ELS - Earnings call transcript Q3 2020 | Equity LifeStyle Properties, Inc.

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Operator

Good day, everyone, and thank you all for joining us to discuss Equity Lifestyle Properties Third Quarter 2020 Results.

Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our Executive Vice President and CFO; and Patrick Waite, our Executive Vice President and COO. In advance of today's call management released earnings. Today's call will consist of opening remarks and a question-and-answer session with management relating to the company's earnings release.

As a reminder, this call is being recorded. this of may the during in forward-looking discussed meaning the Federal matters conference contain call statements Certain Securities laws.

are assumes update statements uncertainty. of subsequent that forward-looking subject economic because certain Our risks become The untrue company supplement no or to events. obligation any statements to and

earnings financial included comparable Reconciliations I our addition, non-GAAP of At release, and In non-GAAP financial today's in GAAP by CEO. our defined measures filings. to turn President we call, Nader, as during the Marguerite financial would the these are measures SEC our discuss to and our SEC information will measures Regulation to supplemental over like G. call historical time, this

Marguerite Nader

call. thank morning, for joining Good and earnings you for quarter us our third

results released trends. strong quarter show yesterday third Our

difficult are Our showing through resiliency their times. communities MH

at during high sales. experiences always MH Minnesota. increase sales enrich continue pride increase our properties. ownership safe from to their homes view and we We and routines MH Year-over-year, engagement XX%. opportunities continue increased and by applications to sales filled virtual shift to An residents. and been outdoor properties a have with times, of to in create activities to occupancy at of and in to daily The Arizona and of our Florida, high-volume communities. Within The residents saw these a home concentrated communities, we our our home found have our new engagement new levels see activities were

improved up the an fueled for quarter, XX% application Our residency online were applications for by experience.

allow customers our continue to traditional weekend conversions from our the in chance the well communities. during tours, RV as both upgrade website saw homes during seen demand We and we as of view an increased for parks and have increase holidays We week. to the the content prospective our to virtual

our benefited customers' schedules. have properties from Our flexible

our through online XXX%, digital In transaction camping passes increased revenue by RV XX%. quarter, the and channels sales escalate. Our of to increased our activity online continues

all summer. transient last of to bookings continue this shift transient XX% online Our RVs completed to significantly Sales bookings nearly of have over increased compared XX% to digital with year.

with their from as In country we memberships to adventure. we last continue the throughout begin an activated customers Trails XX% they engage program, as through RV partnerships year. with travel X,XXX preferred Our quarter, bear Thousand dealers increase the RV dealer the of trial fruit

excellent to customer experience best-in-class TripAdvisor years reviews. customer resorts customer the and X over to our years for Hall TripAdvisor receiving attracting Traveler's with years demand are customers strong strong by Fame with XX XXX% younger our high XX-year-olds ratings with customer digital providing recognized year. under retaining our experience newer Award XX-year-olds among represent of Providing customers. parks an straight an new receiving customer revenue resorts future our XX increases We old, grow to marketing, of opportunity online trends showing XX These analytics in of XXX% customers and of and contributes XX to increases top of a over to the to these XX loyalty. RV showing last show RV compared Choice our in

end items impact, Turning we the MH determine XXXX. noticed for year, decided following projections year. our year, provide and in call. increases X% have core to budget certain and detailed we because January full Within of year to process our by the XX% will for MH growth on in guidance detailed the we anticipate rate October October, revenue. Each our rent line residents This of our additional finish have portfolio, a our require issue to time

of RV rents communities, rates market XX% Based our we residents. have for continuing to on our We in revenue. core have have set with rate our increase had our X% overall the over is annual in-place represented line of line in historically X rental for items XX% conditions RV to XXXX rate XXXX. while over -- filling annual success for season, grow These anticipated customers

more travel now as our comment visibility restrictions. our to we our with the revenue seasonal like Our FFO ensuring Each XXXX in flexibility. to underlying of goal arrive a would impact recommendation, monitor I transient about financial dividend. obligations growth annual the at projected outstanding we and of review requires year, our and

our future methodology that to same been more completion balance reveals to with financial make average sheet, a our XX This of stress management obligations can customers' fortified the over of intends we expectations. our than Directors process meet years, maturity to XXXX budget Currently, to addition, to is upon the of maturities. test years REIT ensure recommendation use strength and year, the our shape the to has test the recommendation. which plans longer-term stress the obligations term In is sector we The average. to double continue which and both Board

long-term creation. focused are value We on

them the and have the field to and the done activities. regional turn attention and in I of and it team a residents, offices to efforts their thank our winter season forward in Paul look numbers our now our servicing for turning job all great in Our guests. home to walk detail. I members through will to

