UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 13, 2012
(Date of earliest event reported)

EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)

 
 	 	 	 	 	
Maryland	 	1-11718	 	36-3857664	
(State or other jurisdiction of
incorporation or organization)	 	(Commission File No.)	 	(IRS Employer Identification Number)	
 	 	
Two North Riverside Plaza, Chicago, Illinois	 	60606	
(Address of principal executive offices)	 	(Zip Code)	
(312) 279-1400
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see  General Instruction A.2. below):
 
 	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
 	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
 	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
 	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02	Results of Operations and Financial Condition.	
Equity LifeStyle Properties, Inc. (the “Company”) hereby reconfirms previously issued guidance for its net income per share (fully diluted) and funds from operations per share (fully diluted) for the year ending December 31, 2012 to be between $1.12 and $1.22 and $4.54 and $4.64, respectively. The Company also reconfirms previously issued preliminary guidance for its net income per share (fully diluted) and funds from operations per share (fully diluted) for the year ending December 31, 2013 to be between $2.45 and $2.65 and $4.90 and $5.10, respectively. The projected 2012 and 2013 per share amounts represent the mid-point of a range of possible outcomes and reflects management’s best estimate of the most likely outcome.
 
Item 7.01	Regulation FD Disclosure.	
At REITWorld 2012: NAREIT’s Annual Convention for All Things REIT to be held between November 13, 2012 and November 15, 2012, officers of the Company will participate in one-on-one sessions with analysts and investors and will refer to a slide presentation. A copy of this slide presentation is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The slide presentation will be posted on the Company’s website,  www.equitylifestyle.com , on November 13, 2012. Included in this slide presentation is a discussion of the Company’s business and certain financial information regarding 2012 and 2013 guidance.
In accordance with General Instruction B.2. of Form 8-K, the information included in this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Nor shall the information in this Current Report on Form 8-K be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. The Company disclaims any intention or obligation to update or revise this information.
This report 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 the Company’s expectations, goals or intentions regarding the future, and the expected effect of the Acquisition on the Company. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:
 
 	•	 	the Company’s ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of sites by customers and its success in acquiring new customers at its Properties (including those that it may acquire);	
 
 	•	 	the Company’s ability to maintain historical rental rates and occupancy with respect to Properties currently owned or that the Company may acquire;	
 
 	•	 	the Company’s ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;	
 
 	•	 	the Company’s assumptions about rental and home sales markets;	
 
 	•	 	the Company’s assumptions and guidance concerning 2012 and 2013 estimated net income and funds from operations;	
 
 	•	 	the Company’s 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 the recent acquisitions and the Company’s estimates regarding the future performance of recent acquisitions;	
 
 	•	 	unanticipated costs or unforeseen liabilities associated with the 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; ” and	
 
 	•	 	other risks indicated from time to time in the Company’s 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.
Equity LifeStyle Properties, Inc. owns or has an interest in 382 quality properties in 32 states and British Columbia consisting of 141,077 sites. The Company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.
 
Item 9.01	Financial Statements and Exhibits	
(d) Exhibits

Exhibit 99.1	  	Investor Presentation	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	 	 	EQUITY LIFESTYLE PROPERTIES, INC.	
 	 	 	 	
Date: November 13, 2012	 	 	 	By:	 	/s/ Paul Seavey	
 	 	 	 	 	 	Paul Seavey	
 	 	 	 	 	 	Senior Vice President, Chief Financial Officer and Treasurer	

Exhibit 99.1

Equity LifeStyle Properties1 Investor Presentation November 2012 Fun N Sun – San Benito, TX Palm Springs – Palm Desert, CA
Pine Lakes – North Ft. Myers, FL Equity LifeStyle Properties, Inc.
Two North Riverside Plaza
Chicago, IL 60606 Paradise RV Resort – Sun City, AZ

 
Equity LifeStyle Properties
2 Forward-Looking Statements
nThis presentation 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 the Company’s expectations, goals or intentions regarding the future, and the expected effect of the recent acquisitions on the Company. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:
?the Company’s ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of sites by customers and its success in acquiring new customers at its Properties (including those that it may acquire);
?the Company’s ability to maintain historical rental rates and occupancy with respect to Properties currently owned or that the Company may acquire;
?the Company’s ability to retain and attract customers renewing, upgrading and entering right-to-use contracts;
?the Company’s assumptions about rental and home sales markets;
?the Company’s assumptions and guidance concerning 2012 and 2013 estimated net income and funds from operations;
?the Company’s ability to manage counterparty risk;
?in the age-qualified Properties, home sales results could be impacted by the ability of potential home buyers 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 the recent acquisitions and the Company’s estimates regarding the future performance of the recent acquisitions;
?unanticipated costs or unforeseen liabilities associated with the 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;” and
?other risks indicated from time to time in the Company’s filings with the Securities and Exchange Commission.
nThese 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.

