Equity LifeStyle Properties Inc (ELS) 2025 Q1 法說會逐字稿

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties first quarter 2025 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 2025 年第一季的業績。我們今天的特邀演講嘉賓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保羅·西維 (Paul Seavey) 和我們的執行副總裁兼首席營運官帕特里克·韋特 (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，管理層公佈了收益。今天的電話會議將包括開場白以及與管理層就公司收益報告進行的問答環節。（操作員指示）提醒一下，此通話正在被錄音。

Certain matters discussed during this conference call may contain forward-looking statements in the meanings of the federal securities laws. Our forward-looking statements are subject to certain economic risks and uncertainties.

本次電話會議討論的某些事項可能包含聯邦證券法所定義的前瞻性陳述。我們的前瞻性陳述受到某些經濟風險和不確定性的影響。

The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events. In addition, our -- during today's call, we will discuss non-GAAP financial measures as defined by SEC Regulation G.

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。此外，在今天的電話會議中，我們將討論美國證券交易委員會 G 條例定義的非公認會計準則財務指標。

Reconciliation of this non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release, our supplemental information and our historical SEC filings.

此非 GAAP 財務指標與可比較 GAAP 財務指標的對帳包含在我們的收益報告、補充資料和歷史 SEC 文件中。

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 report the results for the first quarter of 2025. The quality of our cash flow, our in-demand locations, the lack of new supply and the strength of our balance sheet allow us to report impressive results.

早安，感謝您今天加入我們。我很高興地報告 2025 年第一季的業績。我們的現金流品質、我們受歡迎的地點、缺乏新的供應以及我們資產負債表的強勁使我們能夠報告令人印象深刻的業績。

We continued our long-term record of strong core operations and FFO growth with growth in NOI of 3.8% and a 6.7% increase in normalized FFO per share in the first quarter. We are pleased with our outlook for the remainder of 2025.

我們延續了長期以來強勁的核心業務和 FFO 成長的記錄，第一季 NOI 成長 3.8%，每股正常化 FFO 成長 6.7%。我們對 2025 年剩餘時間的展望感到滿意。

We have maintained our strong full year (inaudible) FFO guidance of $3.06 per share. Over the last 10 years, our average core NOI grew 5.3% and normalized FFO grew nearly 8%, both outpacing the REIT industry over that time.

我們維持了強勁的全年（聽不清楚）FFO 指導價，即每股 3.06 美元。在過去 10 年中，我們的平均核心 NOI 成長了 5.3%，標準化 FFO 成長了近 8%，均超過了當時的 REIT 產業。

Our balance sheet is in terrific shape with an average term to maturity of more than eight years. 19% of our debt is fully amortizing and not subject to refinance risk and our debt maturity schedule through 2027 shows only 9% of our debt coming due compared to the REIT average of 30%.

我們的資產負債表狀況極佳，平均到期期限超過八年。我們的 19% 的債務已完全攤銷，不存在再融資風險，而我們的 2027 年債務到期計劃顯示，只有 9% 的債務到期，而房地產投資信託基金的平均到期期限為 30%。

During uncertain times, it's helpful to appreciate the stability of our business and the reasons it will continue to be stable. Our MH portfolio comprises approximately 60% of our total revenue and our properties are 94% occupied.

在不確定的時期，了解我們業務的穩定性以及它將繼續保持穩定的原因很有幫助。我們的 MH 投資組合約占我們總收入的 60%，我們的物業入住率為 94%。

Our properties stand out due to their ability to maintain high occupancy levels once achieved. This is driven by the unique composition of our resident base. Homeowners occupy 97% of our MH portfolio creating long-term stability and reducing turnover.

我們的物業因能夠維持高入住率而脫穎而出。這是由我們居民群體的獨特組成所驅動的。房主佔據了我們 MH 投資組合的 97%，從而創造了長期穩定性並降低了營業額。

A high percentage of homeowners plays a key role in maintaining consistent cash flow. Our communities foster a sense of connection where residents are focused on building relationships and contributing to an engaged neighborhood environment.

高比例的房主在維持穩定的現金流方面發揮關鍵作用。我們的社區培養一種連結感，居民專注於建立關係並為活躍的鄰裡環境做出貢獻。

Within our RV footprint, our annual revenue grew 4.1% in the quarter. Our annual customers stay with us in park models, resort cottages and RVs. We welcome many multigenerational customers who consider our properties as part of their family history. Our transient day service is an important entry point for introducing new customers to our properties, laying the foundation for long-term revenue growth.

在我們的 RV 業務範圍內，本季我們的年收入成長了 4.1%。我們的年度客戶入住我們的公園模型、度假小屋和房車。我們歡迎許多多代同堂的客戶，他們將我們的房產視為他們家族歷史的一部分。我們的臨時日間服務是吸引新客戶到我們酒店的重要切入點，為長期收入成長奠定基礎。

Turning to demand. Our offerings across our portfolio are unique. We offer great long-term experiences in sought-after locations at a fraction of the cost in those locations. We are engaging with our customers through traditional e-mail campaigns, social media outreach, digital advertising and ambassador programs.

轉向需求。我們產品組合中的產品都是獨一無二的。我們在熱門地點提供出色的長期體驗，而費用僅為當地成本的一小部分。我們透過傳統的電子郵件活動、社群媒體推廣、數位廣告和大使計畫與客戶互動。

For the quarter, our websites attracted a combined 1.7 million unique visitors and generated 72,000 online leads, reflecting strong engagement. The drivers of the lead generation are from our RV annual site lease campaign and trip planning lead generation.

本季度，我們的網站共吸引了 170 萬獨立訪客，並產生了 72,000 條線上線索，反映出強勁的參與度。潛在客戶開發的驅動力來自於我們的 RV 年度場地租賃活動和旅行計畫潛在客戶開發。

Our social media strategy seeks to engage both customers and prospects in a wide variety of platforms. We have over 2.2 million fans and followers across the social media networks. Over the past 10 years, we have grown our social media fans and followers by an average of 30% annually.

我們的社交媒體策略旨在透過各種平台吸引客戶和潛在客戶。我們在社群媒體網路上擁有超過 220 萬粉絲和追蹤者。在過去的 10 年裡，我們的社群媒體粉絲和追隨者每年平均成長 30%。

I want to thank our team for a great start of the year. They've done an excellent job supporting our snowbird guests and now we're getting ready to welcome our customers for the upcoming spring instance. Our REIT-leading performance is made possible because of the efforts of our 4,000 team members across the country.

我要感謝我們的團隊為今年帶來了一個好的開始。他們為我們的雪鳥客人提供了出色的支持，現在我們正準備在即將到來的春季迎接我們的客戶。我們取得REITs領先的業績，得益於全國4,000名團隊成員的共同努力。

I will now turn it over to Patrick to provide more details about property operations.

現在我將把話題交給帕特里克，讓他提供有關房地產運營的更多細節。

Thanks, Marguerite. Our business is currently in its spring seasonal shift with snowbirds in our sunbelt locations beginning to head north and our northern locations preparing for the summer rush. This shoulder season is an opportunity to look at the elements that shaped our first quarter results as well as what we see ahead for the summer season.

