ELS Reports Fourth Quarter Results
Strong 2009 Core Performance; Maintains 2010 FFO Guidance Range
January 25, 2010 06:04 PM Eastern Time
CHICAGO--(EON: Enhanced Online News)--Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) today announced
quarter and year ended December 31, 2009.
a) Financial Results
For the fourth quarter 2009, Funds From Operations (“FFO”) were $27.7 million, or $0.79 per share on a fully-diluted basis, com
million, or $0.67 per share on a fully-diluted basis for the same period in 2008. For the year ended December 31, 2009, FFO was
$3.58 per share on a fully-diluted basis, compared to $97.6 million, or $3.20 per share on a fully-diluted basis for the same period i
Net income available to common stockholders totaled $6.3 million, or $0.21 per share on a fully-diluted basis for the quarter ended
2009. This compares to net income available to common stockholders of $0.0 million, or $0.00 per share on a fully-diluted basis fo
in 2008. Net income available to common stockholders totaled $34.0 million, or $1.22 per share on a fully-diluted basis for the yea
31, 2009. This compares to net income available to common stockholders of $18.3 million, or $0.74 per share on a fully-diluted ba
ended December 31, 2008.
See the attachment to this press release for reconciliation of FFO and FFO per share to net income available to common shares an
common share, respectively, the most directly comparable GAAP measure.
b) Portfolio Performance
Fourth quarter 2009 property operating revenues were $115.0 million, compared to $110.3 million in the fourth quarter of 2008. O
operating revenues for the year ended December 31, 2009 were $479.3 million, compared to $419.3 million for the year ended De
For the quarter ended December 31, 2009, our Core property operating revenues increased approximately 3.7 percent and Core
expenses decreased approximately 0.1 percent, resulting in an increase of approximately 7.0 percent to income from Core property
the quarter ended December 31, 2