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Equity LifeStyle Properties Inc. (NYSE: ELS) on Monday (Oct. 17) announced in a press release that total revenues increased $33.7 million, or 9.7% for the quarter and nine months ended Sept. 30.
All per-share results are reported on a fully diluted basis unless otherwise noted.

For the quarter that ended Sept. 30, total revenues increased $33.7 million, or 9.7%, to $381.0 million, compared to $347.2 million for the same period in 2021. For the quarter that ended Sept. 30, net income available for common stockholders decreased $3.4 million, to $67.2 million, or $0.36 per common share, compared to $70.6 million, or $0.38 per common share, for the same period in 2021.

For the nine months that ended Sept. 30, total revenues increased $125.4 million, or 12.8%, to $1,106.5 million, compared to $981.1 million for the same period in 2021. For the nine months that ended Sept. 30, net income available for common stockholders increased $14.7 million, or $0.06 per common share, to $211.6 million, or $1.14 per common share, compared to $196.9 million, or $1.08 per common share, for the same period in 2021.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter that ended Sept. 30, Funds from Operations (FFO) available for common stock and OP Unit holders increased $9.9 million, or $0.04 per common share, to $134.4 million, or $0.69 per common share, compared to $124.5 million, or $0.65 per common share, for the same period in 2021. For the nine months that ended Sept. 30, Funds from Operations available for common stock and OP Unit holders increased $34.3 million, or $0.15 per common share, to $396.9 million, or $2.03 per common share, compared to $362.6 million, or $1.88 per common share, for the same period in 2021.

For the quarter that ended Sept. 30, Normalized Funds from Operations (Normalized FFO) available for common stock and OP Unit holders increased $12.3 million, or $0.05 per common share, to $136.8 million, or $0.70 per common share, compared to $124.5 million, or $0.65 per common share, for the same period in 2021. For the nine months that ended Sept. 30, Normalized Funds from Operations available for common stock and OP Unit holders increased $38.1 million, or $0.17 per common share, to $403.5 million, or $2.07 per common share, compared to $365.4 million, or $1.90 per common share, for the same period in 2021.

For the quarter that ended Sept. 30, property operating revenues, excluding deferrals, increased $24.1 million to $332.8 million, compared to $308.7 million for the same period in 2021. For the nine months ended Sept. 30, property operating revenues, excluding deferrals, increased $81.9 million to $971.0 million, compared to $889.1 million for the same period in 2021. For the quarter that ended Sept. 30, income from property operations, excluding deferrals and property management, increased $11.1 million to $183.9 million, compared to $172.8 million for the same period in 2021. For the nine months ended Sept. 30, income from property operations, excluding deferrals and property management, increased $41.6 million to $551.2 million, compared to $509.6 million for the same period in 2021.

For the quarter that ended Sept. 30, Core property operating revenues, excluding deferrals, increased by approximately 5.3% and Core income from property operations, excluding deferrals and property management, increased by approximately 3.5%, compared to the same period in 2021. For the nine months ended Sept. 30, Core property operating revenues, excluding deferrals, increased by approximately 6.5% and Core income from property operations, excluding deferrals and property management, increased by approximately 5.3%, compared to the same period in 2021.

Investment Activity

In July 2022, we continued our partnership with RVC Outdoor Destinations and acquired an 80% equity interest in a joint venture for a total value of $1.1 million. The joint venture owns one property under development located in Gulf Shores, Alabama.

During the third quarter, we completed the acquisition of two parcels of land adjacent to two of our MH properties for an aggregate purchase price of $7.3 million.

About Equity LifeStyle Properties

ELS is a self-administered, self-managed real estate investment trust with headquarters in Chicago. As of October 17, we own or have an interest in 445 quality properties in 35 states and British Columbia consisting of 170,245 sites.

For additional information, please contact the Investor Relations Department at 800-247-5279 or at investor_relations@equitylifestyle.com.

Conference Call

A live webcast of a conference call discussing these results took place at 10 a.m. Central Time today (Oct. 18). Visit the Investor Relations section at www.equitylifestyleproperties.com for the link where a replay of the webcast will be available for two weeks.