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Equity LifeStyle Properties books slight YOY drop in Q2 normalized FFO per share from SNL Real Estate Daily Equity LifeStyle Properties books slight YOY drop in Q2 normalized FFO per shareByline: S&P Global Market Intelligence Equity LifeStyle Properties Inc. disclosed second-quarter funds from operations available for common stock and operating partnership unit holders of $89.5 million, or 47 cents per share, compared with $89.8 million, or 47 cents per share, in the 2019 second quarter. For the second quarter, normalized FFO decreased year over year to $90.9 million from $91.9 million. Normalized FFO per share declined to 47 cents from 48 cents. The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was 44 cents, with five analysts reporting. Total revenues came in at $254.1 million, up 2.3% year over year from $248.4 million. Detailing the impact of the coronavirus pandemic on its business, the manufactured-home real estate investment trust said that in the second quarter, it approved about 540 resident applications for rent deferral, totaling roughly $500,000. Based on declining monthly deferral applications, the REIT discontinued offering deferrals in July. In early July, the company offered about $900,000 of payment credits to annual residents at 15 Northern recreational vehicle properties that suffered substantially delayed openings. As of July 17, the total collection rate from the REIT's manufactured home, recreational vehicle annuals and Thousand Trails customers for the second quarter was 99%, in line with its collection rate for the quarter ended June 30, 2019. |
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