Equity LifeStyle Properties FFO Tops Estimates; Lifts FY Guidance

(RTTNews) - Equity LifeStyle Properties Inc (ELS) on Monday reported second-quarter funds from operations of $64.5 million or $0.70 per share compared with $57.6 million or $0.63 per share in the prior year quarter.

Analysts polled by Thomson Reuters expected FFO of $0.68 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter was $31.8 million or $0.38 per share compared with $25.5 million or $0.30 per share a year ago.

Total revenues for the quarter rose to $201.5 million from $189 million a year ago.

Property operating revenue totaled $188.5 compared with $178.6 million last year. Analysts expected revenue of $186.3 million.

For the third quarter, the company forecasts normlized FFO of $0.73 to $0.79 per share, while analysts expect $0.76 per share.

For the full year 2015, the company now expects normalized FFO of $2.97 to $3.07 per share, an increase from prior guidance of $2.95 to $3.05 per share.

Analysts expect FFO of $2.96 per share for 2015.