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Equity LifeStyle settles lawsuits tied to 3 Calif. properties

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Equity LifeStyle settles lawsuits tied to 3 Calif. properties

Equity LifeStyle Properties Inc. reached settlement deals for three pending lawsuits involving three of its properties in California.

The company said it estimates its total contribution to the settlements to be about $2.4 million, or 3 cents per share, net of contributions from its insurers. It expects to record the net expense during the fourth quarter of 2016.

The lawsuits accused the company of failing to properly maintain California Hawaiian in San Jose, Monte del Lago in Castroville and Santiago Estates in Sylmar.

While Equity LifeStyle views the allegations as "without merit," it considers the settlements to be in the best interest of the company and its stockholders, President and CEO Marguerite Nader said in a release.

The company also reaffirmed its 2016 guidance ranges. In October 2016, it provided full-year guidance ranges of between $3.25 and $3.31 for funds from operations per share, and between $3.26 and $3.32 for normalized FFO per share.