Equity LifeStyle Properties (ELS) 31 Jan 232022 Q4 Earnings call transcript

Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Fourth Quarter 2022 results.

Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President and CFO; and Patrick Waite, our Executive Vice President and COO.

In advance of today's call, management released earnings. Today's call will consist of opening remarks and a question-and-answer session with management relating to the company's earnings release. [Operator Instructions].

call recorded. this reminder, a is being As

economic Certain forward-looking subsequent the statements during obligation this to to federal assumes supplement The may become contain conference call untrue certain subject in are statements laws. update forward-looking matters and no events. All uncertainties. company discussed securities statements risks any the that or meanings of of because

financial call, as Reconciliations release, today's our during in we to non-GAAP defined of SEC addition, non-GAAP included measures SEC will historical GAAP In financial our comparable G. by Regulation these are and financial measures the discuss filings. supplemental measures information earnings our

I to like President our this turn the CEO. would Marguerite time, Nader, call over and At to

begin. may You

pleased strength final for of Good morning, and ELS thank of our you for in report am business. XXXX. results to all The joining be I can seen us facets the today.

translated year in with We NOI of continued FFO share. and our which growth a operations record strong in growth FFO core per into X.X% full of X.X%, normalized increase

XX% portfolio MH occupied. Our is

Importantly, with occupied homeowners. our XX% sites of are

incoming the well-kept FICO ownership resident can the The in evident be in stability landscaping residents. base and The pride seen our of of throughout for is our scores homes also community. high

to high difficulty]. sales the to [technical new able sale home markets, prices For the operating the for sales. by for strength an we increase year, with experienced were all-time we Due home XX% new over X,XXX of our

significantly immediate home in other increase of increased in important home for than an is home prices options volume prices. performing properties in while vicinity XX% housing the they of with $XXX,XXX, to note XX% our our were in that have to community. remain average sales strongest lower Florida a and a sales increase It

take strengthen commitment sites to the to RV It our to trips million will lifestyle. the months. country. estimated across RV was XXXX, for the Americans RV that plan RV next demand XX an trip These XX Turning is the strong in In properties. the

quarterly for to more the plan our day. indicate and with transient includes to longer-term reason The to year, cited desire a surveys X,XXX In their increasing camp their nearly their outdoors continue guests that converting to commitment transient we more camp new Our see pets. with time after guests years commitment to traveling their this us year. spending initial

initiated increase activation. Our increased average XX,XXX rate an well. transient over the of These pre-pandemic Thousand the dealer Trails increase. performed and future sold properties with being and Thousand largest in in RV revenue levels activations for passes XXXX, Trails In We from XX,XXX XX% that our are the portfolio. driver membership passes camping the growth seeds

XXXX. to Turning

to X.X% issued continues $X.XX our for demand share. MH of next in communities have normalized is per which growth guidance the year, for We midpoint at The a FFO increase.

over have Over look last sold portfolio as the five enhance the These further we in new homes X,XXX of community our of existing homeowners new our and homes ownership. their pride showcased throughout communities. years, new the

revenue. rent growth XX% have We X.X% of increases residents core our and MH rent in anticipate noticed approximately for of

guidance reflects XXXX for in strength Our the business. our

to in XXXX, In the strategic our with teams investments focused our guidance acquisitions sites built continuous development and each portfolio. operating on on added the based process a communication environment and Our survey market residents. X,XXX including over is and robust property, RV

land of approximately with development acres In we addition, purchased potential. XXX of six parcels

to diverse positively and geographically future contribute our will is land vacant Our growth.

the rate set a on amount update policy. per like our and annual our of the has Next, The the increase. balance business trends primary will determine share, Board each $X.XX dividend I'd of an Board The to XXXX the dividend X.X% you of approved increase quarterly decision of our sheet growth and solid flow, stability are the The drivers in to payment. of advance underlying in strong dividend cash our dividend.

