Posts Tagged ‘ELS’
Equity LifeStyle Properties Inc. (ELS) announced improving results for the quarter ended March 31.
Funds From Operations increased $5.3 million, or $0.12 per common share, to $64.0 million, or $1.41 per common share, compared to $58.7 million, or $1.29 per common share, for the same period in 2012, ELS reported in a news release.
FFO increased $6.3 million, or $0.14 per common share, to $65.0 million, or $1.43 per common share, compared to $58.7 million, or $1.29 per common share, for the same period in 2012.
Net income available to common stockholders totaled $35.0 million, or $0.84 per common share, compared to $12.4 million, or $0.30 per common share, for the same period in 2012.
Property operating revenues, excluding deferrals, increased $8.2 million to $182.2 million, compared to $174.0 million for the same period in 2012. Income from property operations increased $4.3 million to $108.1 million compared to $103.8 million for the same period in 2012.
Core property operating revenues increased approximately 3.4% and income from Core property operations increased approximately 2.9% compared to the same period in 2012.
Cash balance as of March 31 was approximately $81.8 million.
Year-to-date, ELS has paid off the maturing mortgages on two manufactured home properties totaling approximately $12.9 million, with a weighted average interest rate of 6% per annum.
As of April 22, ELS owned or had an interest in 383 properties in 32 states and British Columbia consisting of 142,682 sites.
Today Equity LifeStyle Properties, Inc. acquired two properties, Victoria Palms Resort and Alamo Palms, in the Rio Grande Valley, Texas. The two properties contain approximately 1,765 sites on approximately 175 acres for a stated purchase price of $25.0 million. The Company funded the purchase price with available cash.
Victoria Palms is an age restricted 1,122 site property with 270 manufactured home sites and 853 RV sites. Alamo Palms is an age restricted 643 site property with 293 manufactured home sites and 350 RV sites. The Acquisition will compliment ELS’ South Texas portfolio of eight properties and 5,100 sites and further strengthen its presence in the market.
Equity LifeStyle Properties Inc. owner of campgrounds and resort communities announced the public offering price of $60.70 per share for the 3,162,069 shares of the company’s common stock, par value $0.01 per share previously sold by a selling stockholder to Goldman, Sachs & Co. as the sole underwriter in an underwritten at-the-market public offering.
Subject to customary conditions, the offering is expected to close on Monday (Oct. 24), according to a news release.
The 3,162,069 shares of common stock sold in this offering includes 1,453,793 shares of common stock issued by the company to the selling stockholder upon the redemption by the selling stockholder of 1,453,793 shares of the company’s Series B Subordinated Non-Voting Cumulative Preferred Stock, par value $0.01 per share, which will occur prior to the closing of this offering.
The selling stockholder will receive all of the net proceeds from the sale of the Common Stock in this offering, and the Company will not receive any proceeds in this offering.
Goldman, Sachs & Co. served as the sole underwriter for the offering.