Sun Communities Inc (SUI) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen and thank you for standing by. Welcome to the Sun Communities Second Quarter 2023 Earnings Conference Call.

下午好，女士們先生們，感謝你們的支持。歡迎參加 Sun Communities 2023 年第二季度收益電話會議。

At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and from time to time in the company's periodic filings with the SEC.

目前，管理層希望我通知您，本次電話會議中所做的某些陳述並非歷史事實，可能會被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。任何前瞻性陳述中反映的預期均基於合理假設，公司無法保證其預期將會實現。昨天的新聞稿以及該公司不時向美國證券交易委員會提交的定期文件中詳細介紹了可能導致實際結果與預期存在重大差異的因素和風險。

The company undertakes no obligation to advise or update any forward-looking statements due to certain events or circumstances after the date of this release.

公司不承擔因本新聞稿發布之日後的某些事件或情況而提供建議或更新任何前瞻性陳述的義務。

Having said that, I would like to introduce the management with us today. Gary Shiffman, Chairman, President and Chief Executive Officer; and Fernando Castro-Caratini, Chief Financial Officer.

話雖如此，我今天還是想跟大家介紹一下管理層。加里·希夫曼，董事長、總裁兼首席執行官；和首席財務官費爾南多·卡斯特羅-卡拉蒂尼。

After their remarks, there will be an opportunity to ask questions. (Operator Instructions) As a reminder, this call is being recorded. I will now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. Mr. Shiffman, you may begin.

發言結束後，將有機會提問。 （操作員說明）謹此提醒，此通話正在錄音。我現在將把電話轉給董事長、總裁兼首席執行官加里·希夫曼 (Gary Shiffman)。希夫曼先生，您可以開始了。

Good afternoon and thank you for joining our call to discuss second quarter results and our updated 2023 guidance. We are pleased to share Sun's continued strong operating results. Core FFO per share was $1.96 for the quarter, was in line with guidance, supported by a strong 6.3% year-over-year growth in same-property NOI and 3.4% growth in recurring EBITDA. Our properties share the compelling fundamentals of resilient demand and low to shrinking supply, which when combined with the unparalleled customer services our teams deliver, historically generate high durable cash flow streams throughout economic cycles. Same property NOI growth in the quarter exceeded the high end of guidance by 150 basis points and was driven by solid revenue growth and the successful implementation of the ongoing expense management.

下午好，感謝您參加我們的電話會議，討論第二季度業績和我們更新的 2023 年指導。我們很高興與大家分享 Sun 持續強勁的經營業績。本季度核心 FFO 每股為 1.96 美元，符合預期，這得益於同物業 NOI 同比強勁增長 6.3% 和經常性 EBITDA 增長 3.4%。我們的物業具有強勁的需求和低至萎縮的供應的令人信服的基本原理，當與我們團隊提供的無與倫比的客戶服務相結合時，歷史上在整個經濟周期中產生高持久的現金流。本季度同一財產 NOI 增長超過指導上限 150 個基點，這是由穩健的收入增長和持續費用管理的成功實施推動的。

In manufactured housing, same-property NOI grew 5.7% compared to 2022, driven by strong rental rate growth and bolstered by occupancy gains. In RVs, same-property NOI growth of 3.2% reflected our continued focus on converting transient guests into annual residents, which increases our stream of stable revenue and improves operational efficiencies.

在製造住房中，受租金強勁增長和入住率增長的推動，同房產 NOI 較 2022 年增長 5.7%。在房車方面，同物業 NOI 增長 3.2%，反映出我們持續致力於將臨時客人轉變為常住住客，這增加了我們的穩定收入來源並提高了運營效率。

At the end of the quarter, same property adjusted occupancy for our combined MH and RV locations was 98.7%, a year-over-year increase of 170 basis points and reflects the resilience of demand for our properties. Additionally, across our total portfolio, we gained over 1,000 new revenue-producing sites during the quarter, which represents 9.4% growth compared to last year and brings total gains for the year to nearly 1,850 sites.

截至本季度末，我們的 MH 和 RV 地點的相同物業調整後入住率為 98.7%，同比增長 170 個基點，反映了我們物業需求的彈性。此外，在我們的整個投資組合中，本季度我們增加了 1,000 多個新的創收網站，與去年相比增長了 9.4%，使今年的總收益達到近 1,850 個網站。

Same property Marina NOI grew 11.9% compared to the prior year, exceeding our expectations. The outperformance was fueled by robust demand for wet slips and dry storage from boaters who increasingly discover the convenient unmatched locations in premium amenities offered throughout our best-in-class network of marinas.

同一物業 Marina NOI 較上年增長 11.9%，超出我們的預期。船民對濕滑和乾存儲的強勁需求推動了這一優異表現，他們越來越多地發現我們一流的碼頭網絡提供的優質設施中便利的無與倫比的位置。

On a trailing 12-month basis, our same-property portfolio generates 91% of total real property NOI and is a powerful engine for EBITDA and cash flow growth. We intend to remain internally focused on optimizing our embedded portfolio growth. By reinvesting in our properties and providing the highest level of customer service, we present an increased value for the residents, guests and members and help ensure predictable long-term revenue growth.

在過去 12 個月的基礎上，我們的同一房產投資組合產生了房地產 NOI 總額的 91%，是 EBITDA 和現金流增長的強大引擎。我們打算繼續在內部專注於優化我們的嵌入式投資組合增長。通過對我們的物業進行再投資並提供最高水平的客戶服務，我們為居民、客人和會員提供更高的價值，並幫助確保可預測的長期收入增長。

Portfolio optimization includes completing select property expansions and in the case of marinas, dock reconfigurations to enhance property returns and to scale property operations. In the second quarter, we delivered over 100 expansion sites across 3 communities. In May, we published our 2022 ESG report, highlighting our significant achievements, including the expansion of our GHG inventory to cover marinas and the U.K. and the board's commitment to achieving net zero emissions. These and other important initiatives reinforce our dedication to being responsible stewards of all resources towards a shared goal of improving the communities in which we live, work and serve.

投資組合優化包括完成選定的物業擴建，就碼頭而言，還包括碼頭重新配置，以提高物業回報並擴大物業運營規模。第二季度，我們在 3 個社區交付了 100 多個擴展站點。 5 月，我們發布了 2022 年 ESG 報告，強調了我們的重大成就，包括將溫室氣體清單擴大到涵蓋碼頭和英國，以及董事會對實現淨零排放的承諾。這些和其他重要舉措強化了我們作為所有資源的負責任管理者的奉獻精神，以實現改善我們生活、工作和服務的社區的共同目標。

I would like to thank all Sun team members who have been instrumental in our accomplishments in the first half of the year. As we progress through the second half of 2023, I look forward to realizing even greater achievements that will further enhance Sun's platform through the value we deliver to all of our stakeholders.

我要感謝所有 Sun 團隊成員，他們為我們上半年的成就做出了貢獻。隨著 2023 年下半年的進展，我期待取得更大的成就，通過我們為所有利益相關者提供的價值，進一步增強 Sun 的平台。

I'll now turn the call over to Fernando to discuss our results in more detail. Fernando?

我現在將把電話轉給費爾南多，更詳細地討論我們的結果。費爾南多？

Thank you, Gary. During the second quarter, core FFO of $1.96 per share was in line with guidance. Real property revenue growth as well as efficiencies in property and corporate level expenses drove the quarter's performance, partially offset by higher interest expense. Our same-property results were solid as demand for our properties remains strong. Total same-property NOI grew 6.3% in the quarter as compared to 2022, which outperformed the high end of our guidance by 150 basis points. Total same-property revenues grew 6.2% and exceeded property operating expense growth of 6%. The lower expense growth was broad-based with moderate year-over-year growth realized in payroll, utilities, real estate taxes and other expenses. Same-property manufactured housing NOI increased 5.7% during the quarter, exceeding internal expectations.