 
Equity LifeStyle Properties
Real Estate 3

 
Equity LifeStyle Properties
ELS Property Locations 4

 
Equity LifeStyle Properties
n One of the nation’s largest real estate networks with 382 properties containing over 141,000 sites in 32 states and British Columbia
ELS Overview 5 Note: 1) See page 22 for details.
nELS has a unique business model
ELS owns the land
Leases individual developed sites to customers
Customers own the units they place on the sites
ELS site composition
Over 93% of property operating revenue is from annual revenue streams (1)
75,600 manufactured or resort home sites
65,500 sites for resort cottages (park models) and recreational vehicles
•Includes 46,000 sites primarily rented on an annual basis
nELS’s rent position is prime
nOver 1,000,000 customer contacts

 
Equity LifeStyle Properties ELS Investment Highlights
nWell Located Real Estate
?>80 properties with lake, river or ocean frontage
?>100 properties within 10 miles of coastal United States
?Property locations are strongly correlated with population migration
nFinancial Performance and Fundamentals
?Strong Long Term Performance
?Long Term Predictable Cash Flows
?Balance Sheet Flexibility
nFavorable Customer Demographics
?Baby Boomers
?Active adults and RV owners / Outdoor enthusiasts
nSeasoned Management Team
6	 	 	

 
Equity LifeStyle Properties
7 Property Location Shift (1)(2)(3)(4)+ properties since IPO
-properties since IPO Top 5 New Acquisition States: +226 properties; +15.4% population growth All Disposition States: -13 properties; +6.4% population growth
Notes:
1) Source: US Census Bureau, 2010.
2) Population change is from 2000 –2010.
3) Top 5 additional states are FL, CA, AZ, TX, and WA.
4) Canada not included.
5) West coast = AZ, CA, NV, OR, WA and British Columbia. East coast = CT, DE, MA, MD, ME, NC, NH, NJ, NY, PA, SC, and VA.
122 properties currently
on the west coast (5)66 properties currently on the east coast (5)134 properties currently in FL & TX

 
Equity LifeStyle Properties Real Estate
nPrimary investment is in land; the appreciating component of real estate in the long run
nLower maintenance costs/customer turnover costs than other forms of real estate
nHigh quality real estate
?Asset scarcity
?High barriers to entry
?Retirement and vacation destinations
?Award winning properties
8 Colony Cove -Ellenton, FL
De Anza Santa Cruz -Santa Cruz, CA

 
Equity LifeStyle Properties Manufactured Home Community Colony Cove -Ellenton, FL
9

 
Equity LifeStyle Properties Manufactured Home Community Con tempo Marin - San Rafael, CA
10

 
Equity LifeStyle Properties
Manufactured Home Community De Anza Santa Cruz - Santa Cruz, CA 11

 
Equity LifeStyle Properties Manufactured Home Community Mariner’s Cove - Lewes, DE
12

 
Equity LifeStyle Properties RV Resort Viewpoint - Mesa, AZ 13

 
Equity LifeStyle Properties
RV Resort
Sunshine Key RV Resort & Marina - The Florida Keys14

 
Equity LifeStyle Properties Financial Performance 15

 
Equity LifeStyle Properties Track Record 16
Item IPO Year -1993 2012
Properties 41 382
Sites 12,312 141,077
States 16 32
FFO Per Share(1) $0.94 $4.59
Common Stock Price (2) $12.88 $67.33
Enterprise Value (3) $296 million $5.6 billion Dividend Paid Cumulative (4)—$30.50 Cumulative Total Return (5)—1,220% S&P 500 Total Return (5)—369% Notes:
1) See page 43 for definition of FFO. 1993 amount was determined from amounts presented in the 1996 Form 10-K. FFO in the 1996 Form 10-K is presented in accordance with NAREIT’s definition of FFO established in March 1995. 2012 amount is the midpoint of the estimated 2012 FFO per share range of $4.54 to $4.64 disclosed in the Third Quarter 2012 Earnings Release and Supplemental Financial Information furnished with the SEC as Exhibit 99.1 to the Form 8-K filed on October 23, 2012 (the “Supplemental Package”). 2) The 1993 stock price is split-adjusted; the 2012 price is the closing price as of October 31, 2012. 3) 2012 amount is as of September 30, 2012. See page 27. 4) Source: SNL Financial. Includes dividends paid from IPO date of February 25, 1993 through October 31, 2012. 5) Source: SNL Financial from IPO through October 31, 2012 (calculation assumes common dividend reinvestment).

