Equity LifeStyle Properties Inc (ELS) 2024 Q3 法說會逐字稿

Good day, everyone, and thank you for joining us to discuss Equity LifeStyle Properties' third-quarter 2024 results.

大家好，感謝您與我們一起討論 Equity LifeStyle Properties 的 2024 年第三季業績。

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. 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.

今天我們的主講人是我們的總裁兼執行長 Marguerite Nader； Paul Seavey，我們的執行副總裁兼財務長；以及我們的執行副總裁兼營運長 Patrick Waite。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幕詞和問答環節。與管理階層就公司的收益發布進行交流。

(Operator Instructions)

（操作員說明）

As a reminder, this call is being recorded. 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 a certain economic risks and uncertainties. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.

提醒一下，此通話正在錄音。本次電話會議期間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到一定的經濟風險和不確定性的影響。本公司不承擔更新或補充因後續事件而變得不真實的任何陳述的義務。

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.

此外，在今天的電話會議中，我們將討論 SEC G 條例定義的非 GAAP 財務指標。 。

At this time, I'd like to turn the call over to Marguerite Nader, our President and CEO.

現在，我想將電話轉給我們的總裁兼執行長瑪格麗特·納德 (Marguerite Nader)。

Good morning, and thank you for joining us today. I am pleased to be able to report on the third quarter today and provide some insights into the strengths we see in 2025. Turning to the results for the third quarter. We delivered strong normalized FFO growth of 5.3%. Over the last several years, we have seen increased demand for owning a home in our properties.

早安，感謝您今天加入我們。我很高興今天能夠報告第三季度，並就我們在 2025 年看到的優勢提供一些見解。轉向第三季的業績。我們實現了 5.3% 的正常化 FFO 強勁成長。在過去的幾年中，我們看到對在我們的房產中擁有房屋的需求不斷增加。

Our rental pool is at the lowest point since 2010, with 2.9% of our occupancy comprised rental homes. Over 95% of these new homebuyers were cash buyers. This investment is consistent with our entire portfolio as the vast majority of our residents have made a capital commitment to live in our communities.

我們的租賃池處於 2010 年以來的最低點，出租房屋占我們入住率的 2.9%。這些新購屋者中超過 95% 是現金購屋者。這項投資與我們的整個投資組合一致，因為我們絕大多數居民都做出了在我們社區生活的資本承諾。

The commitment from our homeowners results in a pride of ownership and a long-term resident base. Our RV annual revenue continues to show strength with growth of 6.9% year-to-date.

我們房主的承諾帶來了所有權的自豪感和長期的居民基礎。我們的房車年收入持續表現強勁，今年迄今成長了 6.9%。

The attractive price point of the vacation cottage product at our properties drives a stable annual revenue base. Our first-time transient customer returning from last year showed a desire to strengthen their relationship with us. I would like to turn to focus on our access points for new customers.

我們飯店的度假別墅產品具有吸引力的價格點推動了穩定的年收入基礎。去年回來的首次短暫客戶表示希望加強與我們的關係。我想談談我們為新客戶提供的接入點。

In the last decade, significant investments and developed partnerships with leading publishers and Internet listing services to reach our target customers in the US and Canada.

在過去的十年中，我們進行了大量投資並與領先的出版商和互聯網列表服務建立了合作夥伴關係，以吸引我們在美國和加拿大的目標客戶。

Our digital marketing efforts seek audiences that share characteristics similar to those of our existing customers. We focus on the lifestyle-driven decisions of our customers. Our social media strategy leverages engaging content, targeted advertising and partnerships to expand our reach and boost customer engagement with our RV members, guests and prospects.

我們的數位行銷努力尋找與我們現有客戶具有相似特徵的受眾。我們專注於客戶的生活方式驅動的決策。我們的社群媒體策略利用引人入勝的內容、有針對性的廣告和合作夥伴關係來擴大我們的影響力並提高客戶與房車會員、客人和潛在客戶的互動。

This summer was the 10th year of our 100 days of camping marketing campaign, which celebrates the time between Memorial Day and Labor Day. The campaign recorded 38.7 million impressions, the highest we have experienced across several social media platforms.

今年夏天是我們為期 100 天的露營行銷活動的第十個年頭，該活動旨在慶祝陣亡將士紀念日和勞動節之間的時間。該活動記錄了 3870 萬次展示，這是我們在多個社交媒體平台上經歷過的最高展示次數。

Before I talk about our expectations for 2025, I would like to highlight some of the demand drivers for the MH business. There are 7 million manufactured homes in the country, housing over 18 million people, making up 6% of the housing. And when you go outside of the metro areas, that number increases to 14%.

在談論我們對 2025 年的預期之前，我想先強調 MH 業務的一些需求驅動因素。該國有700萬套活動房屋，可容納超過1,800萬人，佔房屋總量的6%。當你走出大都會地區時，這個數字會增加到 14%。

In 1994, the HUD code was updated, and it increased the construction and safety standards for manufactured housing. Our homes fit the needs of our core demographic. The average price of a new home in our property is approximately $90,000, which is about 75% less than a similar home in the neighborhood. We offer incredible value, and our available audience is significant with nearly 70 million baby boomers and 65 million Gen Xers included in our targeted base.

1994 年，HUD 法規進行了更新，提高了活動房屋的施工和安全標準。我們的房屋適合我們核心人群的需求。我們的房產中新房的平均價格約為 90,000 美元，比附近的類似房屋便宜約 75%。我們提供令人難以置信的價值，我們的目標受眾包括近 7000 萬嬰兒潮世代和 6500 萬 X 世代。

Our customers seek out our properties for the vacation destination locations, high-quality home product at an affordable price and the sense of community. We are pleased to be able to provide with you an insight into the strength we see ahead in 2025. Within our MH portfolio, by the end of October, we anticipate sending 2025 rent increase notices to approximately 50% of our MH residents.

我們的客戶尋找我們的房產是為了度假勝地、價格實惠的高品質家居產品以及社區意識。我們很高興能夠讓您深入了解我們在 2025 年的未來實力。在我們的 MH 投資組合中，到 10 月底，我們預計將向大約 50% 的 MH 居民發送 2025 年租金上漲通知。

These rent increase notices have an average growth rate of 5%. For our RV portfolio, we have set annual rates for more than 95% of our annual sites. The RV annual rate increases have an average growth rate of 5.5%. We are engaged with our residents discussing the appropriate areas for capital allocation within our communities. These results set us up for continuing our long-term track record of REIT-leading revenue growth.

這些租金上漲通知的平均成長率為5%。對於我們的房車產品組合，我們為超過 95% 的年度場地設定了年度費率。RV年增率平均為5.5%。我們與居民一起討論社區內資本配置的適當領域。這些結果使我們能夠繼續保持房地產投資信託基金領先的收入成長的長期記錄。

Our supplemental report included information on the impact of Hurricanes Helene and Milton. The strength of the infrastructure, particularly the new homes in the communities has been evident after the storm. Our teams have shown incredible resilience and dedication to the residents and community. This commitment from our employees and residents reinforces the sense of community found at our properties. Our snowbird residents and guests are anxious to head back to Florida and Arizona for the season.

我們的補充報告包括有關颶風海倫和米爾頓影響的資訊。暴風雨過後，基礎設施的實力，尤其是社區的新住宅的實力顯而易見。我們的團隊展現了令人難以置信的韌性和對居民和社區的奉獻精神。我們的員工和住戶的這項承諾增強了我們飯店的社區意識。我們的雪鳥居民和客人都渴望回到佛羅裡達州和亞利桑那州過這個季節。

Our teams are prepared for their arrival and will continue to focus on providing outstanding customer service. We are able today to report the results from operations provide a positive update about our cleanup efforts and provide an advanced view into 2025 results because of our 4,000-plus team members who are actively engaged to support our residents and customers and to deliver shareholder value. Their focus on meeting the needs of the residents and customers is the reason we are able to report REIT-leading operating statistics over the last 20-plus years.

我們的團隊已為他們的到來做好準備，並將繼續專注於提供卓越的客戶服務。我們今天能夠報告營運結果，為我們的清理工作提供積極的最新信息，並提供 2025 年結果的高級視圖，因為我們有 4,000 多名團隊成員積極參與支持我們的居民和客戶並提供股東價值。他們專注於滿足居民和客戶的需求，這就是我們能夠報告過去 20 多年來房地產投資信託基金領先營運統計數據的原因。

I will now turn the call over to Patrick to provide an overview of property operations.

我現在將把電話轉給帕特里克，以概述財產運營情況。

Thanks, Margie. I'll start by providing a bit more detail regarding our assessment of the impact of Hurricane Milton on our properties in Florida. In the days since the storm made landfall, I have two properties, and I have seen the great strides our team members have made in cleanup and restoration efforts. Hurricane Milton impacted a number of our properties in Florida locations. The affected properties experienced flood, wind, wind-blown debris, fallen trees and tree branches.

