Sun Communities Inc (SUI) 2025 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 2025 earnings conference call. At this time, management would like me to inform you that certain statements made during the call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

女士們、先生們，下午好，感謝各位的耐心等待。歡迎參加 Sun Communities 2025 年第三季財報電話會議。此時，管理階層希望我告知各位，電話會議期間所作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》意義上的前瞻性陳述。

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

儘管公司認為任何前瞻性聲明中所反映的預期都是基於合理的假設，但公司無法保證這些預期能夠實現。可能導致實際結果與預期結果有重大差異的因素和風險已在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說明。本公司不承擔任何義務就本新聞稿發布日期之後發生的事件或情況更新或發布任何前瞻性聲明。

Having said that, I would like to introduce management with us today. Charles Young, Chief Executive Officer; John McLaren, President; Fernando Castro-Caratini, Chief Financial Officer; and Aaron Weiss, Executive Vice President of Corporate Strategy and Business Development. After their remarks, there will be an opportunity to ask questions. (Operator Instructions) As a reminder, this call is being recorded.

說到這裡，今天我想向大家介紹一下管理階層。Charles Young，執行長；John McLaren，總裁；Fernando Castro-Caratini，財務長；以及 Aaron Weiss，企業策略與業務發展執行副總裁。他們發言結束後，將有機會提問。（操作員說明）提醒您，本次通話正在錄音。

I'll now turn the call over to Charles Young, Chief Executive Officer. Mr. Young, you may now begin.

現在我將把電話交給執行長查爾斯楊。楊先生，您可以開始了。

Good afternoon, and thank you for joining us on today's third quarter earnings call. This is my first earnings call as Chief Executive Officer of Sun, and I want to start by saying how excited I am to be a part of this exceptional team. Since stepping into the role on October 1, I spent my first month listening, learning and engaging across the company. I have already visited a large number of our communities, and I look forward to continuing my tours.

下午好，感謝各位參加今天的第三季財報電話會議。這是我擔任Sun公司執行長的第一次財報電話會議，首先我想說，能夠成為這個傑出團隊的一員，我感到非常興奮。自 10 月 1 日上任以來，我第一個月都在傾聽、學習和與公司各部門溝通。我已經走訪了我們許多社區，我期待繼續我的巡訪之旅。

My first few weeks reaffirmed what drove me to Sun. The strength of our team, the scale of the platform, the quality of our communities and the opportunity in front of us. It is clear that Sun's success has been built on a strong foundation. -- underpinned by a deep commitment and dedication to our residents and guests. I'm thrilled to be joining at this pivotal moment in the company's journey, and I look forward to building on Sun strong legacy.

最初的幾週讓我更加堅定了當初選擇加入Sun公司的決心。我們團隊的實力、平台的規模、社區的品質以及擺在我們面前的機會。顯然，Sun的成功是建立在堅實的基礎上的——這基礎源於我們對住戶和賓客的深切承諾和奉獻。我很高興能在公司發展歷程的關鍵時刻加入，並期待在Sun公司強大的傳統基礎上再創輝煌。

My near-term focus includes three key areas: one, deepening my understanding of the MH and RV business, ensuring I'm grounded in every aspect of our company's operations and culture. Two, supporting our team as we deliver on our strategy and commitments; and three, assessing opportunities for disciplined, long-term growth. I am grateful for the warm welcome I've received from the Sun team. I look forward to working together to continue to drive excellence in all that we do for the benefit of our team members, residents, guests and our stakeholders.

我近期的重點工作包括三個關鍵領域：第一，加深我對房車和露營車產業的了解，確保我對公司營運和文化的各個方面都有深入的了解。第二，支持我們的團隊實現我們的策略和承諾；第三，評估有紀律的長期成長機會。我非常感謝《太陽報》團隊的熱情接待。我期待與大家攜手合作，繼續追求卓越，為我們的團隊成員、居民、賓客和利害關係人帶來福祉。

With that, I'll turn the call over to John and Fernando to review our third quarter results and outlook in more detail. John?

接下來，我將把電話交給約翰和費爾南多，讓他們更詳細地回顧我們第三季的業績和展望。約翰？

Thank you, Charles. On behalf of the entire team, we are thrilled to welcome you to Sun Communities. Your deep understanding of and experience in the real estate industry and fresh perspectives have already been additive, which will help guide some through the next exciting chapter of growth and value creation.

謝謝你，查爾斯。我們全體團隊成員非常高興地歡迎您加入 Sun Communities。您對房地產行業的深刻理解和豐富經驗以及全新的視角已經帶來了積極的影響，這將有助於引導一些人進入下一個令人興奮的成長和價值創造階段。

Turning to our performance. I'm very pleased with our third quarter results. Sun reported core FFO per share of $2.28, exceeding the high end of our guidance range, driven by strong same-property performance in North America and the UK. For the third quarter, within our North American same property portfolio, NOI increased 5.4% led by manufactured housing, which delivered 10.1% NOI growth and maintained a solid 98% occupancy. Through the end of September, 50% of our (inaudible) residents have received their 2026 rent increase notices averaging approximately 5%, reflecting the continued strength and stability of our portfolio.

接下來談談我們的表現。我對我們第三季的業績非常滿意。Sun公佈的核心FFO每股為2.28美元，超過了我們預期範圍的上限，這主要得益於北美和英國同店物業的強勁表現。第三季度，在我們北美同業物業組合中，淨營業收入成長了 5.4%，其中預製房屋的淨營業收入成長了 10.1%，並維持了 98% 的穩定入住率。截至 9 月底，我們 50% 的（聽不清楚）住戶已收到 2026 年租金上漲通知，平均漲幅約為 5%，這反映了我們投資組合的持續強勁和穩定。

In our RV business, Same-property annual RV revenue was up 8.1%. Transient RV revenue performed in line with expectations, declining by 7.8% with roughly half of this decline due to our strategy of reducing transient sites as we continue to successfully convert transient guests into RV annuals. As I've shared before, the volume of RV transient to annual conversions has returned to a more normalized growth pace following several record conversion years. RV's same-property NOI declined 1.1%, and we remain focused on cost controls, with same property RV expenses down year over year.

在我們的房車業務中，同店房車年收入成長了 8.1%。短期房車收入符合預期，下降了 7.8%，其中大約一半的下降是由於我們減少了短期營地，同時我們繼續成功地將短期客人轉化為房車年租客人。正如我之前分享過的，在經歷了幾個創紀錄的轉換年份之後，房車短期轉換到年度轉換的數量已經恢復到較正常的增長速度。房車同店淨營業收入下降了 1.1%，我們仍專注於成本控制，房車同店支出較去年同期下降。

For 2026, annual RV rental rates are being set with an estimated average annual increases of approximately 4%. In the UK, same-property NOI grew 5.4%, supported by a 4.8% revenue growth and 4% expense growth. While home sale volumes are lighter given broader macro challenges and when compared against recent record volumes, our team continues to maintain elevated market share by providing differentiated services and amenities of Park Holidays high-quality communities.

