Rochester, NY 6/25/2009 4:47:38 AM
End of Day Report - ELS - Equity Lifestyle Issuance of 4 Million Common Shares - Sourced WhisperFromWallStreet.com
Equity Lifestyle Properties, Inc.
End of Day Report - ELS - Equity Lifestyle Issuance of 4 Million Common Shares - Sourced WhisperFromWallStreet.com
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EQUITY LIFESTYLE PRP,ELS
Equity Lifestyle Properties ELS announced the issuance of 4 million common shares priced at $33.35 with an overallotment option of an additional 600,000 shares. The roughly 15% increase in shares outstanding--issued slightly above our previous fair value estimate--was slightly accretive to that fair value estimate so we are raising our fair value estimate to account for the issuance's positive impact. The company plans to use almost $146.4 million in proceeds, including the overallotment, to repay long-term debt and for general corporate purposes. In our opinion, the company appeared fairly well capitalized prior to the issuance, and the newly raised equity should further improve the company's risk profile.
About
Equity Lifestyle Properties, Inc. is a publicly owned real estate investment trust (REIT). The firm engages in the ownership and operation of lifestyle oriented properties. Its portfolio of properties include various amenities and common facilities, such as a clubhouse, a swimming pool, laundry facilities, and cable television service, sauna/whirlpool spas, golf courses, tennis, shuffleboard and basketball courts, and exercise rooms. The firm leases developed sites to owners of manufactured homes referred to as resort homes, park models referred to as resort cottages, and recreational vehicles. It primarily invests in the markets of the United States.
Last Trade: 35.32
Day's Range: 34.40 - 36.12
52wk Range: 22.61 - 56.01
Volume: 2,517,671
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