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ELS Reports Fourth Quarter Results

1. See page 6 for a complete Income Statement. The line items that the Company includes in property operating revenues and property operating expenses are also individually included in our Consolidated Income Statement. Excludes property management expenses and the GAAP deferral of right-to-use contract upfront payments and related commissions, net.

2. See manufactured home site figures and occupancy averages table above.

3. See resort base rental income table included below within this table.

2012 Core Income from Property Operations (1)

(In $US millions, except percentages, home site and occupancy figures, unaudited)

Three Months Ended     Year Ended  
December 31, % December 31, %
2012   2011 Change (2)   2012   2011   Change (2)
Community base rental income (3) $ 69.2 $ 67.2 2.9 % $ 274.4 $ 266.6 2.9 %
Rental home income 2.2 1.7 25.2 % 8.1 6.3 28.2 %
Resort base rental income (4) 29.6 28.6 3.7 % 133.7 130.4 2.5 %
Right-to-use annual payments 11.6 12.1 (4.4 )% 47.7 49.1 (3.0 )%
Right-to-use contracts current period, gross 3.8 4.8 (21.2 )% 13.4 17.9 (24.8 )%
Utility and other income (5) 11.2   11.2   0.2 % 51.7   49.6   4.2 %
Property operating revenues (6) 127.6 125.6 1.5 % 529.0 519.9 1.8 %
 
Property operating, maintenance, and real estate taxes 52.4 51.8 1.3 % 221.3 219.1 1.0 %
Rental home operating and maintenance 1.6 1.3 16.2 % 4.7 3.9 19.7 %
Sales and marketing, gross 3.0   2.9   2.3 % 10.8   11.2   (3.4 )%
Property operating expenses (6) 57.0   56.0   1.7 % 236.8   234.2   1.1 %
Income from property operations (6) $ 70.6   $ 69.6   1.4 % $ 292.2   $ 285.7   2.3 %
Occupied sites (7) 40,536 40,258
 
Core manufactured home site figures and occupancy averages:
Total sites 44,101 44,104 44,102 44,104
Occupied sites 40,462 40,215 40,333 40,094
Occupancy % 91.7 % 91.2 % 91.5 % 90.9 %
Monthly base rent per site $ 570 $ 557 $ 567 $ 554
 
Resort base rental income:
Annual $ 22.3 $ 21.3 4.7 % $ 86.7 $ 83.3 4.1 %
Seasonal 4.1 4.0 1.6 % 21.0 20.7 1.5 %
Transient 3.2   3.3   (0.6 )% 26.0   26.4   (1.6 )%
Total resort base rental income $ 29.6   $ 28.6   3.7 % $ 133.7   $ 130.4   2.5 %

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