ELS Reports Q4 Funds from Operations Fall
Equity LifeStyle Properties Inc. reported fourth quarter Funds From Operations (FFO) of $20.6 million compared to $21.8 million in the same period last year.
RTT News reported that net income available to common stockholders totaled $0.0 million versus $4.7 million in the year-ago quarter.
Property operating revenue for the quarter was $110.33 million compared with $91.08 million in the previous year period.
The Chicago-based real estate investment trust also announced that it will be separating its asset management and property management function, effective Feb. 1.
Looking ahead, the company projects FFO per share to be in the range of $3.45 to $3.65 for 2009 and $1.03 to $1.13 for the March quarter.
During the quarter ended Dec. 31, ELS closed on approximately $91 million of new financing with a weighted average interest rate of 6.22% per annum secured by six manufactured home communities. The company used the proceeds to pay off eight maturing mortgages totaling approximately $68 million with a weighted average interest rate of 5.36%. The remaining proceeds were used to pay down the company’s line of credit on Jan. 2.
ELS has approximately $75 million of secured mortgage debt that matures in 2009. The company recently locked a rate of 6.375% on approximately $56 million of financing with Fannie Mae on two currently unencumbered manufactured home properties.
ELS has controlling interest in more than 300 resorts in 28 states and British Columbia with more than 110,000 sites.