謝謝，瑪格麗特。我們的業務目前正處於春季季節性轉變，陽光地帶地區的雪鳥開始向北遷徙，而北部地區則準備迎接夏季的高峰。這個平季是我們回顧影響第一季業績的因素以及展望夏季前景的一個機會。

The fundamentals of our business remain strong. New supply of manufactured home communities and RV resorts continues to be limited with MH entitlement most challenging. Our portfolio of MH and RV properties offer prime locations and meet demand from homebuyers and RV vacations.

我們的業務基礎依然強勁。新建活動房屋社區和房車度假村的供應持續受到限制，而 MH 資格的獲得則面臨最大的挑戰。我們的 MH 和 RV 物業組合擁有優越的地理位置，可滿足購屋者和 RV 度假的需求。

First, I'll focus on our MH business. Our MH occupancy is at historically high levels. And on average, ELS homeowners pay $80,000 to $100,000 for a new home and renters paid $1,500 per month. Our high homeowner count results in stable occupancy with homeowners in our communities remaining an average of 10 years.

首先，我將重點介紹我們的 MH 業務。我們的 MH 入住率處於歷史最高水準。平均而言，ELS 房主為新房支付 80,000 至 100,000 美元，租屋者每月支付 1,500 美元。我們社區的房主數量眾多，入住率穩定，平均入住時間為 10 年。

For a perspective on the relative value of homes in our MH communities, I'll highlight three states: Florida, California and Arizona that comprise the largest share of our MH business. In our primary submarkets in Florida, the average single-family home price ranges from over 370,000 in Tampa St. Pete to nearly 460,000 and in the Fort Lauderdale, West Palm Beach submarket.

為了了解我們 MH 社區房屋的相對價值，我將重點介紹三個州：佛羅裡達州、加利福尼亞州和亞利桑那州，它們占我們 MH 業務的最大份額。在我們位於佛羅裡達州的主要子市場中，平均單戶住宅價格從坦帕聖彼得堡的 37 萬多美元到勞德代爾堡、西棕櫚灘子市場的近 46 萬美元不等。

Homes in Northern California, around San Francisco and San Jose averaged over 1.4 million, and in Southern California in Los Angeles and San Diego, it's just over $1 million. Well, homes in the Phoenix and Mesa submarket average more than 425,000.

北加州、舊金山和聖荷西周邊地區的房價平均超過 140 萬美元，而南加州洛杉磯和聖地牙哥地區的房價則略高於 100 萬美元。鳳凰城和梅薩子市場的平均房價超過 425,000 美元。

In each submarket, our communities offer great value to residents, both homeowners and renters. Our largest market is Florida, and last quarter, we discussed the impact of recent hurricanes on MH occupancy. The result of last season's hurricanes. We lost approximately 170 occupied sites in Q1 in addition to more than 90 occupied sites in Q4.

在每個子市場中，我們的社區都為居民（包括房主和租戶）提供巨大的價值。我們最大的市場是佛羅裡達州，上個季度，我們討論了最近的颶風對 MH 入住率的影響。這是上個季節颶風造成的結果。除了第四季度損失了 90 多個已佔用站點之外，我們在第一季還損失了大約 170 個已佔用站點。

We are ordering replacement homes, and we will see the positive impact on the community and cash flow in coming quarters. On the RV side of our business, we continue to see strength from our annual sites, where we saw 4.1% revenue growth in the quarter.

我們正在訂購替換房屋，我們將在未來幾季看到對社區和現金流的正面影響。在我們業務的 RV 方面，我們繼續看到年度站點的強勁表現，本季營收成長了 4.1%。

Customers are averaging annual -- I'm sorry, leveraging annual sites for their RV park model as an attractive and affordable path to a vacation home or lake house. The annual site rent on one of our properties is a fraction of the cost of a mortgage on a second home, particularly on a home offering amenities like water access, a swimming pool and a club house with sports courts, among others.

客戶平均每年——對不起，利用年度場地作為他們的房車公園模型，作為前往度假屋或湖邊別墅的有吸引力且經濟實惠的途徑。我們其中一處房產的年租金只是第二套房屋抵押貸款成本的一小部分，尤其是對於提供水源、游泳池和帶運動場的俱樂部會所等設施的房產。

For many customers, the annual site rent ranging from $5,000 to $6,000 in the north and averaging about $8,000 in the Sunbelt is equivalent to their annual weeklong vacation considering travel expenses and accommodations.

對於許多客戶來說，北部地區的場地年租金為 5,000 至 6,000 美元，陽光地帶的場地年租金平均為 8,000 美元左右，考慮到旅行費用和住宿費用，這相當於他們一年一周的假期費用。

Annual customers typically purchase a park model for $25,000 to $100,000, which compares favorably to vacation homes that often exceed $500,000 in some markets where our properties are located. These annual sites provide a stable revenue for our RV portfolio, accounting for more than 75% of our core RV revenue.

年度客戶通常以 25,000 至 100,000 美元的價格購買公園模型，與我們物業所在的某些市場中通常超過 500,000 美元的度假屋相比，這一價格更具優勢。這些年度場地為我們的房車組合提供了穩定的收入，占我們核心房車收入的 75% 以上。

While transient sites are an important element of our business, including serving a pipeline for annual sites and membership sales. We have less visibility into this revenue line as the time between booking and travel continues to -- more the [hero] transient reservations are booked within 30 days of arrival. A majority of our full year transient revenue comes to us in Q2 and Q3 when we see historically high demand.

而臨時站點是我們業務的重要組成部分，包括為年度站點和會員銷售提供管道。我們對這條收入線的了解越來越少，因為從預訂到旅行的時間越來越長——更多的[英雄]臨時預訂是在抵達後 30 天內完成的。我們全年的大部分臨時收入都來自第二季和第三季度，這兩個季度的需求量達到了歷史最高水準。

We're looking forward to our annual 100 days of camping promotion late to Labor Day. This will be our 11th season celebrating the 100 days of camping. We see very high engagement levels with this promotion. We saw more than $38 million impressions for the campaign last summer.

我們期待在勞動節後開展一年一度的 100 天露營促銷活動。這將是我們慶祝 100 天露營的第 11 個季節。我們發現這次促銷活動的參與度非常高。去年夏天，該活動的曝光量已超過 3,800 萬美元。

Now I'll turn it over to Paul.

現在我將把話題交給保羅。

Thanks, Patrick, and good morning, everyone. I will review our first quarter 2025 results and provide an overview of our second quarter and full year 2025 guidance. First quarter normalized FFO was $0.83 per share, in line with our guidance. Core portfolio NOI growth of 3.8% compared to prior year was in line with our expectations for the quarter.

謝謝，派崔克，大家早安。我將回顧我們 2025 年第一季的業績，並概述我們 2025 年第二季和全年的指引。第一季標準化 FFO 為每股 0.83 美元，符合我們的預期。核心投資組合淨營業利潤 (NOI) 與上年相比成長 3.8%，符合我們對本季的預期。

Community-based rental income increased 5.5% for the quarter compared to the same quarter in 2024. Rate growth of 5.7% was in line with our guidance, primarily as a result of noticed increases to renewing residents and market rent paid by new residents after resident turnover.

與 2024 年同期相比，本季社區租金收入成長了 5.5%。5.7% 的費率成長符合我們的預期，主要是因為續租居民的數量和居民流動後新居民支付的市場租金增加。

Our high-quality resident base consists of more than 97% homeowners with very low levels of bad debts written off currently below 40 basis points on average. First quarter core resort and marina based rental income performed in line with our budget.

