Equity LifeStyle Properties Inc (ELS) 2025 Q4 法說會逐字稿

Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Fourth Quarter 2025 Results. Our feature speakers today are Marguerite Nader, our CEO; Patrick Waite, our President and COO; and Paul Seavey, our Executive Vice President and CFO. In advance of today's call, management released earnings. (Operator Instructions)

大家好，感謝各位參與本次關於 Equity LifeStyle Properties 2025 年第四季業績的討論。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。在今天的電話會議之前，管理層發布了收益報告。（操作說明）

As a reminder, this call is being recorded. 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.

再次提醒，本次通話正在錄音。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某些經濟風險和不確定性的影響。

The company assumes no obligation to update or supplement any statement that becomes untrue because of subsequent events. 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.

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。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較公認會計準則財務指標的調節表已包含在我們的獲利公告、補充資料和我們以往提交給美國證券交易委員會的文件中。

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

此時，我想把電話交給我們的執行長瑪格麗特·納德。

Good morning, and thank you for joining us today. I am pleased to report the final results for 2025. We continued our record of strong core operations and FFO growth with full year growth in NOI of 4.8% and a 5% increase in normalized FFO per share. Our year-end report is a good time to reflect on our business and our industry. Our business model is consistent and durable during all economic cycles.

早安，感謝各位今天收看我們的節目。我很高興地向大家報告2025年的最終結果。我們持續保持強勁的核心業務和FFO成長勢頭，全年NOI成長4.8%，每股正常化FFO成長5%。年終報告是反思我們公司和產業的好時機。我們的商業模式在所有經濟週期中保持一致性和可持續性。

I'd like to focus on our annual rental streams, which comprise over 90% of our revenue. We offer prospective customers the opportunities to join a community where they can build their social connections in an active environment. The strength of our activity offering continues to be a leading factor in resident retention at our communities.

我想重點談談我們的年度租金收入，這部分收入占我們總收入的 90% 以上。我們為潛在客戶提供加入社區的機會，讓他們可以在積極的環境中建立社交關係。我們豐富的活動選擇仍然是我們社區居民留存率居高不下的主要因素。

The average age of a new resident is 60 years old, and many are motivated by a desire to escape colder climates and avoid the isolation and inactivity found during Northern Winters. Resident engagement is the strength of our platform. Across our portfolio, hundreds of resident clubs promote social interactions, contributing to high occupancy levels and extended average lengths of stay.

新居民的平均年齡為 60 歲，許多人來到這裡是為了逃離寒冷的氣候，避免北方冬季的孤獨和無所事事。居民參與是我們平台的優勢所在。在我們旗下的數百個住戶俱樂部中，住戶們促進了社交互動，從而提高了入住率，延長了平均入住時間。

Affordability in our sector remain a competitive advantage. Our communities provide a well-maintained living environment at a lower cost than surrounding housing alternatives. The value proposition is further enhanced by the structural advantages of manufactured housing.

在我們這個產業，價格優勢仍然是一項競爭優勢。我們的社區提供維護良好的居住環境，而且成本比周邊其他住房選擇更低。預製房屋的結構優勢進一步提升了其價值主張。

The homes have changed meaningfully over the last 20 years with today's homes generally featuring three bedroom, two back layouts, modern open floor plans, energy-efficient systems and contemporary kitchens and bathrooms.

過去 20 年來，房屋發生了顯著變化，如今的房屋通常有三間臥室、兩間後院佈局、現代開放式平面圖、節能係統以及現代化的廚房和浴室。

These home enhancements have wide demographic appeal and have strengthened the quality of our communities. Our MH portfolio has produced impressive growth rates over the last 30 years. These growth reflect an operating model in which residents choose to make our communities their long-term home and ELS has reinforced that decision by consistent investment in the community to support growth.

這些家居改造項目具有廣泛的人群吸引力，並提高了我們社區的品質。過去 30 年，我們的行動房屋產品組合實現了令人矚目的成長率。這些成長反映了一種營運模式，在這種模式下，居民選擇將我們的社區作為他們的長期家園，而 ELS 透過持續投資社區以支持成長，鞏固了這個決定。

Our RV portfolio finished the year strong with an increase in annual occupancy of over 500 sites over the last six months. Our annual RV customers generally stay with us approximately 10 years and appreciate the ability to use our properties as a second home or weekend getaway.

我們的房車營地組合在今年年底表現強勁，過去六個月的年入住率增加了 500 多個營地。我們的年度房車客戶通常會在我們這裡居住大約 10 年，他們很欣賞能夠將我們的房產用作第二套住房或週末度假地。

Last night, we issued initial guidance for 2026. Our guidance is built based on the operating environment at each one of our 450 communities, including a robust market survey process. Our teams communicate with our residents to understand their views around capital projects and property operations.

昨晚，我們發布了 2026 年的初步指導意見。我們的指導方針是根據我們 450 個社區的營運環境制定的，其中包括一項強有力的市場調查流程。我們的團隊與居民溝通，以了解他們對基礎設施建設項目和物業運營的看法。

The results show strength in both top line revenue and NOI. For the full year 2026, we anticipate normalized FFO growth of 3.7%. Next, I would like to update you on our 2026 dividend policy. The Board has approved setting the annual dividend rate at $2.17 per share, a 5.3% increase.

結果顯示，公司營收和營業淨收入均表現強勁。我們預計 2026 年全年正常化 FFO 成長率為 3.7%。接下來，我想向大家介紹我們2026年的股利政策。董事會已批准將年度股息率設定為每股 2.17 美元，成長 5.3%。

Our decision to increase the dividend is driven by stable cash flow, a solid balance sheet and strong underlying business trends. In 2026, we expect to have approximately $100 million of discretionary capital after meeting our obligations for dividend payments, recurring capital expenditures and principal payments.

我們決定提高股利是基於穩定的現金流、穩健的資產負債表和強勁的基本業務趨勢。預計到 2026 年，在履行支付股利、經常性資本支出和本金支付的義務後，我們將擁有約 1 億美元的可支配資本。

Over the past 10 years, we have increased our dividend by an average of 10% per year, and this year's dividend marks the 22nd consecutive year of annual dividend growth. I want to thank our team members for all their efforts in 2025, and I'm looking forward to continued operating success in 2026. I will now turn it over to Patrick to provide more details about property operations.

過去 10 年，我們的股息平均每年增長 10%，今年的股息標誌著連續第 22 年實現年度股息增長。我要感謝我們團隊成員在 2025 年付出的所有努力，並期待在 2026 年繼續取得營運上的成功。現在我將把發言權交給帕特里克，讓他詳細介紹物業運營情況。

Thanks, Margarite. I'll start with some color on our MH business and then address our long-term RV business. In 2025, these revenue streams totaled more than $1 billion. Over the last five years, their combined revenue CAGR was 5.9%, continuing to support our history of consistent property NOI growth since our IPO in 1993. Approximately half of our MH revenue is Florida.

謝謝你，瑪格麗特。我先簡單介紹一下我們的移動房屋業務，然後再談談我們的長期房車業務。到 2025 年，這些收入來源總計將超過 10 億美元。過去五年，他們的合併收入複合年增長率為 5.9%，延續了我們自 1993 年上市以來物業淨營業收入持續增長的良好勢頭。我們MH收入的大約一半來自佛羅裡達州。

Another 20% is California and Arizona, and the rest is mostly the North Central and Northeast U.S. Over the last five years, we've sold 3,800 new homes, which improved our quality of occupancy. Florida has been a driver of growth with migration patterns supporting economic growth and demand.

