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Home>ELS Updates on Hurricane Irma

ELS Updates on Hurricane Irma

ELS Updates on Hurricane Irma

09/20/2017

ELS Updates on Hurricane Irma

2017 Guidance Reaffirmed

Equity LifeStyle Properties, Inc. (NYSE: ELS; the “Company”) today provided an update on the impact of Hurricane Irma on its Florida properties.

Efforts to restore affected properties are underway, with some already substantially complete. All of our Florida mainland properties are open for business and have staff onsite. We have been onsite to assess our two RV resorts in the Florida Keys: Fiesta Key in Long Key and Sunshine Key in Big Pine Key. Electrical service has been restored to Fiesta Key, and we expect that both of these properties will be open for business once utility services are fully restored.

As previously reported, our properties have been affected by flooding, wind, wind-blown debris, falling trees and tree branches. Overall, homes in our communities held up well with most of the structural damage limited to carports, screen rooms and awnings. Structural damage to common areas was also limited.

We are in the process of estimating costs associated with our cleanup and restoration efforts, and the Company believes that it has adequate insurance, subject to deductibles, including business interruption coverage. At this time, we do not believe that Hurricane Irma will significantly impact our results of operations or our financial condition on a consolidated basis and, accordingly, the Company reaffirms previously issued 2017 guidance.

President and Chief Executive Officer Marguerite Nader commented, “We continue to be grateful that there were no reported injuries to our residents, guests or employees. Our employees in Florida have shown the depths of their dedication to our customers and our communities as they carried out our emergency response plans and coordinated property evacuations. They are now focusing their efforts on quickly restoring our properties and addressing the needs of our residents and guests.”

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," "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. These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:

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