謝謝你，加里。第二季度，核心 FFO 為每股 1.96 美元，符合指引。房地產收入增長以及房地產和企業層面支出的效率推動了本季度的業績，但部分被較高的利息支出所抵消。由於對我們房產的需求依然強勁，我們的同類房產業績表現強勁。與 2022 年相比，本季度同物業 NOI 總額增長了 6.3%，比我們指導的上限高出 150 個基點。同物業總收入增長 6.2%，超過物業運營支出 6% 的增幅。費用增長的下降是廣泛的，薪資、公用事業、房地產稅和其他費用實現了溫和的同比增長。本季度同屬性製造住房 NOI 增長 5.7%，超出內部預期。

Our performance was driven by strong occupancy gains bolstered by a rental rate increase of 5.7% and lower-than-expected expense growth, especially in payroll investments. In RV, same-property NOI for the quarter increased by 3.2%. We achieved strong 8.6% growth in weighted average annual rents over the prior year and operating expense efficiencies that resulted in modest 4.1% expense growth over the prior year. These partially offset a 6.1% reduction in growth in transient RV revenue. Our RV communities delivered solid results during the July 4 holiday weekend.

我們的業績得益於租金上漲 5.7% 和低於預期的費用增長（尤其是工資投資）推動的入住率強勁增長。在 RV 領域，本季度同物業 NOI 增長了 3.2%。我們的加權平均年租金較上年強勁增長 8.6%，運營費用效率較上年小幅增長 4.1%。這些部分抵消了臨時房車收入增長 6.1% 的下降。我們的房車社區在 7 月 4 日的假期週末取得了可喜的成績。

Same-property RV transient revenue increased by 8.4% compared to 2022 even as we had 5.7% fewer transient sites available. July 4 fell on a Tuesday this year, whereas last year it fell on a Monday. Adjusting for just the Friday to Monday period, same-property RV transient revenue still increased by 2.7%. While we continue to see strong holiday and weekend demand, during mid-week periods, transient RV revenue growth continues to moderate from recent record levels. Strategically, we remain focused on increasing our stable annual property revenues through increased transient to annual site conversions.

與 2022 年相比，即使我們的可用臨時站點減少了 5.7%，同屬性房車臨時收入仍增長了 8.4%。今年7月4日是星期二，而去年是星期一。僅對周五至週一期間進行調整，同屬性房車臨時收入仍增長 2.7%。雖然我們繼續看到強勁的假期和周末需求，但在周中期間，短暫的房車收入增長繼續從最近的創紀錄水平放緩。從戰略上講，我們仍然專注於通過增加臨時站點到年度站點的轉換來增加穩定的年度財產收入。

In addition to increasing the percent of revenues derived from annual residents, conversions result in higher NOI margins over time by decreasing the higher level of variable expenses associated with transient guests. During the second quarter, we converted over 750 transient sites across our total RV portfolio, bringing first half conversions to nearly 1,300 sites. Since the start of 2020, we have converted over 6,000 transient sites to annual and we intend to continue driving transient to annual site conversions to optimize long-term returns.

除了增加來自年度居民的收入百分比之外，隨著時間的推移，轉換還可以通過降低與臨時客人相關的較高水平的可變費用來提高 NOI 利潤率。第二季度，我們在整個 RV 產品組合中轉換了 750 多個臨時站點，上半年轉換數量達到近 1,300 個。自 2020 年初以來，我們已將 6,000 多個臨時站點轉換為年度站點，並且我們打算繼續推動臨時站點向年度站點的轉換，以優化長期回報。

In the second quarter, Marina same-property NOI increased to 11.9%. This outperformance was driven by a 9.2% increase in revenue from stronger demand overall and lower expense growth of 3.4% that significantly surpassed our internal expectations for mid-single-digit expense growth.

第二季度，濱海同業NOI增至11.9%。這一優異表現的推動因素是總體需求強勁，收入增長了 9.2%，費用增長較低，費用增長 3.4%，大大超出了我們對中等個位數費用增長的內部預期。

Lower expense growth was most significant in Marina payroll and benefits, utilities and supply and repair. In terms of home sales, we were in line with our expectations in North America and are on track to achieve our guidance. Continued demand is demonstrated by an average price for new homes of $210,000 and higher margins.

較低的費用增長在碼頭工資和福利、公用事業以及供應和維修方面最為顯著。就房屋銷售而言，我們在北美的表現符合我們的預期，並且有望實現我們的指導。新房平均價格為 210,000 美元，利潤率更高，這證明了持續的需求。

In the U.K., economic headwinds continue to impact vacation home sales. Home sale NOI margins, while 5.7% below prior year margins were in line with our expectations. The approximately 840 homes sold in the second quarter were 8% below our expectations. Inflation in the U.K. has remained higher for longer than anticipated. And in late June, the Bank of England implemented an unexpected 50-basis point increase in its base interest rate.

在英國，經濟逆風繼續影響度假屋銷售。房屋銷售 NOI 利潤率比去年同期低 5.7%，符合我們的預期。第二季度售出約 840 套房屋，比我們的預期低 8%。英國通貨膨脹率持續較高水平的時間比預期的要長。 6月下旬，英國央行出人意料地將基準利率上調了50個基點。

We have seen the time home purchasers take to buy a vacation home continue to lengthen and the margins on those home sales remain under pressure. Our experienced U.K. team continues to successfully navigate this challenging market environment with a focus on optimizing volume and margins while these conditions persist. On the real property side, we are seeing higher retention rates for Park holiday homeowners, which leads to higher average resident tenure approaching 8 years. We remain enthusiastic about the growth opportunity in this segment of the business.

我們看到購房者購買度假屋所需的時間繼續延長，而這些房屋銷售的利潤仍然面臨壓力。我們經驗豐富的英國團隊繼續成功應對這一充滿挑戰的市場環境，重點是在這些情況持續存在的情況下優化銷量和利潤。在房地產方面，我們看到公園度假房主的保留率更高，這導致平均居民保有權更高，接近 8 年。我們仍然對該業務領域的增長機會充滿熱情。

As of June 30, 2023, our $7.6 billion in debt outstanding bore interest at an weighted average rate of 4% and had a weighted average years to maturity of 7.1 years. Our trailing 12-month leverage ratio was 6.2x. Based on our operating cash flow expectations for the remainder of the year and potential capital recycling opportunities, we anticipate deleveraging towards our long-term leverage target.

截至 2023 年 6 月 30 日，我們的 76 億美元未償債務按 4% 的加權平均利率計息，加權平均到期期限為 7.1 年。我們過去 12 個月的槓桿率為 6.2 倍。根據我們對今年剩餘時間的運營現金流預期和潛在的資本回收機會，我們預計將去槓桿化以實現長期槓桿目標。

As detailed in our supplemental, we are revising our full year guidance range for core FFO per share downward by 2.2% to a revised range of $7.09 to $7.23 and establish guidance for the third quarter. Our revised guidance is primarily reflective of lower expected home sales in the U.K. and higher interest expense expected in the second half of the year, predominantly from the flexible variable rate sterling-denominated debt that funded our U.K. business. Since our last guidance update in April, short-term interest rates have increased meaningfully. We are evaluating opportunities to refinance and pay down floating rate debt over the second half of the year.

正如我們的補充材料中所詳述的，我們正在將每股核心 FFO 的全年指導範圍下調 2.2%，至 7.09 美元至 7.23 美元的修訂範圍，並為第三季度製定指導。我們修訂後的指引主要反映了英國預期房屋銷售的下降和預計下半年利息支出的增加，這主要來自為我們的英國業務提供資金的靈活浮動利率英鎊計價債務。自我們四月份上次更新指導以來，短期利率已大幅上升。我們正在評估今年下半年再融資和償還浮動利率債務的機會。

We expect continued strong same property performance and are increasing our total same-property NOI growth for the year to a range of 5.3% to 6.1%. The 20-basis point increase at the midpoint is driven by outperformance in manufactured housing and marinas, moderated by revised expectations for same-property RV. We also expect additional G&A savings over the second half of the year.

