Equity LifeStyle Properties Inc (ELS) 2025 Q3 法說會逐字稿

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

大家好，感謝各位參加本次關於 Equity LifeStyle Properties 2025 年第三季業績的討論。今天我們的特邀演講嘉賓有：執行長瑪格麗特·納德；總裁兼營運長帕特里克·韋特；以及執行副總裁兼財務長保羅·西維。

In advance of today's call, management released earnings.(Operator Instructions) As a reminder, this call is being recorded.

在今天的電話會議之前，管理層發布了盈利報告。 （操作說明）再次提醒，本次通話正在錄音。

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

本次電話會議中討論的某些事項可能包含聯邦證券法意義上的前瞻性陳述。我們的前瞻性陳述受到一定的經濟風險和不確定性的影響。本公司不承擔因後續事件而更新或補充任何不實聲明的義務。

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 G 條例定義的非公認會計準則財務指標，這些非公認會計準則財務指標與可比公認會計準則財務指標的調節表已包含在我們的盈利公告、補充信息和我們向美國證券交易委員會提交的歷史文件中。

At this time, I would like to turn the call over to Marguerite Nader, our President and CEO. Please go ahead.

此時，我想把電話交給我們的總裁兼執行長瑪格麗特·納德。請繼續。

Good morning, and thank you for joining us today. I am pleased to discuss our third quarter results and will provide some insight into the strengths we see in 2026.

早安，感謝各位今天收看我們的節目。我很高興與大家討論我們第三季的業績，並展望一下我們對 2026 年發展前景的看法。

Turning to the results for the third quarter, we delivered strong normalized FFO growth in line with our expectations of 4.6%. Our full year guidance shows continued strength in property operations and FFO.

再來看第三季的業績，我們實現了強勁的正常化FFO成長，符合我們4.6%的預期。我們的全年業績預期顯示，物業營運和FFO將繼續保持強勁勢頭。

I would like to highlight some of the key demand drivers for our annual business and the access points for our new customers. There are approximately 7 million manufactured homes across the country, housing over 18 million people, accounting for about 6% of all US housing. Outside of metro areas, this share increases significantly to 14%.

我想重點介紹我們年度業務的一些關鍵需求驅動因素以及我們新客戶的切入點。全美約有 700 萬套預製房屋，居住超過 1,800 萬人，約占美國住房總量的 6%。在都會區以外，這一比例顯著增加至 14%。

New manufactured homes in our communities are designed to meet the needs of our core demographic, offering value both in terms of cost and quality of life. Construction and safety standards for manufactured housing have been meaningfully enhanced over time, making today's homes more durable and cost 60% less than that of a comparable site-built home in the surrounding area.

我們社區新建的預製房屋旨在滿足我們核心人口的需求，在成本和生活品質方面都具有價值。隨著時間的推移，預製房屋的建造和安全標準得到了顯著提高，使得如今的房屋更加耐用，並且比周邊地區同等規模的現場建造房屋成本低 60%。

As important as affordability, our residents benefit from amenitized communities that foster a strong sense of belonging, security and connection. We serve a large and expanding market, which includes nearly 70 million Baby Boomers and 65 million members of Gen X within our target demographic.

與經濟實惠同樣重要的是，我們的居民還能享受到配套設施齊全的社區，這些社區能夠培養強烈的歸屬感、安全感和連結感。我們服務於一個龐大且不斷成長的市場，我們的目標受眾包括近 7,000 萬名嬰兒潮世代和 6,500 萬 X 世代成員。

These individuals are increasingly seeking housing options that combine desirable locations, high-quality homes at attractive price points and a welcoming community environment. Our properties deliver on all three fronts, offering a value proposition that resonates with this growing segment of the population.

這些人越來越傾向於選擇既地理位置優越、房屋品質高、價格合理，也擁有溫馨社區環境的房屋。我們的房產在所有三個方面都表現出色，為這部分不斷增長的人群提供了極具吸引力的價值主張。

Our marketing efforts focused on leveraging technology and insights into our customers' travel patterns and lifestyles to reach the nation's 8 million RV owners. We listen closely to feedback and adapt to evolving preferences. Our seasonal guests increasingly seek flexibility to book stays and visit multiple locations while Thousand Trails members value our new subscription-based memberships with tiered benefits that they can purchase online.

我們的行銷工作重點是利用科技和對客戶旅行模式和生活方式的洞察，以覆蓋全國 800 萬房車車主。我們會認真聽取回饋意見，並根據不斷變化的需求進行調整。我們的季節性客人越來越希望能夠靈活地預訂住宿並遊覽多個地點，而千徑酒店 (Thousand Trails) 的會員則非常重視我們新的基於訂閱的會員資格，該會員資格提供分級福利，他們可以在線購買。

Manufactured home buyers increasingly research and communicate with us online and via text. Our digital tools offer detailed information, virtual tours, online applications and text messaging with local sales agents. Alongside technology, our teams focus on personal outreach. Property managers build relationships with their customers invite guests to return next season and share new home opportunities that meet their needs.

越來越多的預製房屋買家透過網路和簡訊與我們聯繫，進行研究和溝通。我們的數位化工具提供詳細資訊、虛擬參觀、線上申請以及與當地銷售代理的簡訊溝通。除了科技之外，我們的團隊也專注於與客戶進行人際溝通。物業經理與客戶建立關係，邀請客人下個季度再次入住，並分享符合他們需求的新房源。

Turning to 2026 expectations. Within our manufactured housing portfolio, we expect to have issued 2026 rent increase notices to 50% of our MA presence by the end of October with an average rate increase of 5.1%. In our RV portfolio, annual rates have already been set for over 95% of our annual sites with an average rate increase of 5.1%.

展望2026年。在我們已建成的房屋組合中，我們預計到 10 月底將向我們 50% 的 MA 房產發出 2026 年租金上漲通知，平均漲幅為 5.1%。在我們的房車營地組合中，超過 95% 的年度營地已經確定了年度價格，平均價格上漲了 5.1%。

We continue to engage with our residents to identify and prioritize capital improvements within our communities. These efforts not only enhance the resident experience, but also support the long-term value of our assets. The anticipated rent increases position us to extend our long-standing track record of REIT-leading revenue growth.

我們將繼續與居民溝通，確定並優先考慮社區內的基礎設施改善項目。這些措施不僅提升了居民體驗，也有助於提升我們資產的長期價值。預計租金上漲將使我們能夠延續長期以來在房地產投資信託基金（REIT）中領先的收入成長記錄。

Our ability to share strong current results and provide early visibility into 2026 reflects the strength and dedication of our team. Their ongoing commitment to supporting our residents and customers is fundamental to our success. Through their focus on service quality and community, we've been able to consistently deliver superior operating performance over the past two decades.

我們能夠分享強勁的當前業績並提前展望 2026 年，這體現了我們團隊的實力和奉獻精神。他們一直以來對居民和客戶的支持，是我們成功的關鍵。過去二十年來，我們始終專注於服務品質和社區建設，從而持續提供卓越的營運績效。

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

現在我將把電話交給帕特里克，讓他概述一下物業運營情況。

Thanks, Marguerite. As we wind down the summer season in the north, our Sunbelt properties are gearing up for their winter season. Our MH and RV properties in Florida, Arizona and South Texas are preparing for the inflow of customers and increase in activities.

謝謝你，瑪格麗特。隨著北方夏季的結束，我們在陽光地帶的房產也開始為冬季做準備。我們在佛羅裡達州、亞利桑那州和德克薩斯州南部的房車和露營車物業正在為顧客的湧入和活動的增加做好準備。

On-site teams have begun welcoming residents and guests to properties. Our manufactured homes and communities continue to experience consistent demand and offer desirable features and amenities at prices that provide value in their respective markets. In the quarter, we continued to experience a consistent pace of new home sales.

