Announces Share Repurchase Plan

CHICAGO, Aug. 7 /PRNewswire-FirstCall/ -- Manufactured Home Communities, Inc. (NYSE: MHC) today announced that its Board of Directors declared a 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 October 11, 2002 to shareholders of record on September 27, 2002.

The Company also announced that its Board of Directors authorized the repurchase of up to one million shares of the Company's common stock during 2002. The shares may be purchased through open market or privately negotiated transactions.

Manufactured Home Communities, Inc. owns or has a controlling interest in 149 quality communities in 23 states consisting of 51,238 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