Home Properties (HME) Initiates 3.7M Common ATM Program

Home Properties (NYSE: HME) today announced that it has initiated an At-The-Market (ATM) equity offering program through which it may sell up to 3.7 million common shares. The shares would be sold from time to time through BofA Merrill Lynch and BMO Capital Markets, which will act as sales agents and/or principals.

"Home Properties' three-year cash flow projection, published with third quarter 2009 results, shows that the Company believes it will end each year with more than adequate cash or line of credit levels to fund normal operations and the dividend," said Edward J. Pettinella, Home Properties' President and CEO. "This equity offering program provides us with additional capacity to raise equity quickly and cost effectively."

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of debt, working capital, capital expenditures, acquisitions, development and redevelopment of apartment communities.