 
Equity LifeStyle Properties 17 Total Return Performance (1)
ELS total return has outperformed both the S&P 500 and other REIT’s for both the last 5 and 10 years
ELS announced 2013 dividend is 14% higher than 2012 Notes: Source: SNL Financial.1) Total return calculation assumes dividend reinvestment.2) SNL US REIT Equity; Includes all publicly traded (NYSE, NYSE Amex, NASDAQ, OTC BB, Pink Sheets) Equity REITs in SNL’s coverage universe.-80 -60 -40 -20020406080 October-07 October-08 October-09 October-10 October-11 October-12 Total Return (%)5 Year -Total Return Performance ELS (+50% )SNL US REIT Equity (+15%) (2)S&P 500 (+2%)-50050100150200250300 October-02 October-03 October-04 October-05 October-06 October-07 October-08 October-09 October-10 October-11 October-12 Total Return (%)10 Year-Total Return Performance ELS (+263%) SNL US REIT Equity (+225%) (2) S&P 500 (+95%)

 
Equity LifeStyle Properties18
Consistent Same Store NOI Growth and Out performance
Note:
1) Source for Same Store NOI data: Citi Investment Research, August 2012. Earliest quarter collected by Citi is third quarter of 1998. “REIT Industry” includes an index of REITs across a variety of asset classes, including regional malls, shopping centers, multi family, student housing, manufactured homes, self storage, office, industrial, mixed office and specialty. ELS has maintained positive same store NOI growth all quarters since at least Q3 ‘98Q3 1998 –Q2 2012 (1) Same Store NOI Averages:ELS3.8%REIT’s2.3%Apartments2.3%-3.5%-3.0%-2.5%-2.0%-1.5%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%5.5%6.0%6.5%7.0%7.5% 8.0% 8.5% 9.0% 9.5%10.0% 3Q98 4Q98 1Q99 2Q99 3Q99 4Q99 1Q00 2Q00 3Q004Q001 Q012Q013Q014Q011Q022Q023Q024Q021Q032Q033Q034Q031Q042 Q043 Q044Q041Q052Q053Q054Q051Q062Q0Q064Q061Q072Q073Q074Q071Q082Q083Q084Q081Q092Q093Q094Q091Q102 Q103Q104Q101Q112Q113Q114Q111Q122Q12REIT IndustryELSIndustry Average -2.3%ELS Average -3. 8% Apartments Average -2.3%

 
Equity LifeStyle Properties 19 ELS vs. Multifamily Same Store NOI Indexed Growth (1) Notes: 1) Source: Citi Investment Research, August 2012. Same Store Indexed Growth assumes initial investment of $100 multiplied by the annual same store NOI growth rate. 2) Source: Citi Investment Research, August 2012. Averages equal annualized quarterly same store NOI averages collected by Citi. See page 18.3) Source: SNL Financial. Average FFO Multiple for the period calculated on a trailing 12 month basis. Multiple equals stock price divided by FFO per share. ELS compounded Same Store NOI growth rates significantly outperformed the REIT Multifamily industry since 1999$95$100$105$110$115$120$125$130$135$140$145$150$155$160$1651999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 20102011 Same Store NOI Indexed Growth Multifamily Averages (2) ELS Averages (2)
FFO Multiples
ELS Multifamily 1996 –2001(3) 12.9x11.0x 2002 –2011(3) 16.9x18.2x 201214.8x19.1x

 
Equity LifeStyle Properties 20 ELS vs. Multifamily (cont’d) FFO/Share and Total Return
Notes: Source: SNL Financial, May 2012. 1) Growth in FFO/Share and Total Return assumes initial investment of $100 multiplied by the annual FFO/Share and Total Return growth rates, respectively. Total Return assumes dividend reinvestment. While ELS and SNL Multifamily Index have had similar total returns, ELS has far outpaced Multifamily Index in FFO/share growth$50$100$150$200$250$300$3502002200320042005200620072008200920102011FFO/Share and Total Return (Indexed) FFO/Share and Total Return: 2002-2011 (1) ELS FFO/Share (61.2%) US REIT Multifamily FFO/Share (2.4%) ELS Total Return (234.2%) US REIT Multifamily Total Return (241.9%)

