This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ELS Closes On Transactions And Updates Guidance

Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced the closing of two transactions.

We completed the sale of ten manufactured home communities located in Michigan collectively containing approximately 4,925 sites. These assets, acquired as part of the $1.5 billion Hometown acquisition in 2011, were ultimately targeted for disposition because they did not satisfy our core business strategy. Overall occupancy has remained around 70% since acquisition with approximately 37% of the occupancy consisting of rental homes and home loans we owned. We expect to close the sale of one additional community located in Michigan containing 419 sites during the third quarter of 2013. The closing of the sale of the remaining community in Michigan is subject to customary closing conditions and no assurances can be given that the disposition will be completed in accordance with the anticipated timing or at all. The sale price for all 11 communities is approximately $165.0 million. We expect to recognize a gain on sale of these assets of approximately $41.0 million in the third quarter of 2013.

We acquired three manufactured home communities located in the Chicago metropolitan area collectively containing approximately 1,207 sites for a purchase price of $102 million. We funded the purchase price with available cash and limited partnership interests in our operating partnership.

Marguerite Nader, our Chief Executive Officer, commented, “We are pleased with the execution on these transactions. We were able to redeploy capital from our sale of assets in non-core markets into three high quality manufactured home communities in the Chicagoland area to complement our existing assets in this market.”

As a result of these transactions, we are revising our previously issued guidance range for normalized funds from operations (“Normalized FFO”) per share. We project fully diluted Normalized FFO per share of $0.61 to $0.67 for the three months ending September 30, 2013 and $2.46 to $2.56 for the year ending December 31, 2013. See table below for additional information:

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs