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ELS Reports Fourth Quarter Results

Tables follow:

Fourth Quarter 2012 - Selected Financial Data

(In $US millions, except per share data, unaudited)

Three Months Ended
December 31, 2012
Income from property operations - 2012 Core (1) $ 70.6
Income from property operations - 2011 Acquisitions (2) 27.0
Property management and general and administrative (17.0 )
Other income and expenses (3) 3.4
Financing costs and other (33.7 )
Funds from operations (FFO) (4) (5) 50.3
Depreciation on real estate (24.6 )
Depreciation on rental homes (5) (1.7 )
Amortization of in-place leases (0.8 )
Depreciation on unconsolidated joint ventures (0.3 )
Deferral of right-to-use contract sales revenue and commission, net (1.0 )
Income allocated to OP Units (2.2 )
Gain on sale of property 4.6  
Net income available to common shares $ 24.3  
Net income per common share - fully diluted (6) $ 0.58
FFO per share - fully diluted $ 1.11
Weighted average shares outstanding - fully diluted 45.5


1. See page 9 for the 2012 Core Income from Property Operations detail.

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