REGISTRATION NO-333-58799
FILED PURSUANT TO RULE 424(B)
HOME PROPERTIES OF NEW YORK, INC.
DIVIDEND REINVESTMENT AND
DIRECT STOCK PURCHASE PLAN
[LOGO] HOME PROPERTIES
6,050,000 Shares of Common Stock
Prospectus - July 20, 1998
PLAN HIGHLIGHTS
* Purchase Home Properties common stock at a discount
* Increase ownership through monthly optional cash
purchases
* Automatically reinvest quarterly dividends and/or
partnership distributions
* Transfer shares and move your money electronically
* Own stock without receiving certificates
Home Properties is a publicly traded company with a large amount of information
available. Our shares are traded on the New York Stock Exchange under the
ticker symbol HME. The closing price of the common stock on July 15, 1998
was $26.3125 per share. Investment in Home Properties common stock
involves certain risks including those described on pages 11-12.
Neither the Securities and Exchange Commission nor any state securities
regulator has approved or disapproved of these securities or determined if
this prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.
<PAGE>
Plan Service Fees
Enrollment Fee for New Investors No Charge
Purchase of Shares
Direct Issue from Home Properties No Charge
Open Market Purchase Fee No Charge
Sale of Shares
Open Market Sale Fee $15.00 plus $0.12
per share
Reinvestment of Dividends No Charge
Optional Cash Purchase No Charge
Gift or Transfer of Shares No Charge
Safekeeping of Stock Certificates No Charge
Certificate Issuance No Charge
Duplicate Statements
Current Year No Charge
Prior Year(s) $20.00 per statement
Returned Checks or Rejected Auto Withdrawals $25.00 per item
The agent charges the applicable fee to your plan account.
TABLE OF CONTENTS
Information About Home Properties................1
Purpose of the Plan..............................2
Home Properties' and the Agent's Responsibilites.2
Dividends Paid by Home Properties................2
Plan Features/Benefits to You....................3
Details About the Plan...........................4
Miscellaneous Information........................10
Income Tax Information...........................10
Risk Factors.....................................11
Governing Law....................................12
Legal Opinion....................................12
Independent Public Accountants...................13
Compliance Information...........................13
<PAGE>
INFORMATION ABOUT HOME PROPERTIES
Home Properties is a real estate investment trust (REIT) that owns,
manages, acquires, and develops apartment communities in the Northeast,
Midwest and Mid-Atlantic United States. Our communities are predominantly
suburban, garden-style apartments with brick exteriors, which appeal to a
broad range of middle income and senior residents.
Headquartered in Rochester, New York, Home Properties and its predecessors
have operated multifamily properties since 1967. Our strategy is to acquire
apartment communities at prices significantly below new construction costs and
then improve and manage these communities for long term growth. We refer to
this strategy as "repositioning". We also generate fee income through the
development, rehabilitation and management of apartment communities supported
by various forms of government assistance. Home Properties' expertise in both
market rate and government-assisted housing strengthens our market position and
enhances our future opportunities.
Our mission is to provide investors with dependable, above average returns
and to be the first choice of renters in our chosen markets. We serve our
residents with integrity and respect while providing value and service that
is intended to exceed expectations. Home Properties provides employees with
a secure environment that fosters freedom for growth, creativity and the
achievement of excellence.
For information or copies of our Annual Report to Shareholders, Proxy
Statement, and 10-Q or 10-K Reports, as well as other documents incorporated by
reference in this prospectus, please visit our Internet address,
www.homeproperties.com, or contact:
Home Properties
Investor Relations Department
850 Clinton Square
Rochester, New York 14604
(716)546-4900
HME
Listed
NYSE
The New York Stock Exchange
You should rely only on the information incorporated by reference or
provided in this prospectus or in any prospectus supplement. Home
Properties has authorized no one to provide you with different information.
Home Properties is not making an offer to sell stock in any state or
country where the offer is not permitted. You should not assume that the
information in this prospectus or any prospectus supplement is accurate as
of any date other than the date on the front of the document.
In this prospectus, "Home Properties" means Home Properties of New York, Inc.,
a Maryland corporation.
<PAGE> 1
PURPOSE OF THE PLAN
The Home Properties Dividend Reinvestment and Direct Stock Purchase Plan
was established to promote long-term ownership in Home Properties and is
designed to give our shareholders, residents, employees, limited partners
and others a simple, convenient, and economical way to purchase Home
Properties common stock. The plan is also designed to enable Home
Properties to efficiently raise capital to fund our continued growth
through the direct sale of newly issued shares.
