Equity LifeStyle Properties Q4 Results Impacted By Goodwill Charge

Equity LifeStyle Properties (NYSE: ELS) reported its fourth quarter results which showed funds from operations of $25.8 million during the quarter which is down from $27.2 million for the same period in 2009.  The Chicago based real estate investment trust saw revenues of $121 million but took a $3.6 million write-off associated with goodwill during the fourth quarter.  Net income for Equity LIfeStyle came in at $5.74 million or .18 per share which is a decrease from Q4 2009 results that showed net income of $6.3 million or .21 per share.

As part of ELS’s earnings release, ELS announced that CEO Thomas Heneghan will retake the role of president of the company, in addition to his current role.  Joe McAdams, the current president, will assume operations of a subsidiary of the company as part of his desire to reduce his day-to-day operational involvement.

For the full earning release, visit: ELS Q4 2010 Earnings