Total Assets

Reported at $5,642,364K in Q1 2025 (no prior period figure provided for direct YoY comparison)

Total Assets reflects the overall size of the balance sheet. While the document doesn’t detail specific drivers for this period’s asset level, the figure likely incorporates the cumulative effects of prior operational performance and net income retention observed in earlier periods. "

Term loans, net

Fell sharply – a ~60% drop from $497,873K in Q3 2024 to $199,423K in Q1 2025

The substantial reduction in Term loans, net is a direct continuation of prior actions in FY2024, notably the repayment of the $300 million unsecured term loan along with early debt retirement costs such as $5.8 million in swap termination fees and write-offs of unamortized loan costs. " " This structural deleveraging in FY2024 has carried into Q1 2025, maintaining the streamlined balance. "

Unsecured line of credit

Increased nearly 2x from $32,500K in Q3 2024 to $63,000K in Q1 2025

The increase in the Unsecured line of credit builds on the modifications executed in FY2024 – including the extension of the maturity date on a $500 million facility. " " " Although the balance at the end of FY2024 was higher ($77,000K), the Q1 2025 figure indicates a period adjustment as part of ongoing liquidity management, representing a rebound from the lower Q3 2024 level. "

Total Liabilities

Decreased by about 8% from $4,148,580K in Q3 2024 to $3,809,099K in Q1 2025

The decline in Total Liabilities is largely due to the significant reduction in term loans that began in FY2024 (a reduction of approximately $298,304K " " ). This major deleveraging effect continued into Q1 2025, with other liability components (such as unsecured credit and deferred revenues) adjusting in a way that partially offsets but does not eliminate the overall downward trend. "

Total Stockholders’ Equity

Increased by approximately 23% from $1,425,813K in Q3 2024 to $1,749,801K in Q1 2025

The growth in Total Stockholders’ Equity is driven by the strong profitability and equity-enhancing transactions from the previous period – including a net income of $366,998K and the issuance of common stock worth $317,387K in FY2024. " " " These positive contributions, despite offsetting distributions and minor adjustments, compounded into a robust equity base by Q1 2025. "

Normalized FFO

FY 2025

$3.06 per share at midpoint of $3.01–$3.11 "

$3.06 per share at midpoint of $3.01–$3.11 " "

no change

Core Property Operating Income Growth

FY 2025

4.9% at midpoint (range 4.4%–5.4%) "

5% at midpoint (range 4.5%–5.5%) "

raised

Noncore Properties NOI

FY 2025

$8.8M–$12.8M "

$8.2M–$12.2M "

lowered

Property Management and G&A Expenses

FY 2025

$120M–$126M "

$119M–$125M "

lowered

Core Revenues Growth Rate

FY 2025

3.4%–4.4% "

3.2%–4.2% "

lowered

Core NOI Growth Rate

FY 2025

4.4%–5.4% "

4.5%–5.5% "

raised

Core MH Rent Growth

FY 2025

5.2%–6.2% "

4.8%–5.8% "

lowered

Combined RV and Marina Rent Growth

FY 2025

2.7%–3.7% "

2.2%–3.2% "

lowered

Annual RV and Marina Rent Growth

FY 2025

5.2% (midpoint) "

5% (midpoint) "

lowered

Hurricane and Severe Weather Impact on Operations

Q4 2024 and Q3 2024 earnings calls detailed significant hurricane impacts (e.g., Hurricane Milton, Ian, Helene) causing site losses, property damage, occupancy declines, and delayed damage assessments; Q2 2024 noted transient and weather‐related impacts on revenue " " " " " " " "

In Q1 2025, hurricanes again caused major site losses (176 occupied sites in Q1 2025 and 90 from Q4 2024) with occupancy dilution and a recovery forecast extending into 2026, although flat to slightly up occupancy when excluding the direct impact " " " "

Recurring topic with persistent operational disruptions but continued long‐term recovery optimism despite ongoing weather challenges.

RV Revenue Trends and Demand Fluctuations

Q4 2024 showed declines in seasonal and transient RV revenue with modest annual growth; Q3 2024 highlighted strong annual revenue growth (6.3% to 6.9%) with declines in seasonal and transient segments; Q2 2024 reported robust compound growth and normalization post-COVID " " " " " " " " "

Q1 2025 reported annual RV revenue growth of 4.1% while noting reduced growth for seasonal and transient segments due to comparison timing, even as new reservations indicate steady demand conversion " " " " " "

Recurring focus where annual revenue growth remains solid but seasonal/transient segments continue to show softness, reflecting broader demand normalization.

