Sun Communities Inc (SUI) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities third quarter 2024 earnings conference call. 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.

下午好，女士們先生們，感謝你們的支持。歡迎參加 Sun Communities 2024 年第三季財報電話會議。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 today'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。今天的新聞稿以及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 would like to introduce management with us today. Gary Shiffman, Chairman and Chief Executive Officer; Fernando Castro-Caratini, Chief Financial Officer; Aaron Weiss, Executive Vice President of Corporate Strategy and Business Development; and John McLaren, President.

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，今天我想跟大家介紹一下管理。加里‧希夫曼，董事長兼執行長；費爾南多·卡斯特羅-卡拉蒂尼，財務長； Aaron Weiss，企業策略與業務發展執行副總裁；和總裁約翰·麥克拉倫。

(Operator Instructions) As a reminder, this call is being recorded. I would now like to turn the call over to Gary Shiffman, Chairman and Chief Executive Officer. Mr. Shiffman, you may begin.

（操作員說明）謹此提醒，此通話正在錄音。我現在想將電話轉給董事長兼執行長 Gary Shiffman。希夫曼先生，您可以開始了。

Good afternoon, and thank you for joining us to discuss our third quarter results, the strategic updates we are announcing and our guidance for 2024. First, I want to emphasize my disappointment in the results we are reporting and our revised outlook for the remainder of the year.

下午好，感謝您與我們一起討論我們的第三季業績、我們宣布的策略更新以及 2024 年的指導。首先，我想強調我對我們報告的結果以及我們今年剩餘時間的修訂前景感到失望。

As I will discuss, we are acting swiftly to address our underperformance. As communicated, we have been focused on executing our strategic initiatives to position Sun Communities to deliver sustained earnings growth over the long term. The business fundamentals of our portfolio remain strong, and we are confident that by continuing to execute on our strategic priorities, the company will be positioned for growth, thereby demonstrating the long-term value of our assets.

正如我將討論的，我們正在迅速採取行動來解決我們表現不佳的問題。正如所傳達的，我們一直專注於執行我們的策略計劃，以使 Sun Communities 實現長期持續的獲利成長。我們投資組合的業務基礎仍然強勁，我們相信，透過繼續執行我們的策略重點，公司將實現成長，從而展示我們資產的長期價值。

These priorities as articulated and executed in 2024 include recycling nonstrategic assets, reducing debt and increasing the contribution from annual income streams. We continue to make progress in each of these areas. In the third quarter, we disposed of eight manufactured housing communities for approximately $300 million, along with two manufactured housing land parcels for $37 million, bringing total proceeds from asset sales to $392 million year-to-date.

2024 年闡明和執行的這些優先事項包括回收非策略資產、減少債務和增加年度收入流的貢獻。我們繼續在這些領域取得進展。第三季度，我們以約 3 億美元的價格出售了 8 個預製住房社區，以及以 3,700 萬美元的價格出售了兩塊預製住房地塊，使年初至今的資產出售總收益達到 3.92 億美元。

As of September 30, our total debt stood at $7.36 billion, a reduction of approximately $450 million from the end of 2023, and our floating to fixed rate mix currently stands at approximately 6%, down from 21% two years ago. That said, we acknowledge that our third quarter results and our adjusted 2024 guidance are below both our and the market's expectations, and we are very disappointed by our performance.

截至 9 月 30 日，我們的總債務為 73.6 億美元，比 2023 年底減少約 4.5 億美元，我們的浮動利率與固定利率組合目前約為 6%，低於兩年前的 21%。儘管如此，我們承認我們的第三季業績和調整後的 2024 年指引均低於我們和市場的預期，我們對我們的表現感到非常失望。

Starting with our Board of Directors, the entire Sun organization is committed to proactively addressing our challenges and restructuring Sun to unlock the value and earnings potential of our portfolio as we demonstrated for the past two decades. Before I address the acceleration of our strategic plans, I wanted to provide an update on the recent short report issued on Sun.

從我們的董事會開始，整個 Sun 組織都致力於積極應對我們的挑戰並重組 Sun，以釋放我們投資組合的價值和盈利潛力，正如我們在過去二十年中所展示的那樣。在討論加速我們的策略計畫之前，我想先介紹一下 Sun 最近發布的做空報告的最新情況。

Upon being made aware of the report, the Board tasked the Audit Committee to address the matters that have raised. The Audit Committee engaged an independent third-party law firm to investigate the report. After a thorough review, the law firm has concluded its investigation, and there have been no changes to our financial reporting practices and the Audit Committee determined that the company complied with its disclosure obligations.

董事會在獲悉報告後，責成審計委員會解決所提出的事項。審計委員會聘請了獨立第三方律師事務所對該報告進行調查。經過徹底審查後，律師事務所結束了調查，我們的財務報告實務沒有發生變化，審計委員會確定公司遵守了揭露義務。

The company reiterates its strong commitment to maintaining high standards of corporate governance and internal controls as well as timely and transparent disclosure in compliance with applicable rules and regulations. Evident in our results is the impact of continuing volatility in the transient components of our business, which we have been proactively working to reduce as well as cost pressures. We are not satisfied with our performance and are acting with great urgency.

公司重申其堅定承諾，維持高標準的公司治理和內部控制，並根據適用的規則和法規及時、透明地揭露資訊。從我們的業績中可以明顯看出，我們業務的瞬態部分持續波動的影響，我們一直在積極努力減少成本壓力。我們對自己的表現並不滿意，並且緊急採取行動。

To that end, we undertook a comprehensive bottom-up review throughout the organization and concurrent with today's earnings release, we are announcing a broad repositioning effort to more effectively align the company's operating expense and G&A infrastructure to deliver earnings growth. We have been considering and studying many of these cost-saving initiatives throughout this year, and we are now ready to accelerate their implementation and expansion.

為此，我們對整個組織進行了全面的自下而上的審查，在今天發布財報的同時，我們宣布了一項廣泛的重新定位工作，以更有效地調整公司的營運費用和一般行政管理基礎設施，以實現獲利成長。今年我們一直在考慮和研究許多此類節省成本的舉措，現在我們準備加速其實施和擴展。

I am pleased to announce that John McLaren is returning to the company on a full-time basis as President to oversee this accelerated repositioning and the execution of these initiatives. John has been with Sun for 22 years, was Chief Operating Officer for 14 years and was President for 8 years through 2022. During his time as Chief Operating Officer, John oversaw the integration and operation of almost 350 manufactured housing and RV communities and brought a performance-driven approach with a focus on bottom line operational results.

我很高興地宣布，約翰·麥克拉倫將作為總裁全職返回公司，負責監督加速重新定位和這些舉措的執行。John 在 Sun 工作 22 年，擔任營運長 14 年，並擔任總裁 8 年（截至 2022 年）。在擔任首席營運長期間，John 負責監督近 350 個預製住房和房車社區的整合和運營，並帶來了注重底線運營結果的績效驅動方法。

The cost reduction measures include better operating expense management and the implementation of identified efficiencies and savings to the company's cost base. It is expected that these will be achieved primarily through initiatives, including reorganizing our operational structure, streamlining and optimizing our technology systems, implementing more effective asset management to drive efficiencies, maximize revenue and other cost-cutting measures.

降低成本的措施包括更好的營運費用管理以及實施已確定的效率並節省公司的成本基礎。預計這些目標將主要透過措施來實現，包括重組我們的營運結構、精簡和優化我們的技術系統、實施更有效的資產管理以提高效率、最大化收入和其他成本削減措施。

As of today, we have identified and expect to realize annualized G&A and operating expense savings of between $15 million and $20 million or approximately $0.11 to $0.15 per share as we rebase our cost structure for 2025. I want to emphasize that this is just a starting point, and we will continue to seek additional efficiencies and revenue enhancement opportunities. We anticipate strong rental rate increases in 2025, and this restructuring should allow our top line growth to translate into attractive earnings growth by establishing a sustainable and efficient cost structure.