2026 年，房車年租金預計將平均每年上漲約 4%。在英國，同店淨營業收入成長了 5.4%，這得益於 4.8% 的收入成長和 4% 的支出成長。儘管受宏觀經濟挑戰的影響，房屋銷售量有所下降，與近期創紀錄的銷售量相比有所減少，但我們的團隊透過提供差異化的服務和Park Holidays高品質社區的配套設施，繼續保持較高的市場份額。

Our Park holidays homeowners have received 2026 rent increase notices averaging approximately 4.1% and -- our UK team continues to execute exceptionally well as they strategically shift the earnings mix toward recurring real property income while driving operational excellence. I want to take a moment to thank our entire team for the discipline and dedication towards achieving our goals and continuing to position us for a strong future. Their commitment to operational excellence including expense discipline and top line growth, resident and guest relations and accountability is what enabled us to deliver these great results.

我們的公園度假屋業主已收到 2026 年租金上漲通知，平均漲幅約為 4.1%；而我們的英國團隊繼續表現出色，他們戰略性地將收入結構轉向經常性房地產收入，同時推動卓越運營。我想藉此機會感謝我們整個團隊的自律和奉獻精神，正是這種精神讓我們實現了目標，並為我們擁有一個更加美好的未來奠定了基礎。他們對卓越營運的承諾，包括成本控制和營收成長、住戶和賓客關係以及責任感，使我們能夠取得這些優異的成績。

With that, I will turn the call over to Fernando to review our financial results and updated 2025 guidance in more detail. Fernando?

接下來，我將把電話交給費南多，讓他更詳細地回顧我們的財務表現和更新後的 2025 年業績指引。費爾南多？

Thank you, John. I will start with an update on capital deployment and our balance sheet. Following the initial safe harbor closing on April 30, we completed the disposition of the remaining nine delayed consent properties for total proceeds of approximately $118 million with the final closing taking place on August 29.

謝謝你，約翰。我將首先報告資本部署情況和我們的資產負債表情況。繼 4 月 30 日首次安全港交割後，我們完成了剩餘九處延遲同意房產的處置，總收益約為 1.18 億美元，最終交割於 8 月 29 日進行。

In addition, during the third quarter, we sold a land parcel for $18 million. In October, we acquired 14 communities for approximately $457 million using 1031 exchange proceeds. These properties include 11 manufactured housing and three annual RV communities, all located in existing Sun markets, allowing us to leverage our teams, scale and infrastructure.

此外，在第三季度，我們以 1800 萬美元的價格出售了一塊土地。10 月份，我們利用 1031 交換所得款項，以約 4.57 億美元的價格收購了 14 個社區。這些物業包括 11 棟預製房屋和 3 個房車社區，全部位於現有的 Sun 市場，使我們能夠利用我們的團隊、規模和基礎設施。

In the UK, during and subsequent to the quarter, we purchased the titles to seven properties previously held under long-term ground leases for approximately $124 million. Year to date, we have purchased 28 ground leases for approximately $324 million and agreed to purchase five additional ground leases for approximately $63 million with closing expected by the end of the first quarter of 2026. These transactions create meaningful financial and strategic flexibility and eliminate significant lease complexity.

在英國，本季及以後，我們以約 1.24 億美元的價格購買了七處先前以長期土地租賃方式持有的房產的所有權。今年迄今為止，我們已購買了 28 份土地租賃權，總價值約 3.24 億美元，並同意購買另外 5 份土地租賃權，總價值約 6,300 萬美元，預計將於 2026 年第一季末完成交易。這些交易創造了重要的財務和策略靈活性，並消除了租賃的複雜性。

As of September 30, total debt stood at $4.3 billion with a weighted average interest rate of 3.4% and a weighted average maturity of 7.4 years. Pro forma for the closed transactions and our common distribution in October. Our net debt is approximately $3.7 billion, and our net debt to recurring EBITDA on a trailing 12-month basis is approximately 3.6x. Under our $1 billion authorized share repurchase program we have repurchased approximately 4 million shares for $500 million year to date at an average price of $125.74 per share.

截至9月30日，總負債為43億美元，加權平均利率為3.4%，加權平均到期日為7.4年。10 月份已完成交易及我們共同分配的預期業績。我們的淨債務約為37億美元，過去12個月的淨債務與經常性EBITDA比率約為3.6倍。根據我們10億美元的授權股票回購計劃，今年迄今，我們已回購約400萬股股票，總額達5億美元，平均回購價格為每股125.74美元。

We continue to view buybacks as a way to enhance long-term shareholder value while maintaining balance sheet flexibility. Turning to our full year 2025 guidance. Based on our strong third quarter results and recent capital actions, we are raising our core FFO per share expectations by $0.04 at the midpoint to a range of $6.59 to $667, reflecting continued operational strength and disciplined execution of our strategic priorities.

我們仍然認為股票回購是提高股東長期價值並維持資產負債表彈性的一種方式。接下來，我們來看看2025年全年業績指引。基於我們強勁的第三季業績和最近的資本行動，我們將核心FFO每股預期上調0.04美元（中位數），至6.59美元至667美元，這反映了我們持續的營運實力和對策略重點的嚴格執行。

North American same-property NOI growth guidance has been increased to 5.1% at the midpoint, up 40 basis points from the prior quarter driven by solid performance across both manufactured housing and RV segments. Manufactured housing same-property NOI is now expected to grow by 7.8% at the midpoint, reflecting continued outperformance through the third quarter and a steady demand across the portfolio. Our leasing property NOI guidance has been raised to a 1% decline at the midpoint supported by stable third quarter results and improving transient trends relative to prior expectations.

北美同店淨營業收入成長預期中位數已上調至 5.1%，較上一季成長 40 個基點，主要得益於預製房屋和房車業務的穩健表現。預計製造房屋同店淨營業收入中位數將成長 7.8%，反映出第三季持續優異的表現以及整個投資組合的穩定需求。由於第三季業績穩定，且臨時租賃趨勢較先前預期有所改善，我們將租賃物業淨營業收入預期中位數上調至下降 1%。

UK same-property NOI guidance has been increased to approximately 4% at the midpoint reflecting better-than-expected third quarter performance and continued real property strength in the Park Holiday platform. For additional details regarding our full year guidance, please see our supplemental disclosures. Our guidance reflects all completed acquisitions, dispositions and capital markets activity through October 30. It does not include the impact of potential future transactions or capital markets activity which may be reflected in research analyst estimates.

英國同店淨營業收入預期中位數已上調至約 4%，反映出第三季業績優於預期，以及 Park Holiday 平台房地產業務的持續強勁表現。有關我們全年業績指引的更多詳情，請參閱我們的補充揭露文件。我們的指引反映了截至 10 月 30 日的所有已完成收購、處置和資本市場活動。它不包括未來潛在交易或資本市場活動的影響，而這些影響可能會反映在研究分析師的估計中。

I will now turn the call back over to Charles for concluding thoughts. Charles?

現在我將把電話交還給查爾斯，請他做總結發言。查爾斯？

Thank you, Fernando. The team delivered a strong performance in the third quarter, and we are encouraged by the positive momentum. I am incredibly excited to be at Sun and I look forward to providing updates as we work together to drive consistent growth for years to come. We have concluded our prepared remarks, and we will now open the call for questions. Operator?

