Equity LifeStyle Properties, Inc. (NYSE:ELS) reported a net income available for common shares of $12.4 million, or $0.30 per fully diluted share, for the quarter ended March 31, 2012.
The overall net income represents a 34% decrease from the previous year’s nearly $19 million, and a more than 50% decrease from previous net income per fully diluted share.
ELS reported funds from operation (FFO) of $58.7 million and $1.29 per fully-diluted share, compared to last year’s $41.6 million, and $1.17 per fully-diluted share.
Total revenues for the first quarter of 2012 rose to $181.3 million, compared to $135.1 million in the same period last year. The most significant gains in revenue came from community base rental income, which rose 56% to just under $103 million.
However, ELS says revenues for the quarter were negatively impacted by the temporary cessation of right-to-use contract sales (membership upgrades) in connection with sales force training and the roll-out of new membership upgrade products. “As a result, membership upgrade sales, which were included in right-to-use contracts current period, gross, were down $1.6 million compared to the same period in 2011,” according to the earnings report.
As of March 31, 2012, ELS has 141,100 sites, including community and resort sites, memberships, and joint ventures, utilized by approximately 97,000 members. For the more than 74,000 community sites, ELS has an 89.1% occupancy, down slightly from 2011’s 90.4% occupancy rate.
Written by Alyssa Gerace