現場團隊已開始迎接住戶和訪客入住。我們的預製房屋和社區持續受到市場青睞，並以極具吸引力的價格提供理想的功能和便利設施，在各自的市場中物有所值。本季度，新房銷售持續保持穩定成長。

Our Florida MH portfolio reached 94% of occupancy. Florida continues to be one of the top states for net in migration, which supports demand for our key submarkets like Tampa, St. Pete and Fort Lauderdale, West Palm Beach. To meet that demand, we developed more than 900 sites in Florida over the last five years. Florida is also supporting strong rent growth, reflected in mark-to-market rent increases of 13% to new homebuyers. Arizona and California are our next largest markets, which are 95% occupied.

我們在佛羅裡達州的移動房屋入住率達到了 94%。佛羅裡達州仍然是淨移民人數最多的州之一，這支撐了我們主要次級市場（如坦帕、聖彼得堡、勞德代爾堡和西棕櫚灘）的需求。為了滿足這項需求，在過去五年裡，我們在佛羅裡達州開發了 900 多個專案。佛羅裡達州的租金也呈現強勁成長勢頭，新購屋者的租金以市價計算上漲了 13%。亞利桑那州和加州是我們第二和第三大市場，入住率達 95%。

Home buyers in our Western markets are attracted to these communities due to their desirable locations, quality amenities and the substantial value they offer in their respective markets, particularly the coastal markets in California.

西部市場的購屋者被這些社區所吸引，是因為它們地理位置優越、配套設施完善，並且在各自的市場中具有巨大的價值，尤其是在加州的沿海市場。

We continue to execute on our expansion strategy, providing opportunities for more customers to enjoy our product offerings. This strategy leverages in-place utility infrastructure, operational efficiencies, zoning and the brand recognition of existing properties.

我們將繼續執行擴張策略，為更多客戶提供享受我們產品的機會。該策略利用了現有的公用設施基礎設施、營運效率、分區規劃和現有物業的品牌知名度。

We started the fourth quarter -- as we started the fourth quarter, we started a -- completed a 103 site expansion at Clover Leaf Farms and MH Community on the Gulf Coast of Florida. This was the second and final phase of development, which added a total of 170 sites plus an amenity core. The first phase of 67 sites is approaching 100% occupancy.

第四季伊始，我們完成了位於佛羅裡達州墨西哥灣沿岸 Clover Leaf Farms 和 MH Community 的 103 個站點的擴建。這是開發的第二階段，也是最後一個階段，共新增了 170 個地塊和一個配套設施核心區。第一期67個地點的入住率已接近100%。

We also continue to see growth on the RV side of our business. Our RV annual sites provide an affordable second home, whether it's lakeside retreat in the summer or warm weather destination in the winter. In the quarter, we increased annual RV occupancy by 476 sites.

我們的房車業務也持續成長。我們的房車年度營地提供經濟實惠的第二居所，無論是夏季的湖畔度假勝地還是冬季的溫暖氣候目的地。本季度，我們的年度房車入住率增加了 476 個營地。

With respect to our Canadian customers, many of whom return year after year to their site in one of our properties for the winter season, we're engaging with them through personal outreach as well as our traditional marketing channels.

對於我們的加拿大客戶，他們中的許多人每年冬天都會回到我們旗下的某個物業度假，我們透過親自拜訪以及傳統的行銷管道與他們保持聯繫。

The regional weather outlook for the winter season looks favorable. The NOAA Climate Prediction Center forecasts a La Nina pattern this winter. This season's forecast calls for warmer drier conditions in the south, along with cooler weather conditions in the north, making the Sunbelt particularly attractive for winter getaways. Our operations team has prioritized occupancy and revenue growth, while thoughtfully budgeting and executing on expenses.

該地區冬季天氣前景良好。美國國家海洋暨大氣總署氣候預報中心預測今年冬季將出現拉尼娜現象。本季天氣預報顯示，南部地區將出現更溫暖乾燥的天氣，而北部地區則會出現更涼爽的天氣，這使得陽光地帶成為冬季度假的理想去處。我們的營運團隊優先考慮入住率和收入成長，同時認真做好預算並合理執行各項支出。

Our on-site teams are focused on providing excellent customer service, and we are leveraging technology to increase efficiency for the staff members. Tools like electronic lease agreements and SMS, text, customer service platforms have been well received by our customers and help ensure that our teams have more time to focus on delivering memorable experiences.

我們的現場團隊致力於提供優質的客戶服務，並且我們正在利用科技來提高員工的工作效率。電子租賃協議和簡訊、客戶服務平台等工具受到了客戶的好評，並有助於確保我們的團隊有更多時間專注於提供令人難忘的體驗。

Finally, the third quarter wrapped up our 11th annual 100 days of camping campaign, which saw record engagement among our social media fans and followers. The campaign had over 46 million impressions on social media, and we received nearly 1,100 photo entries of our viewers with our signature rally towels, which reflects a strong and active customer base that wants to engage with our properties and brands.

最後，第三季結束了我們第 11 屆年度「100 天露營」活動，該活動在我們的社群媒體粉絲和追蹤者中獲得了創紀錄的參與度。該活動在社交媒體上獲得了超過 4600 萬次的曝光量，我們收到了近 1100 張觀眾手持我們標誌性加油毛巾的照片，這反映出我們擁有強大而活躍的客戶群體，他們希望與我們的物業和品牌互動。

Now I'll turn the call over to Paul.

現在我把電話交給保羅。

I will discuss our third quarter and September year-to-date results, review our guidance assumptions for the fourth quarter and full year 2025 and close with the discussion of our balance sheet.

我將討論我們第三季和 9 月的年初至今業績，回顧我們對 2025 年第四季和全年的業績預期，最後討論我們的資產負債表。

Third quarter normalized FFO was $0.75 per share, in line with our guidance. Continued strong performance in our core portfolio resulted in 5.3% NOI growth in the quarter, 40 basis points higher than guidance. Core community-based rental income increased 5.5% for the quarter and for the September year-to-date period compared to the same periods in 2024.

第三季經調整後的FFO為每股0.75美元，與我們的預期一致。核心業務組合的持續強勁表現，使得本季淨營業收入成長了 5.3%，比預期高出 40 個基點。本季和截至 9 月的年度累計收入與 2024 年同期相比成長了 5.5%。

In the third quarter, we generated rate growth of 6% as a result of noticed increases to renewing residents and market rent paid by new residents after resident turnover. Core RV and Marina annual base rental income, which represents approximately 70% of total RV- and Marina-based rental income increased 3.9% for the third quarter and for the year-to-date period compared to the same periods last year.

第三季度，由於續租居民的租金上漲以及居民更替後新居民支付的市場租金上漲，我們的租金成長率達到了 6%。核心房車和碼頭年度基本租金收入約佔房車和碼頭總租金收入的 70%，第三季和年初至今的租金收入與去年同期相比增加了 3.9%。

Year-to-date, in the core portfolio, seasonal rent decreased 7% and transient rent decreased 8.4%. We continue to see offsetting reductions in variable expenses. The net contribution from our total membership business consists of annual subscription and upgrade revenues, offset by sales and marketing expenses.

今年迄今為止，核心投資組合的季節性租金下降了 7%，短期租金下降了 8.4%。我們持續看到變動費用出現抵銷性下降。我們的會員業務淨收入包括年度訂閱和升級收入，扣除銷售和行銷費用後得出。

The membership business contributed $16.8 million and $48.2 million net for the third quarter and September year-to-date periods, respectively, compared to the same periods last year. Core utility and other income increased 4.2% for the September year-to-date period compared to prior year. Our utility income recovery percentage was 48.1% year-to-date in 2025, about 150 basis points higher than the same period in 2024.