截至今天，我們已經確定並預計，隨著我們調整 2025 年的成本結構，年化管理費用和營運費用將節省 1500 萬至 2000 萬美元，即每股約 0.11 至 0.15 美元。我想強調的是，這只是一個起點，我們將繼續尋求額外的效率和收入增加機會。我們預計 2025 年租金將強勁上漲，此次重組應該能夠透過建立可持續且高效的成本結構，將我們的營收成長轉化為有吸引力的獲利成長。

Additionally, as announced this evening, I've informed the Board of my intention to retire in 2025, following more than 40 years with the company. I led the company through its $115 million IPO in 1993 as a small manufactured housing REIT with 31 manufactured housing communities. And Sun has evolved into the leading owner and operator of MH and RV and marinas with a market capitalization of approximately $16 billion.

此外，正如今晚宣布的那樣，我已通知董事會，在為公司工作 40 多年後，我打算在 2025 年退休。1993 年，我帶領該公司完成了 1.15 億美元的首次公開募股，當時該公司是一家小型預製住房房地產投資信託基金，擁有 31 個預製住房社區。Sun 已發展成為 MH、RV 和碼頭的領先所有者和營運商，市值約為 160 億美元。

I am proud of what we have accomplished and believe it is time to transition the CEO role. The Board of Directors has a CEO search committee in place led by independent Board members, Jeff Blau, CEO of the related companies; and Tonya Allen, President of the McKnight Foundation, to conduct a comprehensive search process to identify and hire a new CEO.

我對我們所取得的成就感到自豪，並相信現在是過渡執行長角色的時候了。董事會設有執行長遴選委員會，由獨立董事會成員、相關公司執行長 Jeff Blau 領導；麥克奈特基金會主席 Tonya Allen 進行全面的搜尋流程，以確定並聘用新的執行長。

Turning to Hurricanes Helene and Milton. We are happy to share that none of our team members, residents or guests were injured during these events. We extend our deepest gratitude to our team members for their exceptional care and compassion in supporting our residents and guests, all while managing their own personal challenges in the lead-up and aftermath of the storms. Cleanup crews were deployed immediately and our teams worked swiftly to provide necessary supplies, food and resources.

轉向颶風海倫和米爾頓。我們很高興地告訴大家，我們的團隊成員、居民或客人在這些活動中沒有受傷。我們向我們的團隊成員致以最深切的感謝，感謝他們在支持我們的居民和客人方面所表現出的非凡關懷和同情心，同時應對他們在風暴前和風暴後所面臨的個人挑戰。清理人員立即部署，我們的團隊迅速開展工作，提供必要的物資、食物和資源。

The company continues to assess the overall impact of the storms. Most of the damage was limited to trees, fencing, skirting and carports, while our common buildings and utility infrastructure remained largely unaffected. We have one small RV property that is partially closed, and we anticipate it will fully reopen in early 2025.

該公司繼續評估風暴的整體影響。大部分損壞僅限於樹木、柵欄、踢腳板和車庫，而我們的公共建築和公用基礎設施基本上沒有受到影響。我們有一處小型房車物業已部分關閉，我們預計它將在 2025 年初全面重新開放。

Similarly, our marina portfolio sustained only minimal damage with some bulkheads and docks requiring relocation or replacement. Overall, our assets weathered the storms well, and we are optimistic in our ability to manage the recovery process efficiently. Our supplemental report provides additional details.

同樣，我們的碼頭組合只遭受了最小的損壞，一些艙壁和碼頭需要搬遷或更換。總體而言，我們的資產很好地抵禦了風暴，我們對有效管理復原過程的能力感到樂觀。我們的補充報告提供了更多詳細資訊。

While we fell short of guidance this quarter, we still achieved year-over-year growth across our key manufactured housing, annual RV and marina segments. As we look to next year, we believe the strategic initiatives already in place, along with the steps we now are taking will enable reliable growth moving forward.

儘管本季我們的業績未達到預期，但我們的主要製造房屋、年度房車和碼頭細分市場仍實現了同比增長。展望明年，我們相信已經實施的策略性舉措以及我們現在正在採取的步驟將實現可靠的成長。

In our manufactured housing segment, nearly 35% of our residents received rent increase notices for 2025 at the end of October with an average increase of 5.2%. For our RV portfolio, annual rates have been established for approximately 55% of sites, reflecting an average growth rate of 5.1%. In the UK, all residents have been informed of a 3.7% rent increase for 2025, and 51% of our marina members have also received notice of a 3.7% rental increase.

在我們的預製住宅領域，截至 10 月底，近 35% 的居民收到了 2025 年租金上漲通知，平均漲幅為 5.2%。對於我們的房車組合，大約 55% 的場地已確定年費率，平均成長率為 5.1%。在英國，所有居民都已收到 2025 年租金上漲 3.7% 的通知，51% 的碼頭會員也收到了租金上漲 3.7% 的通知。

Importantly, we are positioned in sectors with compelling supply-demand dynamics. The ongoing demand for attainable housing and affordable vacationing continues to be a key driver of our platform's success, fueling organic real property NOI growth. We are not satisfied with the results, and we are leveraging every available tool so our platform reflects the underlying value of our assets, and that it delivers sustainable and reliable earnings growth over time.

重要的是，我們所處的行業具有引人注目的供需動態。對經濟適用住房和經濟實惠度假的持續需求仍然是我們平台成功的關鍵驅動力，推動了房地產 NOI 的有機成長。我們對結果並不滿意，我們正在利用一切可用的工具，以便我們的平台反映我們資產的潛在價值，並隨著時間的推移提供可持續和可靠的收益成長。

I will now turn the call over to Fernando to discuss our financial results and guidance. Fernando?

我現在將把電話轉給費爾南多，討論我們的財務表現和指導。費爾南多？

Thank you, Gary. For the quarter ended September 30, 2024, Sun reported core FFO per share of $2.34. Total North America same-property NOI increased by 0.5%, driven by a 2.8% increase in revenues, offset by a 7.7% increase in expenses. This underperformance relative to our expectations was driven primarily by higher expenses, continued headwinds in transient RV, compounded by the September hurricane further impacting Florida and Southeast transient business and home sales.

謝謝你，加里。截至 2024 年 9 月 30 日的季度，Sun 公佈的每股核心 FFO 為 2.34 美元。北美同地產 NOI 總額成長了 0.5%，主要由營收成長 2.8% 所推動，但被支出成長 7.7% 所抵銷。與我們的預期相比，表現不佳的主要原因是費用增加、臨時房車的持續不利因素，以及 9 月颶風進一步影響佛羅裡達州和東南部臨時商業和房屋銷售，加劇了這種情況。

Here's a closer look by segment. Our core North America manufactured housing business continued to deliver growth, with same-property NOI increasing by 5.3% year-over-year. Although our revenue growth was strong, we faced elevated expenses, primarily due to higher supply and repair costs. Despite these pressures, our year-to-date growth remains strong at 6.6%, reaffirming the long-term fundamentals of the segment.

以下是按細分市場進行的仔細觀察。我們的核心北美製造房屋業務持續成長，同房 NOI 年比成長 5.3%。儘管我們的收入成長強勁，但我們面臨費用增加，這主要是由於供應和維修成本增加。儘管面臨這些壓力，我們今年迄今的成長仍然強勁，達到 6.6%，重申了該領域的長期基本面。

The RV segment faced top line and expense challenges this quarter, leading to a 6.9% decline in same-property NOI, largely attributed to a 10.4% reduction in transient revenue. While we were tracking generally in line with guidance for the first two months of the quarter, transient revenue and resultant NOI underperformed in September.

房車細分市場本季面臨收入和費用挑戰，導致同房 NOI 下降 6.9%，主要歸因於臨時收入減少 10.4%。雖然我們的追蹤總體符合本季前兩個月的指導，但 9 月的短暫收入和由此產生的 NOI 表現不佳。

Despite this, our annual RV business remains strong with nearly 900 sites converted from transient to annual this quarter, accounting for 85% of total revenue-producing site gains year-to-date. So far this year, we have completed almost 2,000 transient-to-annual conversions, further increasing our recurring income stream, supported by long-term occupancy and revenue stability. Supply and repair and utility costs were elevated in the quarter, driving underperformance beyond the transient revenue headwinds.

