Declares Fourth Quarter 2002 Dividend

CHICAGO, Nov. 5 /PRNewswire-FirstCall/ -- Manufactured Home Communities, Inc. (NYSE: MHC) today announced that its Board of Directors has set the Company's 2003 dividend rate at $1.98 per share -- a 4.2 percent increase over the Company's 2002 dividend.

The Board of Directors also declared the Company's fourth quarter 2002 dividend of 47.5 cents per share, representing, on an annualized basis, a dividend of $1.90 per share. The dividend will be paid on January 10, 2003 to shareholders of record on December 27, 2002.

Manufactured Home Communities, Inc. owns or has a controlling interest in 140 quality communities in 22 states consisting of 51,260 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.