Equity LifeStyle Properties, Inc. (NYSE: ELS) announced its results for the quarter ending June 30, 2011that shows net income available to common stockholders totaled $6.8 million for the quarter compared to $6.0 million for the same period in 2010. ELS had Funds From Operations (“FFO”) of $27.3 million for the quarter compared to $27.1 million for the same period in 2010.
The company’s second quarter revenues were $125.6 million, compared to $123.6 million in the second quarter of 2010.
During the quarter, ELS operating partnership entered into purchase agreements to acquire a portfolio of 76 manufactured home communities containing 31,167 sites on approximately 6,500 acres located in 16 states for $1.43 billion. The company estimates that the closing costs associated with the acquisition will be $21 million of which approximately $2.1 million were incurred during the second quarter.
As of July 1, 2011, ELS had closed on the purchase of 35 of properties as part of the agreement for approximately $452 million. The company anticipates closing the remainder of the properties on or before October 1 subject to the consent for the assumption of certain indebtedness on the remaining assets.
Equity LifeStyle Properties, Inc. owns or has an interest in 342 quality properties in 30 states and British Columbia consisting of 123,065 sites. The Company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.