Debt Refinancing and Equity Issuance
Q: Why did you pay off debt with equity now?
A: We raised $300 million by selling 4.5 million shares at $70 to pay off debt carrying 6.05% interest maturing in 2026, enhancing our financial flexibility and positioning ourselves for future opportunities. [3], [4]

Florida Exposure Post-Hurricanes
Q: Are you reconsidering your exposure to Florida after recent hurricanes?
A: Despite recent storms, Florida remains a strong market for us, consistently outperforming our overall portfolio by over 100 basis points, even with weather events every couple of years. We continue to seek growth in Florida. [8]

Acquisition Opportunities
Q: Are you seeing more acquisition opportunities?
A: The acquisition market is currently slow with low inventory of institutional-quality assets. However, our improved balance sheet allows us to act quickly if opportunities arise. We own about 200 of the 3,000 investment-grade manufactured home communities and 200 of the 1,200 investment-grade RV parks. [5]

MH Rental Rates and Mark-to-Market
Q: What's the mark-to-market on rents, and how are new tenant rates compared to renewals?
A: New residents are paying rents 13% higher than prior tenants, reflecting a double-digit mark-to-market. Renewals are seeing increases in the mid-single digits, creating a gap due to higher market rent growth driven by strong demand and inflation. [0], [23]

RV Transient Business Outlook
Q: How do you view the outlook for the RV transient business?
A: Transient demand is normalizing post-COVID, with performance affected by weather. We expect to perform well when weather is favorable. The transient segment is volatile but remains a valuable source of future annual customers. [9], [10], [14]

Payroll Expense Management
Q: How are you managing payroll expenses, and can this continue?
A: We've achieved payroll favorability by managing staff levels, cross-training, and scheduling efficiencies, especially in our RV properties. While we've realized significant savings, further efficiencies may be limited. [1], [12]

Seasonal RV Performance
Q: What is the outlook for seasonal RV revenues?
A: Fourth-quarter seasonal reservations are 92% reserved, slightly higher than last year. First-quarter indicators are flat to slightly down but expected to pick up by year-end. [18], [19]

Insurance Renewal Rates
Q: How will recent hurricanes affect insurance renewal rates?
A: It's too early to tell. Renewal rates depend on claims history, and we'll know more as we go through the renewal process. The impact will be felt in the last nine months of 2025 due to our April 1 renewal. [7]

Joint Venture Distribution
Q: What was the nature of the $5 million JV distribution?
A: It resulted from refinancing loans secured by one of our JV assets. With our book investment basis at zero, excess cash is recognized as income per GAAP. [17]

Displaced Residents Drag on Revenue
Q: Can you quantify the revenue drag from displaced residents?
A: The drag was over $1.5 million in 2024 and is expected to ease to zero over time as operations normalize. [22]