我們預計同業表現將持續強勁，並將今年同業 NOI 總增長率提高至 5.3% 至 6.1%。中點上漲 20 個基點是由製造住房和碼頭的優異表現推動的，並受到對同屬性房車的修訂預期的調節。我們還預計下半年會節省更多的一般管理費用。

Our revised same-property NOI growth ranges for the year are 5.2% to 5.8% for manufactured housing, representing a 50-basis point increase at the midpoint, 3.4% to 4.6% for RV, representing a 100-basis point decrease at the midpoint. The largest driver for the decrease is revised growth expectations for transient RV revenue, which is now forecasted to be a 3.9% decline for the full year, 8% to 9% from marina, representing a 110-basis point increase at the midpoint.

我們修訂後的今年相同房產 NOI 增長范圍為，製造住房為 5.2% 至 5.8%，中點增加 50 個基點；房車為 3.4% 至 4.6%，中點減少 100 個基點。下降的最大驅動因素是對臨時房車收入增長預期的修訂，目前預計全年將下降 3.9%，其中來自碼頭的收入下降 8% 至 9%，中間值增長 110 個基點。

For our U.K. operations, we are lowering our full year forecast for home sales NOI and (inaudible) $65.7 million to $75.4 million. The revised range represents a $10.2 million decrease to prior guidance at the midpoint and assumes we sell between 2,800 to 2,900 homes for the full year, an approximate 11% decrease in volume from April expectations. For additional details regarding our updated full year guidance, please see our supplemental disclosures.

對於我們的英國業務，我們將全年房屋銷售 NOI 和（聽不清）6570 萬美元的預測下調至 7540 萬美元。修訂後的範圍比之前的指導值中點減少了 1,020 萬美元，並假設我們全年銷售 2,800 至 2,900 套房屋，銷量比 4 月份的預期減少約 11%。有關我們更新的全年指導的更多詳細信息，請參閱我們的補充披露。

As a reminder, our guidance includes acquisitions and dispositions and capital markets activity through July 26 and the effect of a property disposition under contract that is expected to close during the third quarter. Our guidance does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates.

提醒一下，我們的指導包括截至 7 月 26 日的收購和處置以及資本市場活動，以及預計將在第三季度完成的合同下的財產處置的影響。我們的指導不包括預期收購、處置或資本市場活動的影響，這些影響可能包含在研究分析師的估計中。

This concludes our prepared remarks. We will now open the call up for questions. Operator?

我們準備好的發言到此結束。我們現在將開始提問徵集。操作員？

(Operator Instructions) Our first question comes from the line of Josh Dennerlein with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Josh Dennerlein。

So this is the second time in a row you've taken down U.K. home sale profits and I think the volumes as well. What's to say this is the bottom? And can you kind of walk us through how do you forecast or come up with that guidance range for the home sales and the profit?

因此，這是您連續第二次減少英國房屋銷售利潤，我認為銷量也是如此。怎麼說這就是底部呢？您能否向我們介紹一下您如何預測或提出房屋銷售和利潤的指導範圍？

So Josh, you know to really look at how we're thinking about the fact that we've had to reguide before on the U.K. I'd underscore that the home sales forecast has built really from the bottom up at the community level, taking into account all available sites to sell home loan, which include vacant sites, sites to be delivered from expansion activity and rental home, higher fleet sites that we can convert to be able to sell homes and create an annual fee (inaudible) And this exercise that is completed, let's say, a lot of those (inaudible) sites have built up from the property level. Our revised range really incorporates current market conditions as we understand them.

所以喬希，你知道要真正看看我們如何思考我們之前在英國必須重新指導的事實。我想強調的是，房屋銷售預測實際上是在社區層面自下而上建立的，採取了考慮到所有可用的出售房屋貸款的場地，其中包括空置場地、擴張活動和出租房屋交付的場地、我們可以轉換為能夠出售房屋並產生年費（聽不清）的更高車隊場地以及此練習可以說，這些（聽不清）站點中的很多都是從地產層面建立起來的。我們修訂後的範圍確實融入了我們所理解的當前市場狀況。

It doesn't assume any major decline in inflation or interest rates in U.K. for the remainder of the year. And we think even if we were to see them, the lag between those changes and improvements wouldn't impact results for the balance of this year. Certainly, they move into '24.

它並不假設英國的通脹或利率在今年剩餘時間內不會出現大幅下降。我們認為，即使我們看到它們，這些變化和改進之間的滯後也不會影響今年剩餘時間的結果。當然，他們進入了24年。

So the high end of our range currently indicates what we believe is the most likely of outcomes and the low end of our range really had -- tend to caps that outcome further to what we would consider worst-case scenario. As Fernando mentioned in his remarks, since we met (inaudible), certainly, the conditions since that have changed in the U.K., much slower reduction in CPI, although there has been some modest reduction. But the Bank of England 15-basis point rate increase was unexpected and it does have ramifications on the buyers of our vacation homes. So from the best insight that we can see, we feel that we've done a good job really thinking through what the scenario should be through 2023 and that's how we adjusted guidance and came up with a range.

因此，我們範圍的高端目前表明了我們認為最有可能出現的結果，而我們範圍的低端確實表明了我們所認為的最壞情況的結果。正如費爾南多在講話中提到的，自從我們會面（聽不清）以來，英國的情況當然已經發生了變化，消費者物價指數的下降速度要慢得多，儘管有一些適度的下降。但英格蘭銀行加息 15 個基點是出乎意料的，它確實對我們度假屋的買家產生了影響。因此，從我們所能看到的最佳洞察來看，我們認為我們在認真思考 2023 年之前的情景方面做得很好，這就是我們調整指導並提出一個範圍的方式。

Okay. And then could you walk us through how most people finance or pay for their park holiday homes? And is there a -- do a lot of people use like a second lien on their primary home to pay for it?

好的。那麼您能否向我們介紹一下大多數人如何為公園度假屋融資或付款？是否有很多人使用他們的主要房屋的第二留置權來支付費用？

Sure. So Josh, about 30% of our homeowners are purchasing with financing that would be akin to channel financing here in the U.S. The other 70%, we see it as cash. In some instances, they are, right, using proceeds from refinancing their home, their primary home in order to purchase their vacation home. Certainly rates are -- refinancing rates are higher for primary homes. So that's going into the equation as far as lower volume expected sales.

當然。喬希，大約 30% 的房主通過類似於美國渠道融資的融資方式購房。另外 70%，我們將其視為現金。在某些情況下，他們是正確的，使用他們的房屋（他們的主要房屋）再融資的收益來購買他們的度假屋。當然，主要住房的再融資利率更高。因此，就較低的預期銷量而言，這也算在等式中。

The only thing that I would add that in the U.K., the single-family residential primary home mortgages and the fixed rate for a shorter period of time here in the U.S., 3 to 5 years. So certainly, those potential vacation homebuyers are experiencing a reset to their mortgage rates. And that probably is a factor on why we're seeing a slower conversion to buy homes from our potential customers. The interesting thing I just would add is that these, how these platform really continues to put a strong -- to markets through the changes in Brexit, the location of the units, the worth of the properties, the work from home that's taking place there.

我唯一要補充的是，在英國，單戶住宅主要住房抵押貸款和美國的固定利率期限較短，為 3 至 5 年。因此，可以肯定的是，那些潛在的度假購房者正在經歷抵押貸款利率的重置​​。這可能就是為什麼我們看到潛在客戶購買房屋的轉化速度較慢的一個因素。我想補充的有趣的事情是，這些平台如何通過英國脫歐、單位位置、房產價值、在家工作等方面的變化，繼續對市場產生強大的影響力。

So there's still -- when we talk about the real property activity, still high demand, high tourism, high usage and the high anecdotal interest remains in buying homes but it's definitely influenced by a slower pace of sales because I think they're experiencing financial ramifications in the U.K.

因此，當我們談論房地產活動時，仍然存在高需求、高旅遊業、高使用率以及購買房屋的高興趣，但這肯定受到銷售速度放緩的影響，因為我認為他們正在經歷財務危機在英國的影響

Our next question comes from the line of Brad Heffern with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Brad Heffern。

Sticking with the U.K. home sales. Can you talk about what underlies the guidance for the rest of the year in terms of the ASPs and the margins compared to last year?

