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DEFA14A

 

 

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): March 10, 2020

 

 

EQUITY LIFESTYLE PROPERTIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   1-11718   36-3857664

(State or other jurisdiction

of incorporation)

 

(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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.01 Par Value   ELS   New York Stock Exchange

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  ☐

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.  ☐

 

 

 


Item 8.01

Other Events.

On March 10, 2020, Equity LifeStyle Properties, Inc. (referred to herein as “we,” “us,” and “our”) filed with the Securities and Exchange Commission (“SEC”) the Proxy Statement on Schedule 14A (“Proxy Statement”) for our 2020 annual meeting of stockholders. On or about March 18, 2020, we will mail a Notice of Internet Availability of Proxy Materials to stockholders of record at the close of business on February 20, 2020, the record date for our 2020 annual meeting of stockholders. The booklet entitled “The Life in a Day of Equity LifeStyle Properties 2019” (the “2019 ELS Storybook”) will be available for stockholders to view, together with our Proxy Statement (including proxy card) and our 2019 Annual Report. The 2019 ELS Storybook contains a letter from our Chairman of the Board, Samuel Zell, and our President and Chief Executive Officer, Marguerite Nader; comparisons of our balance sheet and operating metrics against REIT industry averages and pictures of certain of our properties. Accordingly, as the 2019 ELS Storybook could be deemed to be solicitation materials under the SEC’s proxy rules, we are filing this Current Report on Form 8-K.

Stockholders may obtain free copies of our Proxy Statement and other materials relating to the annual meeting of stockholders filed with the SEC through the website maintained at the SEC at http://www.sec.gov or on our website at https://equitylifestyleproperties.com. Stockholders are advised to read our Proxy Statement because it contains important information.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

 

99.1    The Life in a Day of Equity LifeStyle Properties 2019
104    Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document)


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 and Chief Financial Officer

Date: March 11, 2020


Exhibit 99.1

 

LOGO

Exhibit 99.1
Open New Doors
THE LIFE IN A DAY | EQUITY LIFESTYLE PROPERTIES | 2019


REIT Industry Same Store NOI Growth Source: S&P Global Source: S&P Global 1) Includes all publicly traded U.S. Equity REITs in S&P Global’s 1) Total Return calculation assumes dividend reinvestment. coverage universe that reported weighted average term to maturity 1) Source for Same Store NOI data: Citi Investment Research, August 2019. Earliest quarter collected by Citi is third quarter of 1998. “Reit Industry” includes an index 2) SNL US REIT Equity; Includes all publicly traded (NYSE, NYSE Amex, NASDAQ, OTC BB, for their most recent year as of February 2020. ELS as of the year Pink Sheets) Equity REITs in SNL’s Coverage universe. ofREITsacrossavarietyofassetclasses,includingregionalmalls,shoppingcenters,multifamily,studenthousing,manufacturedhomes,selfstorage,office,industrial, ended December 31, 2019. mixedofficeandspecialty. 3) Stock price date from IPO through January 31, 2020.REIT Industry Same Store NOI Growth Source: S&P Global Source: S&P Global 1) Includes all publicly traded U.S. Equity REITs in S&P Global’s 1) Total Return calculation assumes dividend reinvestment. coverage universe that reported weighted average term to maturity 1) Source for Same Store NOI data: Citi Investment Research, August 2019. Earliest quarter collected by Citi is third quarter of 1998. “Reit Industry” includes an index 2) SNL US REIT Equity; Includes all publicly traded (NYSE, NYSE Amex, NASDAQ, OTC BB, for their most recent year as of February 2020. ELS as of the year Pink Sheets) Equity REITs in SNL’s Coverage universe. of REITs across a variety of asset classes, including regional malls, shopping centers, multifamily, student housing, manufactured homes, self storage, office, industrial, ended December 31, 2019. mixed office and specialty. 3) Stock price date from IPO through January 31, 2020.


REIT Industry Same Store NOI Growth Source: S&P Global Source: S&P Global 1) Includes all publicly traded U.S. Equity REITs in S&P Global’s 1) Total Return calculation assumes dividend reinvestment. coverage universe that reported weighted average term to maturity 1) Source for Same Store NOI data: Citi Investment Research, August 2019. Earliest quarter collected by Citi is third quarter of 1998. “Reit Industry” includes an index 2) SNL US REIT Equity; Includes all publicly traded (NYSE, NYSE Amex, NASDAQ, OTC BB, for their most recent year as of February 2020. ELS as of the year Pink Sheets) Equity REITs in SNL’s Coverage universe. ofREITsacrossavarietyofassetclasses,includingregionalmalls,shoppingcenters,multifamily,studenthousing,manufacturedhomes,selfstorage,office,industrial, ended December 31, 2019. mixedofficeandspecialty. 3) Stock price date from IPO through January 31, 2020.REIT Industry Same Store NOI Growth Source: S&P Global Source: S&P Global 1) Includes all publicly traded U.S. Equity REITs in S&P Global’s 1) Total Return calculation assumes dividend reinvestment. coverage universe that reported weighted average term to maturity 1) Source for Same Store NOI data: Citi Investment Research, August 2019. Earliest quarter collected by Citi is third quarter of 1998. “Reit Industry” includes an index 2) SNL US REIT Equity; Includes all publicly traded (NYSE, NYSE Amex, NASDAQ, OTC BB, for their most recent year as of February 2020. ELS as of the year Pink Sheets) Equity REITs in SNL’s Coverage universe. of REITs across a variety of asset classes, including regional malls, shopping centers, multifamily, student housing, manufactured homes, self storage, office, industrial, ended December 31, 2019. mixed office and specialty. 3) Stock price date from IPO through January 31, 2020.


