As previously reported, our Florida mainland properties resumed normal
operations shortly after Hurricane Irma made landfall on September 10, 2017. Fiesta Key RV Resort, one of our RV resorts in the Florida Keys, has reopened on a limited basis. We expect Sunshine Key RV Resort to reopen as utility services are
restored. At this time, our restoration efforts continue. Our current estimate of costs, which includes capital expenditures and expenses, related to restoration of the Florida properties is approximately $25.0 to $30.0 million. We expect our
restoration efforts to be substantially complete in early 2018.
We continue to believe that we have adequate insurance, subject to
deductibles, including business interruption coverage. We are engaged in discussions with our insurance carriers’ adjusters and have submitted an initial request for partial reimbursement related to our claim. At this time, we continue to
believe that Hurricane Irma will not significantly impact our results of operations or our financial condition on a consolidated basis.
In accordance with General Instruction B.2. of Form
8-K,
the information included in items 2.02 and
7.01 of this Current Report on Form
8-K,
including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that Section, nor shall such information be deemed incorporated by reference in any registration statement filed by Equity Lifestyle Properties, Inc. under the Securities Act of 1933, as amended. We disclaim any
intention or obligation to update or revise this information.
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:
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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);
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our ability to maintain historical or increase future rental rates and occupancy with respect to Properties currently owned or that we may acquire;
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our ability to retain and attract customers renewing, upgrading and entering
right-to-use
contracts;
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our assumptions and guidance concerning 2017 and 2018 estimated net income, FFO and Normalized FFO;
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our assumptions about rental and home sales markets;
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our ability to manage counter-party risk;
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in the
age-qualified
Properties, home sales results could be impacted by the ability of potential home buyers to sell their existing residences as well as by financial, credit and
capital markets volatility;
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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;
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impact of government intervention to stabilize site-built single family housing and not manufactured housing;
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effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;
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the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;
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unanticipated costs or unforeseen liabilities associated with recent acquisitions;
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ability to obtain financing or refinance existing debt on favorable terms or at all;
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the effect of interest rates;
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the dilutive effects of issuing additional securities;
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the effect of accounting for the entry of contracts with customers representing a
right-to-use
the Properties under the Codification Topic
“Revenue Recognition”;
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the outcome of pending or future lawsuits or actions brought against us, including those disclosed in our filings with the Securities and Exchange Commission; and
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other risks indicated from time to time in our filings with the Securities and Exchange Commission.
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For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the
Securities and Exchange Commission, including “Risk Factors” in our most recent Annual Report on Form
10-K
and subsequent quarterly reports on Form
10-Q.
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.
Equity LifeStyle Properties, Inc. is a fully integrated owner and operator of
lifestyle-oriented properties and owns or has an interest in 404 quality properties in 32 states and British Columbia consisting of 149,448 sites. We are a self-administered,
self-managed,
real estate
investment trust with headquarters in Chicago.