as we to increase That will flow generated in advantage Historically, due by the for FFO of XXXX cash opportunities of $XX increase anticipated in to free continue our operations. been dividend have is equivalent XXXX. the roughly our able take to million

expect discretionary applications capital of payments. in In have meeting excess payments, of principal to dividend capital $XXX we for and XXXX, million our expenditures recurring after

year were dedication increased past The corporate work level by the the the a is years, team property our of members. the and regional finish Over five an of to hard well-being had our we strong residents XX.X%. of prioritized. have average dividend The ELS We guests to and impressive. the of due

through will I the walk now Paul to in to numbers turn detail. over it

quarter everyone. morning, our quarter good an provide portfolio our first NOI fourth Fourth year fourth guidance. our normalized FFO Strong XXXX of for year the will XXXX per $X.XX review and full full in quarter performance core quarter. Marguerite, Thanks, and share. was I growth X.X% generated overview results and and

income for full contributed X.X% per Core of XXXX. rental growth normalized year contributed share to growth, increased additional occupancy the compared year the for basis Rate generated NOI X.X% X.X%. XX Core full community-based to while growth of increases points. X.X% our FFO the

homeowner rental compared Full Growth XXXX. from to gains. XXXX, increased and year annuals was income and X.X% from occupancy occupancy by from resort XXX increases with X.X% we sites. increased rate X.X% core During marina X.X% based

in seasonal over in a trend These transient streams year fourth rental XXXX. in or generating XX.X% of offset decrease seasonal demand growth full X.X% RV the in Full was income, month RV In year growth our growth. RV rent full more continued income. generated for almost the year seasonal combined XX%. increase The income the stays strong quarter

of X.X%, sales membership marketing base increase of For million, business, an the $XX.X reflecting year. Subscription upgrade consists revenues the expenses, and subscription the X.X% of revenues a prior compared approximately to sales annual increased increase increase and X.X% by offset full in contribution year, rate X.X%. net our a from member which

increases the utility upgrades we XXXX, average year was at in of utility X,XXX income of price $X,XXX. result Full Core During growth sale an other approximately almost sold income. in and mainly

compared core X.X% compared in payroll recovery to XXXX. Fourth of to remained to in Our quarters in quarter expenses expense period growth increased same the earlier moderation some experienced consistent XXXX. XX% We percentage utility XXXX. in operating XXXX compared and in

In addition, during insurance operating XX.X% XXXX. more Overall, property from and increased represent XX% the core prior our expenses compared core for decreased and Utility maintenance expenses expenses XXXX of quarter, the expenses, to full increased than full and year X.X% year. year. repairs they operating other

generally Payroll and increased line expenses XXXX. maintenance repairs and inflation with for in

income of sits quarter Property operations, following joint full venture were in which as management including includes properties, in the sales million fourth operations and other year. and and quarter the a corporate for well for our suspended net, $XXX noncore damage, $XX.X assets as contributed year. G&A expenses the storm result $X.X Our the million group interest income, and income million for as the year. million $XX.X full the Other corporate

Interest and amortization were expenses for $XXX.X million full year. the

weighted We've expenses Our debt Hurricane net. $X.XXX along was offsetting billion full item. statement the through incurred our with and average are year expected charges, X.X%. a recovery rate for of revenue balance recoveries line this Ian presentation casualty-related presented income in to include modified The year-end, related average weighted insurance line item, accruals

of qualified intended ranges the by and results. our supplemental year included of to earnings release package full estimate revenue future rate press XXXX risk and are in supplemental The All factors our and quarter current and remarks following press provide guidance. package. overview growth projections first context are release and for an provide The expense

range generate full our guidance $X.XX the guidance FFO $X.XX. at Our at range project operating is of X.X% XXXX to We for $XX the midpoint of the $XX properties of to year will of core midpoint of NOI X%. million share normalized project and during growth property per noncore XXXX. $X.XX of our We million income X%

Our properties noncore the properties operations. acquired XXXX the during interrupted six portfolio well includes with as as

as six experience proceeds operations NOI a in of variability and to these assumption. Our combination interruption at properties stabilized during our compared business business year proceeds. reduced receipts. recognize a We result, upon we may the recognition as budget interruption budget intend from some income assumes insurance to of And

primarily we Our to in also don't actual is a expense balance ranges range guidance and debt We've result expect average G&A our of interest recur. lower guidance our property XXXX than activity weighted and that XXXX for management legal expense provided as expense.

includes of the we assumptions expect of regarding we've or to capital use flow year model generate in model full the events all makes acquisitions other impact cash no guidance free guidance The announced. Our XXXX.

