Equity LifeStyle Properties Inc (ELS) 2026 Q1 法說會逐字稿

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties firstquarter 2026 results. Our featured speakers today are Marguerite Nader, our Vice Chairman and CEO; Patrick Waite, our President and COO; and Paul Seavey, our Executive Vice President and CFO.

各位大家好，感謝各位加入我們，一同討論 Equity Lifestyle Properties 2026 年第一季業績。我們今天的主講人包括：副董事長兼執行長 Marguerite Nader、總裁兼營運長 Patrick Waite，以及執行副總裁兼財務長 Paul Seavey。

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

在今天的電話會議之前，管理層已發布財報。今天的會議將包括開場致詞，以及管理層就公司財報新聞稿進行的問答環節。（接線員指示）提醒各位，本次電話會議將被錄音。

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

本次電話會議中討論的某些事項，可能包含符合聯邦證券法意義之「前瞻性陳述」。我們的前瞻性陳述受特定經濟風險與不確定性影響。對於因後續事件而變得不再正確的任何陳述，公司不承擔更新或補充之義務。此外，在今天的會議中，我們將討論依據美國證券交易委員會（SEC）Regulation G 所定義的非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與可比 GAAP 財務衡量指標之調節表，已包含於我們的財報新聞稿、補充資料以及過往的 SEC 申報文件中。

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

現在，我想把電話交給我們的副董事長兼執行長 Marguerite Nader。

Good morning, and thank you for joining us today. I am pleased to report the results for the first quarter of 2026. We continued our long-term record of strong core operations and have maintained our full year normalized FFO guidance of $3.17 per share. Our manufactured housing portfolio represents approximately 60% of our total revenue, and these properties are currently 94% occupied.

各位早安，感謝今天加入我們。我很高興報告 2026 年第一季的業績。我們延續長期以來核心營運強勁的紀錄，並維持全年標準化 FFO 指引為每股 3.17 美元。我們的預製住宅（MH）投資組合約占總營收的 60%，目前這些物業的入住率為 94%。

Our communities distinguish themselves by their ability to sustain high occupancy levels over extended periods. This resilience is driven by the composition of our resident base as homeowners represent 97% of our MH portfolio. Homeownership promotes long-term residency and supports our strong operating performance. The high concentration of homeowners is a key driver of our predictable recurring cash flow Residents are invested in their communities, which encourages stability, long tenure, and strong neighborhood engagement.

我們的社區之所以與眾不同，在於能在長時間內維持高入住率。這種韌性來自住戶結構：在我們的 MH 投資組合中，屋主占比達 97%。自有住宅有助於長期居住，並支撐我們強勁的營運表現。高比例屋主是我們可預測、可重複現金流的關鍵驅動因素。住戶對社區有投入，進而促進穩定性、長居年限，以及強烈的鄰里互動。

Within our RV portfolio, the increase in annual revenue reflects continued strength across our customer base. Our annual customers stay in park models, resort cottages, and RVs with many families viewing our properties as an integral part of their traditions and family history. This loyal -- this loyalty supports sustained long-term revenue.

在我們的 RV 投資組合方面，年度營收的增加反映出客戶基礎持續強勁。我們的年度客戶居住於 park models、度假小屋（resort cottages）以及 RV，許多家庭將我們的物業視為其傳統與家族記憶不可或缺的一部分。這份忠誠——這種忠誠度支撐了長期且持續的營收。

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

談到需求，我們在整體投資組合中的產品與服務具獨特性。我們在熱門地點提供優質的長期體驗，成本僅為替代方案的一小部分。我們透過傳統電子郵件行銷、社群媒體觸及，以及數位廣告與客戶互動。

For the quarter, our websites attracted a combined 1.3 million unique visitors and generated 94,000 online leads, reflecting strong engagement. The drivers of the lead generation are from our RV annual lease campaign and trip planning lead generation.

本季，我們的網站合計吸引 130 萬名不重複訪客，並產生 94,000 筆線上潛在客戶名單，顯示互動熱度強勁。名單產生的主要驅動因素來自我們的 RV 年度租約活動，以及行程規劃的名單開發。

Our social media strategy seeks to engage both customers and prospects in a wide variety of platforms. We have over 2.4 million fans and followers across several social media networks. Over the past 10 years, we have grown our social media fans and followers by an average of 25% annually. During periods of uncertainty, it's important to recognize the stability of our business and the fundamentals that support continued growth. I will highlight three of the key components of our success.

我們的社群媒體策略旨在於多元平台同時與客戶及潛在客戶互動。我們在多個社群網路上擁有超過 240 萬名粉絲與追蹤者。過去 10 年，我們的社群粉絲與追蹤者平均每年成長 25%。在不確定時期，重要的是要認識到我們業務的穩定性，以及支撐持續成長的基本面。我將強調我們成功的三個關鍵要素。

First, our unique business model drives sustained long-term outperformance. Over the past 25 years, ELS has outperformed the REIT industry NOI growth by 150 basis points. The stability through economic cycles is a hallmark of our success. Second, the demand drivers are the support for continued long-term outperformance. Our core customers are baby boomers and 10,000 people per day turn 65 through 2030. Thereafter, the Gen X generation maintains the demographic tailwind for the 15-year period following the baby boomers. The runway remains long supported by favorable migration patterns.

第一，我們獨特的商業模式帶來可持續的長期超額表現。過去 25 年，ELS 的 NOI 成長率較 REIT 產業平均高出 150 個基點。跨越經濟循環的穩定性是我們成功的標誌。第二，需求驅動因素支撐我們持續的長期超額表現。我們的核心客群是嬰兒潮世代，且直到 2030 年，每天仍有 10,000 人滿 65 歲。其後，X 世代在嬰兒潮世代之後的 15 年期間延續人口結構的順風。受惠於有利的遷徙趨勢，成長跑道仍然很長。

And finally, our capital structure is an advantage for us. Our balance sheet is in terrific shape with an average term to maturity of more than seven years. Our debt is fully amortizing and not subject to refinance risk, and our debt maturity schedule through 2028 shows only 14% of our debt coming due compared to the REIT average of 35%. We have delivered an 18% compounded annual dividend growth rate over a 20-year period. ELS offers a rare combination of strong income growth, stability and demographic tailwinds backed by a well-managed balance sheet.

最後，我們的資本結構對我們而言是一項優勢。我們的資產負債表狀況極佳，平均到期年限超過 7 年。我們的債務為完全攤還型，不承擔再融資風險；而我們截至 2028 年的到期結構顯示，僅有 14% 的債務到期，相較之下 REIT 平均為 35%。我們在 20 年期間實現 18% 的股利年複合成長率。ELS 提供罕見的組合：強勁的收益成長、穩定性與人口結構順風，並由良好管理的資產負債表作為後盾。

I want to thank our team for a great start of the year. They've done an excellent job supporting our snowbird guests and will soon welcome our customers for the upcoming summer season. I will now turn it over to Patrick to provide more details about property operations.

我要感謝我們的團隊在今年有個很好的開局。他們在支援我們的雪鳥（snowbird）旅客方面表現出色，並將很快迎接即將到來的夏季旺季客群。接下來我將把時間交給 Patrick，提供更多關於物業營運的細節。

Thanks, Margarite. We're in the middle of our seasonal shift with our snowbird customers heading back to Northern climates and our northern properties gearing up for the summer season. As we wrap up the busy season in the Sunbelt, I'd like to provide an update on our key Sunbelt MH markets and the value found in our communities. Florida is our largest market, accounting for about 50% of our core MH revenue.

謝謝你，Margarite。我們正處於季節性轉換期，雪鳥客戶正返回北方氣候區，而我們北方的物業也正為夏季旺季做準備。隨著我們在陽光地帶（Sunbelt）的繁忙季節接近尾聲，我想更新我們在陽光地帶主要 MH 市場的狀況，以及我們社區所提供的價值。佛羅里達是我們最大的市場，約占核心 MH 營收的 50%。

In our top markets of Tampa, St. Pete, and Fort Ladders. Pound Beach, the average single-family home price ranges from 350,000 to over $500,000. Our communities in these markets offer a compelling value with average new home prices of $100,000 and resale home prices averaging about $50,000. We continue our strategy to expand existing communities in areas of high demand and have added more than 1,100 MH sites in Florida since 2020.

在我們的主要市場——坦帕（Tampa）、聖彼得（St. Pete）以及 Fort Ladders. Pound Beach——獨棟住宅的平均價格介於 35 萬美元至超過 50 萬美元。我們在這些市場的社區提供極具吸引力的價值：新屋平均價格為 10 萬美元，轉售屋平均約 5 萬美元。我們持續推動在高需求地區擴建既有社區的策略，自 2020 年以來已在佛羅里達新增超過 1,100 個 MH 站點。

In our core Arizona market of Phoenix, Mesa, single-family homes averaged more than $400,000, while new homes in our communities averaged $100,000 and resale homes averaged $70,000. We are actively selling homes in our expansion projects in Arizona or new inventory is selling at prices typically ranging from 110,000 to $180,000. And we have 500 completed expansion sites to support further occupancy growth. In our Northern California markets around San Francisco and San Jose, homes averaged over $1.3 million. All the Southern California markets of Los Angeles and San Diego are about $900,000 to $1 million.

