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Equity LifeStyle reaffirms 2018 FFO outlook, amends bylaws

Equity LifeStyle Properties Inc. reaffirmed its per-share guidance for funds from operations and normalized FFO for the first quarter and full year 2018 in the range of $1.00 to $1.06 and $3.80 to $3.90, respectively.

The S&P Capital IQ consensus FFO-per-share estimate for the 2018 first quarter is $1.04, while analysts expect FFO per share for the 2018 full year at $3.88.

In addition, the manufactured home-focused residential real estate investment trust amended its bylaws to give shareholders the right to alter the company's bylaws via an affirmative majority vote, pursuant to a proposal submitted by any stockholder or group of up to five stockholders holding at least 1% of the company's common stock for at least one year.

Also, William Young informed the board of directors of his decision to not stand for re-election at the 2018 annual meeting of stockholders.

The board is expected to shrink to nine members when Young steps down at the May 1 meeting. Young's decision was not due to any disagreement with the company, according to a filing.