In 1998, we revised the plan to provide new features, amend existing
features, and to clarify it. If you have previously participated in the
plan, you may participate in its amended version without any further action
on your part.
Please read this booklet carefully before you invest. Once you begin
participating in the plan, store this booklet with your investment records
relating to the plan. If you require an additional plan prospectus, enrollment
form, or further assistance, simply contact us or the plan's agent.
HOME PROPERTIES' AND THE AGENT'S RESPONSIBILITIES
The agent is designated by Home Properties to administer the plan and act
as administrator for the participants. The agent purchases and holds shares
of stock for plan participants, keeps records, mails statements, and
performs other duties required by the plan.
Neither Home Properties nor the agent is liable for any act, or for any
failure to act, as long as we make good faith efforts to carry out the
terms of the plan as described in this prospectus and on the forms that
accompany each investment or activity. This release from liability does not
apply to violation of federal securities laws.
Neither Home Properties nor the agent promises a profit or protects against
a loss on the common stock purchased under the plan.
DIVIDENDS PAID BY HOME PROPERTIES
Home Properties normally pays dividends four (4) times a year, in February,
May, August and November. Record dates on which you must be a shareholder are
approximately eight business days prior to the dividend payment dates.
Dividends are declared by the Board of Directors.
2
<PAGE>
PLAN FEATURES
Purchase Home Properties common stock by completing an Enrollment Form
and send a check, money order, or wire transfer; or arrange for the
agent to automatically withdraw from your bank account.
If you are not a Home Properties registered shareholder, community
resident, limited partner or employee, you must invest at least $2,000
initially. If you own Home Properties shares in an account with a
stock broker, request the broker to enroll you, request a certificate
for your shares or move those shares electronically into the plan.
Make optional cash purchases once each month for a minimum of $50 up
to a maximum $5,000. You purchase shares at 97% of the plan purchase
price. You may make larger optional cash purchases with the prior
approval of Home Properties.
Automatically reinvest all or some of your quarterly dividends or
limited partnership distributions into Home Properties common stock.
The shares you purchase with reinvested dividends/distributions are at
97% of the plan purchase price.
Purchase both full and fractional shares, and receive dividends on
full and fractional shares.
Receive a statement detailing your account activity each time you
invest.
Deposit your Home Properties stock certificates in the plan for
safekeeping at no cost.
Authorize the agent to sell your plan shares for a nominal fee without
requesting a specific sale date or price. If you prefer to decide the time and
price of the sale, you may withdraw your shares in certificate form or move
your shares electronically to your own brokerage account.
BENEFITS TO YOU
You purchase shares at a discount directly from Home Properties without a
broker, even if you are not a current shareholder. The Enrollment Form is
designed to guide you in setting up your plan account.
You begin with a relatively small amount invested, which may help you
diversify your financial assets. In addition, you can move shares from
your brokerage account into your plan account, or the reverse, at any
time without fees.
You conveniently add to your investment over time.
Your investment continues to build until you decide to stop. Then,
your dividends are mailed to you or deposited directly in your bank
account.
You enjoy the full reinvestment of your dividends.
You monitor your investment and make new transactions efficiently by
using the detachable form at the bottom of your plan statement.
You eliminate worry over lost or stolen certificates. Gifting or
transferring your stock is easier.
You have flexibility and control over your sale when using the plan's
electronic feature and your personal investment advisor.
Please see additional details on the following pages.
3
<PAGE>
DETAILS ABOUT THE PLAN
WHO MAY PARTICIPATE
All U.S. citizens are eligible to join the plan, whether or not they
are currently Home Properties shareholders.
Foreign citizens are eligible to participate as long as their
participation does not violate any laws in their home countries.
HOW TO ENROLL
Join the plan at any time by completing an Enrollment Form and
returning it to the agent in the courtesy envelope.
If you are a Home Properties shareholder of record, a Home Properties
community resident, a Home Properties limited partner or a Home
Properties employee, complete and return the Enrollment Form to the
agent to reinvest dividends or to purchase shares with optional cash
payments. If you own shares in a brokerage account, request the broker
to enroll you, request a certificate for your shares or move shares
electronically into the plan and complete and return the Enrollment
Form. Be sure to select one of the following investment options when
enrolling.
