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Equity LifeStyle Properties Reports Q2 Results

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July 17, 2012 by   - () Leave a Comment

Net income fell in second quarter

Equity LifeStyle Properties Inc. (ELS) today (July 17) announced results for the three and six months ended June 30, 2012.

According to a news release, Funds From Operations (FFO) were $47.8 million, or $1.05 per share, compared to $28.2 million, or $0.76 per share for the same period in 2011. For the six months ended June 30, FFO was $106.6 million, or $2.35 per share, compared to $69.7 million, or $1.91 per share for the same period in 2011.

For the quarter, net income available to common stockholders totaled $2.1 million, or $0.05 per share, compared to $6.8 million, or $0.20 per share for the same period in 2011. For the six months, net income available to common stockholders totaled $14.5 million, or $0.35 per share, compared to $25.8 million, or $0.80 per share for the same period in 2011.

As of July 16, Chicago-based ELS owns or has an interest in 382 properties in 32 states and British Columbia consisting of 141,077 sites.

ELS reported these additional results:

Portfolio Performance

The three and six months ended June 30, 2012, compared to the same periods in 2011, were impacted by the following:

  • The accelerated recognition of $2.1 million of revenue, included in utility and other income, related to the early termination of a multi-year cable service agreement.
  • Aa decline in member right-to-use contract sales and related sales and marketing expenses as a result of the temporary cessation of membership upgrade sales in connection with sales force training and the rollout of new upgrade products during the first quarter of 2012. The overall performance of our right-to-use contracts net of related sales and marketing expense during the three months ended June 30, 2012 was in-line with our previously announced guidance.

Excluding the impact of these items, for the three months ended June 30, 2012, the increases in Core property operating revenues, expenses and income were approximately 2.5 percent, 1.7 percent and 3.2 percent, respectively, and for the six months ended June 30, 2012, the increases in Core property operating revenues, expenses and income were approximately 2.5 percent, 2.0 percent and 2.8 percent, respectively.

For the three months ended June 30, 2012 property operating revenues, excluding deferrals, were $169.7 million, compared to $127.1 million in the same period of 2011. Our property operating revenues, excluding deferrals, for the six months ended June 30, 2012 were $343.7 million, compared to $260.1 million for the six months ended June 30, 2011. For the three months ended June 30, 2012, Core property operating revenues increased approximately 2.5 percent and income from Core property operations increased approximately 4.0 percent as compared to the three months ended June 30, 2011.

For the six months ended June 30, 2012, Core property operating revenues increased approximately 1.8 percent and income from Core property operations increased approximately 2.5 percent as compared to the six months ended June 30, 2011.

Balance Sheet

The company's cash balance as of June 30, 2012, was approximately $135.0 million. Our average long-term secured debt balance was approximately $2.1 billion, during the three months ended June 30, 2012, with a weighted average interest rate, including amortization, of approximately 5.5 percent per annum and weighted average maturity of 5.2 years. Interest coverage was approximately 2.8 times in the three months ended June 30, 2012.

During the quarter ended June 30, 2012, the Company closed on approximately $85.5 million of financing proceeds on two RV resorts with a weighted average interest rate of 5.10 percent per annum, maturing in 2022. The Company used the proceeds to pay off the mortgages on these two properties, which were set to mature on June 1, 2014, totaling approximately $63.3 million, with a weighted average interest rate of 5.41 percent per annum.

 

 

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