Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its fourth quarter, ended Dec. 31.
The Chicago-based real estate investment trust said it had funds from operations (FFO) of $75.2 million, or 81 cents per share, in the period compared to $67.1 million, or 73 cents per share for the same quarter in 2015. For the year, funds from operations were up to $302.8 million, or $3.27 per share, compared to $261 million, $2.84 per share, for 2015.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The RV and manufactured housing resort operator said it had net income of $37 million, or 43 cents per share, in the quarter compared to income $34.5 million, or 41 cents per share, a year ago. The company posted revenue of $214 million in the period, a 6.2% gain from $201.6 million the year prior.
For the year, the company reported revenue increased 5.9% to $870.4 million from $821.7 million. Net income for the year grew to $164 million, or $1.92 per share, compared to $130.1 million, or $1.54 per share, for the same period in 2015.
For the current quarter ending in April, Equity Lifestyle Properties expects its per-share funds from operations to range from 95 cents to $1.01.
The company expects full-year funds from operations in the range of $3.48 to $3.58 per share.
The company’s shares have risen 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $74.98, a climb of 16% in the last 12 months.