Equity LifeStyle Properties Inc.announced results for the quarter and nine months ended Sept. 30. All per-share results are reported on a fully diluted basis unless otherwise noted.
Normalized Funds from Operations (Normalized FFO) increased $3.7 million, or $0.04 per common share, to $63.1 million, or $0.69 per common share, compared to $59.4 million, or $0.65 per common share, for the same period in 2013. Funds from Operations (FFO) increased $37.0 million, or $0.41 per common share, to $57.4 million, or $0.63 per common share, compared to $20.4 million, or $0.22 per common share, for the same period in 2013. Net income available for common stockholders decreased $4.2 million, or $0.05 per common share, to $25.7 million, or $0.31 per common share, compared to $29.9 million, or $0.36 per common share, for the same period in 2013.
For the quarter, property operating revenues, excluding deferrals, increased $10.0 million to $188.9 million compared to $178.9 million for the same period in 2013. For the nine months ended Sept. 30, property operating revenues, excluding deferrals, increased $29.5 million to $553.8 million compared to $524.3 million for the same period in 2013. For the quarter, income from property operations, excluding deferrals, increased $5.9 million to $105.7 million compared to $99.8 million for the same period in 2013. For the nine months, income from property operations, excluding deferrals, increased $19.0 million to $317.4 million compared to $298.4 million for the same period in 2013.
For the quarter, core property operating revenues increased approximately 4% and income from core property operations increased approximately 5% compared to the same period in 2013. For the nine months, core property operating revenues increased approximately 3.6% and income from core property operations increased approximately 4.4% compared to the same period in 2013.
During the third quarter, ELS reported it paid off five mortgages totaling $29.7 million with a weighted average interest rate of 5.45% . It also refinanced the $53.8 million loan secured by its Colony Cove community with an interest rate of 4.65% that was scheduled to mature in 2017. The new loan, with gross proceeds of $115.0 million, has a 25-year term and carries an interest rate of 4.64%.
In September, ELS closed on the acquisition of three northeast RV resorts comprising 826 sites for a purchase price of $11.8 million. Two of the properties are located in the coastal vacation destination area of New Jersey and one property is in New Hampshire. The acquisition properties are within close proximity to numerous existing ELS assets and increased the company’s presence in the northeast markets to approximately 25,000 sites. In addition, this month ELS reported it closed on the acquisition of a 270-site RV resort for $6.1 million. The property is located adjacent to an ELS MH community on the east coast of Florida.
As of Oct. 20, ELS owns or has an interest in 383 properties in 32 states and British Columbia consisting of 141,413 sites. The company is a self-administered, self-managed real estate investment trust with headquarters in Chicago.
