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Equity LifeStyle signs $88M mortgage loans, buys 2 assets in Q2

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Equity LifeStyle signs $88M mortgage loans, buys 2 assets in Q2

Equity LifeStyleProperties Inc. signed rate lock agreements with institutional lendersfor new mortgage loans amounting to about $88.0 million.

The mortgage loans will be secured by four manufactured-homecommunities and two recreational vehicle resorts. They will carry a weighted averageannual interest rate of about 4.01% and about 23 years of maturity.

Equity LifeStyle expects to use the proceeds from the securedfinancing, set to close during the third and fourth quarters, to retire variousloans that will come due in late 2016 and early 2017.

In June, the company acquired the 1,168-site Forest Lake Estatesin Zephryhills, Fla., for roughly $75.2 million, which it funded with proceeds fromits at-the-market equity offering program and roughly $22.6 million in assumed mortgagedebt. The property comprises 894 age-qualified manufactured homes and 274 RV sites.

In May, it picked up a 407-site RV resort, called Portland Fairview,in Fairview, Ore., for roughly $17.6 million, which it funded with available cash.

The company expects FFO per share and normalized FFO per sharefor the third quarter to be in the range of 79 cents to 85 cents. For the full year,the company updated itsFFO and normalized FFO guidance to respective per-share ranges of $3.22 to $3.32and $3.23 to $3.33.

The S&P Capital IQ consensus FFO-per-share estimate for thethird quarter and full year are 82 cents and $3.28, respectively.