|ELS Invests in Three Bar Harbor, Maine Properties; Expects to Upgrade Two Oceanfront Properties|
CHICAGO--(BUSINESS WIRE)--April 11, 2005--Equity LifeStyle Properties, Inc. (NYSE:ELS) today announced the investment of approximately $7 million for a 50 percent preferred joint venture interest in three properties containing approximately 500 sites located near Bar Harbor, Maine. ELS expects a 7% annual yield on its investment prior to the upgrade and expansion efforts discussed below. Two of the properties, Mount Desert Narrows and Narrows Too, are located on the Atlantic Ocean, and one property, Patten Pond, is located on a 700 acre lake. The three resorts have approximately 100 acres available for potential expansion. ELS expects to invest additional capital and work with the existing owner to upgrade the properties and promote a new home sales initiative. These efforts are expected to significantly increase the potential revenues of the properties.
Marguerite Nader, Vice President of New Business Development, commented, "We look forward to working with our new partner in this premier vacation destination on the coast of Maine. This investment highlights our ongoing focus on investing in high-quality real estate locations."
The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, but not limited to, the Company's ability to maintain rental rates and occupancy with respect to properties currently owned or pending acquisitions; the Company's 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 the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Equity LifeStyle Properties, Inc. owns or has an interest in 278 quality communities in 26 states and British Columbia consisting of 101,727 sites. The Company is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago.
CONTACT: Equity LifeStyle Properties, Inc. Michael Berman, 312-279-1496 SOURCE: Equity LifeStyle Properties, Inc.