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Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) today announced results for the three months ended March 31, 2012. A supplemental package with additional information regarding March 31, 2012 results and 2012 guidance is available via the Company’s website in the Investor Information section under Quarterly Supplemental Packages and will be filed as Exhibit 99.2 to the Company’s Current Report on Form 8-K that will be filed on April 17, 2012.
a) Financial Results
For the three months ended March 31, 2012, Funds From Operations (“FFO”) were $58.7 million, or $1.29 per share on a fully-diluted basis, compared to $41.6 million, or $1.17 per share on a fully-diluted basis, for the same period in 2011 (see below regarding the impact of rental home depreciation). For the three months ended March 31, 2012, net income available to common stockholders was $12.4 million, or $0.30 per share on a fully-diluted basis, compared to net income available to common stockholders of $19.0 million, or $0.61 per share on a fully-diluted basis, for the same period in 2011. See the attachment to this press release for a reconciliation of FFO and FFO per share to net income available to common shares and net income per common share, respectively, the most directly comparable GAAP measures.
The attached income statement presents rental home operations under the Revenue and Expense line items in our financial statements for the three months ended March 31, 2012 and 2011 within the Rental home income and Rental home operating and maintenance line items, respectively. Rental home operations were previously reported net in the Ancillary services revenues, net line item. Rental home depreciation expense is presented in the Depreciation on real estate and other costs line item and will be added back to net income available for Common Shares in calculating FFO. The impact of this change to FFO and FFO per share for the three months ended March 31, 2012 and 2011 is $1.4 million, or $0.03 per share on a fully-diluted basis and $0.9 million, or $0.03 per share on a fully-diluted basis, respectively. Rental home operations are now included in income from property operations. The supplemental package includes additional information related to historical FFO and FFO per share adjusted for rental home depreciation. The Company believes that these changes enhance transparency and assist with comparability to other real estate companies.