堅持英國房屋銷售。您能否談談與去年相比，今年剩餘時間的平均售價和利潤率指引的基礎是什麼？

Sure. So Brad, our 2,800 to 2,900 home sales expectations for the full year have us having a margin of between $24,000 and $25,000 NOI margin. As you see -- as you can see reported for us. So we do have a moderation to margin expected. On a year-to-date basis, we have been achieving about a $26,000 margin.

當然。 Brad，我們對全年 2,800 至 2,900 套房屋銷售的預期使我們的 NOI 利潤在 24,000 美元至 25,000 美元之間。正如你所看到的——正如你所看到的為我們報導的那樣。因此，我們確實預計利潤率會有所放緩。今年迄今，我們已實現約 26,000 美元的利潤。

Okay. Got it. And then how do you think about what needs to happen for that business to recover? Is it just rates need to stabilize or go down? Does the U.K. economy need to improve? And how long do you think about that potentially taking?

好的。知道了。那麼您如何看待該業務需要發生什麼才能恢復？只是利率需要穩定還是下降？英國經濟需要改善嗎？您認為這可能需要多長時間？

Yes. I like to think we had a crystal ball. And if we build on our assumptions, we would have thought earlier we would start to see some improvement but that hasn't taken place. So clearly, when you look through Europe, U.K. has the most challenged economy right now. I think the steps that have been taken by the Bank of England have begun to show some improvement in CPI, which was right around 10% a year ago. As recently as a little while ago, we dropped to [7.9]%. So it still has the ingredients to go. But I think as we see that improvement, we would expect there would be a commensurate rate decreases in conjunction with that over time. So as we look out into 2024, we think that's when we'll begin to see the change in realization that we go back to more normalized sales.

是的。我喜歡認為我們有一個水晶球。如果我們建立在我們的假設之上，我們會早些時候認為我們會開始看到一些改進，但這種情況並沒有發生。很明顯，當你縱觀歐洲時，英國現在是面臨最大挑戰的經濟體。我認為英格蘭銀行採取的措施已經開始顯示CPI有所改善，一年前CPI約為10%。就在不久前，我們還跌至 [7.9]%。所以它還有成分要走。但我認為，當我們看到這種改善時，我們預計隨著時間的推移，利率也會相應下降。因此，當我們展望 2024 年時，我們認為那時我們將開始看到認識上的變化，即我們將回歸更加正常化的銷售。

(Operator Instructions) Our next question comes from the line of Keegan Carl with Wolfe Research.

（操作員說明）我們的下一個問題來自 Wolfe Research 的 Keegan Carl。

(technical difficulty) ...doing so well. Just curious, one, what you're seeing on the Safe Harbor platform. Two, how you're thinking about underwriting the long-term view of the space? And then three, what the marina performance does to your views on long-term capital allocation going forward?

（技術難度）……做得很好。只是好奇，第一，你在安全港平台上看到了什麼。第二，您如何考慮支持該領域的長期觀點？第三，碼頭的表現對您對未來長期資本配置的看法有何影響？

Keegan, the first I would say 5 seconds of your question, 5 to 10 seconds of your question did not come through. Can you repeat, just start over.

Keegan，首先我會說你的問題有 5 秒，但你的問題有 5 到 10 秒沒有得到解決。你能重複一遍嗎，重新開始吧。

Yes. So just focusing on the marina business because obviously, our performance is really impressive, I think people should be focusing on that. So one, given what you're seeing in the Safe Harbor platform, how is that trending versus your initial expectations? How are you thinking about the long-term underwriting of the space because of this? And then what does it mean from a capital allocation standpoint going forward?

是的。因此，只需關注碼頭業務，因為顯然，我們的業績確實令人印象深刻，我認為人們應該關注這一點。那麼，考慮到您在安全港平台中看到的情況，該趨勢與您最初的預期相比如何？因此，您如何考慮該領域的長期承保？那麼從未來資本配置的角度來看，這意味著什麼呢？

I'll start out, Keegan and just suggest that the Safe Harbor outperformance really was driven by strong demand for slip and dry storage rental across the entire waterfronts, small to medium, all the way to the (inaudible). The peak season rate increases were passed through and occupancy remained very strong. We're seeing increased demand for slips across the board. And a lot of it, we really do attribute to the value of the Safe Harbor membership, which includes such things as an unmatched network of locations out there today to travel between, best-in-class facilities and amenities for the members to use and really best-in-class customer service that we talk about.

首先，基根，我只是建議安全港的優異表現實際上是由整個濱水區（從小到中，一直到（聽不清））的滑動和乾燥存儲租賃的強勁需求推動的。旺季房價上漲已經過去，入住率仍然非常強勁。我們看到對單據的需求全面增加。其中很大一部分，我們確實歸因於安全港會員資格的價值，其中包括當今無與倫比的旅行地點網絡、供會員使用的一流設施和便利設施以及我們所說的真正一流的客戶服務。

And then the perks like passing on fuel at basically our cost, we noticed that fuel usage is up 13% year-over-year on a per gallon basis. So some of the impact of (inaudible) which was a decision we made intentionally to sacrifice that margin is really paying reward in the more important slip rental. So we're very, very pleased at how things are performing at Safe Harbor Marinas and we've seen it in performance quarter after quarter.

然後還有一些福利，比如基本上以我們的成本提供燃料，我們注意到每加侖的燃料使用量同比增長了 13%。因此，我們故意犧牲利潤的決定（聽不清）的一些影響實際上是在更重要的滑條租金中獲得回報。因此，我們對安全港碼頭的表現非常非常滿意，我們在每個季度的表現中都看到了這一點。

With regard to our long-term outlook, I think we have shared with you that capital allocation is fairly restricted at the company today. We're very internally focused on using our capital in a very disciplined way within our portfolio as marinas are a great example. We have identified 27 opportunities to reconfigure marina slips. And when we invested reconfiguring the slips, we get about a 10% to 12% return on that investment.

關於我們的長期前景，我想我們已經與大家分享了，目前公司的資本配置相當有限。我們內部非常注重在我們的投資組合中以非常嚴格的方式使用我們的資本，碼頭就是一個很好的例子。我們已經確定了 27 個重新配置碼頭船台的機會。當我們投資重新配置卡位時，我們獲得了大約 10% 到 12% 的投資回報。

Of the 27 opportunities, 7 reconfigurations have taken place. We are under construction right now and about 10 others are in the permitting process and 3 or 4 are still being worked on. So that's where we'll see capital allocation. If we're looking for external growth, it will be restricted to a really accretive opportunity in a situation like a savanna, yard marina, where strategically, it has a lot of benefit to the network effect that we're trying to achieve within the marinas. So I don't know if you have anything to add. Hopefully, that addresses some questions.

在 27 個機會中，發生了 7 個重新配置。我們目前正在建設中，另外大約 10 個正在申請許可，還有 3 或 4 個仍在建設中。這就是我們將看到資本配置的地方。如果我們正在尋找外部增長，它將僅限於在稀樹草原、庭院碼頭等情況下真正增值的機會，從戰略上講，它對我們試圖在內部實現的網絡效應有很多好處。碼頭。所以不知道你還有什麼要補充的嗎？希望這能解決一些問題。

Can I just follow up just because Fernando called out capital recycling is an opportunity. Is it fair to assume you might sell some MH, RV assets and recycle the capital into that the higher cap rate, higher-return marina business? Is that the right way to think about it?

我可以跟進一下嗎，因為費爾南多稱資本回收是一個機會。假設您可能會出售一些 MH、RV 資產並將資本回收到資本化率更高、回報更高的碼頭業務，這是否公平？這是正確的思考方式嗎？

Keegan, I think that as we look at our portfolio and evaluate, there is a bottom tier of assets, always (inaudible) ranking. So we'll look to selectively and strategically look to recycle out of some properties that maybe aren't meeting the long-term growth profile that we're looking for. And today, any immediate use of that capital would likely go towards deleveraging. But certainly, we'll evaluate all opportunities in front of us.

