Belpointe OZ Provides Initial Assessment on Hurricane Milton Impact
Belpointe PREP, (NYSE American: OZ), a publicly traded qualified opportunity fund, has provided an initial assessment of Hurricane Milton's impact on its properties. The company reported no significant damage to Aster & Links in Sarasota and Viv in St. Petersburg, Florida.
At Aster & Links, there was a temporary power disruption, but the generator maintained critical systems. Electric service was quickly restored, and preliminary assessments show minimal exterior damage. The Viv development's construction crane withstood severe conditions due to rigorous precautionary measures.
CEO Brandon Lacoff expressed gratitude for the favorable outcome and emphasized the company's commitment to supporting the broader community while prioritizing the safety of their projects, residents, and neighbors.
Belpointe PREP, (NYSE American: OZ), un fondo di opportunità qualificato quotato in borsa, ha fornito una valutazione iniziale dell'impatto dell'uragano Milton sulle sue proprietà. L'azienda ha riportato nessun danno significativo ad Aster & Links a Sarasota e a Viv a St. Petersburg, Florida.
Ad Aster & Links, si è verificata una temporanea interruzione di corrente, ma il generatore ha mantenuto i sistemi critici. Il servizio elettrico è stato rapidamente ripristinato e le valutazioni preliminari mostrano danni esterni minimi. La gru della costruzione del progetto Viv ha resistito a condizioni severe grazie a rigorose misure precauzionali.
Il CEO Brandon Lacoff ha espresso gratitudine per il risultato favorevole e ha sottolineato l'impegno dell'azienda a sostenere la comunità più ampia, ponendo in primo piano la sicurezza dei loro progetti, residenti e vicini.
Belpointe PREP, (NYSE American: OZ), un fondo de oportunidades calificado que cotiza en bolsa, ha proporcionado una evaluación inicial del impacto del huracán Milton en sus propiedades. La compañía reportó ningún daño significativo en Aster & Links en Sarasota y en Viv en St. Petersburg, Florida.
En Aster & Links, hubo una interrupción temporal del suministro eléctrico, pero el generador mantuvo los sistemas críticos. El servicio eléctrico se restableció rápidamente y las evaluaciones preliminares muestran daños exteriores mínimos. La grúa de construcción del desarrollo Viv resistió condiciones severas gracias a rigurosas medidas de precaución.
El CEO Brandon Lacoff expresó gratitud por el resultado favorable y enfatizó el compromiso de la empresa de apoyar a la comunidad más amplia mientras prioriza la seguridad de sus proyectos, residentes y vecinos.
벨포인트 PREP(NYSE American: OZ)은 상장된 자격 기회 펀드로서 허리케인 밀턴이 자사의 자산에 미친 영향에 대한 초기 평가를 제공했습니다. 회사는 플로리다 주 사라소타의 Aster & Links와 세인트피터즈버그의 Viv에 대해 중대한 피해가 없었다고 보고했습니다.
Aster & Links에서는 일시적인 전원 중단이 있었으나, 발전기가 중요한 시스템을 유지했습니다. 전기 서비스는 신속하게 복구되었고, 초기 평가에서는 외부 손상이 최소한으로 나타났습니다. Viv 개발의 건설용 기중기는 철저한 예방 조치 덕분에 극한 조건을 견뎌냈습니다.
CEO 브랜든 라코프는 이와 같은 긍정적인 결과에 감사하며, 자사 프로젝트, 거주자 및 이웃의 안전을 최우선으로 하면서 더 넓은 지역 사회를 지원하겠다는 회사의 의지를 강조했습니다.
Belpointe PREP, (NYSE American: OZ), un fonds d’opportunité qualifié coté en bourse, a fourni une évaluation initiale de l'impact de l'ouragan Milton sur ses propriétés. La société a rapporté aucun dommage significatif à Aster & Links à Sarasota et à Viv à St. Petersburg, en Floride.
À Aster & Links, il y a eu une interruption temporaire de l'alimentation électrique, mais le générateur a maintenu les systèmes critiques. Le service électrique a été rapidement rétabli et les évaluations préliminaires montrent des dégâts extérieurs minimes. La grue de construction du développement Viv a résisté à des conditions sévères grâce à des mesures préventives rigoureuses.
Le PDG Brandon Lacoff a exprimé sa gratitude pour ce résultat favorable et a souligné l'engagement de l'entreprise à soutenir la communauté plus large tout en donnant la priorité à la sécurité de leurs projets, de leurs résidents et de leurs voisins.
Belpointe PREP, (NYSE American: OZ), ein öffentlich gehandelt qualifizierter Chancenfonds, hat eine erste Einschätzung der Auswirkungen des Hurrikans Milton auf seine Immobilien vorgenommen. Das Unternehmen berichtete von keinen nennenswerten Schäden an Aster & Links in Sarasota und Viv in St. Petersburg, Florida.
