Equity Lifestyle Properties, Inc. (NYSE:MHC), a real-estate investment trust focusing on resort communities for ages 55+, announced its 4th quarter results that were down from last year due to rising expenses and fewer sales of homes in their communities. Approximately seventy percent of Equity Lifestyle’s residents are 55+ and nearly two-thirds of its communities are marketed exclusively as age qualified communities. Equity LifeStyle Properties has a controlling interest in 310 communities in 30 states and the Canadian province of British Columbia, consisting of more than 100,000 sites. During the 4th quarter, the company sold 55 new homes (average sales price of $65,000 per home) with gross revenue of $3.6 million, a 42% decrease from last year. The company discloses that it is holding two non-age restricted properties for sale and is in various stages of negotiating further evidencing its focus on the 55+ age category and that it has debt coming due in 2009 of approximately $75 million.
Click here for the Equity Lifestyles Properties 4th Quarter Earnings release.