The Equity LifeStyle Properties Inc. (ELS) board declared a dividend of 50 cents per common share, representing, on an annualized basis, a dividend of $2.00 per common share. The dividend will be paid on April 12 to stockholders of record on March 29, according to a news release.
The board also declared a dividend of $0.421875 per depositary share, each representing 1/100 of a share of the company’s 6.75% Series C Cumulative Redeemable Perpetual Preferred Stock, which represents, on an annualized basis, a dividend of $1.6875 per depositary share. The dividend will be paid on April 1 to stockholders of record on March 21.
The board also increased the size of the board by two directors and elected Marguerite Nader and William Young to fill the vacancies created by the increase in the number of directors.
Nader, 44, has served as the company’s president and CEO since Feb. 1, 2013. She is also a member of the company’s management committee. Nader has been employed with the company since 1993.
Young, age 48, has been managing partner and co-founder of Hyperion Homes LLC and Ranieri Residential LLC, single family housing investment platforms for Ranieri Partners LLC, an investment firm, since June 2012. Young was managing director and a member of the investment committee for the distressed debt fund of Equity Group Investments from 2009 to 2011.