謝謝，瑪吉。首先，我將提供有關我們對颶風米爾頓對我們佛羅裡達州房產影響的評估的更多詳細資訊。自從風暴登陸以來，我擁有兩處房產，我看到了我們的團隊成員在清理和恢復工作中取得的巨大進步。米爾頓颶風影響了我們在佛羅裡達州的許多房產。受影響的房屋遭受了洪水、大風、風吹碎片、倒下的樹木和樹枝。

We have seen damaged homes, car ports, screen rooms and [Onex]. Our team members and third-party contractors are in the process of cleanup projects at the impacted properties, and we're working towards quickly returning our properties to full operating condition.

我們看到受損的房屋、車棚、放映室和[奧尼克斯]。我們的團隊成員和第三方承包商正在對受影響的房產進行清理項目，我們正在努力使我們的房產迅速恢復到全面運作狀態。

Our storm operation plan was enacted prior to landfall, helping to ensure our ELS team members were safe at the properties, and we're prepared for the weather. Our teams and contractors were staged and ready to be deployed after the storm. This strategic normalization ensures that we have third-party vendors available to start work as soon as reasonably possible.

我們的風暴行動計劃是在登陸前製定的，有助於確保我們的 ELS 團隊成員在財產上的安全，並且我們為天氣做好了準備。我們的團隊和承包商已做好準備，準備在風暴過後進行部署。這種策略正常化確保我們有第三方供應商可以盡快開始工作。

I visited storm-impacted properties after every large storm event. And each time I visit, I am impressed by the stability of infrastructure of our properties throughout Florida as well as the impact the residents have as they gather to help others in their communities who may be in need.

每次大型風暴事件發生後，我都會參觀受風暴影響的房屋。每次我訪問佛羅裡達州時，我們的物業基礎設施的穩定性以及居民聚集在一起幫助社區中可能有需要的其他人所產生的影響都給我留下了深刻的印象。

Turning to our third-quarter results. Our summer camping season is punctuated by three major holidays and supported by our annual 100 days of camping campaign. For the 14 weeks between Memorial Day and Labor Day, total RV revenue increased 2.5% over last year, largely driven by annual of 6.3%.

轉向我們的第三季業績。我們的夏季露營季節由三個主要假期打斷，並得到我們每年 100 天的露營活動的支持。在陣亡將士紀念日和勞動節之間的 14 週內，房車總收入比去年增長了 2.5%，這主要是由 6.3% 的年增長率推動的。

As we have discussed in recent quarters, we are seeing a normalization of demand in the RV space from the peak code demand period when we experienced flexible life schedules and the desire to spend time with one socially distance group of family and friends. We now shifted our focus to the winter season when activity picks up in our Sunbelt Resorts.

正如我們在最近幾個季度所討論的那樣，我們看到房車領域的需求從代碼需求高峰期開始正常化，當時我們經歷了靈活的生活時間表以及與一群保持社交距離的家人和朋友共度時光的願望。現在，我們將重點轉移到冬季，此時陽光地帶度假村的活動開始活躍。

In the MH portfolio, our properties are 95% occupied and delivered consistent revenue growth. Florida, California, and Arizona collectively represent about 70% of our stable MH portfolio revenue. We continue to see strong demand for our homes and communities in these Sunbelt markets, supporting stable long-term rate growth.

在 MH 投資組合中，我們的物業已入住 95%，並實現了持續的收入成長。佛羅裡達州、加利福尼亞州和亞利桑那州合計約占我們穩定 MH 投資組合收入的 70%。我們繼續看到這些陽光地帶市場對房屋和社區的強勁需求，支持穩定的長期成長率。

Florida has historically been the leading state for net in migration. Our development program continues to deliver opportunities for home sales and occupancy growth. and we have more than 1,500 MH sites in the expansion pipeline in Florida to support future growth.

佛羅裡達州歷史上一直是淨移民數量領先的州。我們的開發計劃繼續為房屋銷售和入住率成長提供機會。我們在佛羅裡達州有超過 1,500 個 MH 站點正在擴建中，以支持未來的成長。

Our California and Arizona portfolios are 97% occupied. Those MH properties in Arizona benefit from strong Sunbelt locations, while California locations offer tremendous value to customers given they are in high demand markets and the high cost of alternatives to ELS properties in those markets.

我們的加州和亞利桑那州投資組合已被佔用 97%。亞利桑那州的 MH 房產受益於強大的 Sunbelt 地理位置，而加州的房產則為客戶提供了巨大的價值，因為它們處於高需求市場，並且這些市場中 ELS 房產的替代品成本高昂。

I'd like to thank the ELS team for their efforts. The progress at the properties over the last 12 days, often under difficult circumstances shows a great deal of commitment and teamwork and that progress is meaningful to residents and guests at the impacted properties.

我要感謝 ELS 團隊的努力。這些飯店在過去 12 天（通常在困難的情況下）所取得的進展體現了極大的承諾和團隊合作，而這種進展對於受影響飯店的居民和客人來說意義重大。

I'll now turn it over to Paul to walk through the results in the deal.

現在我將把它交給保羅來說明交易的結果。

Thanks, Patrick, and good morning, everyone. I will discuss our third quarter and September year-to-date results, review our guidance assumptions for the fourth quarter and full year 2024, and close with a discussion of our balance sheet.

謝謝派崔克，大家早安。我將討論我們第三季和 9 月的年初至今的業績，回顧我們對 2024 年第四季和全年的指導假設，最後討論我們的資產負債表。

Third-quarter FFO and normalized FFO were $0.72 share, in line with our guidance. Strong core portfolio performance generated 5.8% NOI growth in the quarter, 130 basis points higher than guidance. Our results include JV income resulting from a distribution following a secured loan refinancing that was included in our guidance model.

第三季 FFO 和標準化 FFO 份額為 0.72 美元，符合我們的指引。強勁的核心投資組合業績使本季度 NOI 成長 5.8%，比指導值高 130 個基點。我們的結果包括我們的指導模型中包含的擔保貸款再融資後的分配所產生的合資企業收入。

Core community-based rental income increased 6.2% for the quarter compared to the same period in 2023, primarily because of noticed increases to renewing residents and market rent paid by new residents after resident turnover. Rent growth from occupancy was 40 basis points compared to the third quarter 2023.

與 2023 年同期相比，本季核心社區租金收入增加了 6.2%，主要是由於續租居民以及新居民在居民流動後支付的市場租金明顯增加。與 2023 年第三季相比，入住租金增加了 40 個基點。

We increased homeowners by 111 sites in the quarter. Core RV and Marina annual base rental income, which represents approximately two-thirds of total RV and marina based rental income, increased 6.2% in the third quarter and 6.9% year-to-date compared to prior year.

本季我們增加了 111 個地點的房主。核心房車和碼頭年度基本租金收入約佔房車和碼頭租金收入總額的三分之二，與去年同期相比，第三季度增長了 6.2%，年初至今增長了 6.9%。

Year-to-date in the core portfolio, seasonal rent decreased 4.4% and transient decreased 4.3%. We continue to see offsetting reductions in variable expenses. For the September year-to-date period, the net contribution from our membership business was $43.6 million. Membership dues revenue increased 1% for the year-to-date period compared to the prior year. Year to date, we've sold approximately [16,000, 100,000] Trails Camping Pass memberships.

年初至今，在核心投資組合中，季節性租金下降了 4.4%，臨時租金下降了 4.3%。我們繼續看到可變費用的抵消性減少。今年 9 月至今，我們的會員業務淨貢獻為 4,360 萬美元。年初至今，會員會費收入較上年增加 1%。今年迄今為止，我們已售出約 [16,000, 100,000] 張 Trails Camping Pass 會員資格。

During the year-to-date period, members purchased approximately 2,900 upgrades at an average price of approximately $9,000. Core utility and other income increased 7.1% for the September year-to-date period compared to prior year, which includes pass-through recovery of real estate tax increases from 2023.

今年迄今，會員購買了約 2,900 次升級，平均價格約為 9,000 美元。今年 9 月至今，核心公用事業和其他收入較去年同期成長 7.1%，其中包括自 2023 年起轉嫁增加的房地產稅。

As a result of our continuing efforts to unbundle utility expense, our utility income recovery percentage was 46.7% year to date in 2024, about 200 basis points higher than the same period in 2023. Third-quarter core operating expenses increased 2.8% compared to the same period in 2023. Expense growth was 150 basis points lower than guidance, mainly resulting from savings in payroll, utilities and repairs and maintenance expenses.

由於我們不斷努力分拆公用事業費用，2024 年迄今，我們的公用事業收入回收率為 46.7%，比 2023 年同期高出約 200 個基點。第三季核心營運支出較2023年同期成長2.8%。費用成長比指導值低 150 個基點，主要是由於工資、公用事業以及維修和保養費用的節省。

Core NOI before property management increased 5.8% and 6.2% for the third quarter and year-to-date periods, respectively. Income from property operations generated by our noncore portfolio was $2.1 million in the quarter and $10.7 million year to date.

第三季和年初至今，不計物業管理的核心 NOI 分別成長 5.8% 和 6.2%。我們的非核心投資組合產生的房地產營運收入本季為 210 萬美元，今年迄今為 1,070 萬美元。

During the third quarter, we recorded an accrual of approximately $1 million, representing our estimate of expenses incurred following Hurricane Helene. The expenses presented in the casualty related charges, recoveries net line in our income statement. The press release and supplemental package provide an overview of 2024 fourth quarter and full year earnings guidance.

