ELS Reports Revenue Gain in 2007
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.
Among recent transactions, the company said:
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.