我們的優質居民群體由超過 97% 的房主組成，他們的壞帳率非常低，目前平均核銷率低於 40 個基點。第一季核心度假村和碼頭的租金收入符合我們的預算。

Rent growth from annuals increased 4.1% for the quarter compared to prior year and was slightly higher than our guidance. Transient rent was down 9.1% compared to first quarter 2024. For the first quarter, the net contribution from our total membership business, which consists of annual subscription and upgrade reps offset by sales and marketing expenses was $15.5 million, an increase of 4% compared to the prior year.

本季租金年增率與去年同期相比成長了 4.1%，略高於我們的預期。與 2024 年第一季相比，臨時租金下降了 9.1%。第一季度，我們的總會員業務的淨貢獻（包括年度訂閱和升級代表扣除銷售和行銷費用）為 1550 萬美元，比上年增長 4%。

Core utility and other income increased 3.9% compared to first quarter 2024. Our utility income recovery percentage was 47.6%, about 110 basis points higher than first quarter 2024. First quarter core operating expenses increased 1.5% compared to the same period in 2024.

與 2024 年第一季相比，核心公用事業和其他收入成長了 3.9%。我們的公用事業收入回收率為 47.6%，比 2024 年第一季高出約 110 個基點。第一季核心營運費用與 2024 年同期相比成長了 1.5%。

Property operating and maintenance and real estate tax expenses increased 2.6%. Membership sales and marketing expenses were in line our budget and lower than prior year. We renewed our property and casualty insurance program April 1, and the premium decrease year-over-year was approximately 6%. We are pleased with the result, which reflects no change in our property insurance program deductibles or coverage.

物業營運維護和房地產稅支出增加2.6%。會員銷售和行銷費用符合我們的預算，並且低於上一年。我們於 4 月 1 日續簽了財產和意外保險計劃，保費年減約 6%。我們對結果感到滿意，這反映出我們的財產保險計劃免賠額或承保範圍沒有變化。

Core property operating revenues increased 2.9%, while core property operating expenses increased 1.5%, resulting in growth in core NOI before property management of 3.8%. Our noncore properties contributed $4 million in the quarter, slightly higher than our expectations as a result of expense savings.

核心物業營運收入成長2.9%，核心物業營運費用成長1.5%，導致物業管理前核心淨營業利潤成長3.8%。我們的非核心資產在本季度貢獻了 400 萬美元，由於費用節省，略高於我們的預期。

JV income includes income recognition related to an expected distribution from one of our joint ventures. The press release and supplemental package provide an overview of 2025 second quarter and full year earnings guidance. The following remarks are intended to provide context for our current estimate of future results.

合資企業收入包括與我們一家合資企業的預期分配相關的收入確認。新聞稿和補充資料概述了 2025 年第二季和全年獲利預期。以下評論旨在為我們目前對未來結果的估計提供背景。

All growth rate ranges in revenue and expense projections are qualified by the risk factors included in our press release and supplemental package. Our guidance for 2025 full year normalized FFO is $3.06 per share at the midpoint of our guidance range of $3.01 to $3.11. We project core property operating income growth of 5% at the midpoint of our range of 4.5% to 5.5%.

收入和支出預測中的所有成長率範圍均受我們新聞稿和補充資料中包含的風險因素的限制。我們對2025年全年正常化營運現金流（FFO）的預期為每股3.06美元，位於我們3.01美元至3.11美元預期區間的中點。我們預期核心地產營運利潤將成長5%，位於我們4.5%至5.5%預期區間的中點。

We project the noncore properties will generate between $8.2 million and $12.2 million of NOI during 2025. Our property management and G&A expense guidance range is $119 million to $125 million. In the quarter project the following full year growth rate ranges, 3.2% to 4.2% for core revenues, 1.5% to 2.5% and 4.5% to 5.5% for core NOI.

我們預計，非核心資產將在 2025 年產生 820 萬美元至 1,220 萬美元的淨利潤。我們的物業管理和一般及行政費用指導範圍是 1.19 億美元至 1.25 億美元。本季預計全年成長率為：核心收入 3.2% 至 4.2%、核心淨營業利潤 1.5% 至 2.5% 及 4.5% 至 5.5%。

Full year guidance assumes core MH rent growth in the range of 4.8% to 5.8%, full year guidance for combined RV and Marina rent growth is 2.2% to 3.2%. Annual RV and marina rent represents approximately 70% of the full year RV and marina rent, and we expect 5% growth in rental income from annuals at the midpoint of our guidance range.

全年指導假設核心 MH 租金增長在 4.8% 至 5.8% 之間，全年指導假設綜合 RV 和 Marina 租金增長為 2.2% 至 3.2%。房車和碼頭的年度租金約佔全年房車和碼頭租金的 70%，我們預計年度租金收入將增加 5%，處於我們指導範圍的中點。

Our full year expense growth assumption includes the impact of our April 1 insurance renewal for the rest of 2025. Our second quarter guidance assumes normalized FFO per share in the range of $0.66 to $0.72 that represents approximately 23% of full year normalized FFO per share.

我們對全年費用成長的假設包括了 4 月 1 日保險續保對 2025 年剩餘時間的影響。我們第二季的指引假設每股正常化 FFO 在 0.66 美元至 0.72 美元之間，約佔全年每股正常化 FFO 的 23%。

Core property operating income growth is projected to be in the range of 5.4% to 6% for the second quarter. Second quarter growth in MH is 5.3% at the midpoint of our guidance range. We project second quarter annual RV and marina rent growth to be approximately 4.6% at the midpoint of our guidance range.

預計第二季核心房地產營業收入成長將在 5.4% 至 6% 之間。MH 第二季的成長率為 5.3%，位於我們指引範圍的中點。我們預計第二季房車和碼頭租金年增率約為 4.6%，處於指導範圍的中點。

Our guidance to suit in second quarter seasonal and transient RV revenues perform in line with our current reservation pacing. Second quarter growth in core property operating expenses is projected to be in the range of 1.6% to 2.2%, and includes the impact of our April 1 insurance renewal.

我們對第二季季節性和臨時房車收入的指導與我們目前的預訂節奏一致。預計第二季核心房地產營運費用成長將在 1.6% 至 2.2% 之間，其中包括 4 月 1 日保險續保的影響。

I'll now provide some comments on our balance sheet and the financing market. Our balance sheet is well positioned to execute on capital allocation opportunities. As of the end of March, we have only $87 million scheduled to mature before 2028 and our weighted average maturity for all debt is 8.4 years.

我現在將對我們的資產負債表和融資市場發表一些評論。我們的資產負債表已做好充分準備來執行資本配置機會。截至 3 月底，我們只有 8,700 萬美元計劃在 2028 年之前到期，所有債務的加權平均到期日為 8.4 年。

Our debt-to-EBITDA is 4.4 times and interest coverage is 5.4 times. We have access to approximately $1 billion of capital from our combined line of credit and ATM programs. We continue to place high importance on balance sheet flexibility, and we believe we have multiple sources of capital available to us.

我們的債務與 EBITDA 比率為 4.4 倍，利息覆蓋率為 5.4 倍。我們可以從綜合信貸額度和 ATM 計劃中獲得約 10 億美元的資金。我們繼續高度重視資產負債表的靈活性，並且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 5.5% and 6.25% and 6.75% loan-to-value and 1.4 times to 1.6 times debt service coverage.

