Equity Lifestyle Properties (ELS), a Chicago-based real-estate investment trust (REIT), reported that revenues in its second quarter, ended June 30, increased $7.9 million, or 3.3%, to $248.4 million compared to $240.5 million for the same period in 2018. The company owns a combination of manufactured housing communities and RV parks including the Encore and Thousand Trails brands.
Net income available increased $0.3 million to $46.4 million, or 51 cents per common share, compared to $46.1 million, or 52 cents per common share in the year-ago period.
For the six months total revenues increased $21 million, or 4.3%, to $507.5 million compared to $486.5 million for the same period in 2018. Net income available for during the period increased $53.3 million, or 57 cents per common share, to $159.7 million, or $1.77 per common share, compared to $106.4 million, or $1.20 per common share.
Other second-quarter highlights included:
• Funds from Operations (FFO) totaled $89.8 million compared to $85.6 million a year ago.
• Normalized funds from operations were $91.9 million versus $83.8 million in the year-ago period.
• Property operating revenues, excluding deferrals, increased $13.2 million to $240.7 million compared to $227.5 million for the same period in 2018.
• Core property operating revenues, excluding deferrals, increased approximately 4.9 percent and Core income from property operations, excluding deferrals and property management, increased approximately 5.2 percent compared to the same period in 2018.
• On May 29 ELS completed the acquisition of White Oak Shores Camping and RV Resort, a 455-site recreational vehicle community located in Stella, N.C., for a purchase price of $20.5 million. The acquisition was funded with available cash.
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