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ELS Reports Gains in FFO, Net Income for 2Q

Posted By RVBusiness On July 22, 2014 @ 2:30 pm In Breaking News | No Comments

  Equity LifeStyle Properties Inc. (ELS) today (July 22) announced results for the quarter and six months ended June 30.

For the quarter, Funds From Operations (FFO) increased to $57.6 million, or 63 cents per share, compared to $50.8 million, or 56 cents per share, for the same period in 2013.

Net income available for common stockholders increased to $25.5 million, or 30 cents per share, compared to $17.9 million, or 21 cents per share, a year ago.

Portfolio Performance

Second-quarter property operating revenues, excluding deferrals, increased $8.9 million to $178.4 million compared to $169.5 million for the same period in 2013. For the six months ended June 30, property operating revenues, excluding deferrals, increased $19.4 million to $364.8 million compared to $345.4 million for the same period in 2013.

For the quarter, income from property operations, excluding deferrals, increased $6.2 million to $100.7 million compared to $94.5 million for the same period in 2013. For the six months, income from property operations, excluding deferrals, increased $12.9 million to $211.6 million compared to $198.7 million for the same period in 2013.

Core property operating revenues increased approximately 2.9% in the quarter and income from core property operations increased approximately 4.1% compared to the same period in 2013. For the six months core property operating revenues increased approximately 3.4% and income from core property operations increased approximately 4.1% compared from the year prior.

Equity Lifestyle Properties reported that as of July 21, the company owns or has an interest in 379 quality properties in 32 states and British Columbia consisting of 140,303 sites. ELS is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago.

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