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    James Feldman • Wells Fargo

    James Feldman's questions to Invitation Homes Inc (INVH) leadership

    James Feldman's questions to Invitation Homes Inc (INVH) leadership •

    Question

    James Feldman asked for clarification on recent management changes, including Tim Lobner's promotion to COO and Charles Young's shifting focus, and inquired about the potential for future organizational adjustments.

    Answer

    Chief Executive Officer Dallas Tanner explained that the changes provide him with the 'luxury of riches.' Charles Young, as President, will now focus more on strategic growth initiatives like the third-party management (3PM) platform and technology implementation. Tim Lobner's promotion to COO is a natural progression of his expanding operational responsibilities. Tanner confirmed he and Young have no plans to depart and are focused on driving growth and innovation.

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    James Feldman's questions to Invitation Homes Inc (INVH) leadership • Q3 2024

    Question

    James Feldman of Wells Fargo posed a strategic question about portfolio diversification, asking if Invitation Homes is considering growing in different markets given that key growth markets like Tampa and Orlando are also experiencing the most builder concessions and supply.

    Answer

    CEO Dallas Tanner explained that the company takes a long-term view based on demographics and supply cycles, noting they are very happy with the new product from homebuilders. He suggested there's room to move upstream and take on more risk for better returns over time. Chief Investment Officer Scott Eisen added that they are in active dialogue with builders in all growth markets, including Phoenix, Vegas, and Denver, not just the Florida markets, to diversify their investment focus.

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    James Feldman's questions to Camden Property Trust (CPT) leadership

    James Feldman's questions to Camden Property Trust (CPT) leadership • Q1 2025

    Question

    James Feldman of Wells Fargo asked for an update on which Sunbelt markets are expected to see new lease growth turn positive first and which markets, like Austin and Nashville, will remain challenged. He also asked for Q2 new and renewal lease expectations.

    Answer

    Chairman and CEO Ric Campo identified D.C. Metro, Houston, San Diego, and L.A./Orange County as continuing to lead the portfolio due to better supply-demand balance. He noted Austin and Nashville will remain challenged through 2025 but expects a strong recovery afterward. President and CFO Alex Jessett added that Tampa should also see positive new lease growth and projected the blended lease rate for Q2 to be flat to positive 1%.

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    James Feldman's questions to Camden Property Trust (CPT) leadership • Q4 2024

    Question

    James Feldman inquired about the assumptions behind Camden's 2025 blended lease growth guidance, asking for a breakdown of expected new and renewal lease rate trends throughout the year.

    Answer

    President and CFO Alexander Jessett detailed the full-year outlook, anticipating a 1% to 2% blended lease rate growth. He projected slightly negative new lease rates for the full year and renewals in the high 3% range. Jessett expressed optimism that new lease rates would turn positive by the third quarter of 2025 due to improving supply absorption.

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    James Feldman's questions to Camden Property Trust (CPT) leadership • Q3 2024

    Question

    James Feldman asked about the sources of expense savings that have helped maintain NOI guidance despite revenue weakness this year, and whether similar savings are achievable in 2025.

    Answer

    President and CFO Alexander Jessett identified insurance and property taxes as the primary sources of savings in 2024. Property taxes are expected to be flat for the year, a pleasant surprise, while insurance costs are projected to be down about 10% after a 40% increase last year, thanks to a flat renewal and proactive risk mitigation. For 2025, Jessett considers another year of flat property taxes unlikely but hopes to fight for modest increases. The insurance outlook will depend on global claim trends.

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    James Feldman's questions to Cousins Properties Inc (CUZ) leadership

    James Feldman's questions to Cousins Properties Inc (CUZ) leadership • Q1 2025

    Question

    James Feldman asked for commentary on recent office investments by Blackstone in other major cities and whether Cousins is seeing similar interest from large private equity firms in its Sun Belt markets.

