Chicago-based Equity LifeStyle Properties Inc., an owner and operator of manufactured home communities, RV resorts and campgrounds in North America, reported revenues increased 5.9% in the company’s first quarter, ended March 31.

Revenues totaled $246 million compared to $232.4 million for the same period in 2017 while net income increased rose to $60.2 million, or 68 per cents per common share, compared to $56.9 million, or 65 cents per share a year ago. Funds from Operations (“FFO”) totaled $98.2 million, or $1.04 per share, compared to $93.1 million, or $1 per share, in the year-ago period.

Property operating revenues, excluding deferrals, increased $12.7 million to $234.7 million compared to $222 million for the same period in 2017. For the quarter, income from property operations, excluding deferrals and property management, increased $5.9 million to $141.5 million compared to $135.6 million for the same period in 2017.

Core property operating revenues, excluding deferrals, increased approximately 5.6% in the quarter and core income from property operations, excluding deferrals and property management, increased approximately 4.4% compared to the same period in 2017.

Investments activity during the quarter included:

• ELS completed the acquisition of Kingswood, a 229-site manufactured home community located in Riverview, Fla. The purchase price was $17.5 million, including $0.4 million of transaction costs, and was funded with available cash.

• The company acquired Serendipity, a 425-site manufactured home community located in Clearwater, Fla. The purchase price was $30.7 million, including $0.6 million of transaction costs, and was funded with available cash, a loan assumption of $9.2 million, and new loan proceeds of $8.8 million.

• On April 20, ELS bought Holiday Travel Park, a 613-site RV Resort in Holiday, Fla. The purchase price was $22.3 million and was funded with available cash and proceeds from its line of credit.

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