Equity LifeStyle Properties Reports Q2 Results

July 24, 2009 by RV Business Leave a Comment

Equity LifeStyle Properties Inc. (ELS) has announced results for the quarter and six months ended June 30.

For the second quarter, Funds From Operations (FFO) were $23.7 million, compared to $21.7 million for the same period in 2008. For the six months, FFO was $61.6 million, compared to $54.3 million for the same period in 2008.

Net income available to common stockholders totaled $2.9 million, compared to $4.1 million for the same period in 2008. Net income available to common stockholders totaled $16.5 million for the six months, compared to $16.8 million for the same period in 2008.

Due to its Aug. 14, 2008, acquisition of Privileged Access LP, the results for the quarter and six months ended June 30, 2009, also include: $5.3 million and $10.4 million, respectively, of net deferrals of non-refundable upfront payments from the sale of right-to-use contracts which are amortized over the estimated customer life.
$1.6 million and $3.1 million, respectively, of net deferrals of commissions paid on the sale of right-to use contracts which are also amortized on the same method as the deferred sales revenue. The net deferral for the quarter and six months ended June 30, 2009, is approximately $3.6 million and $7.3 million, respectively.

Second quarter 2009 property operating revenues were $116.1 million, compared to $94.3 million in the second quarter of 2008. Property operating revenues for the six months ended June 30, 2009, were $240.4 million, compared to $200.7 million for the six months ended June 30, 2008.

ELS is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. It owns or has an interest in 308 properties in 28 states and British Columbia consisting of 110,852 sites.