/15/18
Bonnie Ridge - 3rd	Prudential Life		6.07	%		22,936	12/15/18

Page 24

Debt
($ in thousands)
		Interest			06/30/15
Property	Lender	Rate %			Balance		Maturity Date
Fixed Rate Secured
Annapolis Roads	Amerisphere - Fannie Mae		5.12	%		22,399	01/01/19
Ridgeview at Wakefield Valley	M&T Realty - Freddie Mac		5.75	%		16,959	01/01/19
The Sycamores	M&T Realty - Freddie Mac		5.71	%		19,763	01/01/19
Top Field Apartments	M&T Realty - Fannie Mae		4.84	%		15,465	01/01/19
Westwood Village	M&T Realty - Freddie Mac		5.68	%		43,291	01/01/19
The Brooke at Peachtree	Wells Fargo - Fannie Mae		5.47	%		11,440	07/01/19
Glen Manor	Prudential - Fannie Mae		5.83	%		7,411	08/01/19
Ridley Brook	Prudential - Fannie Mae		5.83	%		12,304	08/01/19
The Courts at Fair Oaks	Walker&Dunlop - Freddie CME		4.50	%		45,538	08/01/19
Southern Meadows	Red Mortgage - Fannie Mae		5.36	%		37,983	10/01/19
Elmwood Terrace	M&T Realty - Fannie Mae		5.56	%		24,994	11/01/19
Lakeview	Greystone - Fannie Mae		5.31	%		8,468	12/01/19
The Landings	Prudential - Fannie Mae		5.60	%		24,390	01/01/20
East Meadow Apartments	M&T Realty - Freddie Mac		5.40	%		13,725	05/01/20
Selford Townhomes	M&T Realty - Freddie Mac		5.40	%		8,297	05/01/20
Stone Ends Apts.	M&T Realty - Freddie Mac		5.40	%		23,370	05/01/20
Tamarron Apartments	M&T Realty - Freddie Mac		5.40	%		13,732	05/01/20
The Manor (VA)	M&T Realty - Freddie Mac		5.40	%		12,888	05/01/20
Woodmont Village	M&T Realty - Freddie Mac		5.40	%		9,299	05/01/20
The Lakes of Schaumburg	Midland Loan Services - Freddie CME		3.50	%		33,199	09/01/20
Trexler Park	Greystone - Fannie Mae		4.34	%		35,643	09/01/20
Arbor Park of Alexandria	Prudential - Fannie Mae		4.35	%		89,926	11/01/20
New Orleans Park	M&T Realty - Fannie Mae		4.58	%		21,910	11/01/20
Racquet Club East	PNC - Fannie Mae		4.74	%		35,132	12/01/20
Heritage Woods Apts	Greystone - Fannie Mae		5.39	%		13,585	01/01/21
The Meadows at Marlborough	Prudential - Fannie Mae		5.50	%		19,862	01/01/21
Home Properties of Devon	M&T Realty - Fannie Mae		4.85	%		56,811	08/01/21
Pleasant View Gardens	Prudential - Fannie Mae		4.51	%		89,119	11/01/21
Wtd Avg Rate/Total Debt - Fixed Rate Secured			5.17	%	$	1,537,946

Page 25

Debt
($ in thousands)
			Interest			06/30/15
Property		Lender	Rate %			Balance		Maturity Date
Variable Rate Secured
Sherry Lake		M&T Realty - Freddie Mac		2.93	%		23,391	04/01/17
Wtd Avg Rate/Total Debt - Variable Rate Secured				2.93	%	$	23,391
Wtd Avg Rate/Total Debt - Total Secured Debt				5.14	%	$	1,561,337
Fixed Rate Unsecured
Private Placement Senior Notes - Series A		Various Investors		4.46	%	$	90,000	12/19/18
Private Placement Senior Notes - Series B		Various Investors		5.00	%		60,000	12/19/21
Senior Notes		Prudential Life Insurance		4.16	%		50,000	06/27/19
Bank Term Loan-Interest Rate Swapped to Maturity		M&T Bank et. al.		1.69	%		250,000	08/18/18
Variable Rate Unsecured
Bank Term Loan 180-Day (1)		M&T Bank		1.19	%		100,000	07/18/15
Revolving Line of Credit		M&T Bank et. al.		1.19	%		318,500	08/18/17
Adjusts Daily  30 LIBOR + 1.0
Wtd Avg Rate/Total Debt - Total Unsecured Debt				2.10	%	$	868,500
Total Combined Debt				4.05	%	$	2,429,837
% Of Portfolio - Fixed	81.8%
% Of Portfolio - Variable	18.2%
			Interest					Years To
			Rate %					Maturity
Wtd Avg - Total Fixed Rate Debt				4.67	%			3.27
Wtd Avg - Total Variable Rate Debt				1.28	%			1.64
Wtd Avg - Combined Debt				4.05	%			2.98

(1) Term extended to 12/31/15 on 07/15/15.

