Sun Communities Inc (SUI) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities first quarter 2026 earnings conference call.

各位女士、先生，早安，感謝各位耐心等候。歡迎參加 Sun Communities 2026 年第一季財報電話會議。

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

此時，管理層希望我提醒各位，本次電話會議中所作的某些陳述（非歷史事實）可能構成《1995 年私人證券訴訟改革法案》所界定的前瞻性陳述。儘管公司相信任何前瞻性陳述所反映之預期係基於合理假設，公司仍無法保證其預期將得以實現。可能導致實際結果與預期存在重大差異的因素與風險，已於今日新聞稿以及公司不時向美國證券交易委員會（SEC）提交之定期申報文件中詳述。公司不承擔任何義務就本新聞稿日期後之事件或情況，對任何前瞻性陳述進行告知或更新。

Having said that, I'd like to introduce management with us today: Charles Young, Chief Executive Officer; John McLaren, President and Chief Operating Officer; Fernando Castro-Caratini, Chief Financial Officer; and Aaron Weiss, Executive Vice President and Chief Investment Officer. (Operator Instructions) As a reminder, this call is being recorded.

在此之後，我想介紹今天與會的管理團隊：執行長 Charles Young；總裁兼營運長 John McLaren；財務長 Fernando Castro-Caratini；以及執行副總裁兼投資長 Aaron Weiss。（接線員指示）提醒各位，本次電話會議將被錄音。

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

現在我將把電話會議交給執行長 Charles Young。Young 先生，請開始。

Good morning, and thank you for joining us to discuss our first quarter 2026 earnings and updated guidance. We are pleased with our performance this quarter, building on the strong momentum established in 2025. Our simplified platform, strengthened balance sheet, and clear positioning as a leading MH and RV operator continues to support our progress.

各位早安，感謝各位參與我們對 2026 年第一季業績與更新後財測指引的討論。我們對本季表現感到滿意，並延續 2025 年建立的強勁動能。我們精簡的平台、強化的資產負債表，以及作為領先 MH 與 RV 營運商的清晰定位，持續支持我們的進展。

Across manufactured housing and RV, our communities benefit from their affordability and limited supply dynamics, which continue to support strong demand, high occupancy, and stable recurring income. We entered the year from a position of strength and remain confident in the long-term opportunity ahead as Sun plays an important role in addressing broader affordability needs, with manufactured housing serving as a critical housing solution and RV offering flexible value-oriented options, which together reinforces the durability of our business.

在組合屋（manufactured housing）與 RV 兩大業務中，我們的社區受惠於其可負擔性與供給有限的市場動態，持續支撐強勁需求、高入住率與穩定的經常性收入。我們以強勢姿態進入新年度，並對 Sun 在長期機會上的前景保持信心；Sun 在回應更廣泛的可負擔性需求方面扮演重要角色，其中組合屋作為關鍵住房解決方案，而 RV 則提供具彈性、以價值為導向的選擇，兩者共同強化我們業務的韌性。

Our momentum is clearly reflected in our first quarter performance, where we delivered core FFO per share of $1.40, exceeding the high end of our expectations and by raising our full year guidance range. By driving MH and RV outperformance, maximizing our core portfolio, and leveraging our strong financial position, this quarter highlights the durability, consistency and underlying value proposition our platform delivers, while also reflecting execution on our three core pillar strategy.

我們的動能清楚反映在第一季表現上：核心 FFO 每股達 1.40 美元，超出我們預期區間的上緣，並促使我們上調全年指引區間。透過推動 MH 與 RV 的超預期表現、最大化核心投資組合，以及運用我們強勁的財務狀況，本季凸顯了我們平台所帶來的韌性、一致性與內在價值主張，同時也反映我們對三大核心支柱策略的落實。

First, disciplined capital allocation, where we continue to maintain a strong and flexible balance sheet while pursuing selective value-enhancing growth opportunities. We continue to execute our investment strategy, acquiring select assets that align with our portfolio and operating footprint. Over the past several quarters, we actively deployed capital into our core MH and RV platform, including the integration of over $450 million of acquisitions completed in late 2025, along with additional investments in the first quarter.

第一項支柱是審慎的資本配置：我們在維持強健且具彈性的資產負債表之同時，追求具選擇性、可提升價值的成長機會。我們持續執行投資策略，收購與我們投資組合及營運版圖相契合的精選資產。過去數季，我們積極將資本投入核心 MH 與 RV 平台，包括整合於 2025 年底完成、超過 4.5 億美元的收購案，以及第一季的額外投資。

At the same time, we have remained committed to returning capital to shareholders, demonstrating both confidence in the business and a disciplined approach to capital allocation with over $1.5 billion returned to shareholders since the beginning of 2025, including continued share repurchases in the first quarter of 2026.

同時，我們也持續致力於回饋股東資本，展現對業務的信心以及對資本配置的紀律；自 2025 年初以來已回饋股東超過 15 億美元，其中包括 2026 年第一季持續進行的庫藏股回購。

The second pillar, optimizing our operating platform was evident in the outperformance of our North American portfolio, where same-property MH and RV NOI increased 6.3%, well ahead of our expectations and performance in our UK segment was in line with plan. These results reflect continued progress in driving consistency, accountability, and execution across the organization, building on our strong foundation. We are laser-focused on maximizing the performance of our core platform, where we see the most attractive long-term growth, margin expansion, and capital allocation opportunities.

第二項支柱是優化營運平台，這在北美投資組合的超預期表現中表露無遺：同店（same-property）MH 與 RV 的 NOI 成長 6.3%，顯著優於我們的預期；而英國（UK）業務部門的表現則符合計畫。這些成果反映我們在全組織推動一致性、問責與執行力方面持續取得進展，並建立在我們穩固的基礎之上。我們高度聚焦於最大化核心平台的表現，因為我們在此看見最具吸引力的長期成長、利潤率擴張與資本配置機會。

And third, targeted investment in our communities, infrastructure, and digital capabilities, which continues to enhance the resident guest and team member experience while supporting more efficient data-driven decision-making across the platform. Importantly, these investments are focused on directly enhancing the resident value proposition, including the quality of our communities and the overall resident and guest experience. Our greatest strength remains our culture and our people. I want to thank the team members for their continued dedication and for the role they play in driving our results.

第三項支柱是對社區、基礎設施與數位能力的精準投資，持續提升住戶、旅客與團隊成員的體驗，同時支持更高效率、以數據驅動的跨平台決策。重要的是，這些投資聚焦於直接強化住戶價值主張，包括社區品質以及整體住戶與旅客體驗。我們最大的優勢仍是文化與人才。我想感謝團隊成員持續的投入，以及他們在推動我們成果中所扮演的角色。

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

接下來我將把電話會議交給 John 與 Fernando，更詳細說明我們的業績。John？

Thank you, Charles. In the first quarter, our North American same-property MH and RV NOI increased 6.3% compared to the prior year, driven by a 5.9% increase in revenue, partially offset by a 5.2% increase in expenses. Same-property occupancy remained strong at over 98%, reflecting continued demand across our communities. Within manufactured housing, same-property NOI increased 6.3% with revenues up 6.6%, primarily driven by site rent growth. Expense growth was consistent with our expectations, reflecting ongoing progress on payroll efficiencies and procurement initiatives.

謝謝你，Charles。第一季，我們北美同店 MH 與 RV 的 NOI 較去年同期成長 6.3%，主要受 5.9% 的營收成長帶動，部分被 5.2% 的費用增加所抵銷。同店入住率維持強勁、超過 98%，反映我們各社區需求持續。就組合屋而言，同店 NOI 成長 6.3%，營收成長 6.6%，主要由場地租金（site rent）成長所驅動。費用成長符合我們預期，反映我們在薪酬效率與採購計畫上的持續進展。

This outperformance demonstrates the continued execution of our operating strategy with a strong focus on disciplined expense management while driving sustainable top line growth. Building on the foundation we established last year, we are seeing the benefits of our operating discipline, accountability across the organization, and continued focus on service and execution at the property level. Turning to our RV segment. Same property NOI also increased 6.3% for the quarter with revenues up 4.2% and expenses increasing by 2.3%. We entered the year with a strong focus on securing RV annual renewals earlier in the cycle, and the team has done an excellent job accelerating that pacing in the first quarter. This positions us well to enhance the annual and transient revenue mix as we move into peak season.

