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.
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