ELS Announces Sale of 3.1M Shares of Common Stock
Equity LifeStyle Properties Inc. (ELS) today (Oct. 19) announced the sale by a selling stockholder of 3,162,069 shares of the company's common stock to Goldman, Sachs & Co. as the sole underwriter in an underwritten public offering.
The sale is being made pursuant to an automatic shelf registration statement that became effective upon filing with the Securities and Exchange Commission on May 6, 2009. Subject to customary conditions, the offering is expected to close on October 24, according to a press release
The 3,162,069 shares of Common Stock sold in this offering includes 1,453,793 shares of common stock issued by the Company to the selling stockholder upon the redemption by the selling stockholder of 1,453,793 shares of the Company's Series B Subordinated Non-Voting Cumulative Preferred Stock, which will occur prior to the closing of this offering.
The selling stockholder will receive all of the net proceeds from the sale of the common stock in this offering, and the company will not receive any proceeds in this offering.
As of today, ELS owns or has an interest in 368 properties in 32 states and British Columbia consisting of 136,100 sites. The company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.