與去年同期相比，會員業務在第三季和截至 9 月的淨收入分別為 1,680 萬美元和 4,820 萬美元。截至9月份，核心公用事業及其他收入較上年同期成長4.2%。截至 2025 年 1 月 1 日，我們的公用事業收入回收率為 48.1%，比 2024 年同期高出約 150 個基點。

In addition, we recognized higher tax pass-through income, mainly in Florida. Core property operating expenses for the year-to-date period were 60 basis points higher than the same period last year. This includes the change in membership expenses associated with the membership upgrade subscription program that was implemented earlier this year.

此外，我們也確認了較高的稅務轉嫁收入，主要來自佛羅裡達州。今年迄今的核心物業營運費用比去年同期高出 60 個基點。這包括與今年稍早實施的會員升級訂閱計劃相關的會員費用的變化。

Expense growth for the third quarter was 40 basis points lower than guidance, mainly resulting from savings in real estate tax expense. Third quarter core property operating revenues increased 3.1%, while core property operating expenses increased 50 basis points, resulting in growth in core NOI before property management of 5.3%. For the year-to-date period, core NOI before property management increased 5.1%. Income from property operations generated by our noncore portfolio was $1.8 million in the quarter and $8.3 million year-to-date.

第三季支出成長比預期低 40 個基點，主要原因是房地產稅支出節省。第三季核心物業營運收入成長 3.1%，而核心物業營運支出增加 50 個基點，導致物業管理前的核心 NOI 成長 5.3%。今年迄今為止，物業管理費前的核心淨營業收入增加了 5.1%。本季度，我們非核心投資組合產生的物業營運收入為 180 萬美元，今年迄今為 830 萬美元。

I'll now discuss guidance. As I do the following remarks are intended to provide context for our current estimate of future results. All growth rate ranges and revenue and expense projections are qualified by the risk factors included in our press release and supplemental package. We 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.

接下來我將討論指導問題。在進行以下說明時，我旨在為我們目前對未來結果的估計提供背景。所有成長率範圍以及收入和支出預測均受新聞稿和補充資料中包含的風險因素的限制。我們維持 2025 年全年正常化 FFO 預期為每股 3.06 美元，處於每股 3.01 美元至 3.11 美元區間的中點。

Full year normalized FFO per share at the midpoint represents an estimated 4.9% growth rate compared to 2024. We expect fourth quarter normalized FFO per share in the range of $0.75 to $0.81. We project full year core property operating income growth of 4.9% at the midpoint of our range of 4.4% to 5.4%.

全年經調整後的每股FFO（以中點計算）預計比2024年成長4.9%。我們預計第四季調整後每股FFO將介於0.75美元至0.81美元之間。我們預計全年核心物業營業收入成長率為4.9%，處於我們預測的4.4%至5.4%區間的中位數。

Full year guidance assumes core base rent growth in the ranges of 5% to 6% for MH and negative 20 basis points to positive 80 basis points for RV and Marina. The midpoint of our guidance assumptions for combined seasonal and transient show a decline of 13.3% in the fourth quarter and a decline of 8.8% for the full year compared to the respective periods last year.

全年業績預期假設移動房屋核心基本租金成長在 5% 至 6% 之間，房車和碼頭核心基本租金成長在 -20 個基點至 +80 個基點之間。我們對季節性和暫時性因素綜合影響的預測假設中點顯示，第四季將下降 13.3%，全年將下降 8.8%，與去年同期相比。

Core property operating expenses are projected to increase 40 basis points to 1.4% for the full year 2025 compared to prior year. Our full year expense growth assumption includes the benefit of savings in payroll expense year-to-date in 2025, reduced membership expenses and the impact of our April 1st insurance renewal for 2025.

預計 2025 年全年核心物業營運費用將比上年增加 40 個基點至 1.4%。我們全年支出成長假設包括 2025 年迄今薪資支出節省的收益、會員費用減少以及 2025 年 4 月 1 日保險續保的影響。

Consistent with our historical practice, we make no assumption for the impact of a material storm event that may occur. Our fourth quarter guidance assumes core property operating income growth is projected to be 4.4% at the midpoint of our guidance range. In our core portfolio, property operating revenues are projected to increase 3.3%, and expenses are projected to increase 1.6%, both at the midpoint of the guidance range.

與我們以往的做法一致，我們不對可能發生的重大風暴事件的影響做出任何假設。我們第四季業績指引假設核心物業營業收入成長率預計為 4.4%，即我們指引範圍的中點。在我們的核心投資組合中，物業營運收入預計將成長 3.3%，支出預計將成長 1.6%，兩者皆處於指導範圍的中點。

I'll now provide some comments on our balance sheet and the financing market. We maintain our focus on balance sheet management and believe we are well positioned to execute on capital allocation opportunities. We have no secured debt scheduled to mature before 2028, and our weighted average maturity for all debt is almost eight years. Our debt-to-EBITDAre is 4.5 times and interest coverage is 5.8 times.

接下來，我將對我們的資產負債表和融資市場發表一些看法。我們將繼續專注於資產負債表管理，並相信我們已做好充分準備，把握資本配置機會。2028 年之前我們沒有到期的擔保債務，所有債務的加權平均到期期限接近八年。我們的負債與 EBITDA 比率為 4.5 倍，利息保障倍數為 5.8 倍。

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. 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 5.75%, 60% to 75% loan-to-value and 1.4 times to 1.6 times debt service coverage. We continue to see solid interest from life companies and GSEs to lend for 10-year terms. High-quality, age-qualified MH assets continue to command best financing terms.

我們透過信貸額度和ATM項目，可以獲得超過10億美元的資金。我們始終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。目前的擔保債務條款因多種因素而異，包括貸款人、借款人擔保人以及資產類型和品質。目前 10 年期貸款的報價在 5.25% 至 5.75% 之間，貸款價值比為 60% 至 75%，債務償付覆蓋率的 1.4 倍至 1.6 倍。我們持續看到壽險公司和政府支持企業對10年期貸款表現出濃厚的興趣。高品質、符合房齡要求的移動房屋資產仍能獲得最佳融資條件。

Now we would like to open the call up for questions.

現在我們想開放提問環節。

(Operator Instructions)

（操作說明）

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning thanks a lot for taking my questions first question is on the 2026 rent increases. Can you talk a little bit about the process that goes into setting those? And then I guess historically, RV has been at a higher rate than MH, and it has closed the gap here. So can you talk a little bit about what's going on there? And is there a risk that maybe you're not even conservative enough there. So just trying to get the thought process on that closing of the gap.

早安，非常感謝您回答我的問題，第一個問題是關於2026年的租金上漲。能談談設定這些參數的過程嗎？然後，我想從歷史上看，房車的普及率一直高於移動房屋，現在兩者之間的差距已經縮小了。能簡單談談那裡發生了什麼事嗎？會不會有這樣的風險：你甚至可能不夠保守？所以，我只是想了解縮小差距的思路。

Yeah Sure, Michael, it's Patrick. The process for the MH rate increases and the RV annual rate increases are very similar to one another. Our property operations teams review the competitive set. And as we work our way through our budget process, we set the rates for the upcoming year. So that's been consistent and the take that we're hearing, and it's early, is that the year is behaving very similar to prior periods.

好的，邁克爾，我是派崔克。MH 利率上漲流程和 RV 年度利率上漲流程非常相似。我們的物業營運團隊會對競爭對手進行評估。在製定預算的過程中，我們會確定來年的費率。所以情況一直如此，我們目前聽到的說法（現在下結論還為時過早）是，今年的情況與以往時期非常相似。

There's nothing really unusual. Just with respect to the fact that the annual has moderated somewhat, so it's just general market forces. We've come off of a period where the annual rate increases did outpace as you noted. The fact that, that's coming a little bit more in line, I don't think there's a real relationship between the 2 property types, it just has more to do with the overall cadence of the market.

