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ELS > SEC Filings for ELS > Form 8-K on 22-Oct-2013All Recent SEC Filings

Show all filings for EQUITY LIFESTYLE PROPERTIES INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for EQUITY LIFESTYLE PROPERTIES INC


22-Oct-2013

Results of Operations and Financial Condition, Regulation FD Disc


Item 2.02 Results of Operations and Financial Condition

On October 21, 2013, Equity LifeStyle Properties, Inc. (referred to herein as "we," "us," and "our") issued a news release announcing the results of operations for the three and nine months ended September 30, 2013.

The news release also contains detailed guidance assumptions on our projections for 2013 and 2014. We project our normalized funds from operations ("Normalized FFO") per share (fully diluted) for the three months ending December 31, 2013 and year ending December 31, 2013, to be between $0.56 and $0.62 and $2.48 and $2.54, respectively. Our preliminarily guidance range for our Normalized FFO per share (fully diluted) for the year ending December 31, 2014 is between $2.61 and $2.71.

We also project our funds from operations ("FFO") per share (fully diluted) for the three months ending December 31, 2013 and year ending December 31, 2013, to be between $0.56 and $0.62 and $2.05 and $2.11, respectively. Our preliminarily guidance range for our FFO per share (fully diluted) for the year ending December 31, 2014 is between $2.61 and $2.71.

We also project our net income per share (fully diluted) for the three months ending December 31, 2013 and year ending December 31, 2013, to be between $0.24 and $0.30 and $1.23 and $1.29, respectively. Our preliminarily guidance range for our net income per share (fully diluted) for the year ending December 31, 2014 is between $1.35 and $1.45.

The projected 2013 and 2014 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 is 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.equitylifestyle.com, on October 21, 2013.



Item 7.01 Regulation FD Disclosure

Our annualized dividend for 2013 is $1.00 per common share (adjusted for stock split). At the next quarterly Board of Directors meeting, our management intends to recommend an increase of $0.30 per common share to the annual dividend for 2014 for a total dividend of $1.30 per common share. Our Board of Directors has the sole discretion to approve an increase of the dividend and therefore there can be no assurance that this increase will be approved.

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.

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 recent 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 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 2013 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;


         the completion of transactions in their entirety and future
          transactions, if any, and timing and effective integration with respect
          thereto;


         effective integration of recent acquisitions and our estimates
          regarding the future performance of recent acquisitions;


         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;" 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.



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 21, 2013, "ELS Reports Third Quarter Results"


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