ELS Reports Minimal Impact From Hurricane Matthew
October 10 2016 - 9:10AM
Business Wire
Equity LifeStyle Properties, Inc. (NYSE: ELS; the “Company”)
reported today its preliminary assessment of the impact of
Hurricane Matthew on its Florida properties and those in coastal
North and South Carolina.
No injuries to our residents, guests or employees have been
reported. The Company has a total of 30 properties (19 manufactured
home communities and 11 RV resorts) that were within Hurricane
Matthew’s trajectory. Property damage losses at those properties
are preliminarily estimated to total less than $750,000. The bulk
of those losses are expected to be related to removal of damaged
trees and debris cleanup. Consistent with prior storm events, newer
homes held up well during the hurricane.
We are working to quickly return affected properties to full
operating condition. Currently, three manufactured home communities
and four RV resorts are without electricity as a result of the
hurricane. The Company does not yet have an estimate for business
interruption losses, but they are expected to be relatively
limited.
The Company believes that it has adequate insurance subject to
deductibles, including business interruption coverage. The Company
does not believe that the storm will have a material impact on its
financial condition or operating results.
President and Chief Executive Officer Marguerite Nader
commented, “Above all, we are grateful that there have not been any
reported deaths or injuries to our residents, guests or employees.
Our operations teams in Florida and the Carolinas have exhibited
incredible efforts in preparing for and reacting to the effects of
Hurricane Matthew, including assisting our customers.”
This report includes certain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. When used, words such as “anticipate,” “expect,” “believe,”
“project,” “intend,” “may be” and “will be” and similar words or
phrases, or the negative thereof, unless the context requires
otherwise, are intended to identify forward-looking statements and
may include, without limitation, information regarding our
expectations, goals or intentions regarding the future, and the
expected effect of our acquisitions. These forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, including, but not limited to:
- our ability to control costs, real
estate market conditions, the actual rate of decline in customers,
the actual use of sites by customers and our success in acquiring
new customers at our properties (including those that we may
acquire);
- our ability to maintain historical or
increase future rental rates and occupancy with respect to
properties currently owned or that we may acquire;
- our ability to retain and attract
customers renewing, upgrading and entering right-to-use
contracts;
- our assumptions about rental and home
sales markets;
- our assumptions and guidance concerning
2016 estimated net income, FFO and Normalized FFO;
- our ability to manage counterparty
risk;
- in the age-qualified properties, home
sales results could be impacted by the ability of potential
homebuyers to sell their existing residences as well as by
financial, credit and capital markets volatility;
- results from home sales and occupancy
will continue to be impacted by local economic conditions, lack of
affordable manufactured home financing and competition from
alternative housing options including site-built single-family
housing;
- impact of government intervention to
stabilize site-built single-family housing and not manufactured
housing;
- effective integration of recent
acquisitions and our estimates regarding the future performance of
recent acquisitions;
- the completion of future transactions
in their entirety, if any, and timing and effective integration
with respect thereto;
- unanticipated costs or unforeseen
liabilities associated with recent acquisitions;
- ability to obtain financing or
refinance existing debt on favorable terms or at all;
- the effect of interest rates;
- the dilutive effects of issuing
additional securities;
- the effect of accounting for the entry
of contracts with customers representing a right-to-use the
properties under the Codification Topic “Revenue Recognition;”
- the outcome of pending or future
lawsuits filed against us, including those disclosed in our filings
with the Securities and Exchange Commission, by tenant groups
seeking to limit rent increases and/or seeking large damage awards
for our alleged failure to properly maintain certain properties or
other tenant related matters, such as the case currently pending in
the California Court of Appeal, Sixth Appellate District, Case No.
H041913, involving our California Hawaiian manufactured home
property, including any further proceedings on appeal or in the
trial court; and
- other risks indicated from time to time
in our filings with the Securities and Exchange Commission.
These forward-looking statements are based on management's
present expectations and beliefs about future events. As with any
projection or forecast, these statements are inherently susceptible
to uncertainty and changes in circumstances. We are under no
obligation to, and expressly disclaim any obligation to, update or
alter our forward-looking statements whether as a result of such
changes, new information, subsequent events or otherwise.
We are a fully integrated owner and operator of
lifestyle-oriented properties and own or have an interest in 390
quality properties in 32 states and British Columbia consisting of
145,799 sites. We are a self-administered, self-managed, real
estate investment trust (REIT) with headquarters in Chicago.
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version on businesswire.com: http://www.businesswire.com/news/home/20161010005643/en/
Equity LifeStyle Properties, Inc.Paul Seavey, 312-279-1488
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