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 Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
of Directors of Equity Life>
Governance Committee (the Compensation Committee) of the Board of
Directors approved the Executive Bonus Plan for 2017 (the Plan).
Under the Plan, each executive officer has an annual bonus
potential that is based on our achieving certain performance
targets.
is as follows:
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Name
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Title
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Bonus Potential
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Marguerite Nader
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President and Chief Executive Officer
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200% of annual salary
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Paul Seavey
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Executive Vice President, Chief Financial Officer and
Treasurer |
150% of annual salary
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Patrick Waite
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Executive Vice President and Chief Operating Officer
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150% of annual salary
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Roger Maynard
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Executive Vice President – Investments
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150% of annual salary
|
upon our achieving certain operational targets, including goals
related to core community base rental income, core resort base
rental income, membership dues revenues, core net operating income,
and working capital. The Compensation Committee will have
discretion at the end of 2017 to determine an appropriate award
based on an evaluation of each of the target areas. Payment of the
remaining 25% of the bonus potential is at discretion of the
Compensation Committee based on its assessment of various strategic
initiatives established for the executive officer team, as a whole.
In addition, if we exceed by specified amounts certain operational
targets relating to core community base rental income and core
resort base rental income, the total bonus potential may be
increased by up to an additional $145,200, which would be shared
pro-rata by the eligible executives.
the year ended December 31, 2017 after finalization of our results
of operations and upon review and approval by the Compensation
Committee.
$0.4875 per common share, representing, on an annualized basis, a
dividend of $1.95 per common share. The dividend will be paid on
April 14, 2017 to stockholders of record on March 31, 2017. Our
Board of Directors also declared a dividend of $0.421875 per
depositary share (each representing 1/100 of a share of our 6.75%
Series C Cumulative Redeemable Perpetual Preferred Stock) (NYSE:
ELSPrC), which represents, on an annualized basis, a dividend of
$1.6875 per depositary share. The dividend will be paid on March
31, 2017 to stockholders of record on March 10, 2017.
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. |
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.
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. EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS) Recent Trading Information
EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS) closed its last trading session down -0.04 at 77.09 with 270,564 shares trading hands.
