Sun Communities Inc (SUI) 2024 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 2024 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 2024 年第二季財報電話會議。

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 meanings of the Private Securities Litigation Reform Act of 1995.

目前，管理階層希望我通知您，本次電話會議中所做的某些陳述（並非歷史事實）可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

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.

儘管該公司認為任何前瞻性陳述中反映的預期都是基於合理的假設，但該公司不能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 to reflect events or circumstances after the date of this release. Having said that, I'd like to introduce management with us today, Gary Shiffman, Chairman, President, and Chief Executive Officer; Fernando Castro-Caratini, Chief Financial Officer; and Aaron Weiss, Executive Vice President of Corporate Strategy and Business Development.

本公司不承擔提供建議或更新任何前瞻性陳述以反映本新聞稿發布後發生的事件或情況的義務。話雖如此，今天我想向大家介紹一下管理層，加里·希夫曼（Gary Shiffman），董事長、總裁兼首席執行官；費爾南多·卡斯特羅-卡拉蒂尼，財務長；以及企業策略和業務發展執行副總裁 Aaron Weiss。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. Mr. Shiffman, you may begin.

提醒一下，本次會議正在錄製中。現在我將把電話轉給董事長、總裁兼執行長 Gary Shiffman。希夫曼先生，您可以開始了。

Good afternoon and thank you for joining us to discuss our second-quarter results and 2024 guidance.

下午好，感謝您加入我們討論我們的第二季業績和 2024 年指導。

Sun is pleased to report a solid second quarter. Core FFO per share of $1.86 was in line with guidance, driven by same-property NOI growth of 3.6% in North America, and 9.3% of the UK.

Sun 很高興地報告第二季業績強勁。每股核心 FFO 為 1.86 美元，符合指引，原因是北美同物業 NOI 成長 3.6%，英國成長 9.3%。

Manufactured housing, our largest segment, generated same-property NOI growth of 6.4% in the quarter, driven by strong rental rate growth and occupancy gains. We continue to benefit from the strong demand versus supply dynamics embedded in manufactured housing.

在租金率強勁增長和入住率增長的推動下，我們最大的板塊——活動房屋在本季度實現了 6.4% 的同房 NOI 增長。我們持續受益於製造業住宅中強勁的需求與供應動態。

In RV, same-property NOI decreased 4.6%. The decline was driven by weakness in the transient RV segment, but we are seeing continued demand headwinds. Importantly, due to ongoing transient to annual conversion strategy, we have fewer site nights available for transient guests. While we were able to partially offset revenue underperformance by managing expenses, and we're even able to hold transient RV margins flat to budget, cost reductions did not fully mitigate the revenue impact.

在 RV 領域，同屬性 NOI 下降了 4.6%。下降的原因是臨時房車市場的疲軟，但我們看到需求持續面臨阻力。重要的是，由於持續實施臨時轉年度的轉換策略，我們為臨時客人提供的住宿晚數減少了。雖然我們能夠透過管理費用來部分抵消收入表現不佳，甚至能夠將暫時的 RV 利潤率保持在預算水平，但成本削減並沒有完全減輕對收入的影響。

Our strategic focus on transient to annual conversions, increases the contribution of revenue from annual property agreements, improves RV NOI margins over time, and increases occupancy.

我們的策略重點是從瞬時到年度的轉換，增加年度財產協議的收入貢獻，隨著時間的推移提高房車 NOI 利潤率，並提高入住率。

Since 2020, we have now completed approximately 8,000 conversions, increasing the number of annual RV sites by approximately 30%. These RV conversions supported strong occupancy gains with our same-property adjusted occupancy for MH and RV, increased by 150 basis points to 98.7% as of June 30, 2024. Additionally, our revenue-producing sites increased by over 1,200 sites in the quarter compared to a 1,000 site increase in the prior year.

自 2020 年以來，我們現已完成約 8,000 次改造，每年房車站點數量增加約 30%。這些房車轉換支持了入住率的強勁增長，截至 2024 年 6 月 30 日，我們的 MH 和 RV 的同屬性調整後入住率增加了 150 個基點，達到 98.7%。此外，本季我們的創收網站增加了 1,200 多個網站，而上一年增加了 1,000 個網站。

We're very pleased with Marina same-property results as the business achieved 6.1% NOI growth, in line with our guidance. Demand for the Safe Harbor networks unmatched locations, premium amenities and expert services remains strong. While we are seeing superyacht transatlantic movement earlier than originally forecast, arena business fundamentals remain strong and Safe Harbor continues to actively manage its operating expenses.

我們對 Marina 同一物業的業績非常滿意，因為該業務實現了 6.1% 的 NOI 成長，符合我們的指導。對安全港網路無與倫比的地理位置、優質設施和專家服務的需求仍然強勁。雖然我們看到超級遊艇跨大西洋運動早於最初的預測，但競技場業務基本面仍然強勁，安全港繼續積極管理其營運費用。

Strategy in the UK remains focused on increasing real-property NOI and decreasing the contribution from home sales. The six months ended June 30, 2024, real-property NOI in the UK accounted for 55% of total UK NOI up from 42% during the first six months of 2023. On a same-property basis, UK NOI grew 9.3% over the second quarter last year, exceeding the high end of our guidance range. Strong year-over-year revenue growth was in line with our expectations, and the outperformance was driven primarily by lower-than-expected utility expenses.

