Equity LifeStyle Properties Inc (ELS) 2025 Q2 法說會逐字稿

Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties second-quarter 2025 results. Our featured speakers today are Marguerite Nader, our CEO; Patrick Waite, our President and COO; Paul Seavey, our Executive Vice President and CFO.

大家好，感謝大家加入我們討論 Equity LifeStyle Properties 2025 年第二季業績。我們今天的特邀演講嘉賓是我們的執行長瑪格麗特‧納德 (Marguerite Nader)、我們的總裁兼營運長 Patrick Waite 和我們的執行副總裁兼財務長 Paul Seavey。

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

在今天的電話會議之前，管理層發布了收益，今天的電話會議將包括開場白和與管理層就公司收益發布進行的問答環節。（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 uncertainty. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events.

本次電話會議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，我們將討論美國證券交易委員會 (SEC) G 條例定義的非公認會計準則 (non-GAAP) 財務指標。這些非公認會計準則 (non-GAAP) 財務指標與可比較公認會計準則 (GAAP) 財務指標的對帳包含在我們的收益報告、補充資訊和歷史美國證券交易委員會 (SEC) 文件中。

At this time, I would like to turn the call over to Marguerite Nader, our CEO.

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

Good morning, and thank you for joining us today. I am pleased to report year-to-date and second-quarter results. For the first six months of 2025, our NOI increased 5% as compared to last year. We focused on translating NOI growth to normalized FFO growth, driven by continued strength in our annual revenue streams and reduced expenses throughout our portfolio. Our normalized per share FFO growth year to date is 5.7%.

早安，感謝您今天加入我們。我很高興地報告今年迄今為止和第二季的業績。2025年前六個月，我們的營業利潤比去年同期成長了5%。我們專注於將 NOI 成長轉化為正常化的 FFO 成長，這得益於我們年度收入流的持續強勁和整個投資組合支出的減少。我們今年迄今的每股 FFO 標準化成長率為 5.7%。

The strength of our portfolio results in our balance sheet allow us to maintain our full-year guidance for FFO per share. The demographics of the US population support the demand for our MH and RV portfolio, with 70% of our MH portfolio catering to seniors and the strong interest in RV travel among older adults.

我們的資產負債表中投資組合的強勁表現使我們能夠維持全年每股 FFO 指引。美國人口的人口統計數據支持了我們對 MH 和 RV 產品組合的需求，其中 70% 的 MH 產品組合面向老年人，並且老年人對 RV 旅行有著濃厚的興趣。

During periods of broader market uncertainty, it's important to highlight the core strengths that drive the stability of our business and our outlook for continued performance. Our MH portfolio represents about approximately 60% of total revenue, with portfolio-wide occupancy over 94%. These metrics reflect not only strong operational execution, but also the resilience of our asset base.

在市場普遍不確定的時期，強調推動我們業務穩定和持續業績前景的核心優勢非常重要。我們的 MH 投資組合約佔總收入的 60%，整個投資組合的入住率超過 94%。這些指標不僅反映了強大的營運執行力，也反映了我們資產基礎的彈性。

A key driver of this stability is the unique composition of our resident base, as 97% of our residents in our MH portfolio are homeowners. This high proportion of owner-occupied units contribute meaningfully to reduce turnover and increased length of stay. The result is a more consistent cash flow and lower operating volatility.

這種穩定性的關鍵驅動因素是我們居民群體的獨特組成，因為我們 MH 投資組合中的 97% 居民都是房主。自住單位比例高對於降低營業額和延長入住時間有顯著的貢獻。結果是現金流更穩定且經營波動性更低。

Our communities foster a sense of belonging and engagement. This engagement reinforces retention, promotes neighborhood stability, and supports long-term value creation. Our communities offer our residents the chance to build connections that directly contribute to their quality of life.

我們的社區培養一種歸屬感和參與感。這種參與加強了保留，促進了社區穩定，並支持長期價值創造。我們的社區為居民提供了建立聯繫的機會，直接提高了他們的生活品質。

Within our RV footprint, annual RV revenue grew 3.9% year to date, driven by retention across our park models, resort cottages, and RV accommodations. Our RV annual customer base is split between winter and summer season. Approximately 70% of our annual revenue comes from Sunbelt locations. These customers are typically active adults who are retired or semi-retired. These customers closely resemble our manufactured housing customers seeking a warm community-oriented destination during the colder months.

在我們的房車業務範圍內，今年迄今為止，房車年收入增加了 3.9%，這得益於我們的公園模型、度假小屋和房車住宿的保留。我們的 RV 年度客戶群分為冬季和夏季。我們每年約 70% 的收入來自陽光地帶地區。這些顧客通常是退休或半退休的活躍成年人。這些客戶與我們在寒冷月份尋求溫暖的社區目的地的預製房屋客戶非常相似。

The remaining 30% of our annual revenues generated for summer focused properties representing families with children. They value seasonal recreation and return to us for the activities, amenities, and sense of community our properties provide. This seasonal balance allows us to serve a diverse range of long-term annual customers and support stable recurring revenue throughout the year.

我們剩餘的 30% 年度收入來自針對有孩子的家庭的夏季旅遊項目。他們重視季節性娛樂活動，並因為我們的飯店提供的活動、便利設施和社區意識而再次光臨。這種季節性平衡使我們能夠為各種各樣的長期年度客戶提供服務，並支援全年穩定的經常性收入。

We are proud to share that 55 of our RV resorts and campgrounds have received the recently announced 2025 TripAdvisor Traveler's Choice Award. Each year, this award is given to approximately 10% of businesses listed on TripAdvisor. Our property teams provide guests with positive experiences when they stay with us, and referrals from our guests are a top source of new customers.

我們很自豪地宣布，我們的 55 個房車度假村和露營地榮獲了最近宣布的 2025 年 TripAdvisor 旅行者之選獎。每年，該獎項都會頒發給 TripAdvisor 上約 10% 的企業。我們的物業團隊為客人提供積極的住宿體驗，客人的推薦是新客戶的主要來源。

I want to thank our team members for their outstanding efforts for this quarter. Their dedication to our customers is the foundation of our success, and their work is greatly appreciated. I will now turn the call over to Patrick to provide further details on our financial performance.

我要感謝我們的團隊成員在本季所做的傑出努力。他們對客戶的奉獻精神是我們成功的基礎，我們非常感謝他們的工作。現在我將把電話轉給帕特里克，讓他提供有關我們財務業績的更多詳細資訊。

Thanks, Marguerite. Our core MH portfolio continues to see high occupancy and generated revenue growth of 5.5% in the quarter. Constrained supply of new MH sites supports the value of our communities and their product offerings.

謝謝，瑪格麗特。我們的核心 MH 投資組合持續保持高入住率，本季營收成長 5.5%。新 MH 站點的有限供應支持了我們社區及其產品的價值。

We are strategically investing in our communities to ensure their continued success for the long term. We are actively adding new home inventory in key markets, an investment that improves the quality of our communities over time. The new inventory revitalizes the communities, encourages other homeowners to invest in their own homes and helps maintain property values for all. As homeowners and our communities stay with us an average of 10 years, this new inventory brings stable occupancy and a steady revenue stream.

