KBW Maintains Market Perform on Equity Lifestyle Partners (ELS)

KBW is out with its report today on Equity Lifestyle Properties ELS, maintaining Market Perform. In a note to clients, KBW writes, "1Q11 FFO/sh results topped our estimate (and consensus) on lower-than-expected expenses; SSNOI +1.4%, revenue flat, expenses -1.5%. Notably, ELS maintained 2011 FFO/sh guidance ($3.85 midpt), despite raising FYNOI guidance (3.25% midpt, +50bps) and reiterating 2Q guidance (we suspect management conservatism), setting stage for guidance increase down the road. New loan-to-own investment highlights potential future acquisition source." KBW has a $61.50 PT on ELS. Shares of ELS closed Tuesday at $57.32.