ELS Closes on Two More Acquisition Properties

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October 4, 2011 by   Comments Off on ELS Closes on Two More Acquisition Properties

Equity LifeStyle Properties Inc. (ELS) announced on Monday (Oct. 3) that it has closed on two more of its property acquisitions, bringing the total to 60 since July 1.

The latest acquisitions were for a stated purchase price of approximately $82 million, according to a news release from the Chicago-based firm.

The purchase price in connection with this closing was funded with:

• The issuance of 497,538 shares of the company’s Series B Subordinated Non-Voting Cumulative Preferred Stock to the seller with an aggregate stated value of approximately $29 million.

• The assumption of approximately $35 million of mortgage debt secured by the two acquisition properties acquired on Monday.

• Approximately $18 million in cash.

The issuance of the Series B Preferred Stock is the final equity issuance to the seller for the acquisition. The cash was obtained from the proceeds of the previously announced $200 million of financings originated during the quarter ended Sept. 30.

On May 31, ELS entered into purchase and other agreements to acquire a portfolio of 75 manufactured home communities and one RV resort containing 31,167 sites on approximately 6,500 acres located in 16 states (primarily located in Florida and the Northeastern region of the United States) and certain manufactured homes and loans secured by manufactured homes located at the properties for a stated purchase price of $1.43 billion.

The company expects to close on eight additional properties by Oct. 14 and seven others by Nov. 1.

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