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 ELS Reports Fourth Quarter Results
   Monday, January 26, 2015 4:01:10 PM ET

Equity LifeStyle Properties, Inc. (ELS ) (referred to herein as "we," "us," and "our") today announced results for the quarter and year ended December 31, 2014. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter Ended December 31, 2014

Normalized Funds from Operations ("Normalized FFO") increased $4.2 million, or $0.04 per common share, to $60.8 million, or $0.66 per common share, compared to $56.6 million, or $0.62 per common share, for the same period in 2013. Funds from Operations ("FFO") increased $5.4 million, or $0.06 per common share, to $60.3 million, or $0.66 per common share, compared to $54.9 million, or $0.60 per common share, for the same period in 2013. Net income available for common stockholders increased $5.2 million, or $0.06 per common share, to $29.4 million, or $0.35 per common share, compared to $24.2 million, or $0.29 per common share, for the same period in 2013.



Portfolio Performance

For the quarter ended December 31, 2014, property operating revenues, excluding deferrals, increased $8.2 million to $180.3 million compared to $172.1 million for the same period in 2013. For the year ended December 31, 2014, property operating revenues, excluding deferrals, increased $37.8 million to $734.7 million compared to $696.9 million for the same period in 2013. For the quarter ended December 31, 2014, income from property operations, excluding deferrals, increased $5.5 million to $104.8 million compared to $99.3 million for the same period in 2013. For the year ended December 31, 2014, income from property operations, excluding deferrals, increased $24.5 million to $422.2 million compared to $397.7 million for the same period in 2013.

For the quarter ended December 31, 2014, Core property operating revenues increased approximately 3.7 percent and income from Core property operations increased approximately 4.7 percent compared to the same period in 2013. For the year ended December 31, 2014, Core property operating revenues increased approximately 3.6 percent and income from Core property operations increased approximately 4.5 percent compared to the same period in 2013.

Balance Sheet

During the fourth quarter, we paid off one mortgage at maturity totaling $3.6 million with a stated interest rate of 5.71 percent per annum.

In January 2015, as part of our previously announced refinancing plan, we closed on two 25-year, fully amortizing loans with total gross proceeds of $199.0 million. The loans are secured by 11 MH and RV assets and carry a weighted average interest rate of 4.16 percent per annum. Proceeds from the financing were used to defease approximately $190.0 million of loans maturing in 2015 with a weighted average interest rate of 5.57 percent per annum. We incurred approximately $9.0 million in early debt retirement expense related to these loans, which were secured by 15 MH and RV assets.

Interest coverage was approximately 3.4 times in the quarter. Expanded disclosure on our balance sheet and debt statistics are included in the tables below.

Acquisitions

In December 2014, we closed on the acquisition of Mesa Spirit, a 1,600-site RV resort located in Mesa, Arizona for a purchase price of $41.6 million. The purchase price was funded with available cash and the assumption of approximately $19.0 million in mortgage debt.

Executive Officer Promotion

Effective immediately, Mr. Patrick Waite has been promoted to Executive Vice President and Chief Operating Officer. He will continue to oversee our property operations.

General Information

As of January 26, 2015, we own or have an interest in 384 quality properties in 32 states and British Columbia consisting of 143,113 sites. We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago.

A live webcast of our conference call discussing these results will be available via our website in the Investor Information section at www.equitylifestyle.com at 10:00 a.m. Central Time on January 27, 2015.

This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our recent acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:

-- our ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of sites by customers and our success in acquiring new customers at our properties (including those that we may acquire);

-- our ability to maintain historical or increase future rental rates and occupancy with respect to properties currently owned or that we may acquire;

-- our ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;

-- our assumptions about rental and home sales markets;

-- our assumptions and guidance concerning 2015 estimated net income, FFO and Normalized FFO;

-- our ability to manage counterparty risk;

-- in the age-qualified properties, home sales results could be impacted by the ability of potential homebuyers to sell their existing residences as well as by financial, credit and capital markets volatility;

-- results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing;

-- impact of government intervention to stabilize site-built single family housing and not manufactured housing;

-- effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;

-- the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;

-- unanticipated costs or unforeseen liabilities associated with recent acquisitions;

-- ability to obtain financing or refinance existing debt on favorable terms or at all;

-- the effect of interest rates;

-- the dilutive effects of issuing additional securities;

-- the effect of accounting for the entry of contracts with customers representing a right-to-use the Properties under the Codification Topic "Revenue Recognition;"

-- the outcome of pending or future lawsuits filed against us by tenant groups seeking to limit rent increases and/or seeking large damage awards for our alleged failure to properly maintain certain Properties or other tenant related matters, such as the case currently pending in the California Superior Court for Santa Clara County, Case No. 109CV140751, involving our California Hawaiian manufactured home property, including any further proceedings in the trial court or on appeal; and

-- other risks indicated from time to time in our filings with the Securities and Exchange Commission.

These forward-looking statements are based on management’s present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

Tables follow:

 
----------------------------------------------------------------------------------------------------------------------------
                                        Fourth Quarter 2014 - Selected Financial Data
-----------------------------------------------------------------------------------------------------------------------
 
(In millions, except per share data, unaudited)
 
                                                                              Quarter Ended
                                                                                               December 31, 2014
                                                                                   --------------------------------------
Income from property operations - 2014 Core (1)                                            $     102.5
Income from property operations - Acquisitions (2)                                                 2.3
Property management and general and administrative (excluding                                    (17.2 )
transaction costs)
Other income and expenses                                                                          3.6
Financing costs and other                                                                        (30.4 )
                                                                                   ----------------------------------------
   Normalized FFO (3)                                                                             60.8
Transaction costs                                                                                 (0.5 )
                                                                                   ----------------------------------------
   FFO (3)                                                                                 $      60.3  
                                                                                   ========= ========= ====================
                                                                                                        
Normalized FFO per share - fully diluted                                                   $      0.66
FFO per share - fully diluted                                                              $      0.66
                                                                                                        
                                                                                                        
   Normalized FFO (3)                                                                      $      60.8
Non-revenue producing improvements to real estate                                                 (7.6 )
                                                                                   ----------------------------------------
   Funds available for distribution (FAD) (3)                                              $      53.2  
                                                                                   ========= ========= ====================
                                                                                                        
FAD per share - fully diluted                                                              $      0.58
                                                                                                        
Weighted average shares outstanding - fully diluted                                               91.6
                                                                                                        

______________________

1.     See page 8 for details of the 2014 Core Income from Property
                                             Operations.
2.                                           See page 9 for details of the Income from Property Operations for
                                             the properties acquired during 2013 and 2014 (the "Acquisitions").
3.                                           See page 6 for a reconciliation of Net income available for Common
                                             Shares to FFO, Normalized FFO and FAD. See definitions of FFO,
                                             Normalized FFO and FAD on page 20.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                      Consolidated Income Statement
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In thousands, unaudited)
 
