CHICAGO--(BUSINESS WIRE)--Jan. 26, 2005--Equity LifeStyle Properties, Inc. (NYSE:ELS) today announced the tax treatment of its special January 2004 dividend of $8.00 per common share and its quarterly 2004 dividend distributions of $0.05 per common share (CUSIP No. 29472R108) as follows:

                                                   Total
                                     Ordinary     Capital     Unrecap.
    Record   Payable  Distribution   Taxable       Gain      Sec. 1250
     Date      Date     Per Share    Dividend   Distribution  Gain (1)
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Special Dividend:
-----------------
     1/08/04   1/16/04      $8.0000    $1.0400      $6.9600   $2.1600

Quarterly Dividends:
--------------------
     3/26/04   4/09/04      $0.0125    $0.0016      $0.0109   $0.0034
     6/25/04   7/09/04      $0.0125    $0.0016      $0.0109   $0.0034
     9/24/04  10/08/04      $0.0125    $0.0016      $0.0109   $0.0034
    12/31/04   1/14/05      $0.0125    $0.0016      $0.0109   $0.0034
                       -----------------------------------------------
Total Quarterly
 Dividends                  $0.0500    $0.0064      $0.0436   $0.0136
                       -----------------------------------------------

Total 2004 Dividends        $8.0500    $1.0464      $7.0036   $2.1736
                       ===============================================

    (1) The Unrecap. Sec. 1250 Gain is a subset of, and included in,
    the Total Capital Gain Distribution amount. Shareholders are
    encouraged to consult with their tax advisors as to their specific
    tax treatment of Equity LifeStyle Properties, Inc. dividends.
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The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, but not limited to, the Company's ability to maintain rental rates and occupancy with respect to properties currently owned or pending acquisitions; the Company's assumptions about rental and home sales markets; the completion of pending acquisitions and timing with respect thereto; the effect of interest rates as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Equity LifeStyle Properties, Inc. owns or has an interest in 275 quality communities in 25 states and British Columbia consisting of 101,169 sites. The Company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.

CONTACT: Equity LifeStyle Properties, Inc.
Michael Berman, 800-247-5279
SOURCE: Equity LifeStyle Properties, Inc.