    Answer

    President and CEO Colin Connolly viewed increased private equity investment as a positive sign of conviction that secular concerns about the office sector are fading, which could lead to a public market rerating. He confirmed that Cousins is seeing increased interest from large private equity firms in high-quality and repositionable lifestyle assets across all major markets, including their own.

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    James Feldman's questions to Pebblebrook Hotel Trust (PEB) leadership

    James Feldman's questions to Pebblebrook Hotel Trust (PEB) leadership • Q1 2025

    Question

    James Feldman asked where the company sees the most potential for further expense reductions if revenue weakens. He also questioned how potential tariff impacts on CapEx could alter investment strategy and possibly create acquisition opportunities.

    Answer

    CEO Jon Bortz responded that while cost efficiencies are being pursued comprehensively, a significant revenue downturn would trigger 'hunker down' plans focused on deeper staffing reductions and cross-utilization. Regarding tariffs, he noted the impact on CapEx would be limited as the company's major redevelopment cycle is complete. Executive Raymond Martz added that higher construction costs could suppress new supply long-term, a positive for existing owners. Bortz concluded that buying back stock currently represents a better use of capital than acquisitions.

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    James Feldman's questions to American Homes 4 Rent (AMH) leadership

    James Feldman's questions to American Homes 4 Rent (AMH) leadership • Q1 2025

    Question

    James Feldman of Wells Fargo Securities inquired about the drivers of outsized rent growth in Midwest markets and the company's appetite for expansion there. He also asked about the competitive landscape in North Florida and Texas, specifically regarding build-to-rent supply and entry-level homes from public builders.

    Answer

    An executive highlighted that the Midwest's performance is driven by affordability and quality of life, with new lease spreads accelerating to almost 9% in April. CEO Bryan Smith confirmed active expansion efforts in markets like Columbus and Indianapolis. Regarding Florida and Texas, Smith acknowledged temporary supply pressures in some Texas markets but noted resilient performance in Florida, attributing it to strong demand for AMH's product.

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    James Feldman's questions to American Homes 4 Rent (AMH) leadership • Q4 2024

    Question

    James Feldman of Wells Fargo asked for a breakdown of rent growth expectations by market, highlighting the strongest and weakest performers. He also questioned the lack of acquisition guidance and whether unencumbering assets would spur more acquisition activity.

    Answer

    CEO Bryan Smith noted a wide range in rent growth, with some markets exceeding 6% in late 2024. He expects continued strength in the Midwest and the Carolinas. CFO Chris Lau addressed acquisitions, stating that while the company monitors opportunities, most one-off deals are unattractive, with yields in the mid-4% range, underscoring the value of the internal development program. Lau acknowledged potential portfolio opportunities but emphasized a disciplined commitment to the AMH buy box.

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    James Feldman's questions to American Homes 4 Rent (AMH) leadership • Q3 2024

    Question

    James Feldman asked about the drivers behind the moderation in new lease rate growth, questioning the split between storm impacts and seasonality, and inquired about the recent portfolio acquisition's going-in yield and the key levers for value creation.

    Answer

    COO Bryan Smith attributed the current environment to a combination of factors but emphasized strong underlying demand that should lead to accelerated activity in 2025. CFO Chris Lau detailed the acquisition, stating the going-in cash flow yield is around 5%, with a target stabilized yield in the high 5% to 6% range. He identified levers for this uplift as optimizing revenue, improving collections, and implementing AMH's expenditure controls, including insurance and property management efficiencies.

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    James Feldman's questions to Independence Realty Trust Inc (IRT) leadership

    James Feldman's questions to Independence Realty Trust Inc (IRT) leadership • Q1 2025

    Question

    James Feldman asked about cost pressures in the redevelopment program from potential tariffs, the impact of delinquent units on leasing, and expectations for upcoming insurance renewals.

    Answer

    President and CFO Jim Sebra noted that costs for key redevelopment materials are locked in for 2025, mitigating tariff risks. EVP of Operations Janice Richards confirmed delinquent units are stable and bad debt is decreasing. Regarding expenses, Jim Sebra stated that while guidance assumes a 10% insurance increase, they now expect a net decrease upon renewal. He also highlighted that R&M and turnover costs trended better than expected in Q1.

