Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties' First Quarter 2014 Results. Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President and CFO; and Patrick Waite, our Executive Vice President of Operations. In advance of today's call, management released earnings. Today's call will consist of opening remarks and a question-and-answer session with management relating to the company's earnings release. As a reminder, this call is being recorded. Certain matters discussed during this conference call may contain forward-looking statements in the meanings of the federal securities laws. Our forward-looking statements are subject to certain economic risks and uncertainty. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events. At this time, I would like to turn the call over to Marguerite Nader, our President and CEO. Please go ahead.

Good morning, and thank you for joining us today. As Paul will more fully describe, our normalized FFO for the first quarter was $0.79 per share, an increase of $0.03 from guidance. Our guidance for the full year 2014 assumed the 7% growth in normalized FFO. Our results for the quarter showed the strength of our business, which is supported by our quality real estate locations, stability of our cash flow and flexibility of our product offering. The fundamental drivers of our business operated better than our expectations. For our MH properties, our properties offered value to both empty-nesters and families who desire a quality lifestyle. We continue to see strong demands for our MH product. We had our 18th successive quarter of occupancy growth. On the operating front we improved the quality of our occupancy by gaining more homeowners and renters. We see more and more customers choosing the option of buying a home from us or resale as a desired housing choice. They see the value of owning a home in our locations. For the quarter, we sold 30 new homes in our MH communities at a price point of around $67,000. We were successful in selling 11 additional homes in the quarter at our 2,000 site RV resort in Mesa, Arizona. This property is a highly amenitized community complete with the 27-hole golf course and the section of the property that is the MH. Late last year we started developing some vacant land at this property and has sold 24 MH homes during that time period. We will continue to update you on the demand for this development. Half of the new homes we sold this quarter in our MH communities was through the joint venture with Cavco. We like the trend we are seeing with this…

Thank you, Marguerite, and good morning, everyone. I will discuss our first quarter results, provide details guidance for the second quarter and update guidance for the remainder of 2014. For the first quarter we reported $0.79 normalized FFO per share, $0.03 ahead of guidance. Overall, core income from property operations was better than expected as a result of the increased rental revenues across our MH and RV platform. In the quarter, we realized some savings and property management and corporate expenses and received a distribution from one of our joint venture properties that contributed a (indiscernible) penny to our results. Core MH rent came in better than we had projected and with 3.3% higher than last year. The base rental income increase include approximately 50 basis points related to occupancy gains and 2.8% in rate growth. We had Core occupancy gains with 75 MH sites in the quarter. Our focus on the quality of our occupancy yielded 43 homeowners in the quarter. We sold 45 new homes, including 14 to our ECHO joint venture. In our MH portfolio the used home sales volume increased almost 13% over first quarter, 2013. Our RV business generated Core resort based rental income growth of 6.6%. Our annual growth rate was 5.2% resulting from occupancy and rate gains in Florida and the Northeast. Growth in seasonal revenues of 6.4% and growth of 12.5% in transient income was driven by rate and occupancy primarily in Florida. We continued to see strong demands for our cabin rental program across the portfolio. On a combined basis our membership dues revenue and our membership sales and expenses were in line with guidance. During the quarter, we sold and activated almost 2,800 memberships. Our VPP membership's sales volume in the quarter was 7% higher than last year. We expect…

Thank you Ladies and Gentlemen. [Operator Instructions] Please stand by for you first question and the first question comes from the line of Nick Joseph from Citigroup. Please go ahead. Nicholas Joseph – Citigroup Inc: Great, thanks. You mentioned 18 consecutive Cores of occupancy gains and the expansion that you’re doing at an existing site. How many current sites have expansion opportunities in your portfolio?

Nick the one I was referring to was View Point which is in our (indiscernible) property that we own, that has a component of MH. I think that as you remember in terms of the expansion opportunities that we have inside of our portfolio, the vast majority of our vacant land is (indiscernible) RV properties. So, we were pleased with the development that we have done out there at View Point out in Arizona and we will continue to kind of evaluate where we have strong demand and we can develop more sites like that. Nicholas Joseph – Citigroup Inc.: So, what do you look for before actually deciding to expand our existing site?