英國的策略仍然著重於增加不動產NOI並減少房屋銷售的貢獻。截至 2024 年 6 月 30 日的六個月，英國房地產 NOI 佔英國 NOI 總額的 55%，高於 2023 年前六個月的 42%。以同物業計算，英國 NOI 較去年第二季成長 9.3%，超出了我們指導範圍的上限。強勁的年收入成長符合我們的預期，而業績優異主要是由於公用事業費用低於預期。

UK home sales were in line with expectations through May before slowing in the runoff to England's elections and the related concerns regarding fiscal policy. Early third-quarter trends indicates the uncertainty surrounding the elections is dissipating. Buyer interest is increasing, but some headwinds we experienced in June. Overall, for the second quarter, UK home sales FFO was within our expected range.

英國房屋銷售在 5 月與預期相符，之後因英國大選和財政政策相關擔憂而放緩。第三季初的趨勢表明，圍繞選舉的不確定性正在消散。買家的興趣正在增加，但我們在六月遇到了一些阻力。總體而言，第二季度英國房屋銷售 FFO 處於我們的預期範圍內。

In terms of other strategic initiatives, we are very pleased to share since our last earnings call in April, we sold eight properties, bringing total asset sale proceeds year-to-date to over $300 million. We used net proceeds to pay down debt reducing our leverage ratio to 6.0 times on a pro forma basis.

在其他策略性舉措方面，我們非常高興地分享，自 4 月上次財報電話會議以來，我們出售了 8 處房產，使今年迄今的資產銷售總收益超過 3 億美元。我們以所得款項淨額償還債務，以預計將我們的槓桿率降低至 6.0 倍。

We are laser-focused on maximizing Sun's performance by increasing the revenue contribution from annual income, active expense management on strategic asset recycling, and debt reduction. As we continue to convert more RV sites from transient to annual, grow the base of occupied sites at Park Holidays, and reduced leverage, and is positioned to generate long-term attractive FFO per share growth.

我們專注於透過增加年收入的收入貢獻、策略性資產回收的積極費用管理以及債務削減來最大限度地提高Sun 的業績。隨著我們繼續將更多的房車場地從臨時性轉變為年度性，擴大 Park Holidays 的佔用場地基礎，並降低槓桿率，並有望產生長期有吸引力的 FFO 每股成長。

Before handing the call over to Fernando, I'd like to acknowledge and thank each Sun, Safe Harbor, and Park Holidays team member for their hard work, dedication, and continued support in delivering our results. Fernando?

在將電話轉交給費爾南多之前，我要感謝每位 Sun、Safe Harbor 和 Park Holidays 團隊成員的辛勤工作、奉獻精神和對實現我們成果的持續支持。費爾南多？

As Gary mentioned, one of our key priorities is to delever by disposing select nonstrategic assets, remaining disciplined in our nonrecurring CapEx spend, and allocating free cash flow to debt reduction. Subsequent to quarter end, we closed on the sale of seven communities for a combined $263 million.

正如加里所提到的，我們的關鍵優先事項之一是透過處置精選的非戰略資產、保持非經常性資本支出的紀律以及將自由現金流分配給債務削減來去槓桿化。季度末後，我們以總計 2.63 億美元的價格完成了七個社區的出售。

Operationally, these transactions allow us to exit non-core markets and provide operational efficiencies going forward. The communities were encumbered with $79 million of mortgage loans, which were paid off at closing, improving our secured debt to total asset ratio. We used the remaining net proceeds of $171 million to reduce borrowings on our senior credit facility.

在營運上，這些交易使我們能夠退出非核心市場並提高未來的營運效率。這些社區背負著 7,900 萬美元的抵押貸款，這些貸款在交易結束時還清，從而改善了我們的擔保債務與總資產的比率。我們使用剩餘的 1.71 億美元淨收益來減少高級信貸額度的借款。

During the second quarter, we also sold one Park Holidays property for $5.4 million. Adjusting our June 30 results solely for the July dispositions and the associated debt repayment, our pro forma net debt to trailing 12-month EBITDA ratio is approximately 6.0 times and we remain focused on continuing to improve this metric.

第二季度，我們還以 540 萬美元的價格出售了 Park Holidays 的房產。僅針對 7 月處置和相關債務償還調整我們 6 月 30 日的結果，我們的預期淨債務與過去 12 個月 EBITDA 的比率約為 6.0 倍，我們仍然致力於繼續改進這一指標。

Importantly, these properties were sold on an FFO accretive basis with reduced interest expense offsetting loss of income from the assets. For the first half of 2024, our non-recurring property capital expenditures are down approximately 47% year over year. Looking ahead, we are on target with reducing 2024 nonrecurring CapEx spend by approximately 50% from last year's levels.

重要的是，這些財產是在 FFO 增值的基礎上出售的，利息費用的減少抵消了資產收入的損失。2024 年上半年，我們的非經常性房地產資本支出較去年同期下降約 47%。展望未來，我們的目標是在 2024 年將非經常性資本支出比去年的水準減少約 50%。

I'll now walk through our guidance for the remainder of the year. Second-quarter core FFO per share of $1.86 was in line with our guidance range. We are reaffirming prior guidance for full-year core FFO per share of $7.06 to $7.22 and establishing third quarter guidance in the range of $2.46 and $2.56 per share.