目前有擔保債務條款因多種因素而異，包括貸方、借方發起人以及資產類型和品質。目前 10 年期貸款的貸款價值比為 5.5% 至 6.25% 和 6.75%，債務償還率在 1.4 倍至 1.6 倍之間。

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

我們繼續看到人壽保險公司和政府支持企業對 10 年期貸款表現出濃厚興趣。高品質、符合使用年資要求的 MH 資產繼續享有最佳融資條件。

Now we would like to open it up for questions.

現在我們願意開始提問。

(Operator instructions)

（操作員指示）

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Hey, this is Cooper Clark on for Jamie today. Thank you for taking the question. On the MH top line guidance cut and full year reduction, was there anything outside of the hurricane impact that drove this number lower and also just wondering if you've seen any material changes in the MH mark-to-market on new leases recently. I believe it was roughly 14% last year?

嘿，今天我是 Cooper Clark，為 Jamie 主持節目。感謝您回答這個問題。關於 MH 營業收入指引下調和全年減少，除了颶風影響之外，還有其他因素導致這個數字下降嗎？同時，您是否想知道最近 MH 新租賃的市價是否發生了重大變化。我認為去年大約是 14%？

Good morning, Cooper. Patrick, maybe you could walk through that.

早上好，庫柏。派崔克，也許你可以走過去。

Yeah, sure. Let me just start by taking a step back to last October when we set our initial expectation for rate in the MH space, and we're at 5%. Our rate growth is now 5.6%. So I think that shows strong demand across the resident base, good consistent demand from our in-place residents. And for the mark-to-market, it's running in the mid-teens, about 14%.

是的，當然。首先，讓我回顧去年 10 月，當時我們設定了 MH 領域利率的初步預期，當時的利率為 5%。我們的利率成長率現在是5.6%。所以我認為這顯示整個居民群體的需求強勁，我們的當地居民的需求也保持良好一致。就市價而言，其運作水準處於十幾歲左右，約為 14%。

Year-to-date, occupancy headwind as you noted, is the result of the hurricanes. We experienced a loss of 176 sites as a result of the hurricanes and just to put that in prudency is down 171. So if you control for the hurricanes to take that out of the basic math, the occupancy for the portfolio was flat to slightly up and I think underscores the consistency of the demand part.

正如您所說，年初至今的入住率下滑是颶風造成的。颶風導致我們損失了 176 個站點，謹慎起見，損失了 171 個站點。因此，如果您控制颶風，將其從基本數學中剔除，那麼投資組合的佔用率將持平或略有上升，我認為這強調了需求部分的一致性。

Thank you. And then earlier on the call you mentioned the average length of stay in the MH portfolio is 10 years. Just wondering what that figure was pre-COVID.

謝謝。然後，在早些時候的電話會議中，您提到 MH 投資組合的平均持有期限為 10 年。我只是想知道 COVID 之前這個數字是多少。

That was around 10 years. It's been pretty consistent.

那是大約10年的時間。它一直非常一致。

And that number, I would say Cooper has been consistent over the last 30 years is that 10-year mark.

我想說，庫柏的這個數字在過去 30 年裡一直保持一致，就是 10 年的標記。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

Hey, thanks. Just to follow up on the MH question a second ago. I guess at the time you gave guidance, you probably would have known about the storm damage. So I was just curious, is it normally that the people stay through the storm damage and this time, they decided not to like what changed versus the original guidance and why?

嘿，謝謝。只是想跟進剛才的 MH 問題。我想，在您給予指導時，您可能已經知道風暴造成的破壞。所以我只是很好奇，人們通常會在風暴破壞期間留下來嗎？而這一次，他們決定不喜歡與原始指導不同的變化，為什麼？

Because I think the guidance you gave was sort of at the end of January, hurricanes in 4Q. So just trying to understand like if the behavior among storm impacted tenants changed a bit versus what normally happens.

因為我認為您給的指引是在 1 月底，第四季的颶風。所以只是想了解一下，受風暴影響的租戶的行為是否與正常情況相比發生了一些變化。

Yeah, I don't know that I'd say that the behavior changed. And as you work your way through the aftermath of the hurricane. There's homes that are significantly impacted, and that's clear. And then there's a significant number of homes where the individuals who own those homes either haven't come down from up north yet.

是的，我不知道我是否會說行為改變了。當您努力擺脫颶風的後果時。顯然，有些房屋受到了嚴重影響。還有相當一部分房屋的主人還沒從北方過來。

So they come down over some period of time and evaluate any damage or they are living at the property and they're evaluating what their options are. They're reviewing what their options are to complete any repairs and that are almost repairable.

因此，他們會在一段時間內下來評估任何損壞情況，或者他們住在該房產內並評估有哪些選擇。他們正在審查有哪些方法可以完成修復，以及哪些方法幾乎可以修復。

That tends to play out over several months after we work our way through the initial assessment. So it can be difficult to get that visibility until the residents are actually making their final decision on whether or not they're going to repair their home or move on to whatever their next housing choice is going to be.

在我們完成初步評估後，這通常會在幾個月內完成。因此，在居民真正做出最終決定，即是否要修繕房屋或搬遷到下一個住房選擇之前，很難獲得這種了解。

And Eric, a clear indicator for us is certainly if they're paying us rent which they were prior to making the decision to move their home or no longer stay in the community. So that's the difference between January and now.

艾瑞克，對我們來說，一個明顯的指標肯定是，他們是否在向我們支付租金，這是他們在決定搬家或不再住在社區之前支付的。這就是一月和現在的差別。

Got it. Makes sense. And I know you've given some of this information now on calls a couple of years ago, but could you just help us understand sort of what your exposure is to the Canadian customer and whether you sort of factored in any changes to that customer's behavior into your guidance? Or if you think it's probably unlikely to materially impact your guidance this year?

知道了。有道理。我知道您在幾年前的電話會議中已經提供過一些這方面的信息，但您能否幫助我們了解您對加拿大客戶的影響，以及您是否將該客戶行為的任何變化考慮在您的指導中？或者您認為它不太可能對您今年的指導產生重大影響？

Yeah. I think for -- just as a reminder, what we've talked about house is roughly 10% of the RV revenue comes from Canadian customers. Half of that roughly is annual rent and then the remaining 50% is split between seasonal and transient. The first quarter, obviously, is behind us. And so the seasonal impact is really in the first quarter of the year.

是的。我認為——提醒一下，我們談論的房車收入大約有 10% 來自加拿大客戶。其中約一半是年租金，其餘 50% 分為季節性租金和臨時租金。顯然，第一季已經過去。因此季節性影響實際上發生在一年的第一季。

And so we don't -- we didn't make any change to guidance as a result of that. I think the next kind of meaningful impact that we would see would be into the first quarter of 2026. And just to circle back on the annual for a moment, those customers primarily have a park model or an owned unit in place. And so if they decide not to return, there's a transfer of ownership that occurs and our revenue stream remains uninterrupted as typically happens on turnover of customers.

因此，我們不會——我們沒有因此對指導做出任何改變。我認為我們將看到的下一個有意義的影響將出現在 2026 年第一季。回顧年度情況，這些客戶主要擁有公園模型或自有單位。因此，如果他們決定不再回來，就會發生所有權轉移，而我們的收入流將不會中斷，就像客戶流失時通常發生的情況一樣。

Thank you.