                                                                                                           Quarter Ended                                                                                     Year Ended
                                                                                                                              December 31,                                                                                                        December 31,
                                                                                                     2014                                   2013                                                      2014                                   2013
                                                                                     -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------------------
Revenues:
Community base rental income                                                               $ 107,372                                                 $ 104,400                                                 $ 426,886                                                 $ 409,801
Rental home income                                                                             3,640                                                     3,691                                                    14,827                                                    14,267
Resort base rental income                                                                     37,780                                                    33,366                                                   163,968                                                   147,234
Right-to-use annual payments                                                                  11,001                                                    12,078                                                    44,860                                                    47,967
Right-to-use contracts current period, gross                                                   3,380                                                     3,426                                                    13,892                                                    13,815
Right-to-use contract upfront payments, deferred, net                                         (1,197 )                                                  (1,248 )                                                  (5,501 )                                                  (5,694 )
Utility and other income                                                                      17,138                                                    15,106                                                    70,209                                                    63,800
Gross revenues from home sales                                                                 7,963                                                     5,543                                                    28,418                                                    17,871
Brokered resale revenue and ancillary services revenues, net                                     359                                                        90                                                     3,850                                                     4,212
Interest income                                                                                1,870                                                     2,086                                                     8,347                                                     8,260
Income from other investments, net (1)                                                           955                                  1,526                                  7,053               7,515  
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------ -------------------- ------------------------------------
   Total revenues                                                                            190,261                                                   180,064                                                   776,809                                                   729,048
                                                                                                                                                                                                                                                                                    
Expenses:
Property operating and maintenance                                                            57,896                                                    54,714                                                   243,914                                                   229,897
Rental home operating and maintenance                                                          2,065                                                     2,167                                                     7,441                                                     7,474
Real estate taxes                                                                             11,809                                                    12,407                                                    48,714                                                    48,279
Sales and marketing, gross                                                                     3,744                                                     3,483                                                    12,418                                                    13,509
Right-to-use contract commissions, deferred, net                                                (595 )                                                    (586 )                                                  (2,617 )                                                  (2,410 )
Property management                                                                           10,469                                                     9,813                                                    42,638                                                    40,193
Depreciation on real estate assets and rental homes                                           27,830                                                    26,436                                                   111,065                                                   108,229
Amortization of in-place leases                                                                  208                                                     1,137                                                     3,999                                                     1,940
Cost of home sales                                                                             7,068                                                     5,459                                                    26,747                                                    17,296
Home selling expenses                                                                            632                                                       541                                                     2,342                                                     2,085
General and administrative (2)                                                                 7,232                                                     6,951                                                    27,410                                                    28,211
Property rights initiatives                                                                      860                                                       394                                                     2,923                                                     2,771
Early debt retirement                                                                 --                                                       (67 )                                                   5,087                                                    37,844
Interest and related amortization                                                             28,118                                 28,816                                112,295             118,522  
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------ -------------------- ------------------------------------
   Total expenses                                                                            157,336                                151,665                                644,376                                653,840  
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
   Income from continuing operations before equity in income of                               32,925                                 28,399                                132,433                                 75,208  
   unconsolidated joint ventures and gain on sale of property
                                                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
Equity in income of unconsolidated joint ventures                                                809                                                       415                                                     4,578                                                     2,039
Gain on sale of property (3)                                                                     528                         --                                  1,457                         --  
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
   Consolidated income from continuing operations                                             34,262                                 28,814                                138,468                                 77,247  
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                                    
Discontinued Operations:(3)
Net (loss) income from discontinued operations                                        --                                                       (82 )                                          --                                                     7,133
(Loss) gain on sale of property, net of tax                                           --                                    (19 )                                          --              41,525  
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------ -------------------- ------------------------------------
   (Loss) income from discontinued operations                                         --                                   (101 )                                          --                                 48,658  
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
      Consolidated net income                                                                 34,262                                                    28,713                                                   138,468                                                   125,905
                                                                                                                                                                                                                                                                                    
Income allocated to non-controlling interest-Common OP Units                                  (2,534 )                                                  (2,224 )                                                 (10,463 )                                                  (9,706 )
Series C Redeemable Perpetual Preferred Stock Dividends                                       (2,325 )                                                  (2,329 )                                                  (9,274 )                               (9,280 )
                                                                                     ------------------------------------                      ------------------------------------                      ------------------------------------ -------------------- ------------------------------------
Net income available for Common Shares                                                     $  29,403                              $  24,160                              $ 118,731                              $ 106,919  
                                                                                     ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
 

_________________________________________

1.     For the quarter and year ended December 31, 2013, includes a $1.6
                                             million and a $1.4 million reduction, respectively, resulting from
                                             the change in the fair value of a contingent asset. For the year
                                             ended December 31, 2014, includes a $0.1 million increase resulting
                                             from the change in the fair value of a contingent asset.
2.                                           Includes transaction costs, see Reconciliation of Net Income to FFO,
                                             Normalized FFO and FAD on page 6.
3.                                           Effective January 1, 2014, we adopted on a prospective basis the new
                                             Accounting Standard Update 2014-08, Property, Plant, and Equipment:
                                             Reporting Discontinued Operations and Disclosures of Disposals of
                                             Components of an Entity which changed the definition of discontinued
                                             operations. Under the new guidance the gain on sale of property
                                             recognized during the quarter and year ended December 31, 2014 did
                                             not meet the criteria of discontinued operations and accordingly it
                                             is presented as part of our continuous operations.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    Reconciliation of Net Income to FFO, Normalized FFO and FAD
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In thousands, except per share data, unaudited)
 
                                                                                                          Quarter Ended                                                                                   Year Ended
                                                                                                                             December 31,                                                                                                      December 31,
                                                                                                    2014                                   2013                                                      2014                                 2013
                                                                                    -------------------------------------                     -------------------------------------                     -------------------------------------                     ---------------------------------
                                                                                          $  29,403                                                 $  24,160                                                 $ 118,731                                             $ 106,919
   Net income available for Common Shares
Income allocated to common OP Units                                                           2,534                                                     2,224                                                    10,463                                                 9,706
Right-to-use contract upfront payments, deferred, net (1)                                     1,197                                                     1,248                                                     5,501                                                 5,694
Right-to-use contract commissions, deferred, net (2)                                           (595 )                                                    (586 )                                                  (2,617 )                                              (2,410 )
Depreciation on real estate assets                                                           25,212                                                    24,748                                                   100,159                                               101,694
Depreciation on real estate assets, discontinued operations                          --                                            --                                            --                                                 1,536
Depreciation on rental homes                                                                  2,618                                                     1,688                                                    10,906                                                 6,535
Amortization of in-place leases                                                                 208                                                     1,137                                                     3,999                                                 1,940
Depreciation on unconsolidated joint ventures                                                   214                                                       228                                                       903                                                   960
(Gain) loss on sale of property                                                                (528 )                                                      19                                 (1,457 )                                             (41,525 )
                                                                                    ------------------------------------                      ------------------------------------                      ------------------------------------                      --------------------------------
                                                                                          $  60,263                                                 $  54,866                                                 $ 246,588                                             $ 191,049
   FFO (3)
Change in fair value of contingent consideration asset (4)                           --                                                     1,566                                                       (65 )                                               1,442
Transaction costs (5)                                                                           496                                                       223                                                     1,647                                                 1,963
Early debt retirement                                                                --                                    (67 )                                                   5,087                             37,844  
                                                                                    ------------------------------------                      ------------------------------------                      ------------------------------------                      --------------------------------
   Normalized FFO (3)                                                                        60,759                                                    56,588                                                   253,257                                               232,298
Non-revenue producing improvements to real estate                                            (7,591 )                                                  (7,915 )                                                 (24,877 )                                             (24,881 )
                                                                                    ------------------------------------                      ------------------------------------                      ------------------------------------                      --------------------------------
   FAD (3)                                                                                $  53,168                              $  48,673                              $ 228,380                          $ 207,417  
                                                                                    ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      === ======= ====================
                                                                                                                                                                                                                                                                               
