Equity Lifestyle reports 'minimal' impact from Hurricane Matthew
Equity LifeStyle Properties reported 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.