Equity LifeStyle Properties Q1 FFO Tops Estimate

(RTTNews) - Equity LifeStyle Properties, Inc. (ELS) reported net income for the first quarter of $27.2 million or $0.32 per share, compared to $38.1 million or $0.46 per share for the year-ago quarter.

Funds from Operations for the first quarter were $59.1 million or $0.64 per share, compared to $71.4 million,or $0.78 per share in the prior year quarter.

Normalized Funds from Operations for the first quarter were $76.5 million or $0.83 per share, compared to $71.8 million or $0.79 per share in the first quarter of last year.

Total revenue for the first quarter rose to $208.41 million from $196.75 million a year ago.

Analysts polled by Thomson Reuteres expected the company to report FFO of $0.82 per share on revenue of $194.38 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts earnings of $0.33 - $0.39 per share, FFO of $0.65 - $0.71 per share and normlized FFO of $0.65 - $0.71 per share.

For the full year 2015, the company expects earnings of $1.46 - $1.56 per share, FFO of $2.76 - $2.86 per share and normalized FFO of $2.95 - $3.05 per share. Previously, the company expected earnings of $1.48 - $1.58 per share, FFO of $2.81 - $2.91 per share and normalized FFO of $2.91 - $3.01 per share.

Analysts currently expect the company to report FFO of $0.68 per share for the second quarter and $2.96 per share for the full year 2015.