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    James Feldman's questions to Essex Property Trust Inc (ESS) leadership

    James Feldman's questions to Essex Property Trust Inc (ESS) leadership • Q1 2025

    Question

    James Feldman asked for an explanation of the underperformance in Los Angeles, the potential impact from recent wildfires, the outlook for new development starts, and what kind of growth assumptions are being used in the acquisition market.

    Answer

    Executive Angela Kleiman explained that L.A. needs delinquency to normalize further before pricing power returns, and the film industry's recovery has been slow. She noted wildfire impact was minimal. Executive Rylan Burns stated that finding new development projects that meet their return hurdles remains challenging. In the transaction market, he sees competitors underwriting aggressive growth, sometimes in the mid-single-digit range, to win deals in Northern California.

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    James Feldman's questions to Essex Property Trust Inc (ESS) leadership • Q4 2024

    Question

    James Feldman from Wells Fargo asked about the 2025 outlook for suburban versus urban portfolio performance and inquired how recent hiccups in the AI industry might impact the demand forecast for the Bay Area.

    Answer

    Executive Angela Kleiman stated that Essex expects its suburban portfolio to continue outperforming urban areas, as major tech employers are located in suburban hubs, and downtowns face quality-of-life challenges. Regarding AI, she noted that recent office leasing has been diverse across tech sectors, not just AI, and that competition in the AI space could spur further innovation and investment, maintaining robust demand for related products and tools.

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    James Feldman's questions to Sun Communities Inc (SUI) leadership

    James Feldman's questions to Sun Communities Inc (SUI) leadership • Q4 2024

    Question

    James Feldman asked for details on the cost-cutting program, seeking to understand how much of the $15-20 million in savings came from the Safe Harbor divestiture versus other operational efficiencies. He also requested an update from John McLaren on progress and future opportunities for savings.

    Answer

    Executive John McLaren detailed that approximately $11 million in G&A savings and $4 million in Q4 operating expense savings have already been realized, with more expected in 2025. He highlighted that beyond the initial plan, savings are being found via higher adoption of the centralized procurement platform and that the company is also laser-focused on revenue enhancement opportunities.

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    James Feldman's questions to Sun Communities Inc (SUI) leadership • Q3 2024

    Question

    James Feldman requested more details on the Audit Committee's review following the short report and asked about the potential for G&A savings within the Safe Harbor Marinas subsidiary.

    Answer

    Gary Shiffman, Executive, stated that an independent law firm's investigation concluded with no changes to financial reporting and confirmed compliance with disclosure obligations. Regarding Safe Harbor, he confirmed that he is actively discussing with its leadership how the marina segment can strategically contribute to the company's overall cost-saving efforts.

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    James Feldman's questions to Lineage Inc (LINE) leadership

    James Feldman's questions to Lineage Inc (LINE) leadership • Q4 2024

    Question

    James Feldman asked for management's perspective on why the stock has underperformed since the IPO and what key points investors may be misunderstanding.

    Answer

    CEO W. Lehmkuhl suggested the market misunderstands the company's resilience, as it delivered EBITDA and AFFO per share growth despite severe industry headwinds from inventory rebalancing. He highlighted record operational performance, unique technology, and a platform built for growth. He believes the market has not yet given credit for this performance, as it has occurred during an unusual period of market stabilization since the IPO.

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    James Feldman's questions to Elme Communities (ELME) leadership

    James Feldman's questions to Elme Communities (ELME) leadership • Q4 2024

    Question

    James Feldman asked about the outlook for lease rate seasonality, whether the strategic review would halt asset sales like Watergate 600, and for an update on leasing prospects at Watergate. He also inquired about potential frictional costs in a theoretical company sale and sought clarification on the job composition of the remaining one-third of the resident base.

