Equity LifeStyle Properties Inc (ELS) 2023 Q1 法說會逐字稿

Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties' First Quarter 2023 Results. Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President and CFO; and Patrick Waite, our Executive Vice President and COO.

大家好，感謝大家加入我們討論 Equity LifeStyle Properties 的 2023 年第一季度業績。我們今天的特邀發言人是我們的總裁兼首席執行官瑪格麗特·納德 (Marguerite Nader)；我們的執行副總裁兼首席財務官 Paul Seavey；和我們的執行副總裁兼首席運營官 Patrick Waite。

In advance of today's call, management released earnings. Today's call will consist of opening remarks and a question-and-answer session with management relating to the company's earnings release. (Operator Instructions). As a reminder, this call is being recorded.

在今天的電話會議之前，管理層發布了收益。今天的電話會議將包括開場白和與管理層有關公司收益發布的問答環節。 （操作員說明）。提醒一下，此通話正在錄音中。

Certain matters discussed during this conference call may contain forward-looking statements in the meaning of the federal securities laws. Our forward-looking statements are subject to certain economic risks and uncertainty. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.

本次電話會議中討論的某些事項可能包含聯邦證券法意義上的前瞻性陳述。我們的前瞻性陳述受某些經濟風險和不確定性的影響。公司不承擔更新或補充任何因後續事件而變得不真實的陳述的義務。

In addition, during today's call, we will discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information and our historical SEC filings. At this time, I would now like to turn the call over to Marguerite Nader, our President and CEO.

此外，在今天的電話會議中，我們將討論 SEC 法規 G 定義的非 GAAP 財務措施。這些非 GAAP 財務措施與可比的 GAAP 財務措施的對賬包含在我們的收益發布、我們的補充信息和我們的歷史 SEC 中備案。現在，我想把電話轉給我們的總裁兼首席執行官瑪格麗特納德。

Good morning, and thank you for joining us today. I am pleased to report the results for the first quarter of 2023. The quality of our cash flow and the strength of our balance sheet continues to allow us to report impressive results. Our core NOI exceeded our expectations in the quarter with 5.7% growth year-over-year.

早上好，感謝您今天加入我們。我很高興地報告 2023 年第一季度的結果。我們現金流的質量和資產負債表的實力繼續讓我們報告令人印象深刻的結果。我們的核心 NOI 在本季度超出了我們的預期，同比增長 5.7%。

Our MH portfolio is 95% occupied. The MH business is unique in that once a high level of occupancy is achieved at a property, the occupancy is generally sustainable for a long time. The key to that stickiness is having an elevated level of homeowners in the portfolio. Our portfolio is 96% occupied by homeowners.

我們的 MH 投資組合已佔用 95%。 MH 業務的獨特之處在於，一旦物業達到高水平的入住率，入住率通常可以持續很長時間。這種粘性的關鍵是在投資組合中擁有更高水平的房主。我們的投資組合中 96% 由房主佔用。

Our new home sales over the last 5 years have contributed to building up this important benchmark. Our homeowners are focused on improving their home sites, and we have seen a great effort by those impacted by storms to repair their homes and remain in the community.

我們過去 5 年的新房銷售為建立這一重要基準做出了貢獻。我們的房主專注於改善他們的家園，我們看到受風暴影響的人們為修復家園和留在社區做出了巨大努力。

Over the last 30 years, we have built our organization focused on high-quality team members, property, cash flow and capital allocation. The result of this shared focus is sustained value for our residents, customers and shareholders.

在過去的 30 年裡，我們建立了專注於高素質團隊成員、財產、現金流和資本配置的組織。這種共同關注的結果是為我們的居民、客戶和股東帶來持續的價值。

Our properties are well located in areas where the demographic trends create tailwinds for ELS. Our properties have shown strong demand even when considering weather-related disruptions. ELS will be the beneficiary of Florida's outsized population growth and heavy demand for seasonal accommodations. We sold 176 new homes in the quarter at an average price of $104,000.

我們的物業位於人口趨勢為 ELS 創造順風的地區。即使考慮到與天氣相關的中斷，我們的物業也顯示出強勁的需求。 ELS 將受益於佛羅里達州的超大規模人口增長和對季節性住宿的大量需求。我們在本季度以 104,000 美元的平均價格售出了 176 套新房。

While this is a decline from sales volume last year, volume remains at elevated numbers relative to our historical sales volume. We saw an increase in used home sales and are currently experiencing historically low levels of used home inventory.

雖然這比去年的銷量有所下降，但相對於我們的歷史銷量，銷量仍處於較高水平。我們看到二手房銷售有所增加，目前二手房庫存水平處於歷史低位。

With respect to our RV business, our annual and seasonal segment, which represents the largest portion of our RV stream, performed ahead of expectations in the quarter and we anticipate growth rate of 8.4% and 8.2% for the full year 2023.

關於我們的房車業務，我們的年度和季節性部分占我們房車流的最大部分，本季度的表現超出預期，我們預計 2023 年全年的增長率分別為 8.4% 和 8.2%。

The full year guidance for our transient business is impacted by California storms and a reduced number of transient sites. Our customer surveys indicate that demand for RV camping remains strong with 9 out of 10 respondents from our database saying that they plan to camp the same or more than last year, driven by their desire to spend more time outdoors and because they recently invested in an RV and want to use it.

我們瞬態業務的全年指導受到加州風暴和瞬態站點數量減少的影響。我們的客戶調查表明，對房車露營的需求依然強勁，我們數據庫中的 10 名受訪者中有 9 名表示，他們計劃露營的人數與去年相同或更多，原因是他們希望在戶外度過更多時間，而且他們最近投資了一個房車並想使用它。

20% of our first-time transient guests from last year have booked a reservation in 2023 have increased their engagement as an annual, seasonal or member. This rate is consistent with the engagement we saw last year. In the quarter, our Thousand Trails membership properties performed very well. We sold approximately 4,500 camping passes and initiated 5,700 RV dealer activations.

我們去年的首次入住客人中有 20% 在 2023 年進行了預訂，並增加了他們作為年度、季節性或會員的參與度。這一比率與我們去年看到的參與度一致。本季度，我們的 Thousand Trails 會員物業表現非常出色。我們售出了大約 4,500 張露營通行證，並發起了 5,700 次房車經銷商活動。

These passes and activations are the seeds for future growth in the Thousand Trails portfolio. When we last reported our results, we had not yet negotiated our insurance premium for the period beginning April 2023 and ending March 2024. We anticipated a tough renewal market.

這些通行證和激活是 Thousand Trails 產品組合未來增長的種子。當我們上次報告業績時，我們尚未就 2023 年 4 月至 2024 年 3 月期間的保險費進行談判。我們預計續保市場將很艱難。

In the end, our overall insurance premiums increased 58%, which was higher than we anticipated by approximately $0.01 per share. The relationships that we have developed over the last 30 years with the carriers were helpful in allowing us to obtain the coverage for our MH, RV and Marina properties.

最終，我們的整體保費增長了 58%，高於我們預期的每股約 0.01 美元。我們在過去 30 年中與承運人建立的關係有助於我們獲得 MH、RV 和 Marina 財產的保險。

Overall, the increase in expenses contributed to the 40 basis point adjustment to our anticipated core NOI growth while still maintaining our initial normalized FFO per share guidance of $2.84.

總體而言，費用的增加導致我們對預期的核心 NOI 增長進行了 40 個基點的調整，同時仍維持我們最初的正常化 FFO 每股 2.84 美元指導。

We had a great snowbird season in the South and our teams will now begin to focus on welcoming our residents, members and guests to our northern locations as we kick off the summer season. I'd like to thank all of our team members for their hard work in making this winter season so successful.

我們在南方度過了一個很棒的雪鳥季節，隨著夏季的開始，我們的團隊現在將開始專注於歡迎我們的居民、會員和客人來到我們的北方地區。我要感謝我們所有的團隊成員，感謝他們的辛勤工作，讓這個冬季賽季如此成功。

I will now turn it over to Paul to walk through the numbers in detail.

我現在將把它交給保羅來詳細介紹這些數字。

Thanks, Marguerite, and good morning, everyone. I will review our first quarter 2023 results and provide an overview of our second quarter and full year 2023 guidance. First quarter normalized FFO was approximately $800,000 higher than the midpoint of our guidance range or $0.74 per share.

