ELS Initiates Refinancing

  ELS Initiates Refinancing

               $435,000,000, 18-year Secured Financing at 4.3%

Business Wire

CHICAGO -- June 3, 2013

Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,”
“us,” and “our”) today announced that we have entered into agreements to
obtain $435 million in new mortgage loans from institutional lenders, subject
to customary approvals and conditions. The loans will be secured by mortgages
on 25 manufactured home and RV properties and, in total, are expected to bear
a blended interest rate of 4.3% per annum, and to have maturities ranging from
10 to 25 years with a weighted average maturity of approximately 18 years.

Proceeds from the financing will be used to repay debt with a weighted average
effective interest rate of 5.7%. This includes our remaining 2013 debt
maturities as well as approximately $102 million maturing in 2014 and
approximately $295 million maturing in 2015. We expect to use available cash
to pay approximately $37 million in defeasance costs related to the early
repayment of debt. The financing is expected to close in stages beginning in
the second quarter of 2013 with the final closing expected to occur in April

Marguerite Nader, our Chief Executive Officer, said, “The current financing
environment offers an opportunity to obtain long-term financing for our RV and
MH assets at historically low interest rates. This transaction allows us to
reduce our overall cost of debt approximately 20bps to 5.3% and extend our
weighted average maturities from 4.5 years to more than 7 years. In addition,
through this transaction we expect to restructure our debt maturities so that
we have no more than $300 million maturing in any single year going forward.”

Because the loans are subject to customary approvals and conditions, there can
be no assurance that the loans will be made in the amounts anticipated, on the
terms stated, or at all.

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 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 2013 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;
  *unanticipated costs or unforeseen liabilities associated with recent
  *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 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

We own or have an interest in 383 quality properties in 32 states and British
Columbia consisting of 142,682 sites. We are a self-administered,
self-managed, real estate investment trust (“REIT”) with headquarters in


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