謝謝。

Yana Gallen, Bank of America Securities.

雅娜‧加倫 (Yana Gallen)，美國銀行證券部。

Thank you. Good morning. And I'm just curious, any chance that you could discuss the MH occupancy trends that you have embedded in the guidance for the second quarter through year-end?

謝謝。早安.我只是好奇，您能否討論一下您在第二季度至年底的指導中嵌入的 MH 入住率趨勢？

Generally, we have an assumption for a modest increase in occupancy for the remainder of the year. Typically, we don't forecast forward, significant uptick in occupancy, and we've kept that consistent in 2025.

總體而言，我們預計今年剩餘時間的入住率將小幅上升。通常，我們不會預測入住率會大幅上升，但 2025 年我們仍將維持這一趨勢。

Thank you. And then maybe just if you could provide some color on trends in MH home sales kind of the mix of new and used and what you're seeing in the early spring selling season?

謝謝。那麼，您是否可以提供一些關於 MH 房屋銷售趨勢的詳細信息，例如新房和二手房的混合情況以及您在早春銷售季節看到的情況？

Yeah, sure. Well, we're in a bit of a shoulder season here. Let me just touch on Q1, where we saw some headwinds in Florida that's basically hangover from the hurricanes that occurred late in the quarter. And as we're moving through the shoulder season, we're seeing consistent demand including applications for new home sales.

是的，當然。嗯，我們現在正處於淡季。讓我簡單談談第一季的情況，我們發現佛羅裡達州出現了一些不利因素，這基本上是本季末颶風的後遺症。隨著淡季的到來，我們看到了持續的需求，包括新房銷售申請。

And as I referenced, that consistent mark-to-market as people are choosing to purchase a home in our property and accepting a 14% increase in the in-place rent. With respect to the used home sales, I mean, it's a very small part of the business and we see consistent demand there as well, but the larger driver of our overall occupancy is the new home sales.

正如我所提到的，當人們選擇購買我們房產中的房屋並接受 14% 的現有租金上漲時，這種持續的以市價計價的政策就得以實施。就二手房銷售而言，我的意思是，它只佔業務的一小部分，我們也看到那裡的需求持續增長，但我們整體入住率的更大驅動力是新房銷售。

Great. Thank you so much.

偉大的。太感謝了。

Thanks, Yana.

謝謝，雅娜。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yeah, great, thanks. Can you maybe just talk a little bit more about the seasonal and transient RV? If I did my math right, I think you did reduce the revenue growth a little bit. So just curious, is that sort of an expectation that international travel may come down? Is that just a little more cautiousness about the US consumer. Maybe what drove that?

是的，太好了，謝謝。能否再多談談季節性和臨時性房車的情況？如果我沒算錯的話，我認為你確實稍微降低了收入成長。所以只是好奇，這是否是國際旅行量可能下降的預期？這是否只是對美國消費者更謹慎一點？也許是什麼導致了這種情況？

Well, maybe, Steve, I'll start by just reminding everybody of how we forecast our seasonal and transient and then Patrick can step in with some more color. But in terms of our process, if you think about the first quarter, we earn about 50% of that seasonal rent and about 20% of the transient rent and then by the end of quarter two, we've earned about two-thirds of our full year seasonal and almost 45% of the full year transient.

好吧，史蒂夫，也許我首先會提醒大家我們如何預測季節性和瞬態性，然後帕特里克可以提供更多細節。但就我們的流程而言，如果你考慮一下第一季度，我們賺取了大約 50% 的季節性租金和大約 20% 的臨時租金，到第二季度末，我們已經賺取了全年季節性租金的三分之二和全年臨時租金的近 45%。

And then in the third quarter, 40% of our transient rent comes in. Because of the short booking window, we've adopted a practice and I think I mentioned it during the call in January, we used it when we prepared our budget we focus on reservation pacing at the time for rent we anticipate earning in the coming quarter. And then we've left our budget assumption alone. So the change in the forecast that you see is really our reservation pacing for the second quarter.

然後在第三季度，我們的臨時租金收入為 40%。由於預訂窗口較短，我們採取了一種做法，我想我在一月份的電話會議中提到過，我們在準備預算時就使用了這種做法，我們專注於當時的預訂節奏，以便預計在下一季度獲得租金收入。然後我們就不再考慮預算假設了。因此，您看到的預測變化實際上是我們對第二季度的保留步伐。

Maybe Patrick, you can address some comments.

也許帕特里克，你可以發表一些評論。

Yes. And Steve, I just also just touch on for transient, as I mentioned in my opening comments. It's a short booking window and continues to be. But just looking forward to the summer season, we have over 200 RV properties and 85% of them are pacing in line with the same time last year.

是的。史蒂夫，我剛才也談到了短暫性，正如我在開場白中提到的那樣。預訂窗口很短，並將繼續如此。但展望夏季，我們有超過 200 間房車房源，其中 85% 的房車房源與去年同期持平。

So it's a smaller subset of the portfolio that is experiencing some headwinds when we're pacing in the northern markets around the Wisconsin Dells, coastal New Jersey, somewhat in [bar harbor Maine]. We see lagging at a small number of properties -- a normalizing of demand.

因此，當我們在威斯康辛戴爾、新澤西沿海等北部市場進行投資時，投資組合中較小的一個子集遇到了一些阻力。[緬因州巴爾港]。我們看到少數房產出現落後——需求正在正常化。

And just for further perspective, in the case of Bar Harbor, we're seeing commentary around service level changes at Acadia National Park potentially leading to fewer visits there, and that would have a marginal impact on our properties in that submarket.

從更遠的角度來看，就巴爾港而言，我們看到有關阿卡迪亞國家公園服務水平變化的評論，這可能會導致那裡的遊客減少，這將對我們在該子市場的物業產生邊際影響。

Okay. Great. Thanks. Maybe could you just touch on home sales. I think they were down. I know it's not a large number and not a huge revenue contributor, but home sales were down in the quarter. Anything that you noticed there and I guess, any just sort of broad changes in your expectation about home sales over the balance of the year?

好的。偉大的。謝謝。也許您能談談房屋銷售嗎？我認為他們失敗了。我知道這不是一個很大的數字，也不是一個巨大的收入貢獻者，但本季的房屋銷售額下降了。您注意到了什麼嗎？我想，您對今年餘下的房屋銷售的預期有什麼大的改變嗎？

No, I think the -- I touched on this last quarter, and there's a little bit of carryover into Q1. The hurricanes in Florida were impact. We feel like the demand profile in Florida is still very strong, but we've seen a recovery along the Gulf Coast that was impacted and as we moved into the winter season, the winter up north was not particularly cold, so that hampered some of our velocity in the Western Sunbelt for us.

不，我認為——我在上個季度談到了這一點，並且有一點延續到第一季。佛羅裡達州的颶風造成了影響。我們感覺到佛羅裡達州的需求狀況仍然非常強勁，但我們看到墨西哥灣沿岸的復甦受到了影響，隨著我們進入冬季，北方的冬天並不是特別冷，因此這阻礙了我們在西部陽光地帶的一些速度。

As we look forward to the summer season, I think we feel pretty good about the demand that we're seeing. And I've touched on this frequently just that the -- we've been through a period of elevated new home sales. A good year pre-COVID would be call it $500 million to $600 million.