    Answer

    COO Tiffany Butcher projected normal seasonal lease rate growth for the D.C. portfolio and gradual improvement in Atlanta. CEO Paul T. McDermott stated that day-to-day operations continue despite the strategic review and that they remain opportunistic regarding a potential Watergate sale, noting an improving market. However, he declined to comment on the financial impact of a sale or any frictional costs related to the strategic review. Executive A. Grant Montgomery suggested the job composition of the remaining residents would be similar to the known data.

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    James Feldman's questions to Elme Communities (ELME) leadership • Q3 2024

    Question

    James Feldman inquired about the risk of a slowdown in the Washington D.C. metro area and the implied Q4 guidance for blended lease rates and occupancy in both D.C. and Atlanta. He also asked about the drivers of a sequential operating expense increase in Atlanta, the outlook for 2025 expense growth, and the company's latest strategic thinking on portfolio repositioning, including the sale of the Watergate asset and expansion into new markets.

    Answer

    COO Tiffany Butcher provided Q4 guidance, expecting D.C. occupancy in the high 95% range with 2-3% blended lease growth, while Atlanta occupancy will remain in the low 90s with negative 3-5% blends. CFO Steven Freishtat attributed the Atlanta OpEx jump to tax reassessments, insurance renewals, and eviction costs, but expects overall expense growth to moderate in 2025. CEO Paul T. McDermott stated the company will opportunistically monetize the Watergate asset and continues to favor Sunbelt markets for expansion, pending more transaction clarity.

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    James Feldman's questions to Kilroy Realty Corp (KRC) leadership

    James Feldman's questions to Kilroy Realty Corp (KRC) leadership • Q4 2024

    Question

    James Feldman from Wells Fargo asked about tenant decision-making confidence in light of recent news concerning AI and NIH funding for life sciences. He followed up by asking if any deals had been put on hold due to these developments.

    Answer

    Executive Angela Aman stated it was too early to be certain but suggested recent AI developments could be a net positive and noted cross-currents in the life science sector. Both Ms. Aman and Executive A. Paratte confirmed they have not seen any deals put on hold; in fact, Mr. Paratte noted that activity in some buildings has picked up year-to-date.

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    James Feldman's questions to AvalonBay Communities Inc (AVB) leadership

    James Feldman's questions to AvalonBay Communities Inc (AVB) leadership • Q4 2024

    Question

    James Feldman asked for more color on the expected trajectory of new and renewal lease rates throughout 2025, particularly questioning if a Q4 acceleration was anticipated. He also sought clarification on any market-specific surprises in Q4 2024 that deviated from expectations.

    Answer

    COO Sean Breslin stated that like-term effective rent change is expected to average 3% for 2025, with stronger growth in the second half, unlike 2024. He projected full-year renewals in the mid-4% range and new leases in the mid-1% range. Regarding Q4 2024, he noted that while Denver was a bit of a surprise, the overall revenue shortfall was immaterial and primarily driven by slightly higher vacancy, with the fundamental outlook for 2025 remaining intact.

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    James Feldman's questions to AvalonBay Communities Inc (AVB) leadership • Q3 2024

    Question

    James Feldman from Wells Fargo asked for early insights into the 2025 development pipeline and AvalonBay's strategy for managing supply risk in the Sunbelt. He also questioned the drivers behind the forecast for lower insurance costs in 2025 and sought clarity on whether overall operating expense growth is expected to be higher or lower than in 2024.

    Answer

    CIO Matthew Birenbaum indicated a potential increase in 2025 development starts to around $1.5 billion, with a mix of projects across established and expansion regions. CFO Kevin O'Shea expressed confidence in moderating insurance costs, projecting mid-to-high single-digit growth for 2025, citing a flat property renewal in May 2024. COO Sean Breslin confirmed that overall OpEx growth is expected to ease in 2025, primarily due to the diminishing impact of 421-a tax abatements and the AvalonConnect initiative.

