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On May 31, 2011, Equity LifeStyle Properties, Inc.
ELS, through its
operating partnership, entered into purchase and
other agreements to acquire a portfolio of 75 manufactured home communities
and one RV resort (the “Acquisition Properties”) containing 31,167 sites on
approximately 6,500 acres located in 16 states (primarily located in Florida
and the northeastern region of the United States) 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 Company closed on seven of the Acquisition Properties today along with
certain manufactured homes and loans secured by manufactured homes located at
such Acquisition Properties for a stated purchase price of approximately $99
million. The purchase price in connection with this closing was funded with:
the assumption of approximately $55 million of mortgage debt secured by
the Acquisition Properties acquired today and approximately $44 million
of cash. The cash was obtained from the proceeds of the previously announced
$200 million of financings originated during the quarter ended September 30,
2011.
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