SeniorHousingNews states Equity Lifestyle Properties, Inc. (ELS) reports a drop in net income available for common shares for Q1 2012 of 34 percent, from $19 million Q1 2011 to $12.4 million this past quarter. Revenues increased for the first quarter of 2012 to 181.3 million compared to $135.1 million for Q1 2011. MHProNews.com has learned revenue from community-based rental income accounted for the most significant gain, rising 56 percent to over $102 million. ELS notes, however, revenues for Q1 2012 were dimmed by problems with new membership upgrade products. As of first quarter’s end, ELS had 141,000 sites. The occupancy rate for the 74,000 community sites dropped from 2011’s 90.4 percent to 89.1 percent for quarter ending March 31, 2012.

(Image credit: Equity Lifestyle Properties)