Michigan-based Sun Communities Inc., a real estate investment trust that owns and operates, or has an interest in manufactured housing and recreational vehicle communities, provided an update on the impact from Hurricane Irma Monday (Oct. 9).
According to a press release, 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,” said President and Chief Operating Officer, John McLaren. “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. 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.”
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.