MAA announces estimated impact of Hurricanes Irma and Harvey
MAA announced that the company sustained only minor damage to its Houston, Texas area portfolio as a result of Hurricane Harvey. Likewise, only minor damage was sustained to the company's portfolio of Florida properties located in Tampa, Orlando, and Jacksonville as well as properties in Savannah, Georgia and Charleston, South Carolina as a result of Hurricane Irma. No apartment units were taken off-line due to the hurricanes and all communities remain fully operational. After a full assessment of damages, the company estimates total costs of approximately $3.5M, primarily for tree clean-up and other landscaping work as well as remediating some minor and isolated water intrusion. Approximately 70% of these costs are expected to be operating expenditures with the remaining 30% representing capital expenditures. The company does not expect these costs to impact the earnings guidance range provided in the Q2 earnings release.