growth XXXX. growth X% the our year MH portfolio, project full revenues, assume rent rate in to In range NOI. flat assumes X%. X.X% We portfolio MH X% during the stabilized X.X% X% and guidance of will year to X.X% the be and for core ranges, core expenses Full following core we occupancy X.X% core before to for to

RV year RV X% rental Annual guidance for and X.X% rent we combined annuals represents midpoint and X/X and is rent, our from X.X%. year of the growth growth Marina at of range. full guidance Full rent and Marina the Marina in income expect RV to

growth projections renewal. core rate utility X our include increases April impact insurance year of potential full assumptions expense current Our for our the future

assumes XX% year Our approximately of per which guidance FFO full share in per to first range $X.XX, represents quarter the $X.XX of share. NFFO normalized

income to range the first the projected is X.X% quarter. operating of property growth Core in to for be X%

with and our at RV midpoint events in project our to and are range. growth million assumptions. RV first and line quarter be annual MH the quarter in full rents approximately Marina year of $XX.X First guidance combined marine We

provide line current our first on and comments revenues reservation quarter the market balance with some in I'll assumes Our guidance RV seasonal pacing. now transient and performed our financing sheet.

and credit. debt XXXX, operating million available line were development cash X.X%; XX year-end, million. $XXX development. our of coupons land service times years properties, credit to The properties loan-to-value; At X.X proceeds and XX% funded XX% approximately cash unsecured and in to secured between coverage. invested X.X During our from of line terms at debt investments we future and balance $XXX of with was are Current X.XX% for

companies to to lenders strong life and from for GSEs, We CMBS continue see terms. XX-year interest lend

terms. assets High-quality, command to age-qualified continue best financing MH

on We million debt maturing rate of have in $XX.X secured XXXX, this in-place debt maturing is X.X%. approximately

million $XXX million approximately credit has $XXX of Our line available. currently

of currently program Our million has available ATM sales. $XXX

debt years. approximately maturity is average XX weighted Our

coverage adjusted times. and Our debt our to EBITDA X.X times, interest X.X is is

high to flexibility, continue sources believe on available us. balance multiple we place to sheet capital and we We of have importance

would like to we questions. Now for up open it

Thank you. [Operator Instructions].

Joseph question line the Nicholas Citi. of first Our with from comes

is open. line Your

Thank you.

on the properties and of to return XXXX an the normal? interrupted were what's Ian, the then what ground from when expect there business actually you recoveries of to terms that interruption happening still in give to can related things you other and insurance us And Hurricanes assumed that, would are update in Just guidance?

Sure, Patrick. Nick, it's

through just properties market, the operations; infrastructure resumed repairs have Fort with and a X working with sites reminder, to properties of layers XXX bring in operations are back as in and four will those in improvements. two online. two greater those properties few those X,XXX and order the Marinas of RV it's Of So six months. slips. next We're resume

the So, will by bring all operations time and few the over we up be mid-XXXX, operational, into next quarters. to properties get full them we'll

as expected properties bit properties. far half of contribution, less total in And Nick, as that the those little get those we'd expect than the from noncore NOI a

And you. quarter. rate more been the just like it market cap seeing there you And handful then RVs in a on there acquisitions, maybe Thank what on today the interesting in of the pricing? has with movement broadly, a across RV MH? JVs transaction Perfect. any and bit broadly market, But or are just so are transaction looks development or

Nick. Thanks, Sure.

that new think, RBC shore the was access Sandusky, RV then customer and a I had property development with near So it One large Ohio. our deals. the we It's we yes, growing a quarter, closed a annual, XX% in also was invested three base and continued really in a relationship And population. great to and in New Jersey. in

And in then XX-XX venture into Ridge we entered with Blue joint of KOA foothills the a Mountains. the

certainly uncertainty to year. across there's in pleased those with rates activity kind say, far to not so we rush sell acquisition in when the industry seen And XXXX. really this and we're respect real valuations. the are quarter. a was down in in volume our acquisitions haven't pickup So, really I'd the general, in they're sellers cap about There of a in market but

much. you, very Thank

Nick. Thanks

you. Thank

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

Your line is open.

forward? you Good looks the question those kind a for Hi. annual you growth on in Could go what about revenue going outlook us future pricing growth, of kind remind strong. morning. for contracts? how guess And RV revenue the annual annual like kind growth which I of of ongoing pretty RVs was

Yes, Anthony, thanks.

