ELS Announces 2017 Dividends
November 08 2016 - 4:16PM
Business Wire
Declares Fourth
Quarter 2016 Dividends
The Board of Directors of Equity LifeStyle Properties, Inc.
(NYSE:ELS) (referred to herein as “we,” “us,” and “our”) discussed
our annual common dividend policy at today’s Board meeting. After
discussion, our Board approved setting the annual dividend rate for
2017 at $1.95 per common share, an increase of $0.25 over the
current $1.70 per common share for 2016.
Our Board of Directors also declared the fourth quarter 2016
dividend of $0.425 per common share, representing, on an annualized
basis, a dividend of $1.70 per common share. The dividend will be
paid on January 13, 2017 to stockholders of record on December 30,
2016. Our Board of Directors also declared a dividend of $0.421875
per depositary share (each representing 1/100 of a share of our
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
December 30, 2016 to stockholders of record on December 15,
2016.
Our Board of Directors also increased the size of the Board by
one director and elected Mr. Matthew Williams to fill the vacancy
created by the increase in the number of directors.
Mr. Williams, age 49, has been the Chief Executive Officer of
The Martin Agency, an advertising agency and subsidiary of The
Interpublic Group of Companies, Inc., since February 2013. Mr.
Williams joined the agency in 1991 as an account executive. From
there he moved to the strategic planning department in 1995, and
subsequently, he was named partner in 2005. Mr. Williams then
served as the agency’s general manager, a role he was promoted to
in July 2011.
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 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;
- 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 filed against us, including those disclosed in our filings
with the Securities and Exchange Commission, by tenant groups
seeking to limit rent increases and/or seeking large damage awards
for our alleged failure to properly maintain certain properties or
other tenant related matters, such as the case currently pending in
the California Court of Appeal, Sixth Appellate District, Case No.
H041913, involving our California Hawaiian manufactured home
property, including any further proceedings on appeal or in the
trial court; 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.
We own or have an interest in 391 quality properties in 32
states and British Columbia consisting of 146,457 sites. We are a
self-administered, self-managed real estate investment trust
(“REIT”) with headquarters in Chicago.
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Equity LifeStyle Properties, Inc.Paul Seavey(800) 247-5279
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