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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 7, 2006
(Date of earliest event reported)
EQUITY LIFESTYLE PROPERTIES, INC.
(Exact name of registrant as specified in its charter)
         
Maryland   1-11718   36-3857664
(State or other jurisdiction of   (Commission File No.)   (IRS Employer Identification
incorporation or organization)       Number)
     
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 registrant under any of the following provisions (see General Instruction A.2. below):
    o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
    o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
    o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
    o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 8.01 Other Events
     The Board of Directors of Equity LifeStyle Properties, Inc. (NYSE:ELS) discussed its annual dividend policy at the Board meeting on November 7, 2006. After discussion, the Board approved setting the annual dividend rate for 2007 at $0.60 per share, an increase over the current $0.30 per share payable in 2006. This decision recognizes the Company’s opportunities and the importance of the dividend to our shareholders. The Board expects to review the Company’s annual dividend policy again in November 2007.
     The Company anticipates potential uses of its free cash flow to include among other things, paying down amounts outstanding on the lines of credit, acquisitions, property expansion and development, and stock repurchases.
     The Board of Directors also declared the Company’s fourth quarter 2006 dividend of $0.075 per share, representing, on an annualized basis, a dividend of $0.30 per share. The dividend will be paid on January 12, 2007 to shareholders of record on December 29, 2006.
     This news 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. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to: 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 markets volatility; in the all-age properties, 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; our ability to maintain rental rates and occupancy with respect to properties currently owned or pending acquisitions; our 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 our filings with the SEC. 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. ELS is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
     Equity LifeStyle Properties, Inc. owns or has an interest in 296 quality properties in 30 states and British Columbia consisting of 108,991 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 and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  EQUITY LIFESTYLE PROPERTIES, INC.
 
 
Date: November 8, 2006  By:   /s/ Michael B. Berman    
    Michael B. Berman   
    Executive Vice President and
      Chief Financial Officer