Equity LifeStyle Properties (ELS) 8-K Other Events

Exhibit 99.2

Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Years Ended December 31, 2009, 2008 and 2007
(amounts in thousands, except per share data)

	2009			2008			2007
Revenues:
Community base rental income	$	253,379		$	245,833		$	236,933
Resort base rental income		124,822			111,876			102,372
Right-to-use annual payments		50,765			19,667			—
Right-to-use contracts current period, gross		21,526			10,951			—
Right-to-use contracts, deferred, net of prior period amortization		(18,882	)		(10,611	)		—
Utility and other income		47,685			41,633			36,849
Gross revenues from home sales		7,136			21,845			33,333
Brokered resale revenues, net		758			1,094			1,528
Ancillary services revenues, net		2,745			1,197			2,436
Interest income		5,119			3,095			1,732
Income from other investments, net		8,168			17,006			22,476
Total revenues		503,221			463,586			437,659
Expenses:
Property operating and maintenance		(180,870	)		(152,363	)		(127,342	)
Real estate taxes		(31,674	)		(29,457	)		(27,429	)
Sales and marketing, gross		(13,536	)		(7,116	)		—
Sales and marketing, deferred commissions, net		5,729			3,644			—
Property management		(33,383	)		(25,451	)		(18,385	)
Depreciation on real estate and other costs		(69,049	)		(66,193	)		(63,554	)
Cost of home sales		(7,471	)		(24,069	)		(30,713	)
Home selling expenses		(2,383	)		(5,776	)		(7,555	)
General and administrative		(22,279	)		(20,617	)		(15,591	)
Rent control initiatives		(456	)		(1,555	)		(2,657	)
Depreciation on corporate assets		(1,039	)		(390	)		(437	)
Interest and related amortization		(98,311	)		(99,430	)		(103,070	)
Total expenses		(454,722	)		(428,773	)		(396,733	)
Income before equity in income of unconsolidated joint ventures		48,499			34,813			40,926
Equity in income of unconsolidated joint ventures		2,896			3,753			2,696
Consolidated income from continuing operations		51,395			38,566			43,622
Discontinued Operations:
Discontinued operations		181			257			289
Gain (loss) from discontinued real estate		4,685			(79	)		12,036
Income from discontinued operations		4,866			178			12,325
Consolidated net income		56,261			38,744			55,947
Income allocated to non-controlling interests:
Common OP Units		(6,113	)		(4,297	)		(7,705	)
Perpetual Preferred OP Units		(16,143	)		(16,144	)		(16,140	)
Net income available for Common Shares	$	34,005		$	18,303		$	32,102

Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Years Ended December 31, 2009, 2008 and 2007
(amounts in thousands, except per share data)

	2009		2008		2007
Earnings per Common Share — Basic:
Income from continuing operations	$	1.08	$	0.74	$	0.92
Income from discontinued operations	$	0.15	$	0.01	$	0.41
Net income available for Common Shares	$	1.23	$	0.75	$	1.33
Earnings per Common Share — Fully Diluted:
Income from continuing operations	$	1.07	$	0.74	$	0.90
Income from discontinued operations	$	0.15	$	0.01	$	0.41
Net income available for Common Shares	$	1.22	$	0.75	$	1.31
Distributions declared per Common Share outstanding	$	1.10	$	0.80	$	0.60
Tax status of Common Shares distributions deemed paid during the year:
Ordinary income	$	0.72	$	0.80	$	0.60
Long-term capital gain	$	0.24	$	—	$	—
Unrecaptured section 1250 gain	$	0.14	$	—	$	—
Weighted average Common Shares outstanding — basic		27,582		24,466		24,089
Weighted average Common Shares outstanding — fully diluted		32,944		30,498		30,414

Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Quarters Ended March 31, 2010 and 2009
(amounts in thousands, except per share data)

	Quarters Ended
	March 31,
	2010			2009
Revenues:
Community base rental income	$	64,422		$	63,184
Resort base rental income		36,945			35,458
Right-to-use annual payments		12,185			12,895
Right-to-use contracts current period, gross		4,937			5,577
Right-to-use contracts, deferred, net of prior period amortization		(3,948	)		(5,163	)
Utility and other income		12,889			12,404
Gross revenues from home sales		1,047			1,211
Brokered resale revenues, net		239			186
Ancillary services revenues, net		1,063			1,156
Interest income		1,192			1,383
Income from other investments, net		1,177			2,523
Total revenues		132,148			130,814
Expenses:
Property operating and maintenance		43,454			42,004
Real estate taxes		8,314			8,456
Sales and marketing, gross		3,263			3,072
Sales and marketing, deferred commissions, net		(1,412	)		(1,493	)
Property management		8,740			8,704
Depreciation on real estate assets		16,923			17,399
Cost of home sales		1,159			2,117
Home selling expenses		477			1,072
General and administrative		5,676			6,157
Rent control initiatives		714			146
Depreciation on corporate assets		210			168
Interest and related amortization		23,767			24,550
Total expenses		111,285			112,352
Income before equity in income of unconsolidated joint ventures		20,863			18,462
Equity in income of unconsolidated joint ventures		841			1,903
Consolidated income from continuing operations		21,704			20,365
Discontinued Operations:
Discontinued operations		—			126
Loss from discontinued real estate		(177	)		(20	)
(Loss) income from discontinued operations		(177	)		106
Consolidated net income		21,527			20,471
Income allocated to non-controlling interests:
Common OP Units		(2,432	)		(2,794	)
Perpetual Preferred OP Units		(4,031	)		(4,033	)
Net income available for Common Shares	$	15,064		$	13,644

Equity LifeStyle Properties, Inc.
Pro-forma Consolidated Statements of Operations
For the Quarters Ended March 31, 2010 and 2009
(amounts in thousands, except per share data)

	Quarters Ended
	March 31,
	2010		2009
Earnings per Common Share — Basic:
Income from continuing operations	$	0.50	$	0.55
(Loss) income from discontinued operations		—		—
Net income available for Common Shares	$	0.50	$	0.55
Earnings per Common Share — Fully Diluted:
Income from continuing operations	$	0.49	$	0.54
(Loss) income from discontinued operations		—		—
Net income available for Common Shares	$	0.49	$	0.54
Distributions declared per Common Share outstanding	$	0.30	$	0.25
Weighted average Common Shares outstanding — basic		30,304		24,945
Weighted average Common Shares outstanding — fully diluted		35,500		30,523