謝謝，瑪格麗特，大家早上好。我將回顧我們 2023 年第一季度的業績，並概述我們第二季度和 2023 年全年的指導方針。第一季度標準化 FFO 比我們的指導範圍中點或每股 0.74 美元高出約 800,000 美元。

Core portfolio revenues and expenses were favorable to our guidance mainly as a result of higher-than-anticipated membership upgrade sales revenues and lower-than-expected real estate tax expenses.

核心投資組合的收入和支出有利於我們的指引，這主要是由於會員升級銷售收入高於預期和房地產稅支出低於預期。

These line items contributed to core portfolio NOI growth of 5.7% for the first quarter. Core community-based rental income increased 6.5% for the quarter compared to 2022, primarily as a result of noticed increases to in-place residents and market rent increases on resident turnover.

這些項目為第一季度核心投資組合 NOI 增長 5.7% 做出了貢獻。與 2022 年相比，本季度基於社區的核心租金收入增長了 6.5%，這主要是由於在地居民明顯增加以及居民流動率導致市場租金增加。

We increased homeowners by 30 sites in the quarter. Our rental homes currently represent 3.9% of our MH occupancy.

我們在本季度增加了 30 個地點的房主。我們的出租房屋目前占我們 MH 入住率的 3.9%。

Our resort and marina base rental income primarily generated by long-term revenue stream. On a full year basis, more than 80% of our resort base rent is from annual and seasonal stays and 99% of our marina rents are from annual customers. First quarter core resort and marina based rental income increased 5.5% compared to 2022.

我們的度假村和碼頭基本租金收入主要來自長期收入流。按全年計算，我們 80% 以上的度假村基本租金來自年度和季節性住宿，我們 99% 的碼頭租金來自年度客戶。與 2022 年相比，第一季度核心度假村和碼頭的租金收入增長了 5.5%。

Rent growth from annuals in the first quarter was 8.4%, 8% from rate increases and 40 basis points from occupancy gains. First quarter rent from core RV seasonal increased 11.9% compared to first quarter 2022.

第一季度租金同比增長 8.4%，利率上漲 8%，入住率上漲 40 個基點。與 2022 年第一季度相比，第一季度核心房車季節性租金增長了 11.9%。

We continue to see strong demand for longer-term stays in our Sunbelt destination. For rent from transient customers decreased 14.9% for the quarter, mainly from lower occupancy.

我們繼續看到對我們 Sunbelt 目的地長期住宿的強勁需求。來自臨時客戶的租金在本季度下降了 14.9%，主要是由於入住率下降。

Across the portfolio, we have fewer sites available for transient stays. We experienced operating disruptions in our California portfolio as a result of the strong rains and heavy snowfall (inaudible).

在整個投資組合中，我們可供短暫停留的站點較少。由於強降雨和大雪（聽不清），我們在加利福尼亞的投資組合經歷了運營中斷。

For the first quarter, the net contribution from our membership business was $18.3 million. Subscription revenues increased 4.7%, which includes a rate increase of 5.2%.

第一季度，我們會員業務的淨貢獻為 1830 萬美元。訂閱收入增長 4.7%，其中增長率為 5.2%。

The increase in upgrade sales revenue was generated by sales of higher-priced products compared to last year. Our average upgrade sales price increased almost 15%, the percentage of sales attributed to our adventure products representing almost 30% of our first quarter [2020] sales.

與去年相比，升級銷售收入的增加是由於高價產品的銷售所致。我們的平均升級銷售價格上漲了近 15%，我們冒險產品的銷售額占我們第一季度 [2020] 銷售額的近 30%。

Core utility and other income increased 9.4%, mainly as a result of increases in utility income. Our recovery percentage was 46% compared to 45.5% since first quarter of 2022.

核心公用事業和其他收入增長 9.4%，主要是由於公用事業收入增加。我們的恢復率為 46%，而自 2022 年第一季度以來為 45.5%。

First quarter core operating expenses increased 7.4% compared to the same period in 2022. The comparison to prior year is affected by approximately $2 million of repairs and maintenance this year following storm events, including rain, resulting flooding and heavy snowfall in California. Adjusted for this activity, overall expense growth was in line with CPI for the quarter.

與 2022 年同期相比，第一季度核心運營費用增長了 7.4%。與去年同期相比，受到今年約 200 萬美元的維修和維護費用的影響，風暴事件包括加利福尼亞州的降雨、洪水和大雪。針對此活動進行調整後，整體費用增長與本季度的 CPI 一致。

First quarter expenses were favorable to our guidance on lower real estate taxes and utility expense. The real estate tax expense favorability is the result of lower tax bills in certain states where we pay taxes in arrears. The actual bills received during the first quarter were lower than the amount we had accrued at the end of 2022.

第一季度的支出有利於我們對較低的房地產稅和公用事業費用的指導。房地產稅費用優惠是我們拖欠稅款的某些州稅單較低的結果。第一季度收到的實際賬單低於我們在 2022 年底應計的金額。

Core property operating revenues increased 6.4% compared to the midpoint of our guidance of 6%. Our core property operating expenses increased [7.4%] compared to the midpoint of our guidance of 7.8%, resulting in growth in core NOI before property management 5.7% compared to the midpoint of our guidance of 4.7%, a $1.8 million favorable variance. Our noncore properties contributed $6 million in the quarter, in line with our expectations.

與我們 6% 的指引中點相比，核心物業營業收入增長了 6.4%。與我們指導的中點 7.8% 相比，我們的核心物業運營費用增加了 [7.4%]，導致物業管理前的核心 NOI 增長 5.7%，而我們的指導中點為 4.7%，這是 180 萬美元的有利差異。我們的非核心物業在本季度貢獻了 600 萬美元，符合我們的預期。

Property management and corporate G&A were $31.1 million for the first quarter. Other income and expenses net, which includes our sales operations, joint venture income as well as interest and other corporate income, $6 million for the quarter, and interest and amortization expenses were $32.6 million.

第一季度的物業管理和企業 G&A 為 3110 萬美元。其他收入和支出淨額，包括我們的銷售業務、合資企業收入以及利息和其他公司收入，本季度為 600 萬美元，利息和攤銷費用為 3260 萬美元。

The press release and supplemental package provide an overview of 2023 second quarter and full year earnings guidance. As I provide some context for the information we've provided, keep in mind my remarks are intended to provide our current estimate of future results.

新聞稿和補充包概述了 2023 年第二季度和全年的收益指導。當我為我們提供的信息提供一些背景信息時，請記住我的評論旨在提供我們對未來結果的當前估計。

All growth rates and revenue and expense projections represent midpoints in our guidance range and are qualified by the risk factors referenced in our press release and supplemental package.

所有增長率和收入和支出預測均代表我們指導範圍的中點，並符合我們新聞稿和補充包中引用的風險因素。

Our guidance for 2023 full year normalized FFO is $2.84 per share at the midpoint of our guidance range of $2.79 to $2.89. This is consistent with our previously provided guidance despite headwinds associated with our annual insurance renewal.

我們對 2023 年全年標準化 FFO 的指導是每股 2.84 美元，處於我們指導範圍 2.79 美元至 2.89 美元的中點。這與我們之前提供的指南一致，儘管與我們的年度保險更新相關的逆風。

The total impact of our April 1 renewal in 2023 is an increase to our budgeted expenses of approximately $2.6 million. I'll note that our budget included assumptions related to the split of insurance premiums between our core and noncore portfolio. The actual renewal resulted in a higher portion allocated to the core portfolio relative to our budget assumption.

2023 年 4 月 1 日續約的總影響是我們的預算支出增加了約 260 萬美元。我會注意到，我們的預算包括與我們的核心和非核心投資組合之間的保險費分配相關的假設。實際更新導致分配給核心投資組合的部分相對於我們的預算假設更高。

We project full year core property operating income growth of 5.1% at the midpoint of our range of 4.6% to 5.6%. Full year guidance assumes core base rent growth in the ranges of 6.3% to 7.3% for MH, 5.4% to 6.4% for RV and [Marina].

我們預計全年核心物業營業收入增長 5.1%，處於我們 4.6% 至 5.6% 區間的中點。全年指導假設核心基本租金增長范圍為 MH 的 6.3% 至 7.3%，RV 和 [Marina] 的核心基本租金增長范圍為 5.4% 至 6.4%。

We assume occupancy in our stabilized MH portfolio will be flat to first quarter. Core property operating expenses are projected to increase 7.9% to 8.9%. The primary drivers of the increase in core expense growth compared to our prior guidance for the insurance renewal I mentioned and utility expense.

