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The Board of Directors of Equity LifeStyle Properties, Inc. (NYSE:ELS)(the “Company”) declared a dividend of $0.50 per common share, representing, on an annualized basis, a dividend of $2.00 per common share. The dividend will be paid on April 12, 2013 to stockholders of record on March 29, 2013. The Company’s Board of Directors also declared a dividend of $0.421875 per depositary share (each representing 1/100 of a share of the Company's 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 April 1, 2013 to stockholders of record on March 21, 2013.
The Company’s Board of Directors also increased the size of the Board by two directors and elected Mrs. Marguerite Nader and Mr. William Young to fill the vacancies created by the increase in the number of directors.
Mrs. Nader, age 44, has served as the Company's President and Chief Executive Officer since February 1, 2013. Mrs. Nader is also a member of the Company’s Management Committee. Mrs. Nader served as the Company's President from October 18, 2012 to January 31, 2013; President and Chief Financial Officer from May 2012 to October 18, 2012; Executive Vice President and Chief Financial Officer from December 2011 to May 2012; Executive Vice President - New Business Development from February 2011 to December 2011; Executive Vice President - Sales and Marketing from February 2009 to February 2011; Senior Vice President of New Business Development from January 2007 to February 2009; Vice President of New Business Development from January 2001 to January 2007; and Vice President of Asset Management from January 1998 to January 2001. Mrs. Nader has been employed with the Company since 1993.
Mr. Young, age 48, has been managing partner and co-founder of Hyperion Homes LLC and Ranieri Residential, LLC, single family housing investment platforms for Ranieri Partners LLC, an investment firm, since June 2012. Mr. Young was managing director and a member of the investment committee for the distressed debt fund of Equity Group Investments from 2009 to 2011. Mr. Young was a partner at Goldman Sachs & Co. and Goldman Sachs International from 2001 to 2008 where he held a variety of positions including co-head of the European Mortgage Department and co-head of the Global Infrastructure Investment Fund. Mr. Young worked at Citigroup and Citibank from 1987 to 2001 where he worked in Leveraged Finance, Commercial Real Estate work-outs and ultimately led the firm’s European Securitization and Real Estate Finance Group.