沒什麼特別的。就年度數據而言，由於放緩，這只是整體市場力量的影響。正如您所指出的，我們剛剛經歷了一段年利率成長速度超過成長速度的時期。事實上，這種情況正在逐漸好轉，我認為這兩種房產類型之間並沒有真正的聯繫，這與市場的整體節奏有關。

Got it. And my follow-up has to do with the seasonal reservation base for Canadian customers. It sounds like you've been reaching out and through traditional marketing channels and reaching out individually, I'm just trying to get a sense of the success rate there and just the ability to affect change and get that number higher as we approach the seasonal time.

知道了。我的後續問題與加拿大客戶的季節性預訂基礎有關。聽起來您一直在透過傳統行銷管道和一對一的方式進行推廣，我只是想了解這些方法的成功率，以及隨著旺季的臨近，我們能否做出改變並提高成功率。

Yeah, I mean, Michael, one of the things that we've often talked about is that it's really the cold winter season that drives the reservations. We've had a very moderate October. So both in the United States and Canada, there hasn't been a lot of bad weather, which tends to dampen reservations a bit.

是的，我的意思是，邁克爾，我們經常談到的一件事是，真正推動預訂量的是寒冷的冬季。十月天氣非常溫和。因此，無論是在美國還是加拿大，都沒有發生太多惡劣天氣，這往往會稍微抑制預訂量。

So I think as we continue to head into winter, we will see increased reservations. On the Canadian front, as you know, there is a political issue there that is causing people to pause before coming to the United States.

所以我認為，隨著冬季的臨近，預訂量將會增加。如你所知，加拿大方面存在一個政治問題，導致人們在前往美國之前猶豫不決。

Thank you very much. Good luck in the 4th quarter.

非常感謝。祝你第四季好運。

Thank you, Michael.

謝謝你，麥可。

Brad Heffern, RBC.

Brad Heffern，RBC。

Yeah, hi, good morning, everyone on the reservation on the reservation pace being down 40% for the Canadians that does guidance assume that the actual bookings from those customers end up being down 40%, or do you assume that they're just waiting longer to book, and there's some sort of moderation there?

是的，大家好，早安。關於加拿大預訂速度下降 40% 的預測，你們是假設這些客戶的實際預訂量最終下降了 40%，還是假設他們只是等待更長時間才預訂，並且存在某種程度的緩和？

Yeah, So Brad, I guess I can walk through. As we said, the combined seasonal transient growth is down 13.3% at the midpoint of that range. That compares to our prior guidance update issued in July when we assumed the combined seasonal and transient will be down 1.5%. That difference, the unfavorable development of $2.7 million is primarily related to seasonal and mainly the result of the lower reservations from Canadian customers.

是的，布拉德，我想我可以進去了。正如我們所說，該區間中點的綜合季節性瞬間增長下降了 13.3%。相較之下，我們在 7 月發布的先前指導更新中假設季節性和暫時性因素綜合起來將下降 1.5%。這一差額，即 270 萬美元的不利發展，主要與季節性因素有關，主要是由於加拿大客戶的預訂量減少造成的。

And I'll just walk through that just to kind of be clear on what's happened. So we've previously said that Canadians represent about 10% of our total RV revenue, 50 percentage from annual customers. So the remaining 50%, which is just over $21 million is generally split evenly between seasonal and transient.

我這就簡單解釋一下，讓大家清楚發生了什麼事。我們之前說過，加拿大人約占我們房車總收入的 10%，其中 50% 來自年度客戶。因此，剩餘的 50%（略高於 2,100 萬美元）通常平均分配給季節性和臨時性住房。

In the fourth quarter, we earn approximately 25% of our seasonal revenue for the year and approximately 15% of our transient revenue for the year. So that was the basis for our prior expectation of approximately $4.3 million of Canadian seasonal and transient in the fourth quarter. Our current Canadian reservation pace, as we said, is down approximately 40% compared to prior year.

第四季度，我們大約能獲得全年季節性收入的 25% 和全年臨時收入的 15%。因此，我們先前預計第四季度加拿大季節性和臨時性收入約為 430 萬美元。正如我們所說，目前我們在加拿大的預訂速度比去年同期下降了約 40%。

Okay. Got it. And then obviously, 4Q typically the lowest combined seasonal transient revenue quarter, first quarter typically the highest. So I'm just curious how much we should read the expectations for the fourth quarter into the first quarter as well?

好的。知道了。顯然，第四季通常是季節性臨時收入最低的季度，第一季通常是最高的季度。所以我很好奇，我們應該在多大程度上將對第四季的預期反映到第一季？

Yeah, I mean, we're not providing guidance right now for 2026. I can say that the reservation pace from Canadian customers for the first quarter is similar to the pace that we're seeing for the fourth quarter.

是的，我的意思是，我們目前不提供 2026 年的指導。我可以肯定地說，加拿大客戶第一季的預訂速度與第四季的預訂速度相似。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Thank you. Good morning all Paul, I was just curious on the core FFO guidance range, fourth quarter, you have $0.06 of variability and full year is still $0.10. So just checking if there's any expectation of greater volatility or share count changes or anything to call out for the difference?

謝謝。各位早安，Paul，我有點好奇核心FFO指引範圍，第四季有0.06美元的波動，全年還是0.10美元。所以我想問一下，是否有任何關於波動性增大、股份數量變化或其他因素導致差異的預期？

Nothing to call out. We simply carried forward the convention that we've used all year with the $0.10 range for the year.

沒什麼特別需要指出的。我們只是沿用了全年使用的慣例，將價格區間設定為 0.10 美元。

Great. And then Marguerite, curious on your MH comments at the beginning of the call and kind of the opportunity there, could you potentially be developing more sites or anything on the acquisition side available in MH that could be interesting?

偉大的。瑪格麗特，我對你在電話會議開始時提到的MH以及其中的機會感到好奇，你是否有可能開發更多網站，或者在MH的收購方面有任何有趣的機會？

Sure. Patrick, maybe can walk through our development. With respect to acquisitions, as you know, we'd certainly like to buy a high-quality MH portfolios. They're just difficult to source. I think we continue to see muted volume in terms of transactions. The ownership base is very fragmented, and we work with owners as they make their way towards becoming sellers.

當然。派崔克，或許可以帶我們參觀我們的開發案。關於收購方面，如您所知，我們當然希望收購高品質的MH投資組合。只是很難找到貨源。我認為交易量依然低迷。所有權結構非常分散，我們與業主合作，幫助他們逐步成為賣家。

These assets have -- they've behaved and performed incredibly well over time. And so there's not a lot of desire to sell the assets. So -- but to the extent that there are opportunities to grow inside of the MH space, we would certainly want to continue to do that. Right now, as we look to deploying capital, we think that continuing to invest in our properties is a good return. And maybe, Patrick, you can walk through that.

這些資產確實如此——隨著時間的推移，它們的表現和表現都非常出色。因此，出售這些資產的意願並不強烈。所以——但是，如果MH領域內有發展的機會，我們當然希望繼續這樣做。目前，在考慮如何部署資金時，我們認為繼續投資我們的房產是一個不錯的選擇。或許，派崔克，你可以走過那一步。

Yeah, So for the year, we're looking to add about 400 to 500 expansion sites. That's on the lower end of what we've developed over the last five years on an annual basis. We had just over 1,000 sites delivered in 2020, and through the last five years, we've delivered about just shy of 5,000 sites. So now our goal is to be in that 500 to 1,000 site range.

是的，今年我們計劃新增約 400 到 500 個擴建站點。這比我們過去五年每年的發展水準要低一些。2020 年我們交付了 1000 多個網站，而過去五年，我們交付的網站總數接近 5000 個。所以現在我們的目標是達到 500 到 1000 個站點的規模。

We think that's sustainable for the foreseeable future. But there will be some variability year-over-year when you're imposing a calendar year over a development pipeline. And as I mentioned on previous calls, we have had some headwinds just working our way through some of the administrative processes to get permits and complete developments in recent quarters.