第三季度，我們記錄了約 100 萬美元的應計費用，這是我們對颶風海倫後發生的費用的估計。傷亡相關費用中所列的費用，我們的損益表中的追償淨額。新聞稿和補充資料概述了 2024 年第四季和全年獲利指引。

The following remarks are intended to provide context for our current estimated future results. All growth rate ranges and revenue and expense projections are qualified by the risk factors included in our press release and supplemental package. We have increased our full-year 2024 normalized FFO guidance $0.01 per share to $2.92 per share at the midpoint of our range of $2.89 to $2.95 per share.

以下評論旨在為我們當前估計的未來結果提供背景。所有成長率範圍以及收入和支出預測均符合我們的新聞稿和補充方案中包含的風險因素。我們將 2024 年全年標準化 FFO 指引值提高了每股 0.01 美元，至每股 2.92 美元，處於每股 2.89 美元至 2.95 美元區間的中點。

Consistent with historical practice at this time of the year, we have narrowed our full year guidance range to match the $0.06 per share range we use for quarterly guidance updates throughout the year. Full year normalized FFO per share at the midpoint represents an estimated 6% growth rate compared to 2023.

與每年這個時候的歷史慣例一致，我們縮小了全年指導範圍，以匹配我們用於全年季度指導更新的每股 0.06 美元的範圍。全年標準化 FFO 每股中位數預計較 2023 年成長 6%。

We expect fourth quarter normalized FFO per share to be in the range of $0.73 to $0.79. The fourth quarter guidance range we provided includes no assumptions related to impact from recent storms.

我們預計第四季度標準化 FFO 每股價格將在 0.73 美元至 0.79 美元之間。我們提供的第四季度指導範圍不包括與近期風暴影響相關的假設。

As Patrick mentioned, we are in the early stages of assessing the impact on our portfolio. As we continue the process, we may identify expenses to be accrued, including any impairment write-off resulting from Hurricane Milton. At this time, we have not identified any property with an operational disruption significant enough to consider a noncore designation.

正如帕特里克所提到的，我們正處於評估對我們投資組合的影響的早期階段。當我們繼續這個過程時，我們可能會確定應計費用，包括颶風米爾頓造成的任何減損沖銷。目前，我們尚未發現任何營運中斷嚴重到足以考慮非核心指定的資產。

We project full year core property operating income growth of 6.3% at the midpoint of our range of 6% to 6.6%. Full year guidance assumes core base rent growth in the range of 5.8% to 6.4% for MH and 2.7% to 3.3% for RV and Marina. The midpoints of our guidance assumptions for combined seasonal and transient show a decline of 6.6% in the fourth quarter, a decline of 4.7% for the full year compared to the respective periods last year.

我們預計全年核心房地產營業收入將成長 6.3%，處於 6% 至 6.6% 區間的中位數。全年指引假設 MH 的核心基本租金成長率為 5.8% 至 6.4%，RV 和 Marina 的核心基本租金成長率為 2.7% 至 3.3%。我們對季節性和暫時性綜合指導假設的中點顯示，第四季度下降了 6.6%，全年與去年同期相比下降了 4.7%。

Core property operating expenses are projected to increase 2.6% to 3.2% for the full year. Our full year expense growth assumption includes the benefit of savings in repairs and maintenance and payroll expense during the first nine months of 2024, as well as the impact of our April 1 insurance renewal for 2024.

全年核心物業營運支出預計將成長 2.6% 至 3.2%。我們的全年費用成長假設包括 2024 年前 9 個月維修和保養以及工資費用節省的收益，以及我們 4 月 1 日續保 2024 年保險的影響。

The full year guidance model makes no assumptions regarding the use of free cash flow we expect to generate in the remainder of 2024. Our fourth quarter guidance assumes core property operating income growth is projected to be 6.7% at the midpoint of our guidance range. In our core portfolio, property operating revenues are projected to increase 4.5% and expenses are projected to increase 1.4%, both at the midpoint of the guidance range.

全年指導模型並未對我們預計在 2024 年剩餘時間內產生的自由現金流的使用做出任何假設。我們第四季的指導假設核心房地產營業收入成長預計為 6.7%，處於我們指導範圍的中點。在我們的核心投資組合中，房地產營運收入預計將成長 4.5%，支出預計將成長 1.4%，均處於指導範圍的中點。

I'll now provide some comments on our balance sheet and the financing market. As noted in the earnings release and supplemental package, earlier this month, we raised net proceeds of approximately $314 million, from the sale of shares using our ATM program.

我現在將就我們的資產負債表和融資市場提供一些評論。正如收益發布和補充方案中所指出的，本月早些時候，我們透過 ATM 計劃出售股票籌集了約 3.14 億美元的淨收益。

The gross sale price per share was $70. We used the proceeds to repay our $300 million unsecured term loan with a maturity date in April 2026. In connection with the repayment of the term loan, we terminated the interest rate swaps that fixed interest at 6.05% through maturity. We're pleased with this execution, and we estimate it is $0.03 per share accretive to normalized FFO per share on a full year basis. On a pro forma basis for this transaction, we project debt-to-EBITDAre will be 4.6 times, interest coverage will be 5.5 times.

每股總售價為 70 美元。我們用所得款項償還了 3 億美元的無擔保定期貸款，到期日為 2026 年 4 月。在償還定期貸款方面，我們終止了到期前固定利率為 6.05% 的利率掉期。我們對這項執行感到滿意，我們估計全年每股標準化 FFO 增加 0.03 美元。根據本交易的預估，我們預期債務與 EBITDA 將為 4.6 倍，利息倍數將為 5.5 倍。

Weighted average interest rate would be 4.05% and weighted average maturity for all debt would be nine years. We continue to place high importance on balance sheet flexibility, and we believe we have multiple sources of capital available to us.

加權平均利率為 4.05%，所有債務的加權平均期限為九年。我們繼續高度重視資產負債表的靈活性，我們相信我們擁有多種可用的資金來源。

Current secured debt terms vary depending on many factors, including lender, borrower sponsor and asset type and quality. Current 10-year loans are quoted between 5.25% and 6%, 50% to 75% loan-to-value and 1.4 times to 1.6 times debt service coverage. We continue to see solid interest from life companies and GSEs to lend for 10-year terms.

目前的擔保債務條款取決於許多因素，包括貸款人、借款人擔保人和資產類型和品質。目前的10年期貸款報價在5.25%至6%之間，貸款價值比在50%至75%之間，償債覆蓋率在1.4倍至1.6倍之間。我們繼續看到壽險公司和政府支持企業對 10 年期貸款表現出濃厚的興趣。

High-quality, age-qualified MH assets continue to command best financing terms. In terms of our liquidity position, we have approximately $450 million available on our line of credit, and our ATM program has approximately $185 million of capacity.

高品質、符合年齡要求的 MH 資產繼續享有最佳融資條件。就我們的流動性狀況而言，我們的信用額度大約有 4.5 億美元，我們的 ATM 計劃大約有 1.85 億美元的容量。

Now we would like to open it up for questions.

現在我們想開放提問。

(Operator Instructions) Jeffrey Spector, Bank of America Securities.

（操作員指示）Jeffrey Spector，美國銀行證券公司。

It's actually Josh Dennerlein, not with Jeff Spector, I guess. So I guess just thinking about the 2025 preliminary rate growth guidance that you put out, could you remind us where you sent out the 2024 notices, and then how much uplift you saw over the course of the year from just like new customers coming into the portfolio? Just trying to kind of gauge like what -- maybe a tie-in to that would just be like kind of what do you think the mark-to-market is today across the portfolio?

我猜實際上是喬許·丹納萊因，而不是傑夫·斯佩克特。因此，我想，只要考慮一下您發布的 2025 年初步利率增長指導，您能否提醒我們您在哪裡發出了 2024 年通知，以及您在這一年中看到新客戶進入的增長幅度有多大？資料夾？只是試著衡量一下——也許與之相關的東西就像你認為今天整個投資組合的按市值計價是多少？

What we're seeing in terms of the rents charged to new residents after turnover, is 13%. It's moderated a bit in 2024. We started the year -- first quarter, it was closer to 16%, but that's moderated back to about 13%, which is what we saw during the year in 2023.

我們看到，在營業額之後向新居民收取的租金為 13%。到 2024 年，情況會有所緩和。今年第一季度，這一數字接近 16%，但隨後回落至 13% 左右，這就是我們在 2023 年看到的情況。

We have included in our preliminary rate growth estimate the impact of that adjustment for the residents who received notices on January 1. So that 50% of the residents is included in that estimate. But on a go-forward basis, you're correct to point out that there's potential for that to have an impact.

我們已將這項調整對 1 月 1 日收到通知的居民的影響納入我們的初步成長率估計中。因此，50% 的居民包含在該估計中。但從長遠來看，您指出這有可能產生影響是正確的。

And including that is similar to the way it was last year. So that's keeping with the same methodology.

