ELS · Equity Lifestyle Properties Q2 FY2026 earnings call record财报电话会记录

“Our forward-looking statements are subject to certain economic risk and uncertainty.”

“Approximately 70% of our annual revenue is generated from Sunbelt properties serving active adult customers.”

“Over the last five years, our core MH revenue growth has averaged 5.8%, while our core RV revenue growth has averaged 5.7%, led by long-term annual RV revenue, which makes up more than 70% of total core RV revenue.”

“Occupancy across our MH portfolio remains strong at 94%, supported by demand from our 55+ customer to purchase and rent homes in our communities.”

“Since offering these memberships, we've seen strong demand with more than 9,000 Thousand Trails memberships sold, including almost 7,000 over the last 12 months.”

“Second quarter core property operating revenues increased 4.9%, while core property operating expenses increased 2.9%, resulting in growth in core NOI before property management of 6.5%.”

“In the core portfolio, we project the following full year growth rate ranges: 3.9%-4.9% for core revenues, 1.6%-2.6% for core expenses, and 5.5%-6.5% for core NOI.”

“Full year guidance assumes core MH rent growth in the range of 5.2%-6.2%.”

“Full year guidance for combined RV and marina rent growth is 1.1%-2.1%.”

“Our balance sheet is insulated from refinance and rate risk and is well-positioned to execute on capital allocation opportunities.”

“Current tenure loans are quoted between 5.25% and 5.75%, 55%-70% loan to value, and 1.45-1.65x debt service coverage.”

“Just listening to the opening comments and discussion around the 55+ customer, given you have the expertise, you have the strong brand serving that 55+ customer, how are you thinking about 55+ build-to-rent communities?”