我們假設我們穩定的 MH 投資組合的入住率將與第一季度持平。核心物業運營費用預計將增長 7.9% 至 8.9%。與我之前提到的保險續籤和公用事業費用的指導相比，核心費用增長的主要驅動因素。

Our guidance model includes the impact of the acquisition we announced and the impact of the fixed rate swap we disclosed in our earnings release and supplemental package. The full year guidance model makes no assumptions regarding other capital events for the use of free cash flow we expect to generate in 2023.

我們的指導模型包括我們宣布的收購的影響以及我們在收益發布和補充包中披露的固定利率互換的影響。全年指導模型沒有對我們預計在 2023 年產生的自由現金流使用的其他資本事件做出任何假設。

Our second quarter guidance assumes normalized FFO per share in the range of $0.62 to $0.68. Core property operating income growth is projected to be 2.2% at the mid point of our guidance range for the second quarter, which represents approximately 23% of our expected near core NOI.

我們的第二季度指引假設標準化的每股 FFO 在 0.62 美元至 0.68 美元之間。在我們第二季度的指導範圍的中點，核心財產營業收入增長預計為 2.2%，約占我們預期的近核心 NOI 的 23%。

In our core portfolio, property operating revenues are projected to increase 5.8%, and expenses are projected to increase 10.3%, both at the midpoint of the guidance range.

在我們的核心投資組合中，物業營業收入預計增長 5.8%，支出預計增長 10.3%，均處於指導範圍的中點。

I'll now provide some comments on the financing market and our balance sheet. As noted in the earnings release and supplemental package, we executed a fixed rate swap on our $200 million unsecured term loan maturing in 2027. The swap fixes the all-in borrowing cost at 4.88% through maturity.

我現在將對融資市場和我們的資產負債表發表一些評論。正如收益發布和補充計劃中所述，我們對 2027 年到期的 2 億美元無擔保定期貸款執行了固定利率互換。該互換將到期前的總借貸成本固定為 4.88%。

Fixing this rate reduces our floating rate exposure to approximately 7.5% of our outstanding debt and further derisks our very strong balance sheet. Our debt maturity schedule shows that we have only 6% of our outstanding debt maturing over the next 3 years.

固定這一利率可將我們的浮動利率敞口降低至未償債務的約 7.5%，並進一步降低我們非常強勁的資產負債表的風險。我們的債務到期時間表顯示，我們只有 6% 的未償債務在未來 3 年內到期。

This compares to an average of approximately 27%. I'll also remind you that approximately 20% of our outstanding secured debt is fully amortizing, carries no refinancing risk. Current secured debt terms vary depending on many factors, including lender, (inaudible) sponsor asset type and quality. Current 10-year loans are quoted between 4.75% and 5.25%, 60% to 75% loan-to-value and 1.4 to 1.6x debt service coverage.

相比之下，平均水平約為 27%。我還要提醒您，我們大約 20% 的未償還擔保債務已完全攤銷，不存在再融資風險。當前的擔保債務條款因許多因素而異，包括貸方、（聽不清）贊助商資產類型和質量。目前的 10 年期貸款報價在 4.75% 至 5.25% 之間，貸款價值比為 60% 至 75%，償債覆蓋率為 1.4 至 1.6 倍。

We continue to see solid interest from life companies and GSEs to lend for terms 10 years and longer. High-quality, age-qualified MH assets continue to command as the financing terms.

我們繼續看到壽險公司和 GSE 對提供 10 年或更長時間貸款的濃厚興趣。高質量、符合年齡要求的 MH 資產繼續成為融資條件。

In terms of our liquidity position, we have $235 million available on our line of credit, and our ATM program has $500 million of capacity. Our weighted average secured debt maturity is approximately 11 years. Our debt to adjusted EBITDA is around 5.2x, and our interest coverage is 5.5x.

就我們的流動性狀況而言，我們的信貸額度有 2.35 億美元，我們的 ATM 計劃有 5 億美元的容量。我們的加權平均擔保債務期限約為 11 年。我們的債務與調整後的 EBITDA 之比約為 5.2 倍，利息保障倍數為 5.5 倍。

We continue to place high importance on balance sheet flexibility, and we believe we have multiple sources of capital available to us. Now we would like to open it up for questions.

我們繼續高度重視資產負債表的靈活性，我們相信我們有多種可用的資本來源。現在我們想公開提問。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Brad Heffern from RBC Capital markets.

我們的第一個問題來自 RBC Capital markets 的 Brad Heffern。

A couple of questions on the guidance. On the MH and RV growth rates, can you just talk about what is creating the upside for MH and the downside for RV?

關於指導的幾個問題。關於 MH 和 RV 的增長率，您能談談是什麼為 MH 帶來了上行空間，而為 RV 帶來了下行空間嗎？

In terms of the MH, Brad, when you say upside, I guess, as I think about our original budget, the guidance really hasn't changed. So we have an assumption that we'd have some incremental growth in rate during the course of the year, and that's presenting itself as you see the guidance disclosure for the second quarter.

就 MH 而言，布拉德，當你說上行時，我想，當我考慮我們最初的預算時，指導真的沒有改變。因此，我們有一個假設，即在這一年中我們的利率會有一些增量增長，正如您看到第二季度的指導披露那樣，它就會呈現出來。

On the RV, the adjustment primarily relates to our seasonal and transient assumptions for the second quarter. As we look at it, our current expectation for second quarter seasonal and transient is based on the current demand trends, which include a shorter booking window than we've seen in the past couple of years.

在 RV 上，調整主要與我們對第二季度的季節性和瞬態假設有關。在我們看來，我們目前對第二季度季節性和短暫性的預期是基於當前的需求趨勢，其中包括比我們過去幾年看到的更短的預訂窗口。

We also attribute some of the reservation pacing that we're seeing the unfavorable weather pattern in locations that support our transient business in the shorter season as we shift from winter to summer business.

我們還將一些預訂節奏歸因於我們在從冬季業務轉向夏季業務時在較短的季節支持我們的臨時業務的地點的不利天氣模式。

Okay. Got it. And then the noncore NOI guide went up by a decent amount. I think some of that is business interruption, but if you could confirm that, that would be great.

好的。知道了。然後非核心 NOI 指南上升了相當數量。我認為其中一部分是業務中斷，但如果你能確認這一點，那就太好了。

And I think you also mentioned more insurance being allocated to core. But I guess, can you just walk through what the moving pieces are in that particular line item?

我想你還提到了更多的保險被分配給核心。但我想，您能否簡單介紹一下該特定行項目中的移動部分？

Yes, yes. So the insurance change is a pretty significant piece of that. It represents, I'd say, close to 1/3 of that change. And then I guess I speak less to business interruption, I'd really focus more on the demand that we saw in the local market in Florida for the some of those noncore portfolios, just in terms of workers in the area as well as displaced residents, that's driving some incremental revenue in that portfolio.

是的是的。因此，保險變化是其中非常重要的一部分。我想說，它代表了接近 1/3 的變化。然後我想我少談業務中斷，我真的更關注我們在佛羅里達州當地市場看到的一些非核心投資組合的需求，就該地區的工人和流離失所的居民而言，這推動了該投資組合的一些增量收入。

And then add to that, the acquisition that we executed in the quarter, those are the main drivers of that increase.

然後再加上我們在本季度執行的收購，這些是增長的主要驅動力。

Okay. And just to be clear on the business interruption, I think there was a footnote talking about $4 million being in the noncore realized this last quarter. I guess, was that originally in the budget, and so that's not affecting it?

好的。為了清楚地說明業務中斷，我認為有一個腳註談到上個季度實現的非核心業務中有 400 萬美元。我想，這是否最初在預算中，所以這不會影響它？

The $4 million is the total that we collected across the portfolio core and noncore, and it was in line. We had disclosed -- in our investor presentation, mid-quarter, we had disclosed an expectation of about $4.5 million of business interruption proceeds in the quarter and we received $4 million.

400 萬美元是我們從核心和非核心投資組合中收集到的總額，而且是一致的。我們已經披露 - 在我們的投資者介紹中，在季度中期，我們披露了本季度約 450 萬美元的業務中斷收益的預期，我們收到了 400 萬美元。

Our next question comes from the line of Joshua Dennerlein from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Joshua Dennerlein。

Yes. I just wanted to - I saw occupancy [gives], I think 10 basis points year-over-year. Just kind of what's driving that? Is that just new sites delivered that just haven't been occupied yet or just something else?