我們正在對我們的社區進行策略性投資，以確保他們長期持續的成功。我們正在主要市場積極增加新的房屋庫存，這項投資將隨著時間的推移改善我們社區的品質。新的庫存使社區煥發活力，鼓勵其他房主投資自己的房屋，並幫助所有人維持房地產價值。由於房主和我們的社區平均與我們在一起 10 年，這些新庫存帶來了穩定的入住率和穩定的收入來源。

I'd like to highlight our MH communities in Florida, California, and Arizona, which together represent approximately two-thirds of our MH revenue. In Florida, we are focused on bringing new home inventory to meet strong demand. In the Tampa-St. Pete submarket, for example, we've sold nearly 700 new homes over the last five years as Florida continues to be a hub of in-migration. Our California communities continue to be highly occupied and in demand as they provide outstanding value within their respective markets where alternative housing costs are among the highest in the country.

我想重點介紹我們在佛羅裡達州、加利福尼亞州和亞利桑那州的 MH 社區，它們合計占我們 MH 收入的約三分之二。在佛羅裡達州，我們專注於引入新房屋庫存以滿足強勁的需求。在坦帕聖。以聖皮特子市場為例，由於佛羅裡達州繼續成為移民中心，我們在過去五年中已售出近 700 套新房。我們的加州社區繼續保持較高的入住率和需求量，因為它們在各自的市場中提供了卓越的價值，而這些市場的替代住房成本是全國最高的。

In Arizona's Phoenix and Mesa submarkets, we have sold 800 homes over the last five years. Like Florida, Arizona benefits from demographics as the aging population looks for affordable, low-maintenance housing options and a warm climate. To leverage this demand, we have added 700 development sites in Arizona over the last five years.

在亞利桑那州的鳳凰城和梅薩子市場，我們在過去五年中銷售了 800 套房屋。與佛羅裡達州一樣，亞利桑那州也受益於人口結構的變化，因為老齡化人口尋求經濟實惠、低維護的住房選擇和溫暖的氣候。為了滿足這一需求，我們在過去五年中在亞利桑那州增加了 700 個開發站點。

Our home offerings are attractive in any economy, and they are well positioned with new homes that are appreciated by customers seeking value in a challenging economic environment. Plus, with approximately 90% of our customers and communities paying cash for their homes, our homebuyers are less sensitive to interest rates.

我們提供的任何住房在任何經濟環境下都具有吸引力，而且我們的新房定位非常明確，深受在充滿挑戰的經濟環境中尋求價值的客戶的青睞。此外，由於我們約 90% 的客戶和社區都是以現金支付房款，因此購屋者對利率的敏感度較低。

Shifting over to the RV business. Annual sites account for more than 70% of our core RV revenue, providing a stable base of revenue and occupancy. Our annual site offerings continue to provide outstanding value for customers who want affordable second homes or a lake house or those who want a home away from home in the Sunbelt. An annual RV site puts this luxury within reach for these customers.

轉向 RV 業務。年度場地收入占我們核心房車收入的 70% 以上，提供了穩定的收入和入住率基礎。我們每年的場地優惠將繼續為那些想要擁有經濟實惠的第二套住房或湖邊別墅或想要在陽光地帶擁有一個家外之家的客戶提供卓越的價值。年度房車營地讓這些顧客能夠享受這種奢華。

For the transient business, we continue to experience a short booking window. And for the second quarter, the weather was cool to start the camping season and rain impacted weekend weather, particularly in the Northern and South Central US. Throughout the second quarter, our team is focused on their operations playbook, which includes growing revenue and strategically planning and executing on expenses. Our teams carefully manage their expenses as they maintain high levels of services to continue to meet customer service -- or customer expectations.

對於臨時業務，我們的預訂窗口仍然很短。第二季度，露營季節開始時天氣涼爽，降雨影響了週末天氣，尤其是在美國中北部和中南部。在整個第二季度，我們的團隊專注於他們的營運策略，其中包括增加收入以及策略性地規劃和執行費用。我們的團隊在維持高水準服務的同時，精心管理開支，以繼續滿足客戶服務或客戶期望。

One of the ways this is accomplished through the use of technology. For example, using a scheduling platform to manage our team member schedules on site to reduce overtime. As I touched on in my discussion about the Arizona market, we continue to develop sites in our MH and RV portfolios. Over the last five years, we've delivered 1,500 MH sites and 2,900 RV sites across the portfolio. While we've seen an increase in the cost of development over time, we are also seeing an increase in revenue from developed sites over time.

實現這一目標的方法之一是透過使用技術。例如，使用排班平台來管理我們團隊成員的現場排班，以減少加班。正如我在討論亞利桑那州市場時提到的那樣，我們將繼續開發 MH 和 RV 產品組合中的網站。在過去五年中，我們已在整個投資組合中交付了 1,500 個 MH 站點和 2,900 個 RV 站點。雖然我們看到開發成本隨著時間的推移而增加，但我們也看到開發網站的收入隨著時間的推移而增加。

I'd now like to turn it over to Paul.

現在我想把發言權交給保羅。

Thanks, Patrick. Good morning, everyone. I'll highlight some takeaways from our second quarter and June year-to-date results, review our guidance assumptions for the third quarter and full year 2025, and close with a discussion of our balance sheet.

謝謝，派崔克。大家早安。我將重點介紹我們第二季和今年 6 月迄今業績的一些要點，回顧我們對 2025 年第三季和全年的指導假設，最後討論我們的資產負債表。

Second-quarter normalized FFO was $0.69 per share, in line with the midpoint of our guidance range. Year to date, in 2025, we have successfully executed on our overall operating plan, as evidenced by achievement of normalized FFO per share at the midpoint of our guidance range for the six-month period.

第二季標準化 FFO 為每股 0.69 美元，符合我們的指導範圍中點。2025 年迄今，我們已成功執行了整體營運計劃，這體現在每股正常化 FFO 已達到六個月指引範圍的中點。

Strong core portfolio performance generated 6.4% NOI growth in the quarter compared to the same quarter last year, 70 basis points higher than guidance. Core community-based rental income increased 5.5% for the second quarter and June year-to-date periods compared to the same periods in 2024. In the second quarter, we generated rate growth of 5.8% as a result of noticed increases to renewing residents and market rent paid by new residents after resident turnover.

強勁的核心投資組合表現使本季的淨利潤與去年同期相比增長了 6.4%，比預期高出 70 個基點。與 2024 年同期相比，第二季和今年 6 月迄今的核心社區租金收入成長了 5.5%。在第二季度，由於續租居民數量顯著增加以及居民流動後新居民支付的市場租金增加，我們的費率增加了 5.8%。

Core RV and marina annual base rental income, which represents over 70% of total RV and marina based rental income, increased 3.7% in the second quarter and 3.9% year to date compared to prior year. Year to date in the core portfolio, seasonal rent decreased 5.6%, and transient decreased 8.6%. We continue to see offsetting reductions in variable expenses.

核心房車和碼頭年度基本租金收入佔房車和碼頭總租金收入的 70% 以上，第二季度比去年同期增長 3.7%，年初至今比去年同期增長 3.9%。今年迄今為止，核心投資組合中的季節性租金下降了 5.6%，臨時租金下降了 8.6%。我們繼續看到可變費用的抵消性減少。

The net contribution from our total membership business consists of annual subscription and upgrade revenues, offset by sales and marketing expenses. The membership business contributed $16 million and $31.4 million net for the second quarter and June year-to-date periods, respectively, compared to the same periods last year.