In Aster & Links kam es zu einer vorübergehenden Stromunterbrechung, aber der Generator hielt die kritischen Systeme aufrecht. Der elektrische Dienst wurde schnell wiederhergestellt, und vorläufige Bewertungen zeigen minimale Außenschäden. Der Baukran des Viv-Entwicklungsprojekts hielt schweren Bedingungen dank strenger Vorsichtsmaßnahmen stand.
CEO Brandon Lacoff äußerte Dankbarkeit für das positive Ergebnis und betonte das Engagement des Unternehmens, die breitere Gemeinschaft zu unterstützen, während die Sicherheit ihrer Projekte, Bewohner und Nachbarn oberste Priorität hat.
- No significant damage reported to Belpointe OZ's properties in Florida
- Generator effectively maintained critical life safety systems during power disruption
- Construction crane at Viv development withstood severe hurricane conditions
- None.
Insights
The initial assessment of Hurricane Milton's impact on Belpointe OZ's properties in Florida is largely positive, indicating minimal damage and effective resilience measures. Key points include:
- No significant damage reported to Aster & Links in Sarasota and Viv in St. Petersburg
- Temporary power disruption at Aster & Links was mitigated by backup generators
- Minimal exterior damage and dry lobby at Aster & Links
- Construction crane at Viv withstood severe conditions
This outcome demonstrates the structural integrity and preparedness of Belpointe OZ's developments. For investors, this news is generally positive as it suggests reduced repair costs and potential insurance claims. However, it's important to note that this is an initial assessment and further evaluations are ongoing.
The company's ability to maintain critical systems during the storm and quickly restore power highlights operational efficiency. This resilience could potentially enhance property values and tenant satisfaction in the long term, especially in a region prone to hurricanes.
While the immediate impact appears minimal, investors should monitor for any updates following more comprehensive evaluations. The company's proactive approach to storm preparation and community support may also positively influence its reputation in the market.
GREENWICH, CONNECTICUT, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Belpointe PREP, LLC (NYSE American: OZ) (“Belpointe OZ,” “we,” “us,” “our” or the “Company”), a publicly traded qualified opportunity fund, is pleased to report that Hurricane Milton inflicted no significant damage to our properties, Aster & Links, in Sarasota, Florida, and Viv, in St. Petersburg, Florida.
“We are grateful for this favorable outcome, and extend our thoughts to all of those affected by this storm,” said Brandon Lacoff, Belpointe OZ’s Chief Executive Officer. “While this report represents a preliminary assessment, and we will continue to work closely with our construction, development and property management teams to conduct thorough evaluations of our developments.”
Aster & Links Initial Assessment
There was a temporary disruption in power supply at Aster & Links, however, our generator effectively maintained critical life safety systems, and electric service was promptly restored. Preliminary assessments suggest minimal exterior damage, and the lobby of Aster remained dry, although a comprehensive evaluation is still in progress. “We believe the structural integrity and resilience of our Aster & Links development played a vital role in ensuring the safety and security of our residents and tenants during this extreme weather event,” said Brandon Lacoff.
Viv Initial Assessment
“In St. Petersburg, we are pleased to report that the construction crane at our Viv development withstood the severe conditions presented by Hurricane Milton,” Lacoff continued. “We attribute this success to the rigorous precautionary measures implemented by our team, which were crucial in safeguarding the site.”
“We recognize that Hurricane Milton has imposed substantial hardships on many members of our community,” said Lacoff “and our hearts go out to all of those directly impacted. Belpointe OZ remains steadfast in its commitment to supporting the broader community while prioritizing the safety and well-being of our projects, residents, and neighbors.
Our thoughts are with those who continue to recover.”
About Belpointe OZ
Belpointe OZ is a publicly traded qualified opportunity fund, listed on NYSE American under the symbol “OZ.” To date, Belpointe OZ has over 2,500 units in its development pipeline throughout four cities, representing an approximate total project cost of over
Belpointe OZ has filed two registration statements (including a combined prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offer and sale of up to an aggregate of
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered forward-looking, such as statements containing estimates, projections and other forward-looking information, including information related to our initial assessment of and further disruption due to Hurricane Milton or other storm-related events. Forward-looking statements are typically identified by words and phrases such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or the negative of such words and other comparable terminology. However, the absence of these words does not mean that a statement is not forward-looking. Any forward-looking statements expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond our control. Therefore, we caution you against relying on any of these forward-looking statements. Actual outcomes and results may differ materially from what is expressed in any forward-looking statement. Except as required by applicable law, including federal securities laws, we do not intend to update any of the forward-looking statements to conform them to actual results or revised expectations.
Investor Relations and Media Contact:
Cody H. Laidlaw
Belpointe PREP, LLC
255 Glenville Road
Greenwich, Connecticut 06831
IR@belpointeoz.com
203-883-1944
FAQ
How did Hurricane Milton affect Belpointe OZ's (NYSE: OZ) properties in Florida?
What measures did Belpointe OZ (NYSE: OZ) take to protect its properties during Hurricane Milton?
Did Belpointe OZ (NYSE: OZ) experience any power outages at its Florida properties due to Hurricane Milton?
