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Equity LifeStyle Properties, Inc. (NYSE: ELS) Monday (July 19)  announced results for the third quarter and six months ended June 30. 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, 2021

For the quarter ended June 30, total revenues increased $63.3 million, or 24.9%, to $317.4 million compared to $254.1 million for the same period in 2020. For the quarter ended June 30, 2021, net income available for Common Stockholders increased $14.9 million, or $0.08 per Common Share, to $61.1 million, or $0.33 per Common Share, compared to $46.2 million, or $0.25 per Common Share, for the same period in 2020.

For the six months ended June 30, 2021, total revenues increased $78.9 million, or 14.8%, to $613.5 million compared to $534.6 million for the same period in 2020. For the six months ended June 30, 2021, net income available for Common Stockholders increased $13.2 million, or $0.07 per Common Share, to $126.3 million, or $0.69 per Common Share, compared to $113.1 million, or $0.62 per Common Share, for the same period in 2020.

Non-GAAP Financial Measures and Portfolio Performance

For the quarter ended June 30, 2021, Funds from Operations (FFO) available for Common Stock and OP Unit holders increased $28.1 million, or $0.14 per Common Share, to $117.6 million, or $0.61 per Common Share, compared to $89.5 million, or $0.47 per Common Share, for the same period in 2020. For the six months ended June 30, 2021, FFO available for Common Stock and OP Unit holders increased $36.3 million, or $0.19 per Common Share, to $238.1 million, or $1.24 per Common Share, compared to $201.8 million, or $1.05 per Common Share, for the same period in 2020.

For the quarter ended June 30, 2021, Normalized Funds from Operations (Normalized FFO) available for Common Stock and OP Unit holders increased $27.4 million, or $0.14 per Common Share, to $118.3 million, or $0.61 per Common Share, compared to $90.9 million, or $0.47 per Common Share, for the same period in 2020. For the six months ended June 30, 2021, Normalized FFO available for Common Stock and OP Unit holders increased $36.6 million, or $0.19 per Common Share, to $240.9 million, or $1.25 per Common Share, compared to $204.3 million, or $1.06 per Common Share, for the same period in 2020.

For the quarter ended June 30, 2021, property operating revenues, excluding deferrals, increased $48.1 million to $295.1 million, compared to $247.0 million for the same period in 2020. For the six months ended June 30, 2021, property operating revenues, excluding deferrals, increased $63.7 million to $580.4 million, compared to $516.7 million for the same period in 2020. For the quarter ended June 30, 2021, income from property operations, excluding deferrals and property management, increased $27.1 million to $166.5 million, compared to $139.4 million for the same period in 2020. For the six months ended June 30, 2021, income from property operations, excluding deferrals and property management, increased $33.5 million to $336.8 million, compared to $303.3 million for the same period in 2020.

For the quarter ended June 30, 2021, Core property operating revenues, excluding deferrals, increased approximately 14.9 percent and Core income from property operations, excluding deferrals and property management, increased approximately 15.6% compared to the same period in 2020. For the six months ended June 30, 2021, Core property operating revenues, excluding deferrals, increased approximately 8.5 percent and Core income from property operations, excluding deferrals and property management, increased approximately 8.2% compared to the same period in 2020.

Investment Activity

In June 2021, ELS completed the acquisition of Pine Haven, a 629-site RV community located in Cape May, N.J., for a purchase price of $62.8 million. The acquisition was funded with a line of credit.

About Equity LifeStyle Properties

ELS is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of July 19, 2021, ELS owns or has an interest in 435 properties in 33 states and British Columbia consisting of 166,188 sites.

For additional information, contact the Investor Relations Department at (800) 247-5279 or at [email protected].