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GREENWOOD VILLAGE, CO-Chateau Communities, the nation’s largest owner and manager of manufactured home communities, reports its total revenues in the third quarter rose 25.9% to $64.6 million over the same period last year. However, the increase reflects its purchase of CWS Communities Trust, which adds 46 properties with about 16,600 home sites in 12 states to the Chateau portfolio, as well as 1,518 expansion sites for future development and three RV communities with 481 RV sites.

The CWS Communities Trust purchase was made in August.

Funds from operations, the most widely accepted measure of a real estate investment trust’s performance, increased 10.8% for the third quarter to $23.5 million.

On a diluted, per-share basis, FFO increased to $0.69 per share in 2001 from $0.66 per share for the same period in 2000.

For the first nine months of the year, total revenues were $169.8 million, up 12.5% from 2000.

Year-to-date funds from operations were $67.1 million, a 6.1% increase from the same period last year. FFO per share increased 3.6% to $2.03 for the first nine months of 2001.

Same-store net operating income for the third quarter was relatively flat at $30.3 million. Same-store rental income increased 3% percent to $48.3 million. Same-store property operating expenses increased by 6.9% to $18.0 million.

Same store net operating income for the nine months ended Sept. 30 was $93.2 million, up 3.4%.

Rental income increased 4.1% from $139.3 million, and same-store property operating expenses increased 5.3% year to date to $51.8 million.

For the full portfolio, third-quarter rental income increased 28.2% percent to $60.9 million. Operating expenses rose to $23.6 million, a 40.3% increase. Net operating income for the full portfolio increased 21.5% to $37.3 million in the third quarter.

“Given the uncertainty in the national economy, we are pleased with the overall performance of the portfolio,” says Chateau CEO Gary McDaniel.

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