|Sun Communities Provides Preliminary Assessment of Hurricane Matthew Impact|
FOR FURTHER INFORMATION AT THE COMPANY:
Southfield, MI, October 10, 2016 - Sun Communities, Inc. (NYSE:SUI) (the "Company"), a real estate investment trust ("REIT") that owns and operates manufactured housing and recreational vehicle communities, is providing a preliminary property assessment of the impact of Hurricane Matthew on the Company's assets in Florida, North and South Carolina, Georgia and Virginia. Based on initial assessments, the Company believes its properties did not sustain any material damage from the hurricane. The bulk of any losses are expected to be related to removal of damaged trees and debris cleanup and more thorough inspections will be performed in the coming days to confirm the initial assessments.
"Our team has worked diligently since we received early warnings of the storm through the passing of the hurricane to ensure that our residents and guests are safe and that services provided by Sun are restored as quickly as possible," said President and Chief Operating Officer, John McLaren. "We are most fortunate that no one was injured and that the damage to our communities and resorts seems minimal."
Sun Communities, Inc. is a REIT that currently owns and operates a portfolio of 339 communities comprising approximately 117,000 developed sites.
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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, the ability of manufactured home buyers to obtain financing, the level of repossessions by manufactured home lenders and those risks and uncertainties referenced under the headings entitled "Risk Factors" contained in the Company's 2015 Annual Report on Form 10-K, the Company's Quarterly Report on Form 10-Q for the Quarter ended June 30, 2016, and the Company's other periodic filings with the Securities and Exchange Commission.
The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company's assumptions, expectations of future events, or trends.