Equity Lifestyle provides update on Hurricane Irma impact, reaffirms guidance
Equity LifeStyle Properties provided an update on the impact of Hurricane Irma on its Florida properties. Efforts to restore affected properties are underway, with some already substantially complete. All Florida mainland properties are open for business and have staff onsite. The company has been onsite to assess its 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 the company expects that both of these properties will be open for business once utility services are fully restored. Equity LifeStyle Properties 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 its results of operations or its financial condition on a consolidated basis and, accordingly, the company reaffirms previously issued 2017 guidance.