謝謝你，費爾南多。球隊在第三節表現出色，我們對此積極勢頭感到鼓舞。我非常高興能加入Sun公司，期待與大家攜手合作，在未來幾年推動公司持續成長，並向大家報告最新進展。我們的發言稿已經說完，現在開始接受提問。操作員？

(Operator Instructions) Steve Sakwa, Evercore ISI.

（操作說明）Steve Sakwa，Evercore ISI。

Charles, I realize you've only been on the job for 30 days, but I'm just curious kind of your initial observations and some of the positives and maybe challenges that you've seen? And are there some kind of low-hanging fruit items that maybe you've uncovered given your background at invitation that you think you can implement at Sun over the next 6 to 12 months?

查爾斯，我知道你上任才 30 天，但我很好奇你最初的觀察，以及你看到的一些正面和挑戰？鑑於您受邀加入 Sun 公司的背景，您是否發現了一些容易實現的項目，您認為可以在未來 6 到 12 個月內在 Sun 公司實施？

Steve, thanks for the question. Hello to everyone. Let me start with how excited I am to join Sun's outstanding team. And Steve, I appreciate your question as I'm sure many have been thinking it or wanted to ask it. So congrats for getting it out there.

史蒂夫，謝謝你的提問。大家好。首先，我非常興奮能夠加入Sun公司這支傑出的團隊。史蒂夫，我很感謝你的提問，我相信很多人都想過這個問題或想問這個問題。恭喜你把它發佈出去了。

As you mentioned, I've been here for all of a month. So please allow me to level set and give you a few of my early thoughts, clarify what I've done and where I want to focus in the near term.

正如你所說，我在這裡才一個月。所以請容許我先說明一下情況，並分享一些我的初步想法，闡明我已經做了什麼以及我近期想要關注的重點。

Let me start with the quarter. As you can see from this quarter's performance, the team is executing at a high level. So well done to the leaders on the call with me here today and to the entire Sun team. It's great to join such a high-performing team. From our first priority, (inaudible) has been around do I support the team to finish our commitments and finish the strong the year strong in 2025. As I mentioned in my earlier remarks, my first 30 days have been on focusing and on engaging with the team and getting up to speed on all aspects of Sun's businesses.

讓我先從季度開始說起。從本季的業績可以看出，團隊的執行力很強。所以，我要向今天和我一起參加電話會議的各位領導以及整個太陽隊團隊表示祝賀。能加入這樣一個高績效團隊真是太好了。從我們首要任務開始，（聽不清楚）就一直圍繞著我是否支持團隊完成我們的承諾，並在 2025 年強勢收官。正如我之前提到的，我上任後的前 30 天主要專注於與團隊互動，並儘快了解 Sun 公司各項業務的各個方面。

Over the past several weeks, I've been on the road visiting our properties, I met with apartment leaders, spending time in the field with our team members. It's incredibly valuable for me to know our business up close and from the ground up. And I've been impressed by the strength of the team at all levels, as you ask about what I'm seeing. The scale of the platform feels familiar, which is great to see and the quality and location of our communities really stands out to me, and I plan to build on all of these strengths. So it's been exciting to validate what originally drew me to Sun.

在過去的幾周里，我一直在各地走訪我們的物業，與公寓負責人會面，並與我們的團隊成員一起實地考察。對我來說，能夠近距離、從基層開始了解我們的業務是非常寶貴的。正如你問到我看到了什麼，我對球隊各層面的實力都印象深刻。平台的規模讓我感到很熟悉，這很好，我們社區的品質和地理位置也讓我印象深刻，我計劃充分利用這些優勢。所以，能夠驗證當初吸引我加入Sun的原因，真的很令人興奮。

Looking forward, so as we look beyond my first 30 days in next 30 and beyond that, my long-term focus is on driving consistent and profitable growth that creates long-term value. And Steve, as you know me and others know me, my background is in residential housing.

展望未來，展望接下來的30天以及更遠的未來，我的長期重點是推動持續獲利的成長，從而創造長期價值。史蒂夫，你和其他人都知道，我的背景是住宅住房產業。

So operational excellence and resonating guest satisfaction will remain at the heart of everything we do. Internally, I'm a big believer in the value of culture, one that continues to reflect Sun's values while empowering our teams to deliver their best for residents and guests. And from a financial perspective, I plan to stay disciplined on how we allocate capital.

因此，卓越的營運和顧客的滿意度將始終是我們一切工作的核心。在公司內部，我非常重視企業文化，這種文化能夠持續體現 Sun 的價值觀，同時賦予我們的團隊力量，讓他們為居民和客人提供最好的服務。從財務角度來看，我計劃在資本配置方面保持嚴謹的態度。

Any future enhancements will be thoughtful, data-driven and focused on creating long-term value for our stakeholders. But as I think about it all, and let me end with this because I know it's kind of early in my time. What really stands out from my experience is that in today's world, affordable living and attainable experiences that Sun provides is needed now more than ever.

未來的任何改進都將經過深思熟慮，以數據為導向，並專注於為我們的利害關係人創造長期價值。但當我仔細思考這一切時，最後我想說的是，我知道現在談論這些還為時過早。我從自身經驗中體會到，在當今世界，Sun 所提供的經濟實惠的生活和觸手可及的體驗比以往任何時候都更加重要。

The value proposition offered by our high-quality communities and team members is unparalleled. And what this quarter performance shows you with our 98% occupancy is that the demand for affordable housing has never been greater. So I'll end here. I'm generally excited to join Sun is such a pivotal time in the company's history and truly believe in the exceptional opportunity ahead of us.

我們高品質的社群和團隊成員所提供的價值是無與倫比的。本季入住率高達 98%，顯示市場對經濟適用房的需求從未如此之大。我就說到這裡吧。我很高興能在公司發展的關鍵時期加入 Sun，並且堅信我們面前蘊藏著絕佳的機會。

James Feldman, Wells Fargo.

詹姆斯‧費爾德曼，富國銀行。

Appreciate the thoughtful response there, and congratulations on the new role. I guess as you're thinking about the strategy of the company, what are your thoughts on the UK, or maybe for the broader group there? What are the latest thoughts in the UK? I know you've been buying out some of the ground leases, but is this still a long-term hold for the company? And I know the growth looks pretty good, actually, but maybe just share your latest thoughts.

感謝您的周到回复，並祝賀您榮任新職。我想，既然您在考慮公司的策略，您對英國市場，或者說對整個集團在英國的業務有何看法？英國的最新輿論是什麼？我知道你們一直在收購一些土地租賃權，但這對公司來說仍然是長期持有的資產嗎？我知道成長情況看起來相當不錯，但或許可以分享你最近的想法。

We don't -- this is Charles. Why don't I jump in, just give you my initial kind of what I've done to date on that, and then I'll turn it over to Aaron to get it to the ground leases. In my first 30 days, I've had a chance to engage with the Park Holiday team. And as I mentioned, I'm evaluating all estimates of our business, including the UK. And I'm encouraged from what I've seen, the team's discipline and execution and focus stand out.

我們不——這是查爾斯。不如我先插一句，把我目前為止在這方面所做的初步工作大致介紹給你，然後我再把這項工作交給 Aaron，讓他負責土地租賃事宜。在入職的頭 30 天裡，我有機會與 Park Holiday 團隊進行交流。正如我之前提到的，我正在評估我們業務的所有預估數據，包括英國的業務。從我所看到的來看，我感到很受鼓舞，團隊的紀律性、執行力和專注力都非常突出。

Performance has been solid and the team has executed on our strategy to grow recurring real property based revenue. Again, I'm going to stay high level. I will spend more time digging in. (inaudible), you can fill in a little bit on the ground lease approach.

