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Equity LifeStyle Properties Reports 3Q Results

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October 21, 2009 by   Leave a Comment

Equity LifeStyle Properties Inc., a major owner and operator of RV-related parks and campgrounds that also is a significant factdor in Sunbelt retirement communities,  today (Oct. 22) announced results for the quarter and nine months ended Sept. 30.

For the third quarter 2009, Funds From Operations (“FFO”) were $28.8 million, or $0.82 per share on a fully-diluted basis, compared to $22.7 million, or $0.74 per share on a fully-diluted basis for the same period in 2008.  For the nine months ended Sept. 30, 2009, FFO was $90.4 million, or $2.81 per share on a fully-diluted basis, compared to $77.1 million, or $2.53 per share on a fully-diluted basis for the same period in 2008.

Net income available to common stockholders totaled $11.1 million, or $0.37 per share on a fully-diluted basiss for the quarter.

This compares to net income available to common stockholders of $1.5 million, or $0.06 per share on a fully diluted basis for the same period in 2008. Net income available to common stockholders totaled $27.7 million, or $1.02 per share on a fully-diluted basis for the nine months ended Sept, 30.  This compares to net income available to common stockholders of $18.3 million, or $0.74 per share on a fully-diluted basis for the same period in 2008. 

On June 29, the company issued 4.6 million shares of common stock in an equity offering for approximately $146.4 million, net of offering costs.

On an as adjusted basis, assuming the equity offering had not occurred, FFO per share on a fully-diluted basis would have been $0.94 and $3.28 for the quarter and nine months ended September 30, 2009, respectively.  As adjusted net income available to common stockholders,
assuming the equity offering did not occur, would have been $0.42 and $1.19 per share on a fully diluted basis for the quarter and nine months ended Sept. 30, respectively.

Third quarter 2009 property operating revenues were $123.8 million, compared to $108.3 million in the third quarter of 2008.  Our property operating revenues for the nine months ended September 30, 2009 were $364.3 million, compared to $309.0 million for the nine months ended Sept. 30, 2008

For the quarter ended Sept. 30, 2009, our core property operating revenues increased approximately 2.7% and core property operating expenses decreased approximately 1.5%, resulting in an increase of approximately 6.5 percent to income from core property operations over the quarter ended Sept. 30, 2008.  For the nine months ended Sept. 30, 2009, our core property operating revenues increased approximately 2.7% and core property operating expenses decreased approximately 1.6%, resulting in an increase to income from core property operations of approximately 6.3% over the nine months ended Sept.30, 2008.

For the quarter ended Sept. 30, 2009, the company had 38 new home sales (including 13 third-party dealer sales), which represents a 56.3%  decrease as compared to the quarter ended Sept. 30, 2008.  Gross revenues from home sales were $2.1 million for the quarter ended Sept 30, 2009, compared to $5.3 million for the quarter ended September 30, 2008.  Net income from home sales and other was $1.5 million for the quarter, compared to a net loss from home sales and other of ($0.7) million for the same period in 2008.

For the nine months ended September 30, 2009, the company had 79 new home sales (including 19 third-party dealer sales), a 75.5 percent decrease over the same period in 2008. Gross revenues from home sales were $5.1 million for the nine months ended September 30, 2009, compared to $18.3 million for the same period in 2008.  Net income from home sales and other was $1.0 million for the nine months ended Sept. 30, 2009 compared to a net loss from home sales and other of ($2.7) million for the nine months ended Sept. 30, 2008. Property management expenses were $8.7 million for the quarter ended September 30, 2009, compared  to $6.4 million for the same period last year.

A significant portion of the increase in property management expenses was due to the acquisition and consolidation of Privileged Access, L.P. (“Privileged Access”) and the 82 company properties that Privileged Access had been leasing and operating prior to the company’s
acquisition of Privileged Access on August 14, 2008 On July 20 the company sold the 490-site property known as Casa Village in Billings, Mont. The buyer assumed approximately $10.6 million of mortgage indebtedness on the property

“Our average long-term secured debt balance was approximately $1.6 billion in the quarter, with a weighted average interest rate, including amortization, of approximately 6.02 percent per annum.  Our unsecured debt balance currently has an availability of $370.0 million.  Interest coverage was approximately 2.4 times in the quarter During the quarter, the company closed on approximately $21.1 million of financings on two manufactured home properties with a weighted average interest rate of 6.25 percent per annum, maturing in 2019.”

The company also paid off twelve maturing mortgages totaling approximately $47.9 million, with a weighted average interest rate of 7.94 percent per annumDuring the fourth quarter of 2009 and the second quarter of 2010, the Company expects to close on approximately $74 million of financing on four manufactured home properties at a weighted average interest rate of 6.96 percent per annum, maturing in 10 years.  We have locked rate with Fannie Mae on these loans.  There can be no assurance if such financings will occur or as to the timing and terms of our anticipated
financing

Equity LifeStyle Properties Inc. owns or has an interest in 307 quality properties in 27 states and British Columbia consisting of 110,363 sites. The company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.

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