當我們展望夏季時，我認為我們對所看到的需求感到非常滿意。我經常談到這一點，我們經歷了新房銷售的上升期。疫情之前的一個好年份的收入是 5 億到 6 億美元。

Last year, we were, for the full year, about 750 home sales and we were 117 for Q1, which, as you pointed out, is down 74% year-over-year. That's a lot of color. But overarching, I think we feel pretty good about the demand profile for the MH portfolio.

去年全年，我們的房屋銷售量約為 750 套，第一季為 117 套，正如您所指出的，同比下降了 74%。顏色真多。但總體而言，我認為我們對 MH 投資組合的需求狀況感到相當滿意。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my question. My question is on the insurance renewal. What were you assuming in your guidance prior to it coming down 6%? And just what was the conversation with the insurance providers given you've had a couple of incidents or storms over the last couple of years, we've just taken things offline. So how are you able to drive a decrease of 6%. Thanks.

早安.非常感謝您回答我的問題。我的問題是關於保險續保的。在下降 6% 之前，您的指導假設是什麼？鑑於過去幾年發生過幾起事故或風暴，我們與保險公司的對話是怎樣的，我們剛剛停止了一切。那麼你如何能夠實現 6% 的下降呢？謝謝。

Sure, Michael. So as I mentioned, our core expense growth assumptions include the impact of the renewal we disclosed in our earnings release as well as other changes to expense assumptions based on actual first quarter experience and insight into the remainder of the year.

當然，邁克爾。正如我所提到的，我們的核心費用增長假設包括我們在收益報告中披露的續約的影響，以及基於第一季實際經驗和對今年剩餘時間的洞察而對費用假設的其他變化。

Our insurance premiums were down 6% compared to prior year. Negotiating insurance programs for our portfolio is a fairly complex and multiple parties involved. Consistent with past practice, we do not share our budget assumptions in order to help us secure the most favorable renewal terms for the current and future programs.

我們的保險費與前一年相比下降了6%。為我們的投資組合協商保險計劃相當複雜，涉及多方。與過去的做法一致，我們不會分享我們的預算假設，以幫助我們為當前和未來的專案爭取最有利的續約條款。

Then with regard to the conversation with the carriers, I think there was certainly discussion of the events that you mentioned, there were two storms at the end of 2024. One was a far more modest storm that did not result in a claim. So there was one storm that did result in a claim.

然後關於與承運人的對話，我認為肯定討論了您提到的事件，2024 年底發生了兩場風暴。其中一場風暴的強度要小得多，並未引發索賠。因此，有一場風暴確實導致了索賠。

And then I think the other thing Paul, you mentioned in your comments that there's no change, there was no change in the deductibles or the coverage, which I think is an important point, Michael, to note.

然後我認為另一件事保羅，你在評論中提到沒有變化，免賠額或承保範圍沒有變化，我認為這是邁克爾要注意的重點。

And then just as a follow-up, can you talk on the guidance, right, you took down MH guidance like 40 basis points, RV down by 50 basis points, but then the total same-store revenue was down by 20 basis points. So can you talk about some of the offsetting factors? I assume that relates to memberships and some other factors. Can you provide a little bit more color on that? Thanks.

然後作為後續問題，您能談談指導意見嗎？對，您將 MH 指導意見下調了 40 個基點，RV 下調了 50 個基點，但同店總收入下降了 20 個基點。那你能談談一些抵銷因素嗎？我認為這與會員資格和其他一些因素有關。您能對此提供更多詳細資訊嗎？謝謝。

Yeah. I think that as we mentioned, we have the occupancy impact on the MH and then discussed a little bit about the impact on the RV. We do have some adjustments to our other line items in the quarter. Some of it is timing related associated with insurance proceeds that we might recognize and just some other changes.

是的。我認為，正如我們所提到的，我們對 MH 的入住率有影響，然後討論了對 RV 的影響。我們確實對本季的其他項目進行了一些調整。其中一些與我們可能認識到的保險收益相關的時間以及一些其他變化。

Thank you very much. Good luck in the second quarter.

非常感謝。祝第二季好運。

Thanks, Michael.

謝謝，麥可。

Wesley Golladay, Baird.

韋斯利·戈拉迪，貝爾德。

Hey, good morning, everyone. Are you seeing more Canadians listing their homes for sale? And can you give us your overall MH exposure to Canada?

嘿，大家早安。您是否看到越來越多的加拿大人掛牌出售房屋？您能向我們介紹一下您對加拿大的整體 MH 了解情況嗎？

Yeah, I don't know that I have our overall exposure to Canadians in the MH space. I would directionally say that it's similar to what Paul covered earlier with respect to the RV business. And we are not seeing any trends coming through with respect to Canadian demand on the MH portfolio or listings of the existing residents in our MH portfolio from Canadians.

是的，我不知道我們在 MH 領域對加拿大人的整體了解程度。我想直接說，這與保羅之前談到的 RV 業務類似。我們沒有看到加拿大人對 MH 投資組合的需求或加拿大人將我們的 MH 投資組合中的現有居民列入名單的任何趨勢。

I've been on site through several times through the Sunbelt season. And I can tell you that the Canadians were there all seem very happy to be there. And we're sharing their interest in coming back next year.

在陽光地帶季節，我曾多次到過現場。我可以告訴你們，在場的加拿大人看起來都非常高興。我們和他們一樣，對明年再回來很感興趣。

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

Thank you. How long do you think it will take to regain the occupied sites, the 260 you've lost in the last two quarters, due to the hurricanes? Will it be this year event or will it take a couple of years.

謝謝。您認為需要多長時間才能重新奪回被佔領的站點（由於颶風，你們在過去兩個季度失去了 260 個站點）？這會是今年的活動嗎？還是需要幾年的時間？

I think that as we see -- as we begin to repopulate those sites with homes, I think you'd see that take place over the next couple of years as we build up the occupancy in Florida.

我認為，正如我們所看到的——隨著我們開始在這些地點重新建造房屋，我認為你會看到這種情況在未來幾年內發生，因為我們在佛羅裡達州的入住率正在上升。

And so why would it take more than, I guess, 12 months? Like how would it take a couple of years?

那我猜為什麼要花超過 12 個月的時間呢？比如說這需要幾年的時間嗎？

It would take into 2026, I guess, I think the rest of this year and into 2026.

我想，這將持續到 2026 年，我想是今年剩餘時間和 2026 年。

Okay. Great. And then my second question is on the casual RV user, like the seasonal transient and Thousand Trails. Why do you think it's continued to be weak? I guess you had to pull forward in '21 and '22 and you had three straight years where it's been either weak or declining.

好的。偉大的。我的第二個問題是關於普通房車用戶，例如季節性臨時房車和千條小徑房車。您認為它為何持續疲軟？我想你必須在 21 年和 22 年向前邁進，而且連續三年都處於疲軟或下降的狀態。

Do you think that seasonal transient goes back to 2019 levels? And can you maybe comment on any change in demand among generations? I think during COVID, you had widespread increase from baby boomers all the way to Gen Z. Have you noticed anything different than those customers have pulled back?

