Equity LifeStyle Properties Reports Q3 FFO/shr Of $0.63

(RTTNews) - Equity LifeStyle Properties, Inc. (ELS) reported that its third-quarter net income for stockholders decreased to $25.7 million, or $0.31 per share, from $29.9 million, or $0.36 per share, for the same period in 2013. Normalized FFO increased to $63.1 million, or $0.69 per share, from $59.4 million, or $0.65 per share, for the same period in 2013. FAD per share was $0.62 for the quarter.

Funds from operations increased to $57.4 million, or $0.63 per common share, compared to $20.4 million, or $0.22 per common share, for the same period in 2013.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.66 for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $200.55 million from $187.97 million, last year. Analysts expected revenue of $186.94 million for the quarter.

Equity LifeStyle Properties expects full year normalized FFO per share in the range of $2.71-$2.77. Fourth-quarter normalized FFO per share is expected to be between $0.61-$0.67. The company expects its 2014 FFO per share in the range of $2.65-$2.71. Fourth-quarter FFO per share is expected to be in the range of $0.61-$0.67.

Analysts expect the company to report fourth-quarter earnings per share of $0.64, and full year earnings per share of $2.71.