ELS Reporting Growth in First-Quarter Income
Equity LifeStyle Properties Inc. (ELS), a Chicago-based Real Estate Investment Trust (REIT) with more than 170 RV parks making up nearly half of its holdings in the U.S. and Canada, reported first-quarter financial results Monday (April 21) .
ELS saw a rise of $7.8 million in normalized funds from operations over the first quarter of 2013, coming in at $71.8 million for the quarter. Funds from operations were up $6.4 million to $71.4 million. Net income available for common stockholders was up $3.1 million to $38.1 million compared to the same quarter last year.
Property operating revenues, including RV parks and manufactured housing communities, were up $10.5 million for the quarter to $186.4 million. The company had revenue of $196.6 million for the quarter.
ELS reported that it closed on two RV resort properties in Wisconsin in January and a Florida manufactured housing community in March.
A California jury slammed ELS last week with a $111 million verdict in a case involving a manufactured housing community. ELS announced it plans to appeal that verdict.