在我們亞利桑那州的核心市場鳳凰城（Phoenix）、梅薩（Mesa），獨棟住宅平均價格超過 40 萬美元；而我們社區的新屋平均為 10 萬美元，轉售屋平均為 7 萬美元。我們正積極銷售亞利桑那擴建專案中的住宅，我們的新庫存通常以 11 萬至 18 萬美元的價格區間售出。此外，我們有 500 個已完工的擴建站點，可支援進一步的入住率成長。在北加州舊金山與聖荷西周邊市場，住宅平均價格超過 130 萬美元。南加州洛杉磯與聖地牙哥各市場約為 90 萬至 100 萬美元。

Given high demand and the strong value proposition for our California properties, the portfolio is 99% occupied and home sales are typically resales of resident homes in the range of $100,000 and higher. In each of these markets, residents received an exceptional housing value along with desirable amenities, including swimming pools, clubhouses, pickleball courts and more. The active lifestyle and social engagement offered our communities as why homeowners stay with us for an average of 10 years.

鑑於加州物業需求旺盛且價值主張強勁，該投資組合入住率達 99%，住宅銷售通常為住戶住宅的轉售，價格多在 10 萬美元以上。在上述各市場中，住戶不僅獲得卓越的居住價值，也享有理想的設施，包括游泳池、會館、匹克球場等。我們社區提供的活躍生活型態與社交互動，是屋主平均願意與我們居住 10 年的原因。

Leveraging feedback from our customers, our property operations team establishes comprehensive budget plans for each property. Our on-site team members prioritize occupancy and revenue growth while thoughtfully managing expenses such as seasonal staffing, overtime and discretionary spending.

我們的物業營運團隊會運用客戶回饋，為每一處物業制定全面的預算計畫。我們的現場團隊成員以入住率與營收成長為優先，同時審慎管理季節性人力配置、加班與可裁量性支出等費用。

We're able to adjust to changes in the business to meet high customer expectations while managing expenses scaled to property operations. At the same time, we are investing in new technology across our business. customer touch points like online payments, customer surveys and follow-up and operational efficiencies like online check-in, staffing plans and expense management. This continued innovation allows us to increase operational capacity while improving the customer experience. Importantly, these efficiencies give our on-site team members more time to make connections with our customers and create memorable experiences.

我們能因應業務變化，以滿足客戶的高期待，同時將費用管理與物業營運規模相匹配。與此同時，我們也在全公司投資新科技，涵蓋客戶接觸點（如線上付款、客戶調查與後續追蹤）以及營運效率（如線上報到、人力配置計畫與費用管理）。這些持續的創新讓我們在提升客戶體驗的同時，增加營運產能。更重要的是，這些效率提升讓現場團隊成員有更多時間與客戶建立連結，創造難忘的體驗。

In our RV business, the long-term annual are the core stable occupancy -- core of our stable occupancy. Through April, we have seen improvements in attrition trends compared to last year, and we are looking forward to the summer sales season. Annual sites account for 75% of our core RV revenue, and most of our annual RV customers on a park model or our view of site improvements and sell their unit in place when they choose to leave the can grow. Annual Marina revenues experienced occupancy headwinds year over year from delays for permits and longer construction time lines for projects related to previous storms.

在我們的 RV 業務中，長期年度客戶是我們穩定入住率的核心——是我們穩定入住率的核心。到 4 月為止，我們看到相較去年流失趨勢有所改善，並期待夏季銷售旺季。年度站點占我們核心 RV 營收的 75%；而我們的大多數年度 RV 客戶使用 park model，或我們對站點改善的看法是，他們在選擇離開時會就地出售其單位，這有助於成長。年度碼頭（Marina）營收在年對年方面受到入住率逆風影響，原因是與先前風暴相關專案的許可延遲，以及較長的施工時程。

We expect these construction projects to be completed late in 2016 and into 27, which will then contribute to occupancy gains as we build back that business. We're looking forward to launching the 12th annual 100 days of camping social media campaign this summer, which runs from Memorial Day weekend through Labor Day weekend. We see strong engagement with this campaign year after year, earning over 45 million views across social media last summer. Our teams will be following along as customers post photos online, helping each guest make memories and reinforcing the legacy of our brand.

我們預期這些施工專案將於 2016 年底至 27 年間完成，屆時將隨著我們重建該業務而帶動入住率提升。我們期待在今年夏天推出第 12 屆年度「100 天露營」社群媒體活動，活動期間從國殤日（Memorial Day）週末一路到勞動節（Labor Day）週末。這項活動年復一年都帶來強勁互動，去年夏天在各社群媒體累計獲得超過 4,500 萬次觀看。我們的團隊將一路跟進客戶在線上發布的照片，協助每位來賓留下回憶，並強化我們品牌的傳承。

Now I'll turn it over to Paul.

現在我把時間交給 Paul。

Thanks, Patrick, and good morning, everyone. I will review our first quarter 2026 results and provide an overview of our second quarter and full year 2026 guidance. First quarter normalized FFO was $0.84 per share, in line with our guidance. Core portfolio NOI growth of 4.9% compared to prior year was slightly ahead of our expectations for the quarter. Core community-based rental income increased 5.7% for the quarter compared to the first quarter of 2025.

謝謝你，Patrick，各位早安。我將回顧我們 2026 年第一季的業績，並提供 2026 年第二季及全年指引概覽。第一季標準化 FFO 為每股 0.84 美元，符合我們的指引。核心投資組合 NOI 較去年同期成長 4.9%，略高於我們對本季的預期。核心社區型租賃收入本季較 2025 年第一季增加 5.7%。

The increase in rental income is primarily the result of noticed increases to renewing residents and market rent paid by new residents.

租賃收入的增加主要來自對續約住戶的已通知調漲，以及新住戶支付的市場租金。

Occupied sites increased 54% during the first quarter, resulting in occupancy of 93.9%. During the first quarter, we sold 228 new and used homes. The occupancy comparison to first quarter 2025 is impacted by expansion sites added during the past 12 months. Adjusted for expansion sites, occupancy would be 94.4%, in line with first quarter 2025.

第一季已入住地點增加 54%，使入住率達到 93.9%。第一季我們售出 228 戶新屋與二手屋。與 2025 年第一季相比的入住率差異，受到過去 12 個月新增擴建地點的影響。若排除擴建地點影響，入住率將為 94.4%，與 2025 年第一季一致。

First quarter core resort and marina based rental income outperformed our budget by 10 basis points in the quarter. Rent growth from RV and Marine annuals increased 4.2% for the quarter compared to prior year. slightly below expectations for the quarter. Marina performance was impacted by delays in slip restoration efforts. Seasonal and transient ramp was 70 basis points higher than guidance as a result of higher-than-expected seasonal rent in the quarter.

第一季核心度假村與碼頭型租賃收入較預算高出 10 個基點。RV 與海事（Marine）年度租約帶來的租金成長，本季較去年同期增加 4.2%，略低於本季預期。碼頭表現受到泊位（slip）修復工程延宕影響。季節性與短期（transient）爬坡表現較指引高出 70 個基點，原因是本季季節性租金高於預期。

For the first quarter, the net contribution from our total membership business, which consists of annual subscription and upgrade revenues, offset by sales and marketing expenses was $17.6 million. an increase of 13.7% compared to the prior year. Membership dues revenue growth is primarily rate driven. Approximately 1,200 upgrade subscriptions were originated in the quarter from new and existing members. Core utility and other income increased 5.4% compared to first quarter 2025.

第一季我們整體會員業務（包含年度訂閱與升級收入，扣除銷售與行銷費用後）的淨貢獻為 1,760 萬美元，較去年同期增加 13.7%。會員會費收入成長主要由費率帶動。本季來自新會員與既有會員共新增約 1,200 份升級訂閱。核心公用事業與其他收入較 2025 年第一季增加 5.4%。

Our utility income recovery percentage was 50.4%, about 280 basis points higher than first quarter 2025. First quarter core operating expenses increased 1.8% compared to the same period in 2025.

我們的公用事業收入回收率為 50.4%，較 2025 年第一季高約 280 個基點。第一季核心營運費用較 2025 年同期增加 1.8%。

We renewed our property and casualty insurance programs, April 1 and the premium decrease year over year was approximately 18%. We are pleased with the results, which reflects no change in our property insurance program coverage. Core property operating revenues increased 3.7%, while core property operating expenses increased 1.8%, resulting in growth in core NOI before property management of 4.9%. Our noncore properties contributed $3 million in the quarter, slightly higher than our expectations. Property management and corporate expenses were $28.6 million in the first quarter of 2026, and 3.4% lower than 2025.

我們於 4 月 1 日續保財產與意外險（property and casualty）保險方案，保費年減約 18%。我們對結果感到滿意，且反映我們的財產保險方案保障範圍並無變動。核心物業營運收入增加 3.7%，核心物業營運費用增加 1.8%，使得物業管理前的核心 NOI 成長 4.9%。非核心物業本季貢獻 300 萬美元，略高於我們的預期。2026 年第一季物業管理與公司費用為 2,860 萬美元，較 2025 年低 3.4%。

The press release and supplemental package provide an overview of 20,262nd quarter and full year earnings guidance. 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. Our guidance for 2026 full year normalized FFO was $3.17 per share at the midpoint of our guidance range of $3.12 to $3.22. We project core property operating income growth of 5.7% at the midpoint of our range of 5.2% to 6.2%, we project the noncore properties will generate between $5.7 million and $9.7 million of NOI during 2026.