我們全部會員業務的淨貢獻包括年度訂閱和升級收入，扣除銷售和行銷費用。與去年同期相比，會員業務在第二季和今年 6 月的淨貢獻分別為 1,600 萬美元和 3,140 萬美元。

Core utility and other income increased 4.4% for the June year-to-date period compared to prior year. Our utility income recovery percentage was 48.2% year to date in 2025, about 180 basis points higher than the same period in 2024.

今年 6 月迄今為止，核心公用事業和其他收入與去年同期相比成長了 4.4%。截至 2025 年，我們的公用事業收入回收率為 48.2%，比 2024 年同期高出約 180 個基點。

Second-quarter core operating expenses were flat compared to the same period in 2024. Expense growth was 190 basis points lower than guidance, mainly resulting from savings in utility expense, payroll, membership expenses, and real estate tax expense. Utility and payroll expense savings compared to guidance demonstrate our continued ability to control expenses at RV properties with variable occupancy.

第二季核心營運支出與 2024 年同期相比持平。支出成長比預期低 190 個基點，主要由於公用事業費用、工資、會員費用和房地產稅費用的節省。與指導相比，水電費和工資費用的節省表明我們能夠繼續控制入住率可變的房車物業的開支。

June year-to-date expense growth was 70 basis points and includes the impact of our April 1, 2025, property and casualty insurance renewal. Second-quarter property operating revenues increased 3.5%, while core property operating expenses were flat, resulting in growth in core NOI before property management of 6.4%. For the year-to-date period, core NOI before property management increased 5%.

今年 6 月迄今的費用成長率為 70 個基點，其中包括我們 2025 年 4 月 1 日財產和意外保險續保的影響。第二季物業營運收入成長 3.5%，而核心物業營運費用持平，導致物業管理前核心淨營業收入成長 6.4%。年初至今，扣除物業管理費前的核心淨營業利潤增加了 5%。

Income from property operations generated by our noncore portfolio was $2.5 million in the quarter and $6.5 million year to date. As I discuss guidance, the following remarks are intended to provide context for our current estimate of future results. All growth rate ranges in revenue and expense projections are qualified by the risk factors included in our press release and supplemental package.

本季度，我們非核心投資組合產生的房地產營運收入為 250 萬美元，年初至今為 650 萬美元。當我討論指導時，以下評論旨在為我們當前對未來結果的估計提供背景。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。

We are maintaining our full-year 2025 normalized FFO guidance of $3.06 per share at the midpoint of our range of $3.01 to $3.11 per share. Full-year normalized FFO per share at the midpoint represents an estimated 4.9% growth rate compared to 2024. We expect third-quarter normalized FFO per share in the range of $0.72 to $0.78.

我們將 2025 年全年標準化 FFO 指引維持在每股 3.06 美元，處於每股 3.01 美元至 3.11 美元區間的中間值。以中點計算，全年每股正常化 FFO 預計與 2024 年相比成長率為 4.9%。我們預計第三季每股正常化 FFO 在 0.72 美元至 0.78 美元之間。

We project full-year core property operating income growth of 5% at the midpoint of our range of 4.5% to 5.5%. Full-year guidance assumes core base rent growth in the ranges of 4.9% to 5.9% for MH and 60 basis points to 1.6% for RV and marina. The midpoints of our guidance assumptions for combined seasonal and transient show a decline of 8.4% in the third quarter and decline of 6.4% 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成長率為 5%，位於 4.5% 至 5.5% 區間的中間值。全年指導假設核心基本租金成長率為 MH 4.9% 至 5.9% 之間，RV 和碼頭核心基本租金成長率為 60 個基點至 1.6% 之間。我們對季節性和瞬態因素綜合考量的指導假設中點顯示，與去年同期相比，第三季下降 8.4%，全年下降 6.4%。

Core property operating expenses are projected to increase 70 basis points to 1.7% for the full year 2025 compared to prior year. We project a core property operating expense increase in the range of 1.1% to 2.1% during the second half of 2025.

預計 2025 年全年核心物業營運費用將比前一年增加 70 個基點，達到 1.7%。我們預計 2025 年下半年核心房地產營運費用將成長 1.1% 至 2.1%。

Our full-year expense growth assumption includes the benefit of savings in repairs and maintenance and payroll expense during the first six months of 2025, as well as the impact of our April 1 insurance renewal for 2025. Consistent with our historical practice, we make no assumption for the impact of a material storm event that may occur.

我們對全年費用成長的假設包括 2025 年前六個月維修、保養和工資費用節省帶來的好處，以及 2025 年 4 月 1 日保險續保的影響。與我們的歷史慣例一致，我們不對可能發生的重大風暴事件的影響做出任何假設。

Our third-quarter guidance assumes core property operating income growth is projected to be 4.9% at the midpoint of our guidance range. In our core portfolio, property operating revenues are projected to increase 3.1%, and expenses are projected to increase 90 basis points, both at the midpoint of the guidance range.

我們的第三季指引假設核心房地產營業收入成長預計達到 4.9%，處於指引範圍的中點。在我們的核心投資組合中，房地產營運收入預計將成長 3.1%，支出將成長 90 個基點，均處於指導範圍的中間點。

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 June, we have no secured debt scheduled to mature before 2028, and our weighted average maturity for all debt is almost eight 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 6 月底，我們沒有計劃在 2028 年之前到期的擔保債務，所有債務的加權平均到期日接近八年。

Our debt-to-EBITDAre is 4.5 times, and interest coverage is 5.6 times. We have access to over $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 4.5 倍，利息覆蓋率為 5.6 倍。我們可以從綜合信貸額度和 ATM 計劃中獲得超過 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。

During the quarter, we closed on an unsecured term loan with a total balance of $240 million. The loan funded in two draws, $150 million in the second quarter and $90 million in July. Term loan proceeds repaid the $87 million of secured debt that matured in April, along with repayment of the balance on our line of credit, which was $90 million at the end of June.

本季度，我們完成了一筆無擔保定期貸款，總餘額為 2.4 億美元。這筆貸款分兩次發放，第二季發放 1.5 億美元，7 月發放 9,000 萬美元。定期貸款收益償還了 4 月到期的 8,700 萬美元擔保債務，同時償還了我們的信用額度餘額（6 月底為 9,000 萬美元）。

During the second quarter, we also used term loan proceeds to fund a $56 million loan to one of our joint ventures, of which we own 80%. This loan appears as a note receivable on our balance sheet as of June 30. The JV used the proceeds to repay outstanding secured debt at maturity.

在第二季度，我們還使用定期貸款收益向我們的一家合資企業提供了 5,600 萬美元的貸款，我們擁有該合資企業 80% 的股份。截至 6 月 30 日，這筆貸款在我們的資產負債表上顯示為應收票據。合資公司利用所得款項償還到期未償還的擔保債務。

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%, 60% to 75% loan-to-value, and 1.4 to 1.6 times debt service coverage. 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.

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 年期貸款利率為 5.25% 至 6%，貸款價值比為 60% 至 75%，債務償還率為 1.4 至 1.6 倍。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) Jana Galen, Bank of America Securities.