另有 20% 位於加州和亞利桑那州，其餘大部分位於美國中北部和東北部。過去五年，我們售出了 3800 套新房，提高了我們的入住率。佛羅裡達州一直是經濟成長的驅動力，其人口遷移模式支撐了經濟成長和需求。

The rest of the Sunbelt Coastal and northern markets have contributed to consistent growth as well, given the desirable locations of our properties and the great value that our MH communities offer in their submarkets, focusing on Florida first, our largest submarkets, Tampa St. Pete and Fort Lauderdale, West Palm Beach are supported by tourism, financing technology, favorable tax structures, business relocations and in migration.

由於我們房產的優越位置以及我們的移動房屋社區在其細分市場中提供的巨大價值，陽光地帶沿海和北部市場的其他地區也為持續增長做出了貢獻。我們首先關注佛羅裡達州，我們最大的細分市場坦帕、聖彼得堡和勞德代爾堡，以及西棕櫚灘，這些市場都受益於旅遊業、金融科技、優惠的稅收結構、企業搬遷和人口遷入。

Demand for MH communities has been consistently strong. And over the last five years, we sold nearly 2,000 homes and reduced our Florida rental load to 2.5% of our occupied sites. Looking next to Arizona, our largest market is Phoenix, Mesa, which experienced strong population growth and GDP growth and has supported demand for our MH properties.

對心理健康社區的需求一直很強勁。在過去的五年裡，我們售出了近 2000 套房屋，並將我們在佛羅裡達州的租賃房產數量減少到我們已入住房產總數的 2.5%。接下來看看亞利桑那州，我們最大的市場是鳳凰城和梅薩，這兩個城市經歷了強勁的人口成長和GDP成長，從而支撐了對我們移動房屋的需求。

We sold more than 400 homes over the last 5 years. The last of the big three is California. Our MH communities offer great value in high-cost markets. Given the high demand, our California properties have an average occupancy of 96%.

過去5年裡，我們售出了400多套房屋。三大強國中最後一個是加州。我們的移動房屋社區在高成本市場中具有很高的價值。由於需求旺盛，我們在加州的房產平均入住率高達 96%。

Before I move on to our RV business, I would note that our portfolio and locations are well positioned to benefit from the demographic trends in the U.S. Our recent investor presentation highlights these demand drivers. There are 70 million baby boomers in the U.S., and every day, 10,000 baby boomers turn 65. Right behind the baby boomers, our 65 million Gen X, all aging towards our core demographic.

在介紹我們的房車業務之前，我想指出，我們的產品組合和地理位置都處於有利地位，能夠從美國的人口趨勢中受益。我們最近的投資者報告重點介紹了這些需求驅動因素。美國有7000萬嬰兒潮世代，每天都有1萬名嬰兒潮世代年滿65歲。緊接著嬰兒潮世代的是我們6500萬X世代，他們都正在老化，逐漸成為我們的核心人口群體。

After Gen X is the millennial cohort of 75 million. They will start retiring in about 20 years. As these generations age, they behave similarly, although the timing may differ. As an example, Gen X and Millennials entered household formation stages and buying homes later than baby boomers. But the direction is consistent through mid-life years and into retirement.

X世代之後是千禧世代，人數達7,500萬人。他們大約會在20年後開始退休。隨著這些世代年齡的增長，他們的行為方式也相似，儘管時間上可能有所不同。例如，X世代和千禧世代進入家庭組成階段和購屋的時間都比嬰兒潮世代晚。但這種方向在中年時期乃至退休後都是一致的。

They seek what we offer, great value, active lifestyles and social engagement. On the RV annual business, long-term stays and low turnover provided stable revenue stream similar to our MH business. Most of our annuals on a park model or RV with fixed site improvements, and when they choose to leave, they resell their unit in place to the next long-term guest resulting in an uninterrupted revenue stream, very similar to our MH business.

他們追求的是我們所提供的：超值的產品、積極的生活方式和社交活動。房車年度業務方面，長期停留和低週轉率提供了穩定的收入來源，與我們的移動房屋業務類似。我們的大部分年度客人住在公園式房屋或房車裡，並享受固定的場地設施。當他們選擇離開時，他們會將房屋原地轉售給下一位長期客人，從而確保收入來源不間斷，這與我們的移動房屋業務非常相似。

Over the last five years, the average RV annual rate growth of more than 6% contributes to our durable long-term revenue. Over the last two quarters, we added more than 500 annuals, and we continue to see consistent demand throughout the Sunbelt and Northern markets.

過去五年，房車年平均成長率超過 6%，為我們帶來了持久的長期收入。在過去的兩個季度裡，我們新增了 500 多份年度合同，並且我們繼續看到陽光地帶和北部市場持續穩定的需求。

Attrition that we experienced early in 2025 appears to have subsided and both current and new RV annual customers are enthusiastic about staying with us. Our RV properties are in desirable locations, and a customer can buy one of our resort homes for a fraction of what a lake house or similar accommodation will cost in those markets.

我們在 2025 年初遇到的客戶流失似乎已經緩解，現有和新的房車年度客戶都熱衷於繼續與我們合作。我們的房車營地位置優越，顧客可以以遠低於在這些市場購買湖畔別墅或類似住宿的價格購買我們的度假屋。

The value we offer across our long-term revenue business lines supports consistent demand. As we head into 2026, we see demand for our MH and RV annual offerings, which supports consistent growth in these long-term revenue streams.

我們在各個長期收入業務領域提供的價值支撐了持續的需求。展望 2026 年，我們看到市場對我們的房車和露營車年度產品有需求，這將支持這些長期收入來源的持續成長。

I'll now turn the call over to Paul.

現在我將把電話交給保羅。

Thanks, Patrick, and good morning, everyone. I will discuss our fourth quarter and full year results, review our guidance assumptions for 2026, including some key considerations for the first quarter and close with a discussion of our balance sheet.

謝謝你，派崔克，大家早安。我將討論我們第四季度和全年的業績，回顧我們對 2026 年的指導假設，包括第一季的一些關鍵考慮因素，最後討論我們的資產負債表。

Fourth quarter normalized FFO was $0.79 per share, and full year normalized FFO was $3.06 per share, representing 4.2% and 5% growth in the fourth quarter and year-to-date periods, respectively, compared to prior year. Strong core portfolio performance generated 4.1% NOI growth in the quarter and 4.8% year-to-date.

第四季經調整後的FFO為每股0.79美元，全年經調整後的FFO為每股3.06美元，與去年同期相比，第四季和年初至今分別成長了4.2%和5%。核心投資組合的強勁表現使本季淨營業收入成長了 4.1%，年初至今成長了 4.8%。

Our results are in line with our guidance provided at the beginning of 2025 and reflect our consistent track record of earnings growth in line with guidance. Core community-based rental income increased 5.5% for the full year 2025 compared to 2024 primarily because of noticed increases to renewing residents and market rent paid by new residents after resident turnover.

我們的業績與2025年初給出的預期一致，反映了我們一貫以來獲利成長符合預期的良好記錄。2025 年全年核心社區租金收入比 2024 年增加了 5.5%，這主要是由於續租居民的租金增加以及居民更替後新居民支付的市場租金增加所致。

Full year core RV and marina annual base rental income which represents approximately 73% of total RV and marina based rental income increased 4.1% compared to the prior year. Full year core seasonal and transient rent combined decreased 9.1%. The net contribution from our total membership business consists of annual dues and upgrade subscription revenues, offset by sales and marketing expenses.

全年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 73%）比上一年增長了 4.1%。全年核心季節性和短期租金總計下降 9.1%。我們的會員業務淨收入包括年度會費和升級訂閱收入，扣除銷售和行銷費用後，淨收入為會員總收入。

For the full year, the membership business contributed $65.6 million net. During the year, we enrolled approximately 5,900 upgraded membership subscriptions. Core utility and other income increased 3.4% for the full year compared to prior year. In 2025, our utility recovery rate was 48.7%, a 220 basis point increase from 2024.

