CHICAGO (AP) _ Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $108.6 million, or 56 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 54 cents 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 $64.5 million, or 35 cents per share.
The resort community operator posted revenue of $271.2 million in the period.
Equity Lifestyle Properties expects full-year funds from operations to be $2.09 to $2.13 per share.
The company's shares have increased 42% since the beginning of the year. In the final minutes of trading on Monday, shares hit $68.82, a climb of 46% in the last 12 months.