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 (Date of earliest event reported): September 11, 2017
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):
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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 8.01 Other Events
On September 11, 2017, Equity LifeStyle Properties, Inc. (referred to herein as "we", "us", and "our") issued a press release announcing that we are in the process of undertaking an initial assessment of the impact of Hurricane Irma on our 138 Florida properties. A copy of the press release is filed with this Form 8-K as Exhibit 99.1, and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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 thereunto duly authorized.
EQUITY LIFESTYLE PROPERTIES, INC.
By: /s/ Paul Seavey
Paul Seavey
Executive Vice President,
Chief Financial Officer and Treasurer
Date: September 15, 2017
N E W S R E L E A S E
CONTACT: Paul Seavey FOR IMMEDIATE RELEASE
(312) 279-1579 September 11, 2017
ELS REPORTS ON HURRICANE IRMA
INITIAL ASSESSMENT UNDERWAY
CHICAGO, IL – September 11, 2017 – Equity LifeStyle Properties, Inc. (NYSE: ELS;
the “Company”) reported today that it is in the process of undertaking an initial assessment of the
impact of Hurricane Irma on its 138 Florida properties. At this time, no injuries to our residents,
guests or employees have been reported.
Based on our ongoing initial assessments, properties have been affected by flooding,
wind, wind-blown debris, falling trees and tree branches. We have seen damage to some homes,
carports, screen rooms and awnings. Consistent with prior storm events, newer homes appear to
have held up well during the hurricane. Given access restrictions, we are presently unable to
assess Hurricane Irma’s impact on our two Florida Keys properties. The Company believes that
it has adequate insurance subject to deductibles, including business interruption coverage.
President and Chief Executive Officer Marguerite Nader commented, “Above all, we are
grateful that there have not been any reported deaths or injuries to our residents, guests or
employees. Our operations team in Florida has displayed outstanding diligence and efficiency in
assisting our customers while preparing for and reacting to the effects of Hurricane Irma.”
This press 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 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 ability to manage counter-party 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 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.
For further information on these and other factors that could impact us and the statements
contained herein, refer to our filings with the Securities and Exchange Commission, including
“Risk Factors” in our most recent Annual Report on Form 10-K and subsequent quarterly reports.
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 are a fully integrated owner and operator of lifestyle-oriented properties and own or
have an interest in 404 quality properties in 32 states and British Columbia consisting of 149,450
sites. We are a self-administered, self-managed real estate investment trust with headquarters in
Chicago.
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