業績表現穩健，團隊已成功執行了我們的策略，實現了房地產經常性收入的成長。我再次強調，我會保持高水準的思考。我會花更多時間深入研究。 （聽不清楚）你可以補充一些關於土地租賃方式的內容。

Yes. Thanks, Charles. Year to date through October, we've now acquired 28 ground lease properties and have another 5 under contract, which will bring the total purchases to 33. All these transactions are accretive to our earnings were completed at attractive yields -- and as Charles, I think, alluded to meaningful flexibility to manage the portfolio strategically over time.

是的。謝謝你，查爾斯。今年截至 10 月，我們已經收購了 28 處土地租賃物業，另有 5 處正在洽談中，這將使收購總數達到 33 處。所有這些交易都增加了我們的收益，並以有吸引力的收益率完成——正如查爾斯所暗示的那樣，我認為，這為隨著時間的推移對投資組合進行策略性管理提供了相當大的靈活性。

Most importantly, from a strategic and flexibility perspective, following all of these closings, 49 of our 53 UK communities, will be owned on a freehold basis. To comment in a way that John and I have commented previously, consistent with what we have said in the past and in light of our continuing strong performance despite those headwinds, we have the best team in the business in the UK. They are managing the best assets in the market and are focused on executing our operational plan to ensure as with our entire portfolio that we are optimizing our properties and maximizing value for our stakeholders.

最重要的是，從策略和靈活性的角度來看，在所有這些交易完成後，我們 53 個英國社區中的 49 個將以永久產權的形式擁有。用我和約翰之前評論過的方式來說，與我們過去所說一致，並且考慮到儘管面臨這些不利因素，我們仍然保持強勁的業績，我們擁有英國業內最好的團隊。他們管理著市場上最好的資產，並專注於執行我們的營運計劃，以確保像我們整個投資組合一樣，我們能夠優化我們的物業並為我們的利害關係人創造最大價值。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Congrats and welcome Charles. Question on the transaction market given you've been very active this year in both the dispositions and acquisitions. If you can maybe talk to kind of pricing, what's out there? And any kind of additional opportunities?

恭喜並歡迎查爾斯。鑑於您今年在資產處置和收購方面都非常活躍，請問您關於交易市場的問題。如果可以的話，能否談談價格方面的問題，目前市場上的價格狀況如何？還有其他機會嗎？

Appreciate the question. Thank you. We just want to highlight that the most important part of what we've announced from a transactional perspective is that we've been very disciplined and selective in deploying the capital. These are all high-quality assets. They definitely fit our long-term strategy, leveraging the long-term industry relationships that we've had.

感謝您的提問。謝謝。我們只想強調，從交易角度來看，我們宣布的內容中最重要的一點是，我們在部署資金方面一直非常謹慎和有選擇性。這些都是優質資產。它們完全符合我們的長期策略，可以利用我們長期以來建立的產業關係。

We are seeing an increase in the transactional activity in the market, but the overall opportunity set of properties that meet that acquisition criteria is consistent with what we have seen historically. The transactions we've announced and the transactions we are seeing that meet our criteria are much more likely to be in the single asset or small portfolio opportunities.

我們看到市場上的交易活動增加，但符合收購標準的房產整體機會與我們歷史上看到的情況一致。我們已經宣布的交易以及我們看到的符合我們標準的交易，更有可能是單一資產或小型投資組合機會。

We are looking thoughtfully and prudently at adding communities in our portfolio to the extent they meet those criteria. What we did see from the transactions we executed on was cap rates in the low 4% area. We would expect that to continue to be the area in which we would continue to transact. And as we noted in our release, we do have another $50 million of potential 1031 transactions in the pipeline.

我們正在深思熟慮、謹慎地考慮將符合這些標準的社群納入我們的投資組合。我們從已完成的交易中看到的是資本化率在 4% 左右。我們預計這仍將是我們將繼續開展業務的領域。正如我們在新聞稿中提到的，我們還有 5000 萬美元的潛在 1031 交易正在籌備中。

But beyond that, I would suggest that the overall environment is very consistent with what we've been seeing, though we are able to acquire these single assets or small portfolios. We will remain selective. And we aren't seeing significant large portfolios of assets that meet our underwriting criteria. But we'll continue to underwrite and look thoughtfully at these opportunities.

但除此之外，我認為整體環境與我們一直以來所看到的情況非常一致，儘管我們能夠收購這些單一資產或小型投資組合。我們將保持選擇性。我們沒有看到符合我們承保標準的大量資產組合。但我們會繼續關注並認真研究這些機會。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I wanted to ask about your transient RV performance, which was better than expected. Have you had an impact from the Canadian customer base this quarter. What is your engagement like with your customers then? What are you saying? And can you remind us about the seasonality of the Canadian transient RV customers? Do you have more in the summer or winter months?

我想問一下你們的房車瞬態性能如何，比預期的要好。本季加拿大客戶群是否對您產生了影響？那麼，您與客戶的互動情況如何？你在說什麼？您能否提醒我們一下加拿大短期房車客戶的季節性變化？夏季還是冬季月份你們的產量比較多？

Yes. Thanks, John. This is John. I'll respond to that. First, I appreciate what you said.

是的。謝謝你，約翰。這是約翰。我會回覆的。首先，我很感謝你所說的話。

I'd like to say again how pleased I am with -- when we talk about RB annual RV revenue being up 8% in the quarter. that our RV NOI overall is performing towards the higher end of the guidance range we provided. As you know, I think most people know that our Canadian guests represent less than 5% of total transient and 4% of our RV annual business.

我想再次強調，我對RB本季年度RV營收成長8%感到非常滿意，因為我們的RV NOI整體表現接近我們先前給出的預期範圍的高端。如您所知，我想大多數人都知道，我們的加拿大客人僅佔總臨時客人的不到 5%，房車年度業務的不到 4%。

And as I've shared, we have experienced softness with Canadian customers coming down to Florida. So back to your question about source seasonality, would address some of that back last winter as well as some of that slowness in Northeast this summer. But I will tell you, we are -- we've been sort of hyper focused on the annual RV side on retention in 2025.

正如我之前提到的，我們發現加拿大顧客來佛羅裡達旅遊的熱情有所下降。回到你關於貨源季節性的問題，去年冬天的一些情況以及今年夏天東北地區的一些放緩情況都可以得到解釋。但我可以告訴你，我們－我們一直非常關注2025年年度RV的客戶留存率。

I think you all heard me talk about that before and that has led to overall good net conversion results with converting a net almost 700, okay, so far this year as well as we we focused on with some of the short-term Canadian softness that we've dealt with just more -- getting more domestic RFPs to help fill that Canadian guest gap. And what we're seeing going out forward is a little bit stronger booking trends on the transient RV side over recent weeks as well as some really encouraging activity in terms of renewals of RV annuals coming into the next season.