Income from continuing operations available per Common Share -                            $    0.35                                                 $    0.29                                                 $    1.42                                             $    0.75
Basic
Income from continuing operations available per Common Share -                            $    0.35                                                 $    0.29                                                 $    1.41                                             $    0.75
Fully Diluted
                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                               
Net income available per Common Share - Basic                                             $    0.35                                                 $    0.29                                                 $    1.42                                             $    1.29
Net income available per Common Share - Fully Diluted                                     $    0.35                                                 $    0.29                                                 $    1.41                                             $    1.28
                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                               
FFO per Common Share - Basic                                                              $    0.66                                                 $    0.61                                                 $    2.72                                             $    2.11
FFO per Common Share - Fully Diluted                                                      $    0.66                                                 $    0.60                                                 $    2.69                                             $    2.09
                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                               
Normalized FFO per Common Share - Basic                                                   $    0.67                                                 $    0.62                                                 $    2.79                                             $    2.56
Normalized FFO per Common Share - Fully Diluted                                           $    0.66                                                 $    0.62                                                 $    2.77                                             $    2.55
                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                               
FAD per Common Share - Basic                                                              $    0.59                                                 $    0.54                                                 $    2.52                                             $    2.29
FAD per Common Share - Fully Diluted                                                      $    0.58                                                 $    0.53                                                 $    2.50                                             $    2.27
                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                               
Average Common Shares - Basic                                                                83,562                                                    83,003                                                    83,362                                                83,018
Average Common Shares and OP Units - Basic                                                   90,794                                                    90,679                                                    90,773                                                90,567
Average Common Shares and OP Units - Fully Diluted                                           91,644                                                    91,334                                                    91,511                                                91,196
                                                                                                                                                                                                                                                                               

______________________________

1.     We are required by GAAP to defer, over the estimated customer life,
                                             recognition of non-refundable upfront payments from the entry of
                                             right-to-use contracts and upgrade sales. The customer life is
                                             currently estimated to be 31 years and is based upon our experience
                                             operating the membership platform since 2008. The amount shown
                                             represents the deferral of a substantial portion of current period
                                             upgrade sales, offset by amortization of prior period sales.
2.                                           We are required by GAAP to defer recognition of commissions paid
                                             related to the entry of right-to-use contracts. The deferred
                                             commissions will be amortized using the same method as used for the
                                             related non-refundable upfront payments from the entry of
                                             right-to-use contracts and upgrade sales. The amount shown
                                             represents the deferral of a substantial portion of current period
                                             commissions on those contracts, offset by the amortization of prior
                                             period commissions.
3.                                           See definitions of FFO, Normalized FFO and FAD on page 20.
4.                                           Included in Income from other investments, net on the Consolidated
                                             Income Statement on page 5.
5.                                           Included in general and administrative on the Consolidated Income
                                             Statement on page 5.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                           Consolidated Income from Property Operations (1)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, except home site and occupancy figures,
unaudited)
 
                                                                                            Quarter Ended                                                                         Year Ended
                                                                                                               December 31,                                                                                            December 31,
                                                                                         2014                             2013                                                2014                             2013
                                                                            -------------------------------                     -------------------------------                     --------------------------------------------------- -------------------------------
Community base rental income (2)                                              $ 107.4                                             $ 104.4                                             $ 426.9                          $ 409.8
Rental home income                                                                3.6                                                 3.7                                                14.8                                                14.3
Resort base rental income (3)                                                    37.8                                                33.4                                               164.0                                               147.2
Right-to-use annual payments                                                     11.0                                                12.1                                                44.9                                                48.0
Right-to-use contracts current period, gross                                      3.4                                                 3.4                                                13.9                                                13.8
Utility and other income                                                         17.1                             15.1                             70.2          63.8  
                                                                            ------------------------------                      ------------------------------                      ------------------------------ -------------------- ------------------------------
   Property operating revenues                                                  180.3                                               172.1                                               734.7                                               696.9
                                                                                                                                                                                                                                                   
Property operating, maintenance, and real estate taxes                           69.7                                                67.1                                               292.7                                               278.2
Rental home operating and maintenance                                             2.1                                                 2.2                                                 7.4                                                 7.5
Sales and marketing, gross                                                        3.7                              3.5                             12.4          13.5  
                                                                            ------------------------------                      ------------------------------                      ------------------------------ -------------------- ------------------------------
   Property operating expenses                                                   75.5                             72.8                            312.5                            299.2  
                                                                            ------------------------------                      ------------------------------                      ------------------------------                      ------------------------------
Income from property operations (1)                                           $ 104.8                          $  99.3                          $ 422.2                          $ 397.7  
                                                                            === ===== ====================                      === ===== ====================                      === ===== ====================                      === ===== ====================
                                                                                                                                                                                                                                                   
Manufactured home site figures and occupancy averages:
Total sites                                                                    69,959                                              69,972                                              69,951                                              69,267
Occupied sites                                                                 64,444                                              64,206                                              64,384                                              63,471
Occupancy %                                                                      92.1                    %                           91.8                    %                           92.0                    %                           91.6                    %
Monthly base rent per site                                                    $   555                                             $   542                                             $   553                                             $   538
                                                                                                                                                                                                                                                   
Core total sites                                                               68,621                                              68,634                                              68,613                                              68,635
Core occupied sites                                                            63,306                                              63,061                                              63,244                                              62,994
Core occupancy %                                                                 92.3                    %                           91.9                    %                           92.2                    %                           91.8                    %
Core monthly base rent per site                                               $   555                                             $   542                                             $   552                                             $   538
                                                                                                                                                                                                                                                   
Resort base rental income:
Annual                                                                        $  27.3                                             $  24.4                                             $ 104.0                                             $  94.6
Seasonal                                                                          5.7                                                 4.9                                                25.1                                                22.9
Transient                                                                         4.8                              4.1                             34.9                             29.7  
                                                                            ------------------------------                      ------------------------------                      ------------------------------                      ------------------------------
   Total resort base rental income                                            $  37.8                          $  33.4                          $ 164.0                          $ 147.2  
                                                                            === ===== ====================                      === ===== ====================                      === ===== ====================                      === ===== ====================
                                                                                                                                                                                                                                                   

_________________________

1.     See page 5 for a complete Income Statement. The line items that are
                                             included in property operating revenues and property operating
                                             expenses are also individually included in our Consolidated Income
                                             Statement. Income from property operations excludes property
                                             management expenses and the GAAP deferral of right-to-use contract
                                             upfront payments and related commissions, net.
2.                                           See the manufactured home site figures and occupancy averages below
                                             within this table.
3.                                           See resort base rental income detail included below within this
                                             table.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                      2014 Core Income from Property Operations (1)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, except home site and occupancy figures,
unaudited)
 