儘管如此，我們的年度房車業務仍然強勁，本季有近 900 個站點從臨時性轉變為年度性站點，佔今年迄今產生收入的站點總收益的 85%。今年到目前為止，我們已經完成了近 2,000 次臨時轉年度的轉換，在長期入住率和收入穩定性的支持下，進一步增加了我們的經常性收入來源。本季的供應、維修和公用事業成本上升，除了暫時的收入逆風之外，還導致業績不佳。

In our marina segment, same-property NOI increased by 2.5% for the quarter and 5% year-to-date. The segment faced pressures from the delay of large vessel returns from the Mediterranean due to storms, including Helene and lower overall occupancy. Also, similar to our MH and RV segments, we experienced higher-than-expected operating expense pressures, further impacting marina NOI performance in the quarter.

在我們的碼頭領域，同地產 NOI 本季成長 2.5%，今年迄今成長 5%。該部門面臨著因風暴（包括海倫）導致大型船舶從地中海延遲返回以及整體入住率下降的壓力。此外，與我們的 MH 和 RV 細分市場類似，我們經歷了高於預期的營運費用壓力，進一步影響了本季度碼頭 NOI 的表現。

We have invested strategically in our marinas, including the acquisition in the third quarter of one marina and one bolt-on for approximately $52 million, primarily funded through the issuance of common OP units. These additions expand our member networks and enhance our capabilities and customer experience.

我們對碼頭進行了策略性投資，包括在第三季度斥資約 5,200 萬美元收購了 1 個碼頭和 1 個螺栓連接碼頭，資金主要透過發行普通 OP 單元提供。這些新增會員擴大了我們的會員網絡，並增強了我們的能力和客戶體驗。

In the UK, overall occupancy increased by 110 basis points from the prior year, while timing factors related to residents leaving and new owners moving in led to a same-property NOI decline of approximately $700,000 or 2.3% this quarter. A key year-over-year expense driver was higher payroll costs stemming from a UK national minimum wage increase of approximately 13% this year.

在英國，整體入住率較前一年增加了 110 個基點，而與居民離開和新業主入住相關的時間因素導致本季度相同房產的 NOI 下降約 70 萬美元或 2.3%。年比支出的關鍵驅動因素是今年英國全國最低工資上漲約 13%，導致薪資成本上漲。

Despite this, the segment shows positive momentum with increased rental rates and vacation revenue driving year-to-date same-property NOI growth of 7.7%. There remains some broader uncertainty around UK fiscal policy and the macroeconomic outlook, but we are encouraged by our positive momentum driven by higher rental rates.

儘管如此，該細分市場仍呈現出積極的勢頭，租金率和度假收入的增加推動年初至今的同物業 NOI 增長 7.7%。英國財政政策和宏觀經濟前景仍存在一些更廣泛的不確定性，但我們對租金上漲推動的積極勢頭感到鼓舞。

Additionally, home sales revenue rose 5.2% compared to last year with stable margins. SRD&E NOI came in below expectations, primarily linked to softer transient demand in the RV and marina segments. Core FFO contribution from North American home sales was lower than expected in the quarter, primarily due to the impact of Hurricane Helene in Florida, prior to which we were ahead of internal expectations for July and August.

此外，房屋銷售收入較去年成長5.2%，利潤率穩定。SRD&E NOI 低於預期，主要與房車和碼頭領域的臨時需求疲軟有關。本季北美房屋銷售的核心 FFO 貢獻低於預期，主要是由於佛羅裡達州颶風海倫的影響，此前我們對 7 月和 8 月的預測超出了內部預期。

During the quarter, in relation to Hurricane Helene, we recognized $2.2 million of impairment charges for assets at five MH and RV communities and $1.7 million for assets at nine marinas with impacted properties located in Florida, South Carolina, North Carolina and Georgia.

本季度，就海倫颶風而言，我們確認了5 個MH 和RV 社區資產減值費用220 萬美元，以及佛羅裡達州、南卡羅來納州、北卡羅來納州和喬治亞州9 個受影響房產的碼頭資產減值費用170 萬美元。

On October 9, Hurricane Milton impacted some of the company's properties in Florida. The company responded promptly and cleanup and restoration efforts are underway. We believe we have adequate insurance coverage, including property, casualty, flood and business interruption and at this time, do not anticipate a significant adverse impact on operating results or financial condition. Impairment estimates are based on current information and may adjust as assessments continue.

10 月 9 日，颶風米爾頓影響了該公司在佛羅裡達州的部分財產。該公司迅速做出反應，清理和恢復工作正在進行中。我們相信我們有足夠的保險，包括財產、傷亡、洪水和業務中斷，目前預計不會對經營業績或財務狀況產生重大不利影響。減值估計基於當前信息，並可能隨著評估的繼續進行調整。

As it relates to our balance sheet, we continue to advance our capital recycling strategy, selling eight manufactured housing communities for approximately $300 million and two MH land parcels for $37 million. We also reduced nonrecurring capital expenditures, down approximately $255 million through September versus 2023, reflecting a nearly 50% year-over-year decrease.

由於它與我們的資產負債表相關，我們繼續推進我們的資本回收戰略，以約 3 億美元的價格出售八個預製住房社區，並以 3700 萬美元的價格出售兩塊 MH 地塊。我們也減少了非經常性資本支出，截至 9 月份，與 2023 年相比減少了約 2.55 億美元，年減近 50%。

Additionally, we settled all forward sales agreements with respect to 2.7 million shares of common stock under our at-the-market program. This activity took place during August and the first days of September and resulted in net proceeds of approximately $362 million. Combined proceeds from asset sales and the ATM program were used to pay down secured debt and our revolving line of credit, strengthening our balance sheet for sustainable growth going forward.

此外，我們還根據市場計劃解決了涉及 270 萬股普通股的所有遠期銷售協議。該活動於 8 月和 9 月初進行，淨收益約為 3.62 億美元。資產出售和 ATM 計劃的綜合收益用於償還擔保債務和我們的循環信貸額度，從而加強我們的資產負債表，以實現未來的可持續增長。

As compared to 2023 year-end, we have approximately $450 million of less debt on our balance sheet today. As of September 30, Sun's debt balance stood at $7.36 billion with a weighted average interest rate of 4.1% and a weighted average maturity of 6.4 years. Our net debt to trailing 12-month recurring EBITDA ratio is 6 times. We are continuing to evaluate noncore asset and land parcel capital recycling opportunities to continue to focus on our core portfolio and our deleveraging path.

與 2023 年底相比，我們今天的資產負債表上的債務減少了約 4.5 億美元。截至9月30日，Sun的債務餘額為73.6億美元，加權平均利率為4.1%，加權平均期限為6.4年。我們的淨債務與過去 12 個月經常性 EBITDA 的比率是 6 倍。我們正在繼續評估非核心資產和地塊資本回收機會，以繼續專注於我們的核心投資組合和去槓桿化路徑。

Turning to updated 2024 guidance. We are adjusting our full year core FFO per share guidance to a range of $6.76 to $6.84, a reduction of 4.8% at the midpoint from our prior expectations. This reflects the impact of third quarter underperformance and the continuation of headwinds in the business, inclusive of transient RV revenue and higher expenses for the fourth quarter. We are reducing North American same-property NOI guidance by 225 basis points at the midpoint to a range of 2.6% to 3.3%.

轉向更新的 2024 年指南。我們正在將全年核心 FFO 每股指引調整至 6.76 美元至 6.84 美元的範圍，比我們先前預期的中位數減少 4.8%。這反映了第三季業績不佳和業務持續不利的影響，包括臨時房車收入和第四季較高的費用。我們將北美同地產 NOI 指引中位數下調 225 個基點，至 2.6% 至 3.3% 的範圍。

Summarizing the changes by segment. Manufactured housing same-property NOI expectations are reduced to a range of 5.6% to 6.2%, primarily driven by higher expenses across supply and repair and utilities. RV same-property NOI expectations are reduced to a range of negative 5.3% to negative 4.1%. The change is primarily driven by continued headwinds in transient RV revenues and higher expense expectations, primarily in supply and repair and utilities.

按部分總結變化。活動房屋同產 NOI 預期下調至 5.6% 至 6.2%，主要是由於供應、維修和公用事業費用增加。RV 同物業 NOI 預期下調至負 5.3% 至負 4.1% 範圍。這項變更主要是由於臨時房車收入的持續不利因素以及較高的費用預期（主要是在供應、維修和公用事業方面）造成的。

Full year transient RV revenue is now expected to decline by 11.9% at the midpoint versus July expectations of a 10.3% decline due in part to an impact from Helene and Milton on our Florida assets and the broader Southeast RV portfolio.

