ELS Net Income for Shareholders Surged in Q2
Chicago-based Equity LifeStyle Properties Inc. (ELS) today (July 23) reported that its second-quarter funds from operations (FFO) increased to $50.8 million or $0.56 per common share from $47.8 million or $0.53 per common share in the prior year quarter.
Normalized FFO grew to $52.3 million or $0.57 per common share from $47.8 million or $0.53 per common share in the year-ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to report FFO of $0.58 per share for the quarter. Analysts’ estimates typically exclude special items.
Net income available for common stockholders surged to $17.9 million or $0.21 per common share, from $2.1 million or $0.02 per common share a year earlier.
Revenues totaled $176.75 million, higher than the $168.38 million last year. Analysts expected revenues of $174.40 million.
As of July 22, ELS owned or had an interest in 383 properties in 32 states and British Columbia consisting of 142,682 sites.