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Earnings Review and Free Research Report: Equity LifeStyle’s EPS Added 16.6%; Normalized FFO Jumped 10.1%

LONDON, UK / ACCESSWIRE / October 18, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Equity LifeStyle Properties, Inc. (NYSE: ELS) ("Equity LifeStyle"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=ELS, following the Company's reporting of its financial results on October 16, 2017, for the third quarter of the fiscal year 2017. The real estate investment trust's total revenue increased 6.8% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the three months ended September 30, 2017, Equity LifeStyle's total revenue increased 6.8% to $241.63 million from $226.17 million in Q3 FY16.

During Q3 FY17, the Company's property operating revenues, excluding deferrals, increased 7.5% to $227.3 million from $211.3 million in the same period of last year. For the reported quarter, the Company's income from property operations, excluding deferrals and property management, increased 7.1% to $128.1 million from $119.6 million for the same period in 2016.

For the reported quarter, the Company's earnings before interest, tax, depreciation, and amortization (EBITDA) increased 7.1% to $109.24 million from $101.98 million in Q3 FY16. During Q3 FY17, Equity LifeStyle's adjusted EBITDA increased 7.7% to $111.49 million from $103.43 million in the same period of last year. For the reported quarter, the Company's adjusted EBITDA margin increased 40 basis points to 46.1% of revenue from 45.7% of revenue in Q3 FY16.

During Q3 FY17, Equity LifeStyle's G&A expenses decreased 1.9% to $7.51 million from $7.65 million in Q3 FY16. For the reported quarter, the Company's depreciation on real estate assets and rental homes expenses increased 3.3% to $30.49 million from $29.52 million in Q3 FY16. During Q3 FY17, the Company's amortization expenses decreased 89.9% to $138,000 from $1.38 million in Q3 FY16. For the reported quarter, the Company's total expenses increased 4.1% to $187.45 million from $179.90 million in Q3 FY16.

During Q3 FY17, Equity LifeStyle's net income increased 18.3% to $48.53 million on a y-o-y basis from $41.00 million in Q3 FY16. For the reported quarter, the Company's diluted earnings per share (EPS) increased 16.6% to $0.56 on a y-o-y basis from $0.48 in the same period of last year.

For the three months ended September 30, 2017, Equity LifeStyle's funds from operations (FFO) available for common stock and OP unit holders increased 9.6% to $84.30 million on a y-o-y basis from $76.85 million in Q3 FY16. For the reported quarter, the Company's diluted FFO per share increased 8.4% to $0.90 on a y-o-y basis from $0.83 in the same period of last year.

During Q3 FY17, Equity LifeStyle's normalized FFO available for common stock and OP unit holders increased 10.1% to $85.05 million on a y-o-y basis from $77.18 million in Q3 FY16. For the reported quarter, the Company's diluted normalized FFO per share increased 9.6% to $0.91 on a y-o-y basis from $0.83 in the same period of last year. The diluted normalized FFO per share surpassed analysts' expectations of $0.90.

Balance Sheet

As on September 30, 2017, Equity LifeStyle's cash increased 37.3% to $77.40 million from $56.34 million on December 31, 2016. During Q3 FY17, the Company's net notes receivables increased 45% to $50.08 million from $34.52 million in Q4 FY16.

During Q3 FY17, the Company's total assets increased 1.3% to $3.53 billion from $3.48 billion in Q4 FY16.

As on September 30, 2017, Equity LifeStyle's accrued expenses and accounts payable increased 18.7% to $106.69 million from $89.86 million in Q4 FY16. As on September 30, 2017, the Company's mortgage notes payable increased 4.7% to $1.98 billion from $1.89 billion in Q4 FY16.

For the reported quarter, Equity LifeStyle's interest coverage ratio was 4.4 compared to 4.1 in Q3 FY16. For the reported quarter, the Company's total debt to adjusted EBITDA ratio was 5.1 compared to 5.2 in Q3 FY16.

For the reported quarter, Equity LifeStyle's funds available for distribution (FAD) for common stock and OP unit holders increased 10.2% to $74.04 million from $67.18 million in Q3 FY16.

During Q3 FY17, the Company sold 484,913 shares of common stock as part of its ATM equity offering program at a weighted average price per share of $86.69.

Outlook

For Q4 FY17, Equity LifeStyle expects diluted EPS to be in the range of $0.47 - $0.53. The Company estimates FFO per share to be in the band of $0.81 - $0.87, and normalized FFO per share to be in the range of $0.84 - $0.90 for Q4 FY17.

For FY17, Equity LifeStyle expects diluted EPS to be in the range of $2.13 - $2.19. The Company estimates FFO per share to be in the band of $3.52 - $3.58, and normalized FFO per share to be in the range of $3.56 - $3.62 for the fiscal year 2017.

Stock Performance

Equity LifeStyle Properties' share price finished yesterday's trading session at $87.48, marginally up 0.76%. A total volume of 410.34 thousand shares have exchanged hands. The Company's stock price rallied 0.05% in the last three months, 7.75% in the past six months, and 17.38% in the previous twelve months. Additionally, the stock surged 21.33% since the start of the year. Shares of the Company have a PE ratio of 43.41 and have a dividend yield of 2.23%. The stock currently has a market cap of $7.61 billion.

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