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ELS Reports Third Quarter Results

Stocks in this article: ELS

Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as “we,” “us,” and “our”) today announced results for the quarter and nine months ended September 30, 2013. All per share results are reported on a fully diluted basis unless otherwise noted.

Financial Results for the Quarter Ended September 30, 2013

Normalized Funds from Operations (“Normalized FFO”) increased $6.8 million, or $0.07 per common share, to $59.4 million, or $0.65 per common share, compared to $52.6 million, or $0.58 per common share, for the same period in 2012. Funds from Operations (“FFO”) decreased $32.8 million, or $0.36 per common share, to $20.4 million, or $0.22 per common share, compared to $53.2 million, or $0.58 per common share, for the same period in 2012. Net income available for common stockholders increased $13.9 million, or $0.17 per common share, to $29.9 million, or $0.36 per common share, compared to $16.0 million, or $0.19 per common share, for the same period in 2012. Net income available for stockholders was impacted by the $40.6 million gain on sale of the Michigan properties, offset by the early debt retirement expenses of $36.5 million.

Portfolio Performance

For the quarter ended September 30, 2013, property operating revenues, excluding deferrals, increased $8.5 million to $178.9 million compared to $170.4 million for the same period in 2012. For the nine months ended September 30, 2013, property operating revenues, excluding deferrals, increased $21.9 million to $524.3 million compared to $502.4 million for the same period in 2012. For the quarter ended September 30, 2013, income from property operations, excluding deferrals, increased $4.6 million to $99.8 million compared to $95.2 million for the same period in 2012. For the nine months ended September 30, 2013, income from property operations, excluding deferrals, increased $11.4 million to $298.4 million compared to $287.0 million for the same period in 2012.

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