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ELS Posts 6.3% Fiscal Year 2017 Revenue Growth

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January 30, 2018 by   Leave a Comment

Chicago-based Equity LifeStyle Properties Inc. (ELS) reported a 7.5% increase in revenue for its fourth-quarter, ended Dec. 31, 2017. 

Total revenues increased $16 million to $230 million compared to $214 million for the same period in 2016. Net income available for the quarter increased to $45 million, or 51 cents per share, compared to $37 million, or 43 per cents per share, for the same period in 2016.

For the year, total revenues increased 6.3% to $925.3 million compared to $870.4 million for the same period in 2016 while net income totaled $189.9 million, or $2.17 per share, compared to $164 million, or $1.92 per share.

For the quarter, funds from operations (FFO) totaled $79.4 million, or 84 cents per share, compared to $72.5 million, or 78 cents per share for the same period in 2016. For the full year, FFO rose to $331.7 million, or $3.55 per share, compared to $302.8 million, or $3.27 per share, a year ago.

During the quarter, ELS completed the acquisition of Bethpage Camp Resort and Grey’s Point Camp, two RV resorts located in Chesapeake Bay, Va,, having 1,034 and 728 sites, respectively. As of Jan. 29, 2018, the real estate investment trust (REIT) owned or has an interest in 406 properties in 32 states and British Columbia consisting of 151,323 sites.

In relation to the impact of Hurricane Irma, ELS recorded expense of $4.3 million related to debris removal and cleanup. In addition, the company recorded insurance recovery revenue of $5.5 million, which includes insurance proceeds received as a result of our first claim submission. 

For the quarter, property operating revenues, excluding deferrals, increased $12.4 million to $215.3 million compared to $202.9 million for the same period in 2016. For the year, property operating revenues, excluding deferrals, increased $56.8 million to $875.9 million compared to $819.1 million.

Quarterly income from property operations, excluding deferrals and property management, increased $5.3 million to $125 million compared to $119.7 million for the same period in 2016. For the year, income from property operations, excluding deferrals and property management, increased $28.9 million to $508.8 million compared to $479.9 million for the same period in 2016.

To view the full report click here.

 

 
 

 

 

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