Equity Lifestyles Properties Inc. (ELS) reported third quarter net income available to common stockholders of $11.1 million, or $0.37 per share, compared to $1.5 million, or $0.06 per share in the year ago quarter.
Funds From Operations for the quarter were $28.8 million or $0.82 per share, compared to $22.7 million or $0.74 per share in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.
Property operating revenues for the quarter rose $123.8 million from $108.3 million in the previous year quarter.
For the fourth quarter, the company expects FFO to be in the range of $0.60 to $0.70 per share. Analysts predict the company to report earnings of $0.66 per share for the fourth quarter.
The company issued preliminary guidance for 2010. For 2010, the company expects FFO per share, on a fully-diluted basis, is projected to be in the range of $3.39 to $3.59. Analysts anticipates the company to report earnings of $3.44 per share for 2010. Core property operating revenue for 2010 is expected to grow at approximately 1.0 to 1.5 percent over 2009.
The company expects income from Core property operations, excluding property management expenses to grow at about 1 % to 2% over 2009. Excluding property management expenses, the 2010 Core properties are expected to contribute approximately $268.5 million to income from property operations in 2009.
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