我想你們之前都聽我說過這件事，這也帶來了整體良好的淨轉換率，今年到目前為止淨轉換率接近 700%，而且我們還專注於應對加拿大市場短期疲軟的局面，爭取更多國內 RFP 來幫助填補加拿大客人的缺口。我們看到，近幾週來，房車短期租賃的預訂趨勢略有增強，而且在下一季房車年租續訂方面也出現了一些非常令人鼓舞的跡象。

So it feels like the work that we're doing, where we focused our attention over the course of 2025, and I can't emphasize enough -- you can't just flip the switch and do well retention. It takes a year to build that up, okay, which is what we've done. So we've put in that work, which is why we're seeing the trends that we're seeing now. And so I'd like to say that we're a little more positive than we were at this point last year.

所以感覺我們正在做的工作，也就是我們在 2025 年期間集中精力關注的工作，我再怎麼強調也不為過——你不可能一蹴而就地提高客戶留存率。建立這樣的基礎需要一年的時間，好嗎？而我們也正是這麼做的。所以我們已經投入了這些工作，這就是我們現在看到這些趨勢的原因。因此，我想說，我們現在比去年這個時候更樂觀。

Given your exposure in Michigan and some of the Northeast states, do you have a pretty even seasonality pattern with your Canadian RV customers?

鑑於您在密西根州和一些東北部州的業務，您的加拿大房車客戶的季節性模式是否相當穩定？

I mean it's going to be mostly -- like it's going to be mostly in the first quarter, and it's going to be and then some in the third quarter up in the Northeast, but it's not really Michigan, it's more like (inaudible) in places like that.

我的意思是，大部分——比如大部分會在第一季度，然後第三季度東北部也會有一些，但那不是密西根州，更像是（聽不清楚）那樣的地方。

Eric Wolfe, Citigroup.

埃里克·沃爾夫，花旗集團。

I was just wondering if you could talk about how you came up with the 4% annual RV increase for next year. there's any reason why it's down from, say, 5.1% the previous year if you're trying to prioritize occupancy or just trying to understand the strategy around that increase? And then also -- at what point you have good sort of data on the acceptance of that. So I mean, like by the time we get to the end of the fourth quarter or first quarter, do you generally know sort of what your annual RV revenue will be for the year?

我想問一下，您是如何得出明年房車年增率為4%這個數字的？如果是為了提高入住率，或是只是想了解這個成長策略背後的原因，為什麼這個數字比去年的5.1%低？此外，還需要——何時才能獲得關於該做法被接受程度的可靠數據。我的意思是，到了第四季末或第一季末，你們通常能大致知道你們全年的房車收入是多少嗎？

Yes. Great question, Eric. Thanks, Ford. This is John again. Specific to RV, our rent increases are intentionally set to continue reinforcing what I was mentioned earlier on retention.

是的。問得好，埃里克。謝謝，福特。我是約翰。就房車而言，我們特意提高租金，是為了繼續強化我之前提到的客戶留存策略。

Okay. Excellent operational execution remains key and retention ultimately net RV annual conversion, which means that the experience that our guests have at the properties frankly, is far more valuable than anything we can do from an external marketing perspective. This is why I'm so focused on retention.

好的。卓越的營運執行力仍然是關鍵，而留住客戶最終會帶來年度房車淨轉換率，這意味著坦白說，我們的客人在飯店獲得的體驗比我們從外部行銷角度所能做的任何事情都更有價值。這就是我如此重視客戶留存的原因。

You all have heard me say before that the best revenue-producing site that we can gain is the one we never lose, okay? And as I shared, we believe the strategy is paying off, and we are, in fact, running ahead of last year's renewal pace for RV annuals. This all kind of culminates which is why we've been prudently tempered, as I would say, it was a 4% RV annual increase for 2026. I mean it is retention really remains one of the most valuable drivers for consistent long-term growth for us, particularly in the RV space.

你們都聽我說過，我們能獲得的收益最高的網站就是我們永遠不會失去的網站，懂嗎？正如我之前所說，我們相信這項策略正在奏效，事實上，我們的房車年檢續訂速度已經超過了去年。這一切最終都會匯聚成一個結果，這就是為什麼我們一直保持謹慎的原因，正如我所說，2026 年的 RV 年度成長率為 4%。我的意思是，客戶留存率仍然是我們實現長期持續成長的最重要驅動因素之一，尤其是在房車領域。

Adam Kramer, Morgan Stanley.

亞當‧克雷默，摩根士丹利。

Congrats Charles on the new role and looking forward to working together. Wanted to ask about just the drivers of the guidance raise for the UK business. And I recognize there's some moving parts with the ground leases, but just maybe fundamentally, like what's happening with that business currently and sort of what's embedded in the new outlook versus the prior?

恭喜查爾斯榮任新職，期待與他共事。我想了解英國企業提高業績指引的具體原因。我知道土地租賃方面存在一些變數，但或許從根本上來說，例如目前這項業務的現狀如何，以及新的前景與以前相比有哪些不同之處？

Sure, Adam. The increase in same-property growth for the UK portfolio on the real property side is really a reflection of outperformance coming in the third quarter, and that's leading to the almost 180 basis point increase at the midpoint for NOI growth for the year, we saw stronger transient growth in the quarter as well as success from an expense containment perspective across utilities and supplies and repair.

當然可以，亞當。英國房地產投資組合同店銷售額的成長其實反映了第三季的優異表現，這使得全年淨營業收入成長中點成長了近 180 個基點。我們看到該季度短期業務成長強勁，並且在公用事業、供應和維修方面的支出控制方面也取得了成功。

Great. And maybe if I could just sneak in a quick follow-up here. Just wondering about tax implications. I think you guys have bought about $580 million or so, and I think the gains from the safe harbor sale were in the $1.4 billion range. So just wondering, maybe a high level, is there a tax asset that can offset some of the liability here that you have from those gains?

偉大的。或許我可以在這裡插一句後續的話。想了解稅務方面的問題。我認為你們已經購買了價值約 5.8 億美元的股票，而透過安全港出售獲得的收益約為 14 億美元。所以我想問一下，從宏觀角度來看，是否存在某種稅務資產可以抵消您因這些收益而產生的一些負債？

(inaudible), thanks for the question. I think that was referring to the safe harbor potential tax liability (inaudible),

（聽不清楚），謝謝你的提問。我認為那指的是安全港條款下的潛在稅務責任。（聽不清楚）

Charles. Sticking with the UK, can we just talk a little bit about the UK home sales environment notice NOI from UK home sales were down pretty materially in the third quarter, so year over year. So is there -- is that a reflection of the environment overall? Or is there some kind of individual events that are weighing on that?

查爾斯。繼續說英國，我們能不能稍微談談英國的房屋銷售環境？請注意，英國房屋銷售的淨營業收入在第三季同比大幅下降。那麼，這是否反映了整體環境狀況？或者說，是否存在某些個別事件對此產生了影響？

Michael, it's John. Appreciate the question. Yes, I mean, as I've said in my prepared remarks, home sales in the UK are a little lighter than they were in the last year. But I have to emphasize, we are really pleased with the overall performance of the UK business. UK same-property NOI grew by 5.4% the quarter. We raised our UK same-property NOI guidance for the balance of the year.