                                                                                            Quarter Ended                                                                                       Year Ended                                      
                                                                                                               December 31,                                                               %                                                             December 31,                                                                      %
                                                                                         2014                             2013                                    Change (2)                                   2014                             2013                                           Change (2)
                                                                            -------------------------------                     -------------------------------                     ------------                     --------------------------------------------------- -------------------------------                     ---------------------------
Community base rental income (3)                                              $ 105.4                                             $ 102.4                                             2.8 %                            $ 418.9                          $ 406.6                                             3.0 %
Rental home income                                                                3.6                                                 3.7                                            (1.4 )%                              14.8                                                14.2                                             3.6 %
Resort base rental income (4)                                                    35.7                                                33.1                                             7.8 %                              156.9                                               147.0                                             6.8 %
Right-to-use annual payments                                                     11.0                                                12.1                                            (8.9 )%                              44.9                                                48.0                                            (6.5 )%
Right-to-use contracts current period, gross                                      3.4                                                 3.4                                            (1.4 )%                              13.9                                                13.8                                             0.6 %
Utility and other income                                                         16.9                             15.0                         13.0 %                               69.0                             63.6                          8.6 %
                                                                            ------------------------------                      ------------------------------                      ----- -----                      ------------------------------                      ------------------------------                      ----- --------------------
   Property operating revenues                                                  176.0                                               169.7                                             3.7 %                              718.4                                               693.2                                             3.6 %
                                                                                                                                                                                                                                                                                                                                    
Property operating, maintenance, and real estate taxes                           67.7                                                66.2                                             2.3 %                              285.4                                               276.9                                             3.1 %
Rental home operating and maintenance                                             2.1                                                 2.1                                            (3.9 )%                               7.4                                                 7.4                                            (0.4 )%
Sales and marketing, gross                                                        3.7                              3.5                          7.4 %                               12.4                             13.5                         (8.1 )%
                                                                            ------------------------------                      ------------------------------                      ----- -----                      ------------------------------                      ------------------------------                      ----- --------------------
   Property operating expenses                                                   73.5                             71.8                          2.4 %                              305.2                            297.8                          2.5 %
                                                                            ------------------------------                      ------------------------------                      ----- -----                      ------------------------------                      ------------------------------                      ----- --------------------
Income from property operations (1)                                           $ 102.5                          $  97.9                          4.7 %                            $ 413.2                          $ 395.4                          4.5 %
                                                                            === ===== ====================                      === ===== ====================                                                       === ===== ====================                      === ===== ====================
Occupied sites (5)                                                             63,402                                              63,188
                                                                                                                                                                                                                                                                                                                                    
Core manufactured home site figures and occupancy averages:
Total sites                                                                    68,621                                              68,634                                                                               68,613                                              68,635
Occupied sites                                                                 63,306                                              63,061                                                                               63,244                                              62,994
Occupancy %                                                                      92.3                    %                           91.9                    %                                                            92.2                    %                           91.8                    %
Monthly base rent per site                                                    $   555                                             $   542                                                                              $   552                                             $   538
                                                                                                                                                                                                                                                                                                                                    
Resort base rental income:
Annual                                                                        $  25.7                                             $  24.3                                             5.7 %                            $  99.8                                             $  94.6                                             5.5 %
Seasonal                                                                          5.6                                                 4.9                                            14.4 %                               24.5                                                22.9                                             7.0 %
Transient                                                                         4.4                              3.9                         12.7 %                               32.6                             29.5                         10.6 %
                                                                            ------------------------------                      ------------------------------                      ----- -----                      ------------------------------                      ------------------------------                      ----- --------------------
                                                                              $  35.7                          $  33.1                          7.8 %                            $ 156.9                          $ 147.0                          6.8 %
      Total resort base rental income
                                                                            === ===== ====================                      === ===== ====================                                                       === ===== ====================                      === ===== ====================
                                                                                                                                                                                                                                                                                                                                    

____________________________

1.     2014 Core properties include properties we owned and operated during
                                             all of 2013 and 2014. Income from property operations excludes
                                             property management expenses and the GAAP deferral of right-to-use
                                             contract upfront payments and related commissions, net.
2.                                           Calculations prepared using actual results without rounding.
3.                                           See the Core manufactured home site figures and occupancy averages
                                             included below within this table.
4.                                           See resort base rental income detail included below within this
                                             table.
5.                                           Occupied sites as of the end of the period shown. Occupied sites
                                             have increased by 214 from 63,188 at December 31, 2013.
                                              
 
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                   Acquisitions - Income from Property Operations (1)
------------------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, unaudited)
 
                                                       Quarter Ended                         Year Ended
                                                                          December 31,                                            December 31,
                                                                              2014                                 2014
                                                              --------------------------------------------------------- --------------------------------
Community base rental income                                        $     2.0                                                    $                  8.0
Rental home income                                             --                                                                       0.1
Resort base rental income                                                 2.1                                                                       7.1
Utility income and other property income                                  0.3                                                    1.1
                                                              ------------------------------------                      --------------------------------
   Property operating revenues                                            4.4                                                                      16.3
                                                                                                                         
   Property operating expenses                                            2.1                                                    7.3
                                                              ------------------------------------                      --------------------------------
Income from property operations                                     $     2.3                                 $                  9.0
                                                              ======= ======= ====================                      ========== ====================
                                                                                                                                    

______________________

1.     Represents actual performance of five properties we acquired during
                                             2013 and seven properties we acquired during 2014. Excludes property
                                             management expenses.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                           Income from Rental Home Operations
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, except occupied rentals, unaudited)
 
                                                                                         Quarter Ended                                                                  Year Ended
                                                                                                            December 31,                                                                                     December 31,
                                                                                       2014                           2013                                               2014                        2013
                                                                           -----------------------------                     -----------------------------                     -------------------------------------------------- ----------------------
Manufactured homes:                                                                                                                                                                                           
New home                                                                     $ 5.5                                             $ 5.7                                             $ 22.7                                                    $       22.3
Used home                                                                      7.7                            7.8                            31.4                                         30.7
                                                                           ----------------------------                      ----------------------------                      -----------------------------                      ----------------------
   Rental operations revenues (1)                                             13.2                                              13.5                                               54.1                                                            53.0
Rental operations expense                                                      2.1                            2.2                             7.4                                          7.5
                                                                           ----------------------------                      ----------------------------                      -----------------------------                      ----------------------
   Income from rental operations, before depreciation                         11.1                                              11.3                                               46.7                                                            45.5
Depreciation on rental homes                                                   2.6                            1.7                            10.9                                          6.5
                                                                           ----------------------------                      ----------------------------                      -----------------------------                      ----------------------
   Income from rental operations, after depreciation                         $ 8.5                          $ 9.6                          $ 35.8                                 $       39.0
                                                                           === === ====================                      === === ====================                      === ==== ====================                      ========== ==========
                                                                                                                                                                                                                                   
Occupied rentals: (2)
New                                                                          2,001                                             2,060
Used                                                                         3,220                          3,411  
                                                                           ----------------------------                      ----------------------------
   Total occupied rental sites                                               5,221                          5,471  
                                                                           ============================                      ============================
                                 
                                                                                                                                                 As of
                                                                                        December 31, 2014                                                                     December 31, 2013
                                                                  Gross                      Net of Depreciation                                          Gross                    Net of Depreciation
                                                     ------------------------------                     -----------------------------------                     ------------------------------                     -------------------------------
Cost basis in rental homes: (3)
New                                                   $ 107.7                                                $   90.1                                            $ 114.1                                                   $                101.1
Used                                                     63.3                                 48.0                            63.7                                                  54.9
                                                     -----------------------------                      ----------------------------------                      -----------------------------                      -------------------------------
   Total rental homes                                 $ 171.0                             $  138.1                         $ 177.8                                $                156.0
                                                     == ===== ====================                      ====== ====== ====================                      == ===== ====================                      ========= ====================
                                                                                                                                                                                                                              