Page 26

Debt
($ in thousands)
Total Debt Maturity Schedule Exclusive of Revolving Line of Credit & 180-Day Term Loan
Year of Maturity	Fixed Rate					Variable Rate					Total
	Wtd Avg					Wtd Avg							% Of
	Rate			Debt		Rate			Debt		Debt		Total
2015		4.84	%	$	156,641		-			-	$	156,641		7.79	%
2016		5.40	%		290,957		-			-		290,957		14.47	%
2017		5.78	%		157,524		2.93	%		23,391		180,915		8.99	%
2018		3.46	%		505,920		-			-		505,920		25.15	%
2019		5.14	%		316,015		-			-		316,015		15.71	%
2020		4.68	%		321,511		-			-		321,511		15.98	%
2021		4.85	%		239,377		-			-		239,377		11.91	%
TOTAL		4.67	%	$	1,987,946		2.93	%	$	23,391	$	2,011,337		100.00	%

Page 27

Debt
Unencumbered Properties
Property	# Units		Region	State	Property	# Units		Region	State
Canterbury		618	Baltimore	MD	Barrington Gardens		148	Northern New Jersey	NJ
Dunfield		312	Baltimore	MD	East Hill Gardens		33	Northern New Jersey	NJ
Gateway Village		132	Baltimore	MD	Hackensack Gardens		198	Northern New Jersey	NJ
Howard Crossing		1,350	Baltimore	MD	Jacob Ford Village		270	Northern New Jersey	NJ
Middlebrooke		208	Baltimore	MD	Oak Manor		77	Northern New Jersey	NJ
Morningside Heights		1,050	Baltimore	MD	Pleasure Bay		270	Northern New Jersey	NJ
Saddle Brooke		468	Baltimore	MD	Sutton Pointe		241	Northern New Jersey	NJ
The Apts at Cambridge Court		544	Baltimore	MD	Wayne Village		275	Northern New Jersey	NJ
The Greens at Columbia		168	Baltimore	MD	Windsor Realty		67	Northern New Jersey	NJ
Westbrooke		110	Baltimore	MD	Courts at Spring Mill Station		155	Philadelphia	PA
Gardencrest		696	Boston	MA	Hill Brook Place		274	Philadelphia	PA
Highland House		172	Boston	MA	Home Properties of Bryn Mawr		316	Philadelphia	PA
Liberty Place		107	Boston	MA	Racquet Club South		103	Philadelphia	PA
Middlesex Crossing		252	Boston	MA	Stone Hill		205	Philadelphia	PA
The Commons at Haynes Farm		302	Boston	MA	The Preserve at Milltown		376	Philadelphia	PA
The Heights at Marlborough		348	Boston	MA	Waterview		203	Philadelphia	PA
The Townhomes of Beverly		204	Boston	MA	Willowbrook		248	Philadelphia	PA
The Village at Marshfield		276	Boston	MA	1200 East West		247	Washington, D.C.	MD
Westwoods		35	Boston	MA	Eleven55 Ripley		379	Washington, D.C.	MD
Liberty Commons		120	Boston	ME	Hunter's Glen		108	Washington, D.C.	MD
Redbank Village		500	Boston	ME	Seminary Hill		296	Washington, D.C.	MD
Blackhawk		371	Chicago	IL	Courts at Huntington Station		421	Washington, D.C.	MD
Courtyards Village		224	Chicago	IL	Braddock Lee		256	Washington, D.C.	VA
Lakeview Townhomes		120	Chicago	IL	Mt. Vernon Square		1,387	Washington, D.C.	VA
Park Grove		710	Chicago	IL	Newport Village		937	Washington, D.C.	VA
The Colony		783	Chicago	IL	Park Shirlington		294	Washington, D.C.	VA
The Gates of Deer Grove		204	Chicago	IL	Somerset Park		108	Washington, D.C.	VA
Bayview/Colonial		160	Long Island	NY	The Apts at Cobblestone Square		314	Washington, D.C.	VA
Cambridge Village		82	Long Island	NY	The Apts at Wellington Trace		240	Washington, D.C.	VA
Crescent Club		257	Long Island	NY	The Courts at Dulles		411	Washington, D.C.	VA
Devonshire Hills (Stratford Greens)*		359	Long Island	NY	Village at Potomac Falls		247	Washington, D.C.	VA
Hawthorne Court		434	Long Island	NY	West Springfield		244	Washington, D.C.	VA
Heritage Square		80	Long Island	NY	Westchester West		345	Washington, D.C.	VA
Holiday Square		144	Long Island	NY	Woodway at Trinity Centre		504	Washington, D.C.	VA
Lake Grove		368	Long Island	NY
Yorkshire Village		40	Long Island	NY
					Total Number of Units:		22,505
					Total Number of Properties:		69

* The mortgage on the Stratford Greens portion of Devonshire Hills was repaid in 2Q 2015, unencumbering that portion of the community (359 units). A mortgage remains in-place on the remaining 297 units of Devonshire Hills.

