Equity Life Style Properties (the Company) reported Funds From Operations yesterday for the first quarter of 2009 at $37.9 million, or $1.24 per share on a fully-diluted basis, compared to $32.6 million, or $1.07 per share on a fully-diluted basis for the same period in 2008. Net income available to common stockholders totaled $13.6 million, or $0.54 per share on a fully-diluted basis for the quarter ended March 31, 2009 versus $12.7 million, or $0.52 per share on a fully-diluted basis for the same period in 2008. The Company had 20 new home sales (including three third-party dealer sales), which represents an 83.9 percent decrease as compared to the quarter ended March 31, 2008. ELS realized approximately $1.6 million of net insurance proceeds reflected in income and $1.1 million in gains from the sale of two joint ventures which is reflected in equity in income of unconsolidated joint ventures. The combined insurance proceeds and joint venture gains resulted in approximately $2.7 million of additional FFO or approximately $2.3 million of net income available to common shares for the quarter ended March 31, 2009.
ELS also announced that during the quarter ended March 31, 2009, the Company acquired the remaining 75 percent interests in three Diversified Portfolio joint ventures as follows: (1) Robin Hill, a 270 site property in Lenhartsville, Pennsylvania, (2) Sun Valley, a 265 site property in Brownsville, Pennsylvania and (3) Plymouth Rock, a 609 site property in Elkhart Lake, Wisconsin. The gross purchase price was approximately $19.2 million, and we assumed mortgage loans of approximately $12.9 million with a weighted average interest rate of 6.0 percent per annum.
The company continues to divest of its all-age encompassing properties and currently has two all-age properties held for disposition, which are in various stages of negotiations for sale. The Company plans to either reinvest the proceeds from the sales of these properties or reduce its outstanding lines of credit.