邁克爾，我是約翰。感謝您的提問。是的，我的意思是，正如我在準備好的演講稿中所說，英國的房屋銷售比去年略顯疲軟。但我必須強調，我們對英國業務的整體表現非常滿意。英國同店物業淨營業收入本季成長5.4%。我們提高了今年剩餘時間英國同店物業淨營業收入預期。

Our team in the UK continues to execute exceptionally well. They've done a great job of strategically shifting the earnings mix towards stable recurring real property income while maintaining strong market share and pricing power despite what you're talking about is the challenging macro backdrop.

我們在英國的團隊繼續表現出色。儘管宏觀經濟環境充滿挑戰，但他們成功地將獲利結構策略性地轉向穩定的經常性房地產收入，同時保持了強大的市場份額和定價能力。

But I do think this is really attributed to the high quality of the portfolio, the exceptional service that happens on the ground by the team and skill and performance mindset inherent in that group of people that are led by Jeff Richard and Chris, I mean, as you know, 2024 was the highest volume year of home sales for park holidays and while 2025 volumes will be lighter, okay, than they were I think they remain solid in line with our overall operational strategy in the UK.

但我認為這確實歸功於我們高品質的投資組合、團隊在現場提供的卓越服務，以及由傑夫理查德和克里斯領導的團隊所固有的技能和績效意識。我的意思是，正如你所知，2024 年是公園度假房屋銷售量最高的一年，雖然 2025 年的銷售量會比之前有所下降，但我認為它仍然保持穩健，符合我們在英國的整體營運策略。

One of the things kind of looking forward, we did have, I think Fernando kind of alluded to, a strong 2025 vacation season in the UK and that may ultimately contribute to the pipeline for future home sales going out.

展望未來，我認為費爾南多也暗示過，2025 年英國的度假季將會非常強勁，最終可能會促進未來房屋銷售的進行。

Jason Wayne, Barclays.

傑森韋恩，巴克萊銀行。

Just you reported $630 million and (inaudible) grow at the end of the third quarter. And netting this month deals against that was just around $175 million of remaining funds -- so just wondering if you turned out any deals this month? Or what's causing the delta between that and the $50 million remaining to that?

你們剛剛公佈了第三季末的營收為 6.3 億美元，並且（聽不清楚）實現了成長。本月達成的交易淨額僅剩約 1.75 億美元剩餘資金——所以想問問你們本月有沒有達成任何交易？或者說，是什麼原因導致了這筆款項與剩餘的 5000 萬美元之間的差額？

Yes. So originally, thanks for the question. When we announced it, we originally put $1 billion into 1031 exchange accounts. And then we ultimately as part of second quarter earnings reallocated approximately $430 million in unrestricted cash, which left about $565 million earmarked for acquisitions. As part of this closing, it was about (inaudible) across the industry throughout the organization, and we're able to find these attractive communities on a one-off or small portfolio basis.

是的。首先，謝謝你的提問。當我們宣布這項計劃時，最初將 10 億美元存入了 1031 交換帳戶。然後，作為第二季收益的一部分，我們最終重新分配了約 4.3 億美元的非限制性現金，剩餘約 5.65 億美元用於收購。作為交易的一部分，它涉及整個行業和整個組織（聽不清楚），我們能夠以一次性或小規模投資組合的方式找到這些有吸引力的社區。

So we're very happy with what we've landed on. And you can assume that for every deal, we do announce and close, there were many transactions and communities we passed on because they did not meet our quality and underwriting criteria.

所以我們對最終的結果非常滿意。您可以假設，對於我們宣布並完成的每一筆交易，都有許多交易和社區被我們放棄，因為它們不符合我們的品質和承保標準。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

I just have a quick question on your land parcel sales. I know in the past, you're looking to be more of a developer and you may have some more inventory. Just wonder if you can quantify how much land you have left to sell for a potential sale.

我有一個關於你們土地出售的小問題。我知道你過去一直想成為一名開發者，而且你可能還有一些庫存。我想知道您能否量化您還有多少土地可以出售。

Thank you for the question. I think overall, we will continue to look to maximize value of unproductive assets. We've been very aggressive in exiting nonstrategic assets over the past 18 months in excess of $600 million of operating assets as well as land parcels. We wanted to highlight that we will continue to do that even as we look to grow the portfolio. with high-quality communities and assets that we may acquire in due course.

謝謝你的提問。我認為總體而言，我們將繼續尋求最大限度地發揮非生產性資產的價值。在過去的 18 個月裡，我們非常積極地出售了非戰略性資產，包括超過 6 億美元的營運資產和土地。我們想強調的是，即使我們尋求擴大投資組合，包括在未來適當的時候收購高品質的社區和資產，我們也將繼續這樣做。

There may be smaller transactions like the one Fernando alluded to in his opening remarks, about $18 million, but we do not have substantial assets you should be looking for, for sale. To the extent we do have some additional land that will likely be adjacent to existing assets that may provide some incremental growth through expansion in the future.

可能會有一些像費爾南多在開場白中提到的那種金額約為 1800 萬美元的小額交易，但我們沒有你們應該關注的大量待售資產。如果我們還有一些額外的土地，這些土地很可能與現有資產相鄰，未來可以透過擴張帶來一些增量成長。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場。

On the regulatory side, there's clearly been an increased emphasis from this administration on housing affordability. Obviously, that's the main selling point of manufactured housing. I know the main impediment historically to supply has been at the local level, but I'm wondering if there's anything you're tracking at the national level or that could potentially be helpful that might come out of this?

在監管方面，本屆政府顯然更加重視住房可負擔性問題。顯然，這是預製房屋的主要賣點。我知道歷史上供應的主要障礙在於地方層面，但我想知道你們是否在國家層面追蹤任何可能有所幫助的資訊？

Brad, it's John. Appreciate the question. I mean, to answer your question directly, the answer is no. I mean, there isn't a lot that's really changed. I mean I think you know that we've been an active participant.

布拉德，我是約翰。感謝您的提問。我的意思是，直接回答你的問題，答案是否定的。我的意思是，其實並沒有發生太多變化。我的意思是，我想您也知道我們一直積極參與其中。

Anything related to affordable housing as it relates to government support. We'll continue to be an active part of that. But in the meantime, we are obviously very skilled, experienced and being able to work at the local level. And we have shared a lot at the local level through some of the things that we've done in the past. That we can be -- well, I would just say we're always ready, okay, because we possess the skills, the experience and the know-how if something does get turned up, if you will to help boost and accelerate that process. But for right now, we'll just be prepared.

任何與政府支持相關的經濟適用房問題。我們將繼續積極參與其中。但同時，我們顯然擁有非常嫻熟的技能、豐富的經驗，並且能夠在當地開展工作。我們過去透過一些舉措，在地方層級分享了許多經驗。我們可以——嗯，我只想說我們隨時準備著，因為我們擁有技能、經驗和專業知識，如果真的有什麼事情發生，可以幫助推動和加速這個過程。但就目前而言，我們只能做好準備。

[David Segal, Green Street].

[大衛·西格爾，綠街]。

(inaudible) You still have room to run on the buyback authorization, but it seems like you paused the buybacks in October. So I'm just curious how you're weighing -- utilizing the remaining runway on the authorization versus additional acquisitions.

