Home Properties Reports Negligible Financial Impact from Hurricane Irene and Earthquake

ROCHESTER, N.Y., Sept. 7, 2011 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced that its East Coast apartment communities sustained very minor damage from Hurricane Irene during the weekend of August 27, 2011 and negligible damage from the earthquake on August 23, 2011.  The Company had no reports of injury to any residents or employees.  The Company said costs of hurricane clean-up would not have a material financial impact.  It estimates hurricane-related expenses of up to $500,000, or approximately $0.01 per share, which will be substantially offset by insurance reimbursement, the amount of which has not been determined.  Minor repairs to fix wall, ceiling and concrete balcony cracks from the earthquake are expected to total less than $25,000.

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"We were very fortunate there were no injuries and that we experienced relatively minor wind and water damage at our properties from Hurricane Irene," said Bernard J. Quinn, Senior Vice President, Property Management Operations.  "Power has been restored at all properties, debris has been removed and required repairs have been made or are underway."

This release contains forward-looking statements.  Although the Company believes expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved.  Factors that may cause actual results to differ include general economic and local real estate conditions, weather, other conditions that might affect operating expenses, the timely completion of repositioning activities within anticipated budgets, the actual pace of future acquisitions and sales, and continued access to capital to fund growth.

Home Properties is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in selected Northeast and Mid-Atlantic markets.  Currently, Home Properties owns and operates 118 communities containing 39,696 apartment units.  For more information, visit Home Properties' website at homeproperties.com.

SOURCE Home Properties

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