Page 28

Capital Expenditures

Recurring Capital Expenditure Summary

For 2015 the Company estimates that the amount of recurring, non-revenue enhancing capital expenditures incurred on an annual basis for a standard garden style apartment will remain unchanged at $900 per apartment unit.

The Company's policy is 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 and bath cabinets, new roofs, site improvements and various exterior building improvements.   Non-recurring, revenue generating upgrades include, community centers, new windows, and kitchen and bath apartment upgrades.  Revenue generating capital improvements are expected to directly result in increased rental earnings or expense savings.  The Company capitalizes interest and certain internal personnel costs related to the communities under rehabilitation and construction.

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

							Maintenance
					Capitalized		Expense		Total
	Capitalized				Expenditure		Cost per		Cost per
	Cost per		Useful		per Unit		Unit		Unit
Category	Unit		Life(1)		per Year(2)		per Year(3)		per Year
Appliances	$	1,673		10	$	167	$	13	$	180
Blinds, shades		148		3		49		6		55
Carpets, cleaning		924		4		231		155		386
Computers, equipment, misc.(4)		124		6		21		22		43
Contract repairs		-		-		-		182		182
Exterior painting (5)		87		3		29		-		29
Flooring		175		7		25		27		52
Furnace, air (HVAC)		880		19		46		84		130
Hot water heater		302		7		43		-		43
Interior painting		-		-		-		194		194
Kitchen, bath cabinets upgrades		1,272		15		85		-		85
Landscaping site		-		-		-		122		122
New roof		906		24		38		-		38
Parking lot site		900		15		60		-		60
Pool, exercise facility		130		15		9		56		65
Windows major		1,712		20		86		-		86
Miscellaneous (6)		190		17		11		-		11
Total	$	9,423			$	900	$	861	$	1,761

(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 $861 per unit estimate.  All personnel costs for site supervision, leasing agents, and maintenance staff are combined and disclosed in the Company's Core Properties expense detail schedule.

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

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

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

The breakdown of costs above reflects the Company's unique strategies to improve every property every year regardless of age, and to purchase older properties and rehabilitate and reposition them to enhance internal rates of return.  These strategies result in higher costs of capital expenditures and maintenance costs which permit the Company to realize higher revenue growth, higher net operating income growth and a higher rate of property appreciation.

Page 29

Capital Expenditures

Capital Expenditure Summary

The Company estimates that on an annual basis $900 per unit is spent on recurring capital expenditures in 2015.  During the three months ended June 30, 2015 approximately $225 per unit was spent on recurring capital expenditures.  For the six months ended June 30, 2015 approximately $450 per unit was spent on recurring capital expenditures.  The table below summarizes the actual total capital improvements incurred by major categories and an estimate of the breakdown of total capital improvements by major categories between recurring, and non-recurring revenue generating capital improvements for the three and six months ended June 30, 2015 as follows:

For the three months ended June 30, 2015
($ in thousands, except per unit data)
					Non-				Total
	Recurring				Recurring				Capital
	Capex		Per Unit(a)		Capex		Per Unit(a)		Improvements		Per Unit(a)
New buildings	$	-	$	-	$	205	$	5	$	205	$	5
Major building improvements		1,221		30		7,507		185		8,728		215
Roof replacements		424		11		951		23		1,375		34
Site improvements		718		18		2,775		68		3,493		86
Apartment upgrades		1,262		31		7,912		195		9,174		226
Appliances		1,629		40		2		-		1,631		40
Carpeting/flooring		2,759		68		556		14		3,315		82
HVAC/mechanicals		903		22		2,838		70		3,741		92
Miscellaneous		213		5		685		17		898		22
Total	$	9,129	$	225	$	23,431	$	577	$	32,560	$	802

(a) Calculated using the weighted average number of units owned, including 38,569 core units, 2014 acquisition units of 1,052, and 2015 acquisition units of 951 for the three months ended June 30, 2015.