____________________________

1.     For the quarters ended December 31, 2014 and 2013, approximately
                                             $9.5 million and $9.8 million, respectively, are included in the
                                             Community base rental income in the Consolidated Income from
                                             Property Operations table on page 7. For the years ended December
                                             31, 2014 and 2013, approximately $39.3 million and $38.7 million,
                                             respectively, are included in the Community base rental income in
                                             the Consolidated Income from Property Operations table on page 7.
                                             The remainder of the rental operations revenue is included in the
                                             Rental home income in the Consolidated Income from Property
                                             Operations table on page 7.
2.                                           Occupied rentals as of the end of the period shown in our Core
                                             portfolio. For the year ended December 31, 2014, includes 33 homes
                                             rented through our Echo joint venture.
3.                                           Includes both occupied and unoccupied rental homes. New home cost
                                             basis does not include the costs associated with our Echo joint
                                             venture. At December 31, 2014 and 2013, our investment in the Echo
                                             joint venture was $6.3 million and $2.7 million, respectively.
                                              
 
-----------------------------------------------------------------------------------------
                               Total Sites and Home Sales
--------------------------------------------------------------------------------------
 
(In thousands, except sites and home sale volumes, unaudited)
 
Summary of Total Sites as of December 31, 2014  
                                                                            Sites
                                                                    --------------------
Community sites                                                                   70,000
Resort sites:
   Annuals                                                                        25,600
   Seasonal                                                                       10,100
   Transient                                                                      10,200
Membership (1)                                                                    24,100
Joint Ventures (2)                                                                 3,100
                                                                    --------------------
Total                                                                            143,100
                                                                    ====================
                                                                     
                                               
Home Sales - Select Data
                                                                                Quarter Ended                                          Year Ended
                                                                                December 31,                                                             December 31,
                                                                     2014       2013                           2014                    2013
                                                                   ---------                     ---------                     ------------------------------- --------------------------------
Total New Home Sales Volume (3)                                         99                            40                             336                                109
                                                                        42                            12                             136                                                    26
   New Home Sales Volume - ECHO joint venture
New Home Sales Gross Revenues(3)                                   $ 3,813                       $ 1,567                        $ 13,584                                $                4,836
                                                                                                                                                                
Used Home Sales Volume                                                 382                           447                           1,526                                                 1,588
Used Home Sales Gross Revenues                                     $ 4,150                       $ 3,976                        $ 14,834                                $               13,035
                                                                                                                                                                
Brokered Home Resales Volume                                           216                           212                             936                                                   835
Brokered Home Resale Revenues, net                                 $   306                       $   303                        $  1,222                                $                1,142
                                                                                                                                                                           

__________________________

1.     Sites primarily utilized by approximately 96,000 members. Includes
                                             approximately 5,100 sites rented on an annual basis.
2.                                           Joint venture income is included in the Equity in income from
                                             unconsolidated joint ventures in the Consolidated Income Statement
                                             on page 5.
3.                                           Total new home sales volume includes home sales from our Echo joint
                                             venture. New home sales gross revenues does not include the revenues
                                             associated with our Echo joint venture. The year ended December 31,
                                             2013 also includes one third-party dealer sale.
                                              
 
------------------------------------------------------------------
            2015 Guidance - Selected Financial Data (1)
------------------------------------------------------------------
 
Our guidance acknowledges the existence of volatile economic
conditions, which may impact our current guidance assumptions.
Factors impacting 2015 guidance include, but are not limited to
the following: (i) the mix of site usage within the portfolio;
(ii) yield management on our short-term resort sites; (iii)
scheduled or implemented rate increases on community and resort
sites; (iv) scheduled or implemented rate increases in annual
payments under right-to-use contracts; (v) occupancy changes; (vi)
our ability to retain and attract customers renewing or entering
right-to-use contracts; (vii) our ability to integrate and operate
recent acquisitions in accordance with our estimates; (viii)
completion of pending transactions in their entirety and on
assumed schedule; and (ix) ongoing legal matters and related fees.
 
                                                                          
(In millions, except per share data, unaudited)
                                                                                               
                                                                                                             Year Ended
                                                                                                          December 31, 2015
                                                                                              -----------------------------------------
Income from property operations - 2015 Core (2)                                                       $     438.6
Income from property operations - Acquisitions (3)                                                            5.6
Property management and general and administrative                                                          (72.4 )
Other income and expenses                                                                                    16.0
Financing costs and other                                                                                  (116.5 )
                                                                                              ----------------------------------------
Normalized FFO(4)                                                                                           271.3
Early debt retirement                                                                                        (9.0 )
                                                                                              ----------------------------------------
FFO (4)                                                                                                     262.3
   Depreciation on real estate and other                                                                   (106.3 )
   Depreciation on rental homes                                                                             (11.1 )
   Right-to-use contract upfront payments and commissions, deferred, net                                     (4.2 )
   Income allocated to common OP units                                                                      (11.2 )
                                                                                              ----------------------------------------
Net income available to common shares                                                                 $     129.5  
                                                                                              ========= ========= ====================
                                                                                                                   
Normalized FFO per share - fully diluted                                                                                 $2.91 - $3.01
FFO per share - fully diluted                                                                                            $2.81 - $2.91
Net income per common share - fully diluted (5)                                                                          $1.48 - $1.58
                                                                                                                   
Weighted average shares outstanding - fully diluted                                                          91.7
                                                                                                                   

_____________________________________

1.     Each line item represents the mid-point of a range of possible
                                             outcomes and reflects management’s estimate of the most likely
                                             outcome. Actual Normalized FFO, Normalized FFO per share, FFO, FFO
                                             per share, Net Income and Net Income per share could vary materially
                                             from amounts presented if any of our assumptions are incorrect.
2.                                           See page 14 for 2015 Core Guidance Assumptions. Amount represents
                                             2014 income from property operations from the 2015 Core Properties
                                             of $419.9 million multiplied by an estimated growth rate of 4.4%.
3.                                           See page 15 for the 2015 Assumptions regarding the Acquisition
                                             Properties.
4.                                           See page 20 for definitions of Normalized FFO and FFO.
5.                                           Net income per fully diluted common share is calculated before
                                             Income allocated to common OP Units.
                                              
 
-------------------------------------------------------------------
      First Quarter 2015 Guidance - Selected Financial Data (1)
-------------------------------------------------------------------
 
Our guidance acknowledges the existence of volatile economic
conditions, which may impact our current guidance assumptions.
Factors impacting 2015 guidance include, but are not limited to the
following: (i) the mix of site usage within the portfolio; (ii)
yield management on our short-term resort sites; (iii) scheduled or
implemented rate increases on community and resort sites; (iv)
scheduled or implemented rate increases in annual payments under
right-to-use contracts; (v) occupancy changes; (vi) our ability to
retain and attract customers renewing or entering right-to-use
contracts; (vii) our ability to integrate and operate recent
acquisitions in accordance with our estimates; (viii) completion of
pending transactions in their entirety and on assumed schedule; and
(ix) ongoing legal matters and related fees.
 