包括這一點與去年的情況類似。這符合相同的方法。

Okay. Okay. No, good to know. And then maybe just on the other side of the equation, the expenses, I mean, year-to-date have been pretty low, especially the payroll expense. Just kind of taking through, was there any kind of adjustments that you are making on the payroll front?

好的。好的。不，很高興知道。也許就在等式的另一邊，我的意思是，今年迄今為止的費用相當低，尤其是薪資費用。只是想了解一下，您在工資方面是否進行了任何調整？

And then just how should we think about this as like go forward? Like should it kind of normalize out towards just like standard weight growth inflation going forward? Or is there something you guys can do to keep it lower than inflation?

那我們該如何看待這個問題呢？就像未來的標準體重增加通膨應該正常化嗎？或者你們可以採取什麼措施來使其低於通貨膨脹率？

Well, yes, Josh, let me just touch on the trends that we're experiencing this year. For the quarter, our payroll favorability was largely based on 5% favorability with respect to the number of employees that we had on staff at our properties.

嗯，是的，喬什，讓我談談我們今年所經歷的趨勢。本季度，我們的薪資優惠主要基於我們酒店員工人數的 5% 折扣。

So it's a comp year over year, and that's largely driven by the RV properties. If you think about we're moving through our summer RV season. Those positions are partly driven -- those open positions are driven by the competitive job market to some degree.

所以這是一個逐年比較的結果，這很大程度上是由房車屬性所推動的。如果您想到我們正在經歷夏季房車季節。這些職位是部分驅動的——這些空缺職位在某種程度上是由競爭激烈的就業市場所驅動的。

But we're also very focused on managing schedules at the property. And that's coming through in favorability in overtime and temporary payroll, and we're achieving that through cross-training and sharing our responsibilities. That also helps to contribute to favorability, not only in head count but in the overall payroll. I'd highlight that while we're managing through those schedule adjustments in the RV properties, we're also very consistently maintaining high customer experience scores.

但我們也非常注重管理飯店的行程。這體現在對加班和臨時工資的支持上，我們透過交叉培訓和分擔責任來實現這一目標。這也有助於提高人們的好感度，不僅在員工數量上，而且在總體薪資上。我想強調的是，在我們管理房車物業的時間表調整的同時，我們也一直保持著較高的客戶體驗得分。

Brad Heffern, RBC.

布拉德‧赫芬，加拿大皇家銀行。

For the MH rate increases, the past few years have seen the guided base rental income growth be higher than the noticed rate growth figure. I think some of that's obviously the CPI linkage, which presumably won't be a tailwind next year. But can you go through the composition of the other 50% that hasn't seen notices and whether you would expect those to be higher or lower than the 5% figure on the first 50%?

對於 MH 利率上漲，過去幾年指導基本租金收入成長高於注意到的利率成長數字。我認為其中一部分顯然與消費物價指數（CPI）的連結有關，這可能不會成為明年的推動因素。但您能否了解一下未收到通知的其他 50% 的構成以及您是否期望這些數字高於或低於前 50% 的 5% 數字？

Yes. I think that there are a couple of things to keep in mind. First, we are talking about rate. So let's just understand that there are two components to revenue growth overall, rate and occupancy. So this is the rate only component.

是的。我認為有幾件事需要牢記。首先，我們談論速率。因此，讓我們了解整體收入成長有兩個組成部分：成長率和入住率。所以這是唯一的速率組成。

When we look at the remaining 50%, the population that received notices or receiving notices for January 1 is a bit more heavily weighted to the longer-term agreements, as we call it, 25% of the population. So the remaining 50% are a bit more heavily weighted to market increases and the CPI associated with rent control.

當我們查看剩下的 50% 時，收到通知或 1 月 1 日收到通知的人口對長期協議的權重稍大一些，我們稱之為 25% 的人口。因此，剩下的 50% 對市場成長和與租金管制相關的 CPI 的權重更大一些。

Okay. And then can you talk through the decision to pay off the term loan with equity? Is that building balance sheet capacity for maybe potential acquisition activity? Or are you trying to move just to a lower leverage level overall?

好的。然後您能談談以股本償還定期貸款的決定嗎？這是為了潛在的收購活動而建立資產負債表能力嗎？或者您正在嘗試整體降低槓桿水平？

I think that in the ordinary course, in the first week of October, we had the opportunity. We sold 4.5 million shares at the $70 price that I mentioned, and we are pleased with the execution and the enhancement to our financial flexibility.

我認為，按照慣例，在十月的第一周，我們有機會。我們以我提到的 70 美元的價格出售了 450 萬股股票，我們對執行情況和財務靈活性的增強感到滿意。

Eric Wolfe, Citi.

埃里克·沃爾夫，花旗銀行。

Maybe just a follow-up there. I mean, you just entered into the swaps, I think, around April. I'm assuming there was an early termination payment for them. Maybe correct me if I'm wrong. So I'm just, again, trying to understand the raising $300 million, this is the largest amount you've raised since I think the fourth quarter of 2021. So is it just because it's accretive, you're trying to deleverage, just trying to get a better sense for why now raising $300 million.

也許只是後續行動。我的意思是，我想，你剛剛在四月左右進行了互換。我假設他們有提前終止付款。如果我錯了，也許可以糾正我。因此，我再次嘗試了解 3 億美元的融資情況，我認為這是自 2021 年第四季以來籌集的最大金額。那麼，是否僅僅因為它具有增值性，你就試圖去槓桿化，只是想更好地理解為什麼現在要籌集 3 億美元。

Well, the first part of that, yes, there was a cost associated with it. It was about $5 million to unwind and then write off unamortized loan costs associated with it. And I think from our perspective, when we look at the capital stack, the opportunity to take out debt that was carrying 6.05% interest until 2026 and create the flexibility.

嗯，第一部分，是的，有與之相關的成本。大約需要 500 萬美元來解除並沖銷與之相關的未攤銷貸款成本。我認為，從我們的角度來看，當我們審視資本堆疊時，有機會取消 2026 年之前利率為 6.05% 的債務並創造靈活性。

We just in July, renewed our credit facility with our bank group. And the opportunity to position ourselves to be able to tap that market in the future if an opportunity shows up was something that we found attractive, just kind of thinking about the levers that we can pull.

我們剛剛在七月與我們的銀行集團續簽了信貸安排。我們認為，如果有機會出現，我們就有機會在未來進入這個市場，這對我們來說很有吸引力，只是考慮一下我們可以拉動的槓桿。

And Eric, as Paul had mentioned in his opening comments, we looked at our balance sheet statistics and increasing our term to maturity to nine years and decreasing our exposure to debt maturing through 2026 to 3% was important for us.

艾瑞克，正如保羅在開場白中提到的那樣，我們查看了資產負債表統計數據，將到期期限延長至九年，並將2026 年到期的債務風險降低至3%，這對我們來說來說很重要。

Right. Yes, it makes sense. It was really more at the time that, that was sort of interesting to me. And I guess you mentioned a second ago that in case opportunities do arise at some point. I mean are you seeing signs that they're could be more opportunities. It's been pretty quiet for a while now. And so just curious if you're starting to see something that suggests we're going to see larger transactions in the future.

正確的。是的，這是有道理的。當時，這對我來說確實很有趣。我想你剛才提到過，以防萬一在某個時候確實出現了機會。我的意思是，你是否看到有跡象表明它們可能會帶來更多機會。已經有一段時間很安靜了。所以只是好奇你是否開始看到一些表明我們將來會看到更大交易的東西。

Sure. I think addressing the debt, the 2026 debt made sense for us, and we don't think it limits but rather improve a position to be able to act quickly on acquisition opportunities.

當然。我認為解決債務問題，2026 年債務對我們來說是有意義的，我們認為它不會限制，而是會改善我們能夠對收購機會迅速採取行動的地位。

With respect to the transaction market in general, it's been -- there's been a significant slowdown in recent years. I think the volume of transactions for institutional quality assets like what we're looking for is very low. And there's just a lack of available inventory.

就整體交易市場而言，近年來出現了顯著放緩。我認為像我們正在尋找的機構優質資產的交易量非常低。而且缺乏可用庫存。

We are seeing some smaller deals that don't really fit into our portfolio, and they're often sold using seller financing. But maybe it's helpful to just kind of point out on our available acquisition set with 50,000 manufactured home communities in the United States.

我們看到一些較小的交易並不真正適合我們的投資組合，而且它們通常是透過賣方融資出售的。但也許稍微指出一下我們對美國 50,000 個活動房屋社區的可用收購集會有所幫助。

And when you remove the smaller kind of noninvestment-grade assets, you get to about 3,000 assets, and we own 200 of those. And then on the RV side, kind of using the same metrics, it's about 16,000 RV parks, Half of those are owned by the state and federal government that leaves about 8,000 private campgrounds. 1,200 of those assets are -- we consider investment grade, and we own about 200 of those.

當你去掉較小類型的非投資等級資產時，你會得到大約 3,000 項資產，而我們擁有其中 200 項。然後在房車方面，使用相同的指標，大約有 16,000 個房車公園，其中一半歸州和聯邦政府所有，剩下大約 8,000 個私人露營地。其中 1,200 項資產屬於投資級別，我們擁有其中約 200 項。

So the opportunity set is large, and we've always said that the acquisition market can be kind of lumpy, and we're seeing that continue.

