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Equity LifeStyle Properties logs 9.8% YOY increase in Q3 FFO per share

Equity LifeStyle Properties Inc. disclosed third-quarter funds from operations available for common stock and operating partnership unit holders of $108.6 million, or 56 cents per share, an increase of 9.8% on a per-share basis from $97.7 million, or 51 cents per share, in the 2018 third quarter.

In reporting results, the manufactured-home real estate investment trust said all common stock and operating partnership units, as well as per-share results, reflect its recently completed 2-for-1 stock split.

Normalized FFO for the quarter gained 8.2% from the year-ago period on a per-share basis to $102.7 million, or 53 cents per share, from $93.9 million, or 49 cents per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was 54 cents.

For the quarter, total revenues came in at $271.2 million, compared to the year-ago figure of $256.7 million.

For the fourth quarter, the REIT projects FFO and normalized FFO per share in the range of 49 cents to 53 cents. For the 2019 full year, the company projects FFO in the per-share range of $2.09 to $2.13, while normalized FFO per share is forecast in the range of $2.07 to $2.11.

For the 2020 full year, the company expects FFO and normalized FFO per share in the range of $2.19 to $2.25.

For the fourth quarter, the S&P Global Market Intelligence consensus FFO-per-share estimate is 52 cents per share, while analysts expect FFO per share for 2019 and 2020 at $2.10 and $2.25, respectively.