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Sun Communities reports major Hurricane Irma damage at 3 communities

Sun Communities Inc. said three of its seven communities in the Florida Keys sustained significant damage from Hurricane Irma and will require full redevelopment.

The company reiterated that its communities in mainland Florida and Georgia mainly suffered minor flooding, debris and tree removal, fencing, skirting and carport damage, but are operational. The majority of cleanup and repair work at these properties is substantially complete.

Sun Communities expects the total damage to be covered by its insurance, and the company anticipates receiving recoveries in 2018. It does not expect the storm to impact its annual funds from operations guidance and affirmed its prior FFO-per-share estimates of $4.12 to $4.18 for the full year 2017.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is $4.16.