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Park Owner ELS Reports Higher Q2 Earnings

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July 20, 2010 by   Leave a Comment

Equity LifeStyle Properties Inc. (ELS), a real estate investment trust, reported a rise in earnings for the second quarter, attributed to higher revenues, and a slight fall in expenses.

Funds From operations (FFO) per share beat Wall Street estimates, but property revenues fell short of expectations. Also, the company gave its guidance for the for the full year of fiscal 2010, RTT News reported.

For the quarter, FFO rose to $27.1 million, from $23.7 million a year ago. On a per share basis, earnings were lower at $0.76, compared with $0.77, reflecting a higher share count.

On average, six analysts polled by Thomson Reuters expected earnings per share of $0.69. Analysts’ estimates typically exclude special items.

Funds available for distribution was lower at $18.66 million or $0.53 per share, compared with $19.46 million or $0.63 per share.

Net income available to common stockholders rose to $6.0 million or $0.20 per share, from $2.9 million, or $0.11 per share the prior year.

Total revenues grew to $123.84 million, from $121.52 million.

The company said that property operating revenues climbed to $119.0 million, from $116.1 million last year.

Two Wall Street analysts had forecast revenues of $120.40 million.

Revenues for the latest quarter included a rise in community base rental income to $64.6 million, from $63.31 million. Resort base rental income slightly climbed to $28.5 million, from $27.74 million.

Consolidated income from continuing operations was higher at $11.02 million, versus $7.35 million the prior year.

The company also gained from a fall in total expenses to $113.38 million, from $114.64 million.

For the quarter, the company said it had 22 new home sales, up 4.8% from last year level. Total sites as of June 30, 2010, was at 111,000.

The company’s average long-term secured debt balance was approximately $1.5 billion in the quarter.

For the six-month period, FFO rose to $64.6 million, from $61.6 million the prior year. On a per share basis, earnings fell to $1.82, from $2.01. Net income increased to $21.1 million or $0.69 per share, from $16.5 million or $0.65 per share. Property operating revenues increased to $246.5 million, from $240.4 million. Total revenues grew to $255.9 million, from $252.34 million.

Looking ahead, the company said it expects FFO per share of $1.68 – $1.78, and net income of $0.54 – $0.64 for the six months ended Dec. 31, 2010. Also, it expects income from core property operations, excluding property management expenses, to grow between 2.5% – 3.0% from a year ago.

For the full year of fiscal 2010, the company anticipates FFO per share of $3.50 – $3.60, and net income of $1.23 – $1.33. Also, the company estimates core property operating revenue to grow between 1.0% – 1.5%. Also, income from core property operations, excluding property management expenses, is expected to rise between 1.5% – 2.0% from a year ago.

Wall Street analysts are looking out for FFO per share of $3.49, on revenues of $498.06 million for the full year of fiscal 2010.

ELS closed Monday’s regular trading at $49.29, up $0.98 or 2.03%, on a volume of 205,401 shares on the NYSE.

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