Invitation Homes Inc. (NYSE: INVH), the Dallas based owner of nearly 50,000 single-family homes for lease, on Monday released estimates of the damages believed to have been incurred as a result of Hurricane Irma.
The company’s current assessment is that approximately 30% of its 23,449 homes in Florida and Atlanta sustained minor damage, primarily limited to roofing, fencing, and landscaping issues. A total of five homes incurred severe damage. The company estimates that damages caused by Hurricane Irma totaled $14 million to $17 million, a portion of which may be recoverable through insurance policies that provide coverage for wind, flood, and business interruption, subject to deductibles and limits.
“First and foremost, our thoughts and prayers are with those impacted by the storm,” said John Bartling, Invitation Homes’ President and CEO. “We are fortunate that Invitation Homes’ properties primarily incurred only relatively minor wind damage as a result of Hurricane Irma. I am proud of the way our team has responded to this wide-ranging storm and quickly moved to provide assistance to our residents and impacted communities. We are especially appreciative of our maintenance crews and local vendors who were quick to respond to resident needs in the aftermath of the hurricane.”
The company does not own homes impacted by Hurricane Harvey.