您認為季節性波動會回到 2019 年的水準嗎？您能否評論一下不同世代的需求變化？我認為在疫情期間，從嬰兒潮世代一直到 Z 世代，客戶數量普遍增加。除了這些客戶減少之外，您是否注意到其他什麼不同？

Yeah. I think recently, our seasonal revenue has seen some pressure on the growth due to seasonal workers and displaced residents. So we're seeing -- but we think the demand remains very strong, and we look at that from the length of stay.

是的。我認為最近，由於季節工人和流離失所的居民，我們的季節性收入成長面臨一些壓力。所以我們看到——但我們認為需求仍然非常強勁，我們從停留時間長短來看這一點。

The length of stay for a particular customer has been same over the last few years. But it's just some of those workers just no longer have the work that they were doing, and that causes a bit of a decline in that demand.

特定顧客的停留時間在過去幾年中一直保持不變。但其中一些工人不再從事他們原來的工作，這導致需求下降。

And we're seeing the most of that happen in Florida. But overall, I think the demand is very strong, as you can see on the annual side of our business. And we continue to show strength in being able to convert an annual and seasonal into -- I'm sorry, seasonal and transient into an annual customer.

我們看到這種情況在佛羅裡達州最常見。但總體而言，我認為需求非常強勁，正如您從我們年度業務中看到的那樣。我們繼續展現出實力，能夠將年度和季節性客戶轉變為——對不起，將季節性和臨時客戶轉變為年度客戶。

Okay, thank you.

好的，謝謝。

Thanks, John.

謝謝，約翰。

John Plaski, Green Street.

約翰‧普拉斯基，綠街。

Hey, good morning. Thank you for the time. Patrick, I still don't understand the cadence of manufactured housing occupancy throughout the quarter. So you told us a few months ago, occupancy was at 94.8% at the end of January, which implies you lost 80 basis points of occupancy between January to end of March and 176 shakes out like 25 bps of occupancy.

嘿，早安。感謝您抽出時間。派崔克，我仍然不明白整個季度製造房屋入住率的變化節奏。所以您幾個月前告訴我們，1 月底的入住率為 94.8％，這意味著您在 1 月到 3 月底期間損失了 80 個基點的入住率，176 次震盪相當於 25 個基點的入住率。

So the occupancy loss throughout the quarter seems to be more than just storms. So can you help me understand what the moving pieces here?

因此，整個季度的入住率損失似乎不僅僅是由於風暴造成的。那麼你能幫助我理解這裡的移動部分嗎？

Sure, John. I think maybe Paul would be able to walk through that a little bit based on the guidance and the numbers.

當然，約翰。我認為保羅也許可以根據指導和數據稍微解釋一下這一點。

Yeah, John, I do think there's a little bit of confusion. So at the end of the quarter core occupancy was 94.4%. You can see on pages 8 and 9 of the earnings release that occupied sites were nearly the same for the quarter average as at quarter end.

是的，約翰，我確實認為存在一些混亂。因此本季末核心入住率為 94.4%。您可以在收益報告的第 8 頁和第 9 頁看到，季度平均佔用站點數量與季度末幾乎相同。

What happened during the time period when lost those occupied sites related to the storm events that Patrick mentioned, we completed expansion sites and added those to our core site count, which impacted the occupancy percentage.

正如帕特里克所提到的，在因風暴事件而失去那些已佔用站點的那段時間裡，我們完成了擴展站點並將其添加到我們的核心站點數量中，這影響了佔用率。

Okay. That makes some sense. And then on the -- actually one more follow-up there. Paul, you said that you expect a modest uptick in occupancy. What's your definition of modest? Are we talking 10 bps to 20 bps. Is that the right ballpark to think about?

好的。這有一定的道理。然後——實際上還有一個後續問題。保羅，您說您預計入住率會略有上升。你對謙虛的定義是什麼？我們討論的是 10 bps 到 20 bps 嗎？這是值得思考的正確範圍嗎？

Like 25 to 50 sites.

大約有 25 到 50 個站點。

Okay. And then final question on the annual RV revenue growth. I believe it was four -- a little over 4% in the quarter, which is below the low end of the downwardly revised range. So one, what's driving the slightly softer than expected start of the year in annual RV. And then two, what do you see on the ground that gives you confidence that annual RV revenue growth will reaccelerate over the balance of the year?

好的。最後一個問題是關於年度 RV 收入成長。我認為這個數字是 4——本季略高於 4%，低於下調範圍的低端。那麼，首先，是什麼原因導致今年年初的年度 RV 表現比預期略差呢？第二，您看到哪些實際情況讓您有信心在今年餘下時間裡房車收入的成長將再次加速？

John, we have a -- in the first quarter, we have a bit of a leap year comparison, just FYI compared to the remainder of the year. So 2024 was a leap year, so we had an extra day 2025, that comp is more challenging in Q1. So it's like about 100-ish, 110 basis points that we'll adjust for the remainder of the year, just as an FYI.

約翰，我們在第一季與閏年進行了比較，僅供參考，與今年剩餘時間進行比較。因此 2024 年是閏年，所以我們多了一天 2025 年，這對第一季來說更具挑戰性。因此，我們將在今年剩餘時間內調整約 100 到 110 個基點，僅供參考。

And then as it relates to just the guidance for the rest of the year, that really has to do with one property, one marina that is in the process of being brought back online, and it's taking longer than anticipated. So that's the driver of that.

然後，由於這僅與今年剩餘時間的指導有關，這實際上與一處房產、一個碼頭有關，該碼頭正在恢復運營，並且耗時比預期的要長。這就是原因所在。

Okay, thanks for the color.

好的，謝謝你的顏色。

Thank you, John.

謝謝你，約翰。

Peter Abramowitz, Jeffries.

彼得·阿布拉莫維茨，杰弗里斯。

Yeah, thank yeah sorry about that. I was just curious, you had some pretty solid results on the op side and disclosed what looks like a pretty favorable result on your insurance renewal. There's been a lot of speculation about increased inflation potentially if there is kind of an extended issue with the trade war here.

是的，謝謝，很抱歉。我只是好奇，您在營運方面取得了一些非常可靠的成果，並且披露了您的保險續保看起來非常有利的結果。很多人猜測，如果貿易戰持續下去，通膨可能會上升。

Anything that gives you pause, whether it be on payroll or anything else on the inflation side when it comes to operating expenses and maybe how you're thinking about that internally as you updated your guidance assumptions?

有什麼事情讓您猶豫不決，無論是工資還是營運費用方面的通貨膨脹方面的其他事情，也許您在更新指導假設時內部是如何考慮的？

Yeah. We watch those very closely. Roughly two-thirds of our expenses are in utilities, payroll and repairs and maintenance and the expected year-over-year growth for the rest of the year is slightly higher than the most recent headline CPI print of 2.4%. So as we added our pay increases take effect April 1 each year. And so considering where CPI is right now, anticipating that we're slightly ahead of that going forward.

是的。我們非常密切地關注這些。我們的支出約有三分之二用於水電費、工資以及維修和保養，預計今年剩餘時間的同比增長略高於最近的 2.4% 的總體 CPI 數據。因此，我們的加薪將於每年 4 月 1 日生效。因此，考慮到目前的 CPI 水平，我們預計未來我們的 CPI 水平將略微領先於此水平。

We note the possibility that, that changes and that there could be an acceleration, but we don't see an indication of that at this time.