目前，全年臨時房車收入預計將下降 11.9%，而 7 月的預期為下降 10.3%，部分原因是海倫和米爾頓對我們佛羅裡達州資產和更廣泛的東南房車投資組合的影響。

Marina same-property NOI expectations are reduced to a range of 4.4% to 5.2%. The change is primarily driven by occupancy declines, including the delayed returns of large vessels to the US from the summer and fall boating season in Europe, in part due to weather patterns. Expenses are running higher than originally expected, mainly in payroll. For our UK same-property portfolio, we are reducing NOI growth expectations to a range of 7.1% to 8.7%, primarily due to the move in timing of new owners and higher expenses in supply and repair and payroll.

碼頭同物業 NOI 預期下調至 4.4% 至 5.2%。這項變更主要是由於入住率下降造成的，包括大型船隻從歐洲夏季和秋季遊船季節延遲返回美國，部分原因是天氣狀況。費用高於最初預期，主要是薪資方面的費用。對於我們的英國同類物業投資組合，我們將 NOI 成長預期降低至 7.1% 至 8.7%，這主要是由於新業主的時機變化以及供應、維修和工資方面的費用增加。

Service, retail, dining and entertainment NOI, primarily linked to transient demand in RV and marina, is expected to experience continued headwinds into the fourth quarter. FFO contribution from North American home sales expectations are also lower, reflecting fewer sales expected in Florida and the Southeast due to hurricane activity. These headwinds are anticipated to be partially offset by higher than expected UK income tax refunds.

主要與房車和碼頭的短暫需求相關的服務、零售、餐飲和娛樂 NOI 預計將在第四季度持續遭遇阻力。北美房屋銷售預期對 FFO 的貢獻也較低，反映出颶風活動導致佛羅裡達州和東南部地區的銷售預期減少。預計這些不利因素將被高於預期的英國所得稅退稅部分抵消。

As reflected in our updated guidance, we are anticipating some specific headwinds for the remainder of this year. However, we continue to see stability in our core business and are constructive on our outlook beyond 2024 as we realize the impact of our accelerated and expanded initiatives.

正如我們更新的指導中所反映的那樣，我們預計今年剩餘時間內會出現一些特定的阻力。然而，我們的核心業務繼續保持穩定，並對 2024 年以後的前景持建設性態度，因為我們意識到加速和擴大措施的影響。

Importantly, this is supported by the strong rental rate increases that we expect to see next year of 5.2% in manufactured housing, 5.1% in annual RV and 3.7% in the UK and marina segments. We also anticipate annualized operating and G&A expense savings of between $15 million to $20 million or approximately $0.11 to $0.15 per share on a run rate basis, as well as interest expense savings from lower current and expected year-end debt balances versus 2024.

重要的是，這一點得到了強勁租金增長的支持，我們預計明年製造房屋的租金將增長 5.2%，年度房車將增長 5.1%，英國和碼頭領域的租金將增長 3.7%。我們也預計，以運行率計算，年化營運和一般管理費用將節省1,500 萬美元至2,000 萬美元，即每股約0.11 至0.15 美元，以及與2024 年相比，當前和預期年末債務餘額較低，可節省利息費用。

Finally, as we have discussed, we continue to focus on our reliable real property income and reducing transient exposure while materially reducing our nonrecurring capital expenditures and selectively recycling assets for further debt paydown. For additional details regarding our updated full year guidance, please see our supplemental disclosures.

最後，正如我們所討論的，我們繼續專注於可靠的房地產收入並減少暫時性風險，同時大幅減少我們的非經常性資本支出並選擇性地回收資產以進一步償還債務。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 November 6, 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 11 月 6 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) Samir Khanal with Evercore ISI.

（操作員說明）Samir Khanal 與 Evercore ISI。

Good morning, everybody. On the cost savings that you identified, the $15 million to $20 million, how much of that is OpEx and G&A? And I know you talked about potentially identifying more. Maybe expand on that comment as we think about maybe in '25 and into '26. Thanks

大家早安。關於您確定的 1500 萬至 2000 萬美元的成本節省，其中營運支出和一般管理費用有多少？我知道你談到了可能識別出更多的東西。也許會在我們考慮的 25 年和 26 年中擴展該評論。謝謝

Hi, Samir, it's Gary. I think that as we shared in the remarks that, that is a starting point for us. With John McLaren coming on board, he's working closely with the group to evaluate what opportunities there are with regard to additional cost savings. Most of that focuses on the MH, RV side as we continue to look into the other business platforms on the Park Holidays side and working with Safe Harbor to identify additional opportunities and cost savings going forward. So it is a combined amount of both OpEx and G&A savings.

嗨，薩米爾，我是加里。我認為正如我們在演講中所分享的那樣，這是我們的一個起點。隨著約翰·麥克拉倫 (John McLaren) 的加入，他正在與該團隊密切合作，評估在額外節省成本方面存在哪些機會。其中大部分集中在 MH、RV 方面，因為我們將繼續研究 Park Holidays 的其他業務平台，並與 Safe Harbor 合作，以確定未來的更多機會和成本節約。因此，這是營運支出和管理費用節省的總和。

And then can I ask -- if I can ask for one more here in terms of question. Can you talk about any further dispositions in the pipeline currently? I think the pool that you said about -- year-to-date, you've done about $390 million. I guess how big is that pool for noncore assets at this point?

然後我可以問——我是否可以在這裡再問一個問題。能談談目前正在醞釀的進一步部署嗎？我認為你所說的資金池——今年迄今為止，你已經賺了大約 3.9 億美元。我猜現在非核心資產池有多大？

Hi, Samir, this is Fernando. We are continuing to evaluate single asset, small portfolio and non-income-producing land potential dispositions for capital recycling. As outlined in the investor presentation that we put out this evening, there's potential for an additional $100 million to $200 million over the near term.

嗨，薩米爾，我是費爾南多。我們正在繼續評估單一資產、小型投資組合和非創收土地的資本回收潛力。正如我們今晚發布的投資者介紹中所述，短期內還有可能額外獲得 1 億至 2 億美元的資金。

Okay, thanks.

好的，謝謝。

Wes Golladay with Baird.

韋斯·戈拉戴和貝爾德。

Hey, everyone. Can you maybe comment on the guidance? I mean you had some segments you were just taking up last quarter. Now they're coming down. It seems like it's a lot of expense related. But I mean how hard are those line items to forecast? I'm just having a hard time understanding why we're bouncing around so much on a business that is pretty resilient, sticky business.

嘿，大家。您能否對該指南發表評論？我的意思是，您上個季度剛剛佔用了一些部分。現在他們要下來了。看來這與許多費用有關。但我的意思是這些訂單項目有多難預測？我只是很難理解為什麼我們在一個非常有彈性、粘性的業務上如此搖擺不定。

Yeah. I think reflecting on this quarter, Wes, in the fourth quarter, we are, as we discussed, extremely disappointed with the results. The primary challenges we had in the quarter were related to the businesses we've identified as more volatile than our core MH business and annual RV business, notably transient RV and marinas, which underperformed. Especially as Fernando said in September going into July and August, we felt much more comfortable with where our results were, but September really did not perform well.

是的。我認為，韋斯，回顧本季的第四季度，正如我們所討論的，我們對結果非常失望。我們在本季遇到的主要挑戰與我們認為比我們的核心 MH 業務和年度房車業務更不穩定的業務有關，特別是表現不佳的臨時房車和碼頭。特別是正如費爾南多在 9 月所說的那樣，進入 7 月和 8 月，我們對自己的結果感到更加滿意，但 9 月的表現確實不佳。

So alongside this was some occupancy headwinds, if you will, in the marinas due to the adverse weather effects and the adverse weather effects on home sales in Florida. We moved from ahead of internal guidance early in the quarter to well behind in September.