全年來看，會員業務淨收入為 6,560 萬美元。年內，我們新增了約 5,900 份升級會員訂閱。核心公用事業收入和其他收入全年比上年增長3.4%。2025 年，我們的公用事業回收率為 48.7%，比 2024 年提高了 220 個基點。

Full year 2025 core property operating expenses increased 1% compared to the same period in 2024, our ability to deliver expense growth below CPI resulted from our management of payroll expense at our RV properties, our 2025 insurance renewal and a reduction in membership sales and marketing expenses.

2025 年全年核心物業營運費用比 2024 年同期增長 1%，我們能夠實現低於 CPI 的費用增長，得益於我們對房車物業工資費用的管理、2025 年保險續保以及會員銷售和營銷費用的減少。

Income from property operations generated by our noncore portfolio was $1.9 million in the quarter and $10.2 million for the full year 2025. Property management and corporate expenses increased 1% for the full year 2025 compared to prior year. The press release and supplemental package provide an overview of 2026 first quarter and full year earnings guidance.

本季度，我們非核心投資組合產生的房地產營運收入為 190 萬美元，預計 2025 年全年將達到 1,020 萬美元。2025 年全年物業管理和公司支出比前一年增加 1%。新聞稿和補充資料概述了 2026 年第一季和全年的獲利預期。

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. Our guidance for 2026 full year normalized FFO is $3.17 per share at the midpoint of our guidance range of $3.12 to $3.22.

以下說明旨在為我們目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新聞稿和補充資料中包含的風險因素的限制。我們對 2026 年全年正常化 FFO 的預期為每股 3.17 美元，處於我們預期範圍 3.12 美元至 3.22 美元的中點。

We project core property operating income growth of 5.6% at the midpoint of our range, and we project the non-core properties will generate between $4.6 million and $8.6 million of NOI during 2026. Our property management and G&A expense guidance range is $121.3 million to $127.3 million.

我們預計核心物業的營業收入成長率為 5.6%（取我們預測範圍的中點），我們預計非核心物業在 2026 年將產生 460 萬美元至 860 萬美元的淨營業收入。我們的物業管理和一般行政費用指導範圍為 1.213 億美元至 1.273 億美元。

In the core portfolio, we project the following full year growth rate ranges: 4.1% to 5.1% for core revenues, 2.7% to 3.7% for core expenses and 5.1% to 6.1% for core NOI. Full year guidance assumes core MH rent growth in the range of 5.1% to 6.1%, full year guidance for combined RV and marina rent growth is 2.4% to 3.4%.

在核心業務組合中，我們預期全年成長率範圍如下：核心收入為 4.1% 至 5.1%，核心支出為 2.7% 至 3.7%，核心淨營業收入為 5.1% 至 6.1%。全年業績預期核心移動房屋租金增長率在 5.1% 至 6.1% 之間，房車和碼頭租金合併增長率全年預期為 2.4% 至 3.4%。

We expect 5.2% growth in rental income from RV and marina annuals at the midpoint of our guidance range. For the full year, our guidance assumes interest expense in the range of $133.3 million to $139.3 million. Our first quarter guidance assumes normalized FFO per share in the range of $0.81 to $0.87. That represents approximately 26% of full year normalized FFO per share.

我們預計房車和碼頭年租金收入將成長 5.2%，達到我們預期範圍的中點。我們對全年業績的預測是利息支出在 1.333 億美元至 1.393 億美元之間。我們第一季的業績預期是，調整後的每股FFO在0.81美元至0.87美元之間。這大約相當於全年經調整後的每股FFO的26%。

Core property operating income growth is projected to be in the range of 4.5% to 5.1% for the first quarter. First quarter growth in MH rent is 5.8% at the midpoint of our guidance range. We project first quarter annual RV and marina rent growth to be approximately 4.5% at the midpoint of our guidance range. Our guidance assumes first quarter seasonal and transient RV revenues perform in line with our current reservation pacing.

預計第一季核心物業營業收入成長將在 4.5% 至 5.1% 之間。第一季移動房屋租金成長率為 5.8%，處於我們預期範圍的中點。我們預計第一季房車和碼頭租金年增率約為 4.5%，這是我們預期範圍的中位數。我們的預測是基於第一季季節性和短期房車收入與我們目前的預訂進度保持一致的假設。

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. We have no secured debt maturing before 2028, and the weighted average maturity for all debt is seven and a half years. Our debt-to-EBITDA re is 4.5 times and interest coverage is 5.7 times. We have access to $1.2 billion of capital from our combined line of credit and ATM programs.

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。我們的資產負債表狀況良好，完全有能力掌握資本配置機會。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為七年半。我們的負債與 EBITDA 比率為 4.5 倍，利息保障倍數為 5.7 倍。我們可以透過信貸額度和ATM計畫獲得12億美元的資金。

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% and 5.5%, 50% to 75% loan-to-value and 1.4 times to 1.6 times debt service coverage.

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、借款人發起人以及資產類型和品質。目前 10 年期貸款的報價在 5% 到 5.5% 之間，貸款價值比為 50% 到 75%，債務償還覆蓋率的 1.4 倍到 1.6 倍之間。

We continue to see solid interest from the GSEs and life companies to lend for 10 year terms. High-quality age-qualified MH assets continue to command best financing terms. Now we would like to open it up for questions.

我們持續看到政府支持企業和人壽保險公司對10年貸款表現出濃厚的興趣。高品質的符合房齡要求的移動房屋資產仍然能獲得最佳融資條件。現在我們想開放提問環節。

(Operator Instructions)

（操作說明）

Michael Goldsmith, UBS

瑞銀集團 Michael Goldsmith

Good morning. Thanks a lot for taking my question. First question on the seasonal and transient business. Your -- it sounds like the first quarter expectations are consistent with the reservation piecing that you're seeing. But then what's implied for the balance of the year is that it improved pretty materially to like a positive 2%, 1.8% you're giving specific.

早安.非常感謝您回答我的問題。第一個問題是關於季節性和流動性業務的。聽起來，第一季的預期與你看到的預訂情況是一致的。但這意味著，今年剩餘時間的成長相當顯著，達到了正的 2% 或 1.8%（你給出的具體數字）。

So just trying to get a sense of what are you seeing -- or what gives you confidence that seasonal transient can accelerate through the balance of the year as you sit here today?

所以，我只是想了解一下您觀察到的情況——或者說，是什麼讓您確信，就您今天所處的位置而言，季節性遷徙會在今年餘下的時間裡加速發展？

Sure. Good morning, Michael. Sure. Maybe Paul could take us through the pieces of the guidance and Patrick can give a little bit of color about the operating performances.

當然。早上好，麥可。當然。或許保羅可以帶我們了解一下指導方針的各個部分，而派崔克可以稍微介紹一下營運績效。

Sure. I'll start -- I'll frame first the composition of the revenue and some of the timing considerations. So the first quarter, we earned approximately 50% of our anticipated full year seasonal rent and almost 20% of our full year transient rent. And by the end of the second quarter, we've earned almost two third of that full year seasonal and nearly 45% of our full year transient rent.

當然。我先來－我先概述一下收入組成和一些時間安排的考量。因此，第一季度，我們獲得了全年預期季節性租金的約 50% 和全年短期租金的近 20%。到第二季末，我們已經獲得了全年季節性租金的近三分之二和全年短期租金的近 45%。

The last thing I'll mention is during the third quarter, 40% of the transient rent is earned. So when we think about that activity, particularly transient, the short booking window means our revenue is heavily influenced by weather forecasts.

最後我想提的是，在第三季度，可以獲得 40% 的短期租金收入。因此，當我們考慮這項活動，特別是短暫的活動時，較短的預訂窗口意味著我們的收入會受到天氣預報的嚴重影響。

We did put together the 2026 budget for these two revenue streams based on current reservation pacing for rent we anticipate earning in the first quarter that implied rate is down about 13%. And for the remainder of the year, as you said, Michael, we anticipate approximately 2% growth in those revenue streams combined.

