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EX-99.1 - EX-99.1 - EQUITY LIFESTYLE PROPERTIES INCd817588dex991.htm

 

 

UNITED STATES

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

Date of Report: November 5, 2014 (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 incorporation or organization)

 

(Commission

File No.)

 

(IRS Employer

Identification Number)

Two North Riverside Plaza, Chicago, Illinois   60606
(Address of principal executive offices)   (Zip Code)

(312) 279-1400

(Registrant’s 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):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ 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.

Equity LifeStyle Properties, Inc. (referred to herein as “we,” “us,” and “our”) hereby reconfirms previously issued guidance for our normalized funds from operations (“Normalized FFO”) per share (fully diluted), for the years ending December 31, 2014 and 2015, to be between $2.71 and $2.77 and $2.88 and $2.98, respectively.

We also reconfirm previously issued guidance for our funds from operations (“FFO”) per share (fully diluted), for the years ending December 31, 2014 and 2015, to be between $2.65 and $2.71 and $2.88 and $2.98, respectively.

We also reconfirm previously issued guidance for our net income per share (fully diluted), for the years ending December 31, 2014 and 2015, to be between $1.35 and $1.41 and $1.57 and $1.67, respectively.

The projected 2014 and 2015 per 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 figures could vary materially from these amounts if any of our assumptions are incorrect.

Item 7.01 Regulation FD Disclosure.

At REITWorld 2014: NAREIT’s Annual Convention for All Things REIT to be held from November 5, 2014 through November 7, 2014, our officers will participate in one-on-one sessions with analysts and investors and will refer to a slide presentation. A copy of this presentation is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The presentation will be posted on our website, www.equitylifestyle.com, on November 5, 2014. Included in this presentation is a discussion of our business and certain financial information regarding 2014 and 2015 guidance.

In accordance with General Instruction B.2. of Form 8-K, the information included in this Current Report on Form 8-K 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 the information in this Current Report be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. We disclaim any intention or obligation to update or revise this information.

Item 8.01 Other Events

On November 5, 2014, the Board of Director’s of Equity LifeStyle Properties, Inc. (referred to herein as “we,” “us,” and “our”) discussed its annual common dividend policy at today’s Board meeting. After discussion, our Board approved setting the annual dividend rate for 2015 at $1.50 per common share, an increase of $0.20 over the current $1.30 per common share for 2014.

Our Board of Directors also declared the fourth quarter 2014 dividend of $0.325 per common share, representing, on an annualized basis, a dividend of $1.30 per common share. The dividend will be paid on January 9, 2015 to stockholders of record on December 26, 2014. 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 December 31, 2014 to stockholders of record on December 12, 2014.

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 recent acquisitions on us. 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 2014 and 2015 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 home buyers 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 the case currently pending in the California Superior Court for Santa Clara County, Case No. 109CV140751, involving our California Hawaiian manufactured home property including any post-trial proceedings in the trial court on appeal;

 

    tenant groups have filed lawsuits against us seeking not only to limit rent increases, but large damage awards for our alleged failure to properly maintain certain Properties, and other tenant groups may file additional lawsuits against us in the future related to similar or other tenant related matters; 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.

We own or have an interest in 383 quality properties in 32 states and British Columbia consisting of 141,465 sites. We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit 99.1    Investor Presentation


SIGNATURE

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 hereunto duly authorized.

 

    EQUITY LIFESTYLE PROPERTIES, INC.
Date: November 5, 2014     By:  

/s/ Paul Seavey

     

Paul Seavey

Senior Vice President, Chief Financial Officer and

Treasurer