INVESTMENT OPTIONS
FULL DIVIDEND REINVESTMENT
If you select full dividend reinvestment, all dividends payable on
your registered shares or your plan shares acquired through optional
cash purchases, will purchase additional shares of common stock at 97%
of the plan purchase price. Your reinvested dividends will purchase
whole and fractional shares, computed to four decimal places,
on the dividend payment date.
PARTIAL DIVIDEND REINVESTMENT
If you select partial dividend reinvestment, the portion of dividends
payable on your registered shares or your plan shares acquired through
optional cash purchases that you specify will purchase additional
shares of common stock at 97% of the plan purchase price. Your
reinvested dividends will purchase whole and fractional shares,
computed to four decimal places, on the dividend payment date.
OPTIONAL CASH PURCHASE ONLY
If you select optional cash purchase only, you may purchase shares once a month
for 97% of the plan purchase price by investing a minimum of $50 up to a
maximum of $5,000. You will purchase whole and fractional shares, computed to
four decimal places. You will not receive interest on optional
cash amounts held pending a purchase. Your dividends will be paid directly
to you or deposited into your bank account.
4
<PAGE>
IMPORTANT: According to Internal Revenue Service regulations regarding
discounts on optional cash purchases in the plan, the actual discount
you receive on shares purchased may not exceed 5% of the one-day New
York Stock Exchange trading average on the optional cash purchase
date. The agent for the plan will calculate the discounted purchase
price at 97% of the five-day average and test for the 5% rule. The
actual price will be the higher of the two amounts for that purchase
date.
WAIVER PURCHASE
OPTIONAL CASH PURCHASE IN EXCESS OF $5,000
Home Properties considers monthly requests for optional cash purchases
greater than $5,000 on a case-by-case basis and approves requests
based on various corporate factors and market conditions. Waiver
purchases may be denied by Home Properties for any reason and require
a signed Waiver Purchase Form from you stating:
* you are not purchasing the shares to engage in arbitrage activities
* you will not sell Home Properties common stock or cause it to be sold
during the plan's five day pricing period
* you are not engaging in underwriting activities as defined under
applicable law
Waiver purchases greater than $5,000 may receive a discount between 0%
and 3% from the plan purchase price. Home Properties reserves the
right to review and adjust the waiver discount each month.
Waiver purchases greater than $25,000 are also subject to a
discretionary "Threshold Price" that may be set each month by Home
Properties. The discounted purchase price must meet or exceed the
Threshold Price for the purchase date. If the Threshold Price is not
met, waiver payments are returned to you in full without interest. The
Threshold Price only applies to optional cash purchases greater than
$25,000.
If you select optional cash purchase and want to purchase more than
$5,000 worth of our stock:
1. Contact the Investor Relations Department of Home
Properties at 716-246-4192 or 716-546-4900
with your request. Ask for that month's Threshold
Price and Waiver Purchase Form.
2. If approved, complete the Waiver Purchase Form that
we supply and return it to us before the pricing period
begins.
3. Send your optional cash payment to the agent before
the pricing period begins.
5
<PAGE>
HOW TO MAKE AN OPTIONAL CASH PAYMENT OR AN AUTOMATIC OPTIONAL CASH
PAYMENT FROM YOUR BANK ACCOUNT
Make an optional cash payment by sending a check, money order, or wire
transfer to the agent or authorize the agent to automatically withdraw
from your bank account. Do not send cash to the agent. If you pay by
check or money order, please use the transaction stub located on the
bottom of your plan statement, make your check or money order payable
to the agent and mail to the agent's address. Always write our New
York Stock Exchange symbol, HME, on your check, money order or wire.
To authorize an automatic optional cash payment from your bank
account, complete section five of the Enrollment Form or contact the
agent for additional information or assistance. Funds will be
withdrawn from your bank account on the first business day of the
month. If this date falls on a bank holiday or weekend, funds will be
withdrawn on the next business day. Please allow 4-6 weeks for
withdrawals from your bank account to begin. You must notify the agent
in writing to change or terminate automatic withdrawals from your bank
account.
THE SOURCE OF PLAN SHARES
Home Properties common stock purchased in the plan is either issued
directly by Home Properties from our authorized, unissued shares or
purchased by the agent on the New York Stock Exchange in open trading.
Home Properties designates the source of the shares but cannot change
the source more than once every three months and only if required by
law or other valid reason. We anticipate that Home Properties will
issue shares directly from our authorized, unissued shares.