Keegan，我認為當我們審視我們的投資組合併進行評估時，有一個底層資產，總是（聽不清）排名。因此，我們將有選擇性地、戰略性地回收一些可能不符合我們所尋求的長期增長狀況的房產。如今，任何立即使用這些資本都可能用於去槓桿化。但當然，我們會評估擺在我們面前的所有機會。

Our next question comes from the line of Eric Wolfe with Citi.

我們的下一個問題來自花旗銀行的埃里克·沃爾夫 (Eric Wolfe)。

It's actually Nick Joseph here with Eric. Gary, if I think about kind of really over the last 10 years, I think the company has really benefited from a stability of results. And if we go back to kind of the guidance questions earlier, definitely seems like things are a lot more volatile now. Obviously, part of that is probably the recent acquisitions. But at the end of the day, it's missing guidance and calling into question kind of the forward guidance from here.

實際上是尼克·約瑟夫和埃里克在一起。加里，如果我仔細想想過去 10 年的情況，我認為公司確實從穩定的業績中受益。如果我們回到之前的指導性問題，現在的情況肯定會更加不穩定。顯然，部分原因可能是最近的收購。但歸根結底，它缺少指導，並讓人對這裡的前瞻性指導產生疑問。

So as you think about what do you think needs to change from the corporate side to forecast results more accurately? Are these just growing pains, I guess, within U.K. and maybe some of the macro volatility that you cited. And ultimately, we get back to kind of how it was traditionally or is the range of outcomes just a bit broader given the new businesses?

那麼，當您思考時，您認為企業方面需要做出哪些改變才能更準確地預測結果？我想，這些只是英國境內成長的煩惱，也許還有你提到的一些宏觀波動。最終，我們回到傳統的方式，或者考慮到新業務，結果的範圍是否更廣泛？

I'll give you with some thoughts that I have and Fernando certainly can share his thoughts. But we have shared with our stakeholders that complexity is something we're working very hard to reduce, taking all the steps that we possibly can to get back to helping and assisting with the simplification in the modeling forward guidance. There is no doubt the headwinds we're experiencing in the U.K. have caused a lot of challenges with regard to guiding forward. And when we think about things, we use the best tools that we have at the time, whether it be the forward curve, whether it be meaning everything we can with regard to how we look on the economic challenges there. Obviously, we've had to reguide, so that makes things difficult. But all in all, when we think about 91% of the entire contribution from real property is what we're trying to guide to.

我會給你一些我的想法，費爾南多當然可以分享他的想法。但我們已經與利益相關者分享，我們正在努力降低複雜性，並採取一切可能的步驟來幫助和協助簡化建模前瞻指南。毫無疑問，我們在英國遇到的逆風給前進方向帶來了很多挑戰。當我們思考問題時，我們會使用當時擁有的最好工具，無論是遠期曲線，還是它是否意味著我們如何看待那裡的經濟挑戰。顯然，我們必須重新引導，這讓事情變得困難。但總而言之，當我們認為 91% 的貢獻來自於房地產時，我們正在努力引導這一目標。

We have a lot of work to do in the U.K. that we're working on. On the marina side, we've worked very, very hard to be able to put together the same site marina data so that we can measure going forward. And I know that Fernando in the disclosing supplementals has been working to simplify a lot of things and kind of present a lot of benefits that can help the modeling. And I don't know if you have anything you want to add from there. So we are very, very attuned and aware of the complexity that has been created in large part through the acquisitions, both in marinas and the U.K. recently. And as a company that's been around 30-plus years in the public marketplace, we've listened to our stakeholders and we're very, very focused on step-by-step reducing that complexity and making the modeling and the forward guiding as good as possible.

我們在英國還有很多工作要做。在碼頭方面，我們非常非常努力地工作，以便能夠將相同站點的碼頭數據放在一起，以便我們能夠衡量未來的情況。我知道費爾南多在披露的補充材料中一直致力於簡化很多事情，並提供了很多有助於建模的好處。我不知道你是否還有什麼想要補充的。因此，我們非常非常了解並意識到最近在碼頭和英國的收購很大程度上造成了複雜性。作為一家在公共市場已有 30 多年曆史的公司，我們聽取了利益相關者的意見，我們非常非常專注於逐步降低複雜性，並使建模和前瞻指導變得良好盡可能。

Maybe just a follow up on that. What can you do to reduce the complexity kind of in the near, medium and longer term, right? Is it selling the U.K. home sale business? Is it somehow restructuring it? How are you thinking about actually reducing that complexity?

也許只是後續行動。從短期、中期和長期來看，您可以採取哪些措施來降低複雜性，對嗎？是否出售英國房屋銷售業務？它是否以某種方式重組它？您如何考慮實際降低這種複雜性？

Well, certainly, one piece of it is the fact that strategically, we have shared with the market that our long-term goal in the U.K. was to deemphasize contribution from the home sales margins and focus on the very, very stickiness of real property contribution like we do in the U.S. and that was a kind of a 5-year strategic plan. We're slowly making progress out there.

嗯，當然，其中一個事實是，從戰略上講，我們已經與市場分享了我們在英國的長期目標是淡化房屋銷售利潤的貢獻，而專注於房地產貢獻的非常非常粘性就像我們在美國所做的那樣，這是一個五年戰略計劃。我們正在慢慢取得進展。

Ironically, as a percentage, with home sales down that real property side percentage is up but we're working on it over a long period of time. And I think that we've already increased the average stay in the U.K. to around 8 years. We're expanding our licenses to stay in the U.K. properties for -- from 20 years to 30 years. So we expect that in years to continue to grow and look more similar to the 15 years, if you will, in the North America manufactured housing. So deemphasize the margins on home sales and really focus on the real profit contribution and we've taken similar steps in the marina side to accomplish that as well as we convert some of the SRD&E and pick you as a service over to rental income from third parties. All that, I think, as we look out over a period of time, will help to simplify things going forward.

具有諷刺意味的是，從百分比來看，隨著房屋銷售下降，房地產方面的百分比卻上升了，但我們正在長期努力解決這個問題。我認為我們已經將在英國的平均停留時間增加到了 8 年左右。我們正在將英國房產的居留期限從 20 年延長至 30 年。因此，我們預計未來幾年北美製造的住房將繼續增長，並且看起來與 15 年更加相似（如果你願意的話）。因此，不要強調房屋銷售的利潤，而是真正關注實際利潤貢獻，我們在碼頭方面採取了類似的步驟來實現這一目標，我們還轉換了一些 SRD&E，並選擇您作為服務從第三方獲得租金收入派對。我認為，隨著我們一段時間的觀察，所有這些都將有助於簡化未來的事情。

Our next question comes from the line of Anthony Powell with Barclays.

我們的下一個問題來自安東尼·鮑威爾與巴克萊銀行的對話。

So question on, I guess, normalization of various leisure adjacent businesses. It's been a topic of a lot of calls over the past few days. Transient RV and marina, you're still seeing growth in transient RV, I guess, on holidays, not necessarily midweek. And then marinas has been pretty strong. Do you see any risk of normalization impacting these revenues in the next few years as people will turn to maybe more older habits post COVID?

我想，我想問的是各種休閒相關業務的正常化。這幾天來，這是很多電話的話題。臨時房車和碼頭，我想，在假期，而不一定是周中，您仍然會看到臨時房車的增長。然後碼頭就相當強大了。您認為未來幾年，隨著人們在新冠疫情之後可能會轉向更多舊習慣，正常化是否會影響這些收入？

I'd say, Anthony, I think we're overall on the transient RV side, we're seeing that normalization from record years over the last 2 to 3 years, given the bump over the second half of 2020 and into 2021. We are -- we continue to see a lot of demand for our properties. I think you see that with the record number of conversions that we have, having converted over 6,000 sites over the course of the last 3.5 years, which greatly outpaces what we were averaging on a per year basis prior to the pandemic. And so now we're taking that transient guest and they're choosing to stay with us for call it, on average, about a 5-year period of time and on an annual basis, getting a rental -- predictable rental increase from our standpoint.