這項超預期表現顯示我們持續落實營運策略：在推動可持續的營收成長同時，強調具紀律的費用管理。延續去年建立的基礎，我們正看見營運紀律、全組織的問責，以及在物業層級持續聚焦服務與執行所帶來的效益。接著談 RV 業務。同店 NOI 本季亦成長 6.3%，營收成長 4.2%，費用增加 2.3%。我們以明確目標進入新年度：在週期更早階段鎖定 RV 年度續約，而團隊在第一季已出色地加速推進。這使我們在進入旺季時，能更好地提升年度與短期（transient）營收組合。

On the transient side, we are encouraged by what we're seeing. Demand trends are stable and pacing is ahead of where we were at this point last year. That said, it is early in the season, and the first quarter represents relatively small portion of transient's contribution to our full-year results. So while we are pleased to with transient's early 2026 performance and outlook, we remain appropriately measured in our expectations and we'll provide additional color as we progress through the second and third quarters. Consistent with our strategic pillar to optimize our operating platform, one key area of focus is to enhance data analytics and asset management to make better, more proactive decisions and optimize our portfolio and maximize performance across all segments of the business.

在短期（transient）方面，我們對目前所見感到鼓舞。需求趨勢穩定，且預訂進度（pacing）領先去年同期。不過，目前仍屬季節初期，而第一季在短期業務對全年成果的貢獻占比相對較小。因此，儘管我們對 2026 年短期業務的早期表現與展望感到滿意，我們仍會以適度審慎的態度看待預期，並將在第二季與第三季推進過程中提供更多說明。與我們「優化營運平台」的策略支柱一致，一項關鍵聚焦領域是強化數據分析與資產管理，以做出更佳、更具前瞻性的決策，優化投資組合並在各業務分部最大化表現。

Turning to the UK. We are very pleased with our team's performance this quarter and appreciate their continued focus on execution and operational excellence. Same-property NOI increased 1.6% with revenues up 5.3% and expenses in line with guidance. We are incredibly proud of the unmatched team we have across the organization whose continued dedication and execution drove strong performance throughout 2025 and the first quarter of 2026, and I want to thank everyone for their ongoing service, hard work, and commitment to delivering for all of our stakeholders.

接著談英國（UK）。我們對團隊本季的表現非常滿意，也感謝他們持續專注於執行與卓越營運。同店 NOI 成長 1.6%，營收成長 5.3%，費用符合指引。我們為全組織這支無可匹敵的團隊深感自豪；他們持續的投入與執行，推動 2025 年以及 2026 年第一季的強勁表現。我也要感謝每一位同仁持續的服務、辛勤付出，以及致力於為所有利害關係人交付成果的承諾。

I'll now turn the call over to Fernando to walk through our financial results and 2026 guidance update. Fernando?

接下來我將把電話會議交給 Fernando，說明我們的財務結果與 2026 年指引更新。Fernando？

Thank you, John. As Charles highlighted, our FFO per share for the quarter came in at $1.40, exceeding the high end of our guidance range. The outperformance was primarily driven by the continued strength in our manufactured housing fundamentals complemented by better-than-expected performance in RV transient within our North America MH and RV segments. The first quarter represents a seasonally smaller portion of our full year earnings, primarily due to R&D contribution, and we remain thoughtful in how we translate this outperformance into our full year outlook. From a capital allocation perspective, we continue to remain disciplined.

謝謝你，John。如 Charles 所強調，本季每股 FFO 為 1.40 美元，超出我們指引區間的上緣。這項超預期表現主要來自組合屋基本面持續強勁，並由北美 MH 與 RV 分部中 RV 短期（transient）業務優於預期的表現所補強。第一季在全年獲利中的占比季節性較小，主要因 RV 的貢獻所致；我們也會審慎思考如何將此超預期表現反映到全年展望中。就資本配置而言，我們仍將保持紀律。

During the quarter, we bought back approximately 0.5 million shares at an average price of $126 per share for a total of $60 million repurchased. As of March 31, Sun's debt balance stood at $4.3 billion with a weighted average interest rate of 3.4% and a weighted average maturity of 6.8 years. Our net debt to trailing 12-month recurring EBITDA ratio was 3.7 times, and we continue to maintain a strong and flexible balance sheet with $492 million of debt maturing in 2026.

本季我們回購約 50 萬股，平均每股價格 126 美元，回購總額 6,000 萬美元。截至 3 月 31 日，Sun 的債務餘額為 43 億美元，加權平均利率為 3.4%，加權平均到期年限為 6.8 年。我們的淨負債對過去 12 個月經常性 EBITDA 比率為 3.7 倍；同時，我們持續維持強健且具彈性的資產負債表，且 2026 年到期債務為 4.92 億美元。

Turning to guidance. As detailed in yesterday's release, we are raising our full year 2026 core FFO per share guidance range of $6.87 to $7.07 with the midpoint of $6.97, a $0.04 increase above the prior range, reflecting a strong start to the year and continued outperformance in our core manufactured housing business. At the midpoint, within North America, we now expect full year same-property NOI growth of approximately 4.7%, with manufactured housing increasing to 6.2%, up from prior guidance while RV remains unchanged at 0.9% growth.

接著談談財測。如同昨日新聞稿所述，我們將 2026 全年每股核心 FFO 指引區間上調至 6.87 美元至 7.07 美元，中點為 6.97 美元，較先前區間中點上調 0.04 美元，反映年初開局強勁，以及我們核心製造住宅（MH）業務持續優於預期。以中點計，在北美地區，我們目前預期全年同店 NOI 成長約 4.7%，其中製造住宅上調至 6.2%（較先前指引提高），而 RV 仍維持不變，成長 0.9%。

Beyond MH, the incremental uplift to guidance is driven by modest improvements in interest income, lower expected interest expense and contributions from brokerage and other income streams. All other guidance assumptions and ranges remain unchanged. For additional details on our outlook and key assumptions, please refer to our supplemental disclosures. Our guidance reflects completed acquisitions, dispositions, and capital markets activity through April 27. It does not assume future acquisitions, additional share repurchases or other capital markets activity, which is often reflected in analyst estimates for the year.

除 MH 之外，本次指引的增量上修主要來自利息收入小幅改善、預期利息費用降低，以及經紀與其他收入來源的貢獻。其他所有指引假設與區間皆維持不變。關於我們展望與關鍵假設的更多細節，請參閱我們的補充揭露。我們的指引反映截至 4 月 27 日已完成的併購、處分及資本市場活動；並未假設未來併購、額外庫藏股回購或其他資本市場活動，而這些往往會反映在分析師對全年之預估中。

With that, I'll turn the call back to Charles for closing remarks.

接下來，我把電話交回 Charles 作結語。

Thank you, Fernando. Before opening the line for questions, I want to highlight how encouraged we are by the momentum we are seeing across the business. This follows our solid 2025 results, and we are well positioned to sustain our strong performance moving through 2026. We are very excited about the opportunity in front of us, supported by the strength of our platform, the quality of our team, the flexibility of our balance sheet and the favorable fundamentals across our business. We remain focused on our three core pillars of: disciplined capital allocation; optimization of our operating platform; and strategic investment, which together position us to deliver consistent, durable growth and long-term value for our stakeholders.

謝謝你，Fernando。在開放提問之前，我想強調，我們對於目前在各項業務所看到的動能感到非常振奮。這延續了我們 2025 年的穩健成果，而我們也已做好準備，在邁入 2026 年的過程中維持強勁表現。我們對眼前的機會感到非常興奮，這得益於我們平台的實力、團隊的品質、資產負債表的彈性，以及各項業務面向的有利基本面。我們仍專注於三大核心支柱：嚴謹的資本配置；營運平台的最佳化；以及策略性投資。這三者共同使我們能為利害關係人帶來一致且具韌性的成長與長期價值。

With that, we'll open the line for questions.

接下來，我們將開放提問。

(Operator Instructions) Eric Wolfe, Citi.

（接線員指示）Citi 的 Eric Wolfe。

There were some news articles recently that suggested you might sell Park Holidays, including the $400 million of ground leases. You recently purchased at a pretty big discounts. Can you just comment on this at all? Were there any of those sort of numbers in that article were accurate at all? And just the go-forward strategy on the UK?

最近有一些新聞報導指出你們可能會出售 Park Holidays，包括 4 億美元的地租（ground leases）。你們近期是以相當大的折扣買入。你們能否就此做任何評論？那些報導中的數字是否有任何準確之處？以及英國業務未來的策略是什麼？

Eric, this is Charles. Thanks for the question. We regularly review all parts of our business to ensure they're optimally positioned. We see that as just good capital discipline. And what I can tell you is UK business, high-quality business. I've talked about that before with a strong team, solid asset base, and it continues to perform in line with expectation. Our near-term focus is to maximize value through execution, strengthening performance, driving growth where we can and maintaining cost control and flexibility. Park Holiday team is strong and performing well given the UK backdrop. So I'll leave it there.