（操作員指示） Jana Galen，美國銀行證券。

Thank you. Good morning, and congrats on the many Travel Choice Awards. I had a question on the revised -- very welcome. A question on the revised outlook for the core RV and marina -- the annual revenue guidance moved down a bit. I'm just kind of curious what occurred in the second quarter that kind of -- whether it be the 2Q results or looking forward, was it kind of driven by lower renewals? Or is there a specific geography or cluster of assets? If you could provide some color around that.

謝謝。早安，恭喜您獲得眾多旅遊選擇獎。我對修訂版有一個疑問——非常歡迎。關於核心房車和碼頭的修訂前景的問題——年度收入預期略有下降。我只是有點好奇第二季發生了什麼事——無論是第二季的業績還是展望未來，是否是由較低的續約量所致？或者是否存在特定的地理位置或資產集群？如果您可以提供一些相關內容。

Sure. Patrick can kind of give you some color, I think, as to the -- on the portfolio basis, but kind of before we do that, maybe it would be helpful to put it into context. I think I touched on in my opening comments, our annual customer base is split between the winter and the summer seasons. Important to note that these customers pay an average of about $6,600 per year or roughly $550 per month to stay at our properties.

當然。我認為，帕特里克可以給你一些關於投資組合基礎的詳細信息，但在我們這樣做之前，也許將其放在背景中會有所幫助。我想我在開場白中提到過，我們的年度客戶群分為冬季和夏季。值得注意的是，這些客戶平均每年支付約 6,600 美元或每月支付約 550 美元來入住我們的飯店。

These are really second home or vacation properties for our customers. And we consistently see multi-generations of families stay with us at these properties. The annual revenue stream is a proven and resilient in all cycles for us. And over the last five years, we've seen that income stream grow about 7%.

對於我們的客戶來說，這些實際上是第二個家或度假房產。我們經常看到幾代家庭住在這些酒店。對我們來說，年度收入流在所有周期中都是經過驗證且具有彈性的。在過去五年中，我們看到該收入流增加了約 7%。

We have been able to increase rate at our RV parks because we focus on our capital projects, and Patrick can touch on that a little bit. And on the customer-focused amenities, and they continue to be attractive for second homeowners. But with respect to the quarter, maybe, Patrick, if you could walk through that a little bit, please.

由於我們專注於資本項目，所以我們能夠提高房車公園的收費標準，而帕特里克可以稍微談談這一點。並且憑藉以客戶為中心的便利設施，它們對第二套房的業主仍然具有吸引力。但就本季而言，派崔克，您能否稍微介紹一下？

Yeah. So for the quarter, the RV and marina annual was up 3.7%, and that was unfavorable, about 90 basis points or about $700,000. As Marguerite mentioned, we had strong rate growth around 6% for both the RV and the marina portfolio, and occupancy was the driver of the miss. As you look to the guidance for the balance of the year, that reflects roughly a $1.2 million reduction. And that's driven by the occupancy and its impact on the balance of the year.

是的。因此，本季度，房車和碼頭的年增長率為 3.7%，這是不利的，約 90 個基點或約 70 萬美元。正如瑪格麗特所提到的，我們的 RV 和碼頭組合的費率均實現了 6% 左右的強勁增長，而入住率是導致業績下滑的主要原因。當您查看今年餘額的指導時，這反映了大約 120 萬美元的減少。這是由入住率及其對全年餘額的影響所驅動的。

Just real quickly on both the RV and the marina. On the RV side, that was largely driven by higher rates of attrition in the North and Northeast. I spoke a little bit to that on the last earnings call, and we were moving into a renewal period, much of which occurs in the second quarter and didn't have great visibility, and we experienced more turnover. That was largely focused on 20 properties.

在房車和碼頭上都非常快。在 RV 方面，這主要是由於北部和東北部人員流失率較高所致。我在上次財報電話會議上談到了這一點，我們正進入一個更新期，其中大部分發生在第二季度，並且沒有很好的可見性，我們經歷了更多的營業額。這主要集中在 20 處房產上。

On the marina side, while there was some elevated turnover at two marinas and we're backfilling that turnover, we had two properties that were impacted by storm damage, and we have some slips offline that need to be improved, and those will come back online in coming quarters.

在碼頭方面，雖然兩個碼頭的營業額有所增加，而且我們正在填補這一空缺，但我們有兩處物業受到了風暴破壞的影響，並且我們有一些離線的船台需要改進，這些將在未來幾個季度恢復正常。

Thank you. That's very helpful.

謝謝。這非常有幫助。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Great. So you typically start to send out renewal rate increases during 3Q for the following year. I'm wondering if the weakness in RV growth, specifically in annual in addition to transient and seasonal, impacts your pricing power for '26. And what's the right way to think about the setup for RV and also MH? Any early color on renewals being sent out would be very helpful.

偉大的。因此，您通常會在第三季開始發送下一年的續訂費率上漲訊息。我想知道 RV 成長的疲軟（特別是年度、短暫性和季節性）是否會影響您 26 年的定價能力。那麼，該如何正確思考 RV 和 MH 的設定呢？任何提前發送的續約訊息都會非常有幫助。

Let me touch on MH, and then I'll touch on the RV side. So we're actually going to be moving into our annual review of rates to establish our budget for 2026. And as you pointed out, those increases occur in the late third and in the fourth quarter, for the most part, for the MH portfolio.

讓我先談 MH，然後再談 RV 方面。因此，我們實際上將進入年度利率審查階段，以確定 2026 年的預算。正如您所指出的，對於 MH 投資組合而言，這些成長主要發生在第三季末和第四季。

So we'll work through that over the next couple of months and have more to share on future earnings calls. But we've seen consistent demand across the MH portfolio, so I think we'll be in a good position.

因此，我們將在接下來的幾個月內解決這個問題，並在未來的收益電話會議上分享更多資訊。但我們看到 MH 產品組合的需求始終如一，所以我認為我們處於有利地位。

On the RV side, with respect to the annuals, we've -- Marguerite highlighted as that we're seeing pretty consistent rate growth in the 6% range. And we've seen consistent demand. I think it's -- as I talked about on last quarter's earnings call, while we've seen consistent demand and we've been able to achieve rates coming off of kind of COVID peak demand and the tenure that we typically see with our annuals, we're going through a cycle of attrition that just resulted from that higher growth in previous periods.

在 RV 方面，就年度而言，我們 - 瑪格麗特強調，我們看到利率增長相當穩定，在 6% 的範圍內。我們看到持續的需求。我認為——正如我在上個季度的收益電話會議上談到的那樣，雖然我們看到了穩定的需求，並且我們能夠實現擺脫 COVID 高峰需求和我們通常在年刊中看到的期限的利率，但我們正在經歷一個消耗週期，這只是由於前幾期的較高增長造成的。

And Jamie, that time period is April of next year, where we would be increasing the rates.

傑米，這個時段是明年四月，我們會提高利率。

Okay. And then I guess just kind of tying some pieces together as we were going through the press release and even talking to some investors about it. I think people got a little spooked by the increase in notes receivable, which, of course, you just explained as the JV loan. You did have some occupancy loss. So can you maybe just tie together what you're seeing in terms of like bad debt, the occupancy loss, and your expectations on occupancy getting better and when? And whether you think -- or is there maybe something more structural that we should expect to see a slightly lower occupancy rate going forward?

