Attached files
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EX-99.1 - EX-99.1 - EQUITY LIFESTYLE PROPERTIES INC | c65500exv99w1.htm |
EX-99.2 - EX-99.2 - EQUITY LIFESTYLE PROPERTIES INC | c65500exv99w2.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 18, 2011
(Date of earliest event reported)
(Date of earliest event reported)
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
Maryland | 1-11718 | 36-3857664 | ||
(State or Other Jurisdiction of | (Commission File No.) | (IRS Employer Identification No.) | ||
Incorporation) |
Two North Riverside Plaza, Chicago, Illinois | 60606 | |
(Address of principal executive offices) | (Zip Code) |
(312) 279-1400
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On July 18, 2011, Equity LifeStyle Properties, Inc. (the Company) issued a news release
announcing its results of operations for the quarter and six months ended June 30, 2011. The
information is furnished as Exhibit 99.1 to this report on Form 8-K.
Attached as Exhibit 99.2 is a supplemental package that was posted on the Companys
website, www.equitylifestyle.com, on July 18, 2011. Included in this package is additional
information on the Companys June 30, 2011 results, the previously announced anticipated
acquisition of 76 manufactured home communities and certain manufactured homes and loans secured by
manufactured homes located at the properties in the aforementioned portfolio (the Acquisition)
and the Companys earnings guidance for the six months and year ended December 31, 2011. See the
Form 8-K filed on May 31, 2011 for further information about the Acquisition.
The information contained in this report on Form 8-K, including Exhibits 99.1 and 99.2, shall
not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in
any registration statement filed by Equity LifeStyle Properties, Inc. under the Securities Act of
1933, as amended.
The Company projects its net income per share (fully diluted), funds from operations (FFO) per
share (fully diluted) and FFO per share, excluding transaction costs (fully diluted) for the year
ending December 31, 2011 to be $0.53, $3.49 and $4.01, respectively. The projected 2011 per share
amounts represent the mid-point of a range of possible outcomes and reflects managements best
estimate of the most likely outcome. The supplemental package attached as Exhibit 99.2 provides
detailed assumptions regarding the performance of the Companys core portfolio and the Acquisition.
This news release 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 the Companys expectations,
goals or intentions regarding the future, statements regarding the anticipated closings of its
pending Acquisition and the expected effect of the Acquisition on the Company. These
forward-looking statements are subject to numerous assumptions, risks and uncertainties, including,
but not limited to:
| the Companys ability to control costs, real estate market conditions, the actual rate of decline in customers, the actual use of sites by customers and its success in acquiring new customers at its Properties (including those that it may acquire); | ||
| the Companys ability to maintain historical rental rates and occupancy with respect to Properties currently owned or that the Company may acquire; | ||
| the Companys assumptions about rental and home sales markets; | ||
| the Companys assumptions and guidance concerning 2011 estimated net income and funds from operations; | ||
| 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; | ||
| the completion of the Acquisition in its entirety and future acquisitions, if any, timing and effective integration with respect thereto and the Companys estimates regarding the future performance of the Acquisition Properties; | ||
| the Companys inability to secure the contemplated debt financings to fund a portion of the stated purchase price of the Acquisition on favorable terms or at all and the timing with respect thereto; | ||
| unanticipated costs or unforeseen liabilities associated with the Acquisition; | ||
| 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; and | ||
| other risks indicated from time to time in the Companys filings with the Securities and Exchange Commission. |
These forward-looking statements are based on managements present expectations and beliefs
about future events. As with any projection or forecast, these statements are inherently
susceptible to uncertainty and changes in circumstances. The Company is under no obligation to, and
expressly disclaims any obligation to, update or alter its forward-looking statements whether as a
result of such changes, new information, subsequent events or otherwise.
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 Registrants annual and quarterly reports filed with the Securities and
Exchange Commission.
Exhibit 99.1
|
Equity LifeStyle Properties, Inc. press release dated July 18, 2011, ELS Reports Second Quarter Results | |
Exhibit 99.2
|
Second Quarter 2011 Earnings Release and Supplemental Financial Information |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
EQUITY LIFESTYLE PROPERTIES, INC. |
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By: | /s/ Thomas Heneghan | |||
Thomas Heneghan | ||||
Chief Executive Officer | ||||
By: | /s/ Michael Berman | |||
Michael Berman | ||||
Executive Vice President and Chief Financial Officer |
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Date: July 19, 2011