Equity LifeStyle Properties Announces Closing on $100 Million Secured Financing

Equity LifeStyle Properties ELS, today announced that it closed on $100 million of secured financing. The loan requires interest only payments for the first two years and matures on September 6, 2021. We previously locked our interest rate on the loan at 5.03 percent per annum. The loan is secured by 10 manufactured home communities and two RV resorts. The Company has previously announced that it entered into purchase and other agreements to acquire a portfolio of 75 manufactured home communities and one RV resort and certain manufactured homes and loans secured by manufactured homes located at the Acquisition Properties for a stated purchase price of $1.43 billion (the “Acquisition”), excluding estimated closing costs of approximately $22 million. Approximately $17 million of the estimated closing costs are expected to be incurred during the quarter ended September 30, 2011. As of August 8, 2011, the Company has closed on 51 of the 76 Acquisition Properties, and the proceeds from today's loan are expected to be used in closing on the remaining 25 Acquisition Properties. In addition to the $100 million of gross proceeds obtained from today's closing, the Company also expects to obtain an additional $125 million of secured financing in the next 60 days to fund a portion of the Acquisition, for a total of $225 million of new secured financing. The Company's closing of the remainder of the Acquisition is subject to the receipt of loan servicer consents and other customary closing conditions. No assurances can be given that the additional secured financing or the remainder of the Acquisition will be completed in their entirety in accordance with the anticipated timing or at all.