我想說，安東尼，我認為我們總體上處於短暫的 RV 方面，考慮到 2020 年下半年和 2021 年的增長，我們看到過去 2 到 3 年的創紀錄年份正在正常化。我們繼續看到對我們房產的大量需求。我想您已經看到了，我們的轉化數量創歷史新高，在過去 3.5 年裡轉化了 6,000 多個網站，這大大超過了我們在大流行之前的年平均水平。因此，現在我們正在接待臨時客人，他們選擇與我們住在一起，平均大約 5 年，每年一次，獲得租金 - 可預測的租金增長立場。

On the marina side, we've certainly seen very high demand on the transient side as well in the first half of this year, I would say, right, we're not underwriting double-digit transient growth for that line item. But I'll remind our stakeholders, the percentage of rental income coming from transient.

在碼頭方面，我們在今年上半年當然也看到了臨時方面的非常高的需求，我想說，對，我們不會為該項目承保兩位數的臨時增長。但我會提醒我們的利益相關者，租金收入的百分比來自臨時性。

On the marina side, it is much smaller, it's about 5%, 4% to 5% of total rental income. So we have seen outperformance on that line item but are not underwriting double-digit growth for over the course of the mid to long term.

在碼頭方面，它要小得多，大約佔總租金收入的5%、4%到5%。因此，我們看到該項目的表現出色，但在中長期內不會實現兩位數的增長。

Our next question comes from the line of Jamie Feldman with Wells Fargo.

我們的下一個問題來自富國銀行的傑米·費爾德曼 (Jamie Feldman)。

Great. So appreciate all your commentary on park holiday and (inaudible) But if you think about some of the other areas where you took down guidance, how do you create more visibility on that and simplify that. And then along the same lines, your credit line balance is up above $800 million. Can you talk about plans to either keep it there or refinance that to bring it back down?

偉大的。因此，感謝您對公園假期的所有評論和（聽不清）但是，如果您考慮一下您記下指導的其他一些領域，您如何提高對此的可見性並簡化它。同樣，您的信用額度餘額也將超過 8 億美元。您能談談保留它還是再融資以使其回落的計劃嗎？

Thanks, Jamie. On the -- we modestly brought down expectations on the SRD&E (inaudible) side. That is, as Gary mentioned earlier, we are looking to deemphasize that over time as we, especially on the marina side, we convert the service business over to third parties paying us rent at the property level. So I think we'll continue seeing that over time. And that ultimately will benefit real property NOI and rental income that we receive, not just from our members but then third parties that pay us rent to be at our properties to provide that service.

謝謝，傑米。我們適度降低了對 SRD&E（聽不清）方面的期望。也就是說，正如加里之前提到的，隨著時間的推移，我們希望不再強調這一點，特別是在碼頭方面，我們將服務業務轉移給第三方在物業層面向我們支付租金。所以我認為隨著時間的推移我們會繼續看到這一點。這最終將有利於我們收到的房地產 NOI 和租金收入，不僅來自我們的會員，還來自向我們支付租金以在我們的物業提供該服務的第三方。

As it relates to our line of credit, we have -- we've mentioned over the course of the last couple of months, pursuing various strategic alternatives where -- whether that's capital recycling from operating assets that the immediate use of that capital would be to pay down debt. I think as you look towards the second half and into 2024, there will be a moderation in capital investments as well that will convert more free cash flow towards deleveraging. So we are evaluating transactions in the capital markets as well in order to bring those balances down and delever towards our long term target of being in the [mid-5s].

由於它與我們的信貸額度有關，我們在過去幾個月中已經提到過，正在尋求各種戰略替代方案，無論是從運營資產中回收資本，還是立即使用該資本償還債務。我認為，展望下半年和 2024 年，資本投資也會有所放緩，這會將更多的自由現金流轉化為去槓桿化。因此，我們也在評估資本市場的交易，以降低這些餘額並去槓桿化，以實現我們處於[5年代中期]的長期目標。

Okay. And if I could just ask a follow-up on that. So the interest expense guidance reduction, is that because you used the credit line and didn't expect to or because rates are higher than you thought they would be? And if you did use it more than you expected, what was the reason for that?

好的。如果我可以詢問後續情況。那麼，利息費用指導的減少，是因為您使用了信貸額度而沒有預期，還是因為利率高於您的預期？如果您使用它的次數確實超出了您的預期，那麼原因是什麼？

Sure. On a forecast to forecast basis, I would say primarily would be expectations from the forward curve, where, in general, ending the year rates for both SOFR and SONIA are up on average about 70, 75 basis points from our last forecast in -- at the end of April.

當然。在預測的基礎上，我想說主要是來自遠期曲線的預期，總體而言，SOFR 和 SONIA 的年終利率比我們上次的預測平均上漲了約 70、75 個基點——四月底。

Okay. So it's not balanced. It was really just forecast.

好的。所以這是不平衡的。這確實只是預測。

Yes.

是的。

Our next question comes from the line of Samir Khanal with Evercore ISI.

我們的下一個問題來自 Samir Khanal 與 Evercore ISI 的關係。

Yes. I guess, Gary, just on maybe switching gears a little bit on the MH side. Pricing is still strong on that end. I guess how do you think about rent increases in the next year with inflation moderating here? I mean more of a question kind of into the next 18 months.

是的。我想，加里，也許只是在 MH 方面稍微切換一下。這方面的定價仍然強勁。我猜您如何看待明年隨著通貨膨脹放緩而租金上漲？我的意思是在接下來的 18 個月內更多地提出一個問題。

Yes. It's a great question. Certainly, at overall 98.7% occupancy rates annual, there will be the opportunity to continue to pass through all inflationary pressure. I'd suggest that what we did last October in advance of providing guidance in February with fourth quarter and year-end results, we will again share with the market our forecast on rental rate increases across the board. But our expectation is that we will be able to pass through a solid rental increases throughout the businesses and we'll share those with everybody in October.

是的。這是一個很好的問題。當然，以每年98.7%的總體入住率來看，我們將有機會繼續承受所有通脹壓力。我建議，我們將按照去年 10 月在 2 月份提供第四季度和年終業績指引之前所做的那樣，再次與市場分享我們對全面租金上漲的預測。但我們的期望是，我們將能夠在整個企業中實現穩定的租金增長，我們將在 10 月份與大家分享這些內容。

Our next question comes from the line of John Pawlowski with Green Street.

我們的下一個問題來自約翰·帕洛夫斯基（John Pawlowski）與格林街（Green Street）的對話。

Fernando, I wanted to follow up on the revolving credit facility question. I guess it's been well over a year where you've leaned heavily on the revolver. So why wasn't that properly termed out long ago to more closely align the duration of the debt with your assets and when specifically should we expect you to lock in longer-term financing?

費爾南多，我想跟進循環信貸便利問題。我想你已經嚴重依賴左輪手槍了一年多了。那麼，為什麼很久以前就沒有正確地提出這一術語，以使債務期限與您的資產更加緊密地結合起來，以及我們何時應該期望您鎖定長期融資呢？

John, you'll see us over the course of the next couple of quarters look to extend our maturities, not just what's in our line of credit but what is coming due from a secured debt standpoint. So that's something that we are actively working towards. But as far as bringing balances down, it's really evaluating the multiple strategic alternatives that we have in front of us as far as being able to execute on those transactions and bring balances down. And we've been -- since our initial investment-grade rating in the summer of 2021, we've been very active in the bond market having done about $2.2 billion of long-term debt between 7 and 10 years of tenure. And our most recent transaction was back in January of this year and that would be expected to continue over the course of the next couple of quarters.

約翰，你會看到我們在接下來的幾個季度中尋求延長我們的期限，不僅僅是我們的信用額度，還有從擔保債務的角度來看到期的期限。這就是我們正在積極努力的方向。但就降低餘額而言，它實際上是在評估我們面前的多種戰略選擇，以便能夠執行這些交易並降低餘額。自 2021 年夏季首次獲得投資級評級以來，我們在債券市場上一直非常活躍，在 7 至 10 年的任期內發行了約 22 億美元的長期債務。我們最近的一筆交易是在今年一月份進行的，預計這種情況將在接下來的幾個季度繼續下去。

Okay. And then another question on park holidays. At your Investor Day over there, we toured properties with 4 or 5 of senior leaders from park holidays. Have any senior leaders left -- since left or retired and who's overseeing day-to-day operations from the Sun mothership here in the States?