我們認為在可預見的未來，這種模式是可持續的。但是，如果將開發流程按日曆年劃分，則每年都會出現一些波動。正如我在之前的電話會議中提到的，最近幾個季度，我們在辦理一些行政手續以獲得許可和完成開發項目時遇到了一些阻力。

Thank you.

謝謝。

Steve Sakwa, Evercore.

Steve Sakwa，Evercore。

Great, thanks. I guess I wanted to circle up on the MH rent increase. It's gone to 50% of the customers. But when you sort of look back historically, at the other 50%, how does that bucket trend relative to the first half? And then could you maybe just also comment on the decline in occupancy that we're seeing in the MH portfolio? Thanks.

太好了，謝謝。我猜我是想就MH租金上漲這件事發表看法。已經惠及了50%的顧客。但從歷史角度回顧剩下的 50%，這 50% 的趨勢與前 50% 相比如何？那麼，您能否也談談我們目前在行動房屋投資組合中看到的入住率下降問題呢？謝謝。

Sure, Steve. With respect to the lease agreements with our customers, 50% of those agreements are based on market. The other 50% have some linked to CPI. Half of those are rent control or some other direct CPI link and the other are, what we call, long-term agreements.

當然可以，史蒂夫。就與客戶簽訂的租賃協議而言，其中 50% 的協議是基於市場價格的。其餘 50% 與 CPI 有關聯。其中一半是租金管製或其他與消費者物價指數直接掛鉤的措施，另一半則是我們所謂的長期協議。

There are typically two to three-year agreements, primarily in Florida, that we've entered into in negotiation with our customers. When we think about the first 50% that have been noticed for 2026, it is more heavily weighted towards Florida residents. And we do also have a higher percentage of customers going to market. So the notices in January tend to be slightly higher than what we might see throughout the year, subject to fluctuations in CPI as we issue notices throughout 2026 that are more heavily weighted to the CPI index.

通常情況下，我們會與客戶協商簽訂為期兩到三年的協議，主要在佛羅裡達州。當我們考慮 2026 年已公佈的前 50% 的預測時，會發現佛羅裡達州居民的比例更高。而且，我們也有更高比例的客戶選擇去市場購買商品。因此，1 月的通知金額往往略高於我們全年可能看到的金額，但會受到 CPI 波動的影響，因為我們在 2026 年全年發布的通知金額與 CPI 指數的權重更大。

Yeah, and then, Stephen, just with respect to the occupancy trends. I mean, we increased occupancy in the quarter. Year-to-date through Q1, Q2, we did have some hangover from the impact of hurricanes last year. We're past that now, and the trend is back towards increasing occupancy.

是的，Stephen，就入住率趨勢而言。我的意思是，本季我們的入住率提高了。今年迄今為止，截至第一季和第二季度，我們確實受到了去年颶風影響的一些後遺症。我們現在已經度過了那個時期，入住率的趨勢又回到了上升的趨勢。

Okay. And then I guess second question, just you guys have done a very good job on expense containment both in the quarter and year-to-date at sub-1%. Just any kind of broad thoughts as you kind of look into next year on some of the puts and takes that you maybe got this year that were better or maybe worse? And how should we just think about that broad trend moving forward?

好的。那麼，我想問第二個問題，你們在控制費用方面做得非常好，無論是本季還是今年迄今為止，費用都控制在 1% 以下。展望明年，你對今年的一些投資和交易有什麼大致的想法嗎？哪些投資和交易比今年好，哪些更差？那麼，我們該如何看待這大趨勢的未來發展呢？

Sure, sure. As we think about it, we focus quite a bit on the two-third of our expenses that are utilities, payroll and repairs and maintenance. And we have certainly in 2025, benefited with respect to payroll expenses as we've managed through some of the challenges we've seen in the RV transient business.

當然，當然。仔細想想，我們相當關注的是我們三分之二的支出，即水電費、薪水和維修保養費。2025 年，我們肯定在薪資支出方面受益，因為我們已經克服了房車短期租賃業務中遇到的一些挑戰。

So that for the year is trending close to flat. I wouldn't necessarily anticipate that as a run rate over the long term for payroll. Our insurance renewal that occurred in April of 2025 was favorable, and that was, as a reminder, for everybody, down 6% compared to prior year.

所以今年的整體趨勢接近平穩。我並不認為這會是薪資長期成長的正常水準。我們在 2025 年 4 月進行的保險續保結果令人滿意，需要提醒的是，與前一年相比，保費下降了 6%。

And then the last thing I'll note is, in 2024, we saw some fairly significant increases in real estate taxes, particularly coming from the state of Florida. That, based on our preliminary TRIM notices, received for the 2025 tax year, that trend has reversed somewhat, and we've seen some relief from our expectations. Not to say that those taxes have declined necessarily. It's just some relief from our expectations. So we could see volatility in real estate taxes continue into 2026.

最後我想指出的是，2024 年，我們看到房地產稅出現了一些相當大的增長，特別是來自佛羅裡達州的房地產稅。根據我們收到的 2025 納稅年度的初步 TRIM 通知，這種趨勢已經有所逆轉，我們看到情況比預期有所改善。並不是說這些稅收必然減少了。這只是讓我們從預期中得到一些安慰。因此，房地產稅的波動可能會持續到 2026 年。

Great, thank you.

太好了，謝謝。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Thank you. just wanted to make sure I understand the seasonal impact of the Canadian demand down 40%. So if we assume it stays at 40% into '26 based on the fact that so much of the income is hitting in 4Q and 1Q, like is there another 3% hit next year, or since you've already taken it out of -- if we already take it out of our '25 models, it's kind of the run rate already in '26. Can you just help us think through that?

謝謝。我只是想確認一下我是否理解加拿大需求下降40%的季節性影響。所以，如果我們假設 2026 年仍將維持在 40%，因為大部分收入都集中在第四季和第一季度，那麼明年是否還會有 3% 的成長呢？或者，既然我們已經從 2025 年的模型中剔除了這部分，那麼 2026 年的運行率就已經差不多了。您能幫我們理清一下思路嗎？

Sure. I mean, I think it's challenging to consider what we're experiencing in the fourth quarter, our run rate for '26 because clearly, the current environment is something that will likely change over the next 12 months. What I'll say about the first quarter is when you think about our expectation to earn 50% of our seasonal rent and 20% of our transient rent in the first quarter, that suggests that we -- that -- the 40% decline would be around $3 million.

當然。我的意思是，我認為很難考慮我們在第四季度所經歷的情況，以及我們 2026 年的運作率，因為很明顯，當前的環境很可能在未來 12 個月內發生變化。關於第一季度，我想說的是，考慮到我們預計第一季能收到 50% 的季節性租金和 20% 的短期租金，這意味著我們——也就是說——40% 的降幅將達到約 300 萬美元。

And what I'll say, as we think about the current environment, and how challenging it is as it relates to US and Canadian relations, when we think about our long history, the only time period that we can see as any sort of reference point is during the pandemic.

我想說的是，當我們思考當前環境，以及它對美加關係帶來的挑戰時，當我們回顧我們漫長的歷史時，唯一可以作為參考點的時期就是疫情期間。

In late 2020 and early 2021, when there were travel restrictions in place, including the border closures, that impacted our expectations for seasonal and transient revenue. In January of '21, we anticipated a decline of $10 million in seasonal and transient revenue during that first quarter of 2021. And when we were on our call in April, the results proved better than that, and we ended up being down $6 million.

2020 年末和 2021 年初，由於旅行限制（包括關閉邊境）的影響，我們對季節性和臨時收入的預期受到了衝擊。2021 年 1 月，我們預計 2021 年第一季季節性和臨時收入將下降 1,000 萬美元。而當我們四月進行電話會議時，結果證明比預想的要好，最終我們虧損了 600 萬美元。

So it is about those last-minute bookings. And as I mentioned, as the weather changes and as the reservations increase and that pace increases.