Dear Fellow Shareholders, While our achievements extend beyond metrics, we believe it Our operating fundamentals are built on a collaborative is important to highlight some of the notable accomplishments relationship with our residents and customers. We communicate of 2019. ELS increased FFO per share by 8.1% in 2019 and 57% our operating plans and incorporate feedback received. The over the last five years. Our income from property operations satisfaction of our guests can be seen in both the length of their increased 5%. The occupancy in our manufactured housing tenure with us and in the third-party feedback we receive. We portfolio increased for the 10th consecutive year and our RV consistently seek customer feedback as a tool to improve the income, including Thousand Trails, increased 6%. From a balance experience for our guests. We are pleased that 79 of our RV sheet perspective, our weighted average maturity of 12 years is properties were recognized with the Trip Advisor Certificate almost double the REIT average. Our dividend increased 11% in of Excellence for 2019, an award based on customer 2019 and has increased an average of 14% over the last five years. satisfaction scores. Our products are in demand and the demographic trends We seek to increase the value and long-term growth of our are in our favor. Baby Boomers are relocating to our key assets through capital deployment. Our teams are focused on states and the demand can be seen in the increased online continually improving the infrastructure and the amenity core and on-property activity. Over the years, our customers share at our properties. We are committed to meeting the demands experiences with their families by spending time together of our residents and customers. at our properties, including with their children and grandchildren. Whether from a review of historical performance, the satisfaction This younger generation has a familiarity and appreciation for of our customers and guests, the demographic trends in our our properties. Millennials now represent 26% of RV buyers well-located real estate and our solid balance sheet, we are well and Millennials and Gen X combined represent more than half positioned to continue to deliver leading results to our shareholders. of RV buyers. The popularity of the outdoor lifestyle, an increase Our story book features our customers and residents enjoying in younger RV buyers, and new unique accommodations in our the Life in a Day at our properties. We hope you enjoy. properties should continue to contribute to growing demand for our oer ff ings. Over the past few years, we have increased our social media fan base to 650,000. The connections formed with this base of engaged fans and followers are the seeds of growth for our Coquina Crossing Sam Zell Marguerite Nader future customer. Elkton, FL Chairman of the Board President and CEODear Fellow Shareholders, While our achievements extend beyond metrics, we believe it Our operating fundamentals are built on a collaborative is important to highlight some of the notable accomplishments relationship with our residents and customers. We communicate of 2019. ELS increased FFO per share by 8.1% in 2019 and 57% our operating plans and incorporate feedback received. The over the last five years. Our income from property operations satisfaction of our guests can be seen in both the length of their increased 5%. The occupancy in our manufactured housing tenure with us and in the third-party feedback we receive. We portfolio increased for the 10th consecutive year and our RV consistently seek customer feedback as a tool to improve the income, including Thousand Trails, increased 6%. From a balance experience for our guests. We are pleased that 79 of our RV sheet perspective, our weighted average maturity of 12 years is properties were recognized with the Trip Advisor Certificate almost double the REIT average. Our dividend increased 11% in of Excellence for 2019, an award based on customer 2019 and has increased an average of 14% over the last five years. satisfaction scores. Our products are in demand and the demographic trends We seek to increase the value and long-term growth of our are in our favor. Baby Boomers are relocating to our key assets through capital deployment. Our teams are focused on states and the demand can be seen in the increased online continually improving the infrastructure and the amenity core and on-property activity. Over the years, our customers share at our properties. We are committed to meeting the demands experiences with their families by spending time together of our residents and customers. at our properties, including with their children and grandchildren. Whether from a review of historical performance, the satisfaction This younger generation has a familiarity and appreciation for of our customers and guests, the demographic trends in our our properties. Millennials now represent 26% of RV buyers well-located real estate and our solid balance sheet, we are well and Millennials and Gen X combined represent more than half positioned to continue to deliver leading results to our shareholders. of RV buyers. The popularity of the outdoor lifestyle, an increase Our story book features our customers and residents enjoying in younger RV buyers, and new unique accommodations in our the Life in a Day at our properties. We hope you enjoy. properties should continue to contribute to growing demand for our oer ff ings. Over the past few years, we have increased our social media fan base to 650,000. The connections formed with this base of engaged fans and followers are the seeds of growth for our Coquina Crossing Sam Zell Marguerite Nader future customer. Elkton, FL Chairman of the Board President and CEO


