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ELS Reports Fourth Quarter Results

2. See page 10 for the Income from Property Operations detail for the 2011 Acquisition Properties.

3. Includes approximately $50,000 resulting from the decrease in fair value of the net asset described in the following sentences. The Company owns both a fee interest and a leasehold interest in a 2,200 site property. The ground lease contains a purchase option on behalf of the lessee and a put option on behalf of the lessor. The options may be exercised by either party upon the death of the fee holder. The Company is the beneficiary of an escrow funded by the seller and denominated in approximately 114,000 shares of common stock of the Company. The escrow was established to protect the Company from future scheduled ground lease payments as well as scheduled increases in the option purchase price over time. The current fair value estimate of the escrow is $6.8 million. The Company will revalue the asset as of each reporting date and will recognize in earnings any increase or decrease in fair value of the escrow.

4. See definition of FFO on page 21.

5. Fourth quarter 2012 FFO adjusted to include a deduction for depreciation expense on rental homes would have been $48.6 million, or $1.07 per fully diluted share.

6. Net income per fully diluted common share is calculated before Income allocated to OP Units.

Consolidated Income Statement

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

Three Months Ended   Year Ended
December 31, December 31,
2012   2011 (1) 2012   2011 (1)
Revenues:
Community base rental income $ 104,351 $ 99,111 $ 414,170 $ 318,851
Rental home income 3,953 2,708 14,065 7,970
Resort base rental income 29,824 28,631 134,327 130,489
Right-to-use annual payments 11,575 12,103 47,662 49,122
Right-to-use contracts current period, gross 3,753 4,760 13,433 17,856
Right-to-use contracts, deferred, net of prior period amortization (2,014 ) (3,169 ) (6,694 ) (11,936 )
Utility and other income 14,411 13,799 64,432 53,843
Gross revenues from home sales 2,685 1,807 8,566 6,088
Brokered resale revenue and ancillary services revenues, net (117 ) (260 ) 3,114 3,464
Interest income 2,423 2,621 10,009 7,000
Income from other investments, net (2) 1,087   210   6,793   6,452  
Total revenues 171,931 162,321 709,877 589,199
 
Expenses:
Property operating and maintenance 53,805 52,206 226,952 200,623
Rental home operating and maintenance 2,204 1,766 7,359 4,850
Real estate taxes 11,323 11,097 47,623 37,619
Sales and marketing, gross 2,997 2,930 10,846 11,219
Sales and marketing, deferred commissions, net (981 ) (1,294 ) (3,155 ) (4,789 )
Property management 9,809 9,219 38,460 35,076
Depreciation on real estate assets and rental homes 26,297 25,023 104,917 84,257
Amortization of in-place leases 808 17,720 45,122 28,479
Cost of home sales 2,606 1,663 9,475 5,683
Home selling expenses 341 350 1,411 1,589
General and administrative 7,043 5,763 26,744 23,833
Acquisition costs 157 1,160 180 18,493
Rent control initiatives and other 389 485 1,456 2,043
Interest and related amortization 31,090   30,737   124,524   99,668  
Total expenses 147,888 158,825 641,914 548,643
Income before equity in income of unconsolidated joint ventures and gain on sale of property 24,043 3,496 67,963 40,556
Equity in income of unconsolidated joint ventures 375 366 1,899 1,948
Gain on sale of property, net of tax 4,596     4,596    
Consolidated net income 29,014 3,862 74,458 42,504
 
(Income) loss allocated to non-controlling interest-Common OP Units (2,176 ) 16 (5,067 ) (3,105 )
Income allocated to non-controlling interest-Perpetual Preferred OP Units (2,801 )
Series A Redeemable Perpetual Preferred Stock Dividends (242 ) (4,038 ) (11,704 ) (13,357 )
Series B Redeemable Preferred Stock Dividends (466 )
Series C Redeemable Perpetual Preferred Stock Dividends (2,322 )   (2,909 )  
Net income (loss) available for Common Shares $ 24,274   $ (160 ) $ 54,778   $ 22,775  
 
Net income (loss) per Common Share - Basic $ 0.59 $ $ 1.33 $ 0.64
Net income (loss) per Common Share - Fully Diluted $ 0.58 $ $ 1.32 $ 0.64
 
Average Common Shares - Basic 41,285 40,263 41,174 35,591
Average Common Shares and OP Units - Basic 45,160 44,978 45,112 40,004
Average Common Shares and OP Units - Fully Diluted 45,472 45,296 45,431 40,330

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