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
After reporting four consecutive monthly increases, the National Association of Realtors released a report on Monday showing an unexpected drop in U.S. existing home sales in the month of August. NAR said existing home sales fell 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August. The European Central Bank remains ready to use additional unconventional tools to counter risks to the inflation outlook and to boost the euro area economy, ECB President Mario Draghi said on Monday. "The Governing Council remains fully determined to counter risks to the medium-term outlook for inflation," Draghi said in Brussels. Stocks have moved to the downside in early trading on Monday, giving back some ground after moving mostly higher last week. The major averages have all dipped into negative territory, although selling pressure has remained somewhat subdued.
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.