好的。還有一個關於公園假期的問題。在你們那裡的投資者日，我們與四五位來自公園假期的高級領導參觀了房產。是否有任何高級領導人離開——離開或退休後，誰在美國這裡負責監督太陽母艦的日常運作？

Yes. John, generally, everybody is still there and there's a really well-seasoned team looking to work on pulling every single lever as they have these challenging economic times. So that group of talented people are still there and we're very pleased to being out there.

是的。約翰，總的來說，每個人都還在那裡，並且有一個經驗豐富的團隊希望在當前充滿挑戰的經濟時期努力拉動每一個槓桿。所以這群才華橫溢的人仍然在那裡，我們很高興能夠在那裡。

Our next question comes from the line of John Kim with BMO Capital Markets.

我們的下一個問題來自蒙特利爾銀行資本市場部的約翰·金 (John Kim)。

I had a question on Ingenia. If I'm not mistaken, your development joint venture had a 5-year initial term that would be up for renewal later this year. So I was wondering what your appetite is to keep it going. Or could this be a potential source of funds?

我有一個關於 Ingenia 的問題。如果我沒記錯的話，你們的開發合資企業的初始期限為 5 年，將於今年晚些時候續簽。所以我想知道你有什麼興趣繼續下去。或者這可能是一個潛在的資金來源嗎？

Great question, John. I think the fact is that technically, the Sun (inaudible) really call it, JV, 5-year period of time is up at the end of November. We are always assessing our businesses, if you will, to remind everyone, Sun owns a 10% interest in (inaudible) stock. And we really have had a successful JV, which is performing. We're happy with the partnership, relationship there, although there is no doubt, COVID and the pandemic put kind of a 2-year (inaudible) in the plant. The Sun JV now has 4 developments, 2 are in fill up phase and they're filling up nicely. And the other 2 are just about to break ground.

好問題，約翰。我認為事實是，從技術上講，Sun（聽不清）確實稱之為合資企業，5 年期是在 11 月底結束。如果您願意的話，我們一直在評估我們的業務，以提醒大家，Sun 擁有（聽不清）股票 10% 的權益。我們確實擁有一家成功的合資企業，並且正在發揮作用。我們對那裡的合作夥伴關係感到滿意，儘管毫無疑問，新冠肺炎和大流行病讓工廠停工了兩年（聽不清）。 Sun JV 目前擁有 4 個開發項目，其中 2 個處於填充階段，並且填充情況良好。另外兩個也即將破土動工。

With the JV expiring, we will continue to review how we will think about moving forward. But one of the factors is that as these 4 developments are moving forward, we want to make sure that we have the best opportunity to maximize those results, once they're filled up and stabilize. But we also are reviewing all optionality that relates to the capital recycling and the options that we can do to bring down some of our variable rate debt. So we'll continue to keep you advised as we think through how we're going to focus on the period of time where that does expire.

隨著合資企業的到期，我們將繼續審查我們將如何思考未來的發展。但因素之一是，隨著這 4 個開發項目的不斷推進，我們希望確保在這些成果填滿並穩定後，我們有最好的機會最大化這些成果。但我們也在審查與資本回收相關的所有選擇，以及我們可以採取的減少部分可變利率債務的選擇。因此，我們將繼續向您提供建議，同時我們將考慮如何關注該期限的到期時間。

Okay. And if I could just follow up on U.K. home sales. Just given the third quarter is the most crucial quarter of the year. Out of the number of homes that you had planned to sell for the third quarter, how many have already been sold or are currently in negotiations? And I was wondering how sensitive this is to mortgage rates. There was an article that came on the FT just a couple of hours ago of 3 of the largest U.K. lenders reducing mortgage rates. So I'm wondering if that's been factored in at all.

好的。如果我能跟進英國房屋銷售情況就好了。剛剛考慮到第三季度是一年中最關鍵的季度。在您計劃在第三季度出售的房屋數量中，有多少已經出售或目前正在談判？我想知道這對抵押貸款利率有多敏感。幾個小時前，英國《金融時報》刊登了一篇文章，稱英國三大銀行降低了抵押貸款利率。所以我想知道這是否已被考慮在內。

Yes. I would start to say that as I shared in the comments earlier, we're not sitting here anticipating the benefit of reduced mortgage rates or anything like that. Going forward, that would definitely be a positive but we do think there will be a lag before we see the benefits of things like that.

是的。我首先要說的是，正如我之前在評論中分享的那樣，我們並不是坐在這裡期待降低抵押貸款利率或類似的東西的好處。展望未來，這肯定是積極的，但我們確實認為在我們看到此類事情的好處之前會有一段時間。

So the underwriting that we talked about in the 2,600 to 2,900 unit range for the year, is kind of our downside to our view in the market right now. And I don't know, Fernando, do we have any information on how they sold in the third quarter?

因此，我們討論的今年 2,600 至 2,900 單位範圍內的承保，是我們目前對市場看法的一個下行因素。我不知道，費爾南多，我們有關於他們第三季度銷售情況的任何信息嗎？

John, we'll provide updates on homes sold over the course of the quarter when we meet during investor presentations and any other potential updates. But we are, as you identified, we're heading into busy period as the holidays do pick up in August and we'll be able to report back to the market over the course of the next couple of weeks.

約翰，當我們在投資者演講和任何其他潛在的更新期間見面時，我們將提供本季度銷售房屋的最新信息。但正如您所指出的，隨著八月假期的到來，我們將進入繁忙時期，我們將能夠在接下來的幾週內向市場報告。

Can I just squeeze in 1 more question ?The seasonality has shifted a little bit but you also provided more clarity or more disclosure on the seasonality of UK home sales. Is this a good run rate going forward or roughly (inaudible) sold in each of the second and third quarters?

我可以再問一個問題嗎？季節性發生了一點變化，但您也對英國房屋銷售的季節性提供了更多的清晰度或更多的披露。這是一個良好的運行率，還是第二季度和第三季度的大致（聽不清）銷售情況？

The seasonality shift would say, due primarily to the changes in volume but yes, this would be the best run rate to use from a seasonality standpoint.

季節性變化主要是由於數量的變化，但是，從季節性的角度來看，這將是最佳的運行率。

Our next question comes from the line of Wes Golladay with Baird.

我們的下一個問題來自韋斯·戈拉戴 (Wes Golladay) 和貝爾德 (Baird) 的對話。

I just want to maybe address maybe a few more of the moving parts that you may have in the future. Can you comment on the loan book? Is that mostly fixed rate, rate that you're charging? Or is it floating? And do you expect the size of the book to stay the same over the next few years?

我只是想談談您將來可能擁有的更多移動部件。你能評論一下貸款書嗎？您收取的費率大部分是固定費率嗎？或者說它是浮動的？您預計未來幾年這本書的大小會保持不變嗎？

Wes, our wholly owned loan book, loan portfolio is about $62 million, $62 million today. That is in active repayment as residents make payments on their loans. We do have a joint venture where we are a 40% partner, where we are underwriting run rate, call it, $7 million to $10 million of financing per month as our residents finance their homes in our communities. So that is fixed. Those are fixed rate financings, chattel loan rates have historically been in the 8% to 10% range. Those haven't moved significantly. There's been an uptick but they are, call it, plus/minus at the high end of the range today for customers.

Wes，我們全資擁有的貸款賬簿，貸款組合約為 6200 萬美元，今天為 6200 萬美元。這是居民償還貸款時的主動還款。我們確實有一家合資企業，我們佔股 40%，我們承保運行率，稱之為每月 700 萬至 1000 萬美元的融資，因為我們的居民為他們在社區的住房融資。所以這是固定的。這些是固定利率融資，動產貸款利率歷來在 8% 至 10% 的範圍內。這些沒有顯著變化。雖然有所上升，但對於客戶來說，現在的正負值處於該範圍的高端。

Wes, I would always suggest with a slowdown of capital allocation to development of new sites, the -- which is where most of the chattel loan, the view is that probably a reduction in usage as we go forward.

