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ELS Reports Third Quarter Results

Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) today announced results for the three and nine months ended September 30, 2012.

a) Financial Results

For the three months ended September 30, 2012, Funds From Operations (“FFO”) were $53.2 million, or $1.17 per share on a fully-diluted basis, compared to $33.0 million, or $0.76 per share on a fully-diluted basis, for the same period in 2011. For the nine months ended September 30, 2012, FFO was $159.7 million, or $3.52 per share on a fully-diluted basis, compared to $102.7 million, or $2.64 per share on a fully-diluted basis, for the same period in 2011.

Net income available to common stockholders totaled $16.0 million, or $0.39 per share on a fully-diluted basis, for the three months ended September 30, 2012 compared to a net loss of $(2.9) million, or $(0.07) per share on a fully-diluted basis, for the same period in 2011. Net income available to common stockholders totaled $30.5 million, or $0.74 per share on a fully-diluted basis for the nine months ended September 30, 2012, compared to $22.9 million, or $0.67 per share on a fully-diluted basis, for the same period in 2011. 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 (General Accepted Accounting Principles) measure.

b) Portfolio Performance

The nine months ended September 30, 2012 compared to the same period in 2011 were impacted by the following: 1) the accelerated recognition of $2.1 million of revenue during the three months ended June 30, 2012, included in utility and other income, related to the early termination of a multi-year cable service agreement and 2) a decline in member right-to-use contract sales and related sales and marketing expenses as a result of the temporary cessation of membership upgrade sales in connection with sales force training and the roll out of new upgrade products during the first quarter of 2012. The overall performance of our right-to-use contracts net of related sales and marketing expense during the three months ended September 30, 2012 was in-line with our previously announced guidance. Excluding the impact of these items, for the nine months ended September 30, 2012, the increases in Core property operating revenues, expenses and income were approximately 2.2 percent, 1.2 percent and 3.0 percent, respectively.

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