 
(In millions, except per share data, unaudited)
 
                                                                                         Quarter Ended
                                                                                                           March 31, 2015
                                                                                              -----------------------------------------
Income from property operations - 2015 Core (2)                                                       $     115.8
Income from property operations - Acquisitions (3)                                                            2.0
Property management and general and administrative                                                          (18.2 )
Other income and expenses                                                                                     4.6
Financing costs and other                                                                                   (29.7 )
                                                                                              ----------------------------------------
Normalized FFO (4)                                                                                           74.5
Early debt retirement                                                                                        (9.0 )
                                                                                              ----------------------------------------
FFO (4)                                                                                                      65.5
   Depreciation on real estate and other                                                                    (27.0 )
   Depreciation on rental homes                                                                              (2.8 )
   Right-to-use contract upfront payments and commissions, deferred, net                                     (1.0 )
   Income allocated to common OP units                                                                       (2.7 )
                                                                                              ----------------------------------------
Net income available to common shares                                                                 $      32.0  
                                                                                              ========= ========= ====================
                                                                                                                   
Normalized FFO per share - fully diluted                                                                                 $0.78 - $0.84
FFO per share - fully diluted                                                                                            $0.68 - $0.74
Net income per common share - fully diluted (5)                                                                          $0.35 - $0.41
                                                                                                                   
Weighted average shares outstanding - fully diluted                                                          91.6
                                                                                                                   

_____________________________________

1.     Each line item represents the mid-point of a range of possible
                                             outcomes and reflects management’s estimate of the most likely
                                             outcome. Actual Normalized FFO, Normalized FFO per share, FFO, FFO
                                             per share, Net Income and Net Income per share could vary materially
                                             from amounts presented above if any of our assumptions are incorrect.
2.                                           See page 14 for 2015 Core Guidance Assumptions. Amount represents
                                             2014 income from property operations from the 2015 Core Properties
                                             of $110.5 million multiplied by an estimated growth rate of 4.8%.
3.                                           See page 15 for the 2015 Assumptions regarding the Acquisition
                                             Properties.
4.                                           See page 20 for definitions of Normalized FFO and FFO.
5.                                           Net income per fully diluted common share is calculated before
                                             Income allocated to OP Units.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   2015 Core (1)
                                                                                              Guidance Assumptions - Income from Property Operations
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, unaudited)
 
                                                                                                                                                   First Quarter
                                                                                       Year Ended                                    2015                                   Quarter Ended                                          2015
                                                                                      December 31,                                  Growth                                    March 31,                                           Growth
                                                                                          2014                                    Factors (2)                2014                                            Factors (2)
                                                                            -----------------------------                        ----------  -------------------- -----------------------------                        --------------------------
Community base rental income                                                   $ 426.9                                             2.8 %                             $ 106.0                                              2.7 %
Rental home income                                                                14.8                                            (4.7 )%                                3.8                                             (1.6 )%
Resort base rental income (3)                                                    159.9                                             5.0 %                                44.3                                              6.7 %
Right-to-use annual payments                                                      44.9                                            (1.2 )%                               11.2                                             (1.6 )%
Right-to-use contracts current period, gross                                      13.9                                             4.4 %                                 3.1                                              2.2 %
Utility and other income                                                          69.9                          5.9 %                                17.6                           6.6 %
                                                                            -------------------------------                      ----- -----                      -------------------------------                      ------ --------------------
   Property operating revenues                                                   730.3                                             3.2 %                               186.0                                              3.7 %
                                                                                                                                                                                                                               
Property operating, maintenance, and real estate taxes                           290.6                                             1.9 %                                71.0                                              2.6 %
Rental home operating and maintenance                                              7.4                                            (4.3 )%                                1.9                                             (8.4 )%
Sales and marketing, gross                                                        12.4                         (5.4 )%                                2.6                          (5.6 )%
                                                                            -------------------------------                      ----- -----                      -------------------------------                      ------ --------------------
   Property operating expenses                                                   310.4                          1.5 %                                75.5                           2.1 %
                                                                            -------------------------------                      ----- -----                      -------------------------------                      ------ --------------------
Income from property operations (1)                                            $ 419.9                          4.4 %                             $ 110.5                           4.8 %
                                                                            ==== ===== ====================                                                       ==== ===== ====================
                                                                                                                                                                                                                               
Resort base rental income:
Annual                                                                         $ 100.5                                             5.3 %                             $  24.3                                              5.1 %
Seasonal                                                                          24.9                                             4.7 %                                12.8                                              8.0 %
Transient                                                                         34.5                          4.3 %                                 7.2                          10.0 %
                                                                            -------------------------------                      ----- -----                      -------------------------------                      ------ --------------------
   Total resort base rental income                                             $ 159.9                          5.0 %                             $  44.3                           6.7 %
                                                                            ==== ===== ====================                                                       ==== ===== ====================
                                                                                                                                                                                                                               

_______________________________

1.     2015 Core properties include properties we expect to own and operate
                                             during all of 2014 and 2015. Excludes property management expenses
                                             and the GAAP deferral of right to use contract upfront payments and
                                             related commissions, net.
2.                                           Management’s estimate of the growth of property operations in the
                                             2015 Core Properties compared to actual 2014 performance. Represents
                                             our estimate of the mid-point of a range of possible outcomes.
                                             Calculations prepared using actual results without rounding. Actual
                                             growth could vary materially from amounts presented above if any of
                                             our assumptions are incorrect.
3.                                           See Resort base rental income table included below within this table.
                                              
 
----------------------------------------------------------------------------------------------------------------------------------------------
                                             2015 Assumptions Regarding Acquisition Properties (1)
--------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, unaudited)
 
                                                        Year Ended                     Quarter Ended
                                                                      December 31, 2015 (2)                               March 31, 2015 (2)
                                                              -------------------------------------                     ----------------------
Resort base rental income                                           $    10.8                                                    $        3.1
Utility income and other property income                                  0.5                                          0.1
                                                              ------------------------------------                      ----------------------
   Property operating revenues                                           11.3                                                             3.2
                                                                                                                         
   Property operating expenses                                            5.7                                          1.2
                                                              ------------------------------------                      ----------------------
Income from property operations                                     $     5.6                                 $        2.0
                                                              ======= ======= ====================                      ========== ==========

___________________________________

1.     The acquisition properties include seven properties acquired during
                                             2014.
2.                                           Each line item represents our estimate of the mid-point of a
                                             possible range of outcomes and reflects management’s best estimate
                                             of the most likely outcome for the Acquisition Properties. Actual
                                             income from property operations for the Acquisition Properties
                                             could vary materially from amounts presented above if any of our
                                             assumptions are incorrect.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                          Right-To-Use Memberships - Select Data
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In thousands, except member count, number of Zone Park
Passes, number of annuals and number of upgrades, unaudited)
 
