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01/26/2010
ELS $47

Equity Lifestyle Properties ELS 4Q 2009 FFO $0.79 v $0.67 UP +18%
ELS 2009 FFO $3.58 v $3.20 UP +12%

ELS guidance 2010 FFO $3.39-$3.59 v $3.58 DOWN 0% - (5%)
ELS guidance 2010 FFO assumes same property NOI UP +0.5%-+1.5%

ELS 4Q 2009 same property NOI UP +7.0%
ELS 4Q 2009 manufactured home sales DOWN (38%)

ELS to provide management comments on 4Q 2009 during conference call at 11:00 AM on Tuesday, January 26, 2010

ELS a Specialty REIT with a portfolio of manufactured homes

ELS we rank 2 BUY

ELS market cap $1.7 billion

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