We will look to what the demand is within the property. I mean, as an example as the sales that have happened so far in this particular property in a very short time 60% of the people that bought homes bought the manufactory homes are from within the perk. So there really what we talked about before which is that migrating firm a smaller unit or from a shorter length of stay to (indiscernible) their primary home at the property and a larger footprint. And the 30% are referral business or people just in the property area stands you know let's get our friends to come out and then you have the --10% new guys just kind of coming through hearing our ads and we did a couple of TV advertisements to just get and understand what the demand is for the property. So we would – we invest the kind of – the way we look at is really a localized marketing efficacy where the demand is. Nicholas Joseph – Citigroup Inc: Great, thanks for that. And in terms of the acquisition pipeline, can you talk about what opportunities you are seeing both the terms of MH and RV?

Sure. I think we mentioned last quarter that we included in the press release now that we brought two RV properties in the quarter at a total of about $25 million. To just the general marketplace, the majority of the transaction we’ve seen are in the all age sector which I think I mentioned in the last quarter's call and then we have seen some trends in RV properties trade you know recently but we are right now working with interested sellers, but the timing of any transaction is really difficult to predict as usual. Nicholas Joseph – Citigroup Inc: Great. Thanks.

Thank you. Your next question comes from the line of Jana Galan - BofA Merrill Lynch, Research Division. Please proceed.

Thank you, good morning.

Good morning.

Following up on the occupancy, I understand there is no change in the MH occupancy and guidance, but the trend has been consistent increases, so is there anything concerning you regarding maybe lower home sales this summer, and maybe where do you think occupancy can get to overtime?

Yeah, I think maybe in terms of the home sales maybe we’ll kind of take this in two parts and Patrick Waite will just walk through from a home sales perspective where we stand.

Sure, I mean I’ll also just touch on capital as its attributable part of our home sales platform. The improvement in the 30 unit home sales for the quarter and definitely the first quarter of 2013 when we sold six new homes reflects that we are gaining momentum and we’ve increased home purchases through the capital of JP. At the end of 2013, we ordered 81 homes from the JVs and more than doubled purchases by adding 97 additional homes ordered in the first quarter. So we focus on home and inventory market for we believe we can sell increased inventories help to support additional sales going into the second and third quarters. Also the (indiscernible) for used homes, we didn’t sell 372 used homes during the quarter which is an improvement of 13% over the first quarter of 2013. Just for a perspective on that trend. In 2012, we sold about 290 used homes for the quarter, 2013, we sold about 370 used homes for the quarter, so as we move through 2014, we expected, excuse me expecting year-over-year percentage increase to moderate because the rates -- comparison increased substantially in 2013 when we started to sell more used homes. So we are placing new inventory again, places where we see demand and the favorable trend that we are seeing in new home sales, I’d expect that to continue, difficult to say how we’ll finish off the year, but I would say that the trend is favorable.

And then [Yana] with respect to just overall occupancy, we’re at you know 92.1 and they got high water market spend in the 95% range, so the majority I think 50% of that vacancy or those opportunities are in spite of our Florida footprint. So that’s where we continue to concentrate to just both sell additional homes and get additional occupancy into those properties.

Thank you.

Thank you for your question. Your next question comes from the line of Gaurav Mehta of Cantor Fitzgerald. Please go ahead. Gaurav Mehta – Cantor Fitzgerald: Thanks, good morning. In your prepared remarks you talked about an increase in conversion of rental to home owners in your properties, can you talk about what you are expecting for the remainder of the year, both in terms of the conversions and are you expecting more conversion revenue on the used or the new home side?

Yeah, with respect to the trend in renter conversions, for the first quarter about 10% of the home deals, we have renter conversions as opposed to about 5% in the first quarter of 2013 we are focusing our sales staff, on-site managers on reaching out to renters who pay timely or the customers are offering them an opportunity to buy homes. I -- difficult to say we’ll have more success on the new or the used we have seen favorable trends on both. Gaurav Mehta – Cantor Fitzgerald: Okay, great. And second question I have is on depreciation of rental homes. It seems like you raised your guidance for 2014. Can you just talk about the dynamics of the depreciation?

I’m sorry, which effects of the rental homes? Gaurav Mehta – Cantor Fitzgerald: Well it seems like you raised the guidance to $11 million from $6.6 million for the depreciation of rental rooms, is that but does that really reflect the number of homes that you are going to sell in, rent in 2014?

Gaurav, I think with respect to the rental homes, and we’re just looking at kind of page 10 of the supplement, it consistent with what we had previously in terms of our expectations and where we are going to take the rental program. Gaurav Mehta – Cantor Fitzgerald: Well I guess if you look on page 12, the depreciation of rental homes its $11 million versus, in your last guidance it fell $6.6.