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    James Feldman's questions to UDR Inc (UDR) leadership

    James Feldman's questions to UDR Inc (UDR) leadership • Q4 2024

    Question

    James Feldman asked for more detail on the other income growth outlook, its sustainability, and whether the supply levels in 'yellow' markets on the company's heat map are a significant concern.

    Answer

    COO Mike Lacy confirmed another strong year for other income, with 7% growth expected in 2025, driven by initiatives like Wi-Fi rollouts. CFO & CIO Joe Fisher and CEO Tom Toomey added that the customer experience project acts as a 'flywheel,' reducing turnover and creating a pipeline for future income opportunities. Regarding supply, Fisher noted that while there are performance deltas, supply is expected to decline meaningfully across all regions through 2025 and into 2026, moving more markets toward the 'green' category.

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    James Feldman's questions to UDR Inc (UDR) leadership • Q3 2024

    Question

    James Feldman from Bank of America inquired about the growth outlook for other income in 2025 and the expected balance of the debt and preferred equity portfolio.

    Answer

    SVP of Operations Mike Lacy projected that 2025 other income growth would be in a similar 7-8% range as 2024, largely driven by the WiFi rollout initiative. President and CFO Joe Fisher added that the benefits from customer experience and fraud prevention initiatives would be more broadly distributed across the P&L, not just in other income. Fisher also stated he expects the debt and preferred equity portfolio balance to be maintained, with new deployments offsetting any redemptions.

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    James Feldman's questions to Mid-America Apartment Communities Inc (MAA) leadership

    James Feldman's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q4 2024

    Question

    James Feldman asked for a breakdown of the 1.7% blended lease rate outlook for 2025, including the new versus renewal lease rate assumptions, the expected cadence throughout the year, and whether new lease spreads would turn positive.

    Answer

    Tim Argo, EVP and Chief Strategy Officer, detailed the outlook, projecting new lease pricing around -1.5% for the full year, turning slightly positive in Q3, while renewal rates are expected to hold steady around 4.5%. He confirmed that new lease rates are anticipated to be positive for two to three months during the peak leasing season in late Q2 or early Q3. He also noted that resident turnover is expected to remain consistent with 2024 levels.

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    James Feldman's questions to Mid-America Apartment Communities Inc (MAA) leadership • Q3 2024

    Question

    James Feldman from Wells Fargo Securities inquired about MAA's Q4 2024 expectations for blended rent growth and occupancy, and the outlook for expense growth in 2025.

    Answer

    Tim Argo, EVP and Chief Operating Officer, stated that Q4 occupancy is expected to be stable around 95.4%-95.5%, with renewal rates in the 4.25% range and modest moderation in new lease pricing. A. Holder, EVP and CFO, detailed the 2025 expense outlook, projecting normalized real estate tax growth (3-4%), moderate insurance increases (5-10%), and reasonable growth in personnel and R&M costs (around 3-3.5%).

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    James Feldman's questions to Douglas Emmett Inc (DEI) leadership

    James Feldman's questions to Douglas Emmett Inc (DEI) leadership • Q4 2024

    Question

    James Feldman of Wells Fargo & Company asked for a big-picture view on the long-term impact of the recent wildfires on Los Angeles and the commercial real estate demand profile. He specifically questioned if submarkets like Santa Monica would benefit from reconstruction-related activity.

    Answer

    President and CEO Jordan Kaplan expressed long-term optimism for the affected areas, drawing parallels to other communities post-fire. He anticipates significant positive changes and investment, with residents eager to rebuild. While acknowledging that an influx of capital for reconstruction will incrementally benefit nearby office markets like Santa Monica and Brentwood, he believes it's too early to see that impact and that the broader tide of improving leasing demand is a more significant factor currently.

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    James Feldman's questions to Equity Residential (EQR) leadership

    James Feldman's questions to Equity Residential (EQR) leadership • Q4 2024

    Question

    James Feldman asked for details on the nonresidential revenue drag in the guidance, the biggest potential drivers of FFO upside or downside, and what topics the C-suite is discussing most regarding the new presidential administration's potential business impact.