新聞稿與補充資料包提供 2026 年第二季及全年盈餘指引概覽。以下說明旨在為我們目前對未來業績的估計提供背景。所有成長率區間以及收入與費用預測，均受新聞稿與補充資料包中所列風險因素之限制。2026 年全年標準化 FFO 指引中位數為每股 3.17 美元，指引區間為每股 3.12 至 3.22 美元。我們預估核心物業營運收入成長中位數為 5.7%，區間為 5.2% 至 6.2%。我們預估非核心物業於 2026 年將產生 570 萬至 970 萬美元的 NOI。

Our property management and G&A expense guidance range is $119 million to $125 million.

我們的物業管理與 G&A 費用指引區間為 1.19 億至 1.25 億美元。

In the core portfolio, we project the following full year growth rate ranges, 4% to 5% for core revenues, 2.2% to 3.2% for core expenses and 5.2% to 6.2% for core NOI. Full year guidance assumes core MH rent growth in the range of 5.1% to 6.1% and Full year guidance for combined RV and Marina rent growth is 2% to 3%. Annual RV and Marina rent represents approximately 75% of the full year RV and Marina rent and we expect 4.8% growth in rental income from annuals at the midpoint of our guidance range. As I mentioned, the change in expectations for full year growth in annuals compared to our prior guidance is attributed to our Marina portfolio, which is experiencing longer-than-anticipated delays in restoration of slips.

在核心投資組合方面，我們預估全年成長率區間如下：核心收入 4% 至 5%，核心費用 2.2% 至 3.2%，核心 NOI 5.2% 至 6.2%。全年指引假設核心 MH 租金成長介於 5.1% 至 6.1%；RV 與碼頭合計租金成長的全年指引為 2% 至 3%。年度 RV 與碼頭租金約占 RV 與碼頭全年租金的 75%，我們預期年度租約租賃收入在指引中位數下成長 4.8%。如我先前提到，年度租約全年成長預期相較先前指引的變動，歸因於我們的碼頭投資組合，其泊位修復進度延宕時間長於原先預期。

Our full year expense growth assumption includes the impact of our April 1 insurance renewal for the rest of 2026. Our second quarter guidance assumes normalized FFO per share in the range of $0.69 to $0.75. Core property operating income growth is projected to be in the range of 4.8% to 5.4% for the second quarter. Second quarter growth in MH rent is 5.6% at the midpoint of our guidance range. We project second quarter annual RV and Marina rent growth to be approximately 5.1% at the midpoint of our guidance range.

我們的全年費用成長假設，包含 4 月 1 日保險續保對 2026 年剩餘期間的影響。我們的第二季指引假設標準化 FFO 每股介於 0.69 至 0.75 美元。第二季核心物業營運收入成長預估介於 4.8% 至 5.4%。第二季 MH 租金成長在指引中位數下為 5.6%。我們預估第二季年度 RV 與碼頭租金成長在指引中位數下約為 5.1%。

Our guidance assumes second quarter seasonal and transient RV revenues performed in line with our current reservation pacing. We've made no changes to prior guidance for seasonal and transient rent in the third and fourth quarters.

我們的指引假設第二季季節性與短期 RV 收入表現與目前的訂位進度一致。我們未調整先前對第三季與第四季季節性與短期租金的指引。

Second quarter growth in core property operating expenses is projected to be in the range of 3.9% to 4.5% and includes the impact of our April 1 insurance renewal. I'll now provide some comments on our balance sheet and the financing market. Our balance sheet is insulated from refinance and rate risk and is well positioned to execute on capital allocation opportunities. Our floating rate exposure is limited to balances on our line of credit. Our debt-to-EBITDAre is 4.5x and interest coverage is 5.6x.

第二季核心物業營運費用成長預估介於 3.9% 至 4.5%，並包含 4 月 1 日保險續保的影響。接下來我將就資產負債表與融資市場提供一些評論。我們的資產負債表可隔離再融資與利率風險，並具備良好條件以執行資本配置機會。我們的浮動利率曝險僅限於循環信用額度（line of credit）的餘額。我們的淨負債對 EBITDAre 為 4.5 倍，利息保障倍數為 5.6 倍。

We have excess to approximately $1.2 billion of capital from our combined line of credit and ATM programs. We continue to place high importance on balance sheet flexibility, and we believe we have multiple sources of capital available to us.

我們透過循環信用額度與 ATM 計畫合計，約有 12 億美元的可用資本。我們持續高度重視資產負債表的彈性，並相信我們擁有多元的資金來源可供運用。

Current secured debt terms vary depending on many factors, including lender, borrower sponsor asset type and quality. The current 10-year loans are quoted between 5.25% and 6.25% 60% to 75% loan-to-value and 1.4 to 1.6x 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. Now we would like to open it up for questions.

目前擔保債務條件會因多項因素而異，包括放款人、借款人／贊助方、資產類型與品質。目前 10 年期貸款報價約在 5.25% 至 6.25% 之間，貸款成數（loan-to-value）為 60% 至 75%，債務償付覆蓋倍數（debt service coverage）為 1.4 至 1.6 倍。我們持續看到壽險公司與 GSEs 對 10 年期放款有穩健興趣。高品質、年齡限制（age-qualified）的 MH 資產仍可取得最佳融資條件。現在我們想開放提問。

(Operator Instructions) Jamie Feldman, Wells Fargo.

（接線員指示）Jamie Feldman，Wells Fargo。

Great. I wanted to dig a little deeper into the insurance renewal and then just the impact on the expense savings and the new guidance. Can you talk about what you had in the original guidance for the insurance renewal, how that compares to the down 18%? And then just maybe some of the moving pieces around the expense savings and the guidance going forward.

很好。我想更深入了解一下保險續保，然後是對費用節省與新指引的影響。你能談談原先指引中對保險續保的假設是多少、與保費下降 18% 相比如何？另外也請談談費用節省與未來指引之間的一些變動因素。

Sure, Jamie. I think that we've guided to full year core expense growth. I think I mentioned this in the January call. It includes a premium to CPI. That is offset by some anticipated savings in a few line items. And just as a refresher for everybody, roughly two-thirds of our expenses are comprised of utilities, payroll and repairs and maintenance.

當然，Jamie。我認為我們已對全年核心費用成長做出指引。我想我在 1 月的電話會議中提過，這包含高於 CPI 的保費增幅假設；同時也會由幾個費用科目的預期節省來抵銷。再提醒大家，我們約三分之二的費用由公用事業、薪資，以及修繕與維護（R&M）構成。

And those three line items, we expect year-over-year growth for the remainder of 2026 to be approximately 4.7%. The CPI reported in April was almost 100 basis points higher than the prior month, and we've made some expense adjustments, including utility expenses and R&M both in anticipation of potential energy and supply cost increases. And with respect to the insurance we had an assumption in our budget, which was informed based on what we understood what's happening in the market at the time that we finalized our budget in January. And so we've made the adjustment to reflect the 18% reduction in premium and all of that is rolled into the guidance that we provided.

對於這三個費用科目，我們預期 2026 年剩餘期間的年增率約為 4.7%。4 月公布的 CPI 較前一個月高了將近 100 個基點，我們也做了一些費用調整，包括公用事業費用與 R&M，以因應潛在的能源與供應成本上升。至於保險，我們在預算中有一個假設，是根據我們在 1 月完成預算時對當時市場狀況的理解所制定。因此我們已調整以反映保費下降 18%，而這些都已納入我們提供的指引之中。

But are you able to say like what was in the initial number for the insurer? I'm just trying to figure out how much better it was than what you thought.

但你能說一下最初對保險的數字大概是多少嗎？我只是想了解它比你原先想的好多少。

Yes. Generally, we don't go into that level of detail, Jamie.

可以。不過一般來說，我們不會提供到那個細節層級，Jamie。

Jana Galan, Bank of America Securities.

Jana Galan，美國銀行證券。

Following up on the revised seasonal and transient top line guide, can you just talk a little bit more about like booking visibility and kind of reservation pacing. And I don't know any impacts with kind of the weather.

延續你們對季節性與短住（transient）營收指引的修正，能否再多談一些，例如訂房能見度以及訂位節奏（reservation pacing）。另外我也不確定天氣是否有任何影響。

Sure. I mean, with respect to the seasonal business and just as we think about advanced reservation pacing, certainly, we talked a lot in the past about our transient business and not great visibility beyond the coming 90 days as our first point of kind of visibility. So as I mentioned, we've updated our guidance for transient to reflect what we're seeing in the system right now in terms of reservation pacing. But just a reminder, roughly 60% of the revenue comes from bookings that are within 7 to 10 days of arrival.

當然。就季節性業務以及我們看待提前訂位節奏而言，我們過去談過很多：短住業務在未來 90 天以外的能見度並不高，這是我們能見度的第一個區間。如我提到的，我們已更新短住指引，以反映我們目前在系統中看到的訂位節奏。不過提醒一下，約 60% 的營收來自於抵達前 7 到 10 天內的訂單。

And also very much appreciate the update on the financing environment. I was just wondering if you can maybe comment on any changes in the transaction environment or any more product coming to market potentially on the RV side.

也非常感謝你們對融資環境的更新。我想請教的是，交易環境是否有任何變化？或是在 RV 端是否可能有更多產品（資產）進入市場？

Sure. Thanks, Jana. Yes, as you know, our assets are really in demand from an investor standpoint. It's not a secret that the model that we have is compelling. But we find times in our history that we have limited amount of quality assets for sale, and we're in that time right now.

