Stock Monitor: AGNC Investment Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 07, 2018 / Active-Investors.com has just released a free earnings report on Equity LifeStyle Properties, Inc. (NYSE: ELS) ("ELS"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=ELS. The Company reported its financial results on January 30, 2018, for the fourth quarter and year ended December 31, 2017. The Company continued its record of strong core operations in the fourth quarter of 2017, with an approximately 9.5% growth in funds from operations (FFO), driven by baby boomer relocation trends and overall population growth in key states. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for AGNC Investment Corp. (NASDAQ: AGNC), which also belongs to the Financial sector as the Company Equity LifeStyle Properties. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Equity LifeStyle Properties most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=ELS
Earnings Highlights and Summary
For the quarter ended December 31, 2017, ELS generated revenues of $230.0 million, up 7.5% compared to $214.0 million in the quarter ended December 31, 2016. ELS' property operating revenues, excluding deferrals in Q4 FY17, were $215.3 million, up 6.11% from $202.9 million for the same period in 2016. The income from property operations, excluding deferrals and property management, also increased to $125.0 million in Q4 FY17 from $119.7 million in Q4 FY16.
ELS reported a net income of $48 million in Q4 FY17, up 13.2% compared to $42.4 million in Q4 FY16. There was also an upsurge in the net income available to common stockholders, which increased to $45.0 million, or $0.51 per common share, in Q4 FY17 from $37.0 million, or $0.43 per common share, in Q4 FY16.
ELS' FFO available for common stock and OP unit holders was $79.4 million, or $0.84 per common share, in Q4 FY17, which was 9.52% higher than $72.5 million, or $0.78 per common share, in Q4 FY16. The normalized FFO available for common stock and OP unit holders increased 9.8% to $82.6 million, or $0.88 per common share, in Q4 FY17 from $75.2 million, or $0.81 per common share, in Q4 FY16. This was in-line with analysts' estimates of $0.88.
ELS' total revenues were $925.3 million for the full year FY17, up 6.3% compared to $870.4 million in FY16. Moreover, the Company's net income available for common stockholders was $189.9 million, or $2.17 per common share, for FY17, up 15.8% from $164.0 million, or $1.92 per common share, for the comparable period in 2016.
Cash Matters
ELS had cash of $38.1 million as on December 31, 2017, compared to $56.3 million as on December 31, 2016.
ELS entered into a $204.4 million secured facility with Fannie Mae on October 16, 2017. The secured facility would mature in 2037 and bear interest of 3.97% per annum. The Company used the proceeds from this secured facility to pay back $202.2 million of loans including $2.7 million in early debt retirement costs. These loans were scheduled to mature in 2018. Also, ELS entered into a new credit agreement on October 27, 2017, under which the Company will get access to $400.0 million of unsecured line of credit and a $200.0 million senior unsecured term loan. Along with the new credit agreement, ELS also extended the maturity of its term loan up till April 27, 2023. ELS sold 895,104 shares of common stock as part of its at-the-market (ATM) equity-offering program, at a weighted average price of $87.88, which resulted in net cash proceeds of $77.7 million.
During Q4 FY17, ELS completed the acquisition of Bethpage Camp Resort and Grey's Point Camp, two RV resorts located in Chesapeake Bay, Virginia, having 1,034 and 728 sites, respectively, for a total price of $134.4 million. To fund these acquisitions, the Company used its available cash, and proceeds from its revolving credit facility and ATM equity offering program.
Stock Performance Snapshot
February 06, 2018 - At Tuesday's closing bell, Equity LifeStyle Properties' stock marginally dropped 0.40%, ending the trading session at $82.43.
Volume traded for the day: 486.78 thousand shares, which was above the 3-month average volume of 381.66 thousand shares.
Stock performance in the past twelve-month period - up 11.63%
After yesterday's close, Equity LifeStyle Properties' market cap was at $7.23 billion.
Price to Earnings (P/E) ratio was at 37.99.
The stock has a dividend yield of 2.37%.
The stock is part of the Financial sector, categorized under the REIT - Residential industry. This sector was up 1.5% at the end of the session.
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