因此，除此之外，由於不利天氣的影響以及不利天氣對佛羅裡達州房屋銷售的影響，如果您願意的話，碼頭的入住率也會受到一些阻力。我們從本季初領先內部指導的情況變為九月份大幅落後的情況。

The most disappointing for us was the lack of ability to achieve expense objectives in the third quarter and into the fourth quarter, having identified the full scope of those. A lot of those fall under third-party providers where we need to flex better against the reduced revenue in these transient areas and did not accomplish our goals of flexing expenses during the time that we needed to and thought that we would flex them and during this rapid decline in September on the revenue side of the transient business.

最令我們失望的是，在確定了全部費用目標後，我們無法在第三季和第四季實現費用目標。其中許多都屬於第三方供應商，我們需要更好地應對這些臨時區域收入減少的情況，並且在我們需要並認為我們會靈活調整費用的時間內沒有實現我們靈活支出的目標。收入方面快速下滑。

So there is what we've been focused on and continue to be focused on going forward. And under John's leadership and having the experience, the track record, if you will, the ability to focus on the bottom line, that's where we're concentrating all our efforts with regard to reorganizing and being in position for growth in '25.

這就是我們一直關注並繼續關注的事情。在約翰的領導下，憑藉經驗、業績記錄（如果你願意的話）以及專注於利潤的能力，我們將集中所有精力進行重組，並為 25 年的成長做好準備。

Yeah, Wes, this is John. Let me just -- I think you know I've managed this portfolio in the past for over 14 years. And what I can confidently tell you is this: we continue to have the best team in the business. Our communities look excellent. I know that because even over the last two years, I still go around creep around the communities and everybody. They may not know it, but I do.

是的，韋斯，這是約翰。讓我簡單說一下—我想您知道我過去管理這個投資組合已經超過 14 年了。我可以自信地告訴您的是：我們仍然擁有業內最好的團隊。我們的社區看起來很棒。我知道這一點，因為即使在過去的兩年裡，我仍然在社區和每個人周圍閒逛。他們可能不知道，但我知道。

The fundamentals of our portfolio are strong. The opportunity is there. We're not reinventing high-quality properties. We already have them. We're not reinventing strong demand. We already have it. But instead, it's about taking a closer look at how we'll execute on efficiency and performance opportunities in certain areas.

我們投資組合的基本面十分強勁。機會就在那裡。我們並不是想要重新發明高品質的房產。我們已經有了它們。我們並沒有重塑強勁的需求。我們已經有了。但相反，它是關於更仔細地研究我們將如何在某些領域執行效率和績效機會。

We are making targeted adjustments to enhance what's already working as well as the operations teams that frankly have carried out the methodologies I originally put in place. But we're also constantly reevaluating where change is needed to ensure long-term success. This is just what we've done. This is what we do. And so being plugged back into that is going to be exciting.

我們正在進行有針對性的調整，以加強已經有效的工作以及坦率地執行了我最初制定的方法的營運團隊。但我們也在不斷重新評估需要做出改變的地方，以確保長期成功。這正是我們所做的。這就是我們所做的。因此，重新投入其中將是令人興奮的。

And welcome back, John. I look forward to working with you again. A quick question on the CEO search. Would there be a potential internal candidate?

歡迎回來，約翰。我期待再次與您合作。關於執行長搜尋的一個簡單問題。是否有潛在的內部候選人？

I think that what I would suggest is the Board has always focused on succession planning at all levels. Certainly, they have two great co-chairs in Jeff Blau and Tonya Allen to oversee the committee that's been appointed. They will use a search firm, and they will run a very, very strong process. And I think it would be expected they will look both internally and externally.

我認為我建議的是董事會始終關注各個層級的繼任計畫。當然，他們有傑夫·布勞（Jeff Blau）和托尼亞·艾倫（Tonya Allen）兩位出色的聯合主席來監督已任命的委員會。他們將使用獵人頭公司，並且他們將運行一個非常非常強大的流程。我認為他們會同時關注內部和外部。

Okay. That's all for me. Thanks.

好的。這就是我的全部。謝謝。

Eric Wolfe with Citi

艾瑞克沃爾夫 (Eric Wolfe) 與花旗集團

Thanks. It's Nick Joseph here with Eric. Obviously, a lot announced tonight. But as the Board thinks about maximizing shareholder value, is everything on the table in terms of selling the company or selling large portfolios? Or are you more committed to trying to maximize value within?

謝謝。這是尼克約瑟夫和艾瑞克。顯然，今晚宣布了很多事情。但當董事會考慮股東價值最大化時，出售公司或出售大型投資組合方面的一切都擺在桌面上嗎？或者您更致力於實現內部價值最大化？

Hi Eric it's Gary. I think in general, our goal as a public company is always to maximize value. So we look at all opportunities, and it's not specific to any one part of the business. So as those opportunities come up, as responsible operators of a public company, we look at everything.

嗨，艾瑞克，我是加里。我認為總的來說，作為一家上市公司，我們的目標始終是價值最大化。因此，我們會專注於所有機會，而不是特定於業務的任何一個部分。因此，當這些機會出現時，作為上市公司負責任的營運商，我們會考慮一切。

Thanks and then just in terms of the G&A, the nonrecurring G&A went up significantly. Just wondering if you can walk through what's driving that as well as the recurring G&A increase that we saw.

謝謝，就一般管理費用而言，非經常性一般管理費用大幅增加。只是想知道您是否可以了解推動這一趨勢的因素以及我們看到的經常性一般行政費用的增長。

Sure, Nick. The largest driver in the nonrecurring piece of G&A is an insurance receivable that was written off in the quarter from a legal settlement in -- prior to this period. The other components of the nonrecurring, we had an additional $2.5 million of deal costs and severance expenses in the quarter. On the recurring side, the main driver of the increase is payroll related.

當然，尼克。非經常性一般管理費用的最大推動因素是本季先前從法律和解中註銷的保險應收帳款。對於非經常性費用的其他組成部分，本季我們還有 250 萬美元的額外交易成本和遣散費。在經常性方面，成長的主要驅動力與薪資相關。

Thank you.

謝謝。

Michael Goldsmith with UBS.

瑞銀集團的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my question. Congratulations, Gary. Welcome back, John. Just to follow up on the question on the nonrecurring G&A. Is the new outlook for the G&A ex nonrecurring expenses? Is that the right way to think about kind of like the starting point for how we should be thinking about it for next year? And then the restructuring expenses come out of that. Or because the guidance kind of moved up with the new outlook, is the restructuring expenses expected to kind of get back to where you were?

午安.非常感謝您提出我的問題。恭喜，加里。歡迎回來，約翰。只是為了跟進有關非經常性一般管理費用的問題。除非經常性費用外的一般及行政費用是否有新的展望？這是正確的思考方式嗎？然後重組費用就出來了。或者因為指導意見隨著新前景的變化而上調，重組費用預計會回到原來的水平嗎？

So Michael, the run rate expense savings that we've detailed will be on a 2025 basis. And that -- so it would be from the recurring piece of G&A.

Michael，我們詳細介紹的營運費用節省將以 2025 年為基礎。這就是 G&A 中經常出現的部分。

Okay, thank you very much.

好的，非常感謝。

John Kim with BMO capital markets

約翰金 (John Kim) 與 BMO 資本市場

Thank you. Gary, can I ask your decision to retire from the CEO position, what drove that decision? How much of that was influenced from the Blue Orca report that came out? And if you have any commentary on some of those findings, including the personal loans taken from some Board members.

謝謝。蓋瑞，我可以問一下您決定從執行長職位上退休嗎？其中有多少是受到 Blue Orca 報告的影響？如果您對其中一些調查結果有任何評論，包括從一些董事會成員那裡獲得的個人貸款。

Yeah. I think -- thanks for asking, John, because certainly, it is a big decision in my life. After 40 years of building this business with the last 30 as a public company, I've been contemplating my next steps, especially over the last couple of years. At this stage of my life with three children and lots of grandchildren, there are a lot of other things I want to experience. And while I love this business and deeply value its continued success, I'm just confident in the strategic objectives we put in place, and I really am excited with the progress we're making.

