RealPage Expects $3-$4 Million of Renter’s Insurance Claims from Hurricanes
RICHARDSON, Texas--(BUSINESS WIRE)-- RealPage, Inc. (NASDAQ:RP), a leading global provider of software and data analytics to the real estate industry, today announced that a portion of the company’s renters insurance operation is expected to be adversely affected by Hurricanes Harvey and Irma. Historically, hurricanes have not had a material impact on the company’s renter’s insurance operation. This is largely due to the fact that the renter’s insurance policies offered by the company do not cover claims resulting from flood conditions. However, due to the extended duration and wide geographic impact of Hurricanes Harvey and Irma, the company estimates that insurance claims primarily resulting from damage unrelated to flooding or rising water will range between $3.0 million and $4.0 million based on currently available information.
“The anticipated financial and human impact related to Hurricanes Harvey and Irma is tremendous,” said Steve Winn, Chairman and CEO of RealPage. “First and foremost our hearts and thoughts are squarely focused on the safety and well-being of our residents, clients and employees impacted by these catastrophic events.”
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use our platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves nearly 11,500 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking” statements relating to RealPage’s expectations or estimates regarding the value of hurricane-related claims that may be made with respect to damages covered under renters insurance policies sold by the company and the resulting adverse effects on the company’s renter’s insurance operation. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “estimates,” “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual number or value of insurance claims, or the financial effects of such claims on the company’s renter’s insurance operation, to be materially different from those expressed or implied by the forward-looking statements. Additional factors that could cause or contribute to such differences include, but are not limited to, an increase in the number or magnitude of insurance claims made under the insurance policies sold by the company, or the other risks and uncertainties described in documents filed with or furnished to the Securities and Exchange Commission (“SEC”) by RealPage, including its Annual Report on Form 10-K previously filed with the SEC on March 1, 2017 and its Quarterly Report on Form 10-Q filed on August 4, 2017. All information provided in this release is as of the date hereof and RealPage undertakes no duty to update this information except as required by law.
Rhett Butler, 972-820-3773
Source: RealPage, Inc.
Released September 21, 2017