EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 31, 2017, our Board of Directors increased the size of the Board by one director and elected Ms. Constance Freedman to fill the vacancy created by the increase in the number of directors.
Ms. Freedman, age 42, is the Founder and Managing Partner of Moderne Ventures, an early stage investment fund she founded in 2015 that is focused on technology companies in and around real estate, finance, insurance and home services. Prior to Moderne Ventures, Ms. Freedman was the Vice President of Strategic Investments for the National Association of Realtors where she launched and managed the investment fund, Second Century Ventures, and founded REach, its technology accelerator, in 2008 and 2012, respectively.
There are no arrangements or understandings between Ms. Freedman and ourselves related to her election as a director of the Board. There are no related party transactions between Ms. Freedman and ourselves and she will not initially serve on a committee of the Board.
Item 8.01Other Events
Our Board of Directors has discussed our annual common dividend policy. After discussion, our Board approved setting the annual dividend rate for 2018 at $2.20 per common share, an increase of $0.25 over the current $1.95 per common share for 2017.
Our Board of Directors also declared the fourth quarter 2017 dividend of $0.4875 per common share, representing, on an annualized basis, a dividend of $1.95 per common share. The dividend will be paid on January 12, 2018 to stockholders of record on December 29, 2017.
This report includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:
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our ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of Sites by customers and our success in acquiring new customers at our Properties (including those that we may acquire); |
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our ability to maintain historical or increase future rental rates and occupancy with respect to Properties currently owned or that we may acquire; |
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our ability to retain and attract customers renewing, upgrading and entering right-to-use contracts; |
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our assumptions about rental and home sales markets; |
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our ability to manage counter-party risk; |
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in the age-qualified Properties, home sales results could be impacted by the ability of potential home buyers to sell their existing residences as well as by financial, credit and capital markets volatility; |
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results from home sales and occupancy will continue to be impacted by local economic conditions, lack of affordable manufactured home financing and competition from alternative housing options including site-built single-family housing; |
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impact of government intervention to stabilize site-built single family housing and not manufactured housing; |
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effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions; |
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the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto; |
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unanticipated costs or unforeseen liabilities associated with recent acquisitions; |
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ability to obtain financing or refinance existing debt on favorable terms or at all; |
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the effect of interest rates; |
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the dilutive effects of issuing additional securities; |
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the effect of accounting for the entry of contracts with customers representing a right-to-use the Properties under the Codification Topic "Revenue Recognition"; |
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the outcome of pending or future lawsuits or actions brought against us, including those disclosed in our filings with the Securities and Exchange Commission; and |
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other risks indicated from time to time in our filings with the Securities and Exchange Commission. |
For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with theSecurities and Exchange Commission, including “Risk Factors” in our most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q.
These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under
no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Equity Life>
About EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS)
Equity LifeStyle Properties, Inc. is a real estate investment trust. The Company is an integrated owner and operator of lifestyle-oriented properties (Properties) consisting primarily of manufactured home (MH) communities, and recreational vehicle (RV) resorts and campgrounds. The Company operates through two segments: Property Operations, and Home Sales and Rentals Operations. The Property Operations segment owns and operates land lease Properties. The Home Sales and Rentals Operations segment purchases, sells and leases homes at the Properties. Its customers may lease individual developed areas (Sites) or enter right-to-use contracts, which provide them access to specific Properties for limited stays. Its portfolio includes approximately 390 Properties, including over 143,940 residential Sites located across the United States and Canada. It has over 80 Properties with lake, river or ocean frontage, and over 100 Properties within approximately 10 miles of the coastal United States.