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ELS Reports Fourth Quarter Results

Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and year ended December 31, 2013. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter Ended December 31, 2013

Normalized Funds from Operations (“Normalized FFO”) increased $6.1 million, or $0.06 per common share, to $56.6 million, or $0.62 per common share, compared to $50.5 million, or $0.56 per common share, for the same period in 2012. Funds from Operations (“FFO”) increased $4.6 million, or $0.05 per common share, to $54.9 million, or $0.60 per common share, compared to $50.3 million, or $0.55 per common share, for the same period in 2012. Net income available for common stockholders decreased $0.1 million to $24.2 million, or $0.29 per common share, compared to $24.3 million, or $0.29 per common share, for the same period in 2012. During the fourth quarter we expensed $1.6 million of the contingent asset related to our Colony Cove property. Consistent with our Normalized FFO definition, this amount is added back when calculating Normalized FFO.

Portfolio Performance

For the quarter ended December 31, 2013, property operating revenues, excluding deferrals, increased $10.2 million to $171.9 million compared to $161.7 million for the same period in 2012. For the year ended December 31, 2013, property operating revenues, excluding deferrals, increased $32.1 million to $696.2 million compared to $664.1 million for the same period in 2012. For the quarter ended December 31, 2013, income from property operations, excluding deferrals, increased $5.4 million to $99.3 million compared to $93.9 million for the same period in 2012. For the year ended December 31, 2013, income from property operations, excluding deferrals, increased $16.8 million to $397.7 million compared to $380.9 million for the same period in 2012.

For the quarter ended December 31, 2013, Core property operating revenues increased approximately 4.0 percent and income from Core property operations increased approximately 3.7 percent compared to the same period in 2012. For the year ended December 31, 2013, Core property operating revenues increased approximately 3.3 percent and income from Core property operations increased approximately 3.1 percent compared to the same period in 2012.

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