好的。謝謝你，Jana。是的，如你所知，從投資人角度來看，我們的資產確實非常搶手。我們的模式很有吸引力，這也不是秘密。但在我們的歷史上，有些時候可供出售的優質資產數量有限，而我們現在正處於這樣的時期。

As an industry, we're experiencing a low volume of activity. The ownership remains highly fragmented, but our team is very engaged with owners as they consider their next step in the future. I think that with your -- with respect to your question on whether on the RV side, I think there probably is more opportunities to buy transient RV parks than there were previously. But that's necessarily something we are interested in.

就整個產業而言，目前活動量偏低。所有權仍高度分散，但我們的團隊與業主保持非常密切的互動，因為他們在思考未來下一步。至於你問到 RV 端，我認為相較以往，可能會有更多機會收購短住型 RV 園區，但那不一定是我們感興趣的方向。

Eric Wolfe, Citi.

Eric Wolfe，花旗。

For the Northeast annual RV sites, can you just talk through the trends that you're seeing there? I think last year, around this time, you started to see some higher turnover like 20 properties or so. Does that seem to be normalizing? Is occupancy head behind? Maybe just talk through sort of for those Northeast properties, the annual trends you're seeing thus far?

針對東北地區的年度 RV 站點（annual RV sites），能否談談你們看到的趨勢？我記得去年差不多這個時候，你們開始看到較高的流失率，大概 20 個物業左右。這種情況是否正在正常化？入住率是否已經落後？能否就這些東北物業目前為止看到的年度趨勢做個說明？

Yes. Sure, it's Patrick. We are seeing trends that are more consistent with our historical experience as opposed to the elevated attrition that we saw at the same time last year. And as we made our way through the quarter, sequentially month after month, we were able to achieve a higher level of sales. We feel like we have consistent demand in the RV annual space.

可以。這裡是 Patrick。我們看到的趨勢更接近我們的歷史經驗，而不是去年同期那種偏高的流失。隨著季度推進，我們逐月、連續地達成了更高水準的銷售。我們認為年度 RV 這個市場的需求是穩定一致的。

And just as a reminder, in the back half, of 2025, we added 500 annual. So we kind of rolled out of that period into a period of steady demand, and we're past that elevated attrition that you referenced from last year.

另外提醒一下，在 2025 年下半年，我們新增了 500 個年度站點。因此我們從那段期間過渡到需求穩定的階段，也已經走過你提到的去年那波較高流失。

Got it. That's helpful. And then maybe just going back to the marina restoration. I guess it sounds like based on your original guidance, you expected maybe some slips to come back, I guess, this quarter, but now it's sort of getting pushed to late 2026 or even early 2027. I guess, first, I just want to confirm, that was right.

了解，這很有幫助。接著回到碼頭修復（marina restoration）。聽起來依照你們原先的指引，你們可能預期本季會有一些泊位（slips）回來，但現在似乎延後到 2026 年底甚至 2027 年初。我先想確認一下，我的理解是否正確。

And then maybe just discuss, I guess, it sounds like maybe over the last two months, you've seen construction delays or permitting delays. Just sort of what happened and what the magnitude of it is. I guess I calculated like $1.5 million, but maybe just let us know if that's incorrect.

然後也想請你們談談：看起來可能在過去兩個月出現施工延誤或許可（permitting）延誤。到底發生了什麼、幅度有多大？我估算大概是 150 萬美元，但如果不對也請指正。

Yes. So I'll -- let me speak to what's actually going on at the property. So it's three properties. They were impacted by the hurricane season in I think your time line is pretty close to our thinking. I would have expected that we would have been on coming into this year and starting to build occupancy as projects were completed through the current year.

是的。我來說明一下物業現場實際的狀況。這涉及三個物業，它們受到颶風季影響。我認為你的時間軸與我們的想法相當接近。我原本預期我們會在今年開始，隨著專案在今年內完工而逐步回升入住率。

The reality is the delays are, call it, in the neighborhood of 9 to 12 months. And the expectation of progress being completed and building back occupancy late in 2026 and into 2027, I think is a good way to think about it.

但實際情況是，延誤大約在 9 到 12 個月左右。把進度完成、並在 2026 年底到 2027 年期間逐步恢復入住率，作為主要預期，我認為是比較合理的看法。

John Kim, BMO Capital Markets.

John Kim，BMO 資本市場。

Many teasing occupancy, it continued to trend down. It did end the quarter on a high note, but I'm wondering how you see that playing out for the rest of the year, excluding the impact of expansions.

關於（Many teasing）入住率，它持續走低。雖然季度末表現不錯，但我想了解你們如何看待今年剩餘時間的走勢（不含擴建的影響）。

Yes. As I mentioned in the call, occupancy ended the quarter at 93.9%. That's up 10 basis points from year-end on the 54 sites that we filled during the quarter with no expansion sites added. We have a -- we essentially have an assumption in the budget for a modest uptick in occupancy for the rest of the year. not quite the volume of growth that we saw in the first quarter in the future 3 quarters, and so anticipate a slight increase during the rest of the year.

是的。如我在電話會議中提到的，入住率在季度末為 93.9%。在本季我們填補了 54 個站點、且沒有新增擴建站點的情況下，這比年末高 10 個基點。我們在預算中基本假設今年剩餘時間入住率會小幅上升；不會像第一季那樣在接下來三季有同等的成長量，因此預期今年其餘時間會略為增加。

Okay. Can I ask a second question?

好的。我可以再問第二個問題嗎？

Sure, you can.

當然可以。

The 1,000 trails, you talked about a new -- I think a new rate strategy. just given that it's gone up 12% year over year despite fewer members. Is this something that you're going to carry on through for the near future and potentially increase rates further at the expense of memberships?

關於 1,000 Trails，你們提到一個新的——我想是新的定價策略。考量到即使會員數較少，年增仍達 12%。這是否是你們近期會持續採行的作法，並且可能在犧牲會員數的情況下進一步提高費率？

Yes. I mean I think if you look at the supplemental, as you point out, you see that increase in revenue. I think all -- if you add all the line items together, you get to about an 8% growth. And that is primarily because we changed that product. And we have a higher annual dues rate.

是的。我想如果你看補充資料（supplemental），如你所指出的，你會看到營收增加。若把所有科目加總，約是 8% 的成長。這主要是因為我們調整了該產品，並提高了年度會費（annual dues）費率。

The term is, I think, two to four years and with costs ranging from $2,000 to $4,000 a and the members want to have that extra time at the properties, take advantage of discounts on cabins, et cetera.

我記得合約期限大概是 2 到 4 年，費用約在 2,000 到 4,000 美元之間；會員希望能在物業停留更長時間，並享有小木屋折扣等優惠。

So right now, that price is, I think, is properly priced. And as we head into '27, we would look to what increases we would think that we should do in terms of that product. But the product as a whole has been very successful for our customers, our members wanting to get that upgrade and pay the additional does.

所以目前這個價格，我認為定價是合理的。展望 2027 年，我們會再評估這個產品應該做哪些調價。但整體而言，這個產品對客戶非常成功，會員也願意升級並支付額外會費。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste，瑞穗證券。

I wanted to go back to the OpEx guide for a bit. Again, I guess I understand that you don't want to get into the specific pieces of how much things like insurance or causing an adjustment for the guide. But I guess I was more curious on the oil side. Obviously, the cost of oil has picked up quite a bit this year. And I'm curious how you can hedge the future volatility in the price of oil?

我想回到營運費用（OpEx）指引再問一下。我理解你們不想細談像保險等項目對指引調整的具體影響。但我更好奇的是燃油（oil）這一塊。顯然今年油價上升不少。我想了解你們如何對沖未來油價波動？

Or how -- what's contemplated in the guide and potentially how that can be hedged. So any color on what's being contemplated, how it can be offset and how to think about that in the broader context of the prior guidance versus the new guide

或者說——指引中納入了哪些假設，以及可能如何進行對沖。能否提供一些補充說明：你們考量了什麼、如何抵銷，以及在先前指引與新指引的更大脈絡下應如何理解？

Sure. So our process to update guidance considered the impact of the roughly increase in oil price since December. We reviewed the pricing structure used by the utility providers in states where we operate. These include regulated, frankly, primarily regulated and some deregulated markets. utility providers in certain states like Florida do have pricing structures with variability clauses that allow them to recapture some portion of their costs if the regulated rates limit their ability to recapture price increases.

好的。我們更新指引的流程已納入自 12 月以來油價大幅上升的影響。我們也檢視了我們營運所在州的公用事業供應商採用的計價結構。這些市場包含受監管的——坦白說主要是受監管的——以及部分去監管市場。像佛羅里達等州的公用事業供應商確實有帶有可變動條款（variability clauses）的定價結構，使其在受監管費率限制其回收漲價能力時，仍可回收部分成本。

So as we looked at all of that, we increased our utility expense assumptions for the remainder of 2026.

因此在綜合考量後，我們上調了 2026 年剩餘期間的公用事業費用假設。

Okay. Fair enough. I appreciate that, I suppose. And then if I could squeeze in one just on the revised guide for the noncore portfolio income, maybe some color on what's driving that and how to be thinking about modeling that? Is that fair just to perhaps ratably grow that through the model the rest of the year?

好的，可以理解，謝謝。我想再追問一個關於非核心投資組合收入（noncore portfolio income）修正後指引的問題：能否說明是什麼在驅動這個變化，以及建模時應如何看待？是否可以合理地假設今年剩餘時間在模型中按比例（ratably）成長？

Yes. I think it relates to just improved expectations, a couple of the properties in that portfolio. primarily RV locations. You may recall that there are a number of properties that are in the noncore portfolio that were previously impacted by storms that were not operational. And so as they're recovering, we noticed some upside in the performance and the expected contribution and that was the basis for the adjustment.

