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Equity LifeStyle Properties Inc. (ELS) has  announced results for the quarter and six months ended June 30. 

For the second quarter, Funds From Operations (FFO) were $23.7 million, compared to $21.7 million for the same period in 2008. For the six months, FFO was $61.6 million, compared to $54.3 million for the same period in 2008. 

Net income available to common stockholders totaled $2.9 million, compared to $4.1 million for the same period in 2008. Net income available to common stockholders totaled $16.5 million for the six months, compared to $16.8 million for the same period in 2008. 

  • Due to its Aug. 14, 2008, acquisition of Privileged Access LP, the results for the quarter and six months ended June 30, 2009, also include: $5.3 million and $10.4 million, respectively, of net deferrals of non-refundable upfront payments from the sale of right-to-use contracts which are amortized over the estimated customer life.
  • $1.6 million and $3.1 million, respectively, of net deferrals of commissions paid on the sale of right-to use contracts which are also amortized on the same method as the deferred sales revenue. The net deferral for the quarter and six months ended June 30, 2009, is approximately $3.6 million and $7.3 million, respectively. 

Second quarter 2009 property operating revenues were $116.1 million, compared to $94.3 million in the second quarter of 2008. Property operating revenues for the six months ended June 30, 2009, were $240.4 million, compared to $200.7 million for the six months ended June 30, 2008. 

ELS  is a self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. It owns or has an interest in 308 properties in 28 states and British Columbia consisting of 110,852 sites.