Equity LifeStyle Properties Inc. announced Tuesday (April 20) improved results for the quarter ended March 31, 2010.
For the first quarter 2010, Funds From Operations (FFO) were $37.4 million, or $1.05 per share on a fully-diluted basis, compared to $37.9 million, or $1.24 per share on a fully-diluted basis for the same period in 2009. Net income available to common stockholders totaled $15.1 million, or $0.49 per share on a fully-diluted basis for the quarter ended March 31, 2010. This compares to net income available to common stockholders of $13.6 million, or $0.54 per share on a fully-diluted basis for the same period in 2009.
First quarter 2010 property operating revenues were $127.4 million, compared to $124.4 million in the first quarter of 2009. For the quarter ended March 31, 2010, Core property operating revenues increased approximately 1.2% and Core property operating expenses increased approximately 2.1%, resulting in an increase of approximately 0.4% to income from Core property operations over the quarter ended March 31, 2009.
For the quarter ended March 31, 2010, the company had 18 new home sales (including seven third-party dealer sales), which represents a 10.0% decrease as compared to the quarter ended March 31, 2009. Gross revenues from home sales were $1 million for the quarter ended March 31, 2010, compared to $1.2 million for the quarter ended March 31, 2009.
During the quarter ended March 31, 2010, the company closed an approximately $12 million financing on one manufactured home community with an interest rate of 5.99% per annum, maturing in 2020. The company also paid off two maturing mortgages totaling approximately $7.1 million, with a weighted average interest rate of 8.53% per annum.
During April 2010, the company closed on approximately $49.7 million of financing on two manufactured home communities at a weighted average interest rate of 7.14% per annum, maturing in 10 years. The company also paid off seven maturing mortgages totaling approximately $94.1 million, with a weighted average interest rate of 7.84% per annum. The company has locked rate on approximately $15.0 million of financing on one resort property at a stated interest rate of 6.5% per annum, maturing in 10 years.
Guidance for 2010 FFO per share, on a fully-diluted basis, is projected to be in the range of $3.39 to $3.59 for the year ending Dec. 31, 2010, and in the range of $0.61 to $0.71 for the quarter ending June 30, 2010.
ELS owns or has an interest in 303 quality properties in 26 states and British Columbia consisting of 110,411 sites. The company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.
Wall Street is soaring, propelling the Dow Jones industrials up nearly 500 points, as investors get the good news they want on the economy’s biggest problems: banks and housing.
Investors have reignited a two-week rally, cheering the government’s plan to help banks remove bad assets from their books. They’re also pleased with a report showing a surprising increase in existing home sales last month, according to Associated Press.
The stocks of public companies engaged in the RV industry that are traded on major markets rode the rally, enjoying their best day in months.
Winnebago Industries Inc. rose 15.9%, Thor Industries Inc. rose 13.5%, Drew Industries Inc. rose 16.9%, Skyline Corp. rose 10%, Patrick Industries Inc. rose 5.5%, Spartan Motors Inc. rose 8.3% and Flexsteel Industries Inc. rose 1.4%.
Equity LifeStyle Properties Inc., a real estate investment trust that serves the campground industry, rose a whopping $5.50 a share to close up 14.9%.
The Dow closed up more than 497 points, its best day in more than four months.
The Treasury Department’s bad asset cleanup program would tap money from the government’s $700 billion financial rescue fund and also involve help from the Federal Reserve, the Federal Deposit Insurance Corp. and the participation of private investors. The housing report, meanwhile, is overwhelmingly positive because it’s a sign that the glut in homes for sale may be easing.