CHICAGO (AP) _ Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its second quarter.

The real estate investment trust, based in Chicago, said it had funds from operations of $118.3 million, or 61 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $61.1 million, or 33 cents per share.

The resort community operator posted revenue of $317.4 million in the period.

For the current quarter ending in October, Equity Lifestyle Properties expects its per-share funds from operations to range from 59 cents to 65 cents.

The company expects full-year funds from operations in the range of $2.42 to $2.52 per share.

The company’s shares have increased 25% since the beginning of the year. In the final minutes of trading on Monday, shares hit $78.96, an increase of 23% in the last 12 months.

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