Paul Seavey

including successful review on included will a close the I operations our I our good XXXX and third and some will secured balance discussion with quarter refinancing maturity. update our morning, brief of release. earnings of scheduled sheet the Marguerite, you, debt results, with Thank our everyone. comments

normalized quarter, third per reported the For we FFO share. $X.XX

of Consistent these FFO. of added normalized part million and we've in As definition debt refinancing activity, practice, past back our we costs. calculation our costs incurred $X.X approximately FFO our in early with retirement

XX of in approximately period renters RV and quarter rent increased related points growth consists the income to XXX basis of basis Our gains. increase compared increased of XX core an with since to to in since from annuals XX. owners period. growth year-to-date increased Year-to-date the from points for The rent year-to-date growth XXX, X.X% same resort the occupancy quarter by consistent X.X% base Rents rate compared for and seasonals the from was X.X% the MH base rate growth rent while with of decreased X.X% X.X% last X.X% pandemic, to occupancy Core December resort core prior X.X% onset periods, We've of shown compared approximately the annuals third driver rental increased have of of and growth XXXX. and sites the respectively. quarter year.

increased growth to the transient RV of compared X.X%. dues X% core prior delivered Membership year. the revenue Our for business quarter

was for last increased year. we price. resulting from the products Camping change, almost sold while Pass X,XXX the year. compared Sales The Trails memberships. XX% mix represents sales During approximately membership flat contribution XX%, the to quarter, a lower volumes average a sold sales in increase quarter the net Thousand in This of upgrade

our landfall and include and the in Hurricane affected of Isaias the this experienced and $X.X The XX third made include higher Hanna expenses an higher of from main XX July expenses In Core to Texas in quarter damage volume commissions accrual Camping income membership from of contributor resulting recovery property sales. than pass and Core hurricane million utility approximately and caused North at to while Isaias. operating Carolina XXXX. Hanna made addition, properties, increase on about X.X% was insurance other is landfall properties. losses August. related revenue in

our management and Loggerhead of $XX.X This systems, of amortization labor Income for over these prior $XX.X recognized the and a for the have and year-to-date quarter. million impact core quarter G&A core prior more expense increased includes X.X%, $XX.X distribution and assets, million year-to-date costs cost Marina refinancing the expense Interest and utility for and In expenses Excluding net to contribution quarter X.X%. quarter. our sewer, taxes. NOI million X%, including real water property noncore before have includes with decrease revenues detail contributors year core loan Property the million the an period. the portfolio property expenses $X.X for Other property related corporate to to from discuss and the increase of increased management of our expenses, XXXX generated expenses period our were associated in operations third electric in operating The property by year estate the I'll $X.X resulting in the expenses, in which was summary, in portfolio, main million operating property operating and growth generated year-to-date, insurance were is XXXX shortly. was acquisition. from activity period. income attributed income for $XX.X million the related maintenance

we about remarks our our balance with sheet, closing in Before release. briefly operations the earnings discuss I'll included update

while subject at state to open, guidelines, we local closed, property RV and transient to guests are amenities properties welcoming communities. remain certain Our all continue be

earnings the than quarter revenues. we has than more October to A complete our us visibility expected core our historically RV In weeks. earlier revenue of have given in detailed budget a confidence process preliminary with third guidance that others process represented annual expect REIT guidance revenue our coming basis, our annual the streams initial factor completed our and in significant into space we've past, provide rent total MH On early streams. from early rate budget the XX% combined to growth is provided these the and our core in We have in long release.

