ELS: Hurricane Assessment Underway, Cleanup Effort Begins

CHICAGO – Equity LifeStyle Properties, Inc. (NYSE:ELS) reported today (Oct. 4) that it is in the process of undertaking an initial assessment of the impact of Hurricane Ian on its Florida properties and North Carolina and South Carolina coastal properties.

In Florida, based on ongoing initial assessments, wind-related structural damage to common areas appears limited, and properties have been affected by flooding, wind, wind-blown debris, falling trees and tree branches. Consistent with prior storm events, newer homes appear to have held up well during the hurricane. However, company officials have seen damage to some homes, carports, screen rooms and awnings.

Cleanup efforts have begun in many of the communities, and officials are working towards quickly returning their properties to full operating condition. Certain properties are still experiencing utility disruptions that have led to temporary closures of a limited number of properties. Among these properties, two RV properties located near Fort Myers beach and a marina in Cape Haze suffered significant flooding and wind-related damage. Gulf Air RV and Fort Myers Beach RV have 246 and 292 sites, respectively, and Palm Harbour Marina has 260 slips.

Given access restrictions, ELS officials are presently unable to assess Hurricane Ian’s impact on Pine Island RV (363 sites) located in St. James City, Florida, and Fish Tale Marina (296 slips) located in Fort Myers Beach, Florida.

The impact on ELS’ coastal North and South Carolina properties was minimal, and all properties are open.

“We are in the process of estimating costs associated with our cleanup and restoration efforts, and the company believes that it has adequate insurance, subject to deductibles, including business interruption coverage. At this time, we do not believe that Hurricane Ian will significantly impact our results of operations or our financial condition on a consolidated basis,” officials said.

President and Chief Executive Officer Marguerite Nader commented, “Our highest priority is the safety of our residents, guests and employees. We greatly appreciate the efforts of our team members who proactively assisted our customers and prepared our properties for the effects of Hurricane Ian. We look forward to welcoming residents and guests back for the winter season.”

Source: https://rvbusiness.com/els-hurricane-assessment-underway-cleanup-effort-begins/