是的。我認為這主要與該投資組合中幾個物業的預期改善有關，主要是 RV 據點。你可能記得，非核心投資組合中有一些物業先前受風暴影響而無法營運。隨著它們逐步復原，我們看到表現與預期貢獻有上行空間，這就是調整的依據。

Brad Heffern, RBC.

Brad Heffern，RBC。

Historically, you've talked about weather being the primary swing factor on RV transient and there hasn't really been an obvious impact from gas price movements. Obviously, with the or we're seeing a much more dramatic and quick change in prices. Is there anything in your data that suggests that it might be having a negative impact on transient demand?

過去你們提到天氣是 RV 短住需求的主要波動因素，而油價變動並沒有明顯影響。但現在我們看到油價變動更劇烈且更快速。你們的數據是否顯示，這可能正在對短住需求造成負面影響？

Yes. We've looked certainly over many years at gas prices and the effect on RV transient. And certainly, gas prices have made headline news over the past several weeks. Year over year, I think we've seen a $0.90 increase in the price of gas, not unlike what we saw during the pandemic during times in the pandemic. But we kind of think of it in terms of just what is it -- what's the incremental cost to our customer.

是的。我們多年來確實一直在觀察汽油價格以及其對房車（RV）短期住客的影響。而且過去幾週汽油價格當然成了新聞焦點。以年比年來看，我認為我們看到油價上漲了0.90美元，這與疫情期間某些時段所見的情況並無二致。但我們會從「對我們客戶而言增加的成本是多少」這個角度來思考。

And if you consider a 3-night trip. Our average customer is going about 90 miles to our locations.

如果你以一趟3晚的行程來看，我們的平均客戶大約會行駛90英里到我們的據點。

That higher gas price results in an increase of about $25, $30 for the trip -- and if that's three nights, you're talking about kind of $10 per night. So if you think about other vacation alternatives, the overall cost of our vein is really significantly lower and offers the flexibility of really being able to control your spend and also be able to control your environment. So I think at the current rates, net-net, I think it can be a positive certainly, if you're talking about rates that are significantly higher or you're talking about supply issues, then you get into kind of maybe different conversations. But I think where we're at right now, our customers are excited to get out there and use their RB.

較高的油價會讓這趟行程的成本增加約25到30美元——如果是三晚，等於每晚大概增加10美元。所以若你拿其他度假替代方案來比較，我們這條路線的整體成本其實顯著更低，並且提供彈性，讓你能真正控制支出，也能控制你的環境。因此我認為以目前的水準，整體而言可能反而是正面的；當然，如果你談的是顯著更高的油價，或是供應問題，那就會進入不同的討論。但以我們現在所處的情況，我們的客戶很期待出門去使用他們的房車。

Okay. Got it. And then the Canadian tariffs kind of went into effect more than a year ago. So we should be starting to lap some of the comps on the boycotts. Are you seeing any evidence that those Canadian customers might be coming back or any other color that you can give around that?

好的，了解。接著，加拿大關稅大概在一年多前就開始生效了，所以我們應該開始進入抵銷（lap）那些抵制行為的比較基期。你們有看到任何跡象顯示加拿大客戶可能回流嗎？或是你能提供任何相關補充說明？

Yes. The we're just out of the summer season and the impact of the Canadians rolled through those results. I think it's early to call what we're going to see for the summer season. And certainly, we're in some unpredictable times. But we'll provide updates as we start to get greater visibility into the next couple of quarters.

是的。我們剛結束夏季旺季，加拿大客群的影響也已反映在那些結果中。我認為現在要判斷今年夏季旺季會看到什麼還太早，而且我們確實處在一些不可預測的時期。不過，隨著我們對未來一到兩季的能見度提高，我們會提供更新。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

Maybe just a follow-up on the seasonal and transient seems like the first quarter number was in line with the initial guidance. You're kind of guiding to second quarter of down 9%, but then it kind of -- it implied that the back half is up about 3%. So I was just wondering how you're thinking about that 3% growth in seasonal and transient in the back half? And if that split is that more fourth quarter weighted than third quarter?

我想追問一下季節性與短期住客（transient）的部分：第一季的數字看起來符合最初的指引。你們對第二季的指引是下滑9%，但這似乎意味著下半年約成長3%。所以我想了解你們如何看待下半年季節性與短期住客約3%的成長？以及這個拆分是否更偏向第四季而非第三季？

And then are you expecting in the guidance, are you baking in kind of an acceleration in the fourth quarter as you lap some of that disruption from the Canadian customer.

另外，在指引中，你們是否已把第四季的加速成長納入考量，因為屆時會抵銷（lap）加拿大客戶帶來的部分干擾？

Sure. Broadly, Michael, as you said, the base rental income growth rate, it does reflect a 50 basis point decline to prior guidance, half of that, as we talked about as the marina. The remainder is heavily weighted to our seasonal expectation for the second quarter. That's mainly in April.

當然。Michael，整體而言如你所說，基礎租金收入成長率確實反映了相較先前指引下修50個基點；其中一半如我們所談，是來自碼頭（marina）。其餘部分則高度集中在我們對第二季季節性業務的預期，主要是在4月。

Just to provide that color. And then as we think about the remainder of the year, as I said during my opening remarks, we've left the assumptions for third and fourth quarters in place as they were budgeted as we don't have great visibility into that activity.

補充一些背景。至於今年剩餘時間，如我在開場談到的，我們把第三季與第四季的假設維持在原先預算所設定的水準，因為我們對那段期間的活動沒有很高的能見度。

So as they were originally budgeted, was that does that bake in an assumption that you'd get back some of the Canadian customers that didn't come in fourth quarter.

所以，原先預算的假設是否包含：第四季會回補一些原本沒有來的加拿大客戶？

We have an assumption in the fourth quarter of a recovery of some of that. I wouldn't qualify it to Canadian customers. I think that, as we've talked, the impact on the seasonal business, provides an opportunity for us to backfill occupancy from customers, whether they're Canadian or domestic customers.

我們在第四季確實有假設會有部分回復。我不會把它限定為加拿大客戶。我認為如我們所談，季節性業務所受到的影響，讓我們有機會用其他客戶來補足入住率，不論是加拿大或美國本土客戶。

Got it. And then just as my follow-up question, on the home sale volumes on price, it looks like new sale volumes were down and the rate and the price per home was down and then similarly on the used homes. I think they were also -- at least the price was down. So presumably that's a mix shift, but can you provide a little bit more color in what's going on in the home film.

了解。接著我的追問是關於房屋銷售量與價格：看起來新屋銷售量下滑，且每戶的費率與價格也下滑；二手屋也類似，我想至少價格是下滑的。所以推測是產品組合（mix shift）所致，但你能否多提供一些背景，說明房屋端到底發生了什麼？

Yes, sure. I mean we continue to see steady demand. The beginning of the quarter was -- it was impacted by weather, it was winter and that even bled down through many of the Southeast markets. And as we work our way through the quarter, we saw steady demand and feel good about the demand profile. Just with respect to the new and used sales the one, I wouldn't read too much into in any particular quarter, the home sale price because to your point, it has a lot to do with mix.

好的，當然。我們仍持續看到穩健的需求。這一季初期受到天氣影響——當時是冬季，甚至影響到許多美國東南部市場。隨著季度推進，我們看到需求保持穩定，對需求輪廓感到樂觀。至於新屋與二手屋銷售，我不會對任何單一季度的房屋售價做過度解讀，因為如你所說，這很大程度取決於組合。

I mean, directionally, the price per on the new was up and the price per on the used was down. But all of that is with the backdrop of -- we feel like we have steady demand in the MH portfolio.

方向上來看，新屋的每戶價格上升，而二手屋的每戶價格下降。但在這一切的背景之下——我們認為MH（活動屋）組合的需求仍然穩定。

Wesley Golladay, Baird.

Wesley Golladay，Baird。

Can you unpack the seasonal and domestic transient guests for the first quarter? Was that positive growth ex Canadian?

你能拆解一下第一季的季節性與美國本土短期住客嗎？如果排除加拿大，是否仍是正成長？

Yes, it was primarily overall, it was growth. It did included the Canadian customer in the revenue, of course, but just to be clear, the marginal improvement was from customers that we saw booking seasonal stays during.

是的，整體而言主要是成長。當然收入中包含加拿大客戶，但要說清楚的是，邊際改善主要來自我們看到客戶在期間內預訂季節性住宿。

I guess the -- I mean, if you were -- could you unpack the domestic traveler? Was that positive? Is that customer segment bottomed? And do you have a positive outlook for that segment going forward.

我的意思是——如果可以的話，你能拆解一下美國本土旅客嗎？那部分是正成長嗎？那個客群是否已觸底？以及你對該客群未來的展望是否偏正面？

The domestic seasonal customer is what (inaudible) sorry, sorry.

美國本土的季節性客戶是（聽不清）抱歉，抱歉。

Domestic seasonal and transit segment. So I'm trying to figure out how much of that was weighed down or the outlook this year is maybe Canadian negative, but U.S. domestic and transit gas positive? Just trying to unpack if that is if that segment is bottoming out at the moment.