I think to kind get through our Patrick survey can annual rate. talk of the we to approach you how RV market

and the if other particularly Yes. on typically more MH they for than front, on long-term that's through Anthony, decade. we located our a it's the not lines, these similar are years, process property to customers, that in unit own go our business a

So, that as as type hospitality getaway other the weekend of well we for directly choices submarkets. a the properties review local competing in and

to may customers very moderate we full what market. rate we out come come we the representative the a determination our to the be send the Similar then And process, we increases. in, And When charged long-term rate of at well new feel for in-place market to be increases rate. as have more they'll MH customers. of

would super gears the to resetting whole, lease a cover switching guidance hurricane insurance be growth of of rates? that Maybe maybe And impact. the portfolio. Florida the just Thanks. same-store much is insurance insurance resets of in the more there and -- the helpful. as How do expense the properties, those driven the impact detail by

about cover key think are about for I and the core operating on. focus assumptions our to X/X both areas expenses. utilities, our on of I represent think guidance a combined items insurance because kind Yes. I of I'll total those line two guess basis expenses, as those property

Regarding negotiating with insurance the we're of process insurance, carriers. our the in

increases remind past five this I'm each too premium call. that I will or so, about So, XX% the much inclined really we've you, years to talked we've not year. over though, disclose on seen around

renewal first as plan on quarter update we X, to progress. an and Our policy provide call the far how as is we April

utilities, from have various projections growth rate to based With including factors, extent increases our utilities are regard to we assumptions we've on identified noticed. the that directly the of

advisers third-party for for eia.gov on Administration. two Energy website information rely also this we Information have the that and We the

all make of our with that that come information, up So, triangulate expense utility for and increases. model

you. Thank

you, Thank Anthony.

you. Thank

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

line Your open. is

Hi thanks.

quarter you first, you little fourth figure up Can that what strong growth, a that's XXXX. why walk a obviously reported led a above through operating quarter? reacceleration fourth X.X% to in expenses shows had back expect guidance with would you to the but You a and the figure pick bit low And what meaningfully? in the to the

experience I insurance our the our expense. that and lines the reduction and we Yes, first. in in moderation And quarter, expenses, think our did in payroll in the were quarter. moderation fourth I mention year-over-year utility fourth had R&M primarily our I'll some cover then down

the and that we'll have insurance take we We annual process established. an related a look casualty at have to our line, reserves

the development we reduce reduction activity favorable a and in balance As end that at we on year, the review the supported and the of expense. reserves the identified sheet thereby the insurance

year-over-year in expense had we a quarter the expense of in some as R&M growth savings levels we in we XXXX, reliance to really summer resulted savings in moderation on quarter And over from that pre-pandemic the our we expenses payroll a quarter. generated time, as comp reduced The exited mainly The overtime reduced the moderated result favorable change attribute on as third season. which staffing of the reliance were to to stabilized operations expense utility fourth there primarily elevated that in mix in because R&M a fourth XXXX. from

Okay. Got it.

why, I for comps presumably like, have you'd guess well. in easier XXXX payroll, the So, as instance,

So, the being is and utility else there? insurance just there by the on expense? that something Is going overwhelmed

quarter No. and Well, think fourth more it's quarter the about indicative the less of an I kind about rate activity. run being fourth

insurance, CTI expected with higher our Those I headed year X/X keep as and talking and are the I moment X/X than our that are we drivers. of about a that are we're base. increases And key then of where expenses in into full expense considering think and from are meaningfully mind of the looking ago, XXXX, to CPI XXXX. utilities said

side the to is underlying about the can I the moving Got it. so And count. or assumption fourth talk in in business. transient you there down what can pieces guess, transient And moving then in think know there with I was guide? quarter. I that's be the the the Okay. numbers, XX% then core some

what are that's a 'XX? if So, then I'm number your curious and comparable for expectations

Yes.

look And the the you first combined rent. the annual supplemental, footnote year. full if percentage provides well expectations page you in as as guidance that, expected a from from the seasonal see take that derive think transient our and at can our in for contribution the I you'll disclosure quarter

that strong a demand that say drives stays I'll anticipate availability that any, longer-term weather. stay rents, demand and market-specific business, demand transient trends on for perhaps will the offset in strong and sites, will that of the we anticipate monthly fewer seasonal from continue if impact, unfavorable resulting

combined rental to stream modest deliver these growth You expect in income XXXX.

volatility We're I years. transient that has operating annual, time, the with most volatility. growth, and to really by revenue at results on look over Brad, And our rental And had think, flat of the growth, of we're that seen When far. XX seasonal transient V-parks that's experienced. stream reduce the periods negative business annual we've very you why last growth. over We've the outsized experienced focused

Ok, thank you.