好的。然後我想，當我們瀏覽新聞稿並與一些投資者討論時，我們只是將一些部分聯繫在一起。我認為人們對應收票據的增加感到有點驚慌，當然，你剛才將其解釋為合資貸款。您的入住率確實有所損失。那麼，您能否將您所看到的壞帳、入住率損失以及您對入住率何時改善的預期連結起來？您是否認為—或者是否存在一些更具結構性的原因，導致我們預計未來的入住率會略有下降？

Well, I'd like to just clarify something. The occupancy change in the quarter was essentially flat. I think there's a little bit of confusion because we do have a table that shows occupancy percentages, but those occupancy percentages include an increase to the denominator as we add expansion sites. So we were not down 60 basis points, I think as maybe some may have interpreted from reading the reviews. We had a loss of 40 sites of occupancy in the quarter, so negligible.

好吧，我只是想澄清一些事情。本季的入住率變化基本持平。我認為存在一些混淆，因為我們確實有一個顯示佔用率的表格，但隨著我們添加擴展站點，這些佔用率包括分母的增加。因此，我們的利潤並沒有下降 60 個基點，我想有些人可能從評論中得出了這樣的結論。本季我們損失了 40 個入住率，因此可以忽略不計。

With respect to the payment patterns of our customers, we've historically talked about our very low levels of delinquency. That low rate of delinquency, we're talking basis points, 30 to 40 basis points, remain consistent throughout the pandemic and is consistent today. And we continue to see customers who are paying cash for their homes rather than being interested in financing their homes. Our rate of purchasing homes for cash is higher than 95%.

關於我們客戶的付款模式，我們歷來都認為拖欠率非常低。低拖欠率，我們說的是基點，30 到 40 個基點，在整個疫情期間保持一致，今天也保持一致。我們不斷看到客戶用現金購買房屋，而不是對融資購屋感興趣。我們的現金購屋率高達95%以上。

Brad Heffern, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧赫弗恩 (Brad Heffern)。

Yeah, hi, everybody. Thanks. Do you have any updated views on the impact from potential reduced travel from Canadian customers? And then kind of along the same lines, there's this $250 visa integrity fee in the BBB. Would that apply to your customers? And do you think that that could potentially impact demand as well?

是的，大家好。謝謝。您對加拿大遊客出行減少可能造成的影響有何最新看法？同樣，BBB 也收取 250 美元的簽證誠信費用。這適用於您的客戶嗎？您認為這也可能影響需求嗎？

Yeah. I'll speak first to the Canadian demand to take the seasonal first that we talked about on last quarter's call. We mentioned that we had a lower take rate on our early bird, which is a program for Canadians when they're down in the Sunbelt during the winter season to make a reservation for the following year. That was off about 20%.

是的。我首先要談談我們在上個季度的電話會議上討論過的加拿大優先考慮季節性的要求。我們提到，我們的「早鳥優惠」的接受率較低，這是一項為加拿大人在冬季前往陽光地帶時預訂來年房間的計劃。下降了約20%。

As we said at that time, now that we're going through the summer season, we don't really expect that to move, and it really hasn't. And as we move towards the Sunbelt season, again, we would expect reservation pace to pick up again. It's going to be cold in Canada. It's going to be warm in the Sunbelt. So that's kind of a high level on the seasonal.

正如我們當時所說的那樣，現在我們正處於夏季，我們並不真的期望這種情況會改變，事實也確實如此。隨著陽光地帶旅遊季節的臨近，我們預計預訂速度將再次回升。加拿大的天氣將會很冷。陽光地帶將會變得溫暖。所以這在季節性上是一種高水準。

With respect to transient, it's a relatively small part. Canadian is a relatively small part of the summer season for us. And we have seen some pullback in Canadian transients in the Northeast and the Pacific Northwest, but it's not large dollars.

就瞬態而言，這只是相對較小的一部分。對我們來說，加拿大在夏季只佔相對較小的部分。我們看到，加拿大東北部和太平洋西北地區的客流量有所減少，但數量並不多。

I think we'll just have a better update for you on our next quarter call on that topic. And then Paul?

我認為我們會在下一季的電話會議上就該主題為您提供更好的更新。然後保羅呢？

And then with respect to the visa integrity fee, while it remains to be seen kind of how all of these changes are enforced and how the rules are established, it seems there may be some implication for Canadian customers. However, many of our customers, we believe, come and don't require a visa to do so -- to come and visit the properties for short-term stays. So there may be some modest impact, but we don't anticipate it impacting all of the Canadian visits.

關於簽證誠信費，雖然這些變化如何執行以及規則如何制定還有待觀察，但似乎對加拿大客戶可能會產生一些影響。然而，我們相信，我們的許多客戶來這裡並不需要簽證——他們只是來參觀並短期停留。因此可能會有一些適度的影響，但我們預計不會影響所有加拿大人的訪問。

Okay. Got it. Thank you. And then just looking at the site counts year over year, annual is down 500, seasonal is down 600, transient is up by 1,200. Is there a dynamic there where people don't renew and then those sites just get pushed into the transient bucket? Or is there some other dynamic that's driving those changes?

好的。知道了。謝謝。然後僅查看站點數量與去年同期相比，年度減少了 500 個，季節性減少了 600 個，臨時性增加了 1,200 個。是否存在這樣一種動態，即人們不續訂，然後這些網站就被推入臨時桶中？或者是否有其他動力推動這些變化？

That's exactly how we manage that chart, Brad. To the extent that a site is not occupied by an annual or a seasonal, it's available for a transient and reported as such.

這正是我們管理該圖表的方式，布拉德。如果某個地點未被年度動物或季節性動物佔用，則該地點可供臨時動物使用並進行報告。

Eric Wolfe, Citi.

花旗銀行的埃里克·沃爾夫。

Hey, thanks. For the expense guidance reduction, could you just tell us how much of that was due to flexing labor and other variable expenses lower due to the lower transient business? Or like how much you can kind of bring down expenses when you're not seeing the transient business? And then how much of it was from just other expense categories? Maybe another way to ask it is the 8 bp reduction that you had in expense growth, how much of that was just flexing transient expenses lower?

嘿，謝謝。對於費用指導的減少，您能否告訴我們其中有多少是由於靈活勞動力和其他變動費用因臨時業務減少而降低？或者當您沒有看到臨時業務時，您可以減少多少開支？那麼其中有多少是來自其他支出類別呢？也許換一種問法，就是費用成長減少了 8 個基點，其中有多少只是暫時性費用的降低？

Well, I guess the way I think about it, Eric, is -- I mean, generally, we've guided to expense growth that tracks to CPI, but we do have realized and anticipated savings from a few sources. So if I take the utility payroll and R&M, which we talk about a fair amount, that's about two-thirds of our core expenses. And the expectation for 2025 is that those will increase about 2.4%.

嗯，埃里克，我想我的想法是——我的意思是，一般來說，我們已經引導了與消費者物價指數 (CPI) 相符的支出增長，但我們確實從一些來源實現了並預期了節省。因此，如果我把公用事業工資和研發與維護費用（我們談論的相當多）考慮進去，那大約占我們核心支出的三分之二。預計 2025 年這一數字將成長約 2.4%。

The assumptions are impacted by the variable savings at the transient RV properties. So when you think about the remaining third of our expenses, we have real estate taxes, insurance and membership sales and marketing expenses, and the assumption for that third is that we'll be down 1% to prior year. So that includes the effect of -- I talked about the insurance renewal, and then we have expectations for savings associated with the membership upgrade product.

