Sun Communities, Inc. Provides Update on Impact From Hurricane Irma
FOR FURTHER INFORMATION AT THE COMPANY:
Karen J. Dearing
Chief Financial Officer
(248) 208-2500
Southfield, MI, October 9, 2017 - Sun Communities, Inc. (SUI) (the "Company"), a real estate investment trust ("REIT") that owns and operates or has an interest in manufactured housing and recreational vehicle communities, today provided an update on the impact from Hurricane Irma.
Consistent with the Company`s prior update, damage to Sun`s communities in mainland Florida and Georgia was primarily limited to minor flooding, debris and tree removal, fencing, skirting and carport damage. All of these properties are operational and the majority of cleanup and repair work is substantially complete.
In the Florida Keys, which sustained direct impact from the storm, three of the Company`s seven communities, comprised of approximately 190 sites, suffered significant damage. The Company anticipates a full redevelopment of the three communities will be required.
"From the earliest warnings of the storm, we focused on the welfare of our team members, residents and guests and we continue to provide assistance to those impacted by the storm. I am very pleased with the remarkable effort and care our team demonstrated during this significant event. They worked quickly to bring our communities back to the high level of service and amenity quality for which Sun is known," said President and Chief Operating Officer, John McLaren. "All of our resorts, except for three in the Florida Keys, are taking reservations and we are excited to continue to welcome our guests and residents for the season," added McLaren.
The Company anticipates that total damage losses at the communities will be recoverable by insurance coverage, subject to customary deductibles. Business interruption losses are expected to be primarily related to the aforementioned Florida Keys communities. Preliminary estimates of recoverable damages and business interruption revenue are currently being developed and the Company anticipates receiving recoveries in 2018. The Company does not anticipate an adjustment to its annual Funds from Operations guidance due to storm impact and affirms previously disclosed guidance.
Forward Looking Statements
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. Forward-looking statements can be identified by words such as "will," "may," "could," "expect," "anticipate," "believes," "intends," "should," "plans," "estimates," "approximate," "guidance," and similar expressions in this press release that predict or indicate future events and trends and that do not report historical matters.
These forward-looking statements reflect the Company`s current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, some of which are beyond the Company`s control. These risks, uncertainties, and other factors may cause the actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include national, regional and local economic climates, the ability to maintain rental rates and occupancy levels, competitive market forces, the performance of recent acquisitions, the ability to integrate future acquisitions smoothly and efficiently, changes in market rates of interest, changes in foreign currency exchange rates, the ability of manufactured home buyers to obtain financing and the level of repossessions by manufactured home lenders. Further details of potential risks that may affect the Company are described in our periodic reports filed with the U.S. Securities and Exchange Commission, including in the "Risk Factors" section of the Company`s Annual Report on Form 10-K for the year ended December 31, 2016.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sun Communities via GlobeNewswire
HUG#2140654