因此，機會很大，我們總是說收購市場可能有點不穩定，我們看到這種情況會持續下去。

John Kim, BMO Capital Markets.

約翰金 (John Kim)，BMO 資本市場。

Thank you. So -- and thankfully, it seems like the Hurricane Milton impact isn't as bad as Ian, but I was wondering if we could just review how -- what happened at Ian and the aftermath versus what may play out with Milton.

謝謝。因此，值得慶幸的是，颶風米爾頓的影響似乎沒有伊恩那麼嚴重，但我想知道我們是否可以回顧伊恩發生的事情以及後果與米爾頓可能發生的情況。

So from my recollection two years ago, during this time, you would do guidance for the full year, you identified six assets and closed them. I'm not sure if all those assets have reopened, but they're not in your same-store pool. I think you have like $55 million of cleanup costs and business interruption.

所以從我的記憶來看，兩年前，在這段時間裡，你會做全年的指導，你確定了六項資產並關閉了它們。我不確定所有這些資產是否已重新開放，但它們不在您的同店池中。我認為您需要承擔約 5500 萬美元的清理費用和業務中斷費用。

You got the proceeds from that and only included the insurance proceeds when you receive them back into earnings. But I wanted to see how you see Hurricane Milton playing out given it's still relatively early in your assessment of the damage.

您從中獲得了收益，並且只有當您收到保險收益時才將其計入收入中。但我想看看您如何看待米爾頓颶風的後果，因為您對損失的評估還處於相對早期的階段。

Sure. I think you point out that it's relatively early. That's absolutely true. We're 12 days after the storm hit. But you can see the difference between what we saw in and what we saw in Milton and just what Paul pointed out that at this point, there aren't any properties that we're taking out of the core.

當然。我認為你指出現在還相對較早。這絕對是真的。風暴襲來已經過了 12 天。但你可以看到我們在 Milton 中看到的和我們在 Milton 中看到的之間的區別，以及 Paul 指出的，在這一點上，我們沒有從核心中刪除任何屬性。

And with Ian, that was our first release or right soon after the storm hit, we were able to assess that. So we've -- as Patrick has pointed out, we've been on the ground, people in Chicago and of course, the Florida team has been working tirelessly to make certain that our customers and our residents are safe and are in a good place, and they've done a great job doing that.

對於 Ian，這是我們的第一個版本，或者在風暴襲來後不久，我們就能夠對此進行評估。因此，正如帕特里克所指出的，我們一直在實地，芝加哥的人們，當然還有佛羅裡達州的團隊一直在不知疲倦地工作，以確保我們的客戶和居民安全並處於良好狀態。很好。

So there are significant differences, I would say, between Ian and Milton. But it is 12 days after. It's going to take us a little bit of time to work through and give you what the final numbers would be. But I think just highlighting that there is not properties being removed from the core is probably a good thing for you to focus on as it relates to the impact of the storm.

所以我想說，伊恩和米爾頓之間有顯著差異。但已經是12天後了。我們需要一些時間來完成並給您最終的數字。但我認為，強調沒有從核心中移除屬性可能是您值得關注的一件好事，因為它與風暴的影響有關。

And what happened to those six assets from Ian? Are they closed permanently or are they reopen?

伊恩的那六項資產怎麼樣了？它們是永久關閉還是重新開放？

No.

不。

No. We've resumed operations at those properties. They're partial operations, but we have resumed just the way that we manage our core portfolio, those assets didn't return to that condition until 2024, which means the earliest that they would appear in the core is the beginning of 2026.

不。我們已恢復這些物業的營運。它們是部分運營，但我們已經恢復了管理核心投資組合的方式，這些資產直到 2024 年才恢復到那種狀態，這意味著它們最早出現在核心中是 2026 年初。

But the properties are back in operation.

但這些物業已恢復營運。

And I know it's really early. So last year, following Ian, you had a 58% insurance renewal increase. Where do you think this year's renewal rate, how does that play out, given the damages were less, but there were two occurrences this time around? And it was just your answer.

我知道現在還很早。去年，繼 Ian 之後，您的保險續保增加了 58%。您認為今年的續保率是多少？這只是你的答案。

I think as you pointed out, John, I think it's just too early to tell. We'll know better after we -- obviously, as we go through our renewal process and you don't remember that the impact will be nine months in 2025 because we already know what the first quarter will be because it's an April 1 renewal.

我認為正如你所指出的，約翰，我認為現在下結論還為時過早。顯然，當我們完成續約流程時，我們會更清楚，你不記得影響將在 2025 年持續九個月，因為我們已經知道第一季會是什麼，因為這是 4 月 1 日的續約。

But not unlike years past, the main driver of the rate is the amount of claims history. And we've highlighted what happened during Helene and we're working through Milton. So that's still yet to be determined based on the claim.

但與過去幾年不同的是，該比率的主要驅動因素是索賠歷史記錄的數量。我們已經強調了海倫期間發生的事情，我們正在透過米爾頓進行工作。因此，這仍有待根據索賠確定。

Keegan Carl, Wolfe Research.

基岡卡爾，沃爾夫研究中心。

I mean maybe just big picture, where is your head at on Florida? I know you called out the expansion and development sites, but are you reconsidering maybe your geographic exposure to the state at all? And would there be any appetite to reduce your exposure over time, just given we've now had two pretty catastrophic events in three years?

我的意思是，也許只是大局觀，你對佛羅裡達的看法在哪裡？我知道您提到了擴建和開發地點，但您是否正在重新考慮對該州的地理影響？鑑於我們在三年內發生了兩起相當災難性的事件，隨著時間的推移，您是否有興趣減少暴露？

Yes. Thanks. I think the recency effect certainly applies when someone's asked about a storm event that just happened. But it's probably good to think about and appreciate our long history with storm events inside of our portfolio. We do have a geographically diverse portfolio that's been subject to weather events each year over the last 30 years.

是的。謝謝。我認為當有人詢問剛發生的風暴事件時，近因效應肯定適用。但思考並欣賞我們投資組合中風暴事件的悠久歷史可能是件好事。我們確實擁有地理上多樣化的投資組合，在過去 30 年中每年都會受到天氣事件的影響。

And even with those weather events, we've been able to post REIT-leading results. Florida, specifically, has always been a strong state for us. We look to continue to buy more assets in Florida in all different economic times for Florida and the country, the properties have outperformed the properties in Florida have outperformed.

即使有這些天氣事件，我們仍然能夠發布領先於房地產投資信託基金的表現。尤其是佛羅裡達州，對我們來說一直是個強大的州。我們希望在佛羅裡達州和該國的所有不同經濟時期繼續在佛羅裡達州購買更多資產，這些房產的表現優於佛羅裡達州的房產。

I think I highlighted on the last call or a couple of calls ago that we have an NOI chart that's included in our investor presentation, and it shows our average NOI as a company for the last 20 years is about 4.1%. And which compares favorably to the REIT industry.

我想我在上次電話會議或前幾次電話會議中強調過，我們在投資者演示中包含了 NOI 圖表，它顯示我們公司過去 20 年的平均 NOI 約為 4.1%。與房地產投資信託產業相比，這更具優勢。

But then when you break that down further, and you consider Florida in the analysis, it shows that Florida has outperformed our overall portfolio by over 100 basis points, and that's with a storm event every couple of years.

但當你進一步細分，並在分析中考慮佛羅裡達州時，你會發現佛羅裡達州的表現比我們的整體投資組合高出 100 個基點以上，而且這還是每隔幾年發生一次風暴事件的情況。

And so -- and the team has taken a look at kind of the analysis of storm events, other impactful like economic times, election years, just to try to get an understanding of what makes Florida tick and it continues to come out ahead.

因此，該團隊研究了對風暴事件的分析，以及其他有影響力的事件，如經濟時期、選舉年，只是為了了解是什麼讓佛羅裡達州運作起來，並繼續領先。

That's really helpful. And I guess just pivoting to transient. Look, I know it's a much smaller portion of your guys' business, but there's always questions around it. So I guess a few part question here. it's always tough to gauge expectations, but how does it perform relative to your expectations within the quarter?

這真的很有幫助。我想只是轉向瞬態。聽著，我知道這在你們的業務中只佔很小的一部分，但總是存在一些問題。所以我想這裡有幾個部分問題。衡量預期總是很困難，但本季的表現與您的預期相比如何？

And how much of an impact was there on weather? And then just if we look out to next year, I mean, what are your general views on transient? Do you think we might have hit a relative trough and we could start to see it accelerate? Or should we just always expect some downward pressure given the your ability to convert transient to annual sites?

對天氣的影響有多大？然後，如果我們展望明年，我的意思是，您對瞬態的整體看法是什麼？您是否認為我們可能已經達到了相對低谷並且我們可以開始看到它加速？或者考慮到您有能力將臨時網站轉換為年度網站，我們是否應該始終期待一些下行壓力？

Yes. Keegan, just in terms of the performance in the quarter, the transient rent performed in line, I'd say, generally speaking, through August. In September, we did lose some traction, and the properties in the North and Northeast caused them in our September results because of inclement weather in certain areas. We've talked in the past about the large variance that can be caused by individual locations.

