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ELS Reports Fourth Quarter Results

1. Certain 2011 amounts have been reclassified to conform to the 2012 presentation. This reclassification had no material effect on the consolidated income statement.

2. For the three months and year ended December 31, 2012, includes approximately $50,000 decrease and $0.5 million increase, respectively, in a net asset associated with the Acquisition Properties. See footnote 3 on page 5 for detailed explanation.
Reconciliation of Net Income to FFO and FAD

(In $US thousands, except per share data, unaudited)
Three Months Ended   Year Ended
December 31, December 31,
2012   2011 2012   2011
Computation of funds from operations:
Net income (loss) available for Common Shares $ 24,274 $ (160 ) $ 54,778 $ 22,775
Income (loss) allocated to common OP Units 2,176 (16 ) 5,067 3,105
Series B Redeemable Preferred Stock Dividends 466
Right-to-use contract upfront payments, deferred, net (1) 2,014 3,169 6,694 11,936
Right-to-use contract commissions, deferred, net (2) (981 ) (1,294 ) (3,155 ) (4,789 )
Depreciation on real estate assets 24,643 23,780 98,826 79,981
Depreciation on rental homes (3) 1,654 1,243 6,091 4,276
Amortization of in-place leases 808 17,720 45,122 28,479
Depreciation on unconsolidated joint ventures 293 308 1,166 1,228
Gain on sale of property, net of tax (4,596 )   (4,596 )  
Funds from operations (FFO) (4) (5) $ 50,285 $ 44,750 $ 209,993 $ 147,457
Non-revenue producing improvements to real estate (9,246 ) (8,320 ) (29,287 ) (23,315 )
Funds available for distribution (FAD) (4) $ 41,039   $ 36,430   $ 180,706   $ 124,142  
 
FFO per Common Share - Basic $ 1.11 $ 0.99 $ 4.65 $ 3.69
FFO per Common Share - Fully Diluted $ 1.11 $ 0.99 $ 4.62 $ 3.66
 
FAD per Common Share - Basic $ 0.91 $ 0.81 $ 4.01 $ 3.10
FAD per Common Share - Fully Diluted $ 0.90 $ 0.80 $ 3.98 $ 3.08

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