美國本土的季節性與短期住客（transient）客群。我想釐清其中有多少是被加拿大因素拖累，或是今年的展望可能是加拿大負面，但美國本土短期住客受油價影響反而正面？只是想拆解一下，看看這個客群目前是否正在觸底。

Well, I guess. I'll say two things. One, as we -- as Patrick mentioned, we've ended our winter season and we're heading into our northern season. So that's a very different customer and different potential there. And maybe with respect to the seasonal as we just think about the future, the coming winter season next year, maybe it'd be helpful to walk through some historical context on the reservation patterns for the winter season revenue.

我想我會說兩點。第一，如Patrick提到的，我們已結束冬季旺季，正進入北方旺季。所以那是非常不同的客群，也有不同的潛力。第二，關於季節性業務的未來、也就是明年即將到來的冬季旺季，或許回顧一些冬季旺季收入的訂位模式歷史背景會有幫助。

I mean in the past, we would end our winter season with approximately 50% of the anticipated future winter season revenues booked those advanced reservations allowed customers to reserve the site that they wanted at the property and didn't carry penalties for cancellation. Then following a fair amount of booking and cancellation activity after the first quarter and into the summer months. By the end of any winter season, roughly a third of the revenue that was generated during the winter season came from those advanced bookings.

過去，我們在結束冬季旺季時，通常已預訂了約50%的下一個冬季旺季預期收入；這些提前預訂讓客戶能在物業中保留他們想要的營位，而且取消不會有罰則。接著在第一季之後到夏季期間，會出現相當程度的訂位與取消活動。到任何一個冬季旺季結束時，冬季旺季期間所產生的收入中，大約有三分之一來自這些提前預訂。

So start the season with 50% of the revenue booked to end with about 1/3 after all the cancellations -- and so as we think about it now, there's been a meaningful disruption to the seasonal business, we think that we've talked about as a result of the domestic and the Canadian relations, and so we look at it in terms of engagement. And as we sit here right now, 50% of the in-place guests have reserved space for next year, and that compares to 47% of the in-place guests last year.

也就是說，旺季開始時有50%的收入已被預訂，但在所有取消之後，最後大約剩下三分之一——因此我們現在的看法是：季節性業務確實出現了顯著干擾，我們認為如先前所談，這是美國本土與加拿大關係所致，所以我們用「互動／參與度（engagement）」的角度來看。而就目前而言，現有住客中有50%已為明年預留了空位；相較之下，去年現有住客的比例是47%。

And then one more, I guess, bigger picture question. With the rise of artificial intelligence and the way people are searching for product these days, are you noticing any change in the way you source your residents or a seasonal and transient guys?

最後一個比較宏觀的問題：隨著人工智慧興起，以及人們現在搜尋產品的方式改變，你們是否注意到在獲取住戶或季節性與短期住客來源的方式上有任何變化？

Certainly, our marketing department is very focused on using artificial intelligence inside of our search options, understanding and appreciating customers are searching for our offerings. It is no longer kind of a simple camp grounds in Maine.

當然，我們的行銷部門非常專注於在搜尋選項中運用人工智慧，去理解並掌握客戶如何搜尋我們的產品。現在已不再只是簡單地搜尋「緬因州的露營地」這樣的關鍵字。

It's a much more robust search and we're focused on making certain that once that search is put in place and once the person indicates what exactly they're looking for, we are able to have our communities and our resorts come up at the top of the list. And a lot of that is a function of our websites have been around for a really long time, and they have a really high number of reviews, which is very helpful for that algorithm.

搜尋變得更全面、更複雜；我們專注於確保一旦完成搜尋設定、且使用者表明他們到底在找什麼時，我們的社區與度假村能出現在清單最前面。其中很大一部分取決於：我們的網站存在已久，且累積了非常多評論，這對演算法非常有幫助。

Jason Wayne, Barclays.

Jason Wayne，巴克萊（Barclays）。

Just on the RV and Marina. Looking at the RV and Marina. annual guidance cut, so that was driven primarily by transient and marinas. So can you just give any color on how rent growth and occupancy trended in RV annual specifically in the first quarter and what your assumptions are for the rest of the year, RV annual, specifically.

關於房車（RV）與碼頭（Marina）：從房車與碼頭來看，全年指引下修主要是由短期住客與碼頭所驅動。你能否補充一下，第一季在RV年租（RV annual）方面，租金成長與入住率的走勢如何？以及你們對今年剩餘時間、特別是RV年租的假設是什麼？

The RV annual, when we reported in October, we provided our guide for rate growth that was 5.1%, and that's been consistent. And we anticipate that to be consistent for 2026. We're seeing no change from that. And in terms of occupancy, we had roughly 100 sites that we were down in the first quarter, and we anticipate, as Patrick was talking recovery of those sites and addition of annual sites throughout the year.

RV 年租方面，我們在 10 月報告時提供的租金成長指引為 5.1%，而且一直維持一致。我們預期 2026 年也會維持一致，目前看不到任何變化。至於入住率，第一季我們大約少了 100 個營位；我們預期如 Patrick 所提到的，會在全年逐步把這些營位恢復，並在全年增加年租營位。

it. And then it looks like there were some other sites added this quarter. Just curious where those new sites were added, if that was all in kind of the markets you mentioned earlier. And if there's any that are expected to come online this year in those markets and maybe outside the.

了解。然後看起來本季似乎又新增了一些營位。想請教這些新營位是加在哪裡？是否都在你先前提到的那些市場？另外，今年在那些市場（以及可能在其他市場）是否還有預計會上線的營位？

We didn't add sites in the quarter. We did have some shifting in our reporting. So a couple of things in terms of just the presentation of sites in our earnings release, if that's what you're referring to provide greater visibility and clarity on the composition of sites in our JV portfolio. We reported those a bit differently and showed those in the categories with footnote disclosure that they relate to the JVs.

我們本季沒有新增營位。我們確實在揭露方式上做了一些調整。就我們財報新聞稿中營位呈現方式而言（如果你指的是這個），為了讓合資（JV）投資組合中的營位組成更清楚、更具可視性，我們以稍微不同的方式報告，並在分類中呈現，同時以註腳揭露其與合資案相關。

And then we also annually at the end of the first quarter, we true up our seasonal site count for the number of seasonal customers that we had during the winter season. So that adjustment was made. And with that adjustment, the transient site count was offset or adjusted accordingly.

另外，我們每年在第一季末會根據冬季期間的季節性客戶數，對季節性營位數進行校正（true up）。因此做了該項調整；在此調整下，短期（transient）營位數也相應被抵銷或調整。

David Segall, Green Street.

David Segall，Green Street。

Just a follow up on the site count changes. What do you think are the prospects for reclassifying those sites that were converted from or classified from seasonal transient back to seasonal later this year? Or is that more of a 2027 event?

就營位數變動再追問一下。你們認為今年稍晚把那些從季節性短期（seasonal transient）轉換／歸類的營位，再重新分類回季節性（seasonal）的可能性如何？還是這比較可能是 2027 年才會發生的事？

Yes. Our practice is to update that at the end of the first quarter based on what we saw during the winter season. So we would anticipate doing that a year from now.

是的。我們的作法是在第一季末，依據冬季期間的實際情況來更新。因此我們預期會在一年後再做一次更新。

Great. And I appreciate the color on local home prices that you gave earlier in the call. I'm curious what your thoughts are on the impact of stagnating or lowering prices and the local for sale market would be on the MH values and the ability to increase rents and just kind of implicitly what do you expect the spread between stick built homes in your markets to MH home values to remain stable? Or do you think it would narrow

很好。也謝謝你先前在電話會議中提供的當地房價資訊。我想了解你對於當地待售市場房價停滯或下滑，對 MH（活動屋／製造屋）價值、以及提高租金能力的影響看法；另外，隱含地說，你預期你們市場中傳統自建（stick-built）住宅與 MH 房屋價值之間的價差會維持穩定嗎？還是你認為會縮小？

Yes. Let me -- I guess, first, I'd put in the context the value proposition that I addressed in my prepared remarks is very attractive and is a wide band to the next mark on single family. So we have a strong value proposition even if there was some moderation in single-family home pricing, and we've seen that historically that we've had consistent occupancy and consistent home sales, even in up cycles and more moderate cycles.

是的。讓我——我想先放在脈絡中說明：我在事先準備的發言中提到的價值主張非常有吸引力，而且相較於下一個單戶住宅價格帶，仍有很寬的差距。因此，即使單戶住宅價格有所降溫，我們的價值主張依然強勁；而且從歷史來看，不論景氣上行或較溫和的循環，我們的入住率與房屋銷售都維持一致。

So I think that's our reasonable expectation as we look forward to 2026. And I'd also highlight that those key markets that I highlighted have a very consistent demand profile, including in single family in the mid-tier across each one of those submarkets.

所以我認為，這是我們展望 2026 年時合理的預期。我也要強調，我先前提到的那些核心市場，在各個子市場中（包含中階單戶住宅）都有非常穩定的需求結構。

Peter Abramowitz, Deutsche Bank.

Peter Abramowitz，德意志銀行。

Yes. Just wondering, could you give us kind of a refresher on general demographics of your transient customer base I think age average income levels would be helpful. And I know you talked about the impact of oil prices on decisions around train and travel. But just generally, kind of what are the democrats of that customer base? And then also maybe some of the broader macro factors like job growth, anything we should be watching for thinking about as it relates to results through the rest of the year?