我們注意到這種變化的可能性，而且可能會加速，但目前我們還沒有看到這種跡象。

Okay. That's helpful. And kind of in a similar vein, I guess, on conversions or possibly site additions whether it be RV or MH. Any pause when it comes to potential just cost inflation, whether that could impact just kind of the pacing of conversions or site additions or if you think that could impact yields on those?

好的。這很有幫助。我想，在轉換或可能的站點添加方面也存在類似的情況，無論是 RV 還是 MH。當涉及潛在的成本通膨時，是否會暫停，這是否會影響轉換或網站增加的節奏，或者您認為這會影響這些方面的收益？

Yeah, I think we're on track from a development perspective, as we've indicated throughout the year, our returns have gone down over the last couple of years as a result of increased cost pressures, but we don't see any large change in that.

是的，我認為從發展的角度來看我們正走在正軌上，正如我們全年所表明的那樣，由於成本壓力的增加，我們的回報率在過去幾年裡有所下降，但我們沒有看到任何大的變化。

Got it, that's all for me. Thank you.

明白了，對我來說就這些了。謝謝。

[Omotayo Okusanya], Deutsche Bank.

[Omotayo Okusanya]，德意志銀行。

Yes, good morning, everyone. A follow-up on -- could we just follow up on Peter's question there around OpEx. On the recurring CapEx side, is there anything we should be thinking about as it relates to tariffs, not just kind of regular OpEx?

是的，大家早安。後續問題－我們能否跟進 Peter 關於 OpEx 的問題。在經常性資本支出方面，我們是否應該考慮與關稅相關的事項，而不僅僅是常規的營運支出？

On the recurring CapEx side, our budget is approximately $90 million for the year. We had about $85 million in recurring CapEx last year. Anticipate about $90 million this year. And similar to what we're seeing on the OpEx side, we're watching that very closely and aren't yet seeing any signs of pressure. I think that as the team manages through that, certainly, as it relates to labor and projects we're already into April.

在經常性資本支出方面，我們今年的預算約為 9,000 萬美元。去年我們的經常性資本支出約為 8,500 萬美元。預計今年約 9,000 萬美元。與我們在營運支出方面看到的情況類似，我們正在密切關注這一點，但尚未看到任何壓力跡象。我認為，隨著團隊的管理逐漸完善，就勞動力和專案而言，我們已經進入四月。

So contracts are already being signed for that type of work. So don't anticipate a significant increase and would expect to manage to that budget number for the year.

因此，針對此類工作的合約已經簽署。因此，不要期望出現大幅增長，並期望能夠達到今年的預算數字。

Great, that's helpful. And then a question on the RV side, again, just on the marina side, sorry, seeing again your peers exit from that business. Can you just talk about kind of implications for your own business, whether it validates valuation or how you kind of think about it? And also just from a competitive perspective, how do you see their exit kind of changing anything in regards to the competitive landscape?

太好了，很有幫助。然後是關於房車方面的一個問題，同樣，只是在碼頭方面，很抱歉再次看到您的同行退出該業務。您能否談談這對您自己的業務有何影響，它是否驗證了估值，或者您如何看待它？而且僅從競爭角度來看，您認為他們的退出會對競爭格局產生什麼改變？

Sure. Pick the first half of it -- or the last half of it first, which is the competitive landscape. These marinas, the marinas that are in place right now have been around for a long time. So from a local on-the-ground perspective, there's really no change. But relative to what does it mean in general in the marina portfolio, we bought underhead portfolio in I think it was 2017.

當然。先選擇前半部分——或後半部分，即競爭格局。這些碼頭，即現在的碼頭已經存在很久了。因此從當地實際情況來看，確實沒有改變。但相對於碼頭投資組合的整體意義而言，我們在 2017 年購買了間接投資組合。

And subsequently, we've added a couple of portfolios. We owned a portfolio a few years later to the marina -- to our marina portfolio. And those properties have performed in line with expectations, and we've really been able to seamlessly integrate them into our MH and RV portfolio.

隨後，我們又增加了幾個投資組合。幾年後，我們擁有了碼頭的投資組合—我們的碼頭投資組合。這些房產的表現符合預期，我們確實能夠將它們無縫地整合到我們的 MH 和 RV 產品組合中。

These are the assets that we've chosen are primarily annual leases with limited ancillary revenue. They're in strong markets with high demand for our slips. It's always good to see price points in the marketplace that support and enforce our valuations. But the properties have been doing very well, and the team has done a great job operating them for the last five or six years. Thank you.

我們選擇的資產主要是年度租賃，輔助收入有限。他們處於強勁的市場中，對我們的單據需求很高。看到市場上的價格點支持並執行我們的估值總是一件好事。但這些物業的表現一直很好，而且團隊在過去五、六年裡運作得非常出色。謝謝。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

Thanks, it's Nick Joseph here with Eric. Just one follow-up on the Canadian RV seasonal exposure. My understanding is that the certain percentage, you talked 30% to 40% in the past, but please let me know if not typically booked for the following year when they leave this year. So curious where that reservation pace stands right now versus where it was this year or historically?

謝謝，我是尼克·約瑟夫，和艾瑞克一起。僅對加拿大 RV 季節性曝光進行一次後續報告。我的理解是，您過去談到的某個百分比是 30% 到 40%，但如果他們今年離開時通常沒有預訂下一年，請告訴我。所以很好奇現在的預訂速度與今年或歷史上相比如何？

Nick, we do have roughly that level that reserve typically. We do see a lower number this year than we've seen in the past. It's about 20% lower than it's been. But I would say that it's early and there's a fair amount of time between now and January when those customers arrive.

尼克，我們的儲備水準確實大致如此。我們確實看到今年的數字比過去低。與之前相比，下降了約 20%。但我想說現在還為時過早，從現在到一月這些客戶到來還有相當長的時間。

So we'll watch and see what happens, but we're happy to see the level of early reservations that we have to date.

因此，我們將拭​​目以待，看看接下來會發生什麼，但我們很高興看到迄今為止的早期預訂水平。

Sounds good. And then just one other question just on interest expense guidance. I think the current run rate is around $124 million but you're guiding to $132 million. So just trying to bridge that gap and it seems like there's only about $87 million of debt maturing in 2025.

聽起來不錯。還有一個問題是關於利息支出指導。我認為目前的運行率約為 1.24 億美元，但您預計的是 1.32 億美元。因此，只要嘗試彌補這一差距，似乎 2025 年到期的債務就只有約 8,700 萬美元。

Yeah. We have the $87 million that's maturing. We do have an assumption in the budget for some investments, some working capital investment that we plan to make in the properties, and that's really the driver of the difference between first quarter and the run rate for the year.

是的。我們有 8700 萬美元即將到期。我們確實在預算中對一些投資、一些我們計劃在房地產上進行的營運資本投資做出了假設，而這實際上是第一季和全年運行率之間差異的驅動因素。

Right, so that's not external growth, that's more investment in existing properties?

對，那麼這不是外部成長，而是對現有資產的更多投資？

Yeah.

是的。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

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

謝謝。由於我們現在沒有其他問題，因此我想將話題轉回給瑪格麗特·納德，請她做最後評論。

Thanks for joining today. We look forward to updating you on our next call. Take care.

感謝您今天的加入。我們期待在下次通話中向您通報最新情況。小心。

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，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。