Eric，我是 Charles。謝謝你的問題。我們會定期檢視業務的各個部分，以確保其處於最佳配置狀態。我們認為這就是良好的資本紀律。我能告訴你的是，英國業務是一項高品質的業務。我之前也談過，團隊強、資產基礎穩健，而且持續符合預期地表現。我們短期的重點是透過落實執行來最大化價值：強化績效、在可行之處推動成長，並維持成本控管與彈性。以英國的大環境而言，Park Holiday 團隊很強，表現也很好。我就先說到這裡。

Okay. And then if I look at your 10-K, it looks like there's about $2.4 billion in gross assets. I'm just trying to get a better sense for sort of what's included in that? Is there all of those properties that are listed there, managed by Park Holidays? Are some of them still under development and not generating much NOI, you have a sort of a miscellaneous category, which I think includes sort of the headquarters. Could you just talk through sort of what's in that $2.4 billion, how much of it isn't really generating much NOI?

好的。然後如果我看你們的 10-K，似乎約有 24 億美元的總資產。我想更清楚了解其中包含哪些內容？是否包含那裡列出的所有由 Park Holidays 管理的物業？其中有些是否仍在開發中、尚未產生太多 NOI？你們還有一個雜項類別，我想其中可能包含總部之類的項目。你能否說明一下這 24 億美元包含什麼，以及其中有多少其實沒有產生太多 NOI？

And then I guess just one last question I'll lay on there is if you were to try to borrow against these assets, do you have a sense for sort of how much you could borrow? And what rate you could get?

然後我想再補最後一個問題：如果你們要以這些資產作為擔保去借款，你們大概能借到多少？以及可能取得什麼利率？

Eric, this is Fernando. The majority of that amount is the operating assets for Park Holidays. We do have some development land that came to us from a loan that we have made. But again, about $1.9 billion of that value is the operating assets.

Eric，我是 Fernando。該金額的大部分是 Park Holidays 的營運資產。我們確實有一些開發用土地，是來自我們先前發放的一筆貸款所取得的資產。不過，約 19 億美元的價值是營運資產。

And it's Aaron, regarding the financing opportunities and options as we talked about, part with your earlier question, we did acquire the ground leases at attractive yields, which gives us incremental strategic and financial flexibility. As of now, Park Holidays is financed against our corporate credit facility. And so to the extent we wanted to pursue additional financing options, we could, but we haven't focused on the financing alternatives for the business. We just wanted to maintain full strategic and financial flexibility.

我是 Aaron，關於融資機會與選項，如同我們在你先前問題中提到的，我們確實以具吸引力的殖利率收購了地租，這為我們帶來額外的策略與財務彈性。目前 Park Holidays 是透過我們的公司信用融資額度（corporate credit facility）進行融資。因此，若我們想尋求其他融資選項，是可以的，但我們尚未把重點放在該業務的融資替代方案上；我們只是希望維持完全的策略與財務彈性。

Jamie Feldman, Wells Fargo.

Wells Fargo 的 Jamie Feldman。

I guess just a follow-up on Park Holidays. So it looks like you bought an asset in the UK during the quarter. I think a lot of people reacted to that thinking, that means, hey, why would you be buying something if you're eventually going to sell the platform. So how should we think about how that asset fits into the broader Park Holiday portfolio?

我想就 Park Holidays 追問一下。看起來你們在本季於英國買了一項資產。我想很多人的反應是：如果你們最終要出售這個平台，為什麼還要買東西？那我們應該如何看待該資產在整體 Park Holiday 投資組合中的定位？

And then just how should people be reacting to the view -- how people are reacting to that activity of buying even though a lot of people are expecting a sale here?

另外，對於外界的看法——也就是很多人預期會出售，但你們仍在買入——大家應該如何解讀這樣的買入行為？

Great question. It's Aaron speaking. As we alluded to, we did acquire Kingfisher, which is an attractive park in the UK. It's consistent with our strategy here, which is it's complementary to existing operating assets and efficient from an operational perspective and has some growth opportunities to the extent we want to invest.

好問題。我是 Aaron。如同我們提到的，我們確實收購了 Kingfisher，這是在英國的一個具吸引力的園區。這與我們在此的策略一致：它能與既有營運資產互補，從營運角度也更有效率，並且在我們願意投入資本的情況下，具備一些成長機會。

I think when you think about the aggregate investment we have overall in the UK, it's pretty de minimis from an overall investment perspective, but it does enhance the growth opportunity there. And we believe longer term, we'll continue to drive incremental value in the platform, which, as Charles alluded to earlier, it's the long-term focus. But I don't believe it affects any overall strategic planning or impact that in any way.

我認為，從我們在英國的整體投資規模來看，占比其實相當小（de minimis），但它確實提升了當地的成長機會。我們相信長期而言，我們會持續在該平台創造增量價值；如同 Charles 先前提到的，這是長期的重點。但我不認為這會以任何方式影響整體策略規劃或造成任何影響。

To the extent we see other value-optimizing opportunities, we'll assess them and execute on them. We have, over the past couple of years, sold a couple single assets in the UK as well that did not meet our return on investment objective. So you'll continue to see us look to maximize the overall value of the business.

若我們看到其他能夠最佳化價值的機會，我們會評估並加以執行。過去幾年，我們也在英國出售過幾項單一資產，因為它們未達到我們的投資報酬目標。因此，你們會持續看到我們致力於最大化整體業務價值。

Okay. And then maybe a question for John. Just where are you on the expense savings focus? It seems like you had some success in the quarter, but how far are you through the process? I know it's continuous, but any kind of major leaps and bounds so far? Or do you think there's still a lot of wood to chop ahead?

好的。接著可能問 John 一個問題。你們在費用節省的重點上目前進度如何？看起來本季有一些成果，但整個流程你們走到哪一步了？我知道這是持續性的，但到目前為止有沒有什麼重大的突破？還是你認為前面仍有很多工作要做？

Yes. It's a good question, Jamie. I appreciate it. It's just -- I mean, you kind of covered it. I mean, to put it bluntly, it's just part of the core of what we do. I mean expense discipline is a big piece of it. We are always and always will be looking for efficiencies that we can pick up in all the various expense categories, ways that we can do things better, more that we can move into our procurement platform, which continues to grow, okay? And those sorts of things. It just -- it's a fundamental thing, both on the expense discipline side as well as the focus as I've shared many times on top line and growing the company.

是的。好問題，Jamie，謝謝。我想——你其實已經說到了。坦白說，這就是我們核心工作的一部分。費用紀律是其中很重要的一環。我們一直、也將永遠在各種費用類別中尋找可以取得的效率提升，尋找能把事情做得更好、以及更多能納入我們採購平台的方法，而該平台也在持續成長，好嗎？諸如此類。這是一個根本性的工作，既包括費用紀律，也包括我多次分享過的對營收端（top line）的重視，以及推動公司成長。

Brad Heffern, RBC Capital Markets.

RBC Capital Markets 的 Brad Heffern。

On the FFO guidance, you beat more during the quarter than the overall guidance went up. So I was just wondering, was some of the beat timing related? Or why was the outperformance not read forward more?

關於 FFO 指引，你們本季的超預期幅度大於全年指引上調的幅度。我想請問，是否有部分超預期是時點因素？或者為什麼這些優於預期的表現沒有更多地反映到後續期間的指引中？

Brad, as disclosed, we did increase our guidance by $0.04, a nearly 60 basis point increase at the midpoint for full year. As detailed on the call, from a contribution perspective, the first quarter is -- has a lower contribution related to the rest of the year. And so we want to remain thoughtful as it relates to the rest -- to the second and third quarters. As you know, relative contribution on the RV side is higher during the summer months. So we're being prudent with our guidance increase.

Brad，如同我們所揭露的，我們確實將指引上調 0.04 美元，以全年中點計，約上調近 60 個基點。如同電話會議中所說，從貢獻度角度來看，第一季——相較於全年其他季度——貢獻度較低。因此，我們希望在面對第二與第三季時保持審慎。你也知道，RV 業務在夏季月份的相對貢獻度較高。所以我們在上調指引時採取較為保守的作法。

Okay. Got it. And then on G&A, it was a relatively high number on the income statement this quarter. I'm sure there was some noise in there from the CFO changes. But can you give what the comparable 1Q number is to guidance? And just talk about your overall comfort hitting that guide with the 1Q number in context.

好的，了解。接著關於 G&A，本季損益表上的數字相對偏高。我確定其中有一些雜訊來自 CFO 的變動。但你能否提供與指引可比的 1Q 數字是多少？也請談談在 1Q 數字的脈絡下，你們對達成該指引的整體信心。

Yes, happy to provide some color there. And as you mentioned, the majority of the add back activity in the quarter is related to executive leadership transitions that have been publicly disclosed and discussed. Specifically, this primarily reflects, Gary's transition after 40 years with the organization, which constitutes the majority of the amount in addition to costs associated with recent CFO and COO changes.