（聽不清楚）你們的回購授權還有剩餘空間，但你們似乎在 10 月暫停了回購。所以我很好奇您是如何權衡的——是利用剩餘的授權額度，還是進行額外的收購。

You can expect us to continue being prudent with -- from a capital allocation perspective. I'd love to remind everyone that since the safe harbor sale, we have paid down over $3 billion of debt meaningfully reducing leverage and removing our floating rate debt exposure, returned over $1 billion of capital to shareholders via special distribution and share buybacks and an over 10% increase to SUNS common distribution, acquired over $450 million of high-quality assets, acquired ground leases in the UK, significantly improving financial and strategic flexibility for that portfolio.

從資本配置的角度來看，您可以期待我們繼續保持謹慎的態度。我想提醒大家，自安全港出售以來，我們已經償還了超過 30 億美元的債務，顯著降低了槓​​桿率並消除了我們的浮動利率債務風險；通過特別分紅和股票回購向股東返還了超過 10 億美元的資本；SUNS 普通股分紅增加了 10% 以上；收購了 4.5 億美元的資產組合

So we'll continue weighing right, all options in front of us from a capital allocation perspective and be thoughtful as it relates to how that next (inaudible). I think more broadly speaking specifically to like COM expenses within the operations side. We have expanded what we said we were going to do.

因此，我們將繼續權衡所有擺在我們面前的選項，從資本配置的角度出發，並認真考慮下一步該如何進行。（聽不清楚）更廣泛地說，我認為具體是指營運方面的客戶關係管理費用。我們擴大了原定計劃的範圍。

We're sort of towards the top end of that range and much of that has lied in payroll-related line items, various supply repair categories, tech-related costs. But one of the bigger pieces is meaningful standardization expansion and adoption of our procurement platform, which encompasses many different expense-related items centered on property operations.

我們目前處於該範圍的較高水平，其中大部分支出都集中在與工資相關的項目、各種供應維修類別以及與技術相關的成本上。但其中更重要的部分是採購平台的標準化擴展和普及，該平台涵蓋了許多與物業運營相關的不同費用項目。

And additionally, I would share that we continue to harness transparency on the power of our technology to drive additional operational efficiencies. So I'm really pleased with how it's going. We will continue to focus on additional expense savings, but we're also very focused on additional revenue growth opportunities, okay?

此外，我還想分享的是，我們將繼續利用科技的強大力量，提高營運效率，並增強透明度。我對目前的進展非常滿意。我們將繼續專注於進一步節省開支，但我們也非常注重尋找額外的收入成長機會，好嗎？

And the result of which are reflected in what you're seeing today in terms of our results, not just for the quarter but for the whole year, and the performance we've had in 2025. And some of that on the top line is coming to fore retention, occupancy gains, rate gains, revenue growth as well as the great job the team has been doing from a collections perspective, which is turned into overall savings within bad debt.

而這些成果也反映在你們今天看到的業績中，不僅是本季的業績，還有全年的業績，以及我們在 2025 年的表現。其中一些主要體現在客戶留存率、入住率提升、房價上漲、收入成長，以及團隊在收款方面所做的出色工作，這些都轉化為壞帳方面的整體節省。

So I mean, to really sum it up for you, David. It's fundamentals and execution. They are the focus and what you're seeing happen in real time. You've seen this happen in real time for overall bottom line results.

所以，我的意思是，總結一下，大衛。關鍵在於基本功和執行力。它們是專注的焦點，也是你即時看到的現象。你已經親眼目睹了這種情況如何即時影響到最終的獲利結果。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

Charles, welcome aboard. The transient RV business, could you just talk a little bit about what trends you're seeing at this point, again, whether you we're kind of at the point where we're kind of getting towards the demand normalization everyone is looking for or whether for whatever reason that hasn't come back and kind of what may be delaying the eventual demand normalization of that business.

查爾斯，歡迎登船。關於短期房車業務，您能否談談目前看到的趨勢？我們是否已經接近大家所期待的需求正常化階段？或者由於某些原因，需求還沒有恢復正常？是什麼因素可能延緩了該業務最終的需求正常化？

Yes. This is John. I'll start. Great question. It's actually a question we've been asked pretty much all year long. And I think that -- the best way that I would answer that is, again, we're really happy with our RV same-property NOI performance being at the top end of that range, okay?

是的。這是約翰。我先來。問得好。事實上，我們幾乎一整年都被問到這個問題。我認為——我能給出的最好回答是，我們對我們的房車同物業淨營業收入表現非常滿意，它處於該範圍的頂端，好嗎？

We've done really well coming off of three record years of transient RV conversions still growing them. On top of that, we've got 23,000 transient sites we could convert in the coming years if we want to, okay? And so when we think about -- I would tell you what is normalization, what is stabilization I would just say, what is it, okay? Because it's a balance between what we do from both an annual side and the transient RV side, and the goal is to maximize what we can do from an overall RV NOI.

在過去三年創紀錄的房車改裝業務中，我們取得了非常好的成績，並且持續成長。除此之外，我們還有 23,000 個臨時站點，如果我們願意的話，我們可以在未來幾年內將其改造，好嗎？所以當我們思考──我會告訴你什麼是規範化，什麼是穩定化，我會說，它是什麼，好嗎？因為這是在我們年度業務和短期房車業務之間取得平衡的結果，目標是最大限度地提高整體房車淨營業收入。

And I think what you're seeing happen and what I've shared earlier in the call has been we are seeing improved trends, not just on the annual RV renewal side, but as well as our current pacing that we're seeing on the transient side. It's a difficult question to answer. But I think what we're seeing right now is actually pretty positive.

我認為你們現在看到的，也是我之前在電話會議中分享過的，是我們正在看到一些改善的趨勢，不僅在年度房車續租方面，而且在我們目前看到的短期租賃方面也是如此。這是一個很難回答的問題。但我認為我們目前看到的情況其實是相當正面的。

And Tayo, if I could add, we are actually seeing an improvement from a forecast perspective for the full year or just transient RV revenue performance. When we last spoke in July, we were forecasting about a 9.5% decline in revenue. That has improved over the last three, four months by about 30 basis points for full year performance. So we're actually seeing slight improving trends from that standpoint.

Tayo，如果我可以補充一點，從全年預測的角度來看，或者只是短期房車收入表現，我們實際上看到了改善。我們上次在7月通話時，預測收入將下降約9.5%。過去三、四個月，全年業績有所改善，提高了約 30 個基點。所以從這個角度來看，我們實際上看到了一些略微改善的趨勢。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Just -- and I'm sorry to ask this on kind of the RV business. So I believe the RV business is down 2.8% year to date, but the forecast for the full year calls for down 1%, which was a 50 basis point improvement. So that implies a pretty big, I think, acceleration or improvement 4Q to 4Q. Can you just maybe speak to what's driving that, number one?

只是——很抱歉問這個問題，牽涉到房車產業。所以我認為房車業務今年迄今下降了 2.8%，但全年預測為下降 1%，這比預期改善了 50 個基點。所以，我認為這意味著第四季到第四季之間會有相當大的加速或改善。您能否先談談造成這種情況的原因？

And then secondly, I know you guys have a lot of cash sitting on the balance sheet that's not restricted. How do we just think about that use of cash kind of moving into '26?