Oh, the depreciation it fell.

(Indiscernible) in the depreciation in the quarter, we made an adjustment to our depreciation policy on new and used homes essentially we have viewed over the past few years the values of the homes and adjusted our depreciation schedules, so you can see the incremental in the quarter was roughly $1 million and that’s the driver of the adjusted guidance impacting both new end users. Gaurav Mehta – Cantor Fitzgerald: Great. Thank you.

You’re welcome.

The next question comes from the line of Todd Stender of Well Fargo. Please go ahead. Todd Stender – Wells Fargo Securities: Hi, good morning.

Good morning, Stender. Todd Stender – Wells Fargo Securities: Just to stay on that theme on the rental side, within your guidance it looks like rental home income and expenses both are expected to increase above previous expectations. Can you just comment on, I guess the general demand for rental housing and your current thoughts on whether or not you know that a concerted effort or is there such a thing as a concerted effort to de-emphasize the rental model, just considering whether rental housing is mutual exclusive from rising home sales?

I think that the change in guidance is small; it’s a very small dollar amount. I think on a percentage change it has 1% or some with a small dollar amount really where we think we are going to be for the year. What we are concentrating on is I think as Patrick has touched on is converting those renters into owners and how do we attract somebody that maybe comes down and can rent with us for a year and then decide that this is the place he wants to stay and maybe he doesn’t buy that particular home, but he may be buy the home across the street. And so we are seeing that certainly from a rental demand, we have high demand for rentals. We have [waiting] with their properties. People are interested in staying with us, and so we see that there is an opportunity right now that we can be a little bit more PD, I guess as it relates to our occupancy and be able to say, we’ll take the next guy down who is interested in buying our homes. And so that’s kind of how we see it, and it's really location driven, property based as to what we see as the demand. There are certainly still some properties where we don’t see a sales product coming back and we’re still kind of on you know headed into the increasing of rentals. Todd Stender – Wells Fargo Securities: That’s helpful. And are you able to quantify what the price to owned versus price to rent cost differential is for that particular candidate?

Yeah, basically it’s similar, as you had imagined on customers making the decision either a rental or --- home look for a number of factors, the cost of house all in monthly payment in order to occupy that home on that day, wanted the pricing mechanisms that we use in order to incentivize home buyers is the nature that value proposition is in line with the rental alternatives. Todd Stender – Wells Fargo Securities: And what are those numbers; do you have an average number of what is the cost as to rent per month?

It’s about $850 per rental.

Okay, that’s helpful. And I think Marguerite you gave a new home sales figures 67,000.

Right. Todd Stender – Wells Fargo Securities: And do you have a number for used homes in the quarter?

You know used homes is really there’s a couple of different ways. We have the resale activity and that’s the majority of what happens at our properties, you know because it’s about 10% resale activity that happens at the properties. And that number is about between 18 to $20,000. Our unit home number is lower than that, it’s somewhere around $10,000 in terms of the sales that we are brokering, that we are selling from our used inventory portfolio. And then on the new home and the reason I highlighted it in terms of the sale price was that, that was in comparison to last year at this time I think it was somewhere around 53,000. So we are seeing an increase in that new home, that new home that ability to push a new home price. Todd Stender – Wells Fargo Securities: And do you have a break out of the percentage of folks that buy outright in cash versus those that eat the finances?

Yes, that was a – an interesting thing for us. I mean on the resale and the used home is you know 98% is all cash buyers throughout our portfolio. And again that’s a large transaction base, because you are counting all of the third party retail transaction. And then with respect to the new, that was really why we set up the venture with Cavco to try to – we understood that there was a need for financing and we thought frankly that we were going to be utilizing that financing source . And I believe in the quarter we have financed two or three of that and something along those lines in terms of the deals that we did with the joint venture. So it’s a nice tool to have and it’s something that we are able to say that we have financing, but we have been able to primarily all cash sales. Todd Stender – Wells Fargo Securities: Okay, thanks a lot. Just last question, any color you can provide on holiday spring selling season is coming along, whether you want to come in on March and then maybe how April is trending?

With respect to new home sales? Todd Stender – Wells Fargo Securities: Yes.

