(RTTNews) - Monday, Equity LifeStyle Properties, Inc. (ELS: News ), a self-administered, and self-managed, real estate investment trust, reported an increase in funds from operations for the third quarter, which topped analysts' estimates, significantly helped by higher operating revenues. The company also provided guidance for the fourth quarter of 2009 and preliminary guidance for fiscal 2010.

Funds From Operations or FFO for the quarter rose to $28.8 million from $22.7 million in the corresponding period last year. FFO per share rose to $0.82 from $0.74 per share in the same period last year and came in above the $0.77 per share projected by five analysts polled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net income available to common stockholders surged to $11.1 million or $0.37 per share from $1.5 million or $0.06 per share in the same period last year.

Property operating revenues rose to $123.8 million from $108.3 million in the year-ago quarter. Core property operating revenues increased about 2.7% and core property operating expenses declined about 1.5%, resulting in an increase of about 6.5% to income from core property operations over the same period last year.

During the quarter, the company had 38 new home sales, including 13 third-party dealer sales, which represents a 56.3% decrease as compared to the quarter ended September 30, 2008. Income from home sales operations totaled $1.5 million compared with a loss of $0.7 million in the year-ago quarter. Income from discontinued operations surged to $4.7 million from $32 thousands in the same period last year.
For the nine month period, FFO rose to $90.4 million, or $2.81 per share from $77.1 million, or $2.53 per share for the same period last year. Net income available to common stockholders rose to $27.7 million, or $1.02 per share from $18.3 million, or $0.74 per share in the corresponding period last year.
Property operating revenues were $364.3 million, compared to $309.0 million in the same period last year.

Looking ahead, for the fourth quarter, the company expects FFO to be in the range of $0.60 to $0.70 per share. Street analysts currently expect the company to earn $0.66 per share for the quarter.

ELS said preliminary guidance for 2010 FFO is projected to be in the range of $3.39 to $3.59 per share. Five Street analysts presently expect the company to report earnings of $3.44 per share for 2010. The projection expects, among others, core property operating revenue for 2010 to grow at about 1% to 1.5% over 2009 and 2010 core properties are expected to earn approximately $493.5 million in property operating revenues in 2009.

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