THE PLAN PURCHASE PRICE
The plan purchase price is calculated differently depending upon
whether Home Properties issues new shares or the shares are bought by
the agent in open trading.
NEWLY ISSUED SHARES - the price of shares purchased directly from Home
Properties is the average of the daily high and low trading prices of
Home Properties common stock reported on the New York Stock Exchange
for the five business days just before the purchase date. You are not
charged a fee for newly issued shares.
OPEN MARKET PURCHASES - the price of shares purchased in open market
trading is the weighted average price for all shares purchased by the
agent for the plan on the purchase date. You are not charged a
fee for open market purchases.
6
<PAGE>
THE PURCHASE DATE AND THE PRICING PERIOD
* The purchase date for optional cash payments is the tenth day of
each month (or the next business day if the tenth is a weekend day or
bank holiday).
* The purchase date for the reinvestment of dividends is the
declared quarterly dividend payment date.
* The period when we calculate the plan purchase price for each
purchase date is the five business days just before, and not
including, the purchase date.
PAYMENT DUE DATE FOR OPTIONAL CASH PURCHASES
Your optional cash purchase payment must be received by the agent
before the five day pricing period begins. You do not earn any
interest on your payment, and you bear the risk associated with price
changes in Home Properties common stock during the pricing period.
TRACKING YOUR INVESTMENT IN THE PLAN
If you participate in dividend reinvestment, the agent mails you a
quarterly statement showing all transaction details for your account
including year-to-date and other information. The agent sends
supplemental statements or notices when you make an initial or
optional cash purchase or a deposit, transfer, sale or withdrawal of
shares. If you do not participate in dividend reinvestment, you
receive a statement or notice confirming any transaction you make. An
annual statement of your holdings is sent even if there was no
activity during the year in your account.
Please notify the agent in writing if the address on your account
changes.
Remember to save your account statements, along with this prospectus
and other pertinent tax information related to Home Properties
Dividend Reinvestment and Direct Stock Purchase Plan, to establish the
cost basis of your common stock purchased in the plan.
OPTIONAL CASH PURCHASE DELAY NOTIFICATION
Home Properties notifies you of an optional cash purchase delay if the
maximum number of shares available for this plan under our
registration statement with the Securities and Exchange Commission
(SEC) needs to be increased. If you are notified, then you may elect
to have the agent hold your money until additional shares for the plan
are available or you may have the agent return your money without
interest. If your money is held, the plan purchase price is
recalculated and you will receive the lower of the original or
deferred purchase price, less the discount.
7
<PAGE>
SAFEKEEPING YOUR STOCK CERTIFICATES
Home Properties shares you purchase in the plan are maintained in your
plan account for safekeeping in book-entry form. You do not receive a
certificate for those shares unless you request one in writing. You do
receive a monthly or quarterly statement detailing the status of your
holdings.
Any Home Properties shareholder may use the plan's safekeeping service
for Home Properties stock certificates. Safekeeping is beneficial
since you do not bear the risk and cost associated with the loss,
theft, or destruction of stock certificates. With safekeeping, you
retain the option to receive cash dividends or reinvest your
dividends.
To deposit Home Properties shares in the plan's safekeeping service,
send the stock certificates to the agent by registered mail with
written instructions to deposit them in safekeeping. Do not endorse or
assign your certificates.
OBTAINING STOCK CERTIFICATES
You can withdraw shares in certificate form from your plan account
without charge by writing to the agent. The agent issues certificates
in the name registered on the account, unless you instruct the agent
to issue them in another person's name or deliver a stock power to the
agent with your instructions. In order for certificates to be issued
to another person, the signature on the stock power must be guaranteed
by a financial institution. This ensures that the individual signing
a stock certificate or stock power is in fact the registered owner
named on the stock certificate or stock power. Contact your bank or
broker for more information regarding this guarantee.
The agent issues certificates for whole shares only. The agent mails a
check for the value of the fractional shares to you or your designate
within two to three weeks, or you may arrange for the agent to deposit
your money directly into your bank account.
SELLING SHARES IN YOUR PLAN ACCOUNT
You can sell any number of shares held in your plan account by writing
to the agent. The agent sells shares weekly. The sales price for the
shares the agent sells for you is the price received in open trading
by the agent. You receive the proceeds of the sale less a small fee
per share, and any required tax withholdings.
