Adjustments Minnesota Twins for unconsolidated partnerships and

Adjustments surmises apartments near university of minnesota twin cities for unconsolidated joe mauer jerseys devises partnerships and joint ventures arecalculated to reflect FFO on the same basis. While FFO is a relevant and widelyused measure of operating performance for equity REITs, it does not representcash flow from operations or net income as defined by GAAP, and it should not beconsidered as an alternative to these indicators in evaluating liquidity oroperating performance. The Companybelieves that FFO, as defined by the Board of Governors of the NationalAssociation of Real Estate Investment Trusts ("NAREIT"), is an appropriatemeasure of performance for an equity REIT. (4) Quarter and six months ended June 30, 2009, includes three third-party dealer sales. Quarter and six months ended June 30, 2008, includes one third-party dealer sale.Net Income and FFO per Common Share GuidanceThird Quarter 2009Full Year 2009on a fully diluted basis (unaudited): LowHigh Low HighProjected net income (1)$ 0.15$ 0.25$0.83 $1.03 Projected depreciation0.490.49 2.122.12 Projected gain on sale of property--- ---(0.02)(0.02) Projected net deferral of right-to-use sales and commissions0.090.09 0.400.40 Projected FFO $ 0.73$ 0.83$3.33 $3.53 (1) Due to the uncertain timing and extent of right-to-use sales and the resulting deferrals, actual net income could differ materially from expected net income.Non-GAAP Financial MeasuresFunds from Operations ("FFO"), is a non-GAAP financial measure. (3) Quarter and six months ended June 30, 2009, includes three and six third-party dealer sales. Quarter and six months ended June 30, 2008, includes 21 and 45 third-party dealer sales, respectively.

The deferred commissions will be amortized on the same method as the related non-refundable upfront payments from the sale of right-to-use contracts The amount shown represents the deferral of a substantial portion of current period contract commissions, offset by the amortization of prior period commissions, if any baseball managers . The Core Portfolio includes all Properties acquired prior to December 31, 2007 and which have been owned and operated by the Company continuously since January 1, 2008 justin morneau . (2) Sites primarily utilized by approximately 115,000 members metrodome . The customer life is currently estimated to range from one to 31 years and is determined based upon historical attrition rates provided to the Company by Privileged Access minnesota twins . The amount shown represents the deferral of a substantial portion of current period contract sales, offset by the amortization of prior period sales, if any.

(2) The Company is required by GAAP to defer recognition of the commission paid related to the sale of right-to-use contracts baseball tickets . The Company is under no obligation to, and expressly disclaimsany obligation to, update or alter its forward-looking statements whether as aresult of such changes, new information, subsequent events or otherwise Tables follow: Equity LifeStyle Properties, Inc joe mauer jerseys . As with any projection or forecast, thesestatements are inherently susceptible to uncertainty and changes incircumstances justin morneau . 104, Revenue Recognition in Consolidated FinancialStatements, Corrected; and * other risks indicated from time to time in our filings with the Securities andExchange Commission.These forward-looking statements are based on management`s present expectationsand beliefs about future events . This news release includes certain "forward-looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995. TheCompany is a self-administered, self-managed, real estate investment trust(REIT) with headquarters in Chicago.