Occupancy and Home Sales Performance

Q4 2024 emphasized high occupancy in key markets (e.g., 98% in California) with challenges in new home sales due to weather and inventory constraints; Q3 2024 highlighted post-COVID occupancy normalization and strong homeownership trends; Q2 2024 detailed stable high occupancy (around 95%) and healthy quarterly home sales improvements " " " " " " "

In Q1 2025, occupancy declined slightly to 94.4% due to hurricane-driven site losses and new sites diluting the rate, while home sales experienced a 74% year-over-year decline despite strong underlying demand signals such as robust new lease rate increases " " " " " " " "

Recurring theme of high occupancy coupled with home sales challenges; external weather events continue to impact performance but long-term demand remains strong.

Cost Management and Insurance Premium Control

Q4 2024 discussed expense growth tracking CPI with modest R&M and payroll savings and noted uncertain insurance renewal increases influenced by wildfires and hurricanes; Q3 2024 highlighted controlled operating expenses and early-stage insurance renewal discussions; Q2 2024 outlined expense growth below guidance and the impact of the April insurance renewal " " " " "

In Q1 2025, operating expenses increased modestly (e.g., 1.5% increase in core expenses) while achieving a 6% decrease in insurance premiums on renewal, reflecting improved negotiations and savings despite broader inflationary pressures " " " "

Recurring focus on controlling costs with consistent strategies; recent improvements in insurance premium control suggest a slightly more favorable sentiment.

Membership Growth, Conversion, and Churn Trends

Q4 2024 noted sequential decreases in membership due to lower transient and dealer activity alongside attrition post-COVID; Q3 2024 reported steady sales of thousands of camping passes and discussed conversion from transient to annual, with some attrition; Q2 2024 showed modest YTD growth with defined attrition rates for legacy (7%) and Camping Pass (33%) members " " " " " " "

Q1 2025 highlighted a 4% increase in net membership contribution and emphasized strong conversion of seasonal and transient RV users into annual customers, with stable occupancy of 97% among homeowners, and no additional details on elevated churn " " "

Recurring narrative of positive conversion and steady membership growth with minor fluctuations in churn; sentiment remains optimistic on long-term trends.

Expansion Projects and Capital Investment Costs

Q4 2024 provided detailed discussions on aggressive expansion in key markets (e.g., nearly 5,000 sites developed, additional pipeline of 3,000 sites) with capital investment costs between $400–$600 million for 2025; Q3 and Q2 2024 had little to no mention on this topic " "

In Q1 2025, the discussion renewed focus on recurring CapEx budgets (increasing from $85 million to $90 million) and noted that working capital investments in existing properties are a key component of overall investment strategy " " " "

Recurring and emerging focus on expansion as a strategic growth lever; continued investment in new and existing sites signals a long-term growth impact.

Financial Flexibility, Debt Management, and Rising Interest Expenses

Q4 2024 emphasized a strong balance sheet with $1.2 billion capital availability, low near-term debt maturities, and solid debt ratios; Q3 2024 highlighted proactive debt reduction (e.g., repaying a $300 million term loan) and effective use of ATM proceeds; Q2 2024 underlined available credit and favorable debt maturity profiles " " " " " " "

Q1 2025 reiterated strong financial flexibility with only $87 million in near-term maturities, a weighted average debt maturity of 8.4 years, and debt-to-EBITDA at 4.4x, while noting a planned rise in interest expense (from $124 million to a guided $132 million) driven by working capital investments rather than refinancing risks " " "

Recurring strength in financial flexibility and disciplined debt management persists; rising interest expenses are attributed to strategic investments, sustaining a cautiously positive outlook.

External Market Factors, Including Permitting Delays and New Supply Impacts

Q4 2024 discussed permitting delays particularly in Florida due to hurricanes and administrative challenges; Q2 2024 mentioned limited new supply impacts in specific locations with only isolated cases; Q3 2024 did not highlight this topic " "

In Q1 2025, external factors were noted with challenges in securing MH entitlements, described as the most challenging element, underscoring ongoing permitting delays affecting growth "

Recurring external challenges persist, particularly in permitting delays and constrained new supply, maintaining a cautiously negative sentiment regarding growth ease.

Tenant Rent Growth at Lease Turnover

Q2 2024 reported a 14% increase for new tenants; Q3 2024 observed 13% growth (moderated from 16% earlier) and highlighted double-digit increases driven by market conditions; Q4 2024 noted 13% growth supported by strong location fundamentals and favorable CPI margins " " " "

In Q1 2025, tenant rent growth at lease turnover was reported at 5.7%, attributed to increases for renewing residents and market rent adjustments post-turnover, representing a notable moderation compared to previous periods "

Notable change: Previously robust double-digit growth has moderated substantially in Q1 2025 to 5.7%, possibly signaling market normalization or pricing pressure adjustments.