                                                                                                                                                                                   Year Ended December 31,
                                                                               2011                                 2012                                         2013                               2014                                       2015 (1)
                                                                         --------------                        -------------------------------------------------                         -----------------------------                         -----------------------------                         --------------------------------------------------
Member Count (2)                                                                  99,567                             96,687                                                 98,277                             96,130                                                  95,600
Zone Park Pass (ZPP) Origination (3)                                               7,404                                                10,198                                                                    15,607                                                18,187                                                                     20,500
   ZPP Sales                                                                       7,404                                                 8,909                                                                     9,289                                                10,014                                                                     11,000
   RV Dealer ZPP Activations                                              --                              1,289                               6,318                              8,173                                                                      9,500
Number of annuals (4)                                                              3,555                                                 4,280                                                                     4,830                                                 5,142                                                                      5,385
Number of upgrades (5)                                                             3,930                                                 3,069                                                                     2,999                                                 2,978                                                                      3,200
                                                                                                                                                                                                                                                                                                                           
Right-to-use annual payments (6)                                               $  49,122                                              $ 47,662                                                                  $ 47,967                                              $ 44,860                                                     $               44,300
Resort base rental income from annuals                                         $   8,069                                              $  9,585                                                                  $ 11,148                                              $ 12,491                                                     $               13,670
Resort base rental income from seasonals/transients                            $  10,852                                              $ 11,042                                                                  $ 12,692                                              $ 13,894                                                     $               14,800
Upgrade contract initiations (7)                                               $  18,456                                              $ 14,025                                                                  $ 13,815                                              $ 13,892                                                     $               14,500
Utility and other income                                                       $   2,444                                              $  2,407                                                                  $  2,293                                              $  2,455                                                     $                2,500
                                                                                                                                                                                                                                                                                                                                      

_______________________________

1.     Guidance estimate. Each line item represents our estimate of the
                                             mid-point of a possible range of outcomes and reflects management’s
                                             best estimate of the most likely outcome. Actual figures could vary
                                             materially from amounts presented above if any of our assumptions
                                             are incorrect.
2.                                           Members have entered into right-to-use contracts with us that
                                             entitle them to use certain properties on a continuous basis for up
                                             to 21 days.
3.                                           ZPPs allow access to any of five geographic areas in the United
                                             States.
4.                                           Members who rent a specific site for an entire year in connection
                                             with their right-to-use contract.
5.                                           Existing customers that have upgraded agreements are eligible for
                                             longer stays, can make earlier reservations, may receive discounts
                                             on rental units, and may have access to additional Properties.
                                             Upgrades require a non-refundable upfront payment.
6.                                           The year ended December 31, 2012 and the year ending December 31,
                                             2013, includes $0.1 million and $2.1 million, respectively, of
                                             revenue recognized related to our right-to-use annual memberships
                                             activated through our dealer program. During the third quarter of
                                             2013, we changed the accounting treatment of revenues and expenses
                                             associated with the RV dealer program to recognize as revenue only
                                             the cash received from members generated by the program.
7.                                           Revenues associated with contract upgrades, included in Right-to-use
                                             contracts current period, gross, on our Consolidated Income
                                             Statement on page 5
 
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                               Balance Sheet
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In thousands, except share and per share data)
 
                                                                                                December 31, 2014                        December 31, 2013
                                                                                                                      (unaudited)
                                                                                                        ---------------------------------------                     ------------------------------------
Assets
Investment in real estate:
      Land                                                                                                    $ 1,091,550                                                 $ 1,025,246
      Land improvements                                                                                         2,734,304                                                   2,667,213
      Buildings and other depreciable property                                                                    562,059                                  535,647  
                                                                                                        --------------------------------------                      --------------------------------------
                                                                                                                4,387,913                                                   4,228,106
      Accumulated depreciation                                                                                 (1,169,492 )                                                (1,058,540 )
                                                                                                        --------------------------------------                      --------------------------------------
         Net investment in real estate                                                                          3,218,421                                                   3,169,566
Cash                                                                                                               73,714                                                      58,427
Notes receivable, net                                                                                              37,137                                                      42,990
Investment in unconsolidated joint ventures                                                                        13,512                                                      11,583
Deferred financing costs, net                                                                                      21,833                                                      19,873
Deferred commission expense                                                                                        28,589                                                      25,251
Escrow deposits, goodwill, and other assets, net                                                                   53,133                                   64,619  
                                                                                                        --------------------------------------                      --------------------------------------
      Total Assets                                                                                            $ 3,446,339                              $ 3,392,309  
                                                                                                        ======= ========= ====================                      ======= ========= ====================
Liabilities and Equity
Liabilities:
      Mortgage notes payable                                                                                  $ 2,012,246                                                 $ 1,992,368
      Term loan                                                                                                   200,000                                                     200,000
      Unsecured lines of credit                                                                            --                                              --
      Accrued payroll and other operating expenses                                                                 64,520                                                      65,157
      Deferred revenue - upfront payments from right-to-use contracts                                 74,174                                                      68,673
      Deferred revenue - right-to-use annual payments                                                  9,790                                                      11,136
      Accrued interest payable                                                                                      9,496                                                       9,416
      Rents and other customer payments received in advance and security                                           67,463                                                      59,601
      deposits
      Distributions payable                                                                                        29,623                                   22,753  
                                                                                                        --------------------------------------                      --------------------------------------
         Total Liabilities                                                                                      2,467,312                                2,429,104  
                                                                                                        --------------------------------------                      --------------------------------------
Equity:
   Stockholders’ Equity:
      Preferred stock, $0.01 par value 9,945,539 shares authorized as of                                   --                                              --
      December 31, 2014 and December 31, 2013; none issued and outstanding
      as of December 31, 2014 and December 31, 2013. As of December 31,
      2013, includes 125 shares 6% Series D Cumulative Preferred stock and
      250 shares 18.75% Series E Cumulative Preferred stock; both issued
      and outstanding
      6.75% Series C Cumulative Redeemable Perpetual Preferred Stock,                                             136,144                                                     136,144
      $0.01 par value, 54,461 shares authorized and 54,458 issued and
      outstanding as of December 31, 2014 and December 31, 2013 at
      liquidation value
                                                                                                                      838                                                         834
      Common stock, $0.01 par value 200,000,000 shares authorized as of
      December 31, 2014 and December 31, 2013; 83,879,779 and 83,313,677
      shares issued and outstanding as of December 31, 2014 and December
      31, 2013, respectively
      Paid-in capital                                                                                           1,029,601                                                   1,021,365
      Distributions in excess of accumulated earnings                                                            (254,209 )                                                  (264,083 )
      Accumulated other comprehensive loss                                                                           (381 )                                                      (927 )
                                                                                                        --------------------------------------                      --------------------------------------
      Total Stockholders’ Equity                                                       911,993                                                     893,333
      Non-controlling interests - Common OP Units                                                     67,034                                   69,872  
                                                                                                        --------------------------------------                      --------------------------------------
         Total Equity                                                                                             979,027                                  963,205  
                                                                                                        --------------------------------------                      --------------------------------------
         Total Liabilities and Equity                                                                         $ 3,446,339                              $ 3,392,309  
                                                                                                        ======= ========= ====================                      ======= ========= ====================
                                                                                                                                                                                       
 
--------------------------------------------------------------------------------
                        Debt Maturity Schedule & Summary
----------------------------------------------------------------------------
 
Secured Debt Maturity Schedule as of December 31, 2014
(In thousands, unaudited)
 
       Year                           Amount
------------------                      ----------------------------------------
       2015                                              $              279,135
       2016                                                             222,442
       2017                                                              58,526
       2018                                                             206,793
       2019                                                             208,298
       2020                                                             126,212
       2021                                                             196,467
       2022+                                                            699,980
                                        ----------------------------------------
     Total (1)                                           $            1,997,853
                                        ================== ====================
                                                            