是的，很樂意補充一些說明。如你所提到，本季大部分的加回項目都與已公開揭露並討論過的高階主管交接有關。具體而言，主要反映 Gary 在公司服務 40 年後的交接，這占了大部分金額，另外也包含近期 CFO 與 COO 變動相關的成本。

As you'd expect, these costs are largely concentrated in the first quarter, given the timing of those transitions. And importantly, these are nonrecurring in nature and not reflective of the ongoing cost structure to address your question as far as the 1Q comparable. That would be -- our 1Q G&A was about $61 million in the first quarter. That did include some Marina and the comparable would be $51 million for the first quarter of this year.

如你所預期，鑑於這些交接的時點，相關成本大多集中在第一季。更重要的是，這些屬於一次性，並不反映持續性的成本結構。回到你問的 1Q 可比數字——我們第一季的 G&A 約為 6,100 萬美元。當中包含一些 Marina 的項目；若以可比口徑計算，今年第一季約為 5,100 萬美元。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste，瑞穗證券。

My question is on the buybacks -- stock buybacks during the quarter. I guess I'm curious why not buy back more? You seem to buy back less than [$5 million] of the $60 million during the quarter, during the month of March. So was there any reason you paused in March? Anything holding you back? You have a lot of cash on the balance sheet, obviously. So curious kind of on the thought process. And then perhaps what does stock buybacks rank today in terms of capital allocation priorities?

我的問題是關於回購——本季的股票回購。我想知道為什麼不多回購一些？你們在本季 6,000 萬美元的額度中，似乎只回購了不到 [500 萬美元]，而且是在 3 月進行。所以你們在 3 月是否有任何原因暫停？有什麼因素讓你們有所保留嗎？你們資產負債表上顯然有很多現金。所以想了解一下背後的思考。以及目前在資本配置優先順序上，股票回購排在什麼位置？

Thanks, Haendel. It's Charles. Appreciate the question. From a broader, if you kind of zoom out, our objective on capital allocation is pretty straightforward. We want to allocate capital where it generates the best long-term risk-adjusted returns for stakeholders. And as you point out, we're in a very strong position here in '26 with a strengthened balance sheet, reduced leverage, and real flexibility in terms of maturities and liquidity.

謝謝你，Haendel。我是 Charles，感謝提問。從更宏觀的角度來看，如果把視野拉遠，我們的資本配置目標其實很直接：把資本配置到能為利害關係人帶來最佳長期風險調整後報酬的地方。正如你指出的，我們在 2026 年處於非常強勁的位置，資產負債表更為強健、槓桿降低，而且在到期結構與流動性方面具備真正的彈性。

So as we think about our kind of tools in the tool kit, if you will, it's a kind of a balance of options of investing in our communities and our operating platform, which we're doing. It's pursuing thoughtful, disciplined, accretive, external growth opportunities that align with our strategy, which we've also done that in the first quarter, and we'll continue to look at that and as well as return capital to shareholders either through dividends or share buybacks, which we also did this quarter.

因此，當我們思考工具箱裡的各種工具時，可以說是在多種選項之間取得平衡：投資於我們的社區與營運平台——我們正在做；追求審慎、有紀律、具增益性的外部成長機會且與我們策略一致——我們在第一季也做了，並會持續尋找；以及透過股利或股票回購把資本回饋給股東——我們本季也做了。

So I think going forward, to your question, we're going to be balanced. We're going to expect us to use our flexibility to stay balanced and use all those tools and be thoughtful about when and how, with the idea that we're going to evaluate and make the decision that is going to be best for shareholder value.

所以展望未來，回到你的問題，我們會保持平衡。我們會運用我們的彈性來維持平衡、使用所有這些工具，並審慎思考何時以及如何執行；核心理念是，我們會評估並做出最能提升股東價值的決策。

Much appreciated. Maybe some color incrementally on just the capital deployment opportunity beyond the buybacks, maybe on the transaction market, what you're seeing in terms of maybe availability, pricing ranges in the different size segments, MH, RV. Just curious what the market is looking like out there if you're sensing any incremental change in opportunity or pricing or just color more broadly on that side of the business?

非常感謝。或許能再多補充一些，除了回購之外的資本部署機會，例如交易市場方面，你們看到的供給情況、不同規模區間的定價範圍（MH、RV）。想了解市場目前的樣貌：你們是否感受到機會或定價有任何邊際變化？或更廣泛地談談這一端的業務狀況？

It's Aaron. Great question. I think what you'll hear is consistent with what we've talked about over the last few quarters and the last couple of years. It remains challenging to acquire high-quality, attractive MH and annual RV communities. We felt really good about what we were able to achieve through the latter part of 2025 with about $450 million of acquisitions across 14 communities.

我是 Aaron。這是個好問題。我想你會聽到的內容，會與我們過去幾季以及過去一兩年談到的一致：收購高品質、具吸引力的 MH 與年度 RV 社區仍然具有挑戰。我們對 2025 年後段所達成的成果感到非常滿意——在 14 個社區完成約 4.5 億美元的收購。

We did acquire one more in the first quarter in our disclosure in Michigan. I think we want to highlight we're very focused on assets that overlay nicely with our operational platform, with synergies, have nice geographic overlay with what we're looking to do.

我們在第一季也另外收購了一個，並在揭露中提到位於密西根。我們想強調的是，我們非常聚焦於能與我們的營運平台良好契合、具備綜效，且在地理分布上與我們的布局方向高度重疊的資產。

Our pipeline remains reasonably strong and consistent. It does appear that there probably will be a little more activity. It's been pretty muted over the last few years, but I don't think we're looking for a massive change in the outlook.

我們的案源管線仍然相當穩健且一致。看起來活動量可能會稍微增加。過去幾年整體相當低迷，但我不認為我們預期展望會出現大幅改變。

I think we've talked before that MH opportunities tend to be found in the sort of low to mid-4% cap rate range and we want to underwrite those for, as Charles alluded to, attractive long-term risk-adjusted growth. So we're seeing these more in one-off and small portfolio transactions.

我想我們之前也談過，MH 的機會通常落在約 4% 出頭到 4% 中段的資本化率（cap rate）區間；而我們希望在承作評估時，如 Charles 所提到的，以具吸引力的長期風險調整後成長為目標。因此，我們看到的多半是一案一議或小型投資組合交易。

We remain very active in underwriting, and we do believe there will be opportunities to continue to add to our portfolio thoughtfully, and we remain very active in the market and we'll continue to provide that color and hopefully continue to add to the portfolio in a meaningful way over the course of '26.

我們仍非常積極地進行承作評估，也確信會有機會讓我們以審慎的方式持續擴充投資組合。我們在市場上依然非常活躍，並會持續提供相關資訊；也希望在 2026 年期間，能以有意義的方式持續增加投資組合規模。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Congrats on the strong start to the year. Curious on your focus to enhance data analytics. Can you kind of share some early wins in the process and other areas where you are? And is there kind of more opportunity in the MH and RV annuals? Or is this really to kind of help kind of add visibility for booking windows and transient?

恭喜今年開局強勁。我想了解你們提升資料分析能力的重點。你能否分享一些流程中的早期成果，以及你們目前進展到哪些領域？另外，在 MH 與年度 RV 方面是否還有更多機會？還是這主要是為了提升對預訂窗口與短住（transient）的能見度？

Yes, this is Charles. I'll start, and then if John wants to jump in, he can add some color. As we talked about, this is a focus in our three kind of core pillars around optimizing the portfolio and investing in our infrastructure and specifically around building a unified digital backbone. And as we look at that, and it's exciting to see how it's starting to show up in the first quarter. Again, it's early.

是的，我是 Charles。我先回答，如果 John 想補充也可以再加一些說明。如我們所談，這是我們三大核心支柱之一的重點：優化投資組合並投資於我們的基礎設施，特別是建立一個統一的數位骨幹。從這個角度來看，很令人振奮的是它在第一季已開始有所體現。不過，仍在早期階段。

A lot more to be done, a lot of year left. But I talked about this on the last call, with our ERP implementation a couple of years ago, we have more real-time access to data than we've ever had. And those benefits are starting to show. Like I said, it's early.

還有很多要做，今年也還有很長一段時間。但我在上次電話會議提到，幾年前我們導入 ERP 之後，我們取得即時資料的能力比以往任何時候都更強，而這些效益正開始顯現。就像我說的，仍在早期。

We're focused in on the customer journey where we're enhancing the system and centralizing some of the services that eventually will allow for better data and AI to help out. And taking all of this and building off that solid foundation is the investment and focus that we're making this year.

