Equity LifeStyle Properties Inc. (ELS), a real estate investment trust (REIT) based in Chicago, reported a decrease in Funds From operations (FFO) for its third quarter, ended Sept. 30. Net income and operating revenue were both up over the same period in 2012.
ELS reported that third-quarter funds from operations, or FFO, decreased to $20.4 million, or 22 cents per share, from $53.2 million, or 58 cents per share, in the same period last year. Normalized FFO for the quarter was $59.4 million or $0.65 per share.
Net income available for common stockholders increased to $29.9 million, or 36 cents per share, from $16 million, or 19 cents per share last year.
Operating revenues totaled $176.4 million, up 3.5% from $170.4 million last year. Analysts expected revenues of $173.38 million.
ELS owns or has an interest in 376 properties in 32 states and British Columbia consisting of 138,869 sites.
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