Brad. Thanks

you. Thank

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

Your line open. is

Thank projection doing you. year, or of I a increases was this last utilities? expenses of standpoint, just year guidance differently on anything get from a are sort for two there read on Marguerite expenses. you curious, Paul, sort know better

conservatism how So projection utilities this a thinking about time how line that just wondering sort around? standpoint? baked you're And you've much in of from

certainly, annual greater over we saw approach, our sources reliance our build a that I'll past when approach did our developing of to we the model. We I our experience refined the on use long history. consistency say model. in mentioned the historically I our that think because utilities we've that place

This bit other to that look year, the model. we sources provide and develop and insights to from away a stepped

sort Is little a environment? decline the just more that meaningful on And macro you of it. can provide maybe gross saw year-over-year a that. bit number. on function sales, color new of Got then that sort Just of just a revenues Okay. home in

Patrick. Yes. Samir, it's

down For by home and Nicole the quarter, largely in really then we mid-November. There's sales. Florida drivers late through in a the were Hurricanes XX% few September new came impacted that there,

We Florida have the as a seen and construction for the quarter. number that in have result some exacerbated That activity full hurricanes. pressures just new of with we of respect ready homes to the was

just Likewise some led cadence the in new those eventual about and of push home that Florida, the the a marketing, of kind showing to homebuyers closing the experienced to disruption of disruptions home sales. sales, transactions the new XX in

from was reassessing back timing as just that the potential Some through of is closings time just delayed for purchasing pulling balance we potentially of work of and buyers this at a a hurricanes. mix home the disruptions and the

you. Thank

Thank you.

comes question with next Our Research. from line Wolf Keegan Carl the of

Your line is open.

just the just And are you that your back? communities now expectation occupancy move-outs up material from that pool on were Maybe provide are on took place? and leasing Could the removed those color some there running. communities same-store but and for

Yes.

those a was as for properties, just So RV four reminder, Marinas. two it and

of trends. So, core Those our have direct amenities online key properties at but to with bringing the would as we customers And are over online, resumed have coming a categories, modified properties in but XXXX, we don't late them two those have to expect few point. occupancy respect on all we're of I are operations the any access reach operations largely to to operations with those this impact engaged but properties back full time. and

it is get and winter was or start was desire out their and for seen come Florida home RV impacted to if a place come we've in and real their of to to the fixed our fix if customers come their down down impacted. what it and back And

was shifting offset but in Got relatively transient it growth. was seasonal gears Obviously, to just the it. revenue. the by it down quarter, And on

a in curious softness Are primarily of less kind function Or sites demand? seeing transient. is it guys available? of having Just you any just relative on

really annual sites seasonal a they're and to an it's We're I of with so staying seeing us us on longer, that function a having with with staying available. choose stay people less think on basis us basis.

having just that's less sites. available have we So

Thank you. Got it.

Thank you.

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

open. is line Your

here? dipped every year? subscription then And cells seasonality and to morning membership It what I your just fourth growth X% income play XXXX. the the was good in in that Is having this one. sequentially. this just for you is Thank expectations noticed quarter X,XXX around a

I'd bit year-to-date, down the decline X%. down, The a from a are we sales about new that heightened product interest when decline think that little are really Upgrades see I we pass time our XXXX, the down XXXX. we think say Camps camp result is outsized or a where a launched launched are about I upgrade sales down product. they're demand in And a in typically really in XX%. of

our And our revenue 'XX is subscription with line in in 'XX. for in experience right expectation

you. Thank

Thank you.

line from of Anthony Our with next comes Truist. Hau question the

Your line is open.

taking replaces for still the thanks on What the a Is question. this an guys, recent when to portfolio Hey rent my tenant XX% tenant? new mark-to-market is image existing increase? the XX% after

holding. is trend That Yes.

