CHICAGO (AP) — CHICAGO (AP) — Equity Lifestyle Properties Inc. (ELS) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The Chicago-based real estate investment trust said it had funds from operations of $152.7 million, or 78 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 77 cents per share.

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 $109.9 million, or 59 cents per share.

The resort community operator, based in Chicago, posted revenue of $386.6 million in the period.

For the current quarter ending in June, Equity Lifestyle Properties expects its per-share funds from operations to range from 61 cents to 67 cents.

The company expects full-year funds from operations in the range of $2.84 to $2.94 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ELS at https://www.zacks.com/ap/ELS