所以關鍵在於那些最後一刻的預訂。正如我之前提到的，隨著天氣變化，預訂量增加，預訂速度也加快了。

Okay. I guess in this environment, I think we've all learned not to get hopeful. Who knows it's around the corner. I mean, are there any data points or tea leaves you can point to that are actually giving you conviction that 40% is not the bottom, or 40% won't -- isn't going to stay around for a while?

好的。我想在這種環境下，我們都學會了不要抱持希望。誰知道呢，也許就在不遠處。我的意思是，有沒有什麼數據點或跡象表明，40% 不是底部，或者 40% 不會——不會持續一段時間？

I mean, what we've heard is that our customers or Canadian customers that have made reservations are excited to come back. And what we know from our long history of watching reservation pacing, it is a function of what's happening in one's local area. And as the snow starts to come down, the phone start to ring. So that's -- we don't think that's going to change.

我的意思是，我們聽到的消息是，已經預訂的顧客或加拿大顧客都非常期待再次光臨。我們從長期觀察保留地步態發展的歷史中了解到，這與當地發生的事情息息相關。隨著雪花飄落，電話鈴聲也開始響起。所以——我們認為這種情況不會改變。

Okay. Can I ask one more since that was a more of a follow-up?

好的。我可以再問一個問題嗎？因為那算是後續問題。

Sure. Sure, Jamie.

當然。當然可以，傑米。

Okay. Just got to play by the rules here.

好的。凡事都要按規則來。

We'll appreciate that.

我們會很感激的。

So following up to Steve's question on expenses. You've -- your model has been very successful in being able to lower expenses based on the transient revenue decreases. At some point, does that relationship break, and you just can't cut anymore? I mean I know you've commented you think 40% is about as bad as it's going to get, but just theoretically, if it gets worse or if transient continues to decline, like is there some point where you just have fixed expenses that you can no longer compensate or mitigate the revenue declines?

接下來，我想回答史蒂夫關於費用的問題。您的模式非常成功，能夠根據暫時的收入下降情況來降低成本。到了某個時候，這段關係會破裂嗎？你會不會再忍不住割腕了？我知道你曾說過你認為 40% 已經是最糟糕的情況了，但理論上來說，如果情況變得更糟，或者如果暫時性下降繼續下去，比如，是否存在某個點，你的固定支出將無法再彌補或緩解收入下降的情況？

Yeah, I mean certainly, there are fixed expenses at the property level. There's a certain amount of staff that's needed just to run the business. But we look at this and evaluate it. The operating team does a great job evaluating it on a daily basis to understand who's coming into the properties, who's checking into the properties, and how many people are working. So we'll just continue to do what I think the team has done a really good job over the last three or four years on making sure that we're operating efficiently.

是的，我的意思是，當然，房產層面肯定存在固定支出。企業正常運作需要一定數量的員工。但我們會對此進行研究和評估。營運團隊每天都會進行評估，以了解誰進入了房產、誰在辦理入住手續以及有多少人在工作，他們在這方面做得非常出色。所以，我們將繼續做我認為團隊在過去三、四年做得非常出色的事情，確保我們有效率地運作。

Okay, thank you.

好的，謝謝。

Thanks, Jamie.

謝謝你，傑米。

Eric Wolfe, Citi.

Eric Wolfe，花旗銀行。

Hey, thanks for the 5.1% price increase on annual RV, at what point over the next couple of months, will you have a good understanding of what the acceptance of those increases look like. So I'm trying to understand at what point do you know sort of the turnover for those properties, specifically for the Sunbelt locations that renew a bit earlier. And I think you've said in prior calls that the Phoenix market is by far the biggest in terms of annual customer for Canadian travelers. So do you have any early read on what that market looks like so far?

嘿，謝謝你們宣布房車年費上漲 5.1%，在接下來的幾個月裡，你們什麼時候才能清楚地了解消費者對這些漲價的接受程度？所以我想了解一下，您大概知道這些房產的周轉情況，特別是那些位於陽光地帶、續約時間稍早的房產。而且我認為您在之前的電話會議中也說過，就加拿大遊客的年度客戶數量而言，鳳凰城市場是迄今為止最大的市場。那麼，您對目前該市場的狀況有什麼初步看法嗎？

Sure. So Eric, we mentioned that a portion of the notices or the rate increases for the RV annual are essentially effective now or over the next couple of months as the winter season is starting, and so we have visibility into the annual renewals right now, that's live. And then with respect to the summer season, those renewals tend to take effect in the middle of the second quarter. So that's when we start to gain visibility into customer acceptance.

當然。所以埃里克，我們提到過，部分房車年檢通知或費率上漲實際上現在或在接下來的幾個月內生效，因為冬季即將開始，所以我們現在可以了解年度續檢情況，這是實時更新的。至於夏季檔期，這些續約通常會在第二季中期生效。所以，這時我們才能開始了解客戶的接受程度。

And then, Eric, in terms of Canadian annuals, and we haven't seen any decrease in appetite for people -- for our annual customers to stay with us. We haven't seen an increase in home sale activity among the Canadians that are annuals with us. So that is all trending positively.

然後，艾瑞克，就加拿大年度客戶而言，我們還沒有看到人們對年度客戶的需求下降，他們仍然選擇與我們合作。我們沒有看到每年在我們這裡進行房屋銷售的加拿大人房屋銷售活動增加。所以，所有方面都呈現正面趨勢。

Got it. So I guess just to make sure I understand. I mean because I think if you look back to the fourth quarter call earlier this year, I think you said that you noticed a bit higher turnover in some of those Sunbelt locations. But it sounds like you're saying right now, you have very good insight, at least for the next three months because those rate increases are effective.

知道了。所以我想確認一下我是否理解正確。我的意思是，因為如果你回顧今年早些時候的第四季度電話會議，我想你說過你注意到一些陽光地帶地區的員工流動率略高一些。但聽起來你現在的意思是，至少在接下來的三個月裡，你對情況有非常敏銳的洞察力，因為這些升息措施是有效的。

I guess what I'm trying to understand is, at what point do you sort of have that locked in -- that 5.1% locked in? Is that by kind of like December, January, or is it already set for those 95% they've already effectively accepted those? Just trying to understand how turnover might change from the next three months to like the next six months and the potential for any kind of surprise come sort of the fourth quarter call.

我想弄清楚的是，什麼時候才能確定 5.1% 這個數字呢？是指像十二月、一月那樣的時間嗎？還是說已經訂好了，95%的人已經接受這些結果了？我只是想了解未來三個月到六個月的營業額可能會發生怎樣的變化，以及在第四季度財報電話會議上可能會出現哪些意想不到的情況。

Yeah, I guess, adding to what Paul said that the cadence of the Sunbelt, we're at the early stages of that process right now. And the notice is going out for the next summer season are being sent currently. So we're getting very early visibility there. I guess I'd say at this point, we don't see anything, as I mentioned earlier with -- just with respect to the MH and the RV notices.

是的，我想，補充保羅所說的，陽光地帶的發展節奏，我們現在正處於這個過程的早期階段。目前，下一夏季旅遊季的通知正在發出。所以我們很早就看到了那方面的資訊。我想說，就目前而言，我們還沒有看到任何消息，就像我之前提到的那樣——僅就房車和露營車通知而言。

They seem very much like a run rate year for us. We're not seeing any indication that there's an unusual pattern. I would phrase that or characterize that as a normal rate of acceptance. And as we move into the summer season when those increases are effective in the second quarter, we'll have better visibility. But the early read is that it's behaving very much like a run rate year for us.