我們根據目前的租金預訂進度，制定了 2026 年這兩個收入來源的預算，預計第一季的租金收入將下降約 13%。正如你所說，邁克爾，我們預計今年剩餘時間裡，這些收入來源的總成長率約為 2%。

Yeah. So I guess a little color on the seasonal and transient, but first, I'd start with our annual RV that represents 70% of our total RV revenue. And as we mentioned in our opening remarks, we added 500 annuals in the back half of the year. So we see consistent demand. And that demand through the year substantially offset the attrition that we saw earlier in the year.

是的。所以我想稍微談談季節性和臨時性房車，但首先，我想從我們佔房車總收入 70% 的年度房車說起。正如我們在開場白中提到的，我們在下半年增加了 500 份年刊。因此，我們看到需求持續穩定。全年的需求大幅抵銷了年初出現的人員流失。

On the seasonal and transient Paul just walked through, we've basically given you the first - our first quarter expectations. And as you look at Q2 to Q4 for seasonal and transient, that growth represents about $1.3 million. On the transient front, really the points that we focused on were the four major holidays.

關於保羅剛才提到的季節性和暫時性問題，我們基本上已經給了第一季的預期。從第二季度到第四季度，季節性和暫時性因素造成的成長約為 130 萬美元。在人員流動方面，我們真正關注的是四大假日。

Juneteenth is on a Friday, and the fourth of July is on a Saturday. So the two variable key holidays are on weekends. Also, we're coming into Americas 250th birthday. So the fourth of July is expected to be particularly good for the hospitality business.

六月節是星期五，七月四日是星期六。所以這兩個可變關鍵假期都在週末。此外，我們即將迎來美國建國250週年。因此，預計7月4日對飯店餐飲業來說將是一個特別好的時機。

And then last, although it's early, our booking pace for the Q2 to Q4 period on transient is favorable to what we experienced last year. On seasonal for Q2 to Q4, the majority of the pickup is in Q4 as we'd be entering the '26, '27 Sunbelt season. And again, early booking pace is ahead of last year.

最後，雖然現在還為時過早，但我們第二季至第四季的散客預訂速度比去年同期好。從第二季到第四季的季節性銷售來看，大部分銷售成長都發生在第四季度，因為我們將進入 2026 年、2027 年的陽光地帶賽季。而且，目前的預訂速度也超過了去年同期。

So really, at this point in the year, we're surveying and having events with our seasonal customers that are on site. The ones who are on site, the two things that they rank most highly is the warm weather and the time they spend with their friends and anybody in the Northern United States over the last few weeks have experienced sub-zero temperatures.

所以，在每年的這個時候，我們都會進行調查，並與現場的季節性客戶一起舉辦活動。那些身處現場的人，他們最重視的兩件事是溫暖的天氣和與朋友們共度的時光。而過去幾週，美國北部地區的人們都經歷了零度以下的氣溫。

So it's particularly relevant today. We also survey the guests who did not book with us this season but have stayed with us in the past. They highlight really the same two things. They miss their friends, and they want to spend time in the warmer weather.

所以它在今天尤其具有現實意義。我們也調查了本季未在我們這裡預訂但過去曾入住過的客人。它們實際上強調的是同一點。他們想念朋友，也想在溫暖的天氣裡度過時光。

So both of those groups are contributing to our positive early booking pace. Those are really the factors we considered as we are working our way through our long budget process, particularly with the seasonal and transient. But also for the RV, the total RV revenue demand and occupancy trend that we're seeing for the 70% of our RV annual has been positive in the last few quarters.

因此，這兩個群體都為我們良好的早期預訂勢頭做出了貢獻。在製定漫長的預算過程中，我們確實考慮了這些因素，特別是季節性和臨時性支出。但就房車而言，我們看到，在過去幾個季度中，占我們房車年收入 70% 的房車總收入需求和入住率趨勢都是正面的。

You're very helpful And maybe just as a follow-up, and maybe this also relates to the expense line is you just did -- you just had expense growth of 2.2%. You're guiding to 3.2% expense growth at the midpoint. So how much of that reflects like just a step-up in the transient revenue and so that there's a coordinating like payroll increases related to -- on the expense side?

你真是幫了大忙。另外，我想補充一點，這可能也與費用項目有關——你剛才的費用增加了 2.2%。你們預計費用成長率中位數為 3.2%。那麼，其中有多少反映了短期收入的成長，從而導致與支出方面相關的薪資成長呢？

And then also, what are you expecting for your -- is like what are you expecting on the insurance renewal? And is that playing a role in the step-up in expense expectations for 2026? Thanks.

另外，您對保險續保有什麼期望？例如，您對保險續保有什麼期望？這是否對 2026 年支出預期上調起了一定作用？謝謝。

Sure, Michael. I guess the way that I would kind of address those rolling all together in some respects. We have guided to expense growth that generally tracks to -- it's about a 50 basis point premium to current CPI. We do have assumptions for payroll at higher staffing levels than we had in 2025 to match the revenue.

當然可以，麥可。我想我會以這種方式來解決這些問題，從某種意義上說，我會把它們統統歸為一類。我們預計支出成長將與當前 CPI 大致持平——比當前 CPI 高出約 50 個基點。為了與收入相匹配，我們對 2025 年的員工人數水準高於 2025 年的薪資支出做出了假設。

The same is true for the utility expense as a result of the expectations. With regard to insurance, we're quite pleased that we didn't have any adverse claims experience in 2025. In addition, there are indications that the market is softening.

預期帶來的公用事業費用也是如此。關於保險方面，我們非常高興在 2025 年沒有遇到任何不利的理賠情況。此外，還有跡象顯示市場正在走軟。

Our guidance does have an assumption with respect to our insurance renewal were consistent with our past practice. We're not disclosing that. We've started the renewal process. So we won't make our guidance expectation public. We do look forward to updating you in April after we've completed our renewal.

我們的指導意見中確實包含一個假設，即我們的保險續保與我們過去的做法一致。我們不會透露這一點。我們已啟動續約流程。因此，我們不會公開我們的業績預期。我們期待在四月完成續約後向您報告最新情況。

Thank you very much. Good luck in 2026.

非常感謝。祝您2026年一切順利。

Thanks, Michael.

謝謝你，麥可。

Jeffrey Spector, Bank of America Securities.

傑弗裡·斯佩克特，美國銀行證券。

This is Jana on for Jeff. Thank you for taking the question. Just curious on a smaller portion of the RV and marina. On the marina side, there were some marinas that were taken offline. I was wondering if you can kind of help us kind of on the progress of those repairs and when those may come back into the portfolio?

這裡是 Jana 替 Jeff 報道。感謝您回答這個問題。只是對房車和碼頭的一小部分比較好奇。碼頭方面，有些碼頭已經停止運作。我想請您幫忙了解這些維修項目的進展情況，以及它們何時能重新納入我們的項目組合？

Yeah. Jana, it's Patrick. It's -- you're right, it's a small part of the business and it was a headwind for the quarter. as we're working through that's three marinas, it's working through repairs of prior storm damage, and I think I mentioned this when we met and in previous calls that we had some delays with respect to permitting and construction.

是的。Jana，我是Patrick。沒錯，這只是我們業務的一小部分，而且對本季來說確實是個不利因素。我們正在處理三個碼頭的相關事宜，包括修復先前風暴造成的損壞。我想我在之前的會議上和電話中也提到過，我們在審批和施工方面遇到了一些延誤。

We're working our way through that. I think we have a pretty good eye on timing at this point, and it looks like it's the latter half of 2026 is when we're going to start coming online that should be completed into 2027.

