Equity Lifestyle Properties: Q4 Earnings Snapshot
CHICAGO (AP) — CHICAGO (AP) — Equity Lifestyle Properties Inc. (ELS) on Wednesday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $157.6 million, or 79 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 78 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 $100.5 million, or 52 cents per share.
The resort community operator, based in Chicago, posted revenue of $373.9 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $373.3 million.
For the current quarter ending in March, Equity Lifestyle Properties expects its per-share funds from operations to range from 81 cents to 87 cents.
The company expects full-year funds from operations in the range of $3.12 to $3.22 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