對我們來說，今年似乎會是一場以穩定得分為主的賽季。我們沒有發現任何異常模式的跡象。我會將其表述或描述為正常的接受率。隨著夏季的到來，這些成長將在第二季生效，屆時我們將對情況有更清晰的了解。但初步跡象表明，今年對我們來說很像以穩定得分為主的年份。

And Eric, I think it's also just an important data point that we covered in, I think Patrick covered it in his comments, but also in our release that we filled 475 annual RV sites in the quarter, which is a very high watermark for us. So I wanted to make sure you saw that.

艾瑞克，我認為這也是一個重要的數據點，我們在之前的文章中也提到過，帕特里克在他的評論中也提到過，而且在我們的新聞稿中也提到過，我們本季度完成了 475 個年度房車營地的預訂，這對我們來說是一個非常高的數字。所以我想確保你看到了這一點。

Got it thank you.

明白了，謝謝。

Thanks, Eric.

謝謝你，埃里克。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Thank you. I work at a Canadian bank, so I have to stick to Canada. In your discussions with your Canadian customers, how much of the reason that they're not returning due to weather versus the political environment? And if it's the latter, why would that not impact the annual RV customers?

謝謝。我在加拿大銀行工作，所以我只能在加拿大活動。在與加拿大客戶的交流中，他們不回來的原因有多少是因為天氣，又有多少是因為政治環境？如果是後者，為什麼不會對每年的房車客戶產生影響呢？

Yeah, I think there's a couple of things happening. So what we're hearing is the customers that have not booked -- that had previously booked, they are not interested due to political issues. So that's just what we're hearing. Now the reason it doesn't impact the annual customers, that annual customer has a home on site at one of our properties.

是的，我覺得有兩件事正在發生。所以我們了解到，那些之前預訂過但後來沒有預訂的顧客，由於政治問題，現在都不感興趣了。這就是我們聽到的消息。之所以說它不影響年度客戶，是因為這些年度客戶在我們旗下的某個物業上擁有一棟住宅。

They've already made that decision. They put capital on our properties. They own a home, they own an RV, maybe on the site, but that is -- they've made that commitment. So that's why -- I think that's why we're not seeing it because the -- on the seasonal base, they haven't made their way down yet. They haven't gotten the RV and started driving yet. So that's the difference that we're seeing. It's really a function of the political overtones right now.

他們已經做出了決定。他們為我們的房產投入了資金。他們擁有房屋，他們擁有房車，也許就在營地裡，但那是──他們已經做出了這樣的承諾。所以這就是為什麼——我認為這就是我們沒有看到它的原因，因為——從季節性基礎來看，它們還沒有向下移動。他們還沒拿到房車，還沒開始開車。這就是我們看到的區別。這其實與當前的政治氛圍有關。

Okay. And then on your guidance for the fourth quarter, seasonal transient down 13% at the midpoint. What do you assume as far as backfilling some of that Canadian demand with non-Canadians. And also, you mentioned the shorter booking window, like how much of that do you think -- like how much of the demand do you think just books kind of like last minute?

好的。然後，關於您對第四季度的業績指引，季節性暫時性因素預計將下降 13%（中位數）。您認為用非加拿大人來填補部分加拿大人的需求會是什麼結果？另外，您也提到了預訂窗口期縮短的問題，您認為其中有多少需求是像最後一刻預訂那樣產生的呢？

Yeah, I would point -- I think Paul mentioned that what we -- how we dealt with things during COVID. We thought it was going to be one number ended up being much better, and that was because we were filling the properties with US demand.

是的，我想指出──我想保羅也提到過，我們在新冠疫情期間是如何處理各種事情的。我們原本以為會是個數字，結果卻好得多，那是因為我們的房產都滿足了美國市場的需求。

The impact on the Canadian properties is a handful of properties has primarily the bulk of the discrepancy. And so those are -- that is something that we continue to market to United States customers, which we, in the past, have not. So we're continuing to try to provide them access to those properties that they previously didn't have access to because they were filled and reserved with our Canadian customers.

對加拿大房產的影響主要集中在少數幾處房產上，造成了大部分差異。所以，這些產品——這是我們過去沒有繼續向美國客戶推廣的產品——現在我們正在繼續推廣。因此，我們正在繼續努力，讓他們能夠入住之前因為已被我們的加拿大客戶預訂而無法入住的房產。

Okay thank you.

好的，謝謝。

Thank you, John.

謝謝你，約翰。

Jason Wayne, Barclays.

傑森韋恩，巴克萊銀行。

Hi, thanks for the question just on the RV and Marina annual, that came in a bit weaker than expected, a little lower guidance. You previously mentioned there was an impact from some storm damaged properties. So just wondering that's driving impact, and are the storm properties back online there?

您好，感謝您提出關於房車和碼頭年度報告的問題，該報告的業績比預期略弱，指導值也略低。您之前提到過一些房屋因風暴受損而受到影響。所以我想知道這造成了多大的影響，以及受風暴影響的房產是否已經恢復正常使用？

Yeah, so what you're referring to is the impact on our Marina portfolio, the Marina annuals. We're working our way through that three specific properties that were previously damaged by storms. It's just taking us a little bit more time to work through the permitting process and completing construction. We expect those properties to come online fully in 2026. So we'll see a rebound. We're not seeing an impact from an overall demand perspective. Rather, it's driven by the impact of those properties that have some reduced capacity.

是的，所以你指的是對我們 Marina 投資組合和 Marina 年鑑的影響。我們正在逐一處理之前被風暴損壞的三處房產。只是我們需要多花一些時間來辦理許可證和完成施工。我們預計這些物業將於 2026 年全面投入營運。所以我們將會看到反彈。從整體需求角度來看，我們並未看到任何影響。相反，這是由那些容量有所減少的房產的影響所驅動的。

Alright thank you.

好的，謝謝。

Wesley Golladay, Baird.

Wesley Golladay，Baird。

Hey, good morning, everyone. Can you talk about the seasonal and transient RV trends ex Canada?

嘿，大家早安。能談談加拿大以外的季節性和短期房車市場趨勢嗎？

Sure. What I'd say just kind of walking through the math or the analysis that I discussed earlier. If you think about the remainder, what we're seeing is reservation level or pacing that is similar to what we've seen year-to-date in 2025.

當然。我只想簡單地回顧一下我之前討論過的數學或分析。如果你考慮剩餘部分，我們看到的預訂水平或節奏與 2025 年迄今為止的情況類似。

Okay. And then when we look at the building blocks for '26 RV revenue growth, it looks like this year, overall revenue growth lagged the rate growth that was set last year. Do you expect similar headwinds this year on occupancy and other items?

好的。然後，當我們查看 2026 年房車收入成長的組成要素時，看起來今年的整體收入成長落後於去年設定的成長率。您預計今年入住率和其他方面會面臨類似的阻力嗎？

As we look forward, I'll go back to just what I highlighted with respect to the rate increases, and what we're seeing is early acceptance. I would expect that we're going to go to something that's a more normal trend for us, which would include occupancy that would improve over what we've seen over the prior year.

展望未來，我還是要回到我之前強調的利率上漲問題上來，而我們現在看到的是各方已經初步接受了這個觀點。我預計我們將走向一種更正常的趨勢，其中包括入住率將比上一年有所提高。

And the most recent data point we have on that is the sites that I mentioned just the annual growth -- annual RV sites growth in the quarter.

我們掌握的最新數據點就是我剛才提到的那些站點的年度增長率——本季房車營地的年度增長率。

Okay, thank you.

好的，謝謝。

David Segall, Green Street.

大衛西格爾，格林街。

Hi, thank you something you can kind of, provide a little more color on how you can backfill the missing demand from Canadian customers of domestic and domestic customers and whether that might involve discounted rates in order to spur demand?