我們正在努力解決這個問題。我認為我們目前對時間安排把握得相當準確，看起來我們將在 2026 年下半年開始上線，並在 2027 年完成。

Great. Thank you. And then maybe a little bigger picture, just kind of curious some of the new -- whether it's the Roads Act or some of these other MH affordable housing programs that the administration is looking at. I was curious if there were potentially any pilot programs that ELS was looking to be a part of?

偉大的。謝謝。然後，也許可以放眼更廣闊的領域，我對一些新的政策感到好奇——無論是道路法案，還是政府正在考慮的其他一些經濟適用房計劃。我很好奇ELS是否有可能參與任何試點計畫？

Yeah. we haven't seen anything new from HUD. I think when you consider how manufactured housing fits into the discussions in D.C. It's important to consider manufactured housing in a kind of a broader degree. There's about 7 million manufactured homes in the country that house about 18 million people.

是的，我們還沒看到HUD方面的任何新消息。我認為，在考慮預製房屋在華盛頓特區的討論中扮演的角色時，有必要從更廣泛的層面來考慮預製房屋問題。全國約有700萬套預製房屋，居住約1800萬人。

And on a square foot basis, MH costs about half as much as single-family construction. So it's definitely a product that could help to address the housing issues across the U.S., but we really don't see widespread acceptance, especially in areas where we would see being interested in developing new communities. And so we haven't seen a lot of change from D.C.

以每平方英尺計算，移動房屋的成本大約是獨棟住宅的一半。因此，這絕對是一款可以幫助解決美國各地住房問題的產品，但我們並沒有看到它得到廣泛的接受，尤其是在那些我們有興趣開發新社區的地區。因此，我們並沒有看到華盛頓特區發生太大的變化。

Thanks Marguerite.

謝謝你，瑪格麗特。

Thanks Jenna.

謝謝珍娜。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Great. Thanks for taking the question and good morning. Great. Can you talk more about the Canadian customer, I mean it sounds like you're seeing a -- you sound more optimistic about things getting better. But can you talk specifically about Canadian customers and what you're seeing? And what's in the guidance, what's your assumption for the decline in '26 in that group specifically?

偉大的。感謝您回答問題，早安。偉大的。能多談談加拿大客戶的狀況嗎？我的意思是，聽起來您似乎對情況好轉持樂觀態度。但您能否具體談談加拿大客戶以及您所觀察到的情況？那麼，指導意見中具體提到了什麼？您對該群體在 2026 年的下滑有何假設？

Yeah. I can -- with respect to the first quarter for seasonal and transient, as I mentioned before, it implies a 13% decline compared to prior the same quarter last year. The reservation pace for the seasonal customers is consistent with the pace we discussed during our call in October. So there hasn't been any meaningful change in that across the customer base.

是的。我可以——就季節性和暫時性因素而言，正如我之前提到的，第一季與去年同期相比下降了 13%。季節性客戶的預訂速度與我們在10月電話會議中討論的速度一致。因此，就客戶群而言，這種情況並沒有發生任何實質的變化。

And then just thinking about the Canadians, we've previously talked about the fact that 10% of the total RV revenue is what the Canadians represent, 50% of that is from our annual customers. We have not seen any meaningful increase in home sales from those Canadian annual customers. So that demand profile remains strong. And then the remaining 50% is what we've talked about being split between the seasonal and transient.

再想想加拿大人，我們之前說過，加拿大人貢獻了房車總收入的 10%，其中 50% 來自我們的年度客戶。我們沒有看到來自加拿大年度客戶的房屋銷售額有任何實質成長。因此，這種需求態勢依然強勁。剩下的 50% 就是我們之前討論過的，將分配給季節性和臨時性物種。

And Jamie, Patrick walked through some of the Canadian sentiment based on some of the survey work that we had done, and that points to a positive view on our properties and traveling back to Florida.

傑米和帕特里克根據我們所做的一些調查工作，分析了一些加拿大人的想法，這些想法表明他們對我們的房產持積極態度，並希望返回佛羅裡達旅遊。

Okay. Thank you for that. And then I guess just shifting gears to the investment market. Anything that we should pay attention to that might feel different in '26. I know it's been very challenging to find opportunities and maybe that the honest question, anything on the legislative side or policy side that might be helpful for you with affordability or just in general, maybe a state of affairs that we could provide it on the investment market.

好的。謝謝。然後，我想接下來就要轉向投資市場了。2026 年我們應該注意哪些可能有所不同的事？我知道尋找機會非常具有挑戰性，或許我想問的是，在立法或政策方面，有沒有什麼建議可以幫助您提高負擔能力，或者在投資市場方面，有什麼我們可以提供的幫助？

Sure, sure. So transaction activity continues to be constrained, I would say, as you know, ownership is highly fragmented and we engage with home owners as they move forward towards potential sale decisions. The strong performance of these properties over time has really reduced the desire to sell for the owners.

當然，當然。因此，交易活動仍然受到限制。如您所知，所有權高度分散，我們會與房主溝通，幫助他們做出潛在的出售決定。這些房產長期表現良好，大大降低了業主出售的意願。

And so knowing that, I think that attractive acquisition activities may be limited. We focused on internal growth -- operations and expansions and continuing to keep our balance sheet in a position such that if there is an opportunity, we are able to take advantage of it.

因此，考慮到這一點，我認為有吸引力的收購活動可能會受到限制。我們專注於內部成長——營運和擴張，並繼續保持資產負債表的良好狀態，以便在出現機會時能夠抓住它。

With respect to anything happening at the federal level, that would impact us. I think what we've seen more is it's really what happens at a city or local level, convincing City Council members to have an MH or RV community in their backyard. It really -- it's oftentimes difficult even for highly amenitized communities, but we continue to work through that at the local level.

聯邦層級發生的任何事情都會對我們產生影響。我認為我們更多地看到的是，這實際上是在城市或地方層面發生的事情，說服市議員在他們的後院建立一個移動房屋或房車社區。確實如此——即使對於配套設施完善的社區來說，這通常也很困難，但我們會繼續在地方層級努力解決這個問題。

Okay. If I could just sneak in, what's your appetite for like one-off MH properties rather than parts? Or do you think going forward, I mean assuming legislation gets passed, would you be interested in that at all? Or no, you're kind of sticking with the park business?

好的。如果我能偷偷溜進去，你對整套完整的 MH 房產（而不是零件）有什麼興趣？或者說，您認為展望未來，我是說假設相關立法獲得通過，您會對此感興趣嗎？或者說，你還是打算繼續經營公園生意？

I'm sorry, interested in buying one-off manufactured housing communities?

不好意思，請問您對購買獨立式預製房屋社區有興趣嗎？

Well, no, like manufacturing, managing them off like random properties around different municipalities if that becomes something that can --

不，就像製造業一樣，如果這真的成為可能，就把它們像隨機分佈在不同市政區域內的房產一樣進行管理。--

Buying single-site homes. Is that what you're asking?

購買獨棟住宅。你問的是這個嗎？

Correct.

正確的。

I think that what we found is that, that community aspect of certainly, we operate 450 communities across the country. I think where -- our acquisition strategy is really focused on buying communities versus buying individual single off assets.

我認為我們發現的是，社區方面確實如此，我們在全國經營 450 個社區。我認為，我們的收購策略真正專注於收購社區，而不是收購單一資產。

Okay. All right. Thank you.

好的。好的。謝謝。

Brad Heffern, RBC Capital Markets Inc.

Brad Heffern，RBC Capital Markets Inc.

Hello, Brad.

你好，布拉德。

Brad, you may be on mute.

布拉德，你可能處於靜音狀態。

Victor, maybe if you could move to the next caller and then we get back to Brad.

維克多，或許你可以先接聽下一個電話，然後再接布萊德的電話。

Eric Wolfe, Citi.

