Equity Lifestyle Properties: 2Q Earnings Snapshot
CHICAGO (AP) _ Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $91.9 million, or 96 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 94 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $46.4 million, or 51 cents per share.
The resort community operator posted revenue of $248.4 million in the period.
For the current quarter ending in October, Equity Lifestyle Properties expects its per-share funds from operations to range from $1.03 to $1.09.
The company expects full-year funds from operations in the range of $4.12 to $4.22 per share.
The company’s shares have risen 27% since the beginning of the year. In the final minutes of trading on Monday, shares hit $122.88, an increase of 35% in the last 12 months.