現在我將介紹我們今年剩餘時間的指導方針。第二季核心 FFO 每股 1.86 美元符合我們的指導範圍。我們重申全年核心 FFO 每股 7.06 至 7.22 美元的先前指引，並將第三季度指引確定為每股 2.46 至 2.56 美元。

Total real-property NOI is 80 basis points lower for 2024 at the midpoint of guidance, primarily reflecting the recent asset sales, and the resultant loss of income from these properties. Interest expense guidance is $6.5 million lower at the midpoint after paying down debt using the net proceeds generated from the asset sales.

2024 年不動產 NOI 總額在指導中點下降 80 個基點，主要反映了近期的資產銷售以及由此產生的這些房產收入損失。使用資產出售產生的淨收益償還債務後，利息支出指引中位數降低了 650 萬美元。

North America, we are maintaining the prior midpoint of expected same-property NOI growth for the full year at 5.2% and narrowing the range to 4.7% to 5.7% growth over the prior year. Note that 2023 and year-to-date 2024 actual results have been adjusted in same-property NOI for historical and guidance purposes to exclude income from properties disposed of during the year.

北美地區，我們將全年同物業 NOI 成長預期中位數維持在 5.2% 不變，並將成長區間縮小至 4.7% 至 5.7%。請注意，出於歷史和指導目的，2023 年和 2024 年年初至今的實際結果已在同一財產 NOI 中進行了調整，以排除當年處置財產的收入。

MH is performing well, and we forecast continued strength from this segment. A revised same-property NOI growth range for this segment of 6.8% to 7.4% represents a 50 basis points increase at the midpoint of prior guidance. For same-property RV NOI, we are reducing our prior full year guidance to incorporate recent operating trends.

MH 表現良好，我們預計該細分市場將繼續保持強勁勢頭。該細分市場修訂後的同物業 NOI 成長範圍為 6.8% 至 7.4%，較先前指引的中點增加了 50 個基點。對於同屬性房車 NOI，我們正在降低先前的全年指引，以納入最新的營運趨勢。

The second quarter, RV transient revenues decreased 12%, underperforming the 8% decline we expected. Our revised same-property NOI range of negative 0.7% to positive 0.9% is 40 basis points below the midpoint of prior full year guidance. Embedded in our guidance for same-property RV are approximately 1,700 transient to annual conversions.

第二季度，RV 瞬態營收下降 12%，低於我們預期的 8% 下降幅度。我們修訂後的同地產 NOI 範圍為負 0.7% 至正 0.9%，比先前全年指引的中點低 40 個基點。我們對同屬性房車的指導中包含大約 1,700 次瞬時轉換為年度轉換。

Year-to-date, we have converted approximately 1,100 sites, and are on pace to achieve our full year target. We believe in the long-term attractiveness of the transient RV business, where the five-year site adjusted revenue CAGR is 5.6%, and we are excited about the pipeline of annual conversions that we'll continue to provide in the coming years.

今年迄今為止，我們已經改造了約 1,100 個站點，並正在努力實現全年目標。我們相信臨時房車業務的長期吸引力，其五年場地調整收入複合年增長率為 5.6%，我們對未來幾年將繼續提供的年度轉換管道感到興奮。

Our prior Marina guidance assumes some transatlantic migration by superyachts, thus far, this migration is occurring earlier than expected. Safe Harbor continues to manage favorable expenses to match revenues as demonstrated by second quarter results.

我們先前的碼頭指南假設超級遊艇會進行一些跨大西洋遷移，到目前為止，這種遷移發生得比預期早。正如第二季業績所證明的那樣，安全港繼續管理有利的費用以匹配收入。

We are lowering our same-property NOI growth expectations for the full year by 30 basis points at the midpoint to a new range of 6.2% to 7.2% to reflect current dynamics with that large vessel movement. UK real-property continues to outperform as our strategy on increasing real-property NOI bears fruit.

我們將全年同地產 NOI 成長預期中位數下調 30 個基點至 6.2% 至 7.2% 的新範圍，以反映當前大型船舶移動的動態。隨著我們增加不動產 NOI 的策略取得成果，英國不動產持續跑贏大盤。

We expect this strong performance to continue in the second half of the year and are increasing the midpoint by 250 basis points. Overall, UK home sales have been in line with expectations.

我們預計今年下半年這種強勁表現將持續，並將中點上調 250 個基點。整體而言，英國房屋銷售符合預期。

While July results show positive momentum, we did see some softness in the sales pipeline in June ahead of the election and are lowering the UK home sales FFO contribution by $850,000 at the midpoint, based on current trends and expectations for the remainder of the year.

雖然7 月的結果顯示出積極的勢頭，但我們確實看到了大選前6 月份的銷售管道出現了一些疲軟，並且根據當前趨勢和對今年剩餘時間的預期，將英國房屋銷售FFO 貢獻中位數降低了85 萬美元。

With regards to G&A, reflecting continued focus on corporate expense rationalization, we are decreasing the midpoint by approximately $5 million or 210 basis points, reflecting an expected increase of 2.5% at the midpoint compared to prior guidance of 4.6% growth for the full year. For additional details regarding our updated full year guidance, please see our supplemental disclosures.

