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ELS: Profit Nearly Tripled Over 2012’s Q1

April 23, 2013 by   - () Leave a Comment

Equity LifeStyle Properties Inc. (ELS) announced improving results for the quarter ended March 31.

Funds From Operations increased $5.3 million, or $0.12 per common share, to $64.0 million, or $1.41 per common share, compared to $58.7 million, or $1.29 per common share, for the same period in 2012, ELS stated in a news release.

FFO increased $6.3 million, or $0.14 per common share, to $65.0 million, or $1.43 per common share, compared to $58.7 million, or $1.29 per common share, for the same period in 2012.

Net income available to common stockholders totaled $35.0 million, or $0.84 per common share, compared to $12.4 million, or $0.30 per common share, for the same period in 2012.

Property operating revenues, excluding deferrals, increased $8.2 million to $182.2 million, compared to $174.0 million for the same period in 2012. Income from property operations increased $4.3 million to $108.1 million compared to $103.8 million for the same period in 2012.

Core property operating revenues increased approximately 3.4% and income from Core property operations increased approximately 2.9% compared to the same period in 2012.

Cash balance as of March 31  was approximately $81.8 million.

Year-to-date, ELS has paid off the maturing mortgages on two manufactured home properties totaling approximately $12.9 million, with a weighted average interest rate of 6% per annum.

As of April 22, ELS owned or had an interest in 383  properties in 32 states and British Columbia consisting of 142,682 sites.

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