Declares Fourth Quarter 2001 Dividend

CHICAGO, Nov. 7 /PRNewswire/ -- Manufactured Home Communities, Inc. (NYSE: MHC) today announced that its Board of Directors has set the Company's 2002 dividend rate at $1.90 per share -- a seven percent increase over the Company's 2001 dividend.

The Company also announced that its Board of Directors has declared a dividend of 44.50 cents per share, representing, on an annualized basis, a dividend of $1.78 per share. The dividend will be paid on January 11, 2002 to shareholders of record on December 28, 2001.

Manufactured Home Communities, Inc. owns or has a controlling interest in 148 quality communities in 23 states consisting of 50,747 sites. MHC is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.

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SOURCE Manufactured Home Communities, Inc.
Web site: http: //www.mhchomes.com
CONTACT: Marty McKenna of Manufactured Home Communities, Inc., +1-312-928-1901