On Monday, Equity LifeStyle Properties, Inc. announced that total revenues for the second quarter increased 10.7% versus the same period last year.
For the quarter that ended June 30, 2022, total revenues increased to $365.3 million compared to $330.1 million recorded in the same period last year. This is a $35.2 million increase, noted the Chicago-based self-administered and self-managed real estate investment trust (REIT).
All per share results are reported on a fully diluted basis unless otherwise noted.
For the quarter ended June 30, 2022, net income available for common stockholders increased $0.4 million to $61.5 million, or $0.33 per common share, compared to $61.1 million or $0.33 per common share for the same period in 2021.
For the six months ended June 30, 2022, total revenues increased $91.7 million, or 14.5%, to $725.5 million, compared to $633.8 million for the same period in 2021. For the six months ended June 30, 2022, net income available for common stockholders increased $18.1 million or $0.09 per common share to $144.4 million or $0.78 per common share, compared to $126.3 million or $0.69 per common share for the same period in 2021.
Non-GAAP Financial Measures and Portfolio Performance
For the quarter ended June 30, 2022, Funds from Operations (FFO) available for common stock and OP unit holders increased $4.0 million, or $0.01 per common share, to $121.6 million, or $0.62 per common share, compared to $117.6 million, or $0.61 per common share, for the same period in 2021.
For the six months ended June 30, 2022, funds from operations available for common stock and OP unit holders increased $24.4 million, or $0.10 per common share to $262.5 million or $1.34 per common share compared to $238.1 million or $1.24 per common share for the same period in 2021.
For the quarter ended June 30, 2022, Normalized Funds from Operations (Normalized FFO) available for common stock and OP Unit holders increased $7.0 million, or $0.03 per common share, to $125.3 million, or $0.64 per common share, compared to $118.3 million, or $0.61 per common share, for the same period in 2021. For the six months ended June 30, 2022, Normalized Funds from Operations available for common stock and OP Unit holders increased $25.8 million, or $0.12 per common share, to $266.7 million, or $1.37 per common share, compared to $240.9 million, or $1.25 per common share, for the same period in 2021.
For the quarter ended June 30, 2022, property operating revenues, excluding deferrals, increased $20.7 million to $315.8 million, compared to $295.1 million for the same period in 2021. For the six months ended June 30, 2022, property operating revenues, excluding deferrals, increased $57.8 million to $638.2 million, compared to $580.4 million for the same period in 2021. For the quarter ended June 30, 2022, income from property operations, excluding deferrals and property management, increased $8.3 million to $174.8 million, compared to $166.5 million for the same period in 2021. For the six months ended June 30, 2022, income from property operations, excluding deferrals and property management, increased $30.5 million to $367.3 million, compared to $336.8 million for the same period in 2021.
For the quarter ended June 30, 2022, Core property operating revenues, excluding deferrals, increased approximately 4.9% and Core income from property operations, excluding deferrals and property management, increased approximately 3.3%, compared to the same period in 2021. For the six months ended June 30, 2022, Core property operating revenues, excluding deferrals, increased approximately 7.2% and Core income from property operations, excluding deferrals and property management, increased approximately 6.2%, compared to the same period in 2021.
Investment Activity
In June 2022, the company completed the acquisition of Holiday Trav-L-Park Resort, a 299-site oceanfront Recreational Vehicle (RV) community located in Emerald Isle, North Carolina, Oceanside RV Resort, a 139-site RV community located in Oceanside, California, and one land parcel adjacent to one of ELS’ properties for an aggregate purchase price of $97.4 million. Its total year-to-date acquisition investment is $113 million.
About Equity LifeStyle Properties
A self-administered, self-managed real estate investment trust (REIT) with headquarters in Chicago. As of July 18, 2022, the company owns or has an interest in 449 quality properties in 35 states and British Columbia consisting of 170,880 sites.
For additional information, please contact its Investor Relations Department at (800) 247-5279 or at [email protected].