Distributions on our Series A Preferred Stock will be cumulative from the date of original issue and payable quarterly on March 31, June 30, September 30 and December 31 of each year, in arrears, beginning on March 31, 2011, at the rate of 8.034% per annum of their liquidation preference, which is equivalent to $2.0085 per annum per share.
We may, at our option, redeem our Series A Preferred Stock in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid distributions, whether or not declared, to, but not including, the date of redemption. In addition, if we exercise our optional redemption right after the occurrence of a Change of Control Triggering Event (as defined in this prospectus supplement) and before the close of business on the Change of Control Conversion Date (as defined in this prospectus supplement), you will not have the conversion right described in the following paragraph with respect to the shares of Series A Preferred Stock to be redeemed.
Upon the occurrence of a Change of Control Triggering Event, you will have the right (subject to our exercise of our optional redemption right) to convert some or all of your Series A Preferred Stock into consideration based upon the Calculated Amount (as defined in this prospectus supplement) that results from multiplying your number of shares of Series A Preferred Stock being so converted by the lesser of (A) the quotient obtained by dividing (i) the sum of (x) $25.00 plus (y) an amount equal to any accumulated and unpaid distributions on one share of such Series A Preferred Stock, whether or not declared, to, but not including, the Change of Control Conversion Date by (ii) the Common Stock Price (as defined in this prospectus supplement), and (B) the Share Cap (as defined in this prospectus supplement) subject to certain adjustments as described in this prospectus supplement. The form of Change of Control Consideration (as defined in this prospectus supplement) will be determined based upon whether Convertibility Approval (as defined in the prospectus supplement) has been obtained by vote of our common stockholders, and will comprise either (i) if Convertibility Approval has been obtained, a number of shares of common stock equal to the Calculated Amount; or (ii) otherwise, cash in an amount equal to the Calculated Amount multiplied by the Common Stock Price, in each case subject to the adjustments and provisions for the receipt of alternative consideration as further described in this prospectus supplement, to the extent applicable.
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Equity Lifestyle Properties is an integrated owner of lifestyle-oriented properties (Properties) consisting of property operations and home sales and rental operations primarily within manufactured home (MH) and recreational vehicle (RV) communities and marinas. Co. has a business model where it owns the land which it leases to customers who own MH and cottages, RVs and/or boats either on a long-term or short-term basis. Co.'s customers may lease individual developed areas or enter into right-to-use contracts, also known as membership subscriptions, which provide them access to specific Properties for limited stays. Co. also has marinas that provide boat slip and dry storage rentals. Open the ELS Information Page » |
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