是的。我想——謝謝你的提問，約翰，因為這當然是我一生中的一個重大決定。經過 40 年的創業歷程以及過去 30 年的上市公司生涯，我一直在考慮下一步的行動，尤其是在過去的幾年裡。在我人生的這個階段，我有三個孩子和很多孫子，還有很多其他的事情我想經歷。雖然我熱愛這項業務並非常重視它的持續成功，但我對我們制定的策略目標充滿信心，而且我對我們正在取得的進展感到非常興奮。

So having John here to help drive our initiatives was also a key factor in my decision to move forward with a transition, and it is not related to any report or anything like that. It's just the period of time and the fact that starting this process for a company that I co-founded back in 1975, it is certainly bittersweet for me, but I couldn't be more excited about what lies ahead for Sun. It will continue to be the largest single contributor of my net worth.

因此，讓約翰在這裡幫助推動我們的舉措也是我決定推進過渡的關鍵因素，這與任何報告或類似的事情無關。只是一段時間，以及為一家我於 1975 年共同創立的公司啟動這一流程的事實，對我來說無疑是苦樂參半，但我對 Sun 的未來感到無比興奮。它將繼續是我淨資產的最大單一貢獻者。

So I remain very, very excited and very positive, if you will, about the growth opportunity for Sun. So I look forward to working with the Board and the company on a transition and as the committee runs its search process. But it is a bittersweet moment for me, and I've watched this company, as we talked about earlier, grow, if you will, from a handful of communities 30-plus years ago to what it is today. So I'm pleased at what we've accomplished, and I just do think it's time for a new CEO to step in and take over.

因此，如果您願意的話，我對 Sun 的成長機會仍然非常非常興奮和非常積極。因此，我期待與董事會和公司合作進行過渡，並在委員會運行其搜尋過程時進行合作。但這對我來說是一個苦樂參半的時刻，正如我們之前談到的，我見證了這家公司從 30 多年前的少數社區發展到今天的規模。因此，我對我們所取得的成就感到高興，而且我確實認為現在是新執行長介入並接管的時候了。

And given the company is such a complex business today, what do you think the priorities will be as far as finding a new CEO? Will it be someone with turnaround experience, someone with public REIT experience? Anything you could share as far as what do you think the priorities are.

鑑於公司如今的業務如此複雜，您認為尋找新執行長的首要任務是什麼？是有轉虧為盈經驗的人，還是有公共房地產投資信託基金經驗的人？只要您認為優先事項是什麼，您可以分享任何內容。

Well, that's a great question, and I just want to take the opportunity to talk about the complexity of the company. Unfortunately, the quarter was bad, and we're responsible for it. I've been running the company, as I said, back to 1975 even as a private company. So it's never an ideal time to report these kinds of results.

嗯，這是一個很好的問題，我只是想藉此機會談談公司的複雜性。不幸的是，這個季度的表現很糟糕，我們對此負有責任。正如我所說，早在 1975 年，我就一直在經營這家公司，當時還是一家私人公司。因此，現在並不是報告此類結果的理想時機。

That said, after all these years, I am just very positive, as I said, about the outlook of the portfolio of properties and the business. And I want to take a moment just to say part of the reason for my transition is what we're accomplishing and what we've accomplished.

也就是說，這麼多年過去了，正如我所說，我對房地產投資組合和業務的前景非常樂觀。我想花點時間說我過渡的部分原因是我們正在取得的成就和我們已經取得的成就。

Aside from the results and the repositioning that we're sharing with the market to get back to sustainable profitability, we have been accomplishing simplifying the business, if you will, removing as much complexity as we can step by step. The things that we've talked about, removing our ownership of the that stock in Australia, some of the JVs that we've removed out of, continuing to push towards more budgetable and dependable annual revenue away from the transient revenue, improving the balance sheet.

除了我們與市場分享的成果和重新定位以恢復可持續盈利能力之外，我們還一直在實現業務簡化（如果您願意的話），逐步消除盡可能多的複雜性。我們已經討論過的事情，取消我們對澳洲股票的所有權，我們已經退出的一些合資企業，繼續推動更預算和更可靠的年度收入遠離臨時收入，改善平衡床單。

And Fernando talked about what great progress we're making there. Set up the company -- and this is where I feel comfortable, really to be in good hands for a new CEO to step in, especially with John here overseeing a lot of the reorganization while we're looking for that new CEO.

費爾南多談到了我們在那裡取得的巨大進展。成立公司——這是我感到很舒服的地方，真的是在新執行長的良好照顧下，特別是在我們尋找新執行長的同時，約翰在這裡監督了許多重組工作。

So I think the skill set will really be important, but it really will tie into the quality of the assets and the ability, as we've always said, of a portfolio that has great occupancy, has continued ability to increase rental rents every single year and control expenses, which we now know we need to do a better job. So I think there's a wide range. And I think we continue to examine opportunities within the portfolio to remove complexity. And I think that will be a piece of what the new CEO does.

因此，我認為技能組合確實很重要，但它確實與資產的品質和能力有關，正如我們一直所說的那樣，投資組合擁有良好的入住率，並且有持續增加租金的能力年度和控制費用，我們現在知道我們需要做得更好。所以我認為範圍很廣。我認為我們將繼續研究投資組合中的機會以消除複雜性。我認為這將是新任執行長所做的一部分。

Jamie Feldman with Wells Fargo.

富國銀行的傑米·費爾德曼。

Great. Thank you. I was hoping you could comment a little bit more on the Audit Committee review from the independent third-party law firm. I guess just maybe if you can give any more detail on their perspective on any of the items in the short report. And then also, I mean, were there any suggestions or changes made, whether the Board or management, as a result of their review? Or it was pretty much just kind of checking things off, saying all good.

偉大的。謝謝。我希望您能對獨立第三方律師事務所的審計委員會審查發表更多評論。我想如果你能提供更多關於他們對做空報告中任何項目的看法的細節。我的意思是，董事會或管理階層在審查後是否提出了任何建議或改變？或者這幾乎只是一種檢查，說一切都很好。

Yeah. I think, Jamie, the complex and compound question there based on the clear motives of the short seller, if you will. But based on those motives, as I said in my remarks earlier, the Board through the Audit Committee really took the matter seriously and engaged an independent third-party law firm to conduct an investigation and provided a very thorough report to the Audit Committee and the Board. And as you either read or heard today, the investigation concluded.

是的。我認為，傑米，如果你願意的話，這個複雜的問題是基於賣空者的明確動機。但基於這些動機，正如我之前在發言中所說，董事會確實透過審計委員會認真對待了此事，並聘請了獨立的第三方律師事務所進行調查，並向審計委員會和董事會提供了非常詳盡的報告。正如您今天讀到或聽到的那樣，調查得出結論。

There have not been any changes to our financial reporting practices. I determined that we've complied with proper disclosure obligations. The Board, I would say, has what I would call the correct facts on all of the matters, is very well advised. And as I said, it's my understanding, the Board feels that we complied with all of the proper disclosures and obligations. So that's where we really came out on it and nothing really to report on its impact to any ongoing work that's being done or anything that we're sharing with you today.

我們的財務報告實務沒有任何變化。我確定我們已遵守適當的揭露義務。我想說的是，董事會在所有問題上都有我所說的正確事實，而且建議非常好。正如我所說，據我了解，董事會認為我們遵守了所有適當的披露和義務。因此，這就是我們真正提出的地方，並且沒有真正報告它對任何正在進行的工作或我們今天與您分享的任何內容的影響。

Okay. Thank you for that color. Okay. And then I guess, as you think about potential G&A savings, you've got Safe Harbor, which is kind of a stand-alone entity in terms of full G&A and its own management team. How do you think about that as an opportunity to cut G&A and cut savings? Like do you think that gets folded even more into the platform in this process? Or you like the current structure, how it stands.

好的。謝謝你的那個顏色。好的。然後我想，當你考慮潛在的一般行政費用節省時，你會想到安全港，就完整的一般行政費用和自己的管理團隊而言，它是一種獨立的實體。您如何看待這是一個削減一般行政費用和削減儲蓄的機會？您認為在這個過程中它會更多地融入平台中嗎？或者您喜歡當前的結構及其現狀。

No, it's a great question. We continue to believe in the strength of the platform and the long-term opportunities in the marina sector. As we said, we've had outstanding growth over the last two, three years at a level greater than we think it will sustain at. It will continue to grow and the management team is doing a great job.

