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ELS Reports Fourth Quarter Results

Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) today announced results for the three months and year ended December 31, 2011.

a) Financial Results

For the three months ended December 31, 2011, Funds From Operations (“FFO”) were $43.5 million, or $0.96 per share on a fully-diluted basis, compared to $25.9 million, or $0.73 per share on a fully-diluted basis, for the same period in 2010. For the year ended December 31, 2011, FFO was $143.2 million, or $3.55 per share on a fully-diluted basis, compared to $123.2 million, or $3.47 per share on a fully-diluted basis, for the same period in 2010. Excluding approximately $1.2 million and $18.5 million in transaction costs incurred in connection with the Acquisition (as described below) during the three months and year ended December 31, 2011, respectively, FFO would have been $44.7 million and $161.7 million, or $0.99 and $4.01 per share on a fully-diluted basis, for the three months and year ended December 31, 2011, respectively.

Net loss available to common stockholders totaled ($0.2) million, or ($0.00) per share on a fully-diluted basis, for the three months ended December 31, 2011 compared to net income available to common stockholders of $5.7 million, or $0.18 per share on a fully-diluted basis, for the same period in 2010. Net income available to common stockholders totaled $22.8 million, or $0.64 per share on a fully-diluted basis for the year ended December 31, 2011, compared to $38.4 million, or $1.25 per share on a fully-diluted basis, for the same period in 2010. Excluding approximately $1.2 million and $18.5 million in transaction costs incurred in connection with the Acquisition (as described below) during the three months and year ended December 31, 2011, respectively, net income available to common stockholders would have been $0.9 million and $39.5 million, or $0.02 and $0.98 per share on a fully-diluted basis, for the three months and year ended December 31, 2011, respectively. See the attachment to this press release for a reconciliation of FFO and FFO per share to net income available to common shares and net income per common share, respectively, the most directly comparable GAAP measures.

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