ELS: Damage from Sandy Less Than $500,000
Equity LifeStyle Properties Inc. (ELS) reported today (Nov. 1) its preliminary assessment of the impact of Hurricane Sandy on its properties along the Atlantic seaboard and in the Northeast.
No injuries to our residents, customers or employees have been reported, ELS stated in a news release. The company has a total of 56 properties (21 manufactured home communities and 35 RV resorts) that were within the storm’s trajectory.
Property damage losses at those properties are preliminarily estimated to total less than $500,000. The bulk of those losses are expected to be for removal of damaged trees and debris cleanup.
Three RV resorts that would otherwise have been open for customer use on weekends remain closed due to loss of electricity as a result of the storm. All of our manufactured home communities are open; one is without electricity. 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, including business interruption coverage. The company does not believe that the storm will have a material impact on its financial condition or operating results.
ELS is a fully integrated owner and operator of lifestyle-oriented properties and as of today owns or has an interest in 382 quality properties in 32 states and British Columbia consisting of 141,077 sites. The company is a self-administered, self-managed, real estate investment trust (REIT) with headquarters in Chicago.