Market Overview

Bofa Update For Equity Lifestyle Properties Inc. (ELS)

Analysts at Bank of America Merrill Lynch have released a report on Equity Lifestyle Properties Inc. (NYSE: ELS).

Equity Lifestyle reported FFO per share of $0.79 for Q4, FY2009. This was higher than analysts’ estimate of $0.69. The higher than expected FFO per share was due to strong NOI driven by higher resort based income. This was partly offset by lower than expected incomes from home sales and other investments. The core NOI increased 6.5% year-over-year in 2009. The NOI has been more stable in the downturn than analysts’ expectations. For Q4, the core NOI was up 7%.

Equity Lifestyle is also expected to pay off secured debt of $183 million that matures in 2010 with anticipated proceeds of $64 million from financings this year and $145 million in cash on hand. Equity Lifestyle’s guidance for Q1, FY2010 for FFO per share is the range of $0.98-$1.08. The consensus for FFO per share in Q1 is $1.06, while analysts expect FFO per share to be at $0.95.

Equity Lifestyle has maintained its 2010 EPS guidance at $3.39-$3.59. Analysts estimate FFO per share for 2010 to be at $3.47 while the consensus estimate is $3.49. Analysts at Bank of America Merrill Lynch have a Neutral rating for Equity Lifestyle Properties Inc. with a price objective of $52.

Posted-In: Bank of America Merrill LynchAnalyst Color Price Target Analyst Ratings

 

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