Eric Wolfe，花旗銀行。

Hey. Thanks. I need to follow up on Michael's question at the beginning. I'm just trying to understand why the annual RV rental income goes from 4.5% in the first quarter to, I think, around 5.4% for the rest of the year. Just trying to understand sort of why it steps up in the first quarter and stays at that higher level.

嘿。謝謝。我需要跟進一下麥可一開始提出的問題。我只是想弄清楚為什麼房車租賃的年收入從第一季的 4.5% 成長到之後一年的 5.4% 左右。我只是想弄清楚為什麼它在第一季會提升到一個較高的水平並保持下去。

Sure, Eric. The main driver of that moderate growth in the first quarter, RV and marina annual rent growth is the comparison to our first quarter 2025, which had a higher level of occupancy. You may remember, we experienced attrition in the Northern resorts as they came back in season in the second quarter of '25, and that has some carryover impact to the first quarter of '26.

當然可以，艾瑞克。第一季房車和碼頭年租金成長溫和的主要原因是與 2025 年第一季相比，當時的入住率更高。您可能還記得，2025 年第二季北部度假村恢復營業時，我們經歷了客流量下降，這對 2026 年第一季產生了一定的延續影響。

Got you. And so this year, tell me if I'm wrong, you're expecting normal attrition, normal turnover. Can you maybe just sort of tell us how much visibility you have into that at this point in the year, you have very good visibility because I don't know, 80% of your annual customers have already signed a lease or something like that?

抓到你了。所以今年，如果我錯了請告訴我，你們預計會有正常的人員流失和更換。您能否大致說明一下，在今年的這個時候，您對這方面的了解程度如何？您的了解程度非常高，因為據我所知，您80%的年度客戶已經簽署了租賃協議之類的？

I'm just trying to understand how much visibility you have into that normal attrition at this point and what we should be watching, say, over the next couple of months to determine whether that's actually going to happen or not.

我只是想了解你們目前對正常人員流失的了解程度，以及在接下來的幾個月裡我們應該關注哪些方面，以確定這種情況是否真的會發生。

Yeah. It's Patrick. It's reasonable to view the attrition as normal. That's the -- we had that period of elevated attrition early last year. Just as a reminder, we send out rent increase notices in the latter part of the year that there's a timing component, but that covers the Sunbelt and our Northern properties.

是的。是派崔克。將人員流失視為正常現像是合理的。那是——我們去年年初經歷了一段人員流動率較高的時期。再次提醒大家，我們會在下半年發出租金上漲通知，其中會考慮時間因素，但這涵蓋了陽光地帶和我們北部的房產。

And we're going through a renewal process as we make our way through the back half of the year. So we have pretty good visibility at this point. I will note that in the north, there are some -- the effective dates of those rate increases are typically April as we're entering the summer season.

進入下半年，我們正在經歷一個更新換代的過程。所以目前我們的能見度相當不錯。我注意到，在北方，有些地方的利率會上漲——這些利率上漲的生效日期通常是四月份，因為我們即將進入夏季。

So there's renewals that occur at that point. But the visibility we have right now, we feel pretty confident that the elevated attrition that we experienced in the prior year is behind us.

所以，那時就會發生續約。但就我們目前掌握的情況來看，我們相當有信心，去年經歷的高流失率已經過去了。

Manna Sebek, Evercore ISI.

Manna Sebek，Evercore ISI。

Wesley Golladay - Robert W. Baird & Co Inc

韋斯利·戈拉迪 - 羅伯特·W·貝爾德公司

Hey. Good morning, everyone. I have a question on the domestic RV transient and seasonal customer. Do you think we're finally back to normalized numbers on that? Are we back to the trend line post COVID?

嘿。各位早安。我有一個關於國內房車短期和季節性客戶的問題。你認為我們最終是否已經恢復到正常水平了？我們是否已經回到新冠疫情後的發展趨勢線？

We've had that question over the last several quarters as we work our way through the normalization of that business. I think given what we're seeing with respect to early pace, I feel that we -- if we're not at it, we have some -- we certainly see some green shoots with respect to positive trends on booking base going into 2026.

在過去的幾個季度裡，隨著我們逐步恢復業務正常化，我們一直在思考這個問題。我認為，就目前我們看到的早期發展速度而言，即使我們還沒有達到目標，但我們確實看到了一些積極的跡象，預示著2026年預訂量將出現增長。

Okay. And then on your expansions, are you targeting the higher growth Sunbelt markets for those expansions?

好的。那麼，在擴張計畫中，你們是否瞄準了成長速度更快的陽光地帶市場？

We have, for the most part of it. That's where the largest concentration of our portfolio is. So the significant majority of our expansions have occurred throughout the Sunbelt properties.

大部分情況下，我們確實做到了。那是我們投資組合中最集中的部分。因此，我們的大部分擴張都發生在陽光地帶的物業中。

And we do have a small expansion in the North in Minnesota. But other than that, they're basically in the Sunbelt.

我們在北部的明尼蘇達州也有小擴張。但除此之外，它們基本上都位於陽光地帶。

Okay. And then just one quick follow-up on that. On the lease-up. I know you delivered some on the MH side in the fourth quarter. What's the typical time to lease that up and get the occupancy up?

好的。然後，我再快速補充一點。關於租賃事宜。我知道你在第四節為MH隊做出了一些貢獻。通常需要多長時間才能將房屋出租出去並提高入住率？

I mean it depends on the number of sites. So just at any particular community, if you're filling in the range of, call it, 20 to 30 a year, you're having a -- that's a good pace for selling manufactured homes to new homeowners and an expansion.

我的意思是，這取決於站點數量。所以，在任何一個特定的社區，如果你每年能完成 20 到 30 套房屋的銷售，那麼對於向新房主銷售預製房屋來說，這是一個不錯的速度，而且市場也在擴張。

Okay. Thank you very much.

好的。非常感謝。

John Kim, BMO.

John Kim，BMO。

Thank you. This quarter, you provided a new disclosure on MH occupied sites at the beginning at the end of the quarter. So new disclosure is always good. The actual number went down though during the quarter. So I was wondering what contributed to the occupancy sites going down just given occupancy growth has been a focus for your company?

謝謝。本季度，您在季度初和季度末提供了關於 MH 佔用場所的新揭露資訊。所以，新的資訊揭露總是好事。不過，本季實際數字有所下降。所以我想知道是什麼原因導致入住率下降，畢竟提高入住率一直是貴公司的重點？

And just generally, I think occupancy in MH has been at its lowest levels in about 10 years. And I'm wondering what has been driving that just given the demographic tailwinds that you talked about earlier?

總的來說，我認為移動房屋的入住率已經降至近 10 年來的最低水準。我想知道，考慮到您之前提到的人口結構利好因素，究竟是什麼因素推動了這種情況的發生？

Yeah John, it's Patrick. First, I'll take the quarter. the outcome for the quarter was really driven by our number of sites where we have depleted our home inventory. We're in the process of replenishing, which we -- it's just ordinary course of business for us and just the mix of move-ins and move-outs for the quarter. It's down about 70s, 10 basis points.

是的，約翰，我是派崔克。首先，我來說說本季的情況。本季的業績主要取決於我們房屋庫存告罄的站點數量。我們正在進行補貨，這對我們來說只是正常的業務流程，也是本季新住戶搬出和入住的正常情況。下跌了約70，10個基點。

I think to your point on the demand profile, we consistently see good demand, and we feel very positive going into 2026. So I think that has more to do with just the timing of the quarter as opposed to any takeaway on the fundamentals.

關於您提到的需求情況，我認為我們一直看到良好的需求，並且對 2026 年充滿信心。所以我認為這與季度的時間安排有關，而不是與基本面有關。

And just long term with respect to the view of occupancy, I mean we continue to increase the number of occupied sites over the years. The percentage, I appreciate, as we've talked about in the past, can fluctuate as we're bringing on expansion sites into the denominator.

