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