Equity LifeStyle Properties Inc. (ELS), a real estate investment trust specializing in manufactured housing communities, beat analysts' expectation for the 2009 third quarter. Thanks in part to a jump in operating revenues from properties to $123.8 million from $108.3 million during the same three months of last year, the REIT reported higher funds from operations (FFO) for the period. FFO climbed to $28.8 million, or $0.82 per share, from $22.7 million, or $0.74 per share, year over year. Analysts had expected FFO to grow only to about $0.77 per share. Income from home sales was up as well, settling at $1.5 million compared to a $0.7 million loss in 2008 third quarter. For the upcoming quarter, ELS is expecting FFO somewhere between $0.60 and $0.70 per share, in line with analysts' predictions of $0.66 per share. For fiscal year 2010, the company's preliminary forecast calls for FFO of $3.39 to $3.59 per share and growth of 1 percent to 1.5 percent in core property revenue compared to 2009. After the financial results were announced on Oct. 19, the REIT's shares rose by $0.65 to close day trading at $45.11.
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From "LifeStyle Properties Q3 Earnings Rise; Tops Estimates; Provides Preliminary Guidance for FY10" RTTNews (10/19/09)