8
<PAGE>
CLOSING YOUR PLAN ACCOUNT
You may stop participating in the plan at any time by notifying the
agent in writing or by completing and returning the transaction stub
of your most recent plan account statement.
To stop automatic optional cash payments that are withdrawn from your
bank account, contact the agent at least one week before the last
business day of the month.
When you close your account, you may receive:
* certificates for full shares in your account and cash for
remaining fractional shares
* certificates for any portion of full shares and cash for
remaining full and fractional shares
* cash for all full and fractional shares
Please note that all sale proceeds are less a service fee.
CHANGES/TERMINATION OF THE PLAN
Home Properties reserves the right to amend or discontinue the plan at
any time. The agent will send you written notice of any significant
changes to the plan.
If we discontinue the plan, the agent returns any unused optional cash
payments in your account, issues a certificate for whole shares in
your account, and pays you cash for any fractional shares in your
account.
SUSPENSION/TERMINATION OF YOUR PARTICIPATION
Home Properties also reserves the right to deny, suspend or terminate
your participation in the plan if, in our sole discretion, you use the
plan in a manner inconsistent with its intended purpose, such as
excessive activity through multiple accounts. If we exercise this
right, the agent notifies you in writing and continues to safekeep
your shares but does not accept optional cash payments from you or
reinvest your dividends. The agent can issue a certificate to you or
transfer your shares electronically only upon your written request.
9
<PAGE>
MISCELLANEOUS INFORMATION
VOTING OF SHARES
For each shareholder meeting, you receive proxy materials and a proxy
card representing shares you own in certificate form and/or for whole
and fractional shares owned in your plan account. The proxy allows you
to indicate how you want your shares to be voted. Your shares are
voted only as you indicate. However, you must sign your proxy card or
your shares will not be voted. You may wait to vote or revote your
shares in person at the shareholder meeting.
HANDLING OF STOCK SPLITS, STOCK DIVIDENDS AND OTHER DISTRIBUTIONS
If Home Properties declares a stock split or stock dividend, the agent
credits your plan account with the appropriate number of shares on the
payment date.
In the event of a stock subscription or other offering of rights to
shareholders, you are entitled to these rights based on the number of
shares in your account on the record date for these transactions.
INCOME TAX INFORMATION
RELATING TO DIVIDENDS AND TRADING FEES
A portion of your dividends, whether or not they are reinvested, are considered
taxable income in the year you receive them, and a portion of your dividends
are considered return of capital. You receive an annual statement from the
agent indicating the amount of dividends reported as taxable dividend income to
the IRS on Form 1099.
The amount of the discount on any additional shares you purchase in the plan
through a purchase price discount is reported to the IRS as taxable income.
Consequently, your initial tax basis for those shares is the full purchase
price before the discount. This information is also reported on your annual
Form 1099.
RELATING TO TRANSFER OF SHARES
You do not realize a gain or loss for U.S. federal income tax purposes when you
transfer shares into the plan or when you withdraw whole shares from the plan.
You realize a gain or loss when you sell shares held in the plan, including
cash received for fractional shares. You are required to report this gain or
loss on your federal income tax return.
10
<PAGE>
WITHHOLDING TAXES
If you are a non-resident alien or a non-U.S. corporation, partnership, or
other entity, you are subject to a withholding tax on dividends earned on your
plan shares. The agent withholds the required amount determined according to
U.S. Treasury regulations. This withholding amount is reflected in your plan
account.
RISK FACTORS
ACQUISITION OF APARTMENT COMMUNITIES
DEBT FINANCING
Home Properties is subject to the customary risks associated with debt
financing, including the potential inability to refinance existing mortgage
indebtedness when it becomes due. The Board of Directors has adopted a policy
of limiting our Company's indebtedness to approximately 50% of our market
capitalization, although Home Properties' organizational documents contain no
limitation on debt percentages. If the Board of Directors changes its position,
we could increase our debt level.
General Real Estate Conditions
Home Properties' investment in real estate involves certain risks including
general economic and local real estate conditions; other conditions that might
affect operating expenses at our apartment communities, such as severe weather;
the timely completion of renovation activities at our apartment communities,
within anticipated budgets; the illiquid nature of real estate assets; and
compliance with federal and state laws governing our properties.
