Equity Lifestyle Properties: Q2 Earnings Snapshot
CHICAGO (AP) — CHICAGO (AP) — Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its second quarter. The results met Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $137.7 million, or 69 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 69 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $79.7 million, or 42 cents per share.
The resort community operator, based in Chicago, posted revenue of $376.9 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $388.1 million.
For the current quarter ending in September, Equity Lifestyle Properties expects its per-share funds from operations to range from 72 cents to 78 cents.
The company expects full-year funds from operations in the range of $3.01 to $3.11 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ELS at https://www.zacks.com/ap/ELS