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Equity LifeStyle Properties Inc. reported a 5.9% increase in revenue for its fourth quarter, ended Dec. 31.

Sales during the three-month period were $243.5 million compared to $230 million the prior year. Fourth-quarter net income rose to $50.2 million, or 56 cents per common share, compared to $45 million, or 51 cents per share, for the same period in 2017.

For the year ended December 31, 2018, total revenues increased $61.4 million, or 6.6%, to $986.7 million compared to $925.3 million for the same period in 2017. Net income available for the year ended increased to $212.6 million, or $2.38 per common share, compared to $189.9 million, or $2.17 per share, for the same period in 2017.

For the quarter ended, property operating revenues, excluding deferrals, increased $16.9 million to $232.2 million compared to $215.3 million for the same period in 2017. For the year ended, property operating revenues, excluding deferrals, increased $60.1 million to $936 million compared to $875.9 million for the same period in 2017. 

During the period, income from property operations, excluding deferrals and property management, increased $13.8 million to $138.8 million compared to $125 million for the same period in 2017. For the year, income from property operations, excluding deferrals and property management, increased $38.9 million to $547.7 million compared to $508.8 million for the same period in 2017.

Investment Activity

• On Nov. 20, 2018, ELS completed the acquisition of Timber Creek, a 364-site RV resort in Westerly, R.I. The purchase price was $21.1 million and was funded with available cash and proceeds from debt financing transactions that closed during the quarter.

• On Dec.13, 2018, the company completed the acquisition of Palm Lake, a 915-site manufactured home community in Riviera Beach, Florida. The purchase price was $73.5 million and was funded with available cash and proceeds from debt financing transactions that closed during the quarter. 

• On Dec. 20, 2018, ELScompleted the acquisition of King Nummy, a 313-site RV resort in Cape May Court House, New Jersey. The purchase price was $7.6 million and was funded with available cash and proceeds from debt financing transactions that closed during the quarter. 

• On Jan. 23, 2019, ELS closed on the sale of five all-age manufactured home communities located in Indiana and Michigan, collectively containing approximately 1,463 sites, for $89.7 million.

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