Real Estate stock under pressure: Equity Lifestyle Properties, Inc. (NYSE: ELS)

Free $100 Forex No-Deposit Bonus

Equity Lifestyle Properties, Inc. (NYSE: ELS) stock fell over 3.7% on April 21st, 2020 (as of 1:21 pm GMT-4 ; Source: Google finance)  after the company’s net income available for Common Stockholders declined by $46.4 million, to $66.9 million compared to $113.3 million for the same period in 2019. For the first quarter of 2019, the company had included the profit of $52.5 million on the sale of five all-age MH communities. The company had reported the adjusted revenue growth of 8.3 percent to $280.5 million in the first quarter of FY 20. For the first quarter ended March 31, 2020, the company has delivered the $5.6 million increase in Normalized Funds from Operations (Normalized FFO) available for Common Stock and OP Unit holders or $0.03 per Common Share, to $113.3 million, or $0.59 per Common Share, compared to $107.7 million, or $0.56 per Common Share, for the same period in 2019. Due to the uncertainty surrounding the economic impact of the COVID-19 pandemic and the impact of operational changes the company has withdrawn the full year 2020 guidance.

Meanwhile, during the first quarter ended March 31, 2020, the company closed the financing transaction with Fannie Mae and had generated the gross proceeds of $275.4 million. The loan was secured by eight MH and four RV communities, has a fixed interest rate of 2.69% per annum and matures in 10 years. The net proceeds from the transaction were used by the company for the repayment of the outstanding balance on the line of credit and three loans scheduled to mature in 2020, as well as to fund working capital. The three loans had an outstanding principal balance of $48.1 million and a weighted average interest rate of 5.18% per annum. As part of the transaction, the company had incurred prepayment penalties of $1 million. Subsequent to the first quarter the company had borrowed $100 million from the line of credit. The line of credit has remaining availability is of $300 million, subject to certain conditions.

Additionally, for the first quarter 2020, the property operating revenues, excluding deferrals, has risen by $18.8 million to $269.7 million compared to $250.9 million for the same period in 2019. For the first quarter ended March 31, 2020, the Core property operating revenues, excluding deferrals, grew by approximately 5.4 percent and Core income from property operations, excluding deferrals and property management, increased approximately 5.2 percent compared to the same period in 2019.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.