是的。我只是想 - 我看到入住率 [gives]，我認為同比增長 10 個基點。是什麼推動了它？是剛剛交付的尚未被佔用的新網站還是其他什麼？

Josh, it's Patrick. The Q1 occupancy decreased by 79 sites. It's an increase of 30 owners and a decrease of 109 renters. And just from a comp perspective year-over-year, Q1 2022 was up 38 sites, an increase of 191 owners, and a decrease of 153 renters. There's a couple of factors driving that occupancy result for the quarter. One is a continued impact from Hurricane Ian.

喬希，是帕特里克。第一季度的入住率下降了 79 個。業主增加 30 人，租戶減少 109 人。僅從同比比較的角度來看，2022 年第一季度增加了 38 個站點，增加了 191 個業主，減少了 153 個租戶。有幾個因素推動了本季度的入住率。一是颶風伊恩的持續影響。

We took back 31 homes in the quarter. And just as a reminder, we touched on this last earnings call, we had 107 homes come back plus in the previous quarter as a result of the Hurricane Ian. So that's, call it 140 to date. We expect there may be in the neighborhood of 100, give or take, additional loans that may come back to us in coming quarters. But that was a driver of occupancy for the quarter.

我們在本季度收回了 31 套房屋。提醒一下，我們談到了上次的財報電話會議，由於颶風伊恩，上一季度我們有 107 套房屋回歸。所以，到目前為止，稱之為 140。我們預計未來幾個季度可能會有大約 100 筆或多或少的額外貸款返回給我們。但這是本季度入住率的推動因素。

And the second, Marguerite mentioned new home sales that were down 33% year-over-year. So in addition to comping to a robust quarter Q1 2022, there's a couple of kind of inventory things take into consideration.

其次，瑪格麗特提到新屋銷量同比下降 33%。因此，除了要在 2022 年第一季度實現強勁增長外，還需要考慮一些庫存問題。

One is the inventory levels at a few key selling locations for us were reduced. Part of that is selling out expansions at ancient sections that we have in Arizona, as well as experiencing some delays and getting (inaudible) some more expansion opportunity in Arizona.

一是我們幾個關鍵銷售地點的庫存水平有所降低。其中一部分是售罄我們在亞利桑那州擁有的古老部分的擴張，以及經歷一些延誤並在亞利桑那州獲得（聽不清）更多擴張機會。

The second is several sales locations just had a decrease in volume. Those were a few key higher sales locations and then broadly across the portfolio, we usually experience 1, 2 or 3 new home sales at a significant number of properties. And just based on cycling through inventory, there was a little bit less inventory in some of those smaller locations.

第二個是幾個銷售點的銷量有所下降。這些是一些關鍵的較高銷售地點，然後在整個投資組合中，我們通常會在大量房產中經歷 1、2 或 3 個新房銷售。僅基於庫存循環，一些較小地點的庫存略有減少。

Patrick, appreciate that. And then maybe moving to that transient RV side. It was down year-over-year. I know you're lapping tough comps. But just curious if it is also just -- what else is kind of driving the transient RV revenues at this point for NOI?

帕特里克，很感激。然後可能會移動到那個短暫的 RV 側。它同比下降。我知道你正在打磨艱難的比賽。但只是好奇它是否也只是 - 在這一點上還有什麼推動了 NOI 的瞬態 RV 收入？

I think, Josh, as I mentioned, we had disruption in operations. So the weather in California, in particular, was a significant impact to our transient business in the first quarter and the key driver of what we saw year-over-year. Add to that, the change that we have in the site mix available for transient as we fill sites with seasonal opening.

我想，喬希，正如我提到的，我們的運營中斷了。因此，加利福尼亞州的天氣尤其對我們第一季度的短暫業務產生了重大影響，也是我們同比增長的主要驅動因素。除此之外，我們在站點組合中所做的更改可用於瞬態，因為我們用季節性開放來填充站點。

And I think, Josh, we've talked about this before, but we've operated RV parks over the last 60 quarters. And when you're looking at the annual seasonal and transient results over that time, the transient piece has the most volatility by far. I think we reported negative or flat growth over 1/3 of those quarters.

我想，喬希，我們之前已經討論過這個問題，但我們在過去 60 個季度裡一直在經營房車公園。當你查看那段時間的年度季節性和瞬態結果時，瞬態部分的波動性最大。我認為我們報告了這些季度中 1/3 的負增長或持平增長。

So we've seen periods of negative, flat outsized growth, and that's why we're kind of always focusing our business on that annual rental stream.

所以我們已經看到了負的、平穩的超大增長時期，這就是為什麼我們總是把我們的業務集中在每年的租金流上。

Our next question comes from the line of James Feldman from Wells Fargo.

我們的下一個問題來自富國銀行的 James Feldman。

I was hoping you could just provide more color on the insurance negotiations. I guess, just big picture, can you talk through -- did you think about maybe changing the policy at all?

我希望你能為保險談判提供更多色彩。我想，從大局來看，你能談談——你有沒有考慮過改變政策？

Any color you can provide on how your Florida exposure impacted pricing versus some of your other markets? I mean clearly a hot topic. So just wondering as much color as you can provide on both for your portfolio and kind of commercial real estate in general would be really helpful.

您可以提供任何顏色來說明您在佛羅里達州的曝光率與其他一些市場相比如何影響定價嗎？我的意思顯然是一個熱門話題。因此，只是想知道您可以為您的投資組合和一般商業房地產提供盡可能多的顏色，這真的很有幫助。

Sure. Sure So every year, we consider the appropriate balance between retaining and ensuring risk and taking into account costs and available coverage, that involves an analysis of the retention, the possibility to take on primary risk and utilizing a captive. We also have certain limitations and requirements in our lending agreements that factor into that analysis.

當然。當然 所以每年，我們都會考慮保留和確保風險之間的適當平衡，並考慮成本和可用保險範圍，這涉及對保留的分析、承擔主要風險的可能性和利用俘虜。我們的貸款協議中也有某些限制和要求，這些限制和要求會影響該分析。

And so that kind of all goes into how we consider where we're going to end up. This year, we spent a lot of time with our carriers. We do what we do every year. We go over to London to discuss our portfolio. And you saw the results we disclosed last night with respect to what the premiums are for this year.

因此，所有這些都涉及我們如何考慮我們將要結束的地方。今年，我們花了很多時間在運營商身上。我們每年都做我們所做的事情。我們去倫敦討論我們的投資組合。你看到了我們昨晚披露的關於今年保費的結果。

Okay. Can you maybe talk to some of the pricing differentials either by state or by property type across the portfolio? And then I know you also included -- your insurance line item includes workers' comp, general liability, just how are all those trending?

好的。您能否談談整個投資組合中按州或財產類型劃分的一些定價差異？然後我知道你也包括在內——你的保險項目包括工人補償、一般責任，所有這些趨勢如何？

Sure. So we look at -- when the carriers look at us, they look at us in total, so they don't -- we don't break it out by region or by state. At the time we focus and we're negotiating our renewal, we're focused on all lines of insurance.

當然。所以我們看 - 當承運人看我們時，他們會整體看我們，所以他們不會 - 我們不會按地區或州劃分。在我們專注於談判續約時，我們專注於所有保險領域。

In some years, we face the hard market in some more than others. This year, we saw the biggest increase in our property coverage, but we don't really disclose the lines -- the results for each line item.

在某些年份，我們在某些方面比其他方面更多地面對艱難的市場。今年，我們看到了財產保險範圍的最大增幅，但我們並沒有真正披露這些線路——每個線路項目的結果。

Okay. All right. That's very helpful. I know it's probably a tough question to answer, but like you look at the expense growth you're modeling for this year, you're expecting for this year, as you think about 2024, I mean, like is there a way to -- do you think it could moderate -- like do you think the growth rates could moderate just based on what you're seeing in the market across the different line items of your expense outlook? Or do you think we're just in kind of elevated growth rate for a long time here?

好的。好的。這很有幫助。我知道這可能是一個很難回答的問題，但是就像你看一下你為今年建模的費用增長一樣，你對今年的預期，就像你對 2024 年的看法一樣，我的意思是，有沒有辦法 - - 你認為它會緩和嗎 - 就像你認為增長率會根據你在市場上看到的費用前景不同項目的情況而緩和嗎？還是您認為我們在這裡很長一段時間都處於高速增長狀態？

I guess I would just -- just as it relates to insurance, I think I'd just like to say that we've certainly seen a softening of our insurance markets over our long history. I think it's important to kind of appreciate the recent claims, not just in our business, but what's happening globally is what's kind of driving those numbers. And maybe, Paul, you could touch on some of the other line items.

