CHICAGO (AP) _ Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $108 million, or $1.13 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of $1.11 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $113.3 million, or $1.26 per share.
The resort community operator posted revenue of $259.1 million in the period.
Equity Lifestyle Properties expects full-year funds from operations to be $4.09 to $4.19 per share.
The company's shares have climbed 16 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $113.05, a rise of 29 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ELS at https://www.zacks.com/ap/ELS