Chicago-based real estate investment trust (REIT) firm Equity Lifestyle Properties Inc. (ELS) reported gains in revenue and net income during its second quarter, ended June 30.
During the three-month period total revenues increased $19.2 million, or 8.7%, to $240.5 million compared to $221.3 million for the same period in 2017. Net income available for common stockholders for the quarter ended increased $6.6 million, or 7% per common share, to $46.1 million, or 52 cents per share, compared to $39.5 million, or 45 cents per share, for the same period in 2017.
For the six months total revenues increased $32.8 million, or 7.2%, to $486.5 million compared to $453.7 million for the same period in 2017. Net income increased $10 million, or 9 cents per share, to $106.4 million, or $1.20 per share, compared to $96.4 million, or $1.11 per share, for the same period in 2017.
Other highlights for the second quarter include:
- Funds from operationsincreased $10.7 million, or 9 cents per share, to $85.6 million or 90 cents per share, compared to $74.9 million, or 81 cents per share, for the same period in 2017.
- Property operating revenues, excluding deferrals, increased $16.1 million to $227.5 million compared to $211.4 million for the same period in 2017.
- Income from property operations, excluding deferrals and property management, increased $9.1 million to $129.1 million compared to $120 million for the same period in 2017.
On July 20, ELS completed the acquisition of Everglades Lakes, a 612-site manufactured housing community in Fort Lauderdale, Fla. As of July 23, the sompany owned or had an interest in 410 quality properties in 32 states and British Columbia consisting of 153,549 sites.
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