CHICAGO, Oct. 14,
2024 /PRNewswire/ -- Equity LifeStyle Properties,
Inc. (NYSE:ELS) (referred to herein as the "Company," "we," "us,"
and "our") reported today its preliminary assessment of the impact
of Hurricane Milton on its Florida
properties.
Based on our ongoing initial assessments, certain properties
were affected by flooding, wind, wind-blown debris, falling trees
and tree branches. Structural damage to common areas appears to be
limited. We have seen damage to some homes, carports, screen rooms
and awnings. Our team members and third-party contractors have
begun cleanup efforts at many of the impacted properties, and we
are working towards quickly returning our properties to full
operating condition. Certain properties continue to experience
utility disruptions.
We are in the process of estimating costs associated with
cleanup and restoration efforts. We believe that we have adequate
insurance, subject to deductibles, including business interruption
coverage. At this time, we do not believe that Hurricane Milton
will significantly impact our results of operations or our
financial condition on a consolidated basis.
President and Chief Executive Officer Marguerite Nader commented, "The safety of our
residents, guests and employees is paramount, and we are grateful
for the efforts of our team members to assist customers in
preparing for and responding to the storm. Our focused storm
preparation and response plan give us confidence that our
Florida properties will be ready
for residents and guests as we approach the popular winter
season."
This press release includes certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. When used, words such as "anticipate," "expect,"
"believe," "project," "estimate," "guidance," "intend," "may be"
and "will be" and similar words or phrases, or the negative
thereof, unless the context requires otherwise, are intended to
identify forward-looking statements and may include, without
limitation, information regarding our expectations, goals or
intentions regarding the future, and the expected effect of our
acquisitions. Forward-looking statements, by their nature, involve
estimates, projections, goals, forecasts and assumptions and are
subject to risks and uncertainties that could cause actual results
or outcomes to differ materially from those expressed in a
forward-looking statement due to a number of factors, which
include, but are not limited to the following: (i) the mix of site
usage within the portfolio; (ii) yield management on our short-term
resort and marina sites; (iii) scheduled or implemented rate
increases on community, resort and marina sites; (iv) scheduled or
implemented rate increases in annual payments under membership
subscriptions; (v) occupancy changes; (vi) our ability to attract
and retain membership customers; (vii) change in customer demand
regarding travel and outdoor vacation destinations; (viii) our
ability to manage expenses in an inflationary environment; (ix)
changes in debt service and interest rates; (x) our ability to
integrate and operate recent acquisitions in accordance with our
estimates; (xi) our ability to execute expansion/development
opportunities in the face of changes impacting the supply chain or
labor markets; (xii) completion of pending transactions in their
entirety and on assumed schedule; (xiii) our ability to attract and
retain property employees, particularly seasonal employees; (xiv)
ongoing legal matters and related fees; (xv) costs to restore
property operations and potential revenue losses following storms
or other unplanned events; and (xvi) the potential impact of, and
our ability to remediate material weaknesses in our internal
control over financial reporting.
For further information on these and other factors that could
impact us and the statements contained herein, refer to our filings
with the Securities and Exchange Commission, including the
"Risk Factors" and "Forward-Looking Statements" sections in our
most recent Annual Report on Form 10-K and any subsequent Quarterly
Reports on Form 10-Q.
These forward-looking statements are based on management's
present expectations and beliefs about future events. As with any
projection or forecast, these statements are inherently susceptible
to uncertainty and changes in circumstances. We are under no
obligation to, and expressly disclaim any obligation to, update or
alter our forward-looking statements whether as a result of such
changes, new information, subsequent events or otherwise.
We are a fully integrated owner of lifestyle-oriented properties
and own or have an interest in 452 properties located predominantly
in the United States consisting of
172,866 sites as of July 22, 2024. We
are a self-administered, self-managed, real estate investment trust
with headquarters in Chicago.
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SOURCE Equity Lifestyle Properties, Inc.