從長期來看，就入住率而言，我的意思是，多年來我們一直在增加已入住的地點數量。正如我們過去討論過的，隨著我們將擴展站點納入分母，這個百分比可能會波動。

And John, that was the kind of the reason for that new disclosure, just to be clear about those expansion sites.

約翰，這就是披露這些資訊的原因，只是為了明確那些擴建地點的情況。

Yeah. That makes sense. Okay. Okay. So I'm asking on RV today, minus seven degrees Celsius in Toronto, it's 22 degrees Fahrenheit in New York. And I know in the past, you talked about the colder weather, potentially being a driver for transient and seasonal RV demand. It doesn't sound like you feel that bullish on that today. But just wanted to get your updated thoughts on the cold weather impact on RV.

是的。這很有道理。好的。好的。所以我今天在房車上問一下，多倫多零下七攝氏度，紐約華氏22度。我知道您過去曾談到，寒冷的天氣可能會推動短期和季節性房車需求。聽起來你今天對這件事不太看好。我只是想了解您對寒冷天氣對房車影響的最新看法。

Sure. Sure. So we obviously look at it on a daily basis, sometimes throughout the day. But what we've seen in the month of January, I think we've had three or four -- only three or four days where we were not exceeding last year's pace. So really positive pacing and it really is corresponding what we're seeing as the temperature is dropping.

當然。當然。所以我們顯然每天都會查看它，有時甚至一天之內都會查看。但就我們目前在一月份的觀察來看，我認為只有三、四天——只有三、四天——我們的成長速度沒有超過去年同期水準。所以節奏確實很積極，而且與我們看到的氣溫下降的情況也相吻合。

Our marketing team does a really good job of monitoring the weather in the north and leveraging predictions for difficult weather, which is not difficult to do now because all the weather has been difficult across the country and encouraging the customers to escape the cold and visit our Sunbelt locations.

我們的行銷團隊在監測北方天氣方面做得非常出色，並利用對惡劣天氣的預測，現在這並不難做到，因為全國各地的天氣都很惡劣，他們鼓勵顧客逃離寒冷，前往我們在陽光地帶的門市。

So we look at those marketing tools, our weather-related digital ads and organic posts that's generating some positive return for us as people try to escape this difficult weather.

因此，我們關注這些行銷工具，包括與天氣相關的數位廣告和自然帖子，這些都為我們帶來了一些積極的回報，因為人們試圖逃離這種惡劣的天氣。

Thank you.

謝謝。

Thanks Jim.

謝謝你，吉姆。

Jason Wayne, CFA, Barclays Services Corp

Jason Wayne，特許金融分析師 (CFA)，巴克萊服務公司

Hi. Good morning. Just looking at the rental home business, had a nice year in '25, some growth there. So I'm just wondering what's the strategy there? And is that business one that you'd like to continue growing moving forward?

你好。早安.就房屋租賃業務而言，2025 年表現不錯，並取得了一些成長。所以我想知道那裡的策略是什麼？您希望這項業務在未來繼續發展壯大嗎？

Yeah. I mean that's really going to be based on what we see from a demand perspective. As we're replenishing new home inventory across the portfolio and filling expansions, our first priority is to sell the home and as demand is coming at us, we may very well accept rentals.

是的。我的意思是，這真的取決於我們從需求角度看到的情況。隨著我們不斷補充旗下所有房屋的新庫存並填補擴建項目，我們的首要任務是出售房屋，而且由於需求不斷增長，我們很可能會接受出租。

Rentals is a positive business and that it exposes more and more prospects to be future homebuyers and been sometime since we spoke about the staff at roughly 15% to 20% of our sales on property are to current residents. Those are either renters looking to purchase a home and become a home buyer or current homebuyers that are looking to either downsize or get into an upgrade on their own.

租賃業務是一項積極的業務，它讓越來越多的潛在客戶有機會成為未來的購屋者。我們已經有一段時間討論過這個問題了，我們大約 15% 到 20% 的房產銷售額都來自現有住戶。這些人要不是想買房的租屋者，就是想縮小住房面積或自行升級住房的現有購屋者。

And then you also began disclosing the rental home operating expenses. So just the increase was tied to those expansions then it sounds like but just wondering how that's expected to trend this year, why it was kind of down the rest of the year based on disclosure?

然後，你們也開始揭露出租房屋的營運費用。所以看來增長只與這些擴張有關，但我想知道今年的趨勢會如何，為什麼根據披露的信息，今年其餘時間增長有所下降？

Yeah. The rental home expenses is essentially embedded in our operating expense growth assumption. And what we see in that business, yes, to the extent that we have incremental rental homes, we will see a higher level of expense relative to prior periods, there is also impact just on the mix of homes that are in the rental program, whether they're new homes that happen to be rented or homes that have previously been occupied and the expense associated with the latter can be higher.

是的。房屋租賃費用基本上已包含在我們的營運費用成長假設中。我們看到，在這個行業中，隨著出租房屋數量的增加，與前期相比，支出水平會更高；此外，出租房屋的類型也會受到影響，無論是新出租的房屋還是以前有人居住的房屋，後者相關的支出可能會更高。

So as that mix changes, we see a slightly lighter load on expenses.

隨著這種結構的變化，我們看到支出負擔略有減輕。

Got it. Thank you.

知道了。謝謝。

David Segall, Green Street Advisors.

David Segall，Green Street Advisors。

Thank you. Guidance for the MH portfolio seems to imply that the vast majority of growth is coming from rent growth and only a small bump from probably occupancy or other income and considering the higher level of expansion sites likely to be added this year versus last year, would it be fair to say that this implies occupancy will actually dip further this year?

謝謝。MH投資組合的指導意見似乎表明，絕大部分成長來自租金成長，只有少量成長可能來自入住率或其他收入。考慮到今年新增的擴張地點數量可能比去年更多，那麼是否可以說，這意味著今年的入住率實際上會進一步下降？

I guess I wouldn't think about it that way. We have a practice that we've used for quite some time not to make a specific assumption about occupancy gains in our guidance, and we've used that in building our model for 2026.

我想我不會那樣想。我們一直以來都堅持一個做法，即在指導意見中不對入住率增長做出具體假設，我們在構建 2026 年模型時也採用了這種做法。

Thank you. And then just on RV performance in 4Q. It ultimately landed below the low end of the range for the quarter, although as of November, it looks like it was tracking at the higher end of the range. And considering you mentioned the Canadian booking pace was in line with what was discussed in October. I just wanted to try and understand what happened in December to cause performance to lag so much?

謝謝。然後就第四季房車性能而言。最終，該季度業績低於預期區間的下限，但截至 11 月，業績似乎已接近預期區間的上限。而且考慮到你提到加拿大預訂速度與 10 月討論的情況一致。我只是想弄清楚12月份到底發生了什麼，導致性能下降得這麼厲害？

Yeah. I mean what we saw in December was really a weather effect going the other way. It was moderate temperatures kind of throughout the North, and we didn't see those bookings pick up like we had in previous years. So it's kind of the opposite of what we're seeing in January is what we saw in December.

是的。我的意思是，我們在12月看到的現像其實是天氣效應的反效果。北方大部分地區的氣溫都比較溫和，所以我們沒有看到預訂量像往年那樣激增。所以，這和我們一月看到的情況，與十二月份看到的情況正好相反。

Great. Thank you.

偉大的。謝謝。

Omotayo Okusanya, Deutsche Bank AG.

Omotayo Okusanya，德意志銀行。

Yes. Good morning, everyone. I wonder if you could talk a little bit about the [indiscernible] CAP ground membership results. Again, we kind of had another quarter where the membership count declined. I know in the past you've kind of talked about making it up with kind of better pricing and upgrades and things of that sort.