是的。Keegan，就本季的表現而言，我想說，一般來說，整個八月的臨時租金表現是一致的。9 月份，我們確實失去了一些吸引力，由於某些地區的惡劣天氣，北部和東北部的房地產在我們 9 月份的業績中造成了影響。我們過去曾討論過各個位置可能導致的巨大差異。

And just when I think about the impact in September, three properties represented almost 50% of the variance to our forecast. So it was weather driven as we've typically talked about, and again, a relatively small number can have that type of effect.

就在我思考 9 月的影響時，三處房產代表了我們預測的近 50% 的差異。因此，正如我們通常討論的那樣，這是天氣驅動的，而且，相對較小的數量也可能產生這種影響。

And just on the '25 outlook, I mean, is it fair to assume that maybe transient starting to hit a trough? Or I mean, I guess like how should we just big picture be thinking about that business?

我的意思是，就 25 年的前景而言，假設可能會短暫地開始觸底是否公平？或者我的意思是，我想我們應該如何從大局考慮這項業務？

I mean we've talked about this concept of normalizing demand. I think that the thing to keep in mind is the impact of the weather. So we will I expect that we will perform well as we historically have, when the weather is favorable, and it won't be the same when the weather isn't. That's about as much as I can say right now about next year's summer season.

我的意思是我們已經討論過需求正常化的概念。我認為要記住的是天氣的影響。因此，我預計，當天氣有利時，我們會像歷史上那樣表現良好，而當天氣不利時，情況就不一樣了。關於明年的夏季，我現在能說的就這麼多了。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

Paul or Marguerite, on the seasonal side, you were down, it was like 13% in the quarter. I'm just trying to get a better understanding of maybe provide a bit more color around that for both RV and Marina.

保羅或瑪格麗特，在季節性方面，你下降了，本季下降了 13%。我只是想更好地理解也許為房車和碼頭提供更多的色彩。

Yes, Samir, it's Patrick. We've talked about some of the shifts, particularly driven by Florida with respect to the seasonals. And then construction and other transitional workers responding to Hurricane Iin have been winding on their activity in the state. That's been really a key with respect to the headwinds that we've seen.

是的，薩米爾，是派崔克。我們已經討論了一些變化，特別是由佛羅裡達州季節性推動的變化。然後，應對颶風伊恩的建築工人和其他過渡工人已經開始在該州開展活動。就我們所看到的不利因素而言，這確實是一個關鍵。

I'd point out overall, however, that we had a number of markets that performed well throughout the watch of California and the Pacific Northwest have been consistent and Florida, given that transition, has really been the key factor.

不過，我要指出的是，總體而言，我們有許多市場在整個過程中表現良好，加州和太平洋西北地區一直保持穩定，而佛羅裡達州，考慮到這種轉變，確實是關鍵因素。

And Samir, I'll just follow on kind of piggybacking on what I said a minute ago to Keegan. When we look at revenue growth by property in the third quarter, and we look at the seasonal in particular, at a majority of our locations, we saw growth compared to the prior year. The minority is really driving the overall decline. So just to kind of walk through that, 90% of our properties generated 2.3% growth year over year in seasonal revenue. It was the remaining 10% that really drove the variance that caused the negative performance.

薩米爾，我將繼續我一分鐘前對基岡所說的話。當我們觀察第三季按房地產劃分的收入成長時，特別是我們大多數地點的季節性收入成長時，我們發現與前一年相比有所增長。少數族裔確實推動了整體下降。簡單來說，我們 90% 的飯店季節性收入年增 2.3%。剩下的 10% 才是真正導致差異的因素，導致了負面績效。

Okay. Got it. And I guess, Paul, on the expense side, I mean, you've done a good job on the payrolls segment, but is that primarily a function of the business at this point? I'm just trying to understand how much more you can do or lower expense on payroll if transient sort of starts to normalize or at least hit a trough as we heard from the previous question, and start to stabilize in the next year? And how much payroll plus can you do into next year as we think about '25?

好的。知道了。我想，保羅，在費用方面，我的意思是，你在工資部分做得很好，但這主要是目前業務的一個功能嗎？我只是想了解，如果暫時的情況開始正常化或至少達到我們從上一個問題中聽到的低谷，並在明年開始穩定下來，您可以做多少事情或降低工資費用？當我們考慮「25」時，明年你可以增加多少工資？

Yes. Samir, it's Patrick. I guess I'll add on to the earlier question, we've been able to manage, particularly this is driven by the summer RV business, right, which has a high seasonal employment component, and we've been able to manage a couple of variables. One is in those competitive markets where we're competing for employees along with other seasonal businesses. We've had some challenges filling some positions.

是的。薩米爾，是派崔克。我想我要補充一下前面的問題，我們已經能夠管理，特別是這是由夏季房車業務驅動的，對吧，它具有很高的季節性就業成分，而且我們已經能夠管理幾個變數。一是在競爭激烈的市場中，我們與其他季節性企業一起爭取員工。我們在填補某些職位方面遇到了一些挑戰。

So we've responded to that by managing efficiencies at the property level that cross-training and sharing responsibilities has helped us modify our approach to the run rate business, and that's created some efficiencies, but also being very diligent in managing overtime and other types of periodic expenses like temporary labor. I would hesitate to say that there are further efficiencies to be gained.

因此，我們透過在物業層面管理效率來應對這一問題，交叉培訓和分擔責任幫助我們修改了運行率業務的方法，這提高了一些效率，但在管理加班和其他類型方面也非常勤奮臨時工等定期費用。我不敢說還可以進一步提高效率。

Certainly, we're always looking for opportunities as well as technology to help improve the operations of the business, and we'll continue to focus on that in 2025. But I think the results that you've seen this year are reflective of us responding to those drivers at the property level.

當然，我們一直在尋找機會和技術來幫助改善業務運營，我們將在 2025 年繼續關注這一點。但我認為您今年看到的結果反映了我們在房地產層面對這些驅動因素的反應。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Great. Could you comment on any difference between RV annual renewal rates and Marina annual renewal rates? Just trying to get some color on how those two compare? And then additionally, are you thinking better or worse pricing power for annual RV in any specific geographic regions? Or is the 5.5% expectation broad-based?

偉大的。您能否評論一下 RV 年度續約率和 Marina 年度續約率之間的差異？只是想了解這兩者的比較？另外，您是否認為年度房車在任何特定地理區域的定價能力更好或更差？或者 5.5% 的預期是否具有廣泛基礎？

Yes. I would say that the -- let me first start with the Marina is a smaller section of the business. And as you point out, on the annual front, it's the high 90% with respect to the component of the revenue stream. That business is as a very granular turnover. It's a -- where our annual business in RV tends to have more of a calendar cadence to it the Marina portfolio tends to be more pro rata or spread out more equally over each of the successive months and quarters.

是的。我想說的是——讓我先從碼頭開始，它是業務的一個較小部分。正如您所指出的，在年度方面，收入流的組成部分占到了 90% 的高位。業務的營業額非常細化。我們的房車年度業務往往有更多的日曆節奏，而碼頭投資組合往往更按比例或更平均地分佈在連續的每個月份和季度中。

So it's a kind of a consistent renewal. The turnover between the two is relatively consistent in the mid-single digits, and the RV is consistent with the overall rates that we're talking about for the 2025 forward. With respect to the annual RV, the drivers are really in the summer season Maine, New Jersey, New York, Illinois, Wisconsin, those northern markets.

所以這是一個持續的更新。兩者之間的營業額相對穩定在中個位數，並且 RV 與我們談論的 2025 年前鋒的總體比率一致。就年度房車而言，駕駛者實際上是在夏季緬因州、新澤西州、紐約州、伊利諾伊州、威斯康辛州這些北方市場。

We've experienced some normalization of the peak demand that we've talked about across the RV segments. And as we're working our way through that, we've seen a slightly elevated turnover, but we are rebuilding the business very consistently with respect to new customer acquisition consistent with pre-COVID rates.

我們已經在房車領域討論過高峰需求的一些正常化。在我們努力解決這個問題的過程中，我們發現營業額略有上升，但我們正在重建業務，新客戶的獲取與新冠疫情前的水平一致。

So that's kind of on the occupancy front. With respect to just the strength in the submarkets, it's fairly widespread with respect to the overall, I'd point out the strength in the Eastern Seaboard with very strong locations, some key locations outside of key metro areas and some properties outside of the Chicago area, particularly up in Wisconsin. So we see consistent with respect to the mid-5%, but some points of strength in some of our more desirable locations.

這就是入住率方面的情況。就子市場的實力而言，就整體而言，它是相當廣泛的，我想指出東海岸的實力，其地理位置非常強大，主要都市區以外的一些關鍵地點以及芝加哥以外的一些房產地區，特別是威斯康辛州。因此，我們認為 5% 的中產階級是一致的，但在我們更理想的一些地區也有一些優勢。

Okay. And then I guess just bigger picture, I mean the transient business, especially RV seems to be taking up a lot of time on the calls and creating a lot of noise. I mean what are your thoughts on guiding for next year, super conservative just to make sure there's more upside than downside.

