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Equity LifeStyle Properties Inc. (ELS) announced Monday (Oct. 17) an increase in net income for the company’s third quarter, ended Sept. 30, fueled in part by a 48% increase in new home sales.
Chicago-based ELS, a self-administered, self-managed, real estate investment trust (REIT), which owns or has an interest in 279 properties and 101,960 sites in 26 states and British Columbia, reported net income available to common stockholders in the quarter totaled $1.1 million compared to a net loss of $900,000 during the same period a year earlier. For the nine months, net income totaled $12.3 million compared to $4.1 million in 2004.
“We are very pleased with our results for the third quarter of 2005 and continue to be optimistic about the remainder of 2005 as well as our prospects for 2006,” ELS President and CEO Thomas Heneghan said.
ELS reported 199 new home sales during the third quarter, an increase of 48% from a year earlier. Gross revenues from home sales were about $15.7 million, compared to approximately $12.6 million for July, August and September 2004.
In a separate news release, ELS announced the departure of Joe McAdams from the company’s board of directors effective October 17. McAdams, who joined the ELS in January 2004 after serving as CEO of Ventura, Calif.-based Affinity Group Inc. (AGI), is leaving ELS to create a new company, Privileged Access LP, that is expected to lease sites at certain ELS properties for “flexible use products,” including timeshares in resort homes, and membership and vacation club services.
Replacing McAdams in his positions on the board of directors and as chairman of the ELS Audit Committee is Phil Calian, founder and managing partner of Kingsbury Partners LLC and a principal of Waveland Investments LLC. Both entities provide capital and ownership skills to middle market businesses.
Looking ahead to 2006, Heneghan said he doesn’t expect rising gasoline costs to have a significant impact on the company’s resort business. “The warmth of the sun in our Sunbelt locations looks attractive when compared to the costs of heating homes in the North,” he said. “Estimates of increases of $1,000 or more to heat homes in the winter appear to easily justify the few hundred dollars more it may cost to enjoy our Sunbelt communities.”
During the third quarter, ELS invested $81 million to acquire six Northeastern resort properties with about 3,500 sites.