 
Equity LifeStyle Properties$508.3$517.3$589.2$708.2$724.4$0$100$200$300$400$500$600$700$8002009201020112012 (1)2013 (1)$120.4$126.0$147.5$208.6$227.3$0$50$100$150$200$2502009201020112012 (1)2013 (1) 21
Long Term Predictable Cash Flows Revenue (In $US millions) Funds from Operations (In $US millions) (2) FFO expected to grow 41% in 2012 and 9% in 2013 Over 96% of estimated 2013 revenue is comprised of property operating revenue 2011 and 2012 growth largely driven by $1.4 billion Hometown acquisition during the second half of 2011 Notes: 1) Based on Company’s estimate and represents the midpoint of a range. See the Supplemental Package.2) See page 43 for definition of FFO and reconciliation of Net Income available for common shares to FFO.

 
Equity LifeStyle Properties 22 Steady, Predictable Revenue Streams Property Revenue Buckets (1) Annual MH Annual RV Utility & Other Annual Right to Use Transient Seasonal 12.7% 9.1% 8.7% 62.8% All Annual Revenue = 93.3%$705M Property Operating Revenues Note: 1) Property revenue buckets reflect Company’s estimated 2013 property operating revenues.

 
Equity LifeStyle Properties
Manufactured Homes Casa del Sol East –Glendale, AZ23

 
Equity LifeStyle Properties Resort Cottages (Park Model) O’Connell’s - Amboy, IL24

 
Equity LifeStyle Properties RV Units Green Mountain - Lenoir, NC (Thousand Trails) 25

 
Equity LifeStyle Properties 26 Balance Sheet Flexibility Total Debt / Total Capitalization (1) Fixed Interest Coverage (2) $344 million of common equity raised in 2011 200 properties are unencumbered2.1x2.2x2.5x2.6x2.7x0.0x0.5x1.0x1.5x2.0x2.5x3.0x20072008200920102011 Notes: 1) Source: SNL Financial. 2) Fixed interest coverage equals interest expense divided by EBITDA.51.3%54.9%43.9%39.3%41.6%0%25%50%75%20072008200920102011

 
Equity LifeStyle Properties Mortgage Debt $2,084, 37.4% Term Loan $200, 3.6%OPU’s (1) $265, 4.8% Preferred (2) $200, 3.6% Common (1) $2,822, 50.6% 27 Capital Structure As of September 30, 2012 (In $US millions) Total enterprise value (1) is $5.6 billion Debt to enterprise value is 41%$380 million undrawn line of credit Notes: 1) Stock price as of 9/30/2012.2) Preferred includes 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock with a liquidation value of $136 million and 8.034% Series A Cumulative Redeemable Perpetual Preferred Stock with a liquidation value of $64 million. All Series A Preferred Stock was redeemed on October 18, 2012.

 
Equity LifeStyle Properties 28 Acquisition Overview Note: 1) See Supplemental Package.
n2011 Acquisition
?$1.4 billion acquisition of 75 properties 2012 estimated income from property operations of $102.5 million (1)
Other Midwest/ID 11% Michigan 9% West 8% Northeast 20% Florida 52%

 
Equity LifeStyle Properties29
Resort Homes (1)
n205 manufactured home communities –$476 million, or 69%, of estimated 2012 property operating revenues n74,100 sites nTotal occupancy is 89.4% and up 280 sites since 12/31/11 (2)  n Core ?Core occupancy has grown for 12 consecutive quarters through 9/30/12 ?Core occupancy of 91.6% and up 157 sites since 12/31/11 (2) ?Core Community base rental income growth for the ten months ended 10/31/12 is 2.9% (3) Pine Ridge at Crest wood – Whiting, NJ Casa del Sol Resort East – Glendale, AZ Notes: 1) Excludes joint venture sites.2) As of October 31, 2012. Core Portfolio is defined for this presentation as properties acquired prior to December 31, 2011 and which are expected to be owned and operated by the Company continuously for all of 2011 and 2012. The Core Portfolio may change from time-to-time depending on acquisitions, dispositions and significant transactions or unique situations.3) Compared to the ten months ended October 31, 2011.

