CHICAGO, May 4, 2004 (BUSINESS WIRE) -- Manufactured Home Communities, Inc. (NYSE:MHC) today announced that its Board of Directors declared a dividend of 1.25 cents per share, representing, on an annualized basis, a dividend of 5 cents per share. The dividend will be paid on July 9, 2004 to shareholders of record on June 25, 2004.

The forward-looking statements contained herein are subject to certain risks and uncertainties including, but not limited to, the Company's ability to maintain rental rates and occupancy with respect to properties currently owned or pending acquisitions; the Company's assumptions about rental and home sales markets; the completion of pending acquisitions and timing with respect thereto; the effect of interest rates as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

SOURCE: Manufactured Home Communities, Inc.

CONTACT:          Manufactured Home Communities, Inc.
                  Michael Berman, 312-279-1496

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SOURCE: Manufactured Home Communities, Inc.