這些假設受到瞬態 RV 屬性的變數節省的影響。因此，當您考慮我們剩餘的三分之一的支出時，我們有房地產稅、保險和會員銷售和行銷費用，而對於這三分之一的假設是，我們將比上一年下降 1%。因此，這包括—我談到了保險續保的效果，然後我們對與會員升級產品相關的節省有所期待。

Got it. That's helpful. And then maybe getting back to the annual RV. I guess is there anything that you can point to that would sort of explain the higher turnover? I think you said there was like two properties that had storm damage. But is there anything else that you can sort of pinpoint and if possible, is it -- can you quantify sort of what the turnover is? Typically, you see 10% turnover. And this year, you saw 15%. Just trying to understand the magnitude.

知道了。這很有幫助。然後也許會回到年度 RV。我想您能指出什麼來解釋更高的營業額嗎？我想您說過有兩處房產遭受了風暴破壞。但是，您還能指出其他什麼嗎？如果可能的話，您能量化營業額嗎？通常，你會看到 10% 的營業額。今年，這一比例上升到了 15%。只是想了解其重要性。

Yeah. So just with respect to the comments on the two properties that suffered some damage, those are in the marina portfolio. So that's our marina annuals. And we've seen some turnover at two properties where we're building back that inventory or that annual occupancy.

是的。因此，僅就遭受損壞的兩處房產的評論而言，它們屬於碼頭投資組合。這就是我們的碼頭年鑑。我們已經看到兩個物業的營業額增加，我們正在恢復庫存或年度入住率。

In the marina portfolio, we've seen consistent demand across the marina portfolio, including launches year over year. So -- and we feel good about how that business is shaping up.

在碼頭組合中，我們看到整個碼頭組合的需求持續穩定，包括逐年推出的新項目。所以——我們對業務的進展感到滿意。

With respect to the turnover in the RV annuals, historically, that number has been around 5%. And as I mentioned in an earlier comment, at about 20 properties through the -- predominantly in the Northeast, we've seen some elevated turnover. But I would expect that to normalize over time because that has been a pretty consistent trend. But we're moving through the period of peak demand that led to more people coming to our properties, and therefore, there are more people to turn over.

就 RV 年刊的營業額而言，從歷史上看，這個數字一直在 5% 左右。正如我在之前的評論中提到的那樣，在大約 20 處房產中——主要是在東北地區，我們看到營業額有所增加。但我希望隨著時間的推移這種情況會變得正常化，因為這一直是一個非常一致的趨勢。但我們正處於需求高峰期，這會導致更多的人來到我們的酒店，因此需要接待更多的客人。

And Eric, that turnover happens in June typically. And so that's what we saw the kind of the June effect there.

艾瑞克，這種人員流動通常發生在六月。這就是我們所看到的六月效應。

Got it, that's helpful. Thank you.

明白了，很有幫助。謝謝。

Wesley Golladay, Baird.

韋斯利·戈拉迪，貝爾德。

Hey, good morning, everyone. Just a quick follow-up on that last question. Was that turnover that was a little bit more elevated? Was that victim maybe (technical difficulty) and is there any more left, I guess? Was there a bulk renewal in June? And then we don't have any more -- is that the renewables for the annual?

嘿，大家早安。我只是想快速回答最後一個問題。營業額是不是稍微高了一點？那位受害者可能是（技術困難）嗎？我猜還有其他人嗎？六月有大量續約嗎？然後我們就沒有了——這是年度再生能源嗎？

Wes, you're breaking up a little bit, but I think I got it. But no, it was consistent with what we've done in the past. There's no change to the renewal process.

韋斯，你有點崩潰了，但我想我明白了。但事實並非如此，這與我們過去所做的一致。續訂流程沒有改變。

Okay, is that -- hopefully clear. Was it due to Canadian residents? Is what I was asking as far as the --

好的，希望清楚。是因為加拿大居民嗎？我問的是--

I think you said Canadian resident. It was not due to Canadian residents, no.

我認為您說的是加拿大居民。這不是加拿大居民造成的，不是。

Okay, thank you for that. And then when you look at -- the immigration policy has been in place for a few months now. Are you seeing any impact to demand or cost pressure?

好的，謝謝你。然後你看看——移民政策已經實施了幾個月了。您是否看到需求或成本壓力受到任何影響？

What we look at is from the Canadian perspective, the majority of our MH annual customers are in the Phoenix market. And we've seen continued demand. We look to see whether or not we would see increased home sale activity, and we haven't seen that. So no reason to think that there will be a change at this point.

我們從加拿大的角度來看，MH 的大多數年度客戶都在鳳凰城市場。我們看到需求持續成長。我們期待看到房屋銷售活動是否會增加，但我們還沒有看到。因此沒有理由認為此時會發生變化。

Okay, thank you.

好的，謝謝。

John Kim, BMO Capital Markets.

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

Thank you. I know home sales is viewed more as a loss leader for you in terms of [FFO] impact. But the revenue was down pretty meaningfully this quarter. And the average sales price was pretty low, too, both on the new and the used home sales. So I was wondering if you could comment on that and your outlook for home sales for the rest of the year?

謝謝。我知道，從 [FFO] 的影響來看，房屋銷售對您來說更像是一種虧本銷售。但本季營收大幅下降。無論是新房還是二手房，平均銷售價格也相當低。所以我想知道您是否可以對此發表評論以及對今年剩餘時間房屋銷售的展望？

Yeah. I guess, John, first, I'd say at basically 117 -- call it, 120 for the quarter, the annual new home sales that we would experience, pre-COVID was typically in that, call it, 500, 500 to 600 range. So on the lower end of that band, we're pretty much in line with what we experienced prior to some periods of peak demand.

是的。約翰，我想首先，我想說，我們本季經歷的年度新房銷售量基本上是 117 到 120，在疫情之前通常處於 500、500 到 600 的範圍內。因此，在該範圍的低端，我們與某些高峰需求期之前的經驗基本一致。

With respect to the average price, that's really driven by two factors. I mean, one is -- I mentioned this on previous calls, that we've seen some moderation in demand, and that's really come mostly at the higher price points of our houses, which is a small part of our inventory but nevertheless can have an impact on a relatively small number of sales.

就平均價格而言，這實際上受到兩個因素的影響。我的意思是，一是——我在之前的電話會議中提到過，我們看到需求有所緩和，這主要源於我們房屋的價格較高，雖然這只占我們庫存的一小部分，但對相對較少的銷售量會產生影響。

And then to another extent, it's been just the mix of inventory over the course of any particular quarter. And as we go through replenishing inventory that we've sold down in locations that would trade at higher prices, you're going to see that number move around from time to time quarter to quarter.