我想我會——就保險而言，我想我只想說，在我們悠久的歷史中，我們確實看到了保險市場的疲軟。我認為重要的是要欣賞最近的說法，不僅僅是在我們的業務中，而且全球正在發生的事情是推動這些數字的因素。也許，保羅，你可以談談其他一些項目。

I guess what I would say with respect to the other line items is when you think about our greatest exposure, we've talked quite a bit about utility expense. We are seeing some indication of moderation in utility expenses.

我想我要說的是關於其他項目，當你想到我們最大的風險時，我們已經談了很多關於公用事業費用的問題。我們看到一些跡象表明公用事業費用有所減少。

We note the natural gas pricing has come down somewhat. We did recently hear of one utility provider that is considering a future reduction in their electric rate. That's the first that I've heard that in the past year.

我們注意到天然氣價格有所下降。我們最近確實聽說一家公用事業供應商正在考慮在未來降低他們的電費。這是我在過去一年裡第一次聽到這樣的話。

So there are some signals that maybe moderation is coming. I'll say that we've been tracking to the electric component inside of CPI. I think October, November peaked around 19% and the most recent CPI crippled down to about 10%, but not too far off of our total utility expense, that's probably the key line item I would look to when you think about exposure for 2024.

所以有一些信號表明可能會出現緩和。我會說我們一直在跟踪 CPI 內部的電氣組件。我認為 10 月、11 月達到了 19% 左右的峰值，最近的 CPI 跌至 10% 左右，但與我們的總公用事業費用相差不遠，這可能是我在考慮 2024 年風險敞口時要考慮的關鍵項目。

Okay. That's very helpful. And then finally for me, I saw that you fixed the $200 million of debt. I'm just curious your view on how to play the interest rate markets here. I mean when we talk to lenders and even borrowers, a lot of people are kind of banking on rates going lower, you clearly took the other side of that trade.

好的。這很有幫助。最後對我來說，我看到你解決了 2 億美元的債務。我只是想知道您對如何在這裡玩利率市場的看法。我的意思是，當我們與貸方甚至借款人交談時，很多人都在寄希望於利率下降，而你顯然站在了交易的另一邊。

Part of that is probably just conservatism, but as you think about debt maturities coming due and just how you're going to raise capital going forward, what are your views on how to react to where we are in the interest rate cycle and where rates might be heading?

部分原因可能只是保守主義，但當您考慮即將到期的債務到期日以及未來將如何籌集資金時，您對如何應對我們在利率週期中所處的位置以及利率的位置有何看法可能是標題？

Yes. I mean I think our view when we think about what we accomplished locking that interest rate at 4.88% was 130 basis points inside of our floating rate pricing. The loan amount represents only 6% of our outstanding debt.

是的。我的意思是，當我們考慮將利率鎖定在 4.88% 所取得的成就時，我認為我們的觀點是浮動利率定價中的 130 個基點。貸款金額僅占我們未償債務的 6%。

And as we looked at the options, we saw it as an attractive way to derisk as I mentioned. It's -- I'm not a guy who's in the business of speculating on interest rates, and I certainly understand what the curve looks like.

當我們查看這些選項時，我們認為這是一種有吸引力的降低風險的方式，正如我提到的那樣。這是——我不是從事利率投機業務的人，我當然理解曲線的樣子。

But at the same time, if rates do indeed follow the curve, which I think there's plenty that think that lower interest rates are not likely to happen given everything is happening in the economy.

但與此同時，如果利率確實遵循曲線，我認為有很多人認為鑑於經濟中正在發生的一切，不太可能發生較低的利率。

The breakeven point on our swap comes late '24 or early '25, so roughly halfway through the life. So we viewed it as an attractive opportunity at this point in time.

我們互換的盈虧平衡點出現在 24 年底或 25 年初，所以大約是生命週期的一半。因此，我們此時將其視為一個有吸引力的機會。

Our next question comes from the line of Samir Khanal from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Samir Khanal。

I guess, Paul, on this noncore income, of about $6.1 million. I think the bulk of that came from utility and other income. Just -- and I think as part of that utility and other income, other income where BI is part of that -- how much of that is sustainable going forward? Just want to make sure we get this right from a run rate perspective.

我猜，保羅，根據這項非核心收入，大約有 610 萬美元。我認為其中大部分來自公用事業和其他收入。只是 - 我認為作為公用事業和其他收入的一部分，BI 是其中一部分的其他收入 - 其中有多少是可持續的？只是想確保我們從運行率的角度來看是正確的。

Well, I think the piece on the business interruption insurance is sustainable and that it's replacing cash flow that we had anticipated to have and we anticipate to have next year. So it's just replacing cash flow that we missed from last year. If that -- does that answer your question?

嗯，我認為關於業務中斷保險的部分是可持續的，它正在取代我們預期擁有的現金流，我們預計明年會有。所以它只是取代了我們去年錯過的現金流。如果是——這是否回答了您的問題？

Yes. So that's part of the [$5.9 million], I guess. Okay. Okay. So that's the other income. And then in terms of maybe on the Marinas, I know it's a small portion of your business. But I guess how are you thinking about that segment in a downturn? And maybe how is that tracking versus expectations at this point?

是的。所以我猜這是 [590 萬美元] 的一部分。好的。好的。這就是其他收入。然後就 Marinas 而言，我知道這只是您業務的一小部分。但我想你是如何看待經濟低迷時期的這一細分市場的？也許在這一點上，跟踪與預期相比如何？

Yes Samir, it's Patrick. I mean, demand has been good for the Marinas. Launches are up more year-over-year, that shows a high level of customer engagement. Our occupancy has been stable. So I think the top line of the business has been performing as we've learned, it has been pretty stable.

是的薩米爾，是帕特里克。我的意思是，需求對碼頭有利。發布量同比增長更多，這表明客戶參與度很高。我們的入住率一直很穩定。所以我認為，正如我們所了解的那樣，業務的頂線一直在表現，它一直非常穩定。

And that's the results of almost all of our customers being long-term annual customers. It's a very durable revenue stream. They're with us for a long period.

這就是我們幾乎所有客戶都是長期年度客戶的結果。這是一個非常持久的收入來源。他們和我們在一起很長一段時間。

Okay. And then finally, on -- anything on the transaction side? I know you did that one transaction, one camp ground, what's the pricing on that? That's a small amount.

好的。最後，關於交易方面的任何事情？我知道你做了一筆交易，一個營地，那是什麼價格？那是一個小數目。

And maybe just talk around kind of what you're seeing on the RV side, the MH and even Marinas from a movement perspective. Yes.

也許只是從運動的角度談談你在 RV 方面、MH 甚至 Marinas 看到的東西。是的。

Sure. So in the quarter, we did close on the 1 RV park that you mentioned in New Jersey, it was about $9 million, about a 5 cap. And the property is almost a 100% occupied with long-standing annual customers who spend the summer in the area.

當然。所以在本季度，我們確實關閉了你在新澤西提到的 1 個 RV 公園，大約 900 萬美元，大約 5 個上限。該物業幾乎 100% 被在該地區度過夏天的長期年度客戶佔用。

We have a lot of properties in and around that area. So it's a really nice property to be able to own and get some synergies from the properties that we own in that general area.

我們在該地區及其周邊地區擁有許多房產。因此，能夠擁有我們在該一般區域擁有的財產並從中獲得一些協同效應，這是一個非常好的財產。

I would say just in general, as in previous quarters, we've looked at all the deals, but the volume is base is down. Owners of MH and RV have generally been conservative with their financing. So we don't see any distressed selling. I think it takes a little bit more time for the acquisition market to return to the activity level that we previously have seen.

我想說的是一般情況，就像前幾個季度一樣，我們已經查看了所有交易，但交易量基數有所下降。 MH 和 RV 的所有者通常對融資持保守態度。所以我們沒有看到任何不良拋售。我認為收購市場需要更多時間才能恢復到我們之前看到的活動水平。

Our next question comes from the line of Anthony Powell from Barclays.

我們的下一個問題來自巴克萊銀行的安東尼鮑威爾。

Just a question on MH rent growth on turnover. I guess how did that perform relative to your expectations for, I guess, new owners in your communities?