我們聚焦在客戶旅程，透過強化系統並集中化部分服務，最終將能取得更好的資料，並讓 AI 能夠提供協助。在這個穩固基礎之上持續建構，就是我們今年的投資與重點。

Long term, what we're really trying to get to is we have this kind of special position as being in the business for decades. And as we unlock that data and really focused in on the data architecture and infrastructure will allow us to continuously improve how we make capital allocation decisions in terms of dispositions and acquisitions, and it's a real opportunity to kind of build off the execution and the resident experience. John, if you want to add anything specifically, but that's our focus for this year, and it's still early, a lot more to build off of that as we go.

長期來看，我們真正想達到的是：我們在這個產業深耕數十年，具備一個相當特殊的定位。當我們解鎖這些資料，並真正聚焦於資料架構與基礎設施時，將使我們能持續改善資本配置決策——包括處分與收購——這也是一個能在執行力與住戶體驗之上再往上加乘的重大機會。John，如果你想補充更具體的內容也可以；但這就是我們今年的重點，而且仍在早期，後續還有很多可以持續建構與延伸。

Yes, Jana. Appreciate the question. It's -- and to give you sort of the operational perspective on it, a little bit more is that, I would say, as I've shared before, we have data like we've never had before, okay? And in what we're seeing actually start to take place here is I'd like to call it the intersection of data, discipline, accountability, and performance transparency that ultimately is leading us to better conversion of our long and short-term prospect funnels across the board, okay? Those are the things that are happening.

是的，Jana，感謝提問。從營運角度再補充一些：我會說，正如我之前分享過的，我們現在擁有前所未有的資料，好嗎？而我們實際上開始看到的是——我喜歡稱之為資料、紀律、問責，以及績效透明度的交會點——最終正帶動我們在整體上更好地轉化長期與短期的潛在客戶漏斗。這些就是正在發生的事情。

And we can unlock things in the customer journey, whether it's the visibility from prospects, ease in the booking process, the conversion of that funnel, those sorts of things. I mean, specific to the RV side, if you look at our booking platform that we have, we literally have heat maps. I mean they're actually heat maps when you look at a property itself on the screen, and you can tell, an individual property show the individual site revenue and occupancy at any point in time. And that, actually, it will inform our revenue management practices, our focused marketing investments, and our guest conversion strategy to maximize mix, margin, and long-term value.

而且我們可以在客戶旅程中解鎖很多環節，不論是讓潛在客戶看得更清楚、讓預訂流程更容易、提升漏斗轉化率等等。以 RV 端為例，如果你看我們的預訂平台，我們真的有熱點圖——在螢幕上看某個物業時，它就是熱點圖；你可以在任何時間點看到單一物業中各個營位的收入與入住率。這實際上會為我們的收益管理作法、聚焦式行銷投資，以及住客轉化策略提供資訊，以最大化組合（mix）、利潤率（margin）與長期價值。

And then just a quick accounting question. The long-term lease termination losses that are an adjustment to core FFO, I know those are UK related, but can you kind of help explain what those are? And they were helping last year but hurting this year?

接著是一個簡單的會計問題。作為對核心 FFO 的調整項目，那些長期租約終止損失，我知道是與英國相關，但你們能否協助解釋一下那是什麼？而且它們去年是在幫助、今年卻在拖累嗎？

The lease termination charge relates to us acquiring long-term lease in the UK. This is a noncash when acquired. Noncash accounting charge as it relates to the transaction itself. It has nothing to do with the operations of that asset or the portfolio.

租約終止費用與我們在英國收購長期租約有關。這在收購時屬於非現金項目，是與交易本身相關的非現金會計費用。它與該資產或整體投資組合的營運無關。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

I'm here with Ami Probandt. Can you talk about the acquisition opportunities in the UK? You stepped into the market this quarter. Is there competition from other buyers on individual properties or portfolios? And do you have a cap rate or EBITDA multiple on the property that you purchased?

我和 Ami Probandt 一起。能談談你們在英國的收購機會嗎？你們本季進入該市場。在單一物業或投資組合方面，是否有其他買方競爭？另外，你們所購買物業的資本化率（cap rate）或 EBITDA 倍數是多少？

Thanks. It's Aaron. Good question. I think we remain active in observation and underwriting of opportunities in the UK and the US. I think we're going to remain highly selective. As alluded to earlier, we did sell a couple of single assets over the last couple of years. This was a pretty unique opportunity to acquire an asset, as we mentioned earlier, by GBP8 million, a little over $10 million. We view this as pretty one-off in terms of what we're looking to do.

謝謝。我是 Aaron。好問題。我認為我們仍會持續在英國與美國觀察並承作（underwrite）各種機會。我們會維持高度選擇性。如同先前提到的，過去幾年我們確實出售了幾個單一資產。這次是一個相當獨特的機會，讓我們以 800 萬英鎊、略高於 1,000 萬美元的價格收購一項資產。我們認為就我們想做的事情而言，這算是相當一次性的機會。

There might be one or two other opportunities. We'll look at it underwrite. And the opportunity set exists, but we're going to be highly selective about what we're looking to do. We would suggest that the cap rates and yields we see in the UK are higher than what we talked about earlier related to US MH and our underwriting targets in terms of returns are also higher. So we'll remain highly selective, and I would suggest that this opportunity was more one-off or -- in terms of our long-term strategy in the UK.

可能還會有一到兩個其他機會。我們會去看並進行承作。機會集合是存在的，但我們會對要做什麼保持高度選擇性。我們會說，我們在英國看到的資本化率與收益率高於先前談到的美國 MH，而我們在報酬方面的承作目標也更高。因此我們會維持高度選擇性；我也會說，這次機會更像是一次性，或是——就我們在英國的長期策略而言。

And just as a follow-up, there's been some macro challenges in the UK as a no secret. Does that mean people are doing more domestic vacations or -- and so that should drive more transient demand there? Or is that kind of offset by the slower home sales? Just trying to kind of piece together those two moving pieces which may offset each other?

再追問一下，英國的總體環境挑戰眾所皆知。這是否代表大家更多選擇國內度假之類的，從而帶動更多短期（transient）需求？還是會被房屋銷售放緩所抵消？我只是想把這兩個可能互相抵消的因素拼湊起來理解。

Yes, Michael, this is John. I mean, obviously, I mean, you said the macro has been challenging. That has had some effects in terms of home sale volumes. But what we've seen is that people are, to your point, vacationing locally and things like that. So we have seen positive trends on some of the short-term stays, which can ultimately lead to more home sales down the road. But I think the macro does continue to be a little bit challenging from that perspective. But once again, I think our team is doing extraordinarily well against that backdrop, as you've seen in the results as we put within our plan.

是的，Michael，我是 John。顯然，如你所說，總體環境一直具有挑戰性，這對房屋銷售量確實造成了一些影響。但我們看到的是，人們如你所言，選擇在本地度假之類的活動。因此我們在部分短期住宿方面看到正向趨勢，而這最終可能在未來帶來更多房屋銷售。不過我認為從這個角度來看，總體環境仍然有些挑戰。但再一次，我認為在這樣的背景下，我們的團隊表現非常出色，正如你在結果中看到的，我們仍在計畫範圍內推進。

Adam Kramer, Morgan Stanley.

Adam Kramer，Morgan Stanley。

I just wanted to ask about the revenue from real property for North America sort of guidance for the full year. It looks like that was raised. It looks like that stems from core MH. Just wanted to talk about sort of the drivers of that raise. And if you can maybe break down occupancy versus rates, sort of the assumptions today and if they differ from, I guess, from the prior assumption? And just overall, what changed in the guidance there?

我想問一下北美「不動產收入」全年指引。看起來你們上調了，似乎主要來自核心 MH。想請你們談談上調的驅動因素。若可以的話，也請拆解一下入住率（occupancy）與租金/費率（rates）的貢獻、目前的假設，以及是否與先前假設不同？整體而言，該指引有哪些變化？

Sure. Rate expectations remain unchanged with the guidance we provided back in October with MH guidance increase of about 5%. And RV at 4%. We were slightly higher than that for MH for the first quarter at 5.2%. And just below that on the RV side for 3.6%, but over the course of the year, that will -- that is expected to catch up given the cadence of the rental increases.

好的。費率預期與我們在 10 月提供的指引一致，MH 指引上調約 5%，RV 為 4%。第一季 MH 略高於此，為 5.2%；RV 端略低，為 3.6%。但在全年過程中，隨著租金調漲的節奏推進，預期會追上。

From an occupancy gain perspective, we are also modeling about a 1,200 site or occupancy gain from a site perspective. And that is split pretty evenly between manufactured housing and RV and other -- I mean other strengths that we saw in the first quarter from a revenue perspective would be fees related to the rental income, lower discounts that have been provided that for move-ins or for -- from an occupancy perspective.