至於一般及行政費用，反映了對企業費用合理化的持續關注，我們將中點降低了約500 萬美元或210 個基點，反映出中點的預期增長2.5%，而之前的全年增長指引為4.6 %。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 31 but it 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，我們的指引包括截至 7 月 31 日的收購和處置以及資本市場活動，但不包括預期收購、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?

我們準備好的演講到此結束。我們現在將開始提問徵集。操作員？

(Operator Instructions) Michael Goldsmith, UBS.

（操作員說明）Michael Goldsmith，UBS。

Good aftrenoon. Thanks a lot for taking my questions. [$250 million] of dispositions kind of announced in the quarter, you did another $50 million or so prior to the quarter. So that brings you to $300 million which is kind of in line with your last capital recycling program. So my question here is, are you looking to do more dispositions from here? And if you can provide some information around the cap rates of the properties sold that would be really helpful.

午安.非常感謝您回答我的問題。在本季宣布的 [2.5 億美元] 處置中，您在本季之前又進行了約 5,000 萬美元的處置。這樣，您的資金就達到了 3 億美元，這與您上次的資本回收計劃是一致的。所以我的問題是，您是否希望從這裡進行更多配置？如果您能提供一些有關所售房產上限利率的信息，那將非常有幫助。

Thanks for your question, Michael. It definitely is on plan. As we shared in 2014, we did about $300 million disposition program. So we're right on target there. We do have several other select dispositions in the market right now.

謝謝你的提問，麥可。這絕對是在計劃之中。正如我們在 2014 年分享的那樣，我們執行了約 3 億美元的處置計劃。所以我們的目標是正確的。目前我們在市場上確實有其他幾種精選配置。

We continue discussion over those. And they are the similar type assets where, in this case, the six MH properties that we sold actually remove us from single states where we just had one single MH property or four states, I should say.

我們繼續討論這些問題。它們是類似類型的資產，在這種情況下，我們出售的六處 MH 房產實際上使我們脫離了我們只有一處或四個州的單一州，我應該說。

So real efficiencies there. And as we look at these other properties that we're offering in the market, similar strategy with regard to the fact that they're not strategic locations and they could help to improve operating efficiencies as we go forward. So I'd refer to them as opportunistic, non-strategic asset sales, and we will provide updates at the appropriate time.

所以真正的效率就在那裡。當我們審視我們在市場上提供的其他房產時，我們會採取類似的策略，因為它們不是戰略位置，但隨著我們的發展，它們可以幫助提高營運效率。因此，我將其稱為機會主義、非策略性資產出售，我們將在適當的時候提供更新。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場部。

Yeah. Hey, everybody. Can you give an update on the UK loan collateral and if any of those assets are potentially among the assets that you're looking to monetize in the near term?

是的。嘿，大家。您能否介紹一下英國貸款抵押品的最新情況，以及這些資產中是否有任何資產可能屬於您近期希望貨幣化的資產？

Brad, thank you for the question. No, those assets that were collateral for the UK loan are not part of those potential dispositions. As we detailed during our call and investor conference call in April and investor conferences since then, the Park Holidays team has taken over the operations of those, and we're excited to see them continue to produce.

布拉德，謝謝你的提問。不，那些作為英國貸款抵押品的資產不屬於這些潛在處置的一部分。正如我們在四月的電話會議和投資者電話會議以及此後的投資者會議上詳細介紹的那樣，Park Holidays 團隊已經接管了這些項目的運營，我們很高興看到他們繼續生產。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

Hey. Good afternoon, everybody. Gary, maybe you can elaborate on this Marina business being down 30 basis points. You kind of mentioned there's large vessel movements. Maybe talk around that a little bit. And I guess, what gives you the confidence to say that a 30 basis point cut is enough at this time?

嘿。大家下午好。蓋瑞，也許你可以詳細說明碼頭業務下降了 30 個基點。你提到有大型船隻的移動。也許稍微討論一下這個問題。我想，是什麼讓您有信心說此時降息 30 個基點就足夠了？

Thanks, Samir. Well, certainly, as we do at all our businesses, we build from the bottom up. We remain very positive about continued near and long-term FFO growth for our Safe Harbor Marinas business. And in fact, investor demand in the asset class itself has never been greater.

謝謝，薩米爾。當然，正如我們在所有業務中所做的那樣，我們是自下而上建構的。我們對安全港碼頭業務的近期和長期 FFO 持續成長仍然非常樂觀。事實上，投資者對該資產類別本身的需求從未如此之大。

So embedded in our revised guidance is this adjustment in Marinas in the second half is, we really see these large superyacht vessels heading towards the Transatlantic and the Med movement, just as Fernando said earlier than forecasted. So we did forecast this but there has been a fair amount of pent-up demand through COVID. These boats have been more stationary.

因此，我們修訂後的指導意見中包含了下半年對碼頭的調整，我們確實看到這些大型超級遊艇正朝著跨大西洋和地中海運動邁進，正如費爾南多早於預測所說的那樣。所以我們確實預測到了這一點，但由於新冠疫情，存在著大量被壓抑的需求。這些船更加靜止。

And I think with all this on the agenda over in the Med, including the Olympics and things like that, there's just been earlier departure. These boats go back and forth across the Atlantic, and we do have the historical numbers to take a look at how things do return.