是的。我想請你們幫忙回顧一下短期（transient）客群的一般人口統計特徵；我覺得平均年齡、收入水準會很有幫助。我知道你們談到油價對出行與旅遊決策的影響。但更廣泛地說，這個客群的人口結構是什麼？另外，也想請教一些更宏觀的因素，例如就業成長等——在思考今年剩餘時間的營運結果時，我們應該關注哪些指標？

I guess, the demographics of our transient customer really varies by region. So in the northern part of the country, the Northeast and the Midwest is really family camping. So you're talking about a couple. 40-, 50-year-old couple with a couple of children, and they come out on a weekend basis, and they're generally employed full-time workers and just have the time when they have time off from their jobs to be able to camp and then very differently in the South and Southwest in Florida, Arizona, et cetera.

我想我們的短期客群人口結構其實因地區而異。在美國北部、東北與中西部，主要是家庭露營。也就是一對 40、50 歲左右的夫妻帶著幾個孩子，週末出遊；他們通常是全職受雇者，利用工作休假時間來露營。相較之下，在南部與西南部，例如佛羅里達、亞利桑那等地，情況就很不同。

We have -- our transient camper tends to be a retired couple who tends to go and stay in a few different locations and has just more time on their hands to be able to work their way through our properties and through our system.

我們的短期露營客往往是退休夫妻，他們通常會在幾個不同地點停留，有更多時間可以在我們的物業與整個系統中移動與停留。

Okay. That's helpful. I appreciate that. And then just one more on the scope of the work of the Marinas I think you mentioned it was three properties specifically. Can you share where they are?

好的，這很有幫助，謝謝。再問一個關於碼頭（Marinas）工程範圍的問題：我想你提到是三個物業。可以分享它們位於哪裡嗎？

And then is there any sort of kind of offsetting revenue pickup in 2017? Or is this just work to kind of get the properties back online? And kind of back on the trajectory that you previously expected?

另外，2017 年是否會有某種抵銷性的營收回升？還是這只是為了把物業恢復上線的工程，讓它們回到你們先前預期的成長軌道？

Yes. The properties are all in Florida, three properties are in Florida. And yes, certainly, there is a revenue pickup in 2017. There's upside in 2017 for these assets. because there is a high demand for these slips to be brought online, they'll be filled and then we'll be recognizing that revenue in 2017.

是的。這三個物業都在佛羅里達。是的，2017 年當然會有營收回升。這些資產在 2017 年有上行空間，因為泊位（slips）重新上線的需求很高，上線後會很快被填滿，然後我們會在 2017 年認列相關營收。

Adam Kramer, Morgan Stanley.

Adam Kramer，摩根士丹利。

Just want to ask about capital allocation priorities here. I think, in particular, right, development seems like a really interesting opportunity. Given I think what you talked about for yields historically versus what acquisition yields would be today.

我想問一下資本配置的優先順序。我認為，特別是開發（development）看起來是一個非常有趣的機會，考量你提到的歷史開發報酬率（yields）相較於目前收購報酬率的水準。

So just wondering, again, general capital allocation priorities sort of stack ranking them. And then I think with development in particular, is there an ability or an interest in sort of that beyond, I think, the sort of 700 to 1,000 sites you've talked about on an annual basis?

所以想請教整體資本配置的優先順序，能否大致做個排序？另外，就開發而言，是否有能力或意願把規模擴大到你們先前提到每年約 700 到 1,000 個營位之外？

Yes, sure. So on the development front, over the last three years, we've brought online a little over 2,000 sites, that's been a mix of MH and RV, highly focused on our core markets in the Sunbelt. This year, looks to be in the range of 200 to 400 sites that deceleration is not is not an indication of our desire to continue developing our expansion sites, but it's just the cadence of projects as they're working their way through an approval process and then getting a shovel in the ground. Those yields, we continue to expect to be in the high single digits. Those properties that we're focused on for the upcoming year in Florida, and then we have another one out on the West Coast.

好的，當然。就開發而言，過去三年我們上線了略多於 2,000 個營位，包含 MH 與 RV 的組合，且高度聚焦在陽光帶（Sunbelt）的核心市場。今年看起來大約會在 200 到 400 個營位的區間；這樣的放緩並不代表我們不想持續開發擴建營位，而是專案在審批流程中推進、以及實際動工（getting a shovel in the ground）的節奏所致。我們仍預期這些開發報酬率會在高個位數。明年我們聚焦的物業在佛羅里達，另外在西岸也有一個。

Great. And then maybe switching gears a little bit more of a bigger picture question. Just on the policy side of things. I think the -- so ROAD to Housing Act has a number of elements related to manufactured housing in it. I think the permanent chassis requirement getting removed sort of a big one, but also some financing elements pushed for factory-built housing a number of others.

很好。接著換個角度，問一個更宏觀的問題：在政策面，我想《ROAD to Housing Act》包含多項與製造屋（manufactured housing）相關的內容。我認為其中一個重點是取消永久底盤（permanent chassis）要求，另外也有一些融資面向，推動工廠預製住宅（factory-built housing）等其他條款。

So I was just wondering, again, sort of open any question here. Sort of maybe the company's thoughts just on the act and what it might mean for the industry and the potential read-throughs to DLS specifically?

所以我想請教——算是開放式問題——公司對這項法案的看法是什麼？它可能對產業帶來什麼影響？以及對 DLS（特別是 DLS）可能有哪些可推論的影響？

I mean, overall, I would say that it would be helpful to the industry for the points that you just highlighted, specifically to ELS some variability in manufactured housing setup may provide an opportunity for us. I think there's broader opportunities for the manufacturers.

我的意思是，整體而言，我會說它對產業是有幫助的，正如你剛才強調的那些點。就 ELS 而言，製造屋設置方式的某些彈性可能為我們帶來機會。我認為對製造商也有更廣泛的機會。

We are close to tracking what is the progress on that legislation. And just given the current state of affairs in DC, that bill has stalled for all practical purposes. I think there's still a desire to move it forward, but we'll have to we'll continue to monitor. We can provide updates on future calls as we get some more insight.

我們也有密切追蹤該立法的進展。不過就華府目前的情勢而言，這項法案實際上已經停滯。我認為仍有人希望推動它往前走，但我們會持續監控；未來電話會議若有更多資訊，我們也可以提供更新。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

A lot of questions have been asked and answered. I just wanted to kind of circle back on the MH occupancy point. I guess whether you kind of look at the data on page 9 or the data on page 7, slightly different numbers, but kind of paints the same sort of broad picture, which is the site count has gone up year over year. but the number of occupied sites is actually down when you kind of look at the ending March 31, '26 versus March 31, '25, and I think Patrick mentioned that you guys added about 500 expansion sites maybe over the course of the past year.

很多問題都已經被問過也回答了。我只是想回到 MH 入住率這點。我想不管你看第 9 頁的數據或第 7 頁的數據，雖然數字略有不同，但呈現的整體圖像相同：營位數年增了，但當你比較 2026 年 3 月 31 日期末與 2025 年 3 月 31 日期末時，已入住營位數其實是下降的；而且我想 Patrick 提到你們在過去一年大概新增了 500 個擴建營位。

So maybe just talk about that lease-up process? And are you still doing expansions at the same pace, given that the occupancy has kind of been trailing down? Or how do you sort of think about that development lease-up pace and future builds?

所以能否談談這個出租／入住（lease-up）流程？在入住率有些下滑的情況下，你們是否仍以相同速度進行擴建？或者你們如何看待開發後的去化（lease-up）速度與未來的建置規模？

Yes. Well, just high level on the occupancy front, just a reminder that as we made our way through '24 and '25 the hurricane impact from the '24 season was basically 300 occupied sites. So we're working through building that back. With respect to our expansions. We've completed some very solid recent expansions in particular, in Florida and Arizona.

是的。嗯，就入住率方面先做高層次說明，提醒一下，當我們走過 '24 和 '25 時，'24 年颶風季的影響基本上是 300 個已入住的營位。因此我們正在努力把這部分重建回來。至於我們的擴建案，我們近期已完成一些非常扎實的擴建，特別是在佛羅里達與亞利桑那。

The lease-up rates there, I would expect to be anywhere in the range of 20 to 30 sites potentially as high as 40. And that's really going to depend on macro factors and then what's going on in the individual submarkets. But if you're leasing up in this space somewhere between the neighborhood of 20 and 40 sites on an annual basis. That's a good run rate.

那裡的出租（lease-up）速度，我預期大概會落在每年 20 到 30 個營位的區間，可能高到 40。這真的會取決於總體因素，以及各個次級市場的情況。但如果你在這個領域的出租速度每年大約在 20 到 40 個營位之間，那就是很好的常態水準。

These properties are -- the expansions are part of very solid core properties and solid submarkets. So they'll continue to contribute to occupancy over the next couple of years to reach stabilization. And then as I mentioned a little earlier, we have a desire to continue those types of projects. We have others in the pipeline, and we can talk about those more as we approach 2027 and 2028.

這些物業——這些擴建——都是非常穩健的核心物業與穩健的次級市場的一部分。因此它們在未來幾年會持續對入住率做出貢獻，直到達到穩定。然後如我稍早提到的，我們希望持續推進這類專案。我們還有其他案子在管線中，等我們接近 2027 與 2028 年時，可以再多談一些。

So just as a quick follow-up, Patrick. Is it your expectation that occupancy, given the hurricanes and the expansions, would you expect occupancy, whether it's an average or a spot to be bottoming in '26 and then moving higher in '27 or '28? Or could you envision where occupancy is even down next year as you're kind of working through the pace of that and then it kind of starts to take off in '28?

