EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
On January 23, 2017, Equity Life>
The news release also contains detailed guidance assumptions on our
projections for 2017. We project our Net income per Common Share
(fully diluted) for the three months ending March 31, 2017 and year
ending December 31, 2017, to be between $0.60 and $0.66 and $2.11
and $2.21, respectively.
projections for 2017. We project our Net income per Common Share
(fully diluted) for the three months ending March 31, 2017 and year
ending December 31, 2017, to be between $0.60 and $0.66 and $2.11
and $2.21, respectively.
We also project our Funds from Operations (FFO) per Common Share
(fully diluted) for the three months ending March 31, 2017 and year
ending December 31, 2017 to be between $0.95 and $1.01 and $3.48
and $3.58, respectively. We project our Normalized Funds from
Operations (Normalized FFO) per Common Share (fully diluted) for
the three months ending March 31, 2017 and year ending December 31,
2017 to be between $0.95 and $1.01 and $3.48 and $3.58,
respectively.
(fully diluted) for the three months ending March 31, 2017 and year
ending December 31, 2017 to be between $0.95 and $1.01 and $3.48
and $3.58, respectively. We project our Normalized Funds from
Operations (Normalized FFO) per Common Share (fully diluted) for
the three months ending March 31, 2017 and year ending December 31,
2017 to be between $0.95 and $1.01 and $3.48 and $3.58,
respectively.
The projected 2017 per Common Share amounts represent a range of
possible outcomes and the mid-point of each range reflects
managements 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>
possible outcomes and the mid-point of each range reflects
managements 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>
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain
Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain Officers.
2017 Restricted Stock Award:
On January 23, 2017, the Compensation, Nominating and Corporate
Governance Committee (the Compensation Committee) of the Board of
Directors approved the 2017 Restricted Stock Award (the 2017 Award)
for our named executive officers to the authority set forth in the
2014 Equity Incentive Plan. The 2017 Award has a grant date of
February 1, 2017 and will vest on December 31, 2017. The 2017 Award
grant price will be the stock price at the end of the day on
February 1, 2017.
Governance Committee (the Compensation Committee) of the Board of
Directors approved the 2017 Restricted Stock Award (the 2017 Award)
for our named executive officers to the authority set forth in the
2014 Equity Incentive Plan. The 2017 Award has a grant date of
February 1, 2017 and will vest on December 31, 2017. The 2017 Award
grant price will be the stock price at the end of the day on
February 1, 2017.
The 2017 Award for each eligible executive follows:
|
Name
|
Title
|
Award
|
|
Marguerite Nader
|
President and Chief Executive Officer
|
22,000 Shares
|
|
Paul Seavey
|
Executive Vice President, Chief Financial Officer and
Treasurer |
18,000 Shares
|
|
Patrick Waite
|
Executive Vice President and Chief Operating Officer
|
18,000 Shares
|
|
Roger Maynard
|
Executive Vice President – Investments
|
10,000 Shares
|
Item 8.01 Other Events
On January 20, 2017, we announced the tax treatment of our 2016
common and preferred stock distributions. The following table
summarizes the income tax treatment of our 2016 common
distributions.
common and preferred stock distributions. The following table
summarizes the income tax treatment of our 2016 common
distributions.
Common Stock (CUSIP No. 29472R108)
|
Record
Date
|
Payable
Date
|
Distribution
Per Share
|
Total Distribution Allocable to 2016
|
Ordinary
Taxable
Dividend
|
Nondividend Distribution
|
|
12/28/2015
|
1/8/2016
|
$0.375000
|
$0.375000
|
$0.334387
|
$0.040613
|
|
3/25/2016
|
4/8/2016
|
$0.425000
|
$0.425000
|
$0.378972
|
$0.046028
|
|
6/24/2016
|
7/8/2016
|
$0.425000
|
$0.425000
|
$0.378972
|
$0.046028
|
|
9/30/2016
|
10/14/2016
|
$0.425000
|
$0.425000
|
$0.378972
|
$0.046028
|
|
12/30/2016
|
1/13/2017
|
$0.425000
|
$0.000000
|
$0.000000
|
$0.000000
|
|
TOTALS
|
$2.075000
|
$1.650000
|
$1.471303
|
$0.178697
|
The common stock distribution with a record date of December 28,
2015 was allocated to 2016 for federal income tax purposes. The
common stock distribution with a record date of December 30, 2016,
and paid on January 13, 2017 will be allocated to 2017 for federal
income tax purposes.
2015 was allocated to 2016 for federal income tax purposes. The
common stock distribution with a record date of December 30, 2016,
and paid on January 13, 2017 will be allocated to 2017 for federal
income tax purposes.
Series C Cumulative Redeemable Perpetual Preferred Stock (CUSIP No.
29472R405).
29472R405).
|
Record
Date
|
Payable
Date
|
Distribution
Per Share (1)
|
Ordinary
Taxable
Dividend
|
|
3/21/2016
|
3/31/2016
|
$0.421875
|
$0.421875
|
|
6/17/2016
|
6/30/2016
|
$0.421875
|
$0.421875
|
|
9/16/2016
|
9/30/2016
|
$0.421875
|
$0.421875
|
|
12/15/2016
|
12/31/2016
|
$0.421875
|
$0.421875
|
|
TOTALS
|
$1.687500
|
$1.687500
|
(1) The distributions represent the distributions on each
Depository Share (representing 1/100 of a share of Series C
Preferred Stock).
Depository Share (representing 1/100 of a share of Series C
Preferred Stock).
Stockholders are encouraged to consult with their tax advisors as
to the specific tax treatment of the distributions they received
from us.
to the specific tax treatment of the distributions they received
from us.
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>
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:
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:
|
|
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); |
|
|
our ability to maintain historical or increase future rental
rates and occupancy with respect to properties currently owned or that we may acquire; |
|
|
our ability to retain and attract customers renewing,
upgrading and entering right-to-use contracts; |
|
|
our assumptions about rental and home sales markets;
|
|
|
our assumptions and guidance concerning 2017 estimated net
income, FFO and Normalized FFO; |
|
|
our ability to manage counterparty risk;
|
|
|
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; |
|
|
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; |
|
|
impact of government intervention to stabilize site-built
single-family housing and not manufactured housing; |
|
|
effective integration of recent acquisitions and our
estimates regarding the future performance of recent acquisitions; |
|
|
the completion of future transactions in their entirety, if
any, and timing and effective integration with respect thereto; |
|
|
unanticipated costs or unforeseen liabilities associated with
recent acquisitions; |
|
|
ability to obtain financing or refinance existing debt on
favorable terms or at all; |
|
|
the effect of interest rates;
|
|
|
the dilutive effects of issuing additional securities;
|
|
|
the effect of accounting for the entry of contracts with
customers representing a right-to-use the properties under the Codification Topic Revenue Recognition; |
|
|
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 |
|
|
other risks indicated from time to time in our filings with
the Securities and Exchange Commission. |
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.
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 9.01 Financial 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.
should be read in conjunction with the Registrant’s annual and
quarterly reports filed with the Securities and Exchange
Commission.
|
>>>>>>>>>>>>>99.1
|
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. EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS) Recent Trading Information
EQUITY LIFESTYLE PROPERTIES, INC. (NYSE:ELS) closed its last trading session down -1.25 at 74.04 with 719,738 shares trading hands.
