Equity LifeStyle Properties – ELS – Results for the three and six months
Equity LifeStyle Properties, Inc. (NYSE: ELS) announced results for the three and six months ended June 30, 2012.
a) Financial Results
For the three months ended June 30, 2012, Funds From Operations (“FFO”) were $47.8 million, or $1.05 per share on a fully-diluted basis, compared to $28.2 million, or $0.76 per share on a fully-diluted basis, for the same period in 2011. For the six months ended June 30, 2012, FFO was $106.6 million, or $2.35 per share on a fully-diluted basis, compared to $69.7 million, or $1.91 per share on a fully-diluted basis, for the same period in 2011.
Net income available to common stockholders totaled $2.1 million, or $0.05 per share on a fully-diluted basis, for the three months ended June 30, 2012 compared to $6.8 million, or $0.20 per share on a fully-diluted basis, for the same period in 2011. Net income available to common stockholders totaled $14.5 million, or $0.35 per share on a fully-diluted basis for the six months ended June 30, 2012, compared to $25.8 million, or $0.80 per share on a fully-diluted basis, for the same period in 2011. See the attachment to this press release for a reconciliation of FFO and FFO per share to net income available to common shares and net income per common share, respectively, the most directly comparable GAAP (General Accepted Accounting Principles) measure.
b) Portfolio Performance
The three and six months ended June 30, 2012 compared to the same periods in 2011 were impacted by the following: 1) the accelerated recognition of $2.1 million of revenue, included in utility and other income, related to the early termination of a multi-year cable service agreement and 2) a decline in member right-to-use contract sales and related sales and marketing expenses as a result of the temporary cessation of membership upgrade sales in connection with sales force training and the roll out of new upgrade products during the first quarter of 2012. The overall performance of our right-to-use contracts net of related sales and marketing expense during the three months ended June 30, 2012 was in-line with our previously announced guidance. Excluding the impact of these items, for the three months ended June 30, 2012, the increases in Core property operating revenues, expenses and income were approximately 2.5 percent, 1.7 percent and 3.2 percent, respectively, and for the six months ended June 30, 2012, the increases in Core property operating revenues, expenses and income were approximately 2.5 percent, 2.0 percent and 2.8 percent, respectively.
About Equity LifeStyle Properties, Inc. – ELS
Equity LifeStyle Properties, Inc. (ELS) is a real estate investment trust (REIT). ELS is an integrated owner and operator of lifestyle-oriented properties (Properties). The operations of the Company are conducted primarily through MHC Operating Limited Partnership (the Operating Partnership). ELS leases individual developed areas (sites) with access to utilities for placement of factory built homes, cottages, cabins or recreational vehicles (RVs). ELS operate in two segments: the Property Operations and Home Sales and Rental Operations segments.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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