好的。然後我想從更大的角度來看，我的意思是短暫的業務，尤其是房車似乎佔用了大量的通話時間並產生了很多噪音。我的意思是，你對明年的指導有何想法，超級保守，只是為了確保好處多於壞處。

Like do you think you might change how you're presenting this business? And then I guess just longer term, I mean, what do you even feel about the RV business? Is it really worth growing? Would you like to shrink it, get rid of it completely? Or is it really a core asset for you?

您認為您可能會改變展示這項業務的方式嗎？然後我想從長遠來看，我的意思是，您對房車業務有何看法？它真的值得成長嗎？您想縮小它，完全擺脫它嗎？或者它真的是您的核心資產嗎？

So Jamie, we really like the RV business. We got into the business because it had all the hallmarks of the manufactured housing business, and we focused on the annual base, and we continue to focus on the annual base, and you've seen the results of those efforts with really strong annual numbers.

傑米，我們真的很喜歡房車業務。我們進入這個行業是因為它具有製造住房業務的所有特徵，我們專注於年度基數，我們將繼續關注年度基數，你已經看到了這些努力的結果，年度數據非常強勁。

The transient absolutely has volatility in it, and it has for 25-plus years. So that's -- there's nothing new there. I think it's important to remember that the transient base and the transient customer is a paying lead. So as a customer that pays us a lead that's paying us as opposed to the other way around to be able to experience our properties and then become an annual.

瞬態絕對具有波動性，而且這種情況已經持續了 25 年以上。所以，這並沒有什麼新鮮事。我認為重要的是要記住，臨時基地和臨時客戶是付費線索。因此，作為一個向我們支付潛在客戶的客戶，他們向我們支付了費用，而不是相反，以便能夠體驗我們的房產，然後成為年度客戶。

So we really like the RV business and the amount of discussion on the call with respect to the transient business, I think, is a function of everything else going so well in our company.

因此，我們真的很喜歡房車業務，我認為，電話中有關臨時業務的討論量是我們公司其他一切進展順利的結果。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

First question on the 2025 base rent increase, it seems like that inflation is down 100 basis points from last year and the MH kind of came down 40 basis points. And while the RV base increase is coming down a bit more than that.

關於 2025 年基本租金上漲的第一個問題，通膨似乎比去年下降了 100 個基點，MH 下降了 40 個基點。而房車基數增幅的下降幅度還不止於此。

So I guess, is that kind of what you're getting at with the prior question is that there are some markets where some of the annual RV is facing a little bit more pressure. And so you went with the later rider base rent increases for '25? Are there some other implications why the base rent increase for our annual RV came down so much more than MH?

所以我想，您對前一個問題的理解是，在某些市場上，一些年度房車面臨更大的壓力。那麼您同意後來增加 25 年乘客基本租金嗎？為什麼我們每年 RV 的基本租金增幅比 MH 下降這麼多，是否還有其他影響？

Yes. I mean I guess I'd say that an increase in the mid-5% range still seems pretty good. It is -- I would highlight that as we speak to the relationship between rate growth, rent growth and CPI, there is a correlation, but it's largely driven by demand at the property level and what we're seeing in the competitive set.

是的。我的意思是，我想我會說 5% 中間的成長似乎仍然相當不錯。我想強調的是，當我們談論利率成長、租金成長和消費物價指數之間的關係時，它們之間存在相關性，但它很大程度上是由房地產層面的需求以及我們在競爭環境中看到的情況驅動的。

And we did come through a period with the COVID demand as we saw across all of our business lines, and we've highlighted in the RV space for the annual seasonal and the transient. We saw very strong demand, very strong rate growth, and that's normalizing, somewhat.

正如我們在所有業務線中看到的那樣，我們確實經歷了一段新冠需求時期，並且我們在房車領域強調了年度季節性和短暫性的需求。我們看到了非常強勁的需求，非常強勁的成長率，這在某種程度上正在正常化。

So the mid-5% rate growth, I think, is reflective of consistent demand across our annual portfolio, but it also acknowledges that we're in a period with more moderate rate increases as opposed to periods of peak demand.

因此，我認為 5% 的中間成長率反映了我們年度投資組合的持續需求，但它也承認我們正處於一個利率成長較為溫和的時期，而不是需求高峰。

Got it. And then my follow-up question is related to issuing equity and just like thought process about issuing equity versus debt, do you have a target leverage ratio? Is that sort of still in play? And how do you think about like the short term like accretive nature of issuing equity versus potentially like the longer term like dilutive pressures of that?

知道了。然後我的後續問題與發行股票有關，就像發行股票與發行債務的思考過程一樣，您有目標槓桿率嗎？這種事還在上演嗎？您如何看待短期（如發行股票的增值性質）與潛在的長期（如發行股票的稀釋壓力）？

We don't. Michael, we do not have a leverage target. We have not, in our history, had one. Our focus has been historically on financial flexibility, making sure that we are ready for opportunities. And so that's the answer to the first part of that.

我們不這樣做。邁克爾，我們沒有槓桿目標。在我們的歷史上，我們還沒有這樣的經驗。歷來，我們的重點一直是財務靈活性，確保我們為機會做好準備。這就是第一部分的答案。

The second part of just kind of thinking about the opportunity to remove higher-cost debt and remove uncertainty associated with that. That's long been a hallmark of our strategy in terms of managing the debt stack, so.

第二部分只是思考消除高成本債務並消除與之相關的不確定性的機會。長期以來，這一直是我們管理債務堆疊策略的一個標誌。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Quick question on the $5 million distribution on the JV side. Could you just talk to us a little bit about the nature of that distribution?

關於合資方 500 萬美元分配的快速問題。能和我們簡單談談該發行版的性質嗎？

Sure. Just as a reminder, we own interests in seven joint ventures. There's an aggregate investment. It's less than $100 million across those JVs. Our third quarter guidance included the income contribution from refinancing of loans secured by one of our JV assets. In the ordinary course of ownership, transactions like this generate this type of income and consistent with GAAP guidance and our past practice, we recognize the distribution of JV income in the quarter.

當然。提醒一下，我們擁有七家合資企業的權益。有一個總投資。這些合資企業的總投資不到 1 億美元。我們第三季的指導包括由我們的一項合資資產擔保的貸款再融資的收入貢獻。在正常的所有權過程中，此類交易會產生此類收入，並且根據 GAAP 指導方針和我們過去的做法，我們確認了本季合資企業收入的分配。

Okay. So the debt was refinanced and that led to a distribution?

好的。那麼債務進行了再融資並導致了分配？

Correct. And so GAAP guidance states that distributions are applied to your book investment until the basis reaches zero. And (inaudible) zero then the excess cash is recognized as income.

正確的。因此，公認會計準則指導方針規定，分配將應用於您的帳面投資，直到基差達到零。且（聽不清楚）為零，則多餘的現金被確認為收入。

So that's what's happening. So the basis is not below zero. Okay, that makes a lot of sense to me. That is helpful.

這就是正在發生的事情。所以基數不低於零。好吧，這對我來說很有意義。這很有幫助。

David Siegel, Green Street Advisors.

大衛‧西格爾，格林街顧問公司。

This is John on, actually. Quick question on seasonal RVs. Based on leading indicators, you see right now for fourth quarter and first quarter, do you expect year-over-year declines in revenue for seasonal RV winter season or growth?

實際上，這是約翰。關於季節性房車的快速問題。根據您現在看到的第四季和第一季的領先指標，您預計季節性房車冬季的營收會年減還是成長？

Well, I can speak first to fourth quarter. Seasonal is tracking slightly ahead of the forecast that we have for the quarter, and we are reserved 92% for the fourth quarter rent. That's slightly higher than this time last year. I'll just tuck-in transient there since I'm in the topic. Transient is essentially flat to our guidance in terms of the reservation pacing.

嗯，我可以從第一季到第四季發言。季節性租金略高於我們對本季的預測，我們預留了 92% 的第四季租金。這比去年這個時候略高。因為我已經進入主題了，所以我就簡單說一下。在預訂節奏方面，Transient 基本上與我們的指導相同。

Okay. But any color, Paul, on the very busy first quarter, just given how much of a weight in the full year revenue, the first quarter seasonal businesses? How are -- how is leading demand indicators shaking out for the first quarter?

好的。但保羅，在非常繁忙的第一季度，第一季季節性業務在全年收入中佔多大比重？第一季的領先需求指標表現如何？

Yes. I think that with respect to the first quarter, it's early. I think the leading indicators are flat to maybe down slightly. And we're anticipating that, that will pick up as we continue through the end of the year.

是的。我認為就第一季而言，現在還為時過早。我認為領先指標持平甚至可能略有下降。我們預計，隨著我們繼續到今年年底，這種情況將會有所改善。

Okay. And then a question on just how to think through the translating of annual rate growth on the RV side to revenue growth. I know there's probably some modest drag from kind of short-term workers leaving this year. But a bit surprised that conversions from transit annual hasn't boosted annual RV revenue growth more above the rate growth.