我認為地中海議程上的所有這些事情，包括奧運會和類似的事情，只是提前出發了。這些船隻在大西洋上往返，我們確實有歷史數據來看看事情是如何返回的。

We have built in the fact that with America's Cup taking place over on the other side of the Med this year, these boats will probably return where we might expect them in August, September. We're more likely to see them come back in late September, early October.

我們已經意識到，隨著今年美洲盃帆船賽在地中海的另一邊舉行，這些船隻可能會在八月、九月返回我們預期的地方。我們更有可能看到他們在九月底十月初回來。

John Pawlowski, Green Street.

約翰‧帕夫洛夫斯基，《格林街》。

Hey, thanks for your tiem. My question is on the UK business. I just want to better understand what's going on in the ground in terms of the meaningful shift in same-store revenue guide, a meaningful decline in expenses. So we started the year, real-property revenue is expected to grow roughly 5%, now it's tracking towards 7% and expenses were expected to grow by 8%, and tracking towards 4%. I just love some on the ground operating color from what's happening in that portfolio?

嘿，謝謝你的配合。我的問題是關於英國業務的。我只是想更好地了解同店收入指南的有意義的轉變以及支出的有意義的下降方面正在發生什麼。因此，今年年初，房地產收入預計將成長約 5%，現在正朝著 7% 的方向發展，支出預計將增加 8%，並朝著 4% 的方向發展。我只是喜歡該組合中發生的事情中的一些實際操作顏色？

John, I'll start out and then Fernando can add some specifics. But looking at the UK operating environment, we are feeling better then we have as inflation is running at 2% and overnight, Bank of England announced cut of rates of about 25 basis points. So these macro trends, if you will, are positive for our consumer and should bode well for our UK operating businesses, which are actually seeing in our real-property performance.

約翰，我先開始，然後費爾南多可以添加一些細節。但看看英國的營運環境，我們感覺比以前好，因為通膨率為 2%，隔夜英國央行宣布降息約 25 個基點。因此，如果你願意的話，這些宏觀趨勢對我們的消費者來說是積極的，對我們的英國營運業務來說應該是個好兆頭，這些業務實際上在我們的房地產業績中看到了。

So big picture, things look positively improving there. We believe our continued focus on increasing real-property contribution over home sales profit is the best strategy in creating stakeholder value. So we remain really focused on increasing occupancy and increasing real-property contribution.

從大局來看，事情看起來正在積極改善。我們相信，我們持續關注增加房地產對房屋銷售利潤的貢獻是創造利害關係人價值的最佳策略。因此，我們仍然真正專注於增加入住率和增加不動產貢獻。

And I turn it over to you, Fernando for --

我把它交給你，費爾南多--

And John, from specifics as it relates to revenue and expenses. I'll remind everyone, right, the same-property pool for the UK. Its total contribution in '23 was about $70 million. So a small dollar amount can have a large change from a percentage basis, but we are seeing the outperformance coming both from the top line and then expense side. On the top line, we're seeing our new owners at higher rates than originally forecasted.

約翰，從與收入和支出相關的細節來看。我提醒大家，對了，英國的同一個產權池。其 23 年的總捐款約為 7,000 萬美元。因此，少量的美元金額可能會從百分比基礎上產生很大的變化，但我們看到的優異表現來自營收和費用方面。在最重要的方面，我們看到我們的新所有者的利率高於最初的預測。

And then from an expense perspective, and this applies to the first half of the year as well as the second, we have seen lower utility and forecast lower utility costs than we'd originally expected. Those are going to be the largest drivers of that continued outperformance, and what has allowed us to take guidance upward as meaningfully as we have over the course of the year.

然後從費用的角度來看，這適用於今年上半年和下半年，我們看到公用事業較低，並預測公用事業成本低於我們最初的預期。這些將成為持續表現優異的最大驅動因素，也使我們能夠像今年一樣有意義地向上指導。

Josh Dennerlein, Bank of America.

喬許‧丹納林，美國銀行。

Hey, guys. Gary, I just wanted to follow up on your comment on the superyacht movement. You said that you expect to -- I think some of the superyachts that started to come back in October after the Americas Cup. It looks like the Americas Cup ends late October. Was that just misspeaking? Or is that when you kind of assume the boats to come back?

嘿，夥計們。加里，我只是想跟進你對超級遊艇運動的評論。你說你希望——我想一些超級遊艇會在十月美洲杯之後開始回歸。看來美洲杯將於十月底結束。難道只是說錯話了？還是你認為船會回來？

Yes, just making -- I was just commenting that they usually come back late August, September. And due to Americas Cup, there'll probably be a month or two delay in them coming back and we took that into account in the approximately $750,000 reduction at the midpoint related to that.

是的，只是製作——我只是評論說他們通常會在八月底、九月回來。由於美洲杯，他們的回歸可能會延遲一兩個月，我們在與此相關的中點削減約 750,000 美元時考慮到了這一點。

Okay. So I guess, current guidance assumes kind of like a November return?

好的。所以我猜，目前的指導假設有點像 11 月的回報？

Yes, correct.

是的，正確。

Okay. just wanted to clarify.

好的。只是想澄清一下。

Eric Wolfe, Citi.