    Answer

    CFO Bob Garechana clarified the nonresidential drag stems from a one-time $4.5 million revenue recognition in Q1 2024 that will not repeat. He identified same-store portfolio performance, particularly in Seattle and San Francisco, as the largest driver of NFFO. CEO Mark Parrell stated that while uncertainty calls for caution, the company is focused on its positive internal operating dashboards and noted that being a domestic, strong cash-flow business is an advantage in the current environment.

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    James Feldman's questions to Equity Residential (EQR) leadership • Q3 2024

    Question

    James Feldman asked for initial thoughts on the upcoming property insurance renewal in March and what to expect for rates. He also inquired about the company's strategy for refinancing the debt maturing in 2025.

    Answer

    CEO Mark Parrell indicated that early signs suggest the 2025 insurance renewal will not see a catastrophic rate increase, as recent storm losses were largely within insurers' expectations. CFO Bob Garechana stated the $500 million of debt due in mid-2025 is very manageable and they will be opportunistic, utilizing their full range of capital market tools.

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    James Feldman's questions to BXP Inc (BXP) leadership

    James Feldman's questions to BXP Inc (BXP) leadership • Q4 2024

    Question

    James Feldman asked for an outlook on the office recovery beyond the top submarkets and for commentary on the impairment charges taken on West Coast assets during the quarter.

    Answer

    Chairman & CEO Owen Thomas stated the recovery is spreading beyond Park Avenue and the Back Bay, driven by spillover demand and a growing economy. Regarding impairments, CFO Michael LaBelle explained they were non-cash charges driven by accounting rules for unconsolidated joint ventures and do not reflect a change in the company's operational outlook for the assets. President Douglas Linde highlighted that their JV partner did not take a similar charge, underscoring the accounting-specific nature of the event.

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    James Feldman's questions to Alexandria Real Estate Equities Inc (ARE) leadership

    James Feldman's questions to Alexandria Real Estate Equities Inc (ARE) leadership • Q4 2024

    Question

    James Feldman asked about the long-term business implications of the California wildfires, including potential impacts on insurance costs, political dynamics, and the company's appetite for future investment in the state.

    Answer

    Executive Joel Marcus stated that key asset locations in San Diego and San Francisco are not highly exposed and emphasized that the company must be in California's core life science clusters. CFO Marc Binda added that climate resilience is a key part of the company's design and operational strategy, and Joel Marcus confirmed they are well-insured and focused on risk management.

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    James Feldman's questions to Equity LifeStyle Properties Inc (ELS) leadership

    James Feldman's questions to Equity LifeStyle Properties Inc (ELS) leadership • Q4 2024

    Question

    James Feldman questioned the delta between ELS's guided 4.8% base rental income growth and its 3.9% total core revenue growth. He also followed up on RV demand, asking for a better way to think about the business given the market's focus on declining revenue and usage.

    Answer

    Executive Paul Seavey attributed the revenue growth delta to the 'utility and other income' line, specifically the timing of business interruption insurance proceeds. CEO Marguerite Nader addressed the RV demand concern by highlighting the impressive growth in Camp Pass sales, from 4,600 in 2013 to nearly 20,000 in 2024, as evidence of strong underlying demand for the product.

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    James Feldman's questions to Equity LifeStyle Properties Inc (ELS) leadership • Q3 2024

    Question

    James Feldman asked about the difference between RV and Marina annual renewal rates, geographic variations in RV pricing power, and the long-term strategic view on the transient RV business given the noise it creates.

    Answer

    Patrick Waite, EVP and COO, noted that Marina and RV annual turnover is relatively consistent, with the 5.5% rate growth for 2025 being broad-based but with particular strength on the Eastern Seaboard and near Chicago. Marguerite Nader, President and CEO, defended the transient business, stating that ELS likes the RV segment and views the transient customer as a 'paying lead' that often converts to a more stable annual customer, attributing the focus on its volatility to the strong performance of the rest of the business.

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