Southfield, MI, September 11, 2017 - Sun Communities, Inc. (NYSE:SUI) (the "Company"), a real estate investment trust ("REIT") that owns and operates or has an interest in manufactured housing and recreational vehicle communities, is providing a preliminary property assessment of the impact of Hurricane Irma on the Company's communities in Florida and Georgia.
Based on initial information received on a limited number of the communities impacted by the storm, no injuries have been reported and the damage appears to be primarily minor flooding, tree and debris removal, fencing damage and skirting and carport damage. Although most communities appear to have sustained this level of damage, of particular concern are five communities in the Florida Keys for which no firsthand information from Company staff is yet available as access is currently restricted to emergency and medical personnel only. Many properties remain without power and no estimate of time to restoration is currently available. In conjunction with local authorities lifting access restrictions, the Company plans to inspect all communities as quickly as possible to begin restoration and cleanup activities. As the storm is ongoing and the full impact of the storm remains unknown, the Company will provide additional information in the event of a material change in this situation.
"Our team members follow a comprehensive Hurricane Preparedness Plan aimed at securing the safety of our residents, guests and team members, minimizing damage and restoring our communities to full operation as quickly as possible," said President and Chief Operating Officer, John McLaren. "I am most grateful to the Sun Communities team members on the ground in affected areas who are intensely committed to the efficient clean up and repair to our communities, while also caring for their own families and potential personal property losses. Our hearts go out to all of the individuals affected by the storm. Our teams are already hard at work in several communities and stand ready to assist our residents and neighbors as they begin to rebuild from this tragedy."
The Company maintains property, casualty, flood, and business interruption insurance for its portfolio of communities, subject to customary deductibles and limits.
Sun Communities, Inc. is a REIT that currently owns and operates or has an interest in a portfolio of 345 communities comprising approximately 120,000 developed sites.