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Equity LifeStyle Properties Inc. (ELS) announced a more than 50% decline in net income for the company’s second quarter, ended June 30.
Chicago-based ELS, a self-administered, self managed, real estate investment trust (REIT) that owns or has an interest in 294 properties in 30 states and British Columbia, said its net income available to common stockholders in the quarter totaled $1.2 million, compared to $2.5 million a year earlier, a decline of more than 50%.
For the first six months of this year, the company’s net income totaled $11.3 million, compared to $11.2 million in 2005.
Property operating revenues were approximately $84.2 million during the second quarter, compared to $75.2 million a year earlier. Property operating revenues for the six months ended June 30 were $174.6 million, compared to $160.4 million for the same period in 2005.
The company reported 193 new home sales during the second quarter, a 6% gain over the same period a year earlier. Gross revenues from home sales were approximately $18.1 million for the quarter, compared to $17.5 million a year earlier.
For the first six months of this year, the company reported 325 new home sales, an 8% gain over the six months ended June 30, 2005, while its gross revenues were $30 million, compared to $27.7 million a year earlier.
“We believe our business will continue to benefit from a positive operating environment due to the quality of our real estate locations and the demographic trends occurring in the United States,” said President and CEO Thomas Heneghan, adding that revenue growth is occurring in both community and RV resort properties.