只是關於營業額的 MH 租金增長的問題。我想這與您對社區新主人的期望相比表現如何？

Well, it's been trending favorably. I mean previous quarters, we're only around 10% or 11%. Our most recent experience is around 14%. And I think that shows a consistent demand for the property type. And it also shows that we have the opportunity to close that gap upon turnover.

好吧，它的趨勢一直很好。我的意思是前幾個季度，我們只有 10% 或 11% 左右。我們最近的經驗是大約 14%。我認為這表明了對財產類型的一致需求。這也表明我們有機會在營業額上縮小差距。

And I think, Anthony, the way that 14% kind of comes to be is looking at what's happening in and around our markets and coming up with what the appropriate market rent is for a new customer coming in and able to kind of set the table with what they would pay for the home and then what they would pay for rent, and that's where we get that number.

我認為，安東尼，這 14% 的形成方式是關注我們市場內外發生的事情，並為新客戶的到來提出合適的市場租金，並能夠擺好桌子他們會為房子支付多少錢，然後他們會為租金支付多少錢，這就是我們得到這個數字的地方。

And then maybe a related question. I think in the past couple of calls, you've talked about various inventory issues about -- in terms of getting new homes available to sell. When do you think those will be I guess, fixed or I guess, rectified, so you can maybe accelerate some home sales here?

然後可能是一個相關的問題。我想在過去的幾個電話中，你談到了各種庫存問題——就讓新房可供出售而言。我猜你認為這些問題什麼時候會得到修復或糾正，這樣你就可以在這裡加速一些房屋銷售？

It's -- I mean, just for perspective, when you're ordering homes, you're really dealing with individual plants and the general managers at those plants. So the place where we've seen pressures has been predominantly outlast, as I mentioned on a previous question, getting some new homes into some MH expansions that we have in some flagship assets in Arizona, has been 1 point.

這是 - 我的意思是，只是為了透視，當你訂購房屋時，你實際上是在與個別工廠和這些工廠的總經理打交道。因此，正如我在上一個問題中提到的那樣，我們看到壓力的地方主要是持久的，將一些新房納入我們在亞利桑那州一些旗艦資產中擁有的一些 MH 擴展中，已經有 1 分。

There's a few others. Those are the really the higher volume properties for us. And then some of those pressures have subsided in a number of markets like throughout the Southeast as an example.

還有其他幾個。這些對我們來說確實是更高容量的屬性。然後，在整個東南部等許多市場，其中一些壓力已經消退。

So I guess out west, is that something that could maybe subside later this year? Or is that kind of an ongoing issue?

所以我想在西部，這種情況可能會在今年晚些時候消退嗎？或者這是一個持續存在的問題？

Tough to say. I guess I -- hopefully, it subsides. I don't think it will materially change our numbers. I mean, I think what you saw in the quarter is purely a timing component. Those homes for the most part, have been delivered.

很難說。我想我 - 希望它消退。我認為這不會實質性地改變我們的數字。我的意思是，我認為你在本季度看到的純粹是時間因素。這些房屋大部分已經交付。

It was just a timing of taking advantage in the quarter versus in future periods. So I don't think it's going to have a material impact from a long-term perspective. It just happened to come through in the quarter.

這只是在本季度而不是未來期間利用的時機。所以我認為從長期的角度來看，它不會產生實質性的影響。它恰好在本季度通過。

And Anthony, the vast majority of our vacant sites are in Florida. So as Patrick was saying, there's been some increase in the availability of those homes. So we should be seeing that run through the system.

安東尼，我們的大部分空地都在佛羅里達州。正如帕特里克所說，這些房屋的可用性有所增加。所以我們應該看到它貫穿整個系統。

Our next question comes from the line of Michael Goldsmith from UBS.

我們的下一個問題來自瑞銀的 Michael Goldsmith。

The first question is on the guidance, the implied same-store expense growth is now 7.9% to 8.9%, which means that expected expense moved higher by $6.3 million on my math.

第一個問題是關於指導，隱含的同店費用增長現在是 7.9% 到 8.9%，這意味著根據我的計算，預期費用增加了 630 萬美元。

So what are the moving pieces there? I assume insurance is $2.6 million, as we talked about, R&M, maybe another piece in the $2 million range from the first quarter. So what are the other pieces there that kind of bridge that gap?

那麼那裡有哪些動人的作品呢？我假設保險是 260 萬美元，正如我們談到的那樣，R&M，也許是第一季度 200 萬美元範圍內的另一部分。那麼還有哪些其他作品可以彌合這一差距呢？

Yes. No. The biggest piece is the insurance. But Michael, as I mentioned in my remarks, the budget assumption in terms of the split between core and noncore, potentially, that was overweight to the noncore. So now that we've actually completed the renewal and we've allocated the premiums between those 2 portfolios, it's closer to 2/3 of that change coming from the insurance.

是的。不，最大的一塊是保險。但是邁克爾，正如我在發言中提到的那樣，根據核心和非核心之間的分配的預算假設，可能對非核心來說是超重的。所以現在我們實際上已經完成了更新，並且我們已經在這兩個投資組合之間分配了保費，它接近 2/3 的變化來自保險。

And then there's increase in utility expense that we built into our budget for the remainder of the year. Those are really the 2 main drivers of that total change.

然後我們在今年剩餘時間的預算中增加了公用事業費用。這些確實是整個變革的兩個主要驅動力。

Got it. And then within your RV guidance, it seems like the implied seasonal transient guidance was taken down from 2% to 4% to zero to 2%.

知道了。然後在你的 RV 指南中，隱含的季節性瞬態指南似乎從 2% 到 4% 降低到零到 2%。

So you talked a little bit about what you're seeing in the transient RV, but can you maybe talk about how much of a headwind the storms are? And is that a result of closures? Or is that a reflection of maybe slowing demand because of the impact of the storms?

所以你談了一點你在瞬態 RV 中看到的情況，但你能談談風暴的逆風有多大嗎？這是關閉的結果嗎？或者這是否反映了由於風暴的影響可能導致需求放緩？

I guess let me start with -- we do have 2 properties offline in California, we have a 3rd that's partially offline, and we anticipate that those properties will be coming online in future quarters. All of those properties are membership properties.

我想讓我先說——我們在加利福尼亞州確實有 2 個離線屬性，我們有 3 個部分離線，我們預計這些屬性將在未來幾個季度上線。所有這些屬性都是成員屬性。

So there's the stability in that revenue stream for our pockets of transient and rental (inaudible) that have an impact on those specific properties.

因此，我們的臨時和租金（聽不清）收入來源穩定，對這些特定財產有影響。

But I'd also just say more broadly, and I think Paul touched on it in his comments, the storms, Coastal California, particularly Central and North, which also impacted Pacific Northwest.

但我也想說得更廣泛一些，我認為保羅在他的評論中提到了這一點，風暴，加利福尼亞沿海地區，特別是中部和北部，也影響了太平洋西北地區。

That does have a dulling effect on transient demand as we move our way through the upcoming quarter. And as Paul touched on, a shift from the Sunbelt season to the summer camping season in our Northern [California].

隨著我們進入即將到來的季度，這確實對瞬時需求產生了遲鈍的影響。正如保羅談到的那樣，在我們的北部[加利福尼亞]，從陽光帶季節到夏季露營季節的轉變。

Got it. And just one final one for me. The same-store NOI growth for the second quarter seems pretty low at 1.9% to 2.5%. And I think there's a little bit slower revenue growth and then also the expense growth is higher. So what sort of seasonality factors are driving kind of this slower growth in the second quarter?

知道了。對我來說只有最後一個。第二季度的同店 NOI 增長率似乎相當低，為 1.9% 至 2.5%。而且我認為收入增長略有放緩，然後費用增長也更高。那麼，什麼樣的季節性因素正在推動第二季度增長放緩呢？

I think it's essentially what Patrick just talked about in terms of the development, the transient revenue expectation as we're shifting from the winter to the summer season. And then as you know, we do have higher expense comp in the second quarter, largely driven by that insurance increase.

我認為這基本上就是帕特里克剛剛談到的發展，即我們從冬季轉向夏季時的短暫收入預期。然後如你所知，我們在第二季度確實有更高的費用補償，這主要是受保險增長的推動。

Our next question comes from the line of Eric Wolfe from Citi.

我們的下一個問題來自花旗銀行的 Eric Wolfe。

Just wanted to follow up on Michael's question there on the transient season in the second quarter. I think you also said that the booking window was a little bit shorter than historical. Is that just from the weather?