不，這是一個很好的問題。我們仍然相信該平台的實力和碼頭行業的長期機會。正如我們所說，過去兩三年我們取得了出色的成長，其成長水準超出了我們的預期。它將繼續發展，管理團隊做得很好。

But as we previously discussed, we need a more -- we expect a more normalized level of growth from there. So as recently as yesterday, I've talked to Baxter, and we're discussing how they can contribute strategically to the cost-savings effects. And we will be working together on that project as we go forward and share those changes as we're able to do so.

但正如我們之前所討論的，我們需要一個更——我們期望從此以後實現更正常化的成長水平。就在昨天，我與 Baxter 進行了交談，我們正在討論他們如何從戰略上為成本節約效應做出貢獻。我們將在該項目上共同努力，並在力所能及的情況下分享這些變化。

David Segall with Green Street.

大衛·西格爾與格林街。

Hi, thank you. I was curious if you could talk about whether there's any attrition you're seeing in the annual RV business.

你好，謝謝。我很好奇您能否談談您在年度房車業務中是否看到了任何人員流失。

Hi, David, this is Fernando. On the annual side, we continue to gain occupancy. We have converted nearly 2,000 sites this year. So it would be the third year with expectations in the fourth quarter. It would be the third year running with 2,000 or more conversions per annum. Our renewals are strong within the annual segment. And so we're actually seeing tenure increase on the annual side.

嗨，大衛，我是費爾南多。在年度方面，我們的入住率持續增加。今年我們已經轉換了近 2,000 個網站。因此，這將是第三年，預計第四季。這將是連續第三年實現每年 2,000 次或更多的轉換。我們的續訂在年度細分市場中表現強勁。因此，我們實際上看到任期每年都在增加。

Great. Thank you. And can you provide some more color on what changed in the revenue growth assumptions across the business segments?

偉大的。謝謝。您能否提供更多關於各業務部門收入成長假設改變的資訊？

Sure. The primary driver, David, as detailed, are connected to the transient side of the business, be that in RV or marina. So that's -- we have lowered expectations for transient RV revenue performance, where we were expecting close to being 10% down to being close to 12% down now for the year. Similar impact as far as less transient demand on the marina side given the delayed return of the larger vessels from the Mediterranean.

當然。據詳細介紹，主要司機 David 與業務的臨時部分有關，無論是房車還是碼頭。所以，我們已經降低了對臨時房車收入表現的預期，我們預計今年將下降近 10%，現在則下降近 12%。由於大型船隻從地中海延遲返回，碼頭一側的短暫需求減少也產生了類似的影響。

Other revenue impacts for home sales, we are seeing -- we saw less home sales in September and are forecasting fewer home sales as well in the fourth quarter, largely due to the impact from the storms in Florida and the Southeast. And that is, again, linking to the transient side, less service, retail, dining and entertainment revenue, which is having its flow-through to NOI.

我們看到對房屋銷售的其他收入影響 - 我們看到 9 月份房屋銷售減少，並預測第四季度房屋銷售也會減少，這主要是由於佛羅裡達州和東南部風暴的影響。這又與暫時性的面向有關，服務、零售、餐飲和娛樂收入減少，這些收入正在流入 NOI。

Josh Dennerlein with Bank of America.

喬許‧丹納萊因 (Josh Dennerlein)，美國銀行。

Hey, guys. I guess just like thinking about like some of where the questions are going and where like people are, I think, really focused on this call, it's a lot on governance. Has there been any discussion about maybe refreshing the Board a little bit? So a lot of Board members have been there a long time. And then Gary, just like do you think like a new CEO can come in if you're still on the Board? Would you consider kind of stepping down? And are you going to remain Chairman of the Board?

嘿，夥計們。我想，就像思考一些問題的去向以及人們在哪裡一樣，我認為，真正關注的是這次電話會議，這很大程度上與治理有關。有沒有討論過是否可以稍微更新一下董事會？所以很多董事會成員已經任職很久了。然後加里，就像你認為如果你仍然是董事會成員，新的執行長可以加入嗎？您會考慮辭職嗎？您會繼續擔任董事會主席嗎？

Okay. Well, taking that one at a time, Josh. I'd remind everybody that we have added and refreshed four new -- I think, very qualified Board members over the last four years. So the Board takes its governance very seriously and has been refreshing the Board. We have a Board member that will step down at the end of this year. And we are definitely examining continued refresh, especially on the very long-tenured Board members to be able to position this company for the next chapter of growth, if you will. So that work continues on.

好的。好吧，一次拿一個，喬許。我想提醒大家，在過去的四年裡，我們增加並更新了四位新的董事會成員——我認為是非常合格的董事會成員。因此，董事會非常重視其治理，並一直在更新董事會。我們有一位董事會成員將於今年底辭職。我們肯定會研究持續的更新，特別是長期任職的董事會成員，以便能夠讓這家公司進入下一個成長篇章，如果你願意的話。所以這項工作仍在繼續。

With regard to myself, as I just announced my intention to retire and will be working with the Board on a smooth transition, we'll be having those conversations with the committee in the near future. And as I have answers to that, I'd be glad to share them with you.

就我自己而言，由於我剛剛宣布打算退休並將與董事會合作實現平穩過渡，因此我們將在不久的將來與委員會進行這些對話。由於我對此有答案，因此我很樂意與您分享。

Okay. Appreciate that. Sorry, if I missed it, did you say which Board member's stepping down at the end of the year?

好的。很欣賞這一點。抱歉，如果我錯過了，您是否說過哪位董事會成員將在年底辭職？

No. The Nominating and Governance Committee works through all of that, and they'll share that as soon as they determine it.

不。提名和治理委員會負責完成所有這些工作，一旦確定，他們將立即分享。

Okay. When will we know that?

好的。我們什麼時候才能知道呢？

As soon as they've made that (multiple speakers) Sorry, what?

一旦他們做到了（多個發言者）對不起，什麼？

No, no, I guess would it just be one? When I'm looking at like the Board lineup, it's -- you have one Board member in there 28 years.

不，不，我想這只是一個嗎？當我查看董事會陣容時，其中有一位董事會成員已任職 28 年。

What I stated just a little while ago is that we know that one is stepping down and that there is a deep look at replacing additional long-tenured Board members so that we can refresh going forward.

我剛才所說的是，我們知道有人即將辭職，並且正在深入研究更換其他長期任職的董事會成員，以便我們能夠更新前進的方向。

Omotayo Okusanya with Deutsche Bank.

德意志銀行的 Omotayo Okusanya。

Hi, good evening everyone. I wanted to drill down a little bit on the ability to kind of flex operating expenses. You had mentioned that maybe there were like some third-party vendors or things like that, you did not flex in time. Hoping you could just give us a little bit more detail about those particular expenses and kind of what happened where there was a breakdown in process or whatever it was that resulted in you not kind of reacting as quickly as you probably would have liked to.

嗨，大家晚上好。我想深入了解彈性營運費用的能力。您曾提到，也許有一些第三方供應商或類似的東西，您沒有及時做出調整。希望您能向我們提供有關這些特定費用的更多詳細信息，以及在流程發生故障時發生的情況，或者導致您沒有像您希望的那樣迅速做出反應的原因。

Sure. with over 500 manufactured housing and RV properties, small incremental expenses across each property can quickly add up to a significant amount, which is impacting our results over the course of the second half of the year. The primary overages stemmed from landscaping, tree trimming and pool repairs. We did achieve our expected targets in payroll and other parts of supply and repair, but these items were -- are higher than originally forecasted.

當然。我們擁有超過 500 處預製住房和房車房產，每處房產的小額增量支出很快就會累積成一筆可觀的金額，這會影響我們下半年的業績。主要的超支源自於景觀美化、樹木修剪和水池維修。我們確實實現了工資以及其他供應和維修部分的預期目標，但這些項目高於最初的預測。

Thank you.

謝謝。

Anthony Hau with Truist Securities.

Truist 證券公司的 Anthony Hau。

Hey guys. Thanks for taking my question. I noticed that other expenses was up 25% in the same property portfolio. Can you provide a little bit more color on this?

嘿夥計們。感謝您提出我的問題。我注意到同一房產投資組合中的其他費用增加了 25%。你能對此提供更多的顏色嗎？

Sure, Anthony. Other expenses are mainly related to advertising spend and certainly, right, looking to mitigate the revenue declines. There was advertising spent for the properties. We did not see that convert to transient stays at the portfolio.