I you the look you trend the XX.X% and somewhere as And roll XX% it, XXXX, And the up every in fourth basis. -- Anthony, in monthly it look for it quarter, was on at think if between XX.X%. at certainly, quarter, a --

Okay.

bus. And I your articles but the so to in Airbnb a Airbnb shifting about down like like; might be not is occupancy some in markets, to gears markets, true for X%. lot X% this there's know RV, of

curious, Just could you be RVs? for do implication the think what

Yes.

think our is strong I demand for very the RVs.

the where there or people are want in summer. in be the winter locations Our to

a So, mentioned. I I have that less see available just I I that. to sites change we think don't that do like see

have able the transient But So that's an going do we've on been to side, rate to we to push that. and to able be impact. continue

of shows strength the market. that the think I So,

one Okay. And just question me. for last

color on don't I seeing the quarter today? ground core Can sites portfolio I for reporting I've on was the but not this ELS since you what some this seen XXX. know So, you material is started you're think quarter-over-quarter this office provide metric. the a number, down

you're the full occupancy sequential think was quarter. flat. I year The talking Well, essentially

for down with And we some the associated the, impact plan. [indiscernible]. were there [indiscernible] quarter, I was sites call in think storm it, our the XX on

hurricane through inability and hurricane. result to of back us, homes but a homes that also during the was And sell our coming impact the to

you. Thank

of comes America Bank of next Dennerlein the Joshua with Securities. line from Our question

Your line is open.

trend your And two spend this every I or guess you guess kind those one. payrolls that I is assumed were of there both us point, on and morning a items projection taxes. we didn't touch you estate of if what the in real curious Goos line that like real then same-store of like taxes, kind guide. a best unknown known? on Or totally for is estate remind at could assumption? just

For -- the your question, part, billed the year September. real part latter taxes in bill for of exposure expected projection. as current are most Obviously, we is greatest visibility the to state August most calendar our are in same a into estate payment, the Florida. don't but year, increases Florida, or have Texas until the

estate it, assumption real The being experience. call through that right And characterize taxes, I is for type would in to respect line XXXX. our as payroll, a historical mid-single-digit assumption with closer which with to then API is, increase

Closer to headline CPI or core CPI? Or just...

CPI. Yes, headline

guidance. than Okay. same-store expense your growth revenue, the Great. lower And then same-store it's guide, just your for

basis? this about we can go-forward kind on curious thinking of a how more of Or in revenues we a Is be should exceed expenses Just go-forward assume kind basis? same-store that should kind of kind that a of more normalized one-off?

mean the months. XX history, in an ourselves certainly, look we've if CPI I last showing our much has XX as to it volatility long think in Yes. with not found at you environment I as

to that. So, our was, expenses that. And our -- CPI. points trending XXX history, trending revenues in long close basis close And call to of it, sorry, higher increase certainly, kind than

for forward, able is kind maintain we'll and/or out, opportunity we as to of I the [indiscernible] us to settle identify be type margin [indiscernible]. improve of that going think where

future. there as forth, model XXX for necessarily the But at are so of and think opportunities I [indiscernible]. in automation the form technology forever look the and implementation

that in side, October January, -- here And have in our the remember October. on visibility less call really we about Josh, revenue we visibility I'd into talked good just But in that also we've have into. expenses, we're -- and

we model for create year. the our So that's how

Thank you.

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

is line Your open.

rent is the of housing increases. question first manufactured trajectory on My

anticipated last first go quarter, MH you the And first so, rent mid-X% think to batch, the the increases I of out low range. XX% in to

unfolds, do year stable expect the down? back as that curious, come to be or growth accelerate, Just you

projection an that have kind CPI that John, a August. the of that month will moderates CPI send. in The XXXX throughout we we assumption send keep that notices impact one thing But to tied of in that last in mind that anticipates we have notice of the is year. that the to is is

So, CPI it, July. it's call really now at through, looking from

And so, our a a model X%. down to bit tested of starting X% from assumption

Okay. missed I this. trending Can are if apologize bookings XQ seasonal That's how year? us last the let versus know helpful. actually and reservations I you

or more. want the seeing think with would a and And trend the to consistent us think way reservation with guidance it current Yes, saw XXXX. that that our built I I -- mentioned for during month I guess earlier, we I but on talk I about people pacing seasonal We're based strong that is demand we've the the model for be stays transient. longer-term

walk growth between business, you first we year guidance XX% for the That's seasonal combined as of arrival. know, you page, those of our and that is About X%. math [indiscernible] through quarter rent are and where So, on full booked transient the provided and transient X the visibility are on rents we John, challenging. it's within advanced based to in pacing, X% days with X

