Equity LifeStyle Properties, Inc. (NYSE: ELS) announced its results for the quarter ended March 31, 2011 that showed a rise in its funds from operations based upon a rise in its’ community rental incomes and lowered operating expenses for its properties. For the first quarter, Equity LifeStyle Properties’ Funds From Operations or FFO rose to $40.6 million or $1.14 per share from $37.4 million or $1.05 per share for the year-ago quarter. Core property operating expenses for the quarter ended March 31, 2011 decreased approximately 1.5 percent, resulting in an increase of approximately 1.4 percent to income from Core property operations over the quarter ended March 31, 2010.
ELS estimates that Core property operating revenue for 2011 is expected to grow at approximately 1.1 to 1.6 percent over 2010, assuming stable occupancy and its income from Core property operations, excluding property management expenses, is expected to grow at approximately 3.0 to 3.5 percent over 2010.
