> SUBSCRIBE FOR FREE! 

Chicago-based Equity LifeStyle Properties (ELS) reported that total revenues for its first quarter, ended March 31, increased $13.1 million, or 5.3%, to $259.1 million compared to $246 million for the same period in 2018.

Net income available for common stockholders increased to $113.3 million, or $1.26 per share, compared to $60.2 million, or 68 cents per share, for the same period in 2018.

Funds from Operations (FFO) increased to $108 million, or $1.13 per share, compared to $98.2 million, or $1.04 per share, for the same period in 2018.

Property operating revenues, excluding deferrals, increased to $250.9 million compared to $234.7 million for the same period in 2018. Income from property operations, excluding deferrals and property management, increased to $153.4 million compared to $141.5 million for the same period in 2018.

Core property operating revenues, excluding deferrals, increased approximately 4% and core income from property operations, excluding deferrals and property management, increased approximately 4.9% compared to the same period in 2018.

Investment Activity

• On March 25, ELS completed the acquisitions of Drummer Boy Camping Resort, a 465-site RV community located in Gettysburg, Pa., and Lake of the Woods Campground, a 303-site RV community located in Wautoma, Wis., for a total purchase price of $25.4 million. These acquisitions were funded with available cash and a loan assumption of approximately $10.8 million, excluding mortgage premium of $0.4 million.

• On April 10, the company completed the acquisition of Round Top RV Campground, a 391-site RV community located in Gettysburg, Pa. The purchase price was approximately $12.4 million. This acquisition was funded with available cash and a loan assumption of approximately $7.8 million, excluding mortgage premium of $0.2 million.

ELS is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of April 22, the company owned or had an interest in 412 quality properties in 33 states and British Columbia consisting of 155,133 sites.

To view the full report click here.