logo
Share SHARE
FONT-SIZE Plus   Neg

Equity LifeStyle Q1 FFO Rises - Update

Real estate investment trust Equity LifeStyle Properties Inc. (ELS), Monday reported an increase in funds from operations for the first quarter, driven primarily by revenue growth.

The Chicago-based company's funds from operations or FFO for the quarter improved to $58.7 million or $1.29 per share from $40.6 million or $1.14 per share in the same period last year. On average, seven analysts polled by Thomson Reuters expected FFO of $1.25 per share for the quarter. Analysts' estimates typically exclude special items.

On an adjusted basis, FFO for the first quarter last year was $41.5 million or $1.17 per share.

Equity LifeStyle's net income available to shareholders for the quarter dropped to $12.4 million or $0.30 per share from $19.0 million or $0.61 per share last year.

Total revenues for the quarter rose to $181.3 million from $135.1 million in the prior year quarter. Five analysts had consensus revenue estimate of $158.77 million for the quarter.

Property operating revenues, excluding deferrals, were $174.0 million, compared to $133.0 million in the same period a year ago.

Property operating and maintenance expenses for the quarter increased to $54.4 million from $44.3 million last year. Depreciation on real estate and other costs increased to $26.0 million from $18.2 million last year. The company recorded amortization of in-place leases for the quarter of $18.4 million, while it was absent last year.

Looking ahead to the second quarter, ELS has forecast results in a range of loss of $0.04 per share to a profit of $0.06 per share. The company also projects FFO in a range of $0.96 to $1.06 per share. Analysts currently estimate FFO of $1.00 per share for the quarter.

For fiscal year 2012, ELS has forecast net income in a range of $1.03 to $1.23 per share. The company expects FFO of $4.41 to $4.61 per share. Analysts currently estimate FFO of $4.46 per share for the year.

ELS closed Monday's trading at $68.03, up $1.03 or 1.54%, on a volume of 0.3 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Xiaomi Corp., nicknamed the "Apple of China" is planning to launch laptops, a report by Bloomberg said. The Chinese brand has been pausing a direct challenge to major smart phone brands in Asian markets in the recent years. It has planned to win over China, India and Brazil markets those together would account for one third of the worldwide sales. Value-priced fashion apparel and accessories retailer Cato Corp. (CATO) Thursday announced a four percent increase in comparable store sales for August. Sales were for the four week period was up five percent to $67 percent from $63.6 million last year. For the thirty weeks ended August 29, the... Simple, uncluttered, colorful and friendly. That's how Google describes its new logo. The new typeface is sans-serif and without any shadow or embossing, unlike its earlier logos. It has given blue, red, yellow and green to its letters. The "e" is slightly tilted and stylized. On its browser tabs, it has replaced the lower case blue colored "g" with an upper case "G" in four colors.
comments powered by Disqus
RELATED NEWS
Trade ELS now with 
Follow RTT