在入住率提升方面，我們也在模型中納入約 1,200 個營位（site）的淨增/入住提升。這在製造房屋（manufactured housing）與 RV 之間大致平均分配。另外，第一季從收入角度看到的其他強項包括：與租金收入相關的各項費用，以及針對入住（move-ins）或——從入住率角度——所提供的折扣較少。

Great. That's helpful. And then maybe just a similar question on the expense side, a little bit higher there, sort of guidance midpoint change. Maybe just break that down in terms of some of the different line items there? How they compare to the prior guidance?

很好，這很有幫助。接著想問一個類似的問題：費用端指引中位數似乎也略高。能否按不同費用科目拆解一下？以及它們與先前指引相比如何？

And I think your peers sort of talked about their insurance sort of renewal and the result there. So would love to hear sort of latest thoughts on the insurance market and what you guys are seeing there as well.

另外，你們同業也談到他們的保險續保及其結果。我也很想聽聽你們對保險市場的最新看法，以及你們目前看到的情況。

Sure. So expense growth was in line with our expectations for the first quarter. Higher growth items included supplies and repair given a colder, snowier winter in our portfolio as well as real estate taxes. We did have some offsets on the utilities front. Importantly, year-over-year expense growth expectations for our MH and RV portfolio, is expected to moderate for the rest of the year as we do guide to a mid-3% full year expense growth at the midpoint.

好的。第一季費用成長符合我們的預期。成長較高的項目包括用品與維修，原因是我們投資組合所在地經歷了更冷、降雪更多的冬季，以及不動產稅。我們在公用事業費用方面有一些抵銷。重要的是，我們對 MH 與 RV 投資組合的年增費用成長預期，在今年剩餘期間預計會放緩；我們在全年指引中位數預估約為 3% 中段（mid-3%）的費用成長。

And this is Aaron. As it relates to the insurance question, we do have a full year renewals. So we renew at the end of December for the full year. So our insurance expectations were embedded in our full year guidance. So we don't have much new insight into the insurance market because we've had the same program in place since December. So our insurance expectations were embedded, and I think are consistent moving forward from a guidance perspective.

我是 Aaron。關於保險問題，我們是全年續保，也就是在 12 月底一次續保整年。因此我們對保險的預期已經反映在全年指引中。由於自 12 月以來我們一直採用同一套保險方案，所以對保險市場沒有太多新的觀察。保險預期已納入，且從指引角度看，未來也將保持一致。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

I just wanted to circle back on the home sales, in particular, maybe the UK and just see if you guys have tweaked the program? Are you changing the prospects of trying to drive sales. It was interesting to see the volume was actually up modestly while it was down in North America, pricing was actually up 6%. So have you guys made any major tweaks to that in order to drive occupancy in that market?

我想回到房屋銷售（home sales），特別是英國的部分，看看你們是否調整了方案？你們是否在改變推動銷售的作法？很有意思的是，雖然北美的銷量下降，但英國的銷量其實小幅上升，而價格還上升了 6%。你們是否做了任何重大調整，以在該市場推動入住率？

Yes. Steve, it's John. I appreciate the question. I mean I think it really just sort of falls in line with what we've talked about for a number of years in the UK, which is we want to see more volume, okay, as opposed to the margin side, so we can drive more real property income and that shift of the revenue mix that has taken place over the course of the last several years in the UK. So what you're seeing there is really illustrative of that strategy just continuing.

是的，Steve，我是 John。謝謝你的問題。我認為這其實只是延續我們多年來在英國談到的方向：相較於毛利（margin）端，我們更希望看到更高的銷量（volume），以便帶動更多不動產收入，以及過去幾年在英國發生的收入組合（revenue mix）轉移。因此你看到的情況，正好說明這個策略仍在持續推進。

Okay. And maybe one for Charles. I just didn't know if you could provide an update on the CFO search. It's been a few months since Mark departed, I just wasn't sure kind of where you and the Board were in that process.

好的。再問 Charles 一題。我想請問 CFO 招募進度的最新情況。Mark 離任已經幾個月了，我不確定你和董事會在這個流程上目前進展到哪一步。

Yes. Thanks, Steve. Look, we're conducting a thorough but expedient process. It's a broad search. We've engaged a third party. We're going to be thoughtful about this. This is a critical leadership role for Sun, and I'm focused on ensuring we have the right long-term partner to support both the strategy and execution of the business going forward. And it's important we get it right. So we're moving with urgency, but we're not going to rush.

是的，謝謝，Steve。你看，我們正在進行一個徹底但高效率的流程。這是一個廣泛的搜尋。我們已聘請第三方。我們會審慎思考。這對 Sun 來說是關鍵的領導職位，我的重點是確保我們找到合適的長期夥伴，來支持未來的策略與業務執行。而且重要的是要做對。因此我們會以緊迫感推進，但不會倉促。

To be clear, we have strong continuity within the finance organization, and we remain fully focused on execution. So the goal is to identify the right person expeditiously as possible, and we'll provide updates as the process evolves.

說清楚一點，我們的財務組織內部有很強的延續性，我們也仍然完全專注於執行。因此目標是盡可能迅速地找到合適人選，並會隨著流程進展提供更新。

Anthony Hau, Truist Securities.

Anthony Hau，Truist Securities。

I noticed that RV revenue-producing site net gain was down this quarter. Can you help us understand what's driving that? Whether it's demand driven or pricing related? And how are you thinking about offsetting that pressure going forward?

我注意到本季 RV 產生收入的營位（revenue-producing site）淨增為負。你能幫我們理解是什麼在驅動這個變化嗎？是需求因素還是定價相關？以及你們打算如何在未來抵消這種壓力？

Yes. Anthony, it's John. Great question. It's timing, is what it is. This has been more due to our timing strategy for new RV annuals in 2026. Our performance for the quarter is in line with plan as a result of our focus on retention, which you've heard me talk about before and our pace on renewals is actually ahead of our Q1 expectations. It's sort of like we use our data, I think our team approached 2026 smartly with respect to the timing of conversions during peak season.

是的。Anthony，我是 John。問得很好。這主要是時點問題。這更多是因為我們針對 2026 年新 RV 年租（annuals）的時點策略。本季表現符合計畫，原因在於我們專注於續租留存（retention）——你之前也聽我談過——而且我們的續約進度實際上也領先於我們對第一季的預期。有點像是我們運用數據，我認為團隊在旺季期間就 2026 年的轉換時點做了很聰明的安排。

Leading to higher revenue transient stays resulting in a better revenue mix between annual and transient in the quarter. So we walked in the year really thoughtful in terms of the rent increases, our competitive positioning, targeted retention efforts. I think what you're seeing here is just these are the things that when you're looking at like a winter season for January through March, there's a right time to make these conversions. And so we've taken the data that we have to make that shift and expect to continue to expect to deliver what we said within guidance for RV conversions for 2026.

因此帶動較高的短住（transient）營收，讓本季年租與短住之間的營收組合更佳。所以我們在年初就很審慎地規劃租金調漲、競爭定位與針對性的留存措施。我認為你現在看到的就是：當你看像 1 月到 3 月的冬季旺季時，進行這些轉換有一個「正確的時間點」。因此我們利用手上的數據做了這個調整，並預期會持續交付我們在 2026 年 RV 轉換方面於財測指引（guidance）中所說的內容。

Wes Golladay, Baird.

Wes Golladay，Baird。

I want to stick with the annual RV. The rate is moderating, occupancy was up a little bit. But you're still producing pretty solid same-store revenue growth around 6.5% this quarter. What is driving that?

我想繼續問年租 RV。費率增速在放緩、入住率小幅上升，但你們本季同店營收（same-store revenue）仍有約 6.5% 的相當穩健成長。這是由什麼驅動的？

As detailed earlier, some of that additional income driving growth has been less -- fewer discounts provided and there are some additional fee income included in those numbers.

如先前所述，推動成長的部分額外收入來自於折扣減少——也就是提供的折扣更少——此外，這些數字中也包含一些額外的費用收入（fee income）。

Okay. And just a quick follow-up on that. Will that be a similar tailwind for the rest of the year? Should we expect that to moderate?

好的。再快速追問一下。這會在今年剩餘時間帶來類似的順風（tailwind）嗎？還是我們應該預期它會放緩？

There's potential, but we're being thoughtful around what we are expecting from the annual side of our portfolio for the remainder of the year.

有這個可能性，但我們對於今年剩餘時間年租端投資組合的表現預期會保持審慎。

David Segall, Green Street.

David Segall，Green Street。

Curious if you can you help us walk through the expected deceleration in North American NOI growth from 1Q to 2Q. Is that related to bringing back more discounts that you took away in the first quarter?

