EXHIBIT 99.2




CONTACT: Michael Berman                                    FOR IMMEDIATE RELEASE
         (312) 279-1496                                    January 23, 2006



                        ELS CEO COMMENTS ON 2005 RESULTS


         CHICAGO, IL - Equity LifeStyle Properties, Inc. (NYSE: ELS) announced
comments on the Company's 2005 performance. The comments reflect the prepared
remarks of Thomas Heneghan, President and CEO of the Company. The remarks should
be read in conjunction with the year-end 2005 earnings release issued separately
today.

         "We had a very successful 2005 with a strong fourth quarter and have
taken that momentum into 2006. The results for 2005 are very gratifying as 2005
marks the first full year of activity with our significantly expanded portfolio
focused on serving the lifestyle-oriented customer. The year 2005 represents the
final step in a transition initiated in 2003 that has created exciting
opportunities for our company. That transition started with our recapitalization
and special dividend at the end of 2003, included an aggressive acquisition
program to add quality real estate locations to our portfolio in 2004 and came
to fruition in 2005 as our employees showed us what they could accomplish
operationally.

         The goals we established at the beginning of 2005 highlighted the need
to execute on this larger, more robust platform. We met or exceeded our targets
on resort revenues, sales volumes and sales profitability. One area where we
fell short of our goal was occupancy, which declined slightly in 2005. The
impact of the 2004 and 2005 hurricanes in Florida and weakness in affordable
housing properties were a modest drag on otherwise strong markets.

         Our goals for 2006 will continue the operational focus of 2005,
including occupancy, resort revenues, sales volumes and sales profitability.
These goals build on the strong results we have come to expect from our core
properties. We expect to reverse the trend in occupancy, improve on both sales
volumes and profitability and increase resort revenues. In addition, we continue
to evaluate opportunities to reallocate capital away from locations or property
types that do not meet our long-term plans and into locations and properties
more fitting with our objectives. This evaluation will include the potential for
opportunistic real estate sales where we believe our capital can yield higher
returns elsewhere.




         We will continue to look for attractive real estate locations that meet
our objectives - high quality real estate in or around major metropolitan areas
with high barriers to entry and/or retirement or vacation destinations. We look
for opportunities to create stable, predictable cash flow streams from these
assets by meeting the demands of our customers looking for attractive lifestyle
housing options, including retirement, seasonal or second home options and
flexible use products geared around factory-built resort homes or cottages and
recreational vehicles.

         Substantially all of our 285 properties with over 106,000 sites meet
this basic requisite. Over 60% of our investments are located in Florida,
California, Arizona or the Gulf Coast of Texas. Approximately one third of our
properties are located within ten miles of the coastal U.S. or are adjacent to
major bodies of water. Areas near water tend to attract major population
concentrations and generally have higher barriers to entry than the rest of the
country. Moreover, approximately 75% of our properties meet at least one of the
above criteria, with a substantial portion of the rest clustered around the
metropolitan areas of Denver, Seattle, Chicago, and Las Vegas. Put simply, we
believe our portfolio is unique.

         Not only do we own quality real estate locations, our business has
impressive fundamentals. The vast majority of our cash flow comes from leasing
our land as opposed to the rental of a structure. We expect increased demand due
to both population growth and demographic changes. The states where we have
concentrated our investments have some of the highest projected population
growth over the next ten years. In addition, the demographic trend of our
targeted customer shows significant growth in the coming years. We believe these
customers will be increasingly attracted to what we offer - a high quality
affordable lifestyle option in locations that resonate with their changing
lifestyles. Surveys of our customers consistently indicate that the top reasons
for choosing our properties are the appearance of our properties, location and
the value proposition we offer.

         In summary, we believe that today our company combines high quality
real estate locations with a solid business model to generate stable and
predictable cash flow. We know that execution is the key for creating value from
this combination in the future and have set our sights on doing so."

         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", "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 communities,
home sales results could be impacted by the ability of potential homebuyers to
sell their existing residences as well as by financial markets volatility; in
the all-age communities, 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; 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; the effect of interest rates as well as 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. ELS 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 285
quality properties in 28 states and British Columbia consisting of 106,337
sites. The Company is a self-administered, self-managed, real estate investment
trust (REIT) with headquarters in Chicago.



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