Equity LifeStyle Properties (NYSE:ELS) released its second quarter results that showed Funds From Operations (“FFO”) of $23.7 million, or$0.77 per share on a fully-diluted basis, compared to $21.7 million, or $0.71 per share on a fully-diluted basis for the same period in 2008. Net income available came in lower in comparison to results from the same quarter in 2008 at 0.11 per share versus .17 per share in 2008.
For the quarter ended June 30, 2009 in comparison to 2nd Quarter of 2008:
- Core property operating revenues increased approximately 3.2 percent
- Core property operating expenses decreased approximately 2.4 percent
- An increase of approximately 8.4 percent to income from Core property operations
Asset Related Transactions:
- During the quarter ended June 30, 2009, the Company sold the 247-site property known as Caledonia in Caledonia, Wisconsin for approximately $2.2 million. A gain on sale of approximately $0.8 million was recognized and is included in Income from other investments, net.
- The Company currently has two all-age properties held for disposition, which are in various stages of negotiations for sale.
Balance Sheet Operations:
- In July 2009, the Company closed on approximately $10 million of financing on one manufactured home property at a stated interest rate of 6.53 percent per annum, maturing in 2019. The Company also paid off seven maturing mortgages totaling approximately $19 million, with a weighted average interest rate of 9.07 percent per annum.
- The Company has approximately $29 million of secured mortgage debt that matures in the remainder of 2009 and approximately $213 million in 2010.
For the full earnings release, click here.