只是想跟進邁克爾關於第二季度短暫賽季的問題。我想你也說過預訂窗口比歷史上的要短一點。僅僅是因為天氣嗎？

Or do you think there's other things going on there that's causing that? And then just, I guess, as a follow-up to that, how do you know it's not going to sort of impact your third and fourth quarter results as well?

還是您認為還有其他原因導致了這種情況？然後，我想，作為後續行動，你怎麼知道它也不會影響你的第三和第四季度業績？

I guess I would point to a couple of things, Eric. First, the weather, as I mentioned, impacts people's decision. I'm not sure how things were in New York, but it snowed yesterday in Chicago.

我想我會指出幾件事，埃里克。首先，正如我提到的，天氣會影響人們的決定。我不確定紐約的情況如何，但芝加哥昨天下雪了。

So there aren't a lot of people who have yet been thinking about pulling out shorts when they're still having their winter coat to go to work in the morning.

因此，沒有多少人在早上穿著冬衣去上班時考慮過脫下短褲。

So I think that, that is a function of people's decisions when they're thinking about indication, particularly for Memorial Day weekend, which is the prime weekend during the second quarter.

所以我認為，這是人們在考慮指示時做出的決定的一個功能，特別是陣亡將士紀念日週末，這是第二季度的黃金周末。

And then I also think the disruption that happened in California that had some impact. I think just the weather in general in the western part of the country has given people a little bit of pause in terms of making plans for vacations because of the uncertainty.

然後我還認為加利福尼亞發生的破壞產生了一些影響。我認為，由於不確定性，該國西部的總體天氣讓人們在製定假期計劃方面有點猶豫。

And Eric, we're seeing this shorter booking window kind of across the industry as we talk to others in the industry and talk to some of our the larger players in the industry to just show that, that similar kind of impact to the shorter booking window.

埃里克，當我們與業內其他人交談並與業內一些較大的參與者交談時，我們看到了整個行業的這種更短的預訂窗口，以表明與更短的預訂類似的影響窗戶。

And then as it relates to -- we have a sense, certainly for the second quarter, but as you head into the third and fourth quarter, you just have less visibility.

然後它涉及到 - 我們有一種感覺，當然是第二季度，但當你進入第三和第四季度時，你的能見度就會降低。

Right. And I guess in the industry, what is -- what are people's views about what's causing the shorter window, just change in the nature of how people are traveling and working.

正確的。我想在業內，人們對導致窗口縮短的原因有何看法，只是改變了人們旅行和工作方式的性質。

Yes. Similar to what Paul just said, and I think that there's options. People are looking at other options. And it's just -- it's a booking window which is closer to what we saw kind of pre-pandemic. So it's not different than our long history, it's just different than what it's been in the last couple of years.

是的。與 Paul 剛才所說的類似，我認為有多種選擇。人們正在尋找其他選擇。它只是——這是一個更接近我們在大流行前看到的預訂窗口。所以這與我們悠久的歷史並無不同，只是與過去幾年的情況不同。

Got it. And then just last question on expenses. Is there anything in the second quarter beyond obviously the insurance renewal, which is just to care of that could sort of really move the needle? Any utility rate increases that you're waiting on the property tax assessments.

知道了。然後是關於費用的最後一個問題。除了明顯的保險續簽之外，第二季度還有什麼可以真正改變現狀的嗎？您正在等待財產稅評估的任何公用事業費率都會增加。

I'm just trying to understand, as we sit here 3 months from now, if there's anything that you're just going to point to that would have really changed your expectations for your full year guidance on expenses.

我只是想了解，當我們 3 個月後坐在這裡時，如果您要指出的任何事情都會真正改變您對全年支出指導的期望。

Change the expectation for full year or for the second quarter? Sorry.

改變全年或第二季度的預期？對不起。

So obviously, whatever happens in the second quarter will inform what happens for the rest of the year. So I guess what I am saying is are there any sort of large property tax assessments that you're waiting on utility rate increases maybe from Florida?

所以很明顯，無論第二季度發生什麼，都將影響今年剩餘時間的情況。所以我想我想說的是，您是否正在等待來自佛羅里達州的公用事業費率上漲，是否有任何類型的大型財產稅評估？

What's going to happen over the next 3 months that could really drive upside or downside to your full year forecast for expenses?

在接下來的 3 個月內會發生什麼，這可能會真正推動您的全年支出預測上行或下行？

I think there's not anything that we're anticipating that's significant in terms of real estate taxes in the coming 3 months. The next large information that we'll have will be in July and then look for the -- and with respect to utility expenses, as I said, we recently have heard of a utility provider that's talking about a future decrease in its electric rate.

我認為在未來 3 個月內，我們預計在房地產稅方面沒有任何重大意義。我們將在 7 月獲得下一個重要信息，然後尋找——關於公用事業費用，正如我所說，我們最近聽說一家公用事業供應商正在談論未來降低電費。

But most of the rates were implemented at the beginning of the year. And so we're not anticipating a meaningful change quite yet.

但大部分費率是在年初實施的。因此，我們還沒有預料到有意義的變化。

Our next question comes from the line of John Pawlowski from Green Street.

我們的下一個問題來自 Green Street 的 John Pawlowski。

I just have a few questions on operating costs and CapEx. And so just the last few years when you've seen outsized both OpEx increases and CapEx increases across the portfolio.

我只是有幾個關於運營成本和資本支出的問題。因此，就在最近幾年，您看到整個投資組合的運營支出和資本支出都大幅增加。

I would just be curious, when you're underwriting new acquisitions on MH relative to RVs in those 2 business lines, do you underwrite a structurally different cost profile now moving forward in one or the other?

我只是很好奇，當你在這兩條業務線中承保 MH 相對於 RV 的新收購時，你是否承保了結構上不同的成本概況，現在正朝著一個或另一個方向發展？

No. On the MH and the RV I think, it's consistent with what we've always had and consistent with our long history with those capital events.

不，我認為在 MH 和 RV 上，它與我們一直擁有的一致，並且與我們在這些重大事件方面的悠久歷史一致。

And how about for -- just in terms of the, call it, 3- to 5-year trajectory of operating costs that you have to punch into pro forma for one versus the other (inaudible).

以及 - 就 3 到 5 年的運營成本軌跡而言，你必須為一個與另一個（聽不清）打入備考。

Yes. We have -- certainly, we looked it in and we just got our insurance number. So we'll dial that in and we have increased our overall OpEx into our pro formas just as what we're seeing that's happening in our business.

是的。我們已經 - 當然，我們查看了它並且我們剛剛獲得了我們的保險號碼。所以我們會撥入它，我們已經將我們的整體運營支出增加到我們的備考中，就像我們在我們的業務中看到的那樣。

Okay. And then just so I understand the moving pieces in CapEx because it has been -- for you and your peers has been elevated the last few years. So the $135 million you spent in property upgrades and development last year.

好的。然後我就理解了資本支出中的變動部分，因為它一直——對你和你的同行來說，在過去幾年裡已經提升了。所以去年你在房產升級和開發上花費的 1.35 億美元。

Can you give us a sense of what proportion is related to property upgrades? And is that a reasonable run rate moving forward?

您能告訴我們有多少比例與財產升級有關嗎？這是一個合理的運行率嗎？

Yes, that amount, I'll just speak to last year. The upgrades were about $50 million. A little bit hard to talk about a run rate. Those upgrades represent enhancements to amenities at the properties and other investments that we typically tend to tie to incremental revenues. So they can relate to upgrading the electric service to RV sites so that we could draw customers that are paying a higher rate for that higher service.

是的，這個數額，我只談去年。升級費用約為 5000 萬美元。談論運行率有點困難。這些升級代表了物業便利設施的增強以及我們通常傾向於將其與增量收入聯繫起來的其他投資。因此，他們可以將電力服務升級到 RV 站點，以便我們可以吸引為更高服務支付更高費用的客戶。

It could be enhanced into a clubhouse in the context of discussions with the resident base and identification of opportunity in the market to adjust rents as a result of enhancing the club house.

在與居民基礎討論和確定市場機會調整租金作為增強俱樂部會所的背景下，它可以被增強為俱樂部會所。

So there are different amounts that we spend. We kind of analyze the opportunity to allocate capital each year and decide what amount we're going to spend on upgrade, a little bit hard to kind of signal the run rate. But last year, it was about $50 million.

