Brief: ELS Posts Qtrly EPS Of $0.36

Equity Lifestyle Properties

17/10/2022 21:29

Oct 17 (Reuters) - Equity Lifestyle Properties Inc
 ELS.N :
    * ELS REPORTS THIRD QUARTER RESULTS
    * SEES FY EARNINGS PER SHARE $1.46 TO $1.52
    * QTRLY REVENUE $381 MILLION, UP 9.7%
    * QTRLY EPS $0.36
    * APPROXIMATELY 60% OF OUR FLORIDA PORTFOLIO WAS IN PATH OF
HURRICANE IAN AS IT MOVED ACROSS STATE
    * MOST SIGNIFICANT DAMAGE TO PROPERTIES OCCURRED IN OR NEAR
FORT
MYERS AREA BY HURRICANE IAN
    * CURRENTLY EXPECT DAMAGED PROPERTIES WILL RESUME OPERATIONS
DURING Q4
    * EQUITY LIFESTYLE - REVIEWED ASSETS IMPACTED BY STORM FOR
POTENTIAL IMPAIRMENT & DETERMINED ESTIMATED FUTURE CASH FLOWS
GREATER THAN NET BOOK VALUE
    * EQUITY LIFESTYLE PROPERTIES - SIX OF OUR PROPERTIES IN OR
NEAR
FORT MYERS MARKET CONTINUE TO EXPERIENCE UTILITY DISRUPTIONS &
ARE TEMPORARILY CLOSED
    * EQUITY LIFESTYLE - HAVE DETERMINED THAT STORM-RELATED
DAMAGE TO
CERTAIN ASSETS SUPPORTED A $3.7 MILLION REDUCTION TO CARRYING
VALUE OF ASSETS
    * HAVE WITHDRAWN OUR PREVIOUSLY PROVIDED FULL YEAR CORE
GUIDANCE
FOR REVENUE, EXPENSE AND NOI
    * SEES FY FFO PER SHARE $2.60 TO $2.66
    * SEES FY NORMALIZED FFO/SHARE $2.64 TO $2.70
    * Q3 REVENUE VIEW $345.4 MILLION -- REFINITIV IBES DATA

Source text for Eikon:  ID:nBw1BWdXDa 
Further company coverage:  ELS.N 
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