EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS) Files An 8-K Results of Operations and Financial ConditionItem 2.02Results of Operations and Financial Condition
On April 23, 2018, Equity Life>
The news release also contains detailed guidance assumptions on our projections for 2018. We project our Net income per Common Share (fully diluted) for the three months ending June 30, 2018 and year ending December 31, 2018, to be between $0.49 and $0.55 and $2.37 and $2.47, respectively.
We also project our Funds from Operations (“FFO”) per Common Share (fully diluted) for the three months ending June 30, 2018 and year ending December 31, 2018 to be between $0.85 and $0.91 and $3.81 and $3.91, respectively. We project our Normalized Funds from Operations (“Normalized FFO”) per Common Share (fully diluted) for the three months ending June 30, 2018 and year ending December 31, 2018 to be between $0.85 and $0.91 and $3.81 and $3.91, respectively.
The projected 2018 per Common Share amounts represent a range of possible outcomes and the mid-point of each range reflects management’s best estimate of the most likely outcome. Actual results could vary materially from these amounts if any of our assumptions are incorrect. The news release is furnished as Exhibit 99.1 to this report on Form 8-K. The news release was also posted on our website, www.equitylife>
In accordance with General Instruction B.2. of Form 8-K, the information included in Items 2.02 and 9.01 of this Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any registration statement filed by Equity Life>
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 and real estate market conditions, our ability to retain 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 assumptions and guidance concerning 2018 estimated net income, FFO and Normalized FFO; |
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our ability to manage counterparty risk; |
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our ability to renew our insurance policies at existing rates and on consistent terms; |
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in the age-qualified properties, home sales results could be impacted by the ability of potential homebuyers 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 changes in accounting for Leases set forth under the Codification Topic "Leases"; |
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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.
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.
We are a fully integrated owner and operator of life>
Item 9.01Financial Statements and Exhibits
(d) Exhibits
The information contained in the attached exhibit is unaudited and should be read in conjunction with the Registrant's annual and quarterly reports filed with the Securities and Exchange Commission.
EQUITY LIFESTYLE PROPERTIES INC ExhibitEX-99.1 2 elsex9911q18.htm EXHIBIT 99.1 Document N E W S R E L E A S E CONTACT: Paul Seavey FOR IMMEDIATE RELEASE (800) 247-5279 April 23,…To view the full exhibit click here
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.
