ELS Declares First Quarter Dividend

Equity LifeStyle Properties, Inc. (NYSE:ELS) today announced that its Board of Directors declared a dividend of $0.25 per share, representing, on an annualized basis, a dividend of $1.00 per share. The dividend will be paid on April 10, 2009 to shareholders of record on March 27, 2009.

This news 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. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:

• 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;
• in the all-age properties, 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;
• in the properties we recently started operating as a result of our acquisition of Privileged Access and all properties, our ability to control costs, property market conditions, the actual rate of decline in customers, the actual use of sites by customers and our success in acquiring new customers;
• our ability to maintain rental rates and occupancy with respect to properties currently owned or pending acquisitions;
• our assumptions about rental and home sales markets;
• the completion of pending acquisitions and timing with respect thereto;
• ability to obtain financing or refinance existing debt;
• the effect of interest rates;
• the effect of accounting for the sale of agreements to customers representing a right-to-use the properties previously leased by Privileged Access under Staff Accounting Bulletin No. 104, Revenue Recognition in Consolidated Financial Statements, Corrected; 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. 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 309 quality properties in 28 states and British Columbia consisting of 111,099 sites. The Company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.