Equity Lifestyle Sees Rise in 1Q FFO, Income
Equity LifeStyle Properties Inc. (ELS), a real estate investment trust (REIT) based in Chicago, reported an increase in Funds From operations (FFO) for its first quarter, ended March 31.
FFO during the quarter was $65 million, or $1.43 per common share, compared to $58.7 million, or $1.29 per common share, for the same period in 2012.
Net income available to common stockholders totaled $35 million, or 84 cents per common share, compared to $12.4 million, or 30 cents per common share, for the same period in 2012.
Property operating revenues, excluding deferrals, increased $8.2 million to $182.2 million, compared to $174 million for the same period in 2012. Income from property operations increased $4.3 million to $108.1 million compared to $103.8 million for the same period in 2012.
The company reported that its cash balance as of March 31 was approximately $81.8 million.
Equity Lifestyle owns or has an interest in 383 quality properties in 32 states and British Columbia consisting of 142,682 sites.