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
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
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.