Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Equity LifeStyle Q1 FFO Rises - Update

RELATED NEWS
Trade ELS now with 

Real estate investment trust Equity LifeStyle Properties Inc. (ELS: Quote), 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.

Register
To receive FREE breaking news email alerts for Equity Lifestyle Properties, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A number of major retailers will be open on Thanksgiving for early Black Friday shopping events. Kohl's department stores will kick off Black Friday sales two hours earlier this year, at 6 p.m. Thanksgiving Day, while Macy's, Bon-Ton and Best Buy will open at the same time. J.C. Penney and Sears... Twitter Inc. has replaced its head of product Daniel Graf just six months after luring him over from Google, according to multiple reports. Graf, previously known for his work leading Google Maps, will retain his vice president of product title and work on Twitter's geolocation features, the Wall... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.