所以我們花費的金額不同。我們有點分析每年分配資本的機會，並決定我們將在升級上花費多少，有點難以發出運行率的信號。但去年，這一數字約為 5000 萬美元。

Okay. Last one for me. For the Marina business, on average, could you give us a sense how total CapEx as a percent of NOI for the Marina portfolio has trended over the last few years? And if you expect a meaningful increase or decrease moving forward?

好的。最後一個給我。對於 Marina 業務，平均而言，您能否告訴我們過去幾年 Marina 投資組合的總資本支出佔 NOI 的百分比趨勢如何？如果您預計未來會有有意義的增加或減少？

Yes, John. I am Patrick, maybe I'll just touch on the typical Marina footprint for us. We have 7,000 slips in 23 locations, 70% of that is dry slip. So a typical property for us is building the houses boat wraps has a concrete floor, we have a boat launch area with a concrete road base and a seawall. So it's pretty straightforward. And it's been running in line with our expectations at about 15% of NOI.

是的，約翰。我是帕特里克，也許我會為我們談談典型的碼頭足跡。我們在 23 個地點有 7,000 個滑道，其中 70% 是乾滑道。因此，對我們來說，一個典型的財產是建造帶有混凝土地板的船屋，我們有一個帶有混凝土路基和海堤的船下水區。所以這很簡單。它一直符合我們的預期，約為 NOI 的 15%。

Okay. And that's total CapEx?

好的。這就是總資本支出？

Yes.

是的。

Our next question comes from the line of John Kim from BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 John Kim。

On the insurance renewals, it seems like right now in this environment, you're going to be a price taker with Lloyd's just given they are the only major provider.

在保險續保方面，似乎在這種環境下，您將成為 Lloyd's 的價格接受者，因為他們是唯一的主要供應商。

But I was wondering if there's anything that you could do on your end to moderate that rate increase going forward, whether it's a different mix of assets or geographies? Or are there any like local competitors you could use that would help moderate that cost?

但我想知道你是否可以做些什麼來緩和未來的利率增長，無論是不同的資產組合還是地域組合？或者有沒有類似的本地競爭對手可以幫助降低成本？

I think the moderation of the cost will come in with the claims that happened this year. I think that's what I would look to that. So I think that's certainly an important component. I think we do a very good job of seeking out competitive bids, and this was a very difficult season and hope to be able to improve it in 2024.

我認為成本的降低將伴隨著今年發生的索賠。我認為這就是我所期待的。所以我認為這當然是一個重要的組成部分。我認為我們在尋找有競爭力的投標方面做得很好，這是一個非常艱難的賽季，希望能夠在 2024 年有所改善。

But right now, looking at local providers, that would not end up being cost effective for you?

但是現在，看看本地供應商，這對您來說最終是否具有成本效益？

I think there are some structural challenges with something like that, John, just in terms of overall claims management and resolution of the claims and so forth. The blanket policy that we have with the larger provider like Lloyds has meaningful efficiencies that have significant value.

約翰，我認為就整體索賠管理和索賠解決等方面而言，類似的事情存在一些結構性挑戰。我們與像勞埃德這樣的大型供應商的一攬子政策具有有意義的效率，具有重要的價值。

Okay. And then I just wanted to clarify your commentary on guidance being maintained. It seems like the business interruption proceeds were already in your original guidance, and I thought that was really just to offset the lost income from the hurricane-impacted assets, yet, it seems to be one of the major reasons why you maintained guidance despite the higher insurance premiums.

好的。然後我只是想澄清一下您對正在維護的指南的評論。似乎業務中斷收益已經在您最初的指導中，我認為這實際上只是為了抵消受颶風影響的資產帶來的收入損失，然而，這似乎是您保持指導的主要原因之一，儘管更高的保險費。

So can you just clarify what was exactly in guidance previously and if the $4 million, $4.5 million that you're expecting surprise to the upside?

那麼，您能否澄清一下之前的指導到底是什麼，以及您預期的 400 萬美元、450 萬美元是否會出現意外上漲？

You're talking about maintenance of guidance for the full year, right?

您是在談論維持全年的指導，對嗎？

Correct.

正確的。

So we had an incremental $2.5 million in insurance proceeds beyond what we expected. And then as I mentioned, we've seen local demand on the ground from displaced residents and workers that is driving the increase in the noncore in addition to the assets that we acquired. So those pieces essentially are offsetting each other to position us to maintain guidance.

因此，我們的保險收益增加了 250 萬美元，超出了我們的預期。然後正如我提到的那樣，我們已經看到流離失所的居民和工人的當地需求正在推動非核心資產的增長以及我們收購的資產。因此，這些部分基本上相互抵消，使我們能夠保持指導。

Okay. So the BI didn't really -- wasn't a surprise relative to your expectations?

好的。所以 BI 並沒有真正 - 相對於您的期望而言，這不是一個驚喜嗎？

Yes. It's not so much about the BI. It's what we're seeing on the ground in Florida.

是的。與 BI 無關。這就是我們在佛羅里達州實地看到的情況。

Our next question comes from the line of Keegan Carl from Wolfe Research?

我們的下一個問題來自 Wolfe Research 的 Keegan Carl？

So first, your total [NIC] camp was about 1% year-over-year in Q1. Just curious how it's trending so far in April?

所以首先，你的 [NIC] 陣營在第一季度同比增長約 1%。只是好奇 4 月份到目前為止的趨勢如何？

We're essentially -- we're essentially down somewhere around 5% so far in April.

我們基本上 - 到目前為止，4 月份我們基本上下降了 5% 左右。

And that's what you're using for your guidance, you're assuming for all of Q2, you're down 5% year-over-year?

這就是您用於指導的內容，您假設整個第二季度同比下降 5%？

Our overall -- our guidance assumption, if you kind of walk through the footnotes for seasonal and transient in the second quarter on a combined basis, those are down a little over 5%.

我們的總體 - 我們的指導假設，如果你在第二季度綜合考慮季節性和短暫性的腳註，這些腳註下降了 5% 以上。

Okay. And then just on home sales, I know it's pretty topical. Just kind of curious, how is the trend so far year-to-date versus your own internal expectations? What's the reasonable baseline for the rest of the year?

好的。然後就房屋銷售而言，我知道它很熱門。只是有點好奇，今年迄今為止的趨勢與您自己的內部預期相比如何？今年剩餘時間的合理基線是多少？

Do you think we need the housing market to sort of normalize to kind of get more demand? Or is it more on the supply side of things that's limiting your potential home sales?

您是否認為我們需要房地產市場正常化以獲得更多需求？還是供應方面限制了您的潛在房屋銷售？

Yes. I mean I think we've long talked about not focusing on home sales profit as a large piece of our overall business. And I think as we look to the rest of the year, there might be some moderation in home sales.

是的。我的意思是，我認為我們長期以來一直在討論不要將房屋銷售利潤作為我們整體業務的一大部分來關注。我認為，展望今年剩餘時間，房屋銷售可能會有所放緩。

I don't think -- I think there will be moderation in expenses as well. So the offset will be there. So as we look to opportunities where, in some instances, we've filled -- as Patrick walked through, we've filled development.

我不認為——我認為開支也會有所節制。所以偏移量將在那裡。因此，當我們尋找機會時，在某些情況下，我們已經填補了 - 正如帕特里克走過的那樣，我們已經填補了發展。

So we're not able to have home sales and developments that we filled and others where maybe there we're seeing those 1 or 2 home sales not happening at a particular property, I think we will be able to kind of make it up from a standpoint of expenses.

因此，我們無法擁有我們所填補的房屋銷售和開發項目以及其他可能我們看到的 1 或 2 房屋銷售沒有發生在特定房產上的情況，我認為我們將能夠從某種程度上彌補這一點費用的觀點。

Okay. But it's a mixture of both supply and demand issues that would probably mitigate it?

好的。但它是供需問題的混合體，可能會緩解它？

It kind of, it varies by area as to which is the impact.

在某種程度上，影響因地區而異。

Since we have no more questions on the line, at this time, I would like to turn it back over to Marguerite Nader for closing comments.

由於我們在線上沒有其他問題，此時，我想將其轉回給瑪格麗特·納德（Marguerite Nader）以供結束評論。

We appreciate you taking the time with us this morning, and we look forward to updating you on our second quarter call.

感謝您今天早上抽出時間與我們一起，我們期待著在第二季度的電話會議上向您通報最新情況。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。