從另一個程度上來說，它只是特定季度期間的庫存組合。當我們補充在價格較高的地區售出的庫存時，您會看到這個數字每季都會不時地變動。

On the acquisition front, I know it's been quiet for you, but you have at least one major owner looking to buy MH product. I was wondering if you could talk about sellers in the markets, where you think cap rates are for MH that you look at, if there are other buyers in the market that you've heard of? And just a follow-up on my last question on the used home sales. It was down to like 9,000 this past quarter. So I don't know if that calculation is correct, but maybe if you could follow up on that as well.

在收購方面，我知道你們一直很平靜，但至少有一位主要所有者想要購買 MH 產品。我想知道您是否可以談談市場上的賣家，您認為您所關注的 MH 的資本化率是多少，您是否聽說過市場上還有其他買家？這只是我關於二手房銷售的最後一個問題的後續問題。上個季度，該數字下降至 9,000 左右。所以我不知道這個計算是否正確，但也許你也可以跟進。

So Patrick, why don't you touch on the used homes?

那麼派崔克，為什麼不談談二手房呢？

Yeah, on the used home sales. I mean, it's -- again, that's largely driven by mix, and some of that likely driven by some lower price inventory that we would own for a short period of time and sell to a new homeowner, some of whom are going to make improvements to those homes.

是的，關於二手房銷售。我的意思是，這主要是由混合驅動的，其中一些可能是由一些低價庫存驅動的，我們會在短時間內擁有這些庫存並出售給新房主，其中一些可能會對這些房屋進行改進。

And then, John, with respect to acquisitions, as you know, we haven't seen a lot of deals in our space over the last couple of years. But as I look back over the years, there have been probably three or four times in the last 30 years where we've seen this type of reduced deal volume. And then that transaction market generally improves, and that's when you see us participate.

然後，約翰，關於收購，如你所知，過去幾年裡，我們在這個領域沒有看到很多交易。但回顧過去，在過去 30 年裡，我們大概有三、四次看到過這種交易量的減少。然後交易市場普遍改善，那時你會看到我們參與其中。

The MH and RV space really has -- continues to have a really highly fragmented ownership base, and that will allow for future opportunities as property owners just begin to make their ownership decisions. The industry is very small, as you know, and the brokerage community is very active. So we look at all deals. And in terms of cap rates, it's difficult to point to a cap rate when there haven't been a lot of transactions. So I guess I would wait for some transactions to happen to be starting to quote cap rates.

MH 和 RV 領域確實一直存在高度分散的所有權基礎，這將為業主在開始做出所有權決策時提供未來的機會。如你所知，這個行業規模很小，但經紀行業社群卻非常活躍。所以我們會考慮所有的交易。就資本化率而言，如果交易量不大，就很難指出資本化率。所以我想我會等待一些交易發生並開始引用資本化率。

Great. Thank you.

偉大的。謝謝。

Thanks, John.

謝謝，約翰。

Jason Wayne, Barclays.

巴克萊銀行的傑森韋恩。

Hi, good morning. Just on the campground membership count stabilizing now. Sales volume has picked up for the past few quarters here. I'm just wondering if you could walk through the sales strategy around the two- to five-year membership subscriptions that you've been doing recently?

嗨，早安。目前露營地的會員數量正在趨於穩定。過去幾季這裡的銷售量有所回升。我只是想知道您是否可以介紹一下您最近實施的兩到五年會員訂閱的銷售策略？

Sure. Sure. It might be helpful. I think you gave a little bit of background on the Thousand Trails system. As you can tell from our supplemental, it's got 24,000 sites and 80 properties because our customers are really focused on these natural resources and the surroundings in our properties.

當然。當然。這可能會有幫助。我認為您已經介紹了一些有關千條小徑系統的背景資訊。從我們的補充資料中可以看出，它擁有 24,000 個站點和 80 個房產，因為我們的客戶真正關注的是這些自然資源以及我們房產周圍的環境。

And there's a couple of things, as you mentioned, in terms of the member count in the quarter, we saw -- we've seen basically for the last, I think, 10-ish quarters, negative growth. And this quarter, we saw a slight increase. And that was really attributed to the paid origination sales of about [5,600], which is in excess of what we would see from our historical COVID Q2 sales, which I think were about north of [4,000].

正如您所提到的，就本季的會員數量而言，我們看到了一些情況——基本上，在過去的 10 個季度裡，我們都看到了負增長。本季度，我們看到了略微的成長。這實際上歸功於約 [5,600] 的付費發起銷售額，這超過了我們歷史上 COVID Q2 銷售額的水平，我認為當時的銷售額大約在4000人。

And then you also saw an increase for the second sequential quarter in the promotional membership originations. So that is another nice green shoot because you're able to see additional activity at the RV dealer level.

然後您還會看到促銷會員發起數量連續第二季增加。這是另一個很好的復甦跡象，因為您能夠看到 RV 經銷商層面的更多活動。

With respect to the dues-based upgrade product, last year, based on customer feedback, we launched a new product. That product, it provides for an upgrade, but it's an increase in the [dues] program as opposed to a onetime payment. The new program has increased dues of about $1,500 to $3,500 per year depending on the product. And the upgrade gives you advanced booking windows, ability to increase length of stay, discounts to rental, cabins, cottages et cetera, and access to other vacation options.

關於會費升級產品，去年我們根據客戶的回饋，推出了新產品。該產品提供升級服務，但它是會費計劃的增加，而不是一次性付款。根據產品不同，新計劃的會費每年增加約 1,500 美元至 3,500 美元。升級後，您可以提前預訂，延長住宿時間，享受租賃、小木屋、別墅等折扣，並可以享受其他度假選擇。

Got it. Thank you.

知道了。謝謝。

David Segall, Green Street.

大衛‧西格爾 (David Segall)，綠街。

Hi, thank you. With regard to the occupancy loss within the annual RV segment, it seems the guidance for the rest of the year does not imply backfilling that lost occupancy. So I'm curious what you think the timeline would be for reconverting those spots from transient back to annual paying?

你好，謝謝。關於年度房車細分市場的入住率損失，今年剩餘時間的指導似乎並不意味著要填補失去的入住率。所以我很好奇，您認為將這些停車位從臨時付費重新轉換為年度付費的時間表是怎麼樣的？

Yeah. The impact that we saw in the quarter was for the summer focused properties. So that's occupancy that we would get back next year. Those are customers who have left, and we would be marketing to bring them back next year. So that's the impact for the rest of the year.

是的。我們在本季看到的影響是針對夏季的房產。這就是我們明年將恢復的入住率。這些都是已經離開的客戶，我們會進行行銷，以便明年讓他們回來。這就是對今年剩餘時間的影響。

Great. And then with regards to the guidance for property management and G&A, it looks like that was reduced. I'm curious if you could provide some color on what's driving that and whether it's more on the property management or G&A side?

偉大的。然後，關於物業管理和一般及行政費用的指導，看起來已經減少了。我很好奇，您是否可以解釋一下推動這一現象的原因，以及它更多地與物業管理還是一般及行政管理方面有關？

Yeah. The expense change is primarily from compensation expense savings from open positions in 2025 and then expected savings from legal and some other administrative items. There's timing of resolution and spend on some of these matters and it can change over time. So we've adjusted our guidance to reflect our current view on expenses for '25.

是的。費用變化主要來自 2025 年空缺職位的薪資費用節省，以及法律和其他一些行政項目的預期節省。解決其中一些問題的時間和花費都有其時間限制，並且會隨著時間的推移而改變。因此，我們調整了指導方針，以反映我們對 25 年支出的當前看法。

Great. Thank you.

