Equity Lifestyle Properties Enters Material Agreement

Ticker: ELS · Form: 8-K · Filed: Jul 23, 2024 · CIK: 895417

Equity Lifestyle Properties Inc 8-K Filing Summary
FieldDetail
CompanyEquity Lifestyle Properties Inc (ELS)
Form Type8-K
Filed DateJul 23, 2024
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$0.01, $500 million, $300 million, $200 m
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, financial-results

Related Tickers: ELS

TL;DR

ELP signed a big deal on 7/18, check the financials.

AI Summary

On July 18, 2024, Equity Lifestyle Properties, Inc. entered into a material definitive agreement. The company also reported on its results of operations and financial condition, with the filing including financial statements and exhibits.

Why It Matters

This filing indicates a significant new agreement for Equity Lifestyle Properties, which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's financial health and stock performance.

Key Players & Entities

  • Equity Lifestyle Properties, Inc. (company) — Registrant
  • July 18, 2024 (date) — Date of earliest event reported
  • Maryland (jurisdiction) — State of incorporation
  • Two North Riverside Plaza, Chicago, Illinois 60606 (address) — Address of Principal Executive Offices
  • 312-279-1400 (phone_number) — Registrant's telephone number

FAQ

What type of material definitive agreement did Equity Lifestyle Properties, Inc. enter into?

The filing does not specify the exact nature of the material definitive agreement, only that one was entered into on July 18, 2024.

What are the key financial highlights reported in this 8-K?

This 8-K filing indicates that the company reported on its results of operations and financial condition, and includes financial statements and exhibits, but specific financial highlights are not detailed in the provided text.

When was Equity Lifestyle Properties, Inc. incorporated?

Equity Lifestyle Properties, Inc. was incorporated in Maryland.

What is the principal executive office address for Equity Lifestyle Properties, Inc.?

The principal executive offices are located at Two North Riverside Plaza, Chicago, Illinois 60606.

What is the SEC file number for Equity Lifestyle Properties, Inc.?

The SEC file number for Equity Lifestyle Properties, Inc. is 001-11718.

Filing Stats: 1,331 words · 5 min read · ~4 pages · Grade level 13.2 · Accepted 2024-07-23 09:05:50

Key Financial Figures

  • $0.01 — ange on which registered Common Stock, $0.01 Par Value ELS New York Stock Exchange
  • $500 million — e Credit Agreement, we have access to a $500 million unsecured line of credit (the "LOC") an
  • $300 million — ecured line of credit (the "LOC") and a $300 million senior unsecured term loan facility (th
  • $200 m — n to increase the borrowing capacity by $200 million, subject to certain conditions. P

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On July 18, 2024, Equity LifeStyle Properties, Inc. (referred to herein as "we," "us," and "our") entered into a Second Amendment to the Third Amended and Restated Credit Agreement (the "Second Amendment") by and among us, MHC Operating Limited Partnership, Wells Fargo Bank, National Association, as Administrative Agent (the "Administrative Agent"), and the other lenders named therein, which amends and restates the terms of the obligations owing by us under the Third Amended and Restated Credit Agreement, dated as of April 19, 2021, as amended (the "Credit Agreement"). Pursuant to the Credit Agreement, we have access to a $500 million unsecured line of credit (the "LOC") and a $300 million senior unsecured term loan facility (the "Term Loan"). We also have the option to increase the borrowing capacity by $200 million, subject to certain conditions. Pursuant to the Second Amendment, the LOC maturity date was extended to July 18, 2028, and this term can be extended for two additional six-month terms, subject to certain conditions. We also have an option to extend the maturity date on the Term Loan to April 16, 2027. All other material terms, including interest rate terms, will remain the same. Pursuant to the Credit Agreement, the LOC has an interest rate of SOFR plus 0.10% plus 1.25% to 1.65% per annum and requires an annual facility fee of 0.20% to 0.35%. The Term Loan has an interest rate of SOFR plus 0.10% plus 1.40% to 1.95% per annum. For both the LOC and the Term Loan, the spread over SOFR is variable based on leverage throughout the respective loan terms.

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition On July 22, 2024, we issued a news release announcing our results of operations for the quarter and six months ended June 30, 2024, and our third quarter and full year 2024 earnings guidance assumptions. The news release is furnished as Exhibit 99.1 to this report on Form 8-K. The news release was also posted on our website, www.equitylifestyleproperties.com, on July 22, 2024. In accordance with General Instruction B.2. of Form 8-K, the information included in Items 2.02 and 9.01 of this report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any registration statement filed by us under the Securities Act of 1933, as amended. This report 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," "estimate," "guidance," "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. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits The information contained in the attached exhibit is unaudited and should be read in conjunction with the Registrant's annual and quarterly reports filed with the Securities and Exchange Commission. 99.1 Equity LifeStyle Properties, Inc. press release dated July 22, 2024, "ELS Reports Second Quarter Results" 10.1 2024 ELS Second Amendment to Third A&R Credit Agreement 104 Cover Page Interactive Data File included as Exhibit 101 (embedded within the Inline XBRL document) 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. Date: July 23, 2024 By: /s/ Paul Seavey Paul Seavey Executive Vice President and Chief Financial Officer

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