想請你們協助我們理解一下：北美 NOI 成長率從第一季到第二季預期放緩，原因是什麼？這是否與你們在第一季取消的折扣在第二季又加回來有關？

No, David. Actually, this is from a comp perspective. I think you'll recall for our RV portfolio, we had a 21% decline in transient RV revenue in the first quarter. So that was a better comp for us on a year-over-year basis for 1Q. As it relates to our guide for the second quarter, we're expecting just about 4% growth at the midpoint for MH and RV. It really is the components of that are about 6.5% growth for manufactured housing and about a 2% decline on the RV side. So again, it's more so comp on a year-over-year basis than a decel of discounts, for example.

不是的，David。其實這是比較基期（comp）的因素。我想你會記得，就我們的 RV 投資組合而言，第一季短住 RV 營收年減 21%。因此，從年對年的角度看，第一季對我們來說是較有利的比較基期。至於我們對第二季的指引，我們預期 MH 與 RV 在中點約成長 4%。其組成大致是：組合屋（manufactured housing）約成長 6.5%，RV 端約下滑 2%。所以再說一次，這更多是年對年比較基期的影響，而不是例如折扣回升所造成的放緩。

Great. And then I'm curious what share of your annual G&A load is attributable to Park Holidays?

了解。那我想問，你們年度 G&A（一般及行政費用）負擔中，有多少比例可歸因於 Park Holidays？

Our -- we estimate for Park Holidays, our G&A load is in the high $30 million contribution from a full year perspective.

我們——我們估計 Park Holidays 的 G&A 負擔，以全年角度來看約為 3,000 多萬美元，接近 4,000 萬美元（high $30 million）。

Peter Abramowitz, Deutsche Bank.

Peter Abramowitz，德意志銀行（Deutsche Bank）。

Yes. And I appreciate the comments there about the comps becoming more difficult into the second quarter and the rest of the year. I guess, just digging into the RV guide a little bit more. So in addition to the comps, could you talk about kind of the expected ramp in revenue growth in transient throughout the year? I think last quarter, you mentioned that you had embedded in the guide around negative 1.5% top line growth in transient revenues for the year. So has that changed at all? Or is that kind of still what you're expecting?

是的，也謝謝你剛才對於第二季以及今年剩餘時間比較基期變得更具挑戰的評論。我想再深入問一下 RV 指引。除了比較基期之外，你能否談談短住（transient）營收成長在全年預期的爬升（ramp）？我記得上季你提到指引中隱含全年短住營收約 -1.5% 的年增率。這有改變嗎？還是仍是你們的預期？

So our expectations are unchanged as it relates to our expected growth on the transient RV side. For the first quarter, we did a 1.7% decline year-over-year. Over the course of -- for the full year, our guidance at the midpoint is a 1.9% decline. We are for the second quarter, we're expecting about 3.7%. So a moderation in the second half is expected to hit that midpoint of 1.9% decline for the full year.

我們對短住 RV 端的預期成長並沒有改變。第一季我們年對年下滑 1.7%。就全年而言，我們指引中點是下滑 1.9%。第二季我們預期約下滑 3.7%。因此，我們預期下半年會放緩（跌幅收斂），以達到全年中點下滑 1.9% 的目標。

Okay. That's helpful. I appreciate that. And if I could ask one more. Just curious about your view in the housing bill that passed in the Senate in March and the proposed removal of the permanent chassis requirement for manufactured homes. I guess, can you help us think through how that could impact your communities in terms of the look and feel and then also potentially your capital allocation plans if the bill is passed as it's been proposed?

好的，這很有幫助，謝謝。如果我可以再問一題：想請教你們對於 3 月參議院通過的住房法案，以及提案中擬取消組合屋「永久底盤（permanent chassis）」要求的看法。你能否協助我們思考，若該法案按提案通過，這可能如何影響你們社區的外觀與感受（look and feel），以及也可能影響你們的資本配置計畫？

Yes, this is Charles. I'll start on the broader kind of, affordable housing bill, then I'll give it to John to speak specifically to the chassis provision. Broadly or kind of stepping back, hugely supportive of anything that supports attainable housing that's going to be constructive for housing policy. So we're watching the situation closely, taking it seriously, working with our industry groups to watch these proposals. It seems like there's been a little bit of slowing on the momentum there.

是的，我是 Charles。我先從更廣泛的可負擔住房法案談起，接著再交給 John 針對底盤條款（chassis provision）做更具體的說明。整體而言，我們非常支持任何能促進可負擔、可取得（attainable）住房的措施，這對住房政策會是建設性的。因此我們正密切關注情勢，嚴肅看待，並與產業團體合作追蹤這些提案。目前看起來那股動能似乎有些放緩。

But if you step back before I give it to John, really what this is about is around housing affordability. And that said, the industry that we're in, manufactured housing is a part of the solution for housing affordability. When you look at that, our industry relative to other housing options, there's real value there. The last thing I'll note is that from a federal perspective, we get the intent, but much of this is local. And when you think about production of new housing, local dynamics are what matter most. And so we're paying attention to kind of how that plays out. With that, I'll turn it over to John to get specifically into the chassis provision.

但在我交給 John 之前，先退一步看，這件事的核心其實是住房可負擔性。也因此，我們所處的產業——組合屋——是解決住房可負擔性的一部分。當你把它與其他住房選項相比，這個產業確實具有實質價值。最後我想補充的是，從聯邦層面來看，我們理解其意圖，但很多事情其實是在地方層級決定的。當你思考新住房的供給，最重要的是地方動態。因此我們也在關注後續如何發展。接下來我把時間交給 John，具體談底盤條款。

Yes. No. Thanks, Charles. I think that the chassis -- the removal, the chassis requirement creates some really interesting opportunities potentially, okay, both in the form of what cost, cost savings to Charles' point, about affordability and making the product be more affordable. But at the same time, being able to build houses that have a different spec level, okay, and those sorts of things that are more appealing to not just the consumers, but to the powers that be at the local level, okay, that ultimately provide the approvals for development that we may do someday. So we're obviously -- we think all of this is positive. We remain optimistic and encouraged by the progress with it. We'll have to see how it plays out though.

是的。不，謝謝你，Charles。我認為取消底盤要求（chassis requirement）可能會帶來一些非常有趣的機會，好嗎？一方面，正如 Charles 所說，可能帶來成本——成本節省——有助於可負擔性，讓產品更可負擔。另一方面，也能建造規格層級不同的房屋，好嗎？而這類產品不僅對消費者更具吸引力，也可能更符合地方層級的相關單位（powers that be）的偏好——而這些單位最終會對我們未來可能進行的開發提供核准。因此我們顯然——我們認為這些都是正面的。我們仍然樂觀，也對其進展感到鼓舞。不過最終還是要看它如何落地。

John Kim, BMO Capital Markets.

John Kim，BMO 資本市場（BMO Capital Markets）。

I know there's been a couple of questions on this, but it's not really clear to me what you're doing with the UK. I know you've been saying it's a high-quality business. It performs well, but you did market it for sale, and you bought an asset recently. Is the takeaway that all options are on the table and you're going to keep those options open? Or would you prefer to exit and focus in North America?

我知道已經有幾個問題問到這點，但我仍不太清楚你們對英國業務到底在做什麼。我知道你們一直說那是一個高品質的業務、表現也很好，但你們曾把它拿去市場上出售，而且最近又買了一個資產。重點是否是：所有選項都在桌上，你們會保持彈性？還是你們更傾向退出並把重心放在北美？

Yes. Look, I appreciate the question, John. Look, we are -- as I said at the beginning, we continually evaluate our portfolio to determine how best to create long-term shareholder value, as disciplined capital allocators, that's kind of what we do in all parts of our business, and the UK is no different. I'm not going to repeat it. It's a high-quality business, great team, executing well, and we're focused in on making sure that we're maximizing value by execution and strengthening performance and supporting the team the best we can.

是的。John，我理解這個問題。你看，我們——正如我一開始所說，我們會持續評估投資組合，以決定如何最好地創造長期股東價值。作為紀律嚴明的資本配置者（disciplined capital allocators），這就是我們在業務各個部分所做的事，英國也不例外。我不再重複了：那是一個高品質的業務、很棒的團隊、執行得很好；而我們專注於確保透過落實執行、強化表現並盡我們所能支持團隊，來把價值最大化。

Okay. And then just sticking to the UK, you maintained guidance, both on same-store NOI and home sales, but occupancy on annuals did slip a bit this quarter. So I'm just, wondering how much visibility do you have on the seasonally more important second and third quarters at this point?

好的。那就繼續談英國：你們維持了指引，包括同店 NOI 與房屋銷售，但本季年租（annuals）入住率確實小幅下滑。所以我想問的是：就目前而言，你們對季節性更重要的第二、第三季有多少能見度（visibility）？

John, you were breaking up at the beginning. Can you just repeat that first part?