當然，安東尼。其他支出主要與廣告支出有關，當然，也是為了減輕收入下降的影響。這些房產花費了廣告費。我們沒有看到轉為短暫停留留在投資組合中。

Got you. And like what do you think needs to happen for transient RV revenue to bounce back?

明白你了。您認為需要發生什麼才能讓臨時房車收入反彈？

Anthony, I would say, right, transient is a great feeder for our annual side of the business. We continue to reduce the impact that transient can have on the business by continuing to convert. We have converted nearly 9,000 sites over the course of almost four years, which has increased annual sites by over 30% during that time. Transient has underperformed original expectations, but we will continue to look to mitigate the impact from that top line by being laser-focused on expenses as the revenue side has been harder to predict.

安東尼，我想說，對，瞬態是我們年度業務的一個很好的來源。我們透過繼續轉換來繼續減少瞬態對業務的影響。在近四年的時間裡，我們已經轉換了近 9,000 個網站，在此期間每年的網站數量增加了 30% 以上。Transient 的表現低於最初的預期，但我們將繼續專注於支出，以減輕營收的影響，因為收入方面更難預測。

Yeah, I would just add that during COVID, we invested in building infrastructure for our transient RV business. We believe it has strong long-term fundamentals. However, as we've talked about in the near to medium term, the market conditions have been much more challenging than we anticipated, leading to continued revenue declines as we give back most of the really outsized growth that we experienced through COVID.

是的，我想補充一點，在新冠疫情期間，我們投資了為我們的臨時房車業務建立基礎設施。我們相信它具有強大的長期基本面。然而，正如我們在中短期內所討論的那樣，市場狀況比我們預期的更具挑戰性，導致收入持續下降，因為我們回饋了我們在新冠疫情期間經歷的大部分真正超額增長。

So we're managing this, and this was the question before, by flexing expenses as revenues are down. And probably, we would suggest that we did not get the flexed expenses that we should have gotten related to the rapid decline, especially in September with the RV transient properties.

因此，我們正在透過在收入下降時調整支出來管理這個問題，這也是先前的問題。也許，我們會建議我們沒有得到我們應該得到的與快速下降相關的彈性費用，特別是在 9 月的 RV 瞬態屬性中。

But looking forward, we do see strategic value in that transient portfolio because, as Fernando said, it is the feeder for our annual RV income stream growth, which, as we said, continues to grow and really perform well. So we remain focused on reducing that total exposure, but maintaining that part of our transient RV that kind of strengthens and grows the annual piece.

但展望未來，我們確實看到了這個短暫投資組合的戰略價值，因為正如費爾南多所說，它是我們年度房車收入流增長的源泉，正如我們所說，它持續增長並且表現良好。因此，我們仍然專注於減少總暴露量，但保留我們臨時房車的部分，以加強和增長年度作品。

Keegan Carl with Wolfe Research.

沃爾夫研究中心的基岡·卡爾。

Yeah, thanks for the time guys. I guess I'm just looking for more color on the G&A reduction next year. And does this contemplate both the new CEO salary as well as the salary for Chairman?

是的，謝謝你們的時間。我想我只是在尋找明年 G&A 削減的更多內容。這是否考慮了新任執行長的薪水以及董事長的薪水？

I think that where we stand right now, we have looked at actionable G&A and OpEx expense decreases. And with regard to being able to share forward guidance and how we're thinking about it, we shared the rental rate increases. And historically and especially now with John McLaren back on board, our expectation is controllable expenses.

我認為，就我們目前的情況而言，我們已經考慮了可操作的一般管理費用和營運支出的減少。關於能夠分享前瞻性指導以及我們的想法，我們分享了租金上漲的情況。從歷史上看，尤其是現在約翰·麥克拉倫重返董事會，我們的期望是費用可控。

So as we share G&A, we look forward to being able to share bridgeable growth, if you will, when we provide guidance. And a couple of new pages in our presentation that we sent out today, I think, can help walk through the steps, if you will, of how we're thinking about the G&A and OpEx expense growth on top of the other strategic progress that we've made. And then applying rental rate growth and assuming, making assumptions on expenses will help you get to how we're thinking about 2025, which is where we're focused right now.

因此，當我們分享一般管理費用時，如果您願意，當我們提供指導時，我們期待能夠分享可橋接的成長。我認為，我們今天發布的簡報中的幾個新頁面可以幫助您了解我們如何在其他策略進展之上考慮 G＆A 和 OpEx 費用成長的步驟。然後應用租金成長率並進行假設，對費用進行假設將幫助您了解我們對 2025 年的看法，這也是我們目前關注的重點。

Got it. I mean so just to be clear, the answer is, I'm assuming no. But I guess we'll pivot to the marina business. I guess I'm just curious what drove the occupancy decline. And I know we've heard a lot in the past about you guys having waiting lists at the vast majority. Is that still true?

知道了。我的意思是為了明確起見，答案是，我假設不會。但我想我們會轉向碼頭業務。我想我只是好奇是什麼導致了入住率下降。我知道我們過去常聽說你們絕大多數人都有等候名單。這仍然是真的嗎？

There is a waiting list for some size boat at the vast majority of the marinas. The largest piece of the miss is related to the storms, which prevent those superyachts and large vessels from returning to the Mediterranean. As we shared earlier in the year, what we were experiencing was earlier departure than what we budgeted for those large superyacht vessels that generally travel to the Mediterranean for the summer season and then return back across the Atlantic.

絕大多數碼頭都有一些尺寸船隻的等候名單。最大的失誤與風暴有關，風暴阻止了那些超級遊艇和大型船隻返回地中海。正如我們今年早些時候分享的那樣，我們所經歷的出發時間比我們為那些通常在夏季前往地中海然後穿越大西洋返回的大型超級遊艇的預算要早。

And they left earlier than we budgeted them and are now coming back later, predominantly because of the storms, the named storms we're familiar with and other tropical storms that take place over the Atlantic or near the Med that keep the boats kind of in bay over there. Because they don't tend to cross the Atlantic when these storms are formed there. So that's been the largest impact.

他們離開的時間早於我們的預算，現在又回來了，主要是因為風暴，我們熟悉的命名風暴以及發生在大西洋上空或地中海附近的其他熱帶風暴，這些風暴使船隻無法進入。因為當這些風暴在那裡形成時，它們往往不會穿越大西洋。所以這是最大的影響。

This does conclude today's question-and-answer period. I will now hand the call back over to Gary Shiffman for any additional or closing remarks.

今天的問答環節到此結束。現在，我將把電話轉回給加里·希夫曼（Gary Shiffman），請其發表補充或結束語。

Thanks, operator. And I would take this opportunity for a few remarks to wrap it up tonight. Despite what is a disappointing quarter and outlook for all of us at the company, as I shared before, I really do remain confident in our ability to demonstrate value of core portfolio, and in doing so, make myself, John and the entire management team available to all of you and all of our stakeholders with any follow-up questions.

謝謝，接線生。我想藉此機會發表幾句話來總結今晚的會議。儘管公司所有人的季度和前景都令人失望，但正如我之前分享的那樣，我確實對我們展示核心投資組合價值的能力充滿信心，並通過這樣做，讓我自己、約翰和整個管理團隊如有任何後續問題，您和我們所有利害關係人都可以諮詢。

There is a lot of positive that has taken place in our strategic initiatives to return to the type of growth in 2025 that this portfolio and this management team can deliver. As I said earlier, it's never an ideal time for these results. Nevertheless, the quarter was bad. We own it, and we understand the urgency within which to turn it around. And that is what we're focused on, just as we accomplished our strategic goals that we set forth in '24. And I look forward to sharing further results or speaking to any of you on a follow-up call. Thank you, operator.

我們的策略性舉措中已經發生了許多正面的事情，以恢復到 2025 年該投資組合和管理團隊可以實現的成長類型。正如我之前所說，現在並不是獲得這些結果的理想時機。儘管如此，這個季度的表現還是很糟糕。我們擁有它，我們理解扭轉它的迫切性。這就是我們所關注的重點，正如我們實現了 24 年所訂定的策略目標。我期待著分享進一步的結果或在後續電話中與你們中的任何人交談。謝謝你，接線生。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。