CHICAGO (AP) _ Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its first quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $93.2 million, or $1 per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 98 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 $56.9 million, or 65 cents per share.
The resort community operator posted revenue of $232.4 million in the period.
For the current quarter ending in July, Equity Lifestyle Properties expects its per-share funds from operations to range from 77 cents to 83 cents.
The company expects full-year funds from operations in the range of $3.51 to $3.61 per share.
The company's shares have climbed 11 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $79.89, an increase of 16 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
Keywords: Equity Lifestyle Properties, Earnings Report