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Hurricane Irma Update

To Carter-Haston Partners:

We are writing to provide an update to our partners following Hurricane Irma’s devastating path through Florida and Georgia last week.  We were very fortunate to have sustained relatively minimal damage to the properties in these states.  Any losses were the result of wind and falling trees and there has been no flooding damage reported.

It will take a couple of weeks to assess the final impact, but below is a summary of those properties in the Carter-Haston portfolio which sustained more than simple landscaping and clean up damage.  Any properties which are not listed were largely unaffected.

Whitepalm (Port Orange, FL) – The property sustained shingle losses to at least one building.  Additionally, a fence at the back of the property was significantly damaged.  We are in the process of obtaining estimates for repair of the roofs and the fence, and will likely be filing an insurance claim, though we are unsure at this point whether the replacement cost will be above our insurance deductible.

The Q at Maitland (Orlando, FL) – There were several large uprooted trees which will require replacement.  One resident’s vehicle was damaged by a falling tree with no injuries.  We are in the process of obtaining estimates for landscaping replacement, though the loss is expected to fall below our insurance deductible.

Lofts at Savannah Park (Orlando, FL) – The property sustained significant shingle loss to the pitched portions of the roof system which represents approximately 15% of the total roof while the balance is a flat membrane which did not sustain damage.  It is likely that a full roof replacement will be necessary on these pitched sections.  We are obtaining estimates for this replacement; however, our deductible for wind claims is high and the loss is expected to fall below this deductible, so it likely to be self-funded out of property cash flow.   We will report more fully in our next quarterly reports.

We will provide an update on all damage reports in our 3rd quarter reports.  In the meantime, please feel free to contact us with any specific questions.