Equity LifeStyle Properties Inc. (NYSE: ELS) announced today (July 21) results for the quarter and six months ended June 30, 2020. ELS is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago, Ill. As of July 20, ELS owns or has an interest in 413 quality properties in 33 states and British Columbia consisting of 156,713 sites.
All Common Stock and OP Units, as well as per-share results, reflect the two-for-one stock split that was completed on Oct. 15, 2019. Additionally, all per share results are reported on a fully diluted basis unless otherwise noted.
Financial Results for the Quarter and Six Months Ended June 30
Total revenues increased $5.7 million, or 2.3%, to $254.1 million compared to $248.4 million for the same period in 2019. For the quarter ended June 30, net income available for Common Stockholders decreased $0.2 million, or $0.01 per Common Share, to $46.2 million, or $0.25 per Common Share, compared to $46.4 million, or $0.26 per Common Share, for the same period in 2019.
For the six months ended June 30, total revenues increased $27.1 million, or 5.3%, to $534.6 million compared to $507.5 million for the same period in 2019. For the six months ended June 30, net income available for common stockholders decreased $46.6 million, or $0.27 per Common Share, to $113.1 million, or $0.62 per common share, compared to $159.7 million, or $0.89 per common share, for the same period in 2019. The financial results for 2019 included a gain of $52.5 million on the sale of five all-age MH communities.
Non-GAAP Financial Measures and Portfolio Performance
For the quarter ended June 30, funds from operations (“FFO”) available for common stock and OP Unitholders decreased $0.3 million to $89.5 million, or $0.47 per common share, compared to $89.8 million, or $0.47 per common share, for the same period in 2019. For the six months ended June 30, 2020, FFO available for common stock and OP Unitholders increased $4.0 million, or $0.02 per common share, to $201.8 million, or $1.05 per common share, compared to $197.8 million, or $1.03 per common share, for the same period in 2019.
For the quarter ended June 30, normalized funds from operations (“Normalized FFO”) available for common stock and OP Unitholders decreased $1 million, or $0.01 per common share, to $90.9 million, or $0.47 per common share, compared to $91.9 million, or $0.48 per common share, for the same period in 2019. For the six months ended June 30, Normalized FFO available for common stock and OP unitholders increased $4.7 million, or $0.02 per common share, to $204.3 million, or $1.06 per common share, compared to $199.6 million, or $1.04 per common share, for the same period in 2019.
For the quarter ended June 30, property operating revenues, excluding deferrals, increased $6.3 million to $247.0 million compared to $240.7 million for the same period in 2019. For the six months ended June 30, property operating revenues, excluding deferrals, increased $25.1 million to $516.7 million compared to $491.6 million for the same period in 2019. For the quarter ended June 30, income from property operations, excluding deferrals and property management, increased $3.7 million to $139.4 million compared to $135.7 million for the same period in 2019.
For the six months ended June 30, income from property operations, excluding deferrals and property management, increased $14.2 million to $303.3 million compared to $289.1 million for the same period in 2019.
For the quarter ended June 30, core property operating revenues, excluding deferrals, increased approximately 0.6% and core income from property operations, excluding deferrals and property management, increased approximately 1% compared to the same period in 2019. For the six months ended June 30, core property operating revenues, excluding deferrals, increased approximately 3.1% and core income from property operations, excluding deferrals and property management, increased approximately 3.2% compared to the same period in 2019.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at investor_relations@equitylifestyle.com.
