Monday, Equity LifeStyle Properties, Inc. (ELS) reported an increase in FFO for the fourth quarter, helped by higher operating revenue. Looking forward, the company provided guidance for the first quarter and full year 2010.
Equity LifeStyle's FFO for the fourth quarter, increased to $27.7 million or $0.79 per share from $20.6 million or $0.67 per in the comparable quarter last year.
Net income available to common stockholders was $6.3 million or $0.21 per share for the quarter, compared to $13 thousand or break even per share in the same quarter last year.
On an average, five analysts expected the company to earn $0.67 per share for the quarter. Analysts' estimates typically exclude one-time items.
The Chicago, Illinois-based company's property operating revenues was $115.0 million, up from $110.3 million in the year-ago period.
Core property operating revenues for the fourth quarter increased about 3.7% and core property operating expenses decreased approximately 0.1%, resulting in an increase of about 7.0% to income from core property operations over the last year quarter.
Gross revenues from home sales was $2.1 million, compared to $3.6 million in the same quarter last year. Net loss from home sales narrowed to $0.2 million from $3.0 million for the same period last year.
Equity LifeStyle had 34 new home sales in the fourth quarter, a 38.2% decrease compared to the last year quarter.
For the full year, the company reported FFO of $118.1 million or $3.58 per share, compared to $97.6 million, or $3.20 per share in the prior year. Net income available to common stockholders rose to $34.0 million or $1.22 per share from $18.3 million or $0.74 per share last year. For the full year, the company had 113 new home sales, a 70.1% decrease compared to the same period in 2008.
Analysts expected the company to earn $3.47 per share for the full year.
Looking ahead, the company provided guidance for the next quarter and full year 2010. The company projects FFO per share for the first quarter to be in the range of $0.98 to $1.08.Guidance for 2010 FFO per share is estimated to be in the range of $3.39 to $3.59.
Analysts expects earnings of $3.47 per share for the full year 2010.
Equity LifeStyle estimates income from core property operations, excluding property management expenses, to grow from about 0.5 to 1.5% over 2009. Excluding property management expenses, the 2010 core properties contributed about $271 million to income from property operations in 2009.
ELS closed Monday's regular trading session at $46.88, up $0.08 or 0.17% on a volume of 488,720 shares on the NYSE.
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