Equity Lifestyle Reports Improved FFO During 1Q
Real estate investment trust (REIT) Equity LifeStyle Properties Inc. (ELS), Monday (April 16) reported an increase in funds from operations for the first quarter, driven primarily by revenue growth.
RTT News reported that the Chicago-based company’s funds from operations or FFO for the quarter improved to $58.7 million or $1.29 per share from $40.6 million or $1.14 per share in the same period last year. On an adjusted basis, FFO for the first quarter last year was $41.5 million or $1.17 per share.
Equity LifeStyle’s net income available to shareholders for the quarter dropped to $12.4 million or $0.30 per share from $19.0 million or $0.61 per share last year.
Total revenues for the quarter rose to $181.3 million from $135.1 million in the prior year quarter. Five analysts had a consensus revenue estimate of $158.77 million for the quarter.
Property operating revenues, excluding deferrals, were $174.0 million, compared to $133.0 million in the same period a year ago.
Property operating and maintenance expenses for the quarter increased to $54.4 million from $44.3 million last year. Depreciation on real estate and other costs increased to $26.0 million from $18.2 million last year. The company recorded amortization of in-place leases for the quarter of $18.4 million, while it was absent last year.
Looking ahead to the second quarter, ELS has forecast results in a range of loss of $0.04 per share to a profit of $0.06 per share. The company also projects FFO in a range of $0.96 to $1.06 per share.
ELS closed Monday’s trading at $68.03, up $1.03 or 1.54%, on a volume of 0.3 million shares.
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