ELS Says Irene Damage to Cut Income Less than $1.5M
Equity LifeStyle Properties Inc. (ELS) said Thursday (Sept. 1) the impact on income from property operations as a result of Hurricane Irene will be less than $1.5 million.
The Chicago-based real estate investment trust (REIT) based its estimate after undertaking a preliminary assessment of the impact of Hurricane Irene on its operations, according to a news release. A number of the company's locations on the East Coast were closed during the weekend of Aug. 27 due to power outages and other weather related issues while Hurricane Irene moved north up the coast.
"A few properties remain closed and will not be open over Labor Day weekend. We expect that the primary impact to our property operations will be costs to clean up flood damage and other items such as wind blown debris, falling trees and tree branches as well as reduced transient RV income due to property closures," the company stated.
ELS owns or has an interest in 365 properties in 32 states and British Columbia consisting of 134,005 sites.