Chicago-based Equity Lifestyle Properties Inc. (ELS) on Monday (Jan. 26) reported a key measure of profitability in its fourth quarter. As reported by the Associated Press, the results matched Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $60.3 million, or 66 cents per share, in the period. The average estimate of analysts surveyed by Zacks Investment Research was for funds from operations of 66 cents per share.
Funds from operations is a closely watched measure in the Real Estate Investment Trust (REIT) industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $29.4 million, or 35 cents per share. The resort community operator posted revenue of $190.3 million in the period. For the year, the company reported funds from operations of $246.6 million, or $2.69 per share. Revenue was reported as $776.8 million.
For the current quarter ending in March, Equity Lifestyle Properties expects its per-share funds from operations to range from 78 cents to 84 cents.
The company expects full-year funds from operations in the range of $2.91 to $3.01 per share.
As of Jan. 26, ELS owns or has an interest in 384 quality properties in 32 states and British Columbia consisting of 143,113 sites.