You know I think it’s trending in line with what we have seen in the first quarter, we’re just starting out obviously we had a – we have been under the deep [stock] and more of their properties are now they are starting the open houses that we frankly thought we were going to start that March 1st, that didn’t seem to work very well. And so, I just look for an update as we get out a little bit more into the spring season here. Todd Stender – Wells Fargo Securities: Okay, thank you.

Thank you for your question. Your next question comes from the line of David Bragg of Green Street Advisors. Please go ahead. David Bragg – Green Street Advisors: Thank you, good morning.

Hi Dave. David Bragg – Green Street Advisors: My question is in the transaction market over the last year or so, it’s been reported that number of new entrants have pursued the age restricted manufactured housing space. To what extent has that increased the competition for you?

No, I think that there have been a couple on the age restricted side. I think as we have mentioned or maybe we talked about for that (indiscernible) just about a couple of properties, on the age restricted side. I think that there is a heightened demand for our product, the price of the market transaction that are being supported by low interest rates and just a high demand for quality product feel we are seeing more people showing up at potential acquisition. David Bragg – Green Street Advisors: Would you expect as a market buyers to just their underwriting yet in reaction to the improved quality of occupancy that you are seeing in your communities?

I think that’s hard, someone who hasn’t really been operating in our space for a while and we often talk about and we talk about the difference between occupancy, rental occupancy and the home owner occupancy and the effect that that has on just the bottom line not necessarily FFO , but just the bottom line and just the churn within our rental program. So I’m not really sure how the – how they are thinking of it. I think we have made it clear, our view on the quality of occupancy. David Bragg – Green Street Advisors: Last question relates to your note that Freddy is entering into the space. What’s your manufactured housing mortgage market as Fannie had today, and what are your expectations for Freddy?

I think in terms of overall share, I think they represent somewhere in the neighborhood of a quarter. I think that Fannie Mae has a difficult bulk of that financing activity that Fannie Mae generated was in the call it 2007 to 2010 timeframe they have had a bit of a tough road in the past couple of years obviously and each – had a couple of places to go with the life companies or more recently CMBS at better pricing than Fannie Mae. I think that as it relates to Fannie Mac, a couple of things just on the overall view we have watched, we have watched in the multi family space the benefit that they have been able to take advantage of over the years just in terms of the competition between Fannie Mae and Freddie Mac when they are bidding on deals. And so I think that that will be a nice, a nice option for us to have available to us. I will say that it took quite a while for Fannie Mae to develop their program and to for us to originate any loans with them, I think that Freddy Mac is – we know people that are at Freddy and think that they are headed down the right path, but it may be a bit of time before we see significant amount of activity running through that program.

[Operator Instructions] And your next question comes from the line of Paula Poskon of Robert Baird. Please go ahead. Paula Poskon – Robert Baird: Thanks, good afternoon, everyone.

Hello, Paula Paula Poskon – Robert Baird: Just to follow up on that rental versus ownership discussion given the higher percentage of sales that are cash buyers, what now is driving most renters, is it that they are just seeking sort of flexibility and optionality or you still think folks that just can’t afford to buy?

I think what’s driving the renters is the ability to have come down visit us for a year and not have to commit. So they will kind of take a look around, take a look around not just the community but the general area, and they feel like they can make that decision from far– they can make it from Chicago or New York. They come down, they spend a year with us and then they know, okay this is where I want to stay and I was a – I’m a home buyer up north or I am a home owner up north and I want to own my home in the south. I want to own my little slice of paradise in the south. So I think that’s been a focus for the renters and for us as we see renters and we see that they are there for a year, we know where their primary home is, we have conversations with them about and maybe now is the time for you to convert and become an owner and stay with us on a longer term basis. Paula Poskon – Robert Baird: And Marguerite, how often would you say you lose those renters to other competing properties nearby?

We have the average length of stay for our renter and our portfolio was about 18 months. And the reasons that they are leaving is in some ways they just said you know Florida or Arizona is not for me, I just, I wanted to try it and I’m leaving and then there is some, there is a portion that make a decision to go to a different community. But I would say the majority are kind of staying inside, they understood what being in a life style community means that they are kind of staying within those (inaudible). Paula Poskon – Robert Baird: That’s all I have. Thanks very much.

Thanks very much, Paula.

Thank you very much for your questions, ladies and gentlemen. I would now like to turn the call over to Marguerite Nader for the closing remarks.

Thank you very much. Paul will be available after the call for any questions.

Thank you for joining today’s conference ladies and gentlemen. This concludes the presentation. You may now disconnect. Good day.