ELS Reporting Increase in FFO, Income for 2Q
Chicago-based Equity LifeStyle Properties Inc. (ELS) today (July 23) reported that its second-quarter funds from operations (FFO) increased to $50.8 million, or $56 cents per common share, from $47.8 million, or 53 cents per common share, in the prior year quarter.
Normalized FFO grew to $52.3 million, or 57 cents per common share, from $47.8 million, or 53 cents per common share, in the year-ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to report FFO of 58 cents per share for the quarter. Analysts’ estimates typically exclude special items.
Net income available for common stockholders surged to $17.9 million. or 21 cents per common share, from $2.1 million or 2 cents per common share, a year earlier.
Revenues totaled $176.75 million, higher than the $168.38 million last year. Analysts expected revenues of $174.40 million.
As of July 22, ELS owned or had an interest in 383 properties in 32 states and British Columbia consisting of 142,682 sites.