Equity LifeStyle Properties, Inc. Names Marguerite Nader as Vice Chairman and Promotes Patrick Waite to President

Rhea-AI Summary

Equity LifeStyle Properties announced key leadership changes, naming Marguerite Nader as Vice Chairman while maintaining her CEO position, and promoting Patrick Waite to President while keeping his COO role, effective immediately.

Waite brings extensive industry experience, having served as Executive VP and COO since 2015. His background includes senior positions at American Residential Communities and Riverside Communities. He previously co-founded Continental Communities and served as ELS's Director of Acquisitions from 1993 to 1997.

The company, headquartered in Chicago, operates as a real estate investment trust managing 455 lifestyle-oriented properties across the United States, encompassing 173,340 sites as of April 21, 2025. Board Chairman Thomas Heneghan emphasized the depth of experience within ELS's leadership team, highlighting their success in delivering REIT-leading results and building a strong corporate culture.

Positive

• Strategic leadership consolidation with Marguerite Nader as Vice Chairman while retaining CEO role
• Patrick Waite's promotion leverages his extensive industry experience and proven track record since 2015
• Company maintains strong market position with 455 properties and 173,340 sites across the US
• Demonstrated leadership continuity and internal succession planning

Negative

• Potential operational challenges due to inflationary environment and supply chain disruptions
• Exposure to seasonal employment risks and labor market challenges
• Vulnerability to revenue losses from unexpected events like storms
• Possible yield management challenges for short-term resort and marina sites

CHICAGO, April 29, 2025 /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE:ELS) (referred to herein as the "Company," "we," "us," and "our") announced today that the Board of Directors (the "Board") has named Marguerite Nader as Vice Chairman of the Board and promoted Patrick Waite as President, both effective immediately. Ms. Nader will continue serving as Chief Executive Officer, and Mr. Waite will continue in his role as Chief Operating Officer reporting to Ms. Nader.

Mr. Waite has been Executive Vice President and Chief Operating Officer of the Company since January 2015. Prior to joining the Company in 2013, Mr. Waite was senior vice president of asset management at American Residential Communities, a private operator of manufactured housing communities, from January 2010 through January 2013. He was vice president of Riverside Communities, a manufactured home community affiliate of Helix Funds LLC, from August 2004 to January 2010. Mr. Waite co-founded Continental Communities, a private operator of manufactured home communities, and managed its acquisition program from 1997 to 2001. Mr. Waite was the Director of Acquisitions for the Company from 1993 to 1997.

Marguerite Nader, the Vice Chairman of the Board and our Chief Executive Officer, said, "Patrick has been instrumental to ELS' success. His expertise in operations, capital allocation, and extensive industry knowledge will be valuable as he steps into this new role."

Thomas Heneghan, the Chairman of the Board, said, "Today's announcement underscores the depth of experience within ELS' leadership team. Together, they have delivered REIT-leading results and built an extraordinary culture that drives our success, both of which are a tremendous source of pride for our Board."

This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting.

For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q.

These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.

We are a fully integrated owner of lifestyle-oriented properties and own or have an interest in 455 properties located predominantly in the United States consisting of 173,340 sites as of April 21, 2025. We are a self-administered, self-managed, real estate investment trust with headquarters in Chicago.      

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SOURCE Equity Lifestyle Properties, Inc.

FAQ

What leadership changes did Equity LifeStyle Properties (ELS) announce on April 29, 2025?

ELS announced two key leadership changes: Marguerite Nader was named Vice Chairman of the Board while retaining her CEO role, and Patrick Waite was promoted to President while continuing as Chief Operating Officer.

What is Patrick Waite's experience before becoming President of ELS?

Patrick Waite has extensive industry experience, serving as ELS's Executive VP and COO since 2015. He previously held senior roles at American Residential Communities, Riverside Communities, co-founded Continental Communities, and was ELS's Director of Acquisitions from 1993 to 1997.

How many properties does Equity LifeStyle Properties (ELS) own as of 2025?

As of April 21, 2025, ELS owns or has interests in 455 properties located predominantly in the United States, consisting of 173,340 sites.

What potential risks did ELS identify in their 2025 leadership announcement?

ELS identified several risks including inflation impacts, debt service changes, labor market challenges, supply chain disruptions, integration of acquisitions, and potential impacts from material weaknesses in internal controls.

How has ELS performed according to their Board Chairman?

According to Board Chairman Thomas Heneghan, ELS has delivered REIT-leading results and built an extraordinary culture that drives their success.