Keefe, Bruyette & Woods Reports Equity Lifestyle Properties Deal

According to Keefe, Bruyette & Woods, Equity Lifestyle Properties ELS recently sold 6.1M shares, incl greenshoe. Keefe, Bruyette & Woods said that shares priced at $59.50, grossing ~$359M, at implied nom. cap rate of ~6.7%, or ~6.2% on implied econ. basis. “Proceeds will help fund 76-asset portfolio acquisition from Hometown America, a private operator, for $1.43B (7% nominal / 6.5% economic est.). Favorable asset pricing, significant & immediate accretion and further operational upside suggest meaningful value creation. Raising ests, NAV, PT.” Equity Lifestyle Properties closed yesterday at $62.56.