Equity LifeStyle Properties Inc. today (April 18) announced results for the quarter ended March 31. All per share results are reported on a fully diluted basis unless otherwise noted.
Normalized funds from operations (FFO) available for common stockholders increased $8.3 million, or $0.09 per common share, to $84.8 million, or $0.92 per common share, compared to $76.5 million, or $0.83 per common share, for the same period in 2015.
FFO increased $25.5 million, or $0.28 per common share, to $84.6 million or $0.92 per common share, compared to $59.1 million, or $0.64 for the same period in 2015.
Net income increased $23.4 million, or $0.28 per common share, to $50.6 million, or $0.60 per share, compared to $27.2 million, or $0.32 per share, for the same period in 2015.
For the quarter, property operating revenues excluding deferrals increased $10.1 million to $207.4 million compared to $197.3 million for the same period in 2015. Income from property operations, excluding deferrals and property management, increased $7.9 million to $127.3 million compared to $119.4 million for the same period in 2015.
Core property operating revenues, excluding deferrals, increased approximately 4.5% and core income from property operations, excluding deferrals and property management, increased approximately 6% compared to the same period in 2015.
During the quarter ELS reported that it paid off a maturing mortgage loan of approximately $9.8 million.
On January 27, the company reported, it completed the acquisition of Rose Bay, a 303-site RV resort located in Port Orange, Fla. The total purchase price of approximately $7.4 million was funded with available cash.
ELS is a real estate investment trust with headquarters in Chicago. As of April 18 it owns or has an interest in 388 RV and manufactured housing properties in 32 states and British Columbia consisting of 144,231 sites.
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