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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
APRIL 11, 2005
(Date of Report)
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its Charter)
1-11718
(Commission File No.)
MARYLAND 36-3857664
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
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 following provisions (See
General Instructions 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.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule (13e-4(c)) under the
Exchange Act (17 CFR.13e-4(c))
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ITEM 8.01 OTHER EVENTS
Equity LifeStyle Properties, Inc. (NYSE: ELS) announced the investment
of approximately $7 million for a 50 percent preferred joint venture interest in
three properties containing approximately 500 sites located near Bar Harbor,
Maine. ELS expects a 7% annual yield on its investment prior to the upgrade and
expansion efforts discussed below. Two of the properties, Mount Desert Narrows
and Narrows Too, are located on the Atlantic Ocean, and one property, Patten
Pond, is located on a 700 acre lake. The three resorts have approximately 100
acres available for potential expansion. ELS expects to invest additional
capital and work with the existing owner to upgrade the properties and promote a
new home sales initiative. These efforts are expected to significantly increase
the potential revenues of the properties.
Marguerite Nader, Vice President of New Business Development,
commented, "We look forward to working with our new partner in this premier
vacation destination on the coast of Maine. This investment highlights our
ongoing focus on investing in high-quality real estate locations."
The forward-looking statements contained in this news release are
subject to certain risks and uncertainties including, but not limited to, the
Company's ability to maintain rental rates and occupancy with respect to
properties currently owned or pending acquisitions; the Company's assumptions
about rental and home sales markets; the completion of pending acquisitions and
timing with respect thereto; the effect of interest rates as well as other risks
indicated from time to time in the Company's filings with the Securities and
Exchange Commission. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.
Equity LifeStyle Properties, Inc. owns or has an interest in 278
quality communities in 26 states and British Columbia consisting of 101,727
sites. The Company is a self-administered, self-managed real estate investment
trust (REIT) with headquarters in Chicago.
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/ Michael B. Berman
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Michael B. Berman
Vice President, Treasurer and
Chief Financial Officer
DATE: April 13, 2005
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