Dear Fellow Shareholders, While our achievements extend beyond metrics, we believe it Our operating fundamentals are built on a collaborative is important to highlight some of the notable accomplishments relationship with our residents and customers. We communicate of 2019. ELS increased FFO per share by 8.1% in 2019 and 57% our operating plans and incorporate feedback received. The over the last five years. Our income from property operations satisfaction of our guests can be seen in both the length of their increased 5%. The occupancy in our manufactured housing tenure with us and in the third-party feedback we receive. We portfolio increased for the 10th consecutive year and our RV consistently seek customer feedback as a tool to improve the income, including Thousand Trails, increased 6%. From a balance experience for our guests. We are pleased that 79 of our RV sheet perspective, our weighted average maturity of 12 years is properties were recognized with the Trip Advisor Certificate almost double the REIT average. Our dividend increased 11% in of Excellence for 2019, an award based on customer 2019 and has increased an average of 14% over the last five years. satisfaction scores. Our products are in demand and the demographic trends We seek to increase the value and long-term growth of our are in our favor. Baby Boomers are relocating to our key assets through capital deployment. Our teams are focused on states and the demand can be seen in the increased online continually improving the infrastructure and the amenity core and on-property activity. Over the years, our customers share at our properties. We are committed to meeting the demands experiences with their families by spending time together of our residents and customers. at our properties, including with their children and grandchildren. Whether from a review of historical performance, the satisfaction This younger generation has a familiarity and appreciation for of our customers and guests, the demographic trends in our our properties. Millennials now represent 26% of RV buyers well-located real estate and our solid balance sheet, we are well and Millennials and Gen X combined represent more than half positioned to continue to deliver leading results to our shareholders. of RV buyers. The popularity of the outdoor lifestyle, an increase Our story book features our customers and residents enjoying in younger RV buyers, and new unique accommodations in our the Life in a Day at our properties. We hope you enjoy. properties should continue to contribute to growing demand for our oer ff ings. Over the past few years, we have increased our social media fan base to 650,000. The connections formed with this base of engaged fans and followers are the seeds of growth for our Coquina Crossing Sam Zell Marguerite Nader future customer. Elkton, FL Chairman of the Board President and CEODear Fellow Shareholders, While our achievements extend beyond metrics, we believe it Our operating fundamentals are built on a collaborative is important to highlight some of the notable accomplishments relationship with our residents and customers. We communicate of 2019. ELS increased FFO per share by 8.1% in 2019 and 57% our operating plans and incorporate feedback received. The over the last five years. Our income from property operations satisfaction of our guests can be seen in both the length of their increased 5%. The occupancy in our manufactured housing tenure with us and in the third-party feedback we receive. We portfolio increased for the 10th consecutive year and our RV consistently seek customer feedback as a tool to improve the income, including Thousand Trails, increased 6%. From a balance experience for our guests. We are pleased that 79 of our RV sheet perspective, our weighted average maturity of 12 years is properties were recognized with the Trip Advisor Certificate almost double the REIT average. Our dividend increased 11% in of Excellence for 2019, an award based on customer 2019 and has increased an average of 14% over the last five years. satisfaction scores. Our products are in demand and the demographic trends We seek to increase the value and long-term growth of our are in our favor. Baby Boomers are relocating to our key assets through capital deployment. Our teams are focused on states and the demand can be seen in the increased online continually improving the infrastructure and the amenity core and on-property activity. Over the years, our customers share at our properties. We are committed to meeting the demands experiences with their families by spending time together of our residents and customers. at our properties, including with their children and grandchildren. Whether from a review of historical performance, the satisfaction This younger generation has a familiarity and appreciation for of our customers and guests, the demographic trends in our our properties. Millennials now represent 26% of RV buyers well-located real estate and our solid balance sheet, we are well and Millennials and Gen X combined represent more than half positioned to continue to deliver leading results to our shareholders. of RV buyers. The popularity of the outdoor lifestyle, an increase Our story book features our customers and residents enjoying in younger RV buyers, and new unique accommodations in our the Life in a Day at our properties. We hope you enjoy. properties should continue to contribute to growing demand for our oer ff ings. Over the past few years, we have increased our social media fan base to 650,000. The connections formed with this base of engaged fans and followers are the seeds of growth for our Coquina Crossing Sam Zell Marguerite Nader future customer. Elkton, FL Chairman of the Board President and CEO


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TWO NORTH RIVERSIDE PLAZA • CHICAGO, ILLINOIS 60606 • (800) 247-5279 • EQUITYLIFESTYLEPROPERTIES.COMTWO NORTH RIVERSIDE PLAZA • CHICAGO, ILLINOIS 60606 • (800) 247-5279 • EQUITYLIFESTYLEPROPERTIES.COM