Equity LifeStyle Properties, Inc. (ELS) is a real estate investment trust (REIT). The Company is an integrated owner and operator of lifestyle-oriented properties (Properties). The operations of the Company are conducted primarily through MHC Operating Limited Partnership (the Operating Partnership). ELS leases individual developed areas (sites) with access to utilities for placement of factory built homes, cottages, cabins or recreational vehicles (RVs). The Company operates in two segments: the Property Operations and Home Sales and Rental Operations segments. The Property Operations segment owns and operates land lease Properties and the Home Sales and Rental Operations segment purchases, sells and leases homes at the Properties. During the year ended December 31, 2011, the Company acquired 75 Properties with over 30,000 sites.