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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
SEPTEMBER 3, 2003
(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 incorporation or organization) (I.R.S. Employer 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
On September 2, 2003, Manufactured Home Communities, Inc.
("the Company") announced that it has initiated a process to obtain
$500 million in loan commitments from an institutional lender. The
lender has agreed to make individual loans secured by mortgages on 56
previously unencumbered properties. In total, the loans will bear a
blended interest rate of 5.92% per annum, with maturities ranging from
5 to 12 years and averaging approximately 9 years. Approximately $425
million of the loans will be interest only for periods ranging from 1
to 3 years depending on maturity. All of the loans will amortize based
on a 30-year maturity schedule after any applicable interest only
period. The financing is expected to close in the fourth quarter of
2003.
The Company has not yet determined if proceeds from the
financing will be used for a special dividend and/or share repurchases
or for other general corporate purposes. General corporate purposes may
include among other purposes: debt repayment, redemption of preferred
operating partnership units, property acquisitions or a combination
thereof.
The Company further announced that its Board of Directors has
increased the Company's authority to repurchase its shares in the open
market from 1,000,000 shares approved in November 2002 to a current
authorization of 3,000,000 shares. The Company believes that the
increase in the authorized share buyback will provide additional
liquidity to those shareholders wishing to sell.
The preceding discussion may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, which reflect management's current views with
respect to future events and financial performance. Such
forward-looking statements are subject to certain risks and
uncertainties, including, but not limited to, the effects of future
events on the Company's financial performance, the adverse impact of
external factors such as inflation and consumer confidence, and the
risks associated with real estate ownership.
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/ John M. Zoeller
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John M. Zoeller
Vice President, Treasurer and
Chief Financial Officer
BY: /s/ Mark Howell
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Mark Howell
Principal Accounting Officer and
Assistant Treasurer
DATE: September 3, 2003