您好，謝謝。您能否詳細說明一下，如何滿足加拿大國內客戶的需求缺口，以及這是否可能涉及折扣價格以刺激需求？

Sure. It's really about exposing those customers to the property. So our marketing strategy really -- we engaged with previous guests and try to give them exposure to the new properties, making social media post. It's really important and making them very relevant and topical. We have over 2.2 million fans and followers between Facebook, Instagram and Twitter.

當然。其實就是要讓這些顧客了解這個房產。所以我們真正的行銷策略是——我們與之前的客人互動，並透過社群媒體發帖，讓他們了解新的房產。這一點非常重要，要讓它們與時俱進，並且有強烈的相關性。我們在 Facebook、Instagram 和 Twitter 上擁有超過 220 萬粉絲和追蹤者。

We use pictures and videos of the locations to really help the customer make the decision to book. And then we're very focused on leveraging the current news cycle for topical material that we can really incorporate into our marketing, including sporting events, local festivals and that type of thing to draw people into and experience the properties.

我們使用地點圖片和影片來幫助客戶做出預訂決定。然後，我們非常注重利用當前的新聞週期，尋找可以真正融入我們行銷的熱點素材，包括體育賽事、當地節日等等，以吸引人們前來體驗我們的房產。

In many ways, we try to view it as a sample to property, you'll try it, you like it kind of thing. And I think we've been successful with that in the past. And then we successfully work with online travel agents, Expedia and Booking.com to post our properties on their websites.

在很多方面，我們都把它看作是房產的一個樣本，你可以試用，如果喜歡就買下來。我認為我們過去在這方面取得了成功。然後，我們成功地與線上旅行社 Expedia 和 Booking.com 合作，將我們的房源發佈在他們的網站上。

Okay. So you're not necessarily trying to cut rates to fill demand, it's more of a marketing play.

好的。所以你可能不是為了滿足需求而降低價格，這更多的是一種行銷策略。

Yeah, and but that that decision whether or not to offer concessions is done on a market-by-market or property-by-property basis and in some instances, where we see it makes sense to reduce rates and bring in volume, we will do that.

是的，但是是否提供優惠的決定是根據具體市場或具體房產的情況而定的，在某些情況下，如果我們認為降低價格和增加交易量是合理的，我們就會這樣做。

Great. And then for my second question, just with regard to the several hundred annual RV sites that you released in the quarter, looks like it effectively reversed the sites that went last quarter that went from manual to transient. Are you reletting the same sites that had been vacated last quarter or these different sites? And why the addition of these additional annual paying sites not seem to impact the outlook for the remainder of the year? Is it just too late in the year to make a difference? Thank you.

偉大的。我的第二個問題是關於您本季推出的幾百個年度房車營地，看起來它有效地逆轉了上個季度從手動管理改為臨時管理的營地。你們是重新出租上個季度空置的那些地塊，還是這些不同的地塊？為什麼新增這些年度付費網站似乎沒有對今年剩餘時間的業績前景產生影響？現在是不是已經太晚了，無法做出改變了？謝謝。

Yeah, I think the latter part of your question is the answer to the impact. There is impact, of course, from filling those, but it's modest, just given the time left in the year. When you think about the chart that we provide that shows the site count, the annuals increased as you saw in the transient decrease.

是的，我認為你問題的後半部回答了這個問題。當然，填補這些空缺會產生影響，但考慮到今年剩下的時間，影響並不大。當你查看我們提供的顯示站點數量的圖表時，你會發現年度數量增加，而短期數量有所下降。

Essentially, the way that chart works, all sites are available for transient to the extent that we fill annuals, we're going to show that, and it just naturally offsets the transient. And finally, like I said, so we didn't release the same sites. It was the mix of sites that we filled in the quarter that changed.

從本質上講，該圖表的工作原理是，只要我們填滿年度名額，所有地點都可用於臨時用途，我們將展示這一點，這自然會抵消臨時用途。最後，就像我剛才說的，所以我們沒有發布相同的網站。本季我們填補的職位組合發生了變化。

Great thank you.

非常感謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yes, good morning, everyone. I just wanted to wanted to go back to Jana's question just about guidance. Again, just kind of given so late in the year already, but there's still that $0.10 gap from that perspective. Just wondering, again, at this point, what's driving the higher end or the lower end of guidance kind of at this late stage in the year?

大家好，早安。我只是想回到 Jana 關於指導的問題。再說一遍，雖然現在已經是年底了，但從這個角度來看，仍然存在 0.10 美元的差距。我再次想問一下，在年底這個階段，是什麼因素決定了業績指引的上限或下限？

Well, yeah, I guess I'll just say when you look at the math, yes, there's a difference. I'll also comment. We've done this the other way in the fourth quarter, where we've reduced the range to $0.06, and we've had confusion on that. So I'm not sure which way is the right way to handle it on a go-forward basis.

嗯，是的，我想說，當你從數學角度來看時，是的，確實存在差異。我也要發表一下意見。我們在第四季度採取了相反的做法，將價格區間縮小到 0.06 美元，結果引起了一些混亂。所以我不太確定今後處理這件事的正確方法是什麼。

But with respect to the upper and the lower end of guidance, I think I would point to, as I mentioned, we don't have an assumption for a storm event. So that's not factored in at all to the extent that we see meaningful acceleration in something like MH occupancy, that could potentially drive revenues.

但就指導意見的上限和下限而言，我認為正如我所提到的，我們沒有針對風暴事件的假設。因此，在諸如移動房屋入住率等可能推動收入成長的指標出現顯著加速的情況下，這一點完全沒有被考慮在內。

We could see expense changes potentially if we have not yet seen meaningful impact from tariffs or other influencers on expenses. But I suppose it's possible that, that could come up in the quarter. And generally speaking, there could be just other points of volatility in the business, but there's not a signal as it relates to the difference between the guidance for the quarter and the guidance for the full year.

如果關稅或其他因素對支出沒有產生實質影響，我們可能會看到支出發生變化。但我認為，這種情況有可能在本季出現。總的來說，業務中可能存在其他波動因素，但這與季度業績指引和全年業績指引之間的差異無關。

That's helpful. And then one follow-up question. In regards to kind of initiatives to kind of move some of the transient business over to annual, again to kind of just lower volatility in general. Could you talk a little bit about kind of what's happening along those lines, how successful you are at kind of making some of those conversions, or whether it's kind of been a little bit more difficult than you were anticipating?

那很有幫助。然後還有一個後續問題。至於將一些短期業務轉為年度業務的舉措，也是為了降低整體波動性。您能否談談這方面的情況，例如您在轉換方面取得了多大的成功，或者是否比您預期的要困難一些？

I'll just speak to the typical trends that we see. And of our annual customers, about 15% to 20% of them has previously stayed with us as a transient or a seasonal. That also adds to our seasonal customers, 15% to 20% of them has previously stayed with us as a transient customer.

我只談談我們看到的典型趨勢。在我們每年的客戶中，約有 15% 到 20% 的人以前曾以短期或季節性客人的身份入住我們這裡。這也增加了我們的季節性客戶數量，其中 15% 到 20% 的客戶之前曾作為臨時客戶入住我們這裡。

So that pipeline of an original transient stay that ends up migrating to longer-term stays for us is, call it, in that 20% range. And that's been relatively consistent. We are focused on -- we have guests on sites that they experience a high level of customer service and that they're presented with the ask of a take on a longer-term stay.

因此，最初短暫停留最終轉化為長期停留的轉換率，在我們這裡約佔 20%。而且這種情況一直比較穩定。我們專注於－我們的客人入住的場所能夠提供高水準的客戶服務，並且我們會向他們提出長期入住的請求。

Thank you.

謝謝。

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

由於目前沒有其他問題需要提問，我想把發言權交還給瑪格麗特·納德，請她做總結發言。

Thank you. We appreciate you joining our call today. We look forward to updating you on our next call.

謝謝。感謝您今天參加我們的電話會議。我們期待在下次通話中向您報告最新情況。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。