 
Equity LifeStyle Properties 30 RV Resorts (1)
n172 RV resorts –$213 million, or 31%, of estimated 2012 property operating revenues nTotal Sites = 63,900
?Annual / Seasonal Sites = 30,000 ?Transient Sites = 9,600 ?Thousand Trails Sites = 24,300 (2)
•97,500 members as of 10/31/12 –Average annual customer payments (dues) –$458 –Industry standard ratio = 10 members to 1 site –Roughly 10,300 implied excess sites (5 to 1 ratio) –Excess sites do not require any significant cap ex
nCore resort income growth for the ten months ended 10/31/12 is 2.5% (3)
Notes: 1) Excludes joint venture sites.2) As of October 31, 2012, over 4,200 of these sites are rented on an annual basis. 3) Compared to the ten months ended October 31, 2011. Goose Creek -Newport, NC Lake Con roe -Willis, TX

 
Equity LifeStyle Properties Customers 31

 
Equity LifeStyle Properties Customer Demographics 32 Note: Sources: University of Michigan’s Survey Research Center 2005, Acxiom 2009, Statistical Surveys 2011, US Census 2008.
The population of people 50 –74 is expected to grow 24% from 2010 to 2025ELS only needs a small percentage of this customer pool to feed its revenue streams U.S. Population Over Age 50 (in millions)
100M 80M 60M 40M 20M 2010 2015 2020 2025 Ages 50-54 55-59 60-64 65-69 70-74 8M-9M RV Owners Average of 42K RV Owners within 100 Miles of each ELS Resort 192 K RV sales in 2011 77M Baby Boomers

 
Equity LifeStyle Properties Customer Demographics33
Note: 1) See page 22 Customer Demographics
Transient RV Customer -355-55 years old Right to Use RV -Zone Park Pass – low cost product introduced in 2010 -Traditionally 55-69 years old
Seasonal RV Customer -Traditionally 55-69 years old MH and Annual RV Customer -65-74 years old -77M Baby Boomers just starting to reach this age range

 
Equity LifeStyle Properties 34 RV Customer Acquisition Channels
nRV Dealers nRV Manufacturers nRV Service Providers
?Insurance
?Reservations nRV Retail Suppliers
Foothills West –Casa Grande, AZ Soledad Canyon - Acton, CA

 
Equity LifeStyle Properties ELS LifeStyle and Activities
35 nRecreation ?Golf, softball, fishing, tennis, swimming, lawn bowling, bocce ball
nArts
?Concerts, shows, art fairs, crafts
nEducation ?Seminars, One Day University nVolunteerism ?Consider Others, fund raising

 
Equity LifeStyle Properties Customer Engagement
nEngage the customer early in life, will become part of a lifestyle for the customer nOur member base is loyal with over 50% having been with us 20+ years nMy RV Market -order branded items online (1,000 sku’s)  n Social Networking application
36

 
Equity LifeStyle Properties Customer Engagement nFacebook -20,600 fans, friends of fans 4.7 million
3716 likes53 comments Detailed response thread Note:1) Facebook logo is a registered trademark of Facebook, Inc.
Search for people, places and things
Thousand Trails 19,609 likes ‘ 944 talking about this
Liked Message Travele/Leisure We love camping and so do you. That’s what
this Facebook friendship is built upon. Take a seat and chat
with us here about what we all love – camping and the About Photos Likes Photo Contest Customer Care/Wea
Facebook Search for people, place and things Thousand Trails Timeline 2012 Highlights Thousand Trails
March 22 Hey, TT fans! We have a fan who just purchased her first RV and
She has a few questions about Thousand Trails, Can you help
Margaret Out? “We just purchased our first RV and received a Brochure for this membership and I wanted to know if this is as good as it looks, are you limited to how many nights and how hard is it to actually book a site as so many places are fully booked and I don’t want to pay for a membership if it’s just as hard getting in to the campsites, Any advice from current members would be great thanks.”
Like’ Comment ‘ Share 19
53 1 16 people like this. TT is the best investment I have ever made as far as Camping goes. We camped all of 2010 and most of 2011 and did not pay for a single night of camping and we were in 9 states, Parks and staff are great, we are on an older plan. TT is worth the money. March 22 at 8:56am ‘ Like ‘ 2
We joined the Northeast Zone last year after receiving a complimentary stay. We just love it! Our grandson is almost 6 and he can’t go camping enough! Last year we did tent camp, but we just bought a 30 foot pull behind and can’t wait for the season to start! the grounds are beautiful, the staff is awesome, the activities are a great bonus! We have been to several location in our zone and plan to go to others soon. We recommend TT to everyone! Even when our schedule does take our grandson to the pool is a Blessing. You won’t regret joining!!
March 22 at 8:57 ‘ Like ‘ 1