埃里克·沃爾夫，花旗銀行。

Hey. You mentioned that the dispositions were done on an FFO accretive basis. But it looks like you took down your real-property NOI by around $10 million and the interest expense is taken down by about $6.5 million. So I was just curious whether there was something else in that real-property NOI other than just the dispositions?

嘿。您提到這些處置是在 FFO 增值的基礎上完成的。但看起來您的不動產 NOI 減少了約 1000 萬美元，利息支出減少了約 650 萬美元。所以我只是好奇，除了處置之外，不動產 NOI 中是否還有其他內容？

Eric, this is Fernando. Yes, there's there are some shifts as it relates to performance over the course of the second quarter for the rest of the portfolio. We did -- our same-property growth was at 3.6%, slightly below the midpoint of the range, so that does have some shifts as it relates to that and movements in our non-same-property's pool, which would account for any acquisitions that were done last year or any of our development assets that are in the process of stabilization.

艾瑞克，這是費爾南多。是的，存在一些變化，因為這與投資組合其他部分第二季度的業績有關。我們確實做到了——我們的相同物業增長率為 3.6%，略低於該範圍的中點，因此確實存在一些變化，因為它與我們的非相同物業池的變動有關，這將解釋任何收購去年完成的這些或我們正在穩定過程中的任何發展資產。

John Kim, BMO Capital Markets.

約翰金 (John Kim)，BMO 資本市場。

Thank you. Gary, you mentioned the BOE interest rate cuts, I imagine that's going to lead to higher demand for Park Holidays. But I was wondering how you're going to manage home sales from that being a bigger contributor to FFO going forward? We noticed that margins also increased during the quarter on home sales. So how are you going to balance that demand versus home sales not being a big part of earnings going forward?

謝謝。加里，你提到英國央行降息，我想這將導致公園假期的需求增加。但我想知道，作為未來 FFO 的更大貢獻者，你們將如何管理房屋銷售？我們注意到，本季房屋銷售的利潤率也有所增加。那麼，您將如何平衡需求與房屋銷售不再佔未來收入的重要組成部分之間的關係呢？

So I think that I would share with you, John, that we have a great operating team with a strong 10-year history on the portfolio, best-in-class assets there. So we will -- we have put together a forecast that reduces margins and increases of velocity of occupancy. It's in our forecast. So there will be a continued delicate balance. If we were to see we have more room to reduce margin. We will reduce margin, and our goal of creating stickier revenue, if you will, and more valuable revenue on the real-property side.

因此，約翰，我想與您分享的是，我們擁有一支出色的營運團隊，在投資組合方面擁有 10 年的悠久歷史，擁有一流的資產。因此，我們將--我們匯總了一項預測，該預測會降低利潤率並提高入住率。這是我們的預測。因此，將會持續存在微妙的平衡。如果我們看到我們有更大的空間來減少利潤。我們將降低利潤率，我們的目標是創造更黏性的收入（如果你願意的話），並在不動產方面創造更有價值的收入。

And John we'll -- I'll add while we are, right? The business plan is to continue reducing the percentage contribution from home sales. It is -- it feeds getting more owners, and it is leading to that outperformance that we're seeing on the real-property side.

約翰，我們會——我會趁我們還在的時候補充一下，對吧？商業計劃是繼續降低房屋銷售的貢獻百分比。它確實吸引了更多的業主，並導致我們在不動產方面看到的優異表現。

So home sales will continue to be part of the business, just like it is here in the US. It is a larger contributor on a percentage basis than in the US. But we'll continue to manage those sales, manage the margins to accelerate velocity and that ultimately will result in more reliable income on the real-property side.

因此，房屋銷售將繼續成為業務的一部分，就像在美國一樣。從百分比來看，它的貢獻率比美國還要大。但我們將繼續管理這些銷售，管理利潤以加快速度，最終將在不動產方面帶來更可靠的收入。

So you're saying that buyers are willing to take a lower price, but with longer term on the land rental, or maybe the higher rents on land rental?

所以你是說買家願意接受較低的價格，但土地租賃期間較長，或是土地租賃的租金較高？

Not just saying that accelerating, right? Sales ultimately lead to more owners paying rent on the real-property side. So it is our sales funnel as many of the -- many of our guests that vacation with us end up purchasing a holiday home within our properties. So that's -- that is the interplay between the home sales and the real-property or rental income side of the business.

不只是說加速吧？銷售最終導致更多業主支付不動產方面的租金。因此，這是我們的銷售管道，因為許多與我們一起度假的客人最終在我們的房產內購買了度假屋。這就是房屋銷售和企業的不動產或租金收入之間的相互作用。

So the residence, if you will, pay their pitch fee or their rent fee, but they're on annual contracts. So in reducing margin and making these more attractive, we expect to accelerate the velocity of occupancy fill, John.

因此，如果你願意的話，住所會支付他們的推介費或租金，但他們簽訂的是年度合約。因此，為了降低利潤並提高這些產品的吸引力，我們預計會加快入住率填補的速度，約翰。

Keegan Carl, Wolfe Research.

基岡卡爾，沃爾夫研究中心。

Thanks for the time, guys. Just wondering if you could give some more color on your transient RV outlook for the balance of the year? And just more color on how July 4, in particular, it performed?

