Good morning call begin, the for us the I these in today. challenging times. and To thank you best on wish everyone joining
ELS team the have discuss to since and they our do for continue I done we COVID-XX say results, entire crisis thank began. the to work Before the want you to
safety with our to employees We environment. customers the customers adapted and continuing residents of have also mind, serve in our difficult while a procedures and in
to corporate weeks is seamlessly our during five past have and and these teams have in that effort The transitioned admirable. dedication We offices. shown regional work-from-home our
standards. have am team. through new regulatory quality an impressive of protocols proud We pace, while successfully our high operating environments our maintaining and navigated at I
revenue. decline a X.X%. growth in X.X% NOI revenue wrapped Our of side demand rental growth X.X%. on X.X% revenue up growth The RV revenue in a quarter of total a and rate growth the our seasonal revenue. and rate rate X% season the in strong a revenue, drivers X.X% first have We transient were in annual with a We was in that an increase MH of Snowbird rate saw strong business, with
area steps MH middle and address we amenities only. closing first common opening to the me of March business. have offices the appointment our distancing, social include by increase taken our Let Since
the on and been have focused and guests. of remain residents, employees, wellbeing members health ensuring and We our
new the have of guidelines. the these appreciated followed have steps importance customers Our and
We have our core an of XX% in portfolio. occupancy rate
it's often focus but the We of the think quality important to occupancy time, I base. have rate, on resident on focused at this our
homeowners are home. residents paid for their Our cash have who generally
committed homes. ownership their community display the about actively their of in a Our communities, they to pride and residents are care they
Our overall see We residents April continued In XXXX, owners. our X% of of as conversion. saw sales timely. result platform, less of renter than all consists our in occupancy renters. of strength us with XX% In renters home MH were the XX% a we paying future
financial in due have for COVID-XX. hardship deferral April of rental those We impact plan to the residents a place payments facing for
an annual to business, our the seasonal and have come are revenue RV is heavily that of we RV and focused had customers. Transient our from Moving years in of XX% on our XX% RV streams. acquisition buying longer term revenue strategy nature over resorts
and local Our jurisdiction. have shelter the been by properties or activities by call which place orders for travel reduced impacted eliminated
permanent footprint. Our the a customer an The create has a roots RV site with model, own has tends that add-ons park more customer the resort RV or annual generally annual developed cottage on to that has community.
X.X% X.X% quarter grew revenue and the of occupancy. first For X.X%, the comprised annual by rate
Our open northern April. generally RV resorts in
of summer year annual the then least for delayed has and when the been of advance our payment the a until they Our locations at resorts getaways April. their These season. customers. This arrive deposit these at RV our customers complete of pay are for and end in opening home XX weekend
the a the change pattern rent in While the normal opening customers. we due, in have has begun collecting for caused these annual payment delay
more. Our XX a seasonal stream of revenue have from comes reservation customers or who days
revenue locations comes and generated with of XX% primarily Sunbelt November revenue seasonal between Our March. the from our
The seasonal year revenue by grew anticipated first full X%. the of quarter, which represents half
seasonal overall our slowest generally of quarter. the quarter occurring the is in second seasonal XXXX, The with XX% revenue revenue in quarter second approximately
April, described as in have press our seasonal release. seen revenue in For we decline a
revenue. our represents Our of business X% under transient total
piece have this said We always most is that the difficult forecast. to
of transient resorts of rest average transient stays for seek an annual business have convert a serves as portion Our a stream three customer. revenue The small us their us Most the transient becomes to lead that focused business, we business. seasonal important nights. customer generator role our on for with to the an RV a the transient overall of customer which of or
for we remainder March, April. March reservations of Towards all discussing stopped the of and the end of transient
risk this residents the result, our and with transient a the orders, protect to At any ability transient orders shelter-in-place potential associated traffic. following limiting accept shelter-in-place reduced reservation. from point, we our employees As activity to are
from With we demand the during have members business, respect membership pandemic. to strong this seen our
supplemental, are As there We to this the our an because conditions regulatory operating protocol. in outlook last receipts similar at are more shown provide under to year us made this it meaningful updates would cash withdraw year for be when thought are unprecedented to we decision to time. and guidance
business Our held well during up these has circumstances. extremely
members. the We best guests employees, from our are seeing of residents, humanity and
a in at forward the our high feedback April We outdoors month. see past our We to display have properties property neighbors is caring full on we the looking greater our results. properties the season. community. sense are for received, The of that together very much we customers community Based that’s support neighbors, over enjoying our lifestyle our this have demand at have by seen described to for and often seen working these
for grateful. our manner, I The thanking that would an employees, by evolving reacted customers. again team like residents and ELS has to impressive an to I'm in close, and climate
I numbers walk the in to will through to it Paul now detail. over turn