所以快速追問一下，Patrick。就你的預期而言，考量颶風與擴建，你會預期入住率（不論是平均或期末）在 '26 年觸底，然後在 '27 或 '28 年走高嗎？還是你也可能想像，因為你們正在消化那個節奏，入住率明年甚至還會下滑，然後在 '28 年才開始起飛？

I would expect that we're going to increase occupancy in the MH portfolio on a consistent basis over time. That doesn't mean that we're not going to have an external catalyst that's a disruption to the business model temporarily, but we have a long history of continuing to increase the occupancy. And even backfilling the impacts of the hurricanes that I referenced show a very steady demand profile.

我預期我們會隨時間推進，持續提升 MH 投資組合的入住率。這不代表不會有外部催化因素在短期內對商業模式造成干擾，但我們長期以來一直能持續提高入住率。甚至把我提到的颶風影響補回來的過程，也顯示出非常穩定的需求輪廓。

Eric Wolfe, Citi.

Eric Wolfe，花旗。

Another questions. If I look at your guidance changes, in the supplemental, it adds up to almost $0.02 positive benefit. I was just wondering what's offsetting that?

另一個問題。如果我看你們的指引變動，在補充資料（supplemental）裡加總起來幾乎有每股 $0.02 的正面效益。我想請問是什麼在抵消這個效益？

Sure. Eric, we have maintained full year normalized FFO per share guidance though there are a lot of changes, as you mentioned. You can see the items that increased. The main offset in the updated guidance relates to assumptions for our income from home sales and ancillary operations.

當然。Eric，我們維持全年每股標準化 FFO 的指引不變，儘管如你所說有很多變動。你可以看到增加的項目。更新後指引的主要抵消，與我們對房屋銷售收入以及附屬（ancillary）營運收入的假設有關。

Got it. That's helpful. And then you mentioned some adjustments to April seasonal. Was that just, I guess, the number of customers that typically extend their stays. So you just saw a little bit less extending their stays this year.

了解，這很有幫助。然後你提到對 4 月季節性做了一些調整。那是不是就是，嗯，通常會延長停留的客戶數量？所以你們今年看到延長停留的人稍微少一些。

And do you think that was perhaps due to sort of the greater shift towards domestic customers versus Canadian? Or is there some other factor around that?

你覺得那可能是因為客源更大幅轉向美國國內客戶、而不是加拿大客戶？還是有其他因素？

A lot of what we see, Eric, in April, is really weather-related where people are saying, okay, it's nice enough up north, we can head up north. And No longer need to seek refuge in the cold or in Florida from the cold. So that's kind of what we saw. And you see that same effect in October, where -- some people stay longer, if you have a longer summer in September and October. And if you just saw people returning back north quicker than anticipated.

Eric，我們在 4 月看到的很多情況其實與天氣有關，人們會說，好吧，北方天氣已經夠好了，我們可以回北方了，也不再需要為了躲避寒冷而到佛州或其他地方避寒。這大概就是我們看到的情況。你在 10 月也會看到同樣的效果——如果 9 月和 10 月夏天延長，有些人會待更久。而這次你看到的是，人們回北方的速度比預期更快。

Brad Heffern, RBC.

Brad Heffern，RBC。

Yes. On the RV site count, what is the financial impact of a seasonal site moving to transient? I'm sure, obviously, it could just get booked again is the seasonal next winter. But if it stays a transient sight, is there a meaningful negative financial impact from that?

是的。關於 RV 營位數量，季節性營位轉為短租（transient）的財務影響是什麼？我想當然，它可能在下一個冬季又被季節性訂回去。但如果它維持為短租營位，是否會有顯著的負面財務影響？

I mean it really depends on what -- how that site was performing. I guess just think -- if you just think about the annual conversions to transient our average annual is about $7,000 or $8,000 and your average transient customer is about $81 per night. So it depends how many nights and both the same with the seasonal, how many nights are occupied as to whether or not you have a financial impact to that conversion.

我的意思是，這真的取決於——那個營位原本的表現如何。我想你可以這樣想——如果只看每年轉為短租的情況，我們的平均年化大約是 7,000 或 8,000 美元，而短租客戶平均每晚約 81 美元。所以要看住了多少晚；季節性也是一樣，要看入住了多少晚，才能判斷這個轉換是否會帶來財務影響。

Okay. But the like shift of those, whatever it was 12 1,400 sites, is that meaningful in some way? Or is it really just moving change from one back to the other?

好的。但像那個轉換的規模，不管是 1,200 還是 1,400 個營位，這在某種程度上有意義嗎？還是其實只是從一邊移到另一邊的變動？

Well, I mean, it's already embedded in our guidance because it's simply a reflection of what we experienced during the winter season in terms of the occupancy of those sites.

嗯，我的意思是，它已經反映在我們的指引裡了，因為這只是我們在冬季旺季期間就那些營位的入住情況所經歷到的結果。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行。

I had a very strict instructions from Adam to ask one question. It's still hard. So I've had a couple of people ask me to clarify. So I apologize if you guys already answered this or provided it. But the 50 basis point cut to RV and Marina based rental income, was that all from the slips.

Adam 非常嚴格地指示我只能問一個問題。這還是很難。所以有幾個人要我幫忙釐清。我先道歉，如果你們已經回答過或提供過。但 RV 與 Marina 基礎租金收入下修 50 個基點，是否全部都來自泊位（slips）？

And if it wasn't all the slips, how do you break it out between RV and Marina?

如果不是全部來自泊位，那你們如何在 RV 與 Marina 之間拆分？

Well, the -- it's interesting because there's a 50 basis point decline in RV and Marine in total. And there's a 50 basis point decline in RV and Marine annual. So to be clear, the RV and Marina annual 50 basis point decline is attributed to the Marina portfolio. It's not the RV portfolio. It's the Marina portfolio.

嗯——這很有意思，因為 RV 與 Marine 合計下降 50 個基點，而 RV 與 Marine 的年度（annual）也下降 50 個基點。為了說清楚，RV 與 Marina 年度的 50 個基點下滑，是歸因於 Marina 投資組合，不是 RV 投資組合，是 Marina 投資組合。

And I think somebody earlier in the call said they calculated roughly $1.5 million, and that's correct.

而且我想稍早有人在電話會議中說他們估算大約是 150 萬美元，這是正確的。

Okay. All right. And then last, the 300 sites lost in the hurricane, how many of those are back online. Because it seems like it comes up every quarter the occupancy change or fewer lease sites, fewer I should say.

好的。好。然後最後，颶風損失的 300 個營位，有多少已經恢復上線？因為看起來每一季都會提到入住率變動或可出租營位變少——我應該說是變少。

Yes, we're in the process of putting homes on those sites in I put it in the context of this. It's an additional 300 vacant sites in a portfolio of 70,000 sites where we have a run rate practice of purchasing new homes and these occupancy it's not like the 300 go down, then we fill them 1 through 300 and the move on. They're part of the ongoing investment in inventory in those -- in the broader market. Obviously, they were hurricane impacted, so they're in Florida. I don't have the exact number, but we've filled a substantial number with new homes, and we'll continue through that process to reach full occupancy.

是的，我們正在把房屋放到那些營位上。我把它放在這個脈絡下說明：在 70,000 個營位的投資組合中，這相當於額外 300 個空置營位；而我們一向有持續購置新屋並提升入住率的常態作法。並不是說那 300 個先掉下來，然後我們按 1 到 300 逐一填滿再往下走。它們是更廣泛市場中持續投資庫存的一部分。當然，它們受到颶風影響，所以在佛羅里達。我沒有確切數字，但我們已用新屋填補了相當多的營位，並會持續這個流程以達到滿租。

The properties that were impacted by those hurricanes are Pinnacle assets where the demand profile is very solid and I would expect the occupancy to rebuild consistently.

受到那些颶風影響的物業都是頂級（Pinnacle）資產，需求輪廓非常穩健，我預期入住率會持續回升重建。

Okay. And then finally, I think I know the answer, but you do have some portfolios out there for sale internationally. What are your latest thoughts on sticking to your knitting and keeping the type of assets you have? Or is there any yield IRR that would be compelling enough to go international at this point or into new property types or something outside of your core business?

好的。最後，我想我知道答案，但你們確實有一些投資組合在國際市場上出售。你們對於專注本業、維持現有資產類型的最新想法是什麼？或者在這個時間點，有沒有任何殖利率或 IRR 會讓你們覺得值得走向國際，或進入新的物業類型，或做一些核心業務以外的事情？

I think you were right with how you started, which is you know what the answer is going to be. We are focused on growing our business inside the United States, and we will continue to do that.

我想你一開始的說法是對的，也就是你知道答案會是什麼。我們專注於在美國境內成長我們的業務，而且我們會持續這麼做。

And in terms of new property types?

那在新的物業類型方面呢？

Well, certainly, more MH, more RBS to new property types, nothing that we're looking at right now.

嗯，當然，更多 MH、更多 RBS。至於新的物業類型，目前沒有我們正在看的。

Thank you. Since we have no further questions on the line, I'd like to turn it back over to Marguerite Nader for closing remarks.

謝謝。由於線上沒有進一步的問題，我想把時間交回給 Marguerite Nader 做結語。

Thanks for taking the time today to listen to our call. We look forward to updating you on our second-quarter earnings.

感謝大家今天撥冗收聽我們的電話會議。我們期待在第二季財報時向各位更新。

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。感謝各位參與，現在可以掛線。