For the six months ended June 30, 2015
($ in thousands, except per unit data)
					Non-				Total
	Recurring				Recurring				Capital
	Capex		Per Unit(a)		Capex		Per Unit(a)		Improvements		Per Unit(a)
New Buildings	$	-	$	-	$	426	$	11	$	426	$	11
Major building improvements		2,551		63		8,488		210		11,039		273
Roof replacements		769		19		950		23		1,719		42
Site improvements		1,397		34		2,775		69		4,172		103
Apartment upgrades		3,140		78		13,200		326		16,340		404
Appliances		2,954		73		-		-		2,954		73
Carpeting/flooring		5,182		128		555		14		5,737		142
HVAC/mechanicals		1,802		45		4,869		120		6,671		165
Miscellaneous		425		10		1,322		33		1,747		43
Total	$	18,220	$	450	$	32,585	$	806	$	50,805	$	1,256

(a) Calculated using the weighted average number of units owned, including 38,569 core units, 2014 acquisition units of 1,052, and 2015 acquisition units of 867 for the six months ended June 30, 2015.

Page 30

Capital Expenditure Summary (continued)

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

For the three months ended June 30, 2015
($ in thousands, except per unit data)
					Non-				Total
	Recurring				Recurring				Capital
	Capex		Per Unit(a)		Capex		Per Unit(a)		Improvements		Per Unit(a)
Core Communities	$	8,678	$	225	$	21,727	$	563	$	30,405	$	788
2015 Acquisition Communities		214		225		749		788		963		1,013
2014 Acquisition Communities		237		225		955		908		1,192		1,133
Subtotal		9,129		225		23,431		577		32,560		802
2015 Disposed Communities		-		-		-		-		-		-
2014 Disposed Communities		-		-		-		-		-		-
Corporate office expenditures (b)		-		-		-		-		574		-
Total	$	9,129	$	225	$	23,431	$	577	$	33,134	$	802

(a) Calculated using the weighted average number of units owned, including 38,569 core units, 2014 acquisition units of 1,052, and 2015 acquisition units of 951 for the three months ended June 30, 2015.

(b) No distinction is made between recurring and non-recurring expenditures for corporate office.  Corporate office expenditures includes principally computer hardware, software, office furniture, fixtures and leasehold improvements.  Corporate office expenditures are excluded from per unit figures.

For the six months ended June 30, 2015
($ 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)
Core Communities	$	17,357	$	450	$	30,369	$	787	$	47,726	$	1,237
2015 Acquisition Communities		390		450		816		941		1,206		1,391
2014 Acquisition Communities		473		450		1,400		1,331		1,873		1,781
Sub-total		18,220		450		32,585		806		50,805		1,256
2015 Disposed Communities		104		332		-		-		104		332
2014 Disposed Communities		-		-		-		-		-		-
Corporate office expenditures (b)		-		-		-		-		1,044		-
Total	$	18,324	$	449	$	32,585	$	799	$	51,953	$	1,248

(a) Calculated using the weighted average number of units owned, including 38,569 core units, 2014 acquisition units of 1,052, 2015 acquisition units of 867, and 2015 disposed units of 314 for the six months ended June 30, 2015.

(b) No distinction is made between recurring and non-recurring expenditures for corporate office.  Corporate office expenditures includes principally computer hardware, software, office furniture, fixtures and leasehold improvements.  Corporate office expenditures are excluded from per unit figures.

Adjusted Net Operating Income - Core Properties
($ in thousands)
	Quarter			Quarter
	6/30/2015			6/30/2014		Change
Net Operating Income	$	107,650		$	101,411		6.2	%
Less: Non-recurring Capex @ 4%		(869	)		-		-
Adjusted Net Operating Income	$	106,781		$	101,411		5.3	%

Some of our Core Property NOI reflects incremental investments in the communities above and beyond normal capital replacements.  After charging ourselves a 4% cost of debt capital on these additional expenditures, what we refer to as the adjusted NOI for the quarter is recalculated and presented above.

Page 31

Development Pipeline as of June 30, 2015

($ in thousands)

Units

Cost

%

Property

when

Cost

Estimate

Costs

Initial

Date

%

%

Physical

Type

Complete

Estimate

Per Unit

Incurred (1)

Start

Occup

Complete

Complete (2)

Leased (3)

Occup (4)

Under construction:

Courts at Spring Mill Station

Donut/Podium

385

$

90,131

$

234

$

85,138

2Q 12

4Q 14

4Q 15

49.9

%

51.2

%

38.2

%

Conshohocken, PA

(1) Cost classified as Construction in Progress (CIP) at June 30, 2015 is $57,620.  The difference between Costs Incurred and CIP represents units placed into service.

(2) Represents the percentage of units that have been completed and are available to rent as of July 29, 2015.

(3) Represents the percentage of units that have been leased as of July 29, 2015.

(4) Represents the percentage of units occupied as of July 29, 2015.

Page 32