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Equity Lifestyle Properties Inc., a self managed real estate investment trust (REIT) that owns or has an interest in 275 quality communities and RV parks in 25 states and British Columbia, reported a reduction in net income since 2001 in response to inquiries from the Securities and Exchange Commission (SEC).
According to a report in the Chicago Tribune, an adjustment in accounting procedures reduced the Chicago-based company’s net income since 2001 by more than 10%, to about $91 million.
The accounting change also reduced the company’s net income for 2004 by $2.4 million, or 8 cents a share, to about $4 million, according to the company’s restated annual report filed last week.
Equity had capitalized and depreciated money spent fighting municipal rent control ordinances, such as legal fees. After questions from the SEC, those costs are now treated as expenses.