ELS Provides Notice of Redemption of Series C Preferred Stock and Depositary Shares
August 22 2017 - 04:16PM
Business Wire
Equity LifeStyle Properties, Inc. (referred to herein as “we”,
“us” or “our”) announced today that we have elected to redeem all
of our outstanding 6.75% Series C Cumulative Redeemable Perpetual
Preferred Stock (the “Series C Preferred Stock”) on September 25,
2017 (the “Redemption Date”). Our Series C Preferred Stock is
represented by depositary shares (NYSE:ELSPrC; CUSIP No.
29472R405), each representing 1/100 of a share of the Series C
Preferred Stock. There are 54,458 shares of Series C Preferred
Stock outstanding (5,445,765 depositary shares) with an aggregate
liquidation preference of $136.1 million.
The Depositary Agent holding the Series C Preferred Stock will
receive from us cash in the amount of $2,500 per share, plus all
accrued and unpaid dividends up to, but not including, the
Redemption Date in an amount equal to $40.3125 per share of Series
C Preferred Stock, for a total payment of $2,540.3125 per share of
Series C Preferred Stock (the “Series C Preferred Stock Redemption
Price”).
The holders of the depositary shares will receive from the
Depositary Agent holding the Series C Preferred Stock cash in the
amount of $25.00 per depositary share, plus all accrued and unpaid
dividends up to, but not including, the Redemption Date in an
amount equal to $0.403125 per depositary share, for a total payment
of $25.403125 per depositary share (the “Depositary Share
Redemption Price”).
From and after the Redemption Date, dividends on the Series C
Preferred Stock and the depositary shares, respectively, will cease
to accrue and the only remaining right of the holders of the Series
C Preferred Stock and the depositary shares will be to receive
payment of the Series C Preferred Stock Redemption Price and the
Depositary Share Redemption Price, respectively. In addition,
because all of the issued and outstanding depositary shares are
being redeemed, the depositary shares will no longer trade on
the New York Stock Exchange after the Redemption Date.
A notice of redemption has been mailed on August 22, 2017 to the
holder of record of the Series C Preferred Shares and to the
holders of the Depositary Shares. All of the depositary shares
being called for redemption are held of record by Cede & Co.,
as nominee of The Depositary Trust Company ("DTC"). Accordingly,
the depositary shares will be redeemed in accordance with the
applicable procedures of DTC. Questions relating to the notice of
redemption should be directed to American Stock Transfer &
Trust Company, LLC, the Company's transfer agent and the redemption
agent for the redemption of the Series C Preferred Stock and
depositary shares (the "Redemption Agent"). The address and
telephone number of the Redemption Agent are American Stock
Transfer & Trust Company, LLC, Attn: Reorganization Department,
6201-15th Avenue, Brooklyn, New York 11219; (800) 937-5449.
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.
As of June 30, 2017, we own or have an interest in 393 quality
properties in 32 states and British Columbia consisting of 147,107
sites. We are a self-administered, self-managed real estate
investment trust (“REIT”) with headquarters in Chicago.
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version on businesswire.com: http://www.businesswire.com/news/home/20170822006150/en/
Equity LifeStyle Properties, Inc.Paul Seavey, (800) 247-5279
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