ELS Exceeds Analysts’ Projections in First Quarter
Equity LifeStyle Properties Inc. announced this week that its first-quarter net income available to common stockholders totaled $15.1 million, or $0.49 per share, compared to net income available to common stockholders of $13.6 million or $0.54 per share in the year ago quarter, according to RTT News.
Funds From Operations were $37.4 million or $1.05 per share, compared to $37.9 million, or $1.24 per share in the prior year quarter.
Property operating revenues were $127.4 million, compared to $124.4 million in the first quarter of 2009. Total revenues were $132.15 million, up from $130.81 million in the same quarter of last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share on revenues of $112.01 million for the quarter. Analysts’ estimates typically exclude special items.
For second-quarter, the company expects FFO per share to be in the range of $0.61 to $0.71. Net income is expected to be in the range of $0.05 – $0.15 per share. Analysts expect the company to report earnings of $0.81 per share for the second-quarter.
For fiscal 2010, the company still expects FFO per share to be in the range of $3.39 to $3.59. Net income is expected to be in the range of $1.16 – $1.36 per share. Analysts expect the company to report earnings of $3.50 per share for fiscal 2010.