ELS Reports Lower 3Q FFO; Income Improves
Equity LifeStyle Properties Inc. (ELS), a real estate investment trust (REIT) based in Chicago, reported a decrease in Funds From operations (FFO) for its third quarter, ended Sept. 30.
Equity LifeStyle Properties Inc. reported that third-quarter funds from operations, or FFO, decreased to $20.4 million, or 22 cents per share, from $53.2 million, or 58 cents per share, in the same period last year. Normalized FFO for the quarter was $59.4 million or $0.65 per share.
Net income available for common stockholders increased to $29.9 million, or 36 cents per share, from $16 million, or 19 cents per share last year.
Operating revenues totaled $176.4 million, up 3.5% from $170.4 million last year. Analysts expected revenues of $173.38 million.
ELS owns or has an interest in 376 quality properties in 32 states and British Columbia consisting of 138,869 sites.
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