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ELS Reports Revenue Gain in 2007

January 22, 2008 by   - () Leave a Comment

Equity LifeStyle Properties Inc. (ELS) reported higher funds from operations (FFO) for the fourth quarter and 12 months ending Dec. 31.
According to a news release, ELS reported that for the quarter FFO was $21.8 million compared to $18.4 million for the same period in 2006. For the year FFO was $92.8 million compared to $82.4 million for all of 2006.
FFO, a widely used gauge of real estate operating performance, adds depreciation and amortization expenses, as well as other non-operating items, back to net income.
For the fourth quarter 2007, net income available to common stockholders totaled $4.7 million compared to $1.8 million for the same period in 2006. For the year net income totaled $32.1 million compared to $16.6 million for the same period in 2006.
The results for the quarter include an adjustment to the expense the company incurred in connection with a 2005 transaction. This adjustment of approximately $1.1 million of additional FFO or approximately $900,000 of net income available to common stockholders is included in income from other investments.
In another measure of its performance, ELS reported that fourth quarter 2007 property operating revenues were $91.1 million, compared to $84.8 million in the fourth quarter of 2006. Property operating revenues for the year were $376.2 million, compared to $346.4 million for the same period in 2006.
Transactions
Among recent transactions, the company said:

  • On Oct. 11, it acquired a 305-site resort property known as Tuxbury Resort, on approximately 193 acres in Amesbury, Mass., including approximately 100 acres of potential expansion land. The purchase price was approximately $7.3 million and the seller provided financing of approximately $1.2 million that matures in January 2010.
  • On Nov. 30, ELS sold Holiday Village, a 519-site all-age manufactured home community in Sioux City, Iowa, for $2.6 million. A gain of sale of approximately $600,000 was recognized in the quarter.
    ELS has two all-age properties held for disposition and is in various stages of negotiations for sale. The company plans to reinvest the proceeds from the sales of these properties or reduce its outstanding lines of credit.
    ELS owns or has an interest in 312 RV parks and manufactured home communities in 28 states and British Columbia consisting of 112,958 sites. The company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.

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