John，你一開始的聲音斷斷續續。你可以把前面那一段再重複一次嗎？

Sure. You just maintained your UK guidance, but you alluded to the kind of weak economy and the annual occupancy did slip in the UK this quarter. So I'm just wondering how much visibility do you have on the second and third quarters at this point?

當然。你們維持了英國的指引，但你提到經濟偏弱，而且本季英國的年度入住率確實下滑。所以我想請教，你們目前對第二季和第三季的能見度有多高？

The occupancy that comes from the contribution of new expansion sites that we build when the parks are closed over the course of the fourth quarter last year. So that really is the driver as far as a quarter-on-quarter occupancy decline.

入住率的變動主要來自我們在去年第四季園區關閉期間所建置的新擴建據點所帶來的貢獻。因此，就季度對季度的入住率下滑而言，這確實是主要驅動因素。

Jason Wayne, Barclays.

Barclays 的 Jason Wayne。

Just in the Northeast, some sites shifted from annual to transient there. Just curious if that relates to the strategy of pulling forward RV renewals? And could you give any color on forward booking trends for the summer?

在東北地區，有些據點從年度轉為短期。想請教這是否與提前推動 RV 續約的策略有關？另外，能否分享一下夏季的提前預訂趨勢？

Yes. I can give you -- absolutely, Jason. Appreciate the question. I think what we're seeing and as I shared in my prepared remarks is, we're encouraged by current pacing and trends, okay? But to reiterate, it's still early in the year.

可以。我可以回答——當然可以，Jason。謝謝你的問題。我認為我們看到的情況、以及我在事先準備的發言中提到的，是我們對目前的進度與趨勢感到鼓舞，好嗎？但重申一次，現在仍是年初，還很早。

As you know, the first quarter is relatively small compared to the other quarters. And so as a result, we remain measured in our outlook and we're not changing any expectations at this point. But RV is an affordable vacationing option. We'll continue to focus on our performance, optimize revenue and bottom-line contribution, but we will provide more color as things progress.

如你所知，第一季相較其他季度規模較小。因此，我們對展望仍保持審慎，目前不會改變任何預期。不過，RV 是一種負擔得起的度假選項。我們會持續專注於營運表現、最佳化營收與獲利貢獻；隨著情況推進，我們也會提供更多說明。

Jesse Lederman, Zelman & Associates.

Zelman & Associates 的 Jesse Lederman。

I know obviously, municipality approval has been probably the largest headwind in terms of new community development. So there's bills in Texas and Kentucky slated to go into effect this year to kind of level the playing field a bit from a municipality approval perspective. So are you seeing or expecting anything or hearing anything from local municipalities in those states that may provide you with more potential expansion or development opportunities in Texas and Kentucky.

我知道市政審批可能一直是新社區開發方面最大的逆風。因此，德州與肯塔基州有法案預計今年生效，從市政審批角度來看，某種程度上是要讓競爭環境更公平一些。那麼，你們是否在這些州看到、預期到，或從當地市政單位聽到任何訊息，可能為你們在德州與肯塔基州帶來更多擴張或開發機會？

Yes. Jesse, I would probably -- that would pertain to us from the Texas perspective. But -- it's one of those things where there really does need to be meaningful work in the linkage between federal and local. We'll be optimistic about it, but we were pretty refined, okay, when we were doing a lot of development in the past with our process. I was at a lot of those meetings.

是的，Jesse，我想——從德州的角度來看，這會與我們較相關。不過——這類事情確實需要在聯邦與地方之間的連結上做出有意義的工作。我們會保持樂觀，但過去我們在大量開發時，流程其實已經相當精煉，好嗎？我也參加過很多那類會議。

I shared a lot of things with municipalities that frankly, to some degree, we had to educate them on what affordable housing means and help them with that. But as I've often maybe even sort of joked before, the impact that they had was instead of taking 24 months to get entitlements, it might take 23 months. So it's like marginal improvement. This is why we are so interested in seeing what progresses in terms of how homes are built with the chassis removal requirement and what kind of impact that has on designs that locals might find more attractive and further unlock what you're talking about.

我和市政單位分享了很多事情，坦白說，在某種程度上我們必須教育他們什麼是可負擔住宅，並協助他們理解。但就像我以前可能甚至開玩笑說過的，他們帶來的影響是：原本要花 24 個月拿到核准，可能變成 23 個月。也就是說，只是些微改善。這也是為什麼我們非常關注在「底盤移除」要求下，住宅建造方式會如何演進，以及這對設計會帶來什麼影響——讓地方政府可能覺得更具吸引力，進而進一步解鎖你所提到的那些機會。

Awesome. Appreciate that. And one quick follow-up on the kind of guidance increase question from earlier. It does imply that 2Q to 4Q outlook was lowered by $0.08. And you did note a higher contribution from RV in the summer months. It sounds like also your expectations were maintained for kind of RV moving forward. So just trying to understand the conservatism, I suppose, in the guidance for the rest of the year.

很好，謝謝。再追問一個關於先前提到的指引上調問題。這其實意味著第二季到第四季的展望下調了 0.08 美元。而你也提到夏季月份 RV 的貢獻會更高。聽起來你們對 RV 後續的預期也維持不變。所以我想了解的是，對於今年剩餘期間的指引，保守性主要來自哪裡？

We're remaining thoughtful about the relative contribution, as you can see in our guidance tables. RV specifically during the first quarter is only about 16% of the contribution for the full year. So we are working through that. John has shared his thoughts and what we're seeing from a pacing perspective for the remainder of the year, where we are pleased with the trends that we are seeing. But, yes, inherently, given that we raised guidance by less than the beat in the first quarter, there is some additional expenses or performance changes for the remainder of the year.

我們對相對貢獻仍保持審慎，你可以在我們的指引表格中看到。以 RV 來說，第一季僅約占全年貢獻的 16%。所以我們正在消化這些因素。John 已分享他的看法，以及我們從今年剩餘期間的進度（pacing）角度所看到的情況；我們對目前看到的趨勢感到滿意。不過，是的，從本質上來說，由於我們上調指引的幅度小於第一季超預期的幅度，因此今年剩餘期間會有一些額外費用或表現變化。

Eric Wolfe, Citi.

Citi 的 Eric Wolfe。

I actually was going to ask that same exact question. But maybe I'll follow up. You just said that there's going to be some performance changes for the rest of the year. Could you just talk about what that is and maybe why -- where you beat so much in the first quarter? Because there was obviously a large $0.12 beat and you are just raising by $0.04. So just trying to understand exactly what the offset is?

我其實也正要問一模一樣的問題。不過我再追問一下。你剛才說今年剩餘期間會有一些表現變化。你能談談那是什麼、以及為什麼——第一季會超預期那麼多嗎？因為很明顯第一季超出 0.12 美元，但你們只上調 0.04 美元。所以我想了解到底是什麼因素在抵消？

Yes. We'd be at the high end of our range by $0.08. So we increased our range by $0.04. So the remainder of the performance, we did outperform in manufactured housing. We had some small outperformance in RV. You saw the guidance increase for MH for the full year and RV guidance is remaining the same. So some of that outperformance is in the more seasonally higher contribution quarter.

是的。以我們原本區間來看，我們會落在區間高端以上 0.08 美元。因此我們把區間上調了 0.04 美元。至於其餘的表現，我們在製造住宅（MH）方面確實表現優於預期；RV 也有些小幅超預期。你也看到我們上調了全年 MH 指引，而 RV 的全年指引維持不變。所以部分超預期其實發生在季節性貢獻較高的季度。

Just to reiterate. Eric, this is John. I mean, from the RV perspective, I'll say it again, we're encouraged by what we're seeing on pacing and trends, okay? It is prudent for us to be measured in our outlook. As we come into the bigger months ahead of us, so that's a big contributor to what we're talking about.

再重申一次。Eric，我是 John。我的意思是，從 RV 的角度來看，我再說一次，我們對目前看到的進度與趨勢感到鼓舞，好嗎？但我們在展望上保持審慎是明智的。因為接下來我們將進入更重要的月份，所以這也是我們所談到內容的一大貢獻因素。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Mr. Young for any further closing comments.

我們的問答環節到此結束。接下來把時間交回給 Young 先生，請他做進一步的結語。

Yes. Thank you for joining us. I want to give a quick shout out to the Sun team for strong execution in the quarter. For all of you joining the call today, thank you. And look forward to talking to you again on the Q2 call.

好的。感謝各位參與。我想簡短致意 Sun 團隊，本季執行表現強勁。也謝謝今天加入電話會議的各位，期待在第二季電話會議再與各位交流。

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

謝謝。今天的電話會議到此結束。您現在可以掛線，祝您有美好的一天。感謝您今天的參與。