謝謝你們抽出時間。只是想知道您是否可以對今年剩餘時間的臨時房車前景進行一些更多的描述？尤其是 7 月 4 日的表現如何？

For Fernando, if you have a little bit of pacing information to share and everything like that. I'd just remind everybody that we remain laser-focused on converting transient to annual. Obviously, over long periods of times, the margins are better, the predictability, the forecasting and the budgeting.

對於費爾南多來說，如果你有一些節奏訊息可以分享，諸如此類。我只是想提醒大家，我們仍然專注於將瞬時資料轉換為年度資料。顯然，在很長一段時間內，利潤、可預測性、預測和預算都會更好。

We have about 25,000 transient sites right now with approximately 2,000 a year conversion average. So we expect over the next five years to convert 10,000 or more sites. And we're just very pleased to say that we've had a lot of success in converting, and it's really leading to a sticky revenue as we can forecast annual, much better average tenure stay right around six years.

目前，我們擁有約 25,000 個臨時網站，平均每年轉換率約 2,000 個。因此，我們預計在未來五年內將轉換 10,000 個或更多站點。我們非常高興地說，我們在轉換方面取得了很大成功，這確實帶來了黏性收入，因為我們可以預測每年的平均任期將保持在六年左右。

And I'll let Fernando respond to how the holiday is going.

我會讓費南多回應假期過得如何。

Sure. So Keegan, transient revenue for the full year, is now expected to decline by about 10% for the year, which implies, call it, a decline of about 8.8% for the second half of the year. The 4th of July results and pacing for Labor Day have given us comfort that the revenue decline is more muted in the second half as the results that we saw during the first half, because it's one more transient-focused resorts are at peak occupancy, and these have performed closer to original expectations this year.

當然。因此，Keegan（全年臨時收入）目前預計今年將下降約 10%，這意味著下半年將下降約 8.8%。7 月4 日的結果和勞動節的節奏讓我們感到安慰，下半年的收入下降幅度比我們上半年看到的結果更加溫和，因為這是一個更多以短期為中心的度假村，正處於入住高峰期，而這些今年的表現更接近最初的預期。

For the 4th of July, we were down about 7% on revenue. That's an [alt note], right? We've converted over the trailing 12-month period. We converted around 7% of sites from transient to annual. When you're comparing just the 4th of July day, we were up over 24% for just the 4th of July day. As it relates to Labor Day pacing, we're currently pacing it being down between 4% to 6% on revenue for the weekend.

7 月 4 日，我們的收入下降了約 7%。這是一個[替代說明]，對嗎？我們在過去 12 個月內完成了轉換。我們將大約 7% 的站點從臨時站點轉換為年度站點。當您只比較 7 月 4 日這一天時，我們僅在 7 月 4 日這一天就上漲了 24% 以上。由於與勞動節節奏相關，我們目前預計週末收入將下降 4% 至 6%。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Hey. Thank you. So when we met with your team at NAREIT, there was a lot of talk around bigger picture potential either spinoffs or sales, whether it was a Safe Harbor spin-off or things to do with the UK business. It sounds like now you're on the path of stick with all the core businesses, sell some non-core assets.

嘿。謝謝。因此，當我們在 NAREIT 與你們的團隊會面時，大家就更大的前景潛力進行了很多討論，無論是分拆還是銷售，無論是安全港分拆還是與英國業務有關的事情。聽起來現在你正在堅持所有核心業務，出售一些非核心資產。

Is that the way to think about this kind of a lot was discussed whether at the Board level and you guys are now thinking the plan is, let's enjoy what we've got, maximize NOI margins, and get to our leverage targets through asset sales? Or is there something else that may be coming down the pipe?

這是思考這一問題的方式嗎？或者有其他東西可能會流向管道嗎？

Well, Jamie, I would say that we certainly would share anything of major consequence. We operate all of our business platforms to increase FFO growth, real-property contribution over home sales, as we indicated, both in the UK and in the US, maximize returns and conversions by transient to annual and continue to grow contribution and FFO growth in the Marina segment.

好吧，傑米，我想說我們當然會分享任何具有重大意義的事情。正如我們所指出的，我們經營我們所有的業務平台，以提高 FFO 成長、不動產對房屋銷售的貢獻，在英國和美國，透過暫時性到年度最大化回報和轉換，並繼續成長貢獻和 FFO 成長。碼頭部分。

That being said, we're just laser focused, as I said before, on our strategies that we've shared with you. we believe they will create stakeholder value. That said, we'll continue to evaluate all options. And when I think about how we're looking forward, I'd suggest we're just starting to see the benefit of our strategic plan translate into NOI growth. And I think what we tried to get across.

話雖如此，正如我之前所說，我們只是專注於我們與您分享的策略。我們相信它們將為利害關係人創造價值。也就是說，我們將繼續評估所有選項。當我思考我們的未來時，我建議我們剛開始看到我們的策略計畫的好處轉化為 NOI 成長。我認為我們試圖傳達的是什麼。

When we met last is the fact that without the headwinds of what we've gone into, into '24. The '25 will be a much better year where we can see NOI growth translate into FFO growth. And for now, that's really what we're targeted at. So nothing really new or change that I would suggest recent period of time.