是的。各位早安。我想請您談談[聽不清楚] CAP地面成員資格調查結果。同樣，我們又經歷了一個會員人數下降的季度。我知道你過去曾說過要用更優惠的價格和升級等方式來彌補損失。

But I think even upgrade activity this quarter was a little bit light. So just curious what's kind of happening there? What does that tell us to about overall demand, whether it's on the transient side or seasonal side? Just kind of trying to get some read through from those results and how you're thinking about it going forward.

但我認為本季升級活動也略顯清淡。所以我就很好奇，那邊到底發生了什麼事？這告訴我們關於整體需求（無論是短期需求還是季節性需求）的什麼？我只是想從這些結果中了解一些信息，以及你對未來發展的想法。

Sure. Thanks, Tayo. So I think the thousand trail system, as you know, has got about 80 properties with about 24,000 sites, and I think, 108,000 members right now. And it's -- I think it's helpful you've mentioned the upgrade, but I think it's helpful to just highlight all the pieces of the thousand trails business. We have our annual membership subscriptions where we sell those online and in the field.

當然。謝謝你，泰奧。所以，如你所知，千徑系統擁有大約 80 個物業，約 24,000 個營地，而且我認為，目前有 108,000 名會員。而且——我認為你提到升級很有幫助，但我認為最好還是重點介紹一下「千徑」業務的各個組成部分。我們有年度會員訂閱服務，既在線上銷售，也在實體店銷售。

And that activity, I think about half of that activity comes from online activity, initial subscriptions are sold online. That's that $700 product that we've talked about, the entry-level product that has a set of benefits to stay at the locations.

我認為，大約一半的活動來自線上活動，初始訂閱都是在線上銷售的。這就是我們之前提到的那款售價 700 美元的產品，這是一款入門級產品，它提供了一系列留在當地的福利。

This line item now also includes our new upgrade (inaudible) product. And in the year, we saw a healthy growth of over 5% in that line item. And then when you think about the Thousand Trails portfolio, you also, I think, need to consider the annual piece of it, and that's where we see our members wanting to stay and have a more permanent stay in our communities.

該項現在也包括我們的新升級產品（聽不清楚）。這一年，該計畫實現了超過 5% 的健康成長。然後，當你考慮「千徑」投資組合時，我認為你還需要考慮其中的年度部分，而這正是我們看到會員們希望留在我們社區並進行更長期居住的原因。

And that annual income has increased significantly over time, I think, 7% or 8% over the last five years. And then, as it relates to the promotional membership originations, which we highlight in the supplemental, we're seeing traction on that. And those trial memberships that's included in the sale of an RV.

而且，我認為，在過去五年裡，我的年收入顯著增加了7%到8%。此外，就我們在補充資料中重點介紹的推廣會員招募而言，我們看到這方面取得了進展。還有那些包含在房車銷售中的試用會員資格。

And these are really just really great prospects for the annual camping passes at our properties, and we've seen an increase in conversion of those. And the conversion is the important piece because that's the piece where the customer starts to pay dues in the year following their initial membership.

對於我們旗下物業的年度露營通行證來說，這些前景確實非常好，而且我們已經看到這些通行證的轉換率有所提高。轉換率是關鍵所在，因為這是客戶在首次成為會員後的第二年開始繳納會費的階段。

Got you. So what's the piece that kind of still, if I'm going to use the word weak amongst all these moving pieces that's kind of dragging down the counts and things like that.

抓到你了。那麼，在所有這些不斷變化的因素中，如果我要用「薄弱」這個詞來形容的話，是什麼因素拖累了整體的成績等等呢？

Sure. So what we've seen is there's some attrition of the legacy members that are paying -- we're paying a lower dues amount, and we're bringing in new members that are paying a higher dues amount. And so that's what you're seeing in the --

當然。我們看到的情況是，一些老會員正在流失——他們繳納的會費金額較低，而新會員繳納的會費金額較高。所以這就是你在這裡看到的。--

Thank you.

謝謝。

Eric Wolf, Citi.

埃里克·沃爾夫，花旗集團。

And thanks for taking the follow-ups. For the non-core income, it looks like it's dropping $3.6 million year-over-year. I think it's the same pool of properties in 2026 to 2025. So I was just curious what's causing that?

感謝您跟進。非核心收入方面，似乎年減了 360 萬美元。我認為2026年和2025年是同一批房產。所以我很好奇是什麼原因造成的？

Sure. We have $6.6 million in our guidance for '26. That does compare to the $10.2 million that we recognized in 2025. The difference is really attributed to timing of insurance proceeds and the recovery of the storm-affected properties. There's just a timing difference there.

當然。我們對 2026 年的業績預期為 660 萬美元。這與我們 2025 年確認的 1,020 萬美元相比確實有所差距。這種差異實際上歸因於保險賠款的到達時間和受風暴影響房屋的恢復情況。只是時間上有點差異。

Okay. So you expect to get it. It's just -- because I mean, normally, when I think about business interruption proceeds, it's the pay for the business interruption that you're seeing. So you're saying that you expect to get that at some point, it's just a timing difference or you already received more in 2025 than you thought you would.

好的。所以你期望得到它。只是——因為我的意思是，通常情況下，當我想到業務中斷賠償金時，你看到的是業務中斷造成的損失賠償。所以你的意思是，你預計會在某個時候得到那筆錢，只是時間上的差異，或者你在 2025 年已經收到了比你預期更多的錢。

Exactly. The recognition occurs when it's received, and that doesn't necessarily line up with when we would otherwise earn it.

確切地。認可的獲得是在它被給予的那一刻，但這並不一定與我們原本應該獲得認可的時間相符。

Okay. And then I think your historical practice has been to not include any use of free cash flow in your core FFO estimate, just confirming that that's true this year. And then I guess sort of practically speaking, is that $100 million of cash after dividends and recurring CapEx earmarked for anything this year? I assume perhaps you just go to more sort of inventory growth but maybe help us understand where that could go.

好的。而且我認為你們過去的做法是不將自由現金流的使用納入核心FFO估算，我確認今年也是如此。那麼，從實際角度來說，扣除股息和經常性資本支出後剩餘的 1 億美元現金，今年是否指定用於任何用途？我猜你們可能只是想增加庫存，但或許可以幫我們了解這種成長會走向何方。

Yeah. I mean, I guess I'll focus on the interest expense and our assumption for 2026. I mean, certainly, we look at our debt in place at the end scheduled principal amortization during '26 and then how our line of credit will increase or decrease throughout the year.

是的。我的意思是，我想我會專注於利息支出以及我們對 2026 年的假設。我的意思是，當然，我們會查看我們在 2026 年末的現有債務，以及按計劃償還的本金，然後看看我們的信貸額度在這一年中將如何增加或減少。

We don't make any -- any assumption for a change in the short-term borrowing rate. But the funding of working capital investments, such as you described, that comes from borrowings on the line of credit that exceed the free cash flow. So that includes purchasing homes for sale and rental in our communities, the discretionary CapEx that we have that includes expansion as well.

我們不做任何關於短期借貸利率變化的假設。但是，像您所描述的那種營運資金投資的資金來源，是信貸額度中的借款超過了自由現金流。因此，這包括購買我們社區內待售和待租的房屋，以及我們可自由支配的資本支出，其中也包括擴張。

Okay. Thank you.

好的。謝謝。

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

謝謝。由於目前大家沒有其他問題，我想把發言權交還給瑪格麗特·納德，請她做總結發言。

Thank you all for joining today. We appreciate you taking the time and look forward to updating you on our next quarter call.

感謝各位今天的參與。感謝您抽出時間，我們期待在下一季電話會議上向您報告最新情況。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。