 
Debt Summary as of December 31, 2014
(In millions, except weighted average interest and average
years to maturity, unaudited)
 
                                                                 Total                                                                                          Secured                                                                                       Unsecured
                                       ----------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------                     --------------------------------------------------------------------------------------------
                                                                                                                                    
                                                                        Weighted Average                          Average Years to                                                         Weighted Average                          Average Years to                                                       Weighted Average                          Average Years to
                                         Balance       Interest (2)             Maturity                              Balance       Interest (2)             Maturity                             Balance      Interest (2)             Maturity
                                       -------   -------------------- -------------------  -------------------- --------------------                      -------   -------------------- -------------------  -------------------- --------------------                      -----   -------------------- -------------------  -------------------- --------------------
Consolidated Debt                       $ 2,212                              5.0         %                                       7.6                       $ 2,012                              5.2         %                                       7.8                       $ 200                              2.7         %                                       5.1
                                                                                                                                                                                                                                                                                                                                                     

____________________________

1.     Represents our mortgage notes payable excluding $14.4 million net
                                             note premiums and our $200 million term loan as of December 31, 2014.
2.                                           Includes loan costs amortization.
                                              
 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                         Market Capitalization
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 
(In millions, except share and OP Unit data, unaudited)
 
Capital Structure as of December 31, 2014                                                                                                                                                                       
                                                    Total                                                      % of Total                                                    Total                                        % of Total                         % of Total
                                                      ---------------------------------------                     ------------------------------------------                     -----------------------------------                     ------------------                     -----------
Secured debt                                                                                                                                                                          $  2,012                                               91.0        %
Unsecured debt                                                                                                                                                                             200                             9.0        %
                                                                                                                                                                                 ----------------------------------                      -------- --------
Total debt                                                                                                                                                                            $  2,212                                              100.0        %                       31.4    %
                                                                                                                                                                                                                                                                                                                 
Common Shares                                                83,879,779                                                           92.1                    %
OP Units                                                      7,231,967                                         7.9                    %
                                                      --------------------------------------                      -------------------- --------------------
Total Common Shares and OP Units                             91,111,746                                                          100.0                    %
Common Share price                                           $    51.55
Fair value of Common Shares                                                                                                                                                           $  4,697                                               97.2        %
Perpetual Preferred Equity                                                                                                                                                                 136                             2.8        %
                                                                                                                                                                                 ----------------------------------                      -------- --------
Total Equity                                                                                                                                                                          $  4,833                                              100.0        %                       68.6    %
                                                                                                                                                                                                                                                                                                                 
Total market capitalization                                                                                                                                                           $  7,045                                                                                  100.0    %
                                                                                                                                                                                                                                                                                                                 
Perpetual Preferred Equity as of December 31, 2014
                                                                                                                                                                                                                                                                                                    Annual Dividend
             Series                             Callable Date                             Outstanding Shares            Liquidation Value   Per Share            Value
-------------------------------- -------------------- ----------------------------------------------------------- -------------------- -------------------- -------------------- ------------------------------------------------------- -------------------------------------- ------------------------------- ----------------------
         6.75% Series C                                                             9/7/2017                                                                                            54,458                                               $136                                  $168.75                               $        9.2
 
-----------------------------------------------------------------------------------------------------------------------
                                               Non-GAAP Financial Measures
-----------------------------------------------------------------------------------------------------------------------
 
Funds from Operations ("FFO") is a non-GAAP financial
measure. We believe FFO, as defined by the Board of Governors of
the National Association of Real Estate Investment Trusts
("NAREIT"), is generally an appropriate measure of performance for
an equity REIT. While FFO is a relevant and widely used measure of
operating performance for equity REITs, it does not represent cash
flow from operations or net income as defined by GAAP, and it
should not be considered as an alternative to these indicators in
evaluating liquidity or operating performance.
 
We define FFO as net income, computed in accordance with GAAP,
excluding gains and actual or estimated losses from sales of
properties, plus real estate related depreciation and amortization,
impairments, if any, and after adjustments for unconsolidated
partnerships and joint ventures. Adjustments for unconsolidated
partnerships and joint ventures are calculated to reflect FFO on the
same basis. We receive up-front non-refundable payments from the
entry of right-to-use contracts. In accordance with GAAP, the
upfront non-refundable payments and related commissions are deferred
and amortized over the estimated customer life. Although the NAREIT
definition of FFO does not address the treatment of non-refundable
right-to-use payments, we believe that it is appropriate to adjust
for the impact of the deferral activity in our calculation of FFO.
 
Normalized Funds from Operations ("Normalized FFO") is a
non-GAAP measure. We define Normalized FFO as FFO excluding the
following non-operating income and expense items: a) the financial
impact of contingent consideration; b) gains and losses from early
debt extinguishment, including prepayment penalties and defeasance
costs; c) property acquisition and other transaction costs related
to mergers and acquisitions; and d) other miscellaneous
non-comparable items.
 
We believe that FFO and Normalized FFO are helpful to investors as
supplemental measures of the performance of an equity REIT. We
believe that by excluding the effect of depreciation, amortization
and actual or estimated gains or losses from sales of real estate,
all of which are based on historical costs and which may be of
limited relevance in evaluating current performance, FFO can
facilitate comparisons of operating performance between periods and
among other equity REITs. We further believe that Normalized FFO
provides useful information to investors, analysts and our
management because it allows them to compare our operating
performance to the operating performance of other real estate
companies and between periods on a consistent basis without having
to account for differences not related to our operations. For
example, we believe that excluding the early extinguishment of debt,
property acquisition and other transaction costs related to mergers
and acquisitions and the change in fair value of our contingent
consideration asset from Normalized FFO allows investors, analysts
and our management to assess the sustainability of operating
performance in future periods because these costs do not affect the
future operations of the properties. In some cases, we provide
information about identified non-cash components of FFO and
Normalized FFO because it allows investors, analysts and our
management to assess the impact of those items.
 
Funds available for distribution ("FAD") is a non-GAAP
financial measure. We define FAD as Normalized FFO less
non-revenue producing capital expenditures.
 
Investors should review FFO, Normalized FFO and FAD, along with GAAP
net income and cash flow from operating activities, investing
activities and financing activities, when evaluating an equity
REIT’s operating performance. We compute FFO in accordance with our
interpretation of standards established by NAREIT, which may not be
comparable to FFO reported by other REITs that do not define the
term in accordance with the current NAREIT definition or that
interpret the current NAREIT definition differently than we do.
Normalized FFO presented herein is not necessarily comparable to
normalized FFO presented by other real estate companies due to the
fact that not all real estate companies use the same methodology for
computing this amount. FFO, Normalized FFO and FAD do not represent
cash generated from operating activities in accordance with GAAP,
nor do they represent cash available to pay distributions and should
not be considered as an alternative to net income, determined in
accordance with GAAP, as an indication of our financial performance,
or to cash flow from operating activities, determined in accordance
with GAAP, as a measure of our liquidity, nor is it indicative of
funds available to fund our cash needs, including our ability to
make cash distributions.
 

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150126006216r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Equity LifeStyle Properties, Inc.

Equity LifeStyle Properties, Inc. 
Paul Seavey, 312-279-1488


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