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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
FEBRUARY 18, 2004
(Date of Report)
MANUFACTURED HOME COMMUNITIES, INC.
(Exact name of registrant as specified in its Charter)
1-11718
(Commission File No.)
MARYLAND 36-3857664
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
TWO NORTH RIVERSIDE PLAZA, CHICAGO, ILLINOIS 60606
(Address of principal executive offices) (Zip Code)
(312) 279-1400
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
Manufactured Home Communities, Inc. (NYSE: MHC) today announced it
tendered payment of $69 million cash to acquire a 93% equity interest in
entities that own and operate 28 properties. The portfolio contains 11,357
sites. Twenty of the properties are located in Florida, six in Texas, and two in
California.
Beginning in 1996, a series of partnerships were formed between NHC
entities and PAMI entities. The PAMI entities have sued for specific performance
in Chancery Court in Delaware seeking to acquire the NHC entities' interests.
The NHC entities intend to file a counter-suit. Under the terms and conditions
of the partnership agreements, $69 million was paid to acquire the PAMI
entities' interests. Principals of the NHC entities will continue to operate the
properties and maintain an equity position in the new entity. The existing
dispute is related to the PAMI entities' desire to liquidate their investments.
While the possibility of additional litigation and its attendant risks remain,
we believe that providing liquidity to the NHC entities to acquire the PAMI
interests may assist in resolving the dispute.
The forward-looking statements contained in this news release are
subject to certain risks and uncertainties including, but not limited to, the
Company's ability to maintain rental rates and occupancy with respect to
properties currently owned or pending acquisitions; the Company's assumptions
about rental and home sales markets; the completion of pending acquisitions and
timing with respect thereto; the effect of interest rates as well as other risks
indicated from time to time in the Company's filings with the Securities and
Exchange Commission. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.
Manufactured Home Communities, Inc. owns or has an interest in 167
quality communities in 19 states consisting of 62,175 sites. MHC is a
self-administered, self-managed, real estate investment trust (REIT) with
headquarters in Chicago.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
MANUFACTURED HOME COMMUNITIES, INC.
BY: /s/ Michael Berman
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Michael Berman
Vice President, Treasurer and
Chief Financial Officer
DATE: February 18, 2004