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: October 18, 2010
(Date of earliest event reported)
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
| |
|
|
|
|
|
Maryland
(State or Other Jurisdiction of
Incorporation)
|
|
1-11718
(Commission File No.)
|
|
36-3857664
(IRS Employer Identification No.) |
| |
|
|
|
Two North Riverside Plaza, Chicago, Illinois
(Address of principal executive offices)
|
|
60606
(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):
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 October 18, 2010, Equity LifeStyle Properties, Inc. (the “Company”) issued a news release
announcing its results of operations for the quarter and nine months ended September 30, 2010. The
information is furnished as Exhibit 99.1 to this report on Form 8-K. The information contained in
this report on Form 8-K, including Exhibit 99.1, 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) and funds from operations per
share (fully diluted) for the year ending December 31, 2010 to be $1.28 — $1.34 and $3.51 — $3.57,
respectively. The Company preliminarily projects its net income per share (fully diluted) and
funds from operations per share (fully diluted) for the year ending December 31, 2011 to be $1.55 -
$1.75 and $3.75 — $3.95, respectively.
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. 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 recently acquired); |
| |
| |
• |
|
our ability to maintain historical rental rates and occupancy with respect to Properties
currently owned or that we may acquire; |
| |
| |
• |
|
our assumptions about rental and home sales markets; |
| |
| |
• |
|
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 site-built single family
housing and not manufactured housing; |
| |
| |
• |
|
the completion of future acquisitions, if any, and timing with respect thereto and the
effective integration and successful realization of cost savings; |
| |
| |
• |
|
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 common stock; |
| |
| |
• |
|
the effect of accounting for the sale of agreements to customers representing a
right-to-use the Properties under the Codification Topic “Revenue Recognition;” 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. 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 Registrant’s annual and quarterly reports filed with the Securities and
Exchange Commission.
| |
Exhibit 99.1 |
|
Equity LifeStyle Properties, Inc. press release dated October 18, 2010, “ELS
Reports Third Quarter Results” |