Monday, January 07, 2008

ELS Names Joe McAdams New President

CHICAGO--(Business Wire)--Equity LifeStyle Properties, Inc. (NYSE:ELS) today announced that Joe B. McAdams will join the Company as its new President effective January 1, 2008.

Mr. McAdams has been the owner and Chairman of the Board, President and Chief Executive Officer of Privileged Access, LP, ("Privileged Access") an RV and vacation membership business that currently leases approximately 24,100 sites at 81 of the Company's Properties, since October 2005.

Simultaneous with his appointment as President of the Company, Mr. McAdams is resigning as Chairman of the Board, President and Chief Executive Officer of Privileged Access, but will remain on the Board of Directors of Privileged Access and retain 100% ownership of Privileged Access. Mr. McAdams was a director of the Company from January 2004 to October 2005.

Commented Mr. Heneghan, ELS' CEO, "We are pleased to have Joe join the Company as a member of our executive team. Joe brings a wealth of knowledge and experience to the Company."

The Company did evaluate a purchase of Privileged Access. However, there continues to be lack of definitive guidance regarding the tax treatment of gross income from membership contracts for REIT gross income test purposes. As a result, the Company believes that the best strategic option available at this time was to bring Mr. McAdams to the Company and continue to work with Privileged Access on initiatives such as flexible sales, whole ownership and combining certain overhead functions. The Company anticipates this event will have no impact on the 2008 Funds From Operations guidance previously provided.

The Company recognizes that Mr. McAdams may have a conflict of interest with respect to his ownership of Privileged Access and his role in the Company. To mitigate this potential conflict, Mr. McAdams will not be involved in the monitoring of the current contracts, or negotiation of future contracts, with Privileged Access on behalf of the Company.

The Company is evaluating whether to consolidate the results of Privileged Access. The Company expects to discuss the possible consolidation and other related accounting matters with the Securities and Exchange Commission.

Equity LifeStyle Properties, Inc. owns or has an interest in 311 quality properties in 28 states and British Columbia consisting of 112,724 sites. We are a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.
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Good Sam VIP RV Insurance





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