Equity Lifestyle Properties, Inc (NYSE:ELS) stock fell 6.33% (As on July 19, 11:52:22 AM UTC-4, Source: Google Finance) though the company posted better than expected results for the second quarter of FY 22. For the quarter ended June 30, 2022, net income available for Common Stockholders increased $0.4 million, to $61.5 million compared to $61.1 million, for the same period in 2021. For the quarter ended June 30, 2022, Funds from Operations (“FFO”) available for Common Stock and OP Unit holders increased $4.0 million to $121.6 million compared to $117.6 million, for the same period in 2021. For the quarter ended June 30, 2022, property operating revenues, excluding deferrals, increased $20.7 million to $315.8 million, compared to $295.1 million for the same period in 2021. For the quarter ended June 30, 2022, income from property operations, excluding deferrals and property management, increased $8.3 million to $174.8 million, compared to $166.5 million for the same period in 2021. For the quarter ended June 30, 2022, Core property operating revenues, excluding deferrals, increased approximately 4.9% and Core income from property operations, excluding deferrals and property management, increased approximately 3.3%, compared to the same period in 2021.

ELS in the second quarter of FY 22 has reported the adjusted funds from operations per share of 64 cents, which is inline with the analysts’ estimates for the adjusted funds from operations per share of 64 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 10.7 percent to $365.31 billion in the second quarter of FY 22, beating the analysts’ estimates for revenue by 4.31%.

Meanwhile, in June 2022, the company completed the acquisition of Holiday Trav-L-Park Resort, a 299-site oceanfront Recreational Vehicle (“RV”) community located in Emerald Isle, North Carolina, Oceanside RV Resort, a 139-site RV community located in Oceanside, California, and one land parcel adjacent to one of our properties for an aggregate purchase price of $97.4 million. The total year to date acquisition investment is $113 million.

For the current quarter ending in October, Equity Lifestyle Properties expects its per-share funds from operations to range from 66 cents to 72 cents.

The company expects full-year funds from operations in the range of $2.68 to $2.78 per share.

Additionally, Q2 2022 Core MH base rental income posts 5.7% growth compared to the same period in 2021, which reflects 5.3% growth from rate increases and 0.4% from occupancy gains.