CHICAGO--(BUSINESS WIRE)--Jun. 23, 2009-- Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) today announced the pricing of its public offering of 4,000,000 newly issued shares of common stock at a price to public of $33.35 per share. Merrill Lynch & Co. and Wachovia Securities are acting as joint book-running managers of the public offering. The Company has granted the underwriters a thirty-day option to purchase up to 600,000 additional shares of common stock to cover overallotments, if any. The Company estimates that the net proceeds from this offering, after deducting the underwriting discount and other estimated offering expenses, will be approximately $127.2 million (or approximately $146.4 million if the underwriters’ overallotment option is exercised in full). The offering is expected to settle on June 29, 2009.

The Company intends to use the net proceeds from this offering to repay secured long-term debt and for general corporate uses.

Equity LifeStyle Properties, Inc., a publicly-traded real estate investment trust, is a fully integrated owner and operator of lifestyle-oriented properties (“Properties”). The Company leases individual developed areas (“sites”) with access to utilities for placement of factory-built homes, cottages, cabins or recreational vehicles. Customers may lease individual sites or purchase right-to-use contracts providing the customer access to specific Properties for limited stays.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s common stock, nor shall there be any sale of the common stock in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful. The offering may be made only by means of a prospectus and related prospectus supplement. A final prospectus supplement and related prospectus will be filed with the Securities and Exchange Commission. When available, copies of the final prospectus supplement and the related prospectus relating to this offering, may be obtained by contacting: Merrill Lynch & Co., Attention: Prospectus Department, 4 World Financial Center, New York, New York 10080, or by calling (212) 449-1000; or Wachovia Capital Markets, LLC, Attn: Equity Syndicate Dept, 375 Park Avenue, New York, New York 10152, or by calling 1-800-326-5897, or email requests to equity.syndicate@wachovia.com.

This news 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. 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 recently acquired);
• our ability to maintain historical rental rates and occupancy with respect to Properties currently owned or that we may acquire;
• our assumptions about rental and home sales markets;
• 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;
• in the all-age Properties, 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;
• the completion of future acquisitions, if any, and timing with respect thereto and the effective integration and successful realization of cost savings;
• 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 common stock;
• the effect of accounting for the sale of agreements to customers representing a right-to-use the Properties previously leased by Privileged Access under Staff Accounting Bulletin No. 104, Revenue Recognition in Consolidated Financial Statements, Corrected; 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. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

Source: Equity LifeStyle Properties, Inc.

Equity LifeStyle Properties, Inc.
Michael Berman, (312) 279-1496