ELS Reports Gains in 4Q FFO; Net Income Dips
Chicago-based Equity LifeStyle Properties Inc. (ELS) reported fourth-quarter funds from operations, or FFO, increased to $54.9 million, or 60 cents per share, from $50.3 million, or 55 cents per share, in the same period last year.
Normalized FFO for the quarter was $56.6 million or 62 cents per share, up from $50.5 million or 56 cents per share in the prior year period. Net income available for common stockholders decreased to $24.2 million from $24.3 million in the year-ago period. Earnings per share for the latest fourth quarter were 29 cents, same as last year.
Total revenues were $179.88 million, up from $165.31 million last year. Analysts expected revenues of $166.15 million.
The company also reported that during the fourth quarter it closed on the acquisition of one RV resort and, in January 2014, closed on the acquisition of two additional RV resorts for a total purchase price of approximately $31.5 million. These properties, located in Wisconsin, collectively contain 1,456 sites.
ELS is a self-managed real estate investment trust (REIT) that owns or has an interest in 379 quality properties in 32 states and British Columbia consisting of 140,298 sites.
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