韋斯，我總是建議放慢對新地點開發的資本分配，這是大部分動產貸款的所在地，我們的觀點是，隨著我們的前進，使用量可能會減少。

Our next question comes from the line of Michael Goldsmith with UBS.

我們的下一個問題來自瑞銀集團的邁克爾·戈德史密斯。

Gary, earlier you were talking about the -- how in the U.K. you're looking for a mix shift away from the NOI generated from the home sales and more from the rents in the second quarter U.K. home sales. The quantity is up 11%, selling price down 11%. But have you been able to pass along greater rents along with the lower selling prices. So maybe you get a little bit more income over the long tail as people pay their regular rents?

加里，早些時候您談到在英國，您如何尋求一種混合轉變，從房屋銷售產生的 NOI 和英國第二季度房屋銷售的租金中產生更多的 NOI。數量增加11%，售價下降11%。但你是否能夠將更高的租金和更低的售價一起轉嫁出去？那麼，當人們支付正常租金時，也許你會在長尾中獲得更多的收入？

Yes, (inaudible) when we talk about the U.K. management team. As I shared with us on one of our update calls recently, they are fully attuned with that strategy and very, very focused on it. And we expect to see the ability to pass on those rental increases. And in fact, it's a little bit accelerated right now as we adjust our home price margins to move volume in this challenging economic time, sell more homes and are able to put it on to the monthly real property fees. So we expect to continue seeing that, as we said, strategically over the next 4, 5 years and would expect us to see accelerated growth on the real property monthly fee side as we reduce operating margins -- well, no our sale margins, sorry.

是的，（聽不清）當我們談論英國管理團隊時。正如我最近在一次更新電話會議上與我們分享的那樣，他們完全適應這一戰略，並且非常非常關注它。我們預計將有能力轉嫁這些租金上漲。事實上，隨著我們調整房價利潤率，以在這個充滿挑戰的經濟時期增加銷量，出售更多房屋，並能夠將其計入每月的房地產費用，它現在有點加速。因此，正如我們所說，我們預計在未來 4、5 年的戰略上將繼續看到這一點，並預計隨著我們降低營業利潤率，我們將看到房地產月費方面的加速增長 - 好吧，沒有我們的銷售利潤率，抱歉。

And as a follow-up, are you able to kind of quantify if the increase in the rents is offsetting the pressure on the home sale? So like are you just getting them back what you're losing in the near term? Are you getting that back over time as part of the consensus in cash flow? Or is it just kind of a more careful balance as you navigate a pressure consumer and then over time you look to navigate it further?

作為後續，您是否能夠量化租金的上漲是否抵消了房屋銷售的壓力？那麼你是否只是讓他們找回你在短期內失去的東西？隨著時間的推移，作為現金流共識的一部分，您是否會收回這一點？或者這只是一種更謹慎的平衡，當你駕馭壓力消費者時，然後隨著時間的推移，你希望進一步駕馭它？

Yes. At this time, I think it's the latter. First of all, it will be too soon to draw and share any conclusions at this time because we're just adjusting to a very challenging economic environment there. But we do believe over a period of time, just as we do in North America, we would sell a home at a very low margin to be able to create a sticky rent in one of our manufacturers (inaudible) communities but with less than 0.5% of homes leasing on an annual basis generally generate uninterrupted rent for 40-, 50-plus-year period of time. And obviously, predictable steady cash flow is what we're looking for because it does tend to get the better multiple and understanding that management and our stakeholders are looking for that over a period of time. We're very, very focused on achieving that and so is the team over there. So we are aligned on that.

是的。目前我認為是後者。首先，現在得出和分享任何結論還為時過早，因為我們剛剛適應那裡非常具有挑戰性的經濟環境。但我們確實相信，在一段時間內，就像我們在北美所做的那樣，我們會以非常低的利潤出售一套房屋，以便能夠在我們的製造商（聽不清）社區之一創造粘性租金，但租金低於 0.5每年租賃的房屋百分比通常會產生 40 至 50 多年不間斷的租金。顯然，我們正在尋找可預測的穩定現金流，因為它確實往往會獲得更好的倍數，並且理解管理層和我們的利益相關者在一段時間內正在尋求這一點。我們非常非常專注於實現這一目標，那裡的團隊也是如此。所以我們在這一點上是一致的。

And our next question comes from the line of Anthony Hau with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Anthony Hau。

Can you guys talk about the trends that you guys are seeing on the holiday rental side in the U.K.? I heard that some of your competitors are lowering the rates. Just curious if you guys are doing the same thing as well.

你們能談談你們在英國度假租賃方面看到的趨勢嗎？我聽說你們的一些競爭對手正在降低費率。只是好奇你們是否也在做同樣的事情。

Anthony, good question. We have seen the competition bringing down rates to capture demand, we're actually seeing more holding rates fairly steady and are capturing market share from the market on that segment. And so that's the outlook. That is the conversations that we're having today.

安東尼，好問題。我們已經看到競爭降低了利率以抓住需求，我們實際上看到更多的持有率相當穩定，並且正在從該細分市場的市場中奪取市場份額。這就是前景。這就是我們今天正在進行的對話。

Got you. And just a separate question. Can you guys go over the current like RV, MH and Holiday Park expansion opportunities and other initiatives such as solar arrays and slip configurations. It'd be great if you can like quantify the size of each opportunity and also like the potential return.

明白你了。只是一個單獨的問題。你們能否回顧一下當前的 RV、MH 和假日公園擴張機會以及其他舉措，例如太陽能電池陣列和滑移配置。如果您能夠量化每個機會的大小並且喜歡潛在的回報，那就太好了。

Anthony, in any of these projects from an expansion or growth potential expansion will typically be that MH, RV, will typically carry returns in low teens of 10% to 13%. Historically, that has been the case. Any solar arrays would vary slightly higher ROIs in the mid-teens, from that standpoint. And then in the U.K., any expansion opportunity carries a slightly higher ROI, call it, in the 20% range, given the payback period when building in, let's call it a home sale and the usage of the rental unit, it pays back much, much faster. We can -- offline, we can go through in detail for any of these buckets, what the capital spend would be. But I think as we mentioned earlier we are looking at each of these investment buckets as we head into 2024 and would expect a deceleration of spend as we focus on converting more free cash flow towards debt repayment but we can review those buckets offline.

安東尼，在任何一個擴張或增長潛力擴張的項目中，MH、RV 通常都會帶來 10% 到 13% 的回報率。從歷史上看，情況確實如此。從這個角度來看，任何太陽能電池陣列的投資回報率都會稍高一些。然後在英國，任何擴張機會都會帶來略高的投資回報率，在 20% 的範圍內，考慮到建設時的投資回收期，讓我們稱之為房屋銷售和租賃單位的使用，它會帶來很多回報， 快多了。我們可以——離線時，我們可以詳細了解這些桶中的任何一個，資本支出是多少。但我認為，正如我們之前提到的，進入 2024 年，我們正在研究每個投資類別，並預計支出會減速，因為我們專注於將更多自由現金流轉化為債務償還，但我們可以離線審查這些投資類別。

And we have reached the end of the question-and-answer session. I'll now turn it back over to management for closing remarks.

我們的問答環節已經結束了。現在我將把它轉回給管理層做總結髮言。

So we appreciate everyone joining us for our second quarter call and we look forward to speaking on the third quarter and also sharing how we're viewing the implementation of rental increases going into 2024. Thank you, operator.

因此，我們感謝大家參加我們的第二季度電話會議，我們期待在第三季度發表講話，並分享我們如何看待 2024 年租金上漲的實施情況。謝謝運營商。

Thank you for your participation in today's conference. This does conclude today's -- the company's remarks. You may now disconnect your line.

感謝您參加今天的會議。該公司今天的言論到此結束。您現在可以斷開線路。