當我們最後一次見面時，我們已經沒有遇到任何逆風，進入了 24 年。25 年將是更好的一年，我們可以看到 NOI 的成長轉化為 FFO 的成長。目前，這確實是我們的目標。所以我建議最近一段時間沒有什麼真正的新的或改變的。

But when you think about potential options, is there anything that would get in the way of your current trajectory for '25 growth?

但是，當您考慮潛在的選擇時，是否有任何因素會妨礙您目前 25 年的成長軌跡？

There is nothing that I say that would change how we're evaluating and working towards '25.

我所說的任何內容都不會改變我們評估和努力實現「25」的方式。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hey. Yes, good afternoon, everyone. Just to stick on Transient RV. Again, it's been very hard for the entire industry to kind of forecast what that's going to look like for all year. And I guess at this point, when you think about that business, what are some of the signs of the green shoots you're looking at to kind of make you feel more confident about it ultimately stabilizing? And when do you think you may actually start to see some of those signs?

嘿。是的，大家下午好。只是為了堅持使用瞬態房車。同樣，整個產業很難預測全年的情況。我想在這一點上，當你考慮這項業務時，你正在尋找哪些萌芽跡象，讓你對它最終穩定下來更有信心？您認為什麼時候您可能會真正開始看到其中一些跡象？

Well, I'll start out, and you can add, Fernando. I think Fernando shared the 5% CAGR growth in the Transient segment over the last five years. And as we think about things, certainly, we've shared a lot about the benefit of converting transient to annual. So that's been very, very favorable as we move forward. The transient sites today, as I said, we're converting about 2,000 a year.

好吧，我先開始，你可以補充，費南多。我認為 Fernando 在過去五年中瞬態細分市場的複合年增長率為 5%。當然，當我們思考問題時，我們已經分享了很多關於將瞬態轉換為年度的好處。因此，這對我們的前進非常非常有利。正如我所說，今天的臨時網站每年轉換約 2,000 個。

So good growth there. And I think that we see RV over a long period of time as a very, very good business, the transient has some cyclicality to it. We're pushing through that right now. We're probably headed for the pre-COVID levels, and we'll continue to control expenses. Manage the variable expenses that we can.

那裡的成長非常好。我認為，從長遠來看，我們將房車視為一項非常非常好的業務，瞬態具有一定的週期性。我們現在正在努力解決這個問題。我們可能會回到新冠疫情之前的水平，我們將繼續控制開支。盡我們所能管理可變開支。

And I think the benefit of really having best-in-class, well-located RV communities and a great operating platform to go forward. The last thing I'd add is that the transient is a great funnel for conversions. So the transient portfolio helps us in the profit margin that we get on the annual side of things and the growth we get on the annual side.

我認為真正擁有一流的、位置優越的房車社區和一個偉大的營運平台是有好處的。我要補充的最後一件事是瞬態是一個很好的轉換漏斗。因此，瞬態投資組合有助於我們獲得年度利潤率和年度成長。

I was just going to reaffirm, our strategy of conversion continues to minimize the impact in the near term of any short-term volatility on the transient side, that business on a site adjusted basis, as I mentioned, has grown at an over 5% CAGR on the revenue side. But that right, we will continue to minimize. Transient revenues four years ago represented about 60% of total revenues in our same-property pool. They're now approaching 40%.

我只是想重申，我們的轉換策略繼續最大限度地減少短期波動對瞬態方面的影響，正如我所提到的，經網站調整後的業務增長了 5% 以上收入方面的複合年增長率。但我們將繼續盡量減少這項權利。四年前，瞬時收入約占我們同一資產池總收入的 60%。他們現在已經接近 40%。

And so our strategy is bearing fruit. We're seeing continued demand for conversions, and then that family is with us on average for a six-year period of time. And we're hard at work to continue to extend that tenure. So it is all part of the strategy to continue minimizing that near-term impact.

因此，我們的策略正在取得成果。我們看到對皈依的持續需求，然後這個家庭平均與我們在一起六年。我們正在努力繼續延長這項任期。因此，繼續最大限度地減少短期影響是策略的一部分。

Mason Guell, Baird.

梅森·奎爾，貝爾德。

Good afternoon, everyone Regarding the line of credit balance, it looks like there's over GBP1 billion online. Are there any plans to pay down the UK borrowings?

大家下午好，關於信用額度餘額，網路上好像有超過10億英鎊。有計劃償還英國借款嗎？

We are consistent with the strategy as it relates to capital recycling, and free cash flow conversion that we would look to continue to pay that down. That is our immediate use of proceeds for any capital recycling opportunities or free cash flow is the paydown of short-term borrowings on our credit facility.

我們與該策略保持一致，因為它涉及資本回收和自由現金流轉換，我們希望繼續為此付出代價。也就是說，我們立即將收益用於任何資本回收機會或自由現金流，以償還我們信貸安排的短期借款。

Thank you. We reach the end of our question-and-answer session. I'd like to turn the floor back over to Gary for any further or closing comments.

謝謝。我們的問答環節即將結束。我想將發言權交還給加里，以徵求進一步的意見或結束意見。

Well, we thank everybody for their participation, and we do look forward to sharing with you third quarter results. Thank you.

好吧，我們感謝大家的參與，我們非常期待與您分享第三季的業績。謝謝。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。