Equity LifeStyle Properties, Inc. (ELS), give an update on its Florida properties after Hurrican Irma struck a few weeks ago.
According to ELS, efforts to restore affected properties are underway, with some already substantially complete. All of the companies Florida mainland properties are open for business anon site staff on site.
The company has also been on site to assess their two RV resorts in the Florida Keys: Fiesta Key, in Long Key, and Sunshine Key, in Big Pine Key. Electrical service has been restored to Fiesta Key and they expect that both of these properties will be open for business once utility services are fully restored.
As previously reported, ELS properties have been affected by flooding, wind, wind-blown debris, falling trees and tree branches. Overall, homes in ELS communities held up well, with most of the structural damage limited to carports, screen rooms and awnings. Structural damage to common areas was also limited.
ELS is in the process of estimating costs associated with cleanup and restoration efforts and the company believes that it has adequate insurance, subject to deductibles, including business interruption coverage. At this time, the company does not believe that Hurricane Irma will significantly impact the results of operations or financial condition on a consolidated basis.
“We continue to be grateful that there were no reported injuries to our residents, guests or employees,” said President and CEO Marguerite Nader. “Our employees in Florida have shown the depths of their dedication to our customers and our communities, as they carried out our emergency response plans and coordinated property evacuations. They are now focusing their efforts on quickly restoring our properties and addressing the needs of our residents and guests.”