So, basis first beyond on quarter. just tricky the a it's forward

you've debt for changes if I'm along Okay. on seen terms just at the financing Paul, curious just secured Waterfront? properties the markets. availability for financing Last hurricane-prone really all me one or

say there's change. a early I'll to little say it's been a

are -- there's -- that think not now. right market I think the in I we

reduced an I'm or hearing indication around haven't more appetite bit more of what a seen capacity is So, underwriting, questions time from I spent but on then.

you. thank Ok,

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

Your line is open.

my morning. Good question. Thanks taking for

FFO you range, consistent is which provided the XXXX $X.XX guidance a last Your year. calls with for range

what you year. the wondering, into of items that insight in less have I similar maybe have was line So or you accommodate the a this limited presumably, or guess, are level I range? to the visibility factors XXXX

And our the is to After exposure Well, I -- home transient the at would to upgrade. just RV that, the line properties. sale the item greatest of the activity our point us. level membership certainly, has business our

look and that it economic certainly that XXXX demand potential home the very of an the the we for continue for of think at kind our market see about I'd today, recession, single-family slowdown from our and bit business specific on landscape As to back talk properties despite saw we in in strong area. a to our home sales we indiscernible XXXX, harkens sales projections the we and fact impact and as

line do for you you the have say the less into So, to would year? you the top than visibility of expense kind like growth

I our earlier, refined amount that, -- significant in think have the expense XXXX. which utility Well, a created the item that I in review exposure mentioned expense, we as way of line we there

whether based think think to had, have that greater a I have that and sources to be model we that I of that we looks we'll we reliable information. different our on recent have we And testing visibility, that our So, of think method. ask model, the experience more than

guidance in that -- in are in a XXXX? any debt? seeing And Was change expecting any change Is built into Or That's it. Got then the the on fourth you bad are in there you infrastructure helpful. any way? quarter? change

the remain strong properties. slight collection MH of So, increase rates delinquent are There did moratorium following our the our and RV MH they onset that rents. a a in were rent -- in diction the pandemic cause

past we've their ease, those resolving residents from debates. collecting interested restrictions in have As been rents begun due to

the debt the started increase resulting delay beginning from collectability. across addictions MH the at And that the pressure since look XXXX. receivables in of the pandemic, a takes ease gross seen policy processing to in we've reserve Our an in portfolio,

-- be our XX XX with in bad are base to call points moderated our it, historical And XX levels So, basis to rent. line about of levels. debt historical expense

to think in of absent ability impact what would turn some So, legislative otherwise our rent. extends that I I normal historical is that collect or expect kind XXXX, challenges to moratoriums

past? push 'XX for you've time which on one how good looking backdrop, this and land last yields that? me then at And expansion is current is maybe the have been changed? given the One to difference expected been to there versus Is sites expansion any a for sites on acquiring you've in continue

purchased land land a -- year. amount and fair the We during Yes. last of pandemic

that's in where do sense, accretive. to have I cost we'll makes land pressures see just that highly continue that something construction, But placed makes on our is think properties and been think a do it continue year this the to and that, is at price sense. that land we'll to that Certainly, adjacent do you'll we're we that us and SP-XX general. acquiring There beyond.

much. you Thank very

Thank you.

Joshua We follow-up America. have from of with the of Bank line Dennerlein a

open. is line Your

guidance. Is current in to be headline -- comment is kind in follow like over Yes. I CPI CPI, XX for trends payroll should wanted of Paul, or months? on up backwards-looking line that next XXXX that just the how of that the with CPI your kind CPI

CPI. current at look a took We

Current.

print? So, the latest

Yes.

Paul. you. Thank

Thank the to now the call for you. like to this I gentlemen, remarks. closing at turn time. concludes and back would over Ladies session question-and-answer this Nader Marguerite

very you joining forward look call. seeing today's Take all upcoming Thank to at you much for We care. the events. us on

Thank for call. and your you this participation. today's concludes Ladies gentlemen, conference

disconnect. now may You