 
Equity LifeStyle Properties
Customer Engagement Photo Contests Conducted on our Facebook Page 38 Pacific City - Cloverdale, OR Lake Minden -Nicolaus, TX

 
Equity LifeStyle Properties 39 Snow flower -Emigrant Gap, CA Yosemite Lakes -Groveland, CA
Customer Engagement Photo Contests Conducted on our Facebook Page

 
Equity LifeStyle Properties People 40

 
Equity LifeStyle Properties Experienced, Proven Management and Board of Directors 41 Executive Officers
Board of Directors
Thomas Heneghan-Chief Executive Officer (until 2/1/2013), member of Board of Directors since 2004 and Co-Vice Chairman effective 2/1/2013 (with ELS since 1995). Previous roles at ELS: President, Chief Operating Officer (“COO”), Chief Financial Officer (“CFO”) and Treasurer.
Marguerite Nader – Currently President and will be President and CEO effective 2/1/2013 (with ELS since 1993). Previous roles at ELS: CFO, Executive Vice President (“EVP”) of New Business Development, EVP of Sales and Marketing.
Roger Maynard –EVP of Asset Management (with ELS since 1997). Previous roles at ELS: EVP and COO, Regional Vice President.
Paul Seavey–Senior Vice President, CFO and Treasurer (with ELS since 1994). Previous roles at ELS: SVP of Finance, VP of Financial Planning. Samuel Zell -Chairman of the Board, Director since 1993, purchased the Company’s predecessor in 1983 Howard Walker -Vice-Chairman of the Board and Director since 1997 (Former CEO) Philip Calian -Director since 2005 David Contis -Director since 2009 Thomas Dobrowski -Director since 1993 Sheli Rosen berg -Director since 1996 Gary Waterman -Director since 1993

 
Equity LifeStyle Properties Organizational Overview 42 Regional Corporate
nAdministrative ?Accounting •SVP and CAO –25+ years of experience in public accounting, joined ELS in 2012 •4 VP’s / Directors -Average 7+ years at ELS/Thousand Trails •Compliance Officer –17+ years at ELS
?Financial Planning •Director of Financial Planning -17+ years at ELS ?Human Resources •VP -18+ years at ELS
?Information Technology •VP and Chief Information Officer –4+ years at ELS •Director of IS Operations -11+ years at ELS
?Legal •SVP and General Counsel -4+ years at ELS •VP of Legal –29+ years at ELS/Thousand Trails nSales & Marketing
?President of sales subsidiary –8+ years at ELS/Thousand Trails ?2 Senior VP’s and 1 VP –Average 9+ at ELS/Thousand Trails
?3 Senior Directors of Marketing –Average 13+ years at ELS/Thousand Trails ?2 Call Center Directors / Managers –Average 15+ years at ELS/Thousand Trails n Acquisitions / Dispositions ?Senior VP of Asset Management & Investments -6+ years at ELS
n2 Regional Offices ?Tampa, FL ?Phoenix, AZ
nProperty Management ?Senior Vice President of Operations (starting in 2013) with 20 years of experience in MH industry
•2 SVP’s of Regional Operations average 20 years at ELS/Thousand Trails
?SVP of Revenue Management –18+ years at ELS and 30+ years in industry
?6 Vice Presidents •Average 9+ years at ELS nAsset Management ?Vice President •8+ years at ELS ?Senior Regional Construction Manager •9+ years at ELS ?Environmental Engineer •4+ years at ELS