偉大的。謝謝。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks for taking my question. First question is on the annual RV and kind of what's implied for the back half. Annual RV was up in the first quarter by 4.1%, and then it slowed to 3.7% in the second quarter, but it seems like the guidance is implying that it accelerates to 4.3% in the third quarter and implied 5.1% in the fourth quarter. So can you just kind of talk about what gives you confidence in the reacceleration of the -- on the annual RV business? Thank you.

早安.感謝您回答我的問題。第一個問題是關於年度 RV 以及後半部的含義。第一季年度 RV 上漲了 4.1%，然後在第二季放緩至 3.7%，但指導意見似乎暗示第三季將加速至 4.3%，第四季將加速至 5.1%。那麼，您能否談談是什麼讓您對年度 RV 業務的重新加速充滿信心？謝謝。

Yeah. I think that there's some -- excuse me, Michael. There are some assumptions for increases in rate that just happened in the ordinary course. We talked earlier about the timing of the rate increases. There is some impact that comes in the third and the fourth quarter, and that's primarily what's driving that.

是的。我認為有一些——抱歉，邁克爾。對於利率上升有一些假設，這只是正常情況下發生的。我們之前談到了升息的時機。第三季和第四季會產生一些影響，這是主要推動因素。

Got it. And then maybe my follow-up question relates to the MH occupancy, right? Like you're adding sites, which seems to be -- I guess there's a little bit of a lag before they get filled. And so that is the headwind on occupancy.

知道了。那麼也許我的後續問題與 MH 佔用率有關，對嗎？就像您正在添加網站一樣，這似乎是 - 我猜在它們被填滿之前會有一點滯後。這就是入住率面臨的阻力。

So I guess the question is maybe how long does it take to fill a site? How long does it take to go from entering the pool and being a drag on occupancy to getting someone in and being additive to occupancy? I'm just trying to get a sense of kind of like the glide path here of the negative impact and when the positive impact can be felt and support the business and drive revenues.

所以我想問題可能是填滿一個網站需要多長時間？從進入游泳池並拖累入住率到吸引某人進入並增加入住率需要多長時間？我只是想了解負面影響的滑行路徑，以及何時可以感受到正面影響並支持業務並推動收入。

Before -- I think Patrick is going to walk through that. Before he does, I just want to point out, we do provide -- intentionally for this reason, we do provide the disclosure specifically of the number of sites that are occupied at the end of each period. And so I can understand the occupancy percentage is something that people are focused on, but growth in the occupied sites is the driver of revenue, and that's why we provide that. But Patrick can talk about how development sites are stabilized.

之前——我認為派崔克會經歷這一切。在他這樣做之前，我只想指出，我們確實提供了——出於這個原因，我們確實特意披露了每個時期結束時被佔用的站點數量。因此，我可以理解入住率是人們關注的重點，但入住率的成長才是收入的驅動力，這就是我們提供該服務的原因。但帕特里克可以談談如何穩定開發場地。

Yes. And on the MH side, it's -- lease-up rates can be in the, call it, 25 to 50 sites on an annual basis. We tend to scale our developments so that they're in line with occupying the sites and, call it, a three- or four-year period. So that -- I mean, that's the basic math. And then depending on the projects, it could vary slightly.

是的。在 MH 方面，租賃率每年可達到 25 到 50 個站點。我們傾向於擴大我們的開發規模，以便它們與佔用場地的時間保持一致，也就是所謂的三到四年的時間。所以——我的意思是，這是基本的數學。然後根據項目的不同，它可能會略有不同。

Thank you very much. Good luck with [the back half].

非常感謝。祝你好運[後半部]。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yeah, thanks. Most of my questions have been asked and answered. But just as I think about the transient RV marina business, I guess, pre-COVID, that business was running maybe in the high 40s to maybe low 50s in terms of millions of dollars. During COVID, it got up into the 70s, and it's kind of coming back down to earth. Is it your expectation that that business settles back in and around the $50 million mark? Or is there something structural about that business whether you've added more sites that as that kind of gets at a higher floor, if you will?

是的，謝謝。我的大部分問題都已提出並得到解答。但正如我所想，臨時房車碼頭業務，我想，在新冠疫情之前，該業務的營業額可能在 40 多到 50 多萬美元之間。在新冠疫情期間，氣溫一度升至 70 多度，現在又回到了現實。您是否預計該業務的營業額將穩定在 5,000 萬美元左右？或者該業務是否存在某種結構性因素，無論您是否添加了更多站點，以便達到更高的水平？

Yeah. I mean, I think that the transient business, we've always talked about that the transient business is a volatile income stream. I think that's going to continue. It is the feeder for our annual business. So it's difficult to point to what the number is going to be because we'll be bringing new properties into the portfolio. We'll be converting transient to annual. But I think that the strength of the transient -- on a good weather weekend, we see the strength of the transient continue, and we continue to be able to convert those transient customers to annual, which is our primary goal.

是的。我的意思是，我認為短暫性業務，我們一直在談論短暫性業務是一種不穩定的收入來源。我認為這種情況將會持續下去。它是我們年度業務的支線。因此很難預測具體數字，因為我們將把新的資產納入投資組合。我們將把臨時的改為年度的。但我認為，在天氣好的周末，瞬間客流的強度會持續下去，我們能夠繼續將這些瞬時客流轉化為年度客流，這是我們的主要目標。

Okay. And maybe just, I guess, one quick follow-up on expenses. I mean, obviously, this year, you've done a really good job containing expense growth. Some of the things you talked about, plus the insurance renewal was very favorable. Just as we think about kind of the comp into next year, is there anything else to think about just kind of the mix of expense growth, thinking about '26 at this point?

好的。我想，也許只是對費用進行一次快速跟進。我的意思是，顯然，今年你們在控制費用成長方面做得非常好。您談到的一些事情，加上保險續保非常有利。就像我們考慮明年的業績一樣，還有其他需要考慮的嗎？例如費用成長的組合，現在考慮 26 年的狀況？

Yeah. I think kind of the two-third of our expense base that is utilities, payroll and repairs and maintenance, those are certainly expense line items that have experienced pressure over time. I think in an era of uncertainty with respect to increases in costs resulting from tariffs and other drivers and potentially how CPI might impact wages, those are absolutely considerations that we're focused on.

是的。我認為，我們支出基礎的三分之二是水電費、工資以及維修和保養，這些費用項目肯定會隨著時間的推移而承受壓力。我認為，在關稅和其他因素導致成本增加以及消費者物價指數可能對工資產生影響的不確定時代，這些絕對是我們關注的重點。

Great, thank you.

太好了，謝謝。

And since we have no more questions on the line, at this time, I would like to turn the call back over to Marguerite Nader for closing remarks.

由於我們目前沒有其他問題，因此，我想將電話轉回給瑪格麗特·納德 (Marguerite Nader) 做結束語。

Thank you for participating in today's call. We look forward to updating you next quarter. Take care.

感謝您參加今天的電話會議。我們期待下個季度向您更新最新情況。小心。

Thank you for your participation in today's conference call. This concludes the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的電話會議。本節目到此結束。您現在可以斷開連線。祝大家有個愉快的一天。