OTHER RISK FACTORS
FAILURE TO QUALIFY AS A REIT
We cannot assure that Home Properties will remain qualified as a real estate
investment trust (REIT) under the Internal Revenue Code of 1986, as amended. If
Home Properties is disqualified as a REIT, Home Properties would not be allowed
a deduction for distributions to shareholders in computing our taxable income
and we would be subject to federal income tax (including any applicable
alternative minimum tax) on our taxable income at regular corporate rates. The
result may be a reduction in dividends to shareholders in the disqualified
taxable year, and potentially for four taxable years following the
disqualification.
To continue to be taxed as a REIT, no more than fifty percent (50%) in value of
the outstanding Home Properties common stock may be owned, directly or
indirectly, by five or fewer individuals at any time during the last six months
of our taxable year. Home Properties limits ownership by any single stockholder
to 8% of the outstanding common shares in an effort to prevent this restriction
from being violated.
11
<PAGE>
PROPERTY MANAGEMENT'S CONFLICTS OF INTEREST
Our executive officers own the majority of their interest in Home Properties
through our UPREIT structure. This may create a conflict of interest between
the officers and stockholders with respect to business decisions affecting Home
Properties, and conflicts of interest as they relate to contracts and sales of
properties managed by Home Properties. Please contact the Investor Relations
department at our company headquarters for information on the UPREIT structure.
Governing Law
New York State law governs the terms and conditions of the plan, the Enrollment
Form, the account statements, and other documents relating to the plan.
Legal Opinion
Nixon, Hargrave, Devans & Doyle LLP, Rochester, New York has passed upon the
validity of the common stock being offered under this plan prospectus.
12
<PAGE>
INDEPENDENT PUBLIC ACCOUNTANTS
The audited financial statements and schedule incorporated by reference in this
Prospectus to the extent and for the periods indicated in their report have
been audited by Coopers & Lybrand L.L.P., independent public accountants, and
are incorporated by reference herein in reliance upon the authority of said
firm as experts in giving said report.
COMPLIANCE INFORMATION
We must comply with the Securities and Exchange Act of 1934. Accordingly, we
file annual, quarterly and special reports, proxy statements and other
information with the SEC. You may read and copy any reports, proxy statements
or other information we file at the SEC's public reference rooms, including its
public reference room at 450 Fifth Street, NW, Washington, D.C. 20549. You can
request copies of these documents, upon payment of a duplicating fee, by
writing to the SEC. Please call the SEC at 800-SEC-0330 for further information
on its public reference rooms. You may also access our SEC filings at the SEC's
Internet address (http://www.sec.gov), or Home Properties' Internet address
(http://www.homeproperties.com).
This prospectus is part of a registration statement that we filed with the SEC
to register the shares offered under the plan. It does not repeat important
information that you can find in our registration statement, reports and other
documents that we file with the SEC. The SEC allows us to "incorporate by
reference", which means that we can disclose important information to you by
referring you to other documents which are legally considered to be a part of
this prospectus, and any later information filed with the SEC which updates and
supersedes this information. The documents that we are incorporating by
reference are:
Annual Report on Form 10-K for the year ended 12/31/97.
Quarterly Report on Form 10-Q for the quarter ended 3/31/98.
Current Reports on Form 8-K, as amended, filed on 1/12/98,
2/20/98, 3/24/98, 3/26/98, 5/22/98 and 6/2/98.
Home Properties Proxy Statement dated March 27, 1998.
The description of the common stock set forth in Home Properties' Registration
Statement on Form 8-A, dated June 8, 1994 and the information incorporated by
reference set forth in the Registration Statement on Form S-11 (No. 33-78862),
as amended, or a prospectus subsequently filed under the heading "Description
of Capital Stock."
All documents filed by Home Properties under Sections 13(a), 13(c), 14, and
15(d) of the Exchange Act of 1934 after the date of this Prospectus and prior
to termination of this offering.
13
<PAGE>
[LOGO]
HOME PROPERTIES
Dividend Reinvestment and
Direct Stock Purchase Plan
Plan Agent: Chase Manhattan Bank
c/o ChaseMellon Shareholder Services
P.O. Box 3338
South Hackensack, New Jersey 07606-1938
Phone: 888-245-0458
e-mail: [email protected]
NYSE Ticker Symbol: HME
Company Internet www.homeproperties.com
Address:
Dates to Remember:
Dividends Paid and Reinvested Quarterly in February,
May, August and November
Optional Cash Purchase Date The tenth day of each
calendar month
Optional Cash Payment Date Prior to the five day
pricing period
immediately preceding
each optional cash
purchase date
Automatic Bank Account The first day of each
Withdrawal calendar month