 
Funds from Operations (“FFO”) is a non-GAAP financial measure. The Company believes that 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.
The Company defines FFO as net income, computed in accordance with GAAP, excluding gains or actual or estimated losses from sales of properties, plus real estate related depreciation and amortization, 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. The Company receives up-front non-refundable payments from the entry of right-to-use contracts. In accordance with GAAP, the up front 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 nonrefundable right-to-use payments, the Company believes that it is appropriate to adjust for the impact of the deferral activity in its calculation of FFO. The Company believes that FFO is helpful to investors as one of several measures of the performance of an equity REIT. The Company further believes that by excluding the effect of depreciation, amortization and gains or actual or estimated 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. The Company believes that the adjustment to FFO for the net revenue deferral of up front non-refundable payments and expense deferral of right-to-use contract commissions also facilitates the comparison to other equity REITs. Investors should review FFO, along with GAAP net income and cash flow from operating activities, investing activities and financing activities, when evaluating an equity REIT’s operating performance. The Company computes FFO in accordance with its 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 the Company does. FFO does not represent cash generated from operating activities in accordance with GAAP, nor does it 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 the Company’s financial performance, or to cash flow from operating activities, determined in accordance with GAAP, as a measure of the Company’s liquidity, nor is it indicative of funds available to fund its cash needs, including its ability to make cash distributions.
Computation of funds from operations: 2009 2010 2011 2012 (1) 2013(1)
Net income available for common shares 34.0 38.4 22.8 48.7 105.9
Income allocated to common OP units 6.1 5.9 3.1 4.6 9.9
Series B Redeemable Preferred Stock Dividends 0.0 0.0 0.5 0.0 0.0
Deferral of Right-to-use contract revenue and commission, net 13.2 9.4 7.1 4.0 4.9
Depreciation on real estate assets and other 70.3 69.3 81.2 100.1 100.1
Depreciation on rental homes 2.3 2.8 4.3 6.1 6.5 Amortization of in-place leases 0.0 0.0 28.5 45.1 0.0
(Gain) loss on real estate(5.5) 0.2 0.0 0.0 0.0 Funds from operations 120.4 126.0 147.5 208.6 227.3
Note: (1) 2012 and 2013 amounts are the midpoint of an estimated range. See Supplemental Package.

 
Equity LifeStyle Properties
Appendix
44

 
Equity LifeStyle Properties Manufactured Home Communities 45

 
Equity LifeStyle Properties Manufactured Home Community California Hawaiian -San Jose, CA46

 
Equity LifeStyle Properties Manufactured Home Community Pine Lakes Country Club -North Ft. Myers, FL47

 
Equity LifeStyle Properties Manufactured Home Community
Coquina Crossing - Elkton, FL
48

 
Equity LifeStyle Properties Manufactured Home Community Colony Cove - Ellenton, FL49

 
Equity LifeStyle Properties Manufactured Home Community The Heritage - North Ft. Myers, FL50

 
Equity LifeStyle Properties Manufactured Home Community Coral Cay - Margate, FL
51

 
Equity LifeStyle Properties
RV Resorts
52

 
Equity LifeStyle Properties RV Resort Monte Vista - Mesa, AZ53

 
Equity LifeStyle Properties RV Resort Rancho Oso - Santa Barbara, CA (Thousand Trails) 54

 
Equity LifeStyle Properties RV Resort Lake George - Lake George, NY
55

 
Equity LifeStyle Properties RV Resort Goose Creek - Newport, NC56

 
Equity LifeStyle Properties RV Resort Bend - Bend, OR (Thousand Trails) 57

 
Equity LifeStyle Properties RV Resort Mt. Hood - Welches, OR 58

 
Equity LifeStyle Properties
RV Resort
59 Medina Lake - Lakehills, TX (Thousand Trails)

 
Equity LifeStyle PropertiesRV Resort Chesapeake Bay - Gloucester, VA (Thousand Trails) 60

 
Equity LifeStyle Properties Manufactured Homes 61

 
Equity LifeStyle Properties Manufactured Homes Bay Indies - Venice, FL 62

 
Equity LifeStyle Properties Manufactured Homes Bay Indies - Venice, FL
63

 
Equity LifeStyle Properties
Manufactured Homes
Buccaneer Estates - North Ft. Myers, FL64

 
Equity LifeStyle Properties RV’s / Park Models 65

 
Equity LifeStyle Properties Resort Cottages (Park Models) Goose Creek - Newport, NC66

 
Equity LifeStyle Properties Resort Cottages (Park Models) Lake Conroe - Willis, TX (Thousand Trails) 67

 
Equity LifeStyle PropertiesRV Units Wilderness Lakes -Oregon House, CA (Thousand Trails) 68

 
Equity LifeStyle Properties RV UnitsWinter Quarters Pasco RV Resort -Tampa Area, FL 69