好的。然後是如何思考將 RV 方面的年增長率轉化為收入成長的問題。我知道今年短期工人的離職可能會造成一定程度的拖累。但有點令人驚訝的是，交通年度轉換並沒有使年度房車收入成長超過成長率。

So of the 5.5% rate growth assumed, do you expect any additional drags on the flow through from rate to revenue? Or should we expect some accretion above that 5.5% from conversions from transient to annual next year?

那麼，在假設的 5.5% 成長率中，您預計從利率到收入的流動是否會受到任何額外的拖累？或者我們應該預期明年從臨時性到年度性的轉換會帶來 5.5% 以上的成長？

I do think that next year we'll continue to have a bit of a drag. We've talked about the displaced residents that we're occupying some RV annual spaces across the core portfolio. And as we kind of transition to stabilized operations at those locations or in other words, don't have that incremental revenue. There could be some offset to occupancy that we might otherwise gain in the annual. I think on a net basis, we would anticipate being up but not as significantly as otherwise.

我確實認為明年我們將繼續受到一些拖累。我們已經談到了流離失所的居民，我們在核心投資組合中佔據了一些房車年度空間。當我們在這些地點過渡到穩定營運時，或者換句話說，沒有增量收入。入住率可能會有所抵消，否則我們可能會在年度中獲得收益。我認為，從淨值來看，我們預計會出現上漲，但不會像其他情況那樣大幅上漲。

Okay. And one more follow-up question. Thanks for bearing with me. Have you noticed an increase of essentially attrition on recent -- tenants that have recently converted from transient to annual in recent years. Is that some of the hole in the bucket?

好的。還有一個後續問題。謝謝你對我的包容。您是否注意到最近幾年從臨時租戶轉變為年度租戶的本質上的流失有所增加。這是桶子上的一些洞嗎？

John, it's Patrick. I think that's a reasonable way to think about it. I guess I would characterize it a little bit differently. As I was kind of walking through earlier we moved through that kind of post-COVID period where people were able to move around, but there was still a high degree of focus on isolating within your own social group and family that lines up very well with the RV camping and lifestyle. So we saw really significant demand that led to growth in occupancy as well as very strong rate growth.

約翰，是派崔克。我認為這是一個合理的思考方式。我想我會對它的描述有點不同。正如我早些時候所經歷的那樣，我們經歷了那種後新冠時期，人們可以四處走動，但仍然高度關注在自己的社交群體和家庭中進行隔離，這與房車露營和生活方式。因此，我們看到了真正巨大的需求，導致了入住率的成長以及非常強勁的成長率。

And now we're more at a point where the build back of normalized attrition isn't keeping pace with just the higher occupancy. So occupancy went up. We have a level of attrition. That's a fair point, although I can't speak to any level of detail. It's a fair point that there might be a higher level of attrition on that broader group.

現在，我們正處於這樣一個階段：正常消耗的恢復速度無法跟上入住率的提高。所以入住率就上升了。我們有一定程度的消耗。這是一個公平的觀點，儘管我無法談論任何細節。公平地說，這個更廣泛的群體可能會出現更高程度的流失。

But we're working through that, and we're building back the business consistent with pre-COVID acquisition of new customer pace. So it's kind of an interaction of the two. And as we work our way through that process, as Paul highlighted, I would expect we'd revert to something that looks more like our run rate business pre-COVID with respect to occupancy and turnover.

但我們正在努力解決這個問題，我們正在按照新冠疫情前獲取新客戶的步伐來重建業務。所以這是兩者之間的一種互動。正如保羅所強調的那樣，當我們努力完成這一過程時，我希望我們在入住率和營業額方面會恢復到更像新冠疫情前的運行率業務。

[Wes Golladay], Baird.

[韋斯·戈拉迪]，貝爾德。

Another question on insurance. Less on rate, but maybe more in the structure. Do you plan to make any changes to your insurance deductibles and limits? Or are you comfortable where you are at?

還有一個關於保險的問題。速率較少，但結構上可能較多。您打算對保險免賠額和限額進行任何更改嗎？或是你現在所處的位置舒服嗎？

Yes. I think that's -- it's too early to tell. I think we do a pretty good job of detailing out our coverage every time after every renewal. So we'll continue to do that. but it's pretty early in the process to determine any change in coverage. It's really a function of what's available in the market and we're not -- we haven't started to have those conversations yet.

是的。我認為現在下結論還為時過早。我認為我們在每次續約後詳細說明我們的承保範圍方面做得非常好。所以我們將繼續這樣做。但現在確定覆蓋範圍的任何變化還為時過早。這實際上是市場上現有產品的功能，而我們不是——我們還沒有開始進行這些對話。

And do you expect a meaningful uptick in demand from hurricane relief workers?

您預計颶風救援人員的需求會大幅增加嗎？

If you look at what we've seen historically after a few weeks after the hurricane and as people -- or after the storm events as people get situated and kind of have an understanding of what their needs are, you do see an increase, an increase in occupancy as a result of that. It just takes a while for it to kind of work through the system and determine how many people are needed to help out.

如果你看看我們在颶風過後幾週後以及作為人們所看到的歷史情況，或者在風暴事件之後，當人們了解自己的需求並了解他們的需求時，你確實會看到增長，入住率因此而增加。它只需要一段時間就可以透過系統進行工作並確定需要多少人來提供幫助。

Anthony Hau, Truist Securities.

安東尼·豪（Anthony Hau），Truist 證券公司。

Paul, can you quantify the drag from displaced residents for next year? I think you mentioned that earlier.

保羅，你能能量化明年流離失所居民的拖累嗎？我想你之前提到過這一點。

Yes. It was a little over $1.5 million in 2024.

是的。到 2024 年，這一數字略高於 150 萬美元。

And do you think that drag will continue in 2025, like another $1 million in 2025?

您認為這種拖累會在 2025 年繼續下去嗎？

No. I mean $1.5 million is what we earned in 2024. So potentially, that eases to zero over time.

不。我的意思是 2024 年我們賺了 150 萬美元。因此，隨著時間的推移，這一數字有可能降至零。

And then you mentioned that like the mark to market for new tenants remained at 13%, unchanged from last year. But at the same time, right, you guys are renewing leases at like 5%, 6%. So doesn't that mean that the market rent growth is much higher than that? And just curious like what are you guys seeing in terms of market rent growth in your portfolio?

然後您提到新租戶的市價仍維持在 13%，與去年持平。但同時，你們續租的利率大概是 5%、6%。那麼這是否意味著市場租金漲幅遠高於此呢？只是好奇你們在投資組合中的市場租金成長上看到了什麼？

I'm not sure I'm tracking your question, Anthony. When a resident leaves and a new one comes in, they're paying a rent that is 13% higher than the customer who was there.

我不確定我是否在跟踪你的問題，安東尼。當一名居民離開並有新居民入住時，他們支付的租金比原來住在那裡的顧客高出 13%。

Anthony, maybe helps to think about it this way. As we move from a period of low to moderate inflation, and we've reached a period of higher inflation, significant demand in the MH space or across all our business lines. We saw growth in occupancy, and we saw sequential increases in rate -- in rates that we were charging in the market based on demand.

安東尼，也許有助於這樣思考。隨著我們從低通膨時期轉向溫和通膨時期，我們已經進入了高通膨時期，MH 領域或我們所有業務線的需求量巨大。我們看到了入住率的成長，我們看到了費率的連續成長——我們根據需求在市場上收取的費率。

And clearly, there's a correlation to inflation as well. So higher inflationary period, Higher demand. Rates went up a couple of years at a rate that was just higher than we've seen in our history.

顯然，這與通貨膨脹也有相關性。因此，通貨膨脹時期較高，需求較高。幾年來，利率的上漲速度比我們歷史上所見過的還要高。

So that led to market rates, taking those full increases of 6%, 7%, 8%, sometimes higher depending on the particular property. And our long-term residents, we have a very long-term view, we'll be getting an increase significantly less than that, something in the mid-single digits.

因此，這導致了市場價格的上漲，漲幅為 6%、7%、8%，有時甚至更高，具體取決於特定的房產。對於我們的長期居民，我們有一個非常長遠的看法，我們的增幅將大大低於這個數字，大約在個位數左右。

So if you go through a couple of years of that, you start to create a larger gap between the rate that's charged to our run rate customer or long-term MH residents and an incoming customer or a new homebuyer, used home buyer, one of our properties. That's what really drove the, call it, the earn-in of a double-digit mark-to-market.

因此，如果您經歷了幾年，您就會開始在向我們的運行費率客戶或長期MH 居民收取的費率與新來的客戶或新購房者、二手房購買者（其中之一）收取的費率之間產生更大的差距。這才是真正推動兩位數市價獲利的原因。

This concludes the question-and-answer session. At this time, I'd like to turn the program back to Marguerite Nader for any closing comments.

問答環節到此結束。此時，我想將節目轉回給 Marguerite Nader 以徵求結束意見。

Thank you for joining us today. We look forward to updating you on our next quarter's call.

感謝您今天加入我們。我們期待在下一季的電話會議上向您通報最新情況。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。