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ELS Reports Higher Revenues, Earnings for 2009

January 26, 2010 by   - () Leave a Comment

Equity LifeStyle Properties Inc. Monday (Jan. 25) reported higher revenues and funds from operations or earnings for the quarter and year ending Dec. 31.

The Chicago-based self-administered, self-managed real estate investment trust (REIT) owns RV parks and manufactured housing sites on 304 properties in 27 states and British Columbia.

For the fourth quarter 2009, Funds From Operations (FFO) were $27.7 million, compared to $20.6 million for the same period in 2008. For the year FFO was $118.1 million, compared to $97.6 million for the same period in 2008.

Net income available to common stockholders totaled $6.3 million, compared to a nil amount for the same period in 2008. Net income available to common stockholders totaled $34.0 million, compared to $18.3 million for the year ended Dec. 31, 2008.

Fourth quarter 2009 property operating revenues were $115 million, compared to $110.3 million in the fourth quarter of 2008. Property operating revenues for the year ended Dec. 31, 2009, were $479.3 million, compared to $419.3 million for the year ended Dec. 31, 2008.

For the fourth quarter, ELS’s core property operating revenues increased approximately 3.7% and core property operating expenses decreased approximately 0.1%, resulting in an increase of approximately 7% to income from core property operations over the quarter ended Dec. 31, 2008.

For the year ended Dec. 31, 2009, core property operating revenues increased approximately 2.9% and core property operating expenses decreased approximately 1.2%, resulting in an increase of approximately 6.5% to income from core property operations over the year ended Dece. 31, 2008.

For the quarter ended Dec.31, 2009, the company had 34 new home sales (including nine third-party dealer sales); a 38.2% percent decrease as compared to the quarter ended Dec. 31, 2008. Gross revenues from home sales were $2.1 million for the quarter ended Dec. 31, 2009, compared to $3.6 million for the quarter ended Dec. 31, 2008.

Net loss from home sales and other was $200,000 for the quarter ended Dec. 31, 2009, compared to a net loss from home sales and other of $3 million for the same period last year. For the year ended Dec. 31, 2009, the company had 113 new home sales (including 28 third-party dealer sales), a 70.1% decrease compared to the same period in 2008. Gross revenues from home sales were $7.1 million for the year ended Dec. 31, 2009, compared to $21.8 million for the same period in 2008.

Net income from home sales and other was $800,000 for the year ended Dec. 31, 2009 compared to a net loss from home sales and other of $5.7 million for the year ended Dec. 31, 2008.

During the quarter ended Dec. 31, 2009, the company closed on approximately $12 million of financing on one manufactured home property with an interest rate of 6.93% per annum, maturing in 2019. The company also paid off four maturing mortgages totaling approximately $26.2 million, with a weighted average interest rate of 8.46% per annum.

During the first half of 2010, the company expects to close on approximately $64.2 million of financing on three manufactured home communities at a weighted average interest rate of 6.92% per annum, maturing in 10 years.

The company expects to satisfy its secured debt maturities of approximately $183 million occurring prior to Dec. 31, 2010, with the proceeds from the financings of the three mortgages noted above and its existing cash balance, which is approximately $145 million as of Dec. 31, 2009. The expected timing and amounts of the most significant payoffs are as follows: i) approximately $100 million in April and approximately $75 million in August.

On Dec. 29, a deed-in-lieu of foreclosure agreement, signed by the company was sent to the loan servicer regarding the company’s nonrecourse mortgage loan of approximately $3.6 million secured by Creekside. Creekside is a 165-site all-age manufactured home community located in Wyoming, Mich., that is included in our discontinued operations.

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