ELS Posts Increase in FFO During 4Q, Year-end
Real estate investment trust Equity LifeStyle Properties Inc. (ELS) reported fourth quarter Funds From Operations (FFO) of $43.5 million or $0.96 per share, up from $25.9 million or $0.73 per share in the prior year quarter. For the year ended Dec. 31, FFO was $143.2 million, or $3.55 per share on a fully-diluted basis, compared to $123.2 million, or $3.47 per share on a fully-diluted basis, for the same period in 2010.
Excluding about $1.2 million in transaction costs incurred in connection with the acquisition of a portfolio of 75 manufactured home communities and one RV resort during the quarter, FFO would have been $44.7 million or $0.99 per share for the quarter.
Net loss available to common stockholders totaled $0.2 million or breakeven per share, compared to net income available to common stockholders of $5.7 million, or $0.18 per share a year earlier. Excluding transaction costs incurred in connection with the acquisition, net income available to common stockholders would have been $0.9 million or $0.02 per share for the quarter.
Total revenues for the quarter were $159.31 million, up from $121.17 million in the prior year. Quarterly property operating revenues, excluding deferrals, were $158.4 million, compared to $120.9 million last year. Core property operating revenues increased about 2.5% as compared to previous year.
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