其次，我知道你們的資產負債表上有許多不受限制的現金。我們該如何看待現金的使用方式在2026年的發展呢？

So Steve, you're right as it relates to expectations for fourth quarter NOI growth for our same-property RV portfolio. The main driver of that will be or one of the drivers for that will be transient growth where we're expecting a smaller decline than what we have seen on a year-to-date basis. That would be the largest driver.

所以史蒂夫，你的說法是對的，就我們同店房車投資組合第四季淨營業收入成長的預期而言。推動這一趨勢的主要因素或其中一個因素是短期成長，我們預計其下降幅度將小於今年迄今的下降幅度。那將是最大的驅動因素。

Steve, on the second question on the capital allocation. Again, I'm going to stay high level because of the time that I've been here, but I've been digging in with the teams and my perspective has always been to take a disciplined approach that balances growth, operational needs and shareholder value.

史蒂夫，關於資本配置的第二個問題。再次強調，由於我在這裡的時間不長，我將保持宏觀視角，但我一直在與團隊深入合作，我的觀點始終是採取一種嚴謹的方法，在成長、營運需求和股東價值之間取得平衡。

And what I've seen so far is the team has executed very effectively across all of those areas, been very disciplined. And I expect that balance and disciplined approach to continue as I dig in and get a deeper understanding with the teams, and we'll continue to review that framework work closely with the board and evaluate all options for our long-term shareholder value.

到目前為止，我看到的是，團隊在所有這些領域都執行得非常有效，而且非常自律。我希望這種平衡和嚴謹的方法能夠繼續下去，隨著我深入了解團隊的情況，我們將繼續與董事會密切合作，審查框架工作，並評估所有能夠提升股東長期價值的方案。

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

Charles, wanted to know what you thought of the rental home business within the MH communities. Is that something that could be built up within Sun.

查爾斯，我想知道你對移動房屋社區內的房屋租賃業務有何看法。這是可以在Sun公司內部建立的東西嗎？

Yes. Again, this is part of my deep dives into the business. I've obviously, with my background, have been spending a lot of time with John and Bruce understanding that business and how it works. Obviously, I have history and perspective.

是的。這又是我對這個行業進行深入研究的一部分。很顯然，憑藉我的背景，我花了很多時間和約翰和布魯斯在一起，了解他們的業務以及它的運作方式。顯然，我有自己的經驗和視角。

It seems to be executing really well, and I'm asking some questions as to kind of where we go from there. I don't have much more to add at this point, but it is something that I am particularly interested in given my background. John, do you want to add anything.

它似乎執行得非常好，我想問一些問題，看看我們接下來該怎麼做。目前我沒有什麼要補充的了，但鑑於我的背景，我對這方面特別感興趣。約翰，你還有什麼要補充的嗎？

Yes, I would just -- I think you know this, John, I mean I've been around that program since its inception here at Sun. And one of the things that I think is super important. One of the biggest benefits that it brings to the company is at a key traffic driver to our communities. Because we have lots of prospects to come to the property thinking they might want to rent that ultimately end up purchasing a home, become a homeowner. So that in itself is an important part of that program. And like I said, it drives a lot of traffic to us. So it's something that we will continue to have as one of the tools that's going to drive growth across the portfolio.

是的，我只是想——我想你知道的，約翰，我的意思是，自從這個計畫在 Sun 公司成立以來，我就一直參與其中。我覺得其中一件非常重要的事。它為公司帶來的最大好處之一是為我們社區帶來了重要的交通流量。因為有很多潛在客戶來看房子時原本只是想租房，但最後卻買房成為房主。所以這本身就是該計劃的重要組成部分。正如我所說，它為我們帶來了大量的流量。因此，我們將繼續把它作為推動整個投資組合成長的工具之一。

And if I could just follow up on the UK ground lease acquisitions. It provides you with some earnings accretion and flexibility. Can you just comment on what that flexibility means? Is that on the financing of the asset? Is it flexibility in how you may spend capital to develop on the asset? Or just does it give you just more value when -- if and when you decide to sell some of these communities?

如果我能跟進一下英國的土地租賃收購情況就好了。它能為你帶來一定的收入成長和靈活性。您能否解釋一下這種靈活性意味著什麼？這是關於資產融資的問題嗎？您在如何靈活運用資金進行資產開發方面是否具有彈性？或者，當您決定出售這些社區時，它是否能為您帶來更多價值？

Thanks for the question. It's Aaron again. Yes, to all of those questions, I think fundamentally, we acquired the business with these in place. They were part of our original underwriting. And due to our capital position and the opportunity presented by the current landlords, we were able to acquire them, incredibly helpful for the team on the ground in terms of managing -- in terms of managing the portfolio and owning them on a freehold basis.

謝謝你的提問。又是亞倫。是的，對於所有這些問題，我認為從根本上講，我們收購這家公司時就已經具備了這些條件。它們曾是我們最初承保的一部分。由於我們的資本實力和現有房東提供的機會，我們得以收購這些房產，這對一線團隊的管理工作非常有幫助——管理房產組合併以永久產權的方式擁有這些房產。

And certainly, to the extent we continue to assess the portfolio, just as we've done in the US, we've considered certain single asset, noncore asset sales and things like that. We will continue to do that. It provides that flexibility and ultimately just increases it strategically and certainly remove some incremental lease payments we were making overall. So it does check a lot of boxes, both for the team here as well as for the team in the UK simplifying and improving flexibility and strategic optionality.

當然，在我們繼續評估投資組合的過程中，就像我們在美國所做的那樣，我們已經考慮過某些單一資產、非核心資產出售等等。我們將繼續這樣做。它提供了這種靈活性，最終只是在戰略上增加了這種靈活性，並且肯定減少了我們總體上支付的一些額外租賃款項。因此，它滿足了許多要求，無論是對於我們這裡的團隊還是對於英國的團隊來說，都簡化了流程，並提高了靈活性和戰略選擇權。

Our next question is from Brad Heffern with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的布拉德‧赫弗恩。

I may have missed this, but did you give the cap rate on the recent acquisitions? And also, can you give a rough yield, I guess, on the ground lease purchases?

我可能錯過了，但您有給出最近收購項目的資本化率嗎？另外，您能否大致估算一下土地租賃購買的收益率？

Darren, again, thanks for the question. We did comment and said we were acquiring the low 4% average area, which is consistent with what we've shared with the market over the last new months from an expectations perspective and in terms of the ground leases in aggregate, roughly in the same range, slightly higher from a yield perspective, low to mid-4%.

達倫，再次感謝你的提問。我們確實評論說，我們正在收購平均收益率低至 4% 的土地，這與我們過去幾個月從預期角度向市場分享的信息一致，而且就土地租賃總量而言，大致在同一範圍內，從收益率的角度來看略高一些，在 4% 到 4% 的低到中等水平。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Charles Young for any closing comments.

謝謝。目前沒有其他問題了。我謹將發言權交還給查爾斯·楊，請他作總結發言。

Thank you for joining our call today, and I appreciate the welcome messages from each of you. I look forward to seeing many of you in person at the upcoming conferences over the next few weeks. Thank you.

感謝各位今天參加我們的電話會議，也感謝各位的歡迎致詞。我期待在接下來的幾周里，在即將召開的會議上與大家見面。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。