Real estate investment trust Equity Lifestyle Properties (ELS -0.73%) announced yesterday that it's splitting its stock 2-for-1 on July 15 for holders of record on July 5.
Investors will receive an additional share for each share they own on the record date. The stock split will increase the total number of outstanding shares of the REIT's common stock and operating partnership units from approximately 41.7 million and 3.7 million to approximately 83.4 million and 7.4 million, respectively.
The market price of each share will adjust to the split and individual investors will end up owning roughly the same dollar amount of stock after the split as they owned before it.
Equity Lifestyle Properties owns and operates 383 lifestyle-oriented properties in 32 states and British Columbia consisting of 142,682 sites.
