The Chicago-based real-estate investment trust, which owns or has an interest in 386 RV parks and manufactured housing communities in 32 states and British Columbia, saw property operating revenues up $10.7 million over the first three months of 2014 for a total of $197.3 million. Income from property operations, excluding deferrals and property management, increased $8.5 million over last year’s first quarter to $119.4 million.
The company completed its previously announced refinancing plan, closing on $395.3 million in loans with an average maturity of 21 years and an average interest rate of 3.93%. The company used $370.2 million of that to pay off higher-interest loans, paying $17 million in expenses for the early debt retirement.
The company also paid off a mortgage of $13.3 million on a manufactured-home property and three mortgages totaling $35.4 million on three RV resorts, and in February closed on two properties in the North Carolina coastal area. The two properties, Bogue Pines and Whispering Pines, cost $12.3 million and include 150 manufactured-home sites and 278 RV sites.
As a result of the debt reduction and the acquisitions, net income for the quarter decreased by $10,9 million to $27.2 million compared to the same period in 2014, the company reported. Normalized funds from operations were up by $4.7 million to $76.5 million, but funds from operations were down $12.3 million for the quarter to $59.1 million.
The company scheduled a conference call for 11 a.m. EDT today, and a replay will be available for two weeks on the investor information section of the company’s site, www.equitylifestyle.com.