RV about our from the and X% for established rate information RV growth noticed preliminary increases season. supports our of provides release earnings This expectations annuals. rent MH for Our we've information the MH rates core annuals XXXX rent and core

lack the our visibility performance of RV Our have We of in of areas providing including anticipate into continues in call. earnings influenced January revenues. we seasonal by of XXXX guidance business, advance be guidance our other our and transient suspension to updates

refinancing questions, sheet. our Before I'll for discuss we activities, the and our open up debt call markets balance

a we The unsecured XX.X of and incurred X.XX% the secured X XXXX We proceeds a repay credit Mae. costs. tranches to average maturities. million secured $X.X a $XXX in has average During years. weighted weighted debt of retirement with our approximately our debt early loan carries coupon term used facility and million We quarter, $XXX.X scheduled with on facility Fannie maturity closed million

rates a decreased accretive extended years for outstanding quarters X.X%, first and As we've the to rate average of third XXXX, RV almost X.X to basis has XX our XX-year weighted the available secured weighted X.X% average money. LTV debt on in closed points the for to refinancing maturity of with terms from our MH and years. and X.XX% XX result debt from Current financing to range XX% XX% has assets

to terms continue strength see age High-quality from highly place assets qualified on will command regarded. participating sponsor We MH ELS continues to and high-value be lenders lenders. preferred

than balance our funding more was million. cash October after Our dividend $XX

We of have from of line credit. $XXX million available capacity unsecured our

ATM have We and of have February capacity scheduled debt under XXXX. maturities we million before program, our $XXX no

flexibility, on We believe and available to capital of high sources we to multiple importance continue balance have place us. sheet we

is is coverage Xx. EBITDAre to X.Xx interest adjusted debt Our ratio and our

Now up we open like would questions. to it for

Operator

Bank from Dennerlein America. Joshua of line the from comes of question first Our Instructions] [Operator

Joshua Dennerlein

those ground I RV Marguerite, well. the development hear up Yes. of you approach curious kind mean for you're changes space of bought kind properties a And acquisition Curious in more for detailed X about of was it's color kind Paul seems easier as do on just guess to you. new acquisitions. like seeing million I that to then any your might -- make the developments. if $XX.X

Marguerite Nader

Sure. Sure. Josh. Thanks,

ground-up yes, on X in quarter. we closed the developments So

and The camp in zoned Scout first one it's was located and XXX actually for Virginia. sites previously Boy a it's

of So parks, has very it's and few access, which years close a we ago. our it purchased flagship X to RV water

like. and a really do development some a opportunity demand there market, we in it's to it in real high looked a that market at as we So

development one a was location. second many in in ELS XXX sites The high-traffic Coral, properties Cape really near and

on land land properties. to entitled and then to close adjacent adjacent fully also on we after sites our existing able our We generally properties, X to and had we've existing of the parcels closed those build

line in what the that's done with So we've past. in

make and local of think RV of MH few because new to regional page tend papers are they I there or the really so front parks communities, them.

have really looked space. opportunities opportunities seen most development, at you opportunities that are we've of we in and having we for then that these the ability focus as RV build park attractive in build ability a years, to to And RV with well-located up I The the with base. opportunities the transient traffic about really supplement X examples Over on attractive. annuals, find a the the annual talked but an area

about I just I about out maybe RV, MH country, the of use parks capital. think talking overall, not of There's number and I are an there's of still the home communities of across XX,XXX context development our manufactured about RV But the that's limited and the excellent country. think communities there. you think across XX,XXX

supply So States, any of a the of at kind the impact industry a a as whole. -- United over there's new no development has to parks really the level handful very just of

Operator

Nick Our Citi. from of from next comes question line Joseph the

Nick Joseph

development is time that. And to following maybe the What stabilization? what is up then on yield? just expected Marguerite, stabilized the

Marguerite Nader

Sure.

X% years. the So is The Florida, in in, little yields Florida is, on it's cap one Boy we a The X the Virginia work in said, a that a it's Scout Virginia farther one along. zoning, bit say, one bit camp. about stabilized a in Scout have kind is a to at do of a -- half to longer X little a lot no just I building. of the like but gone camp of it's Boy -- terms It's in

that's think the And more Florida few I a similar the yields out. So to be yields. years would

Nick Joseph

demand? the about from of to you Canadian do the travel impact the then restrictions? any what then And backfill on do RV transient loss and think business And how expect ability you seasonal

Marguerite Nader

Sure.

it's about and of full a little to kind break down I think talk that you I Canadian about talk bit. business, I'll the as think good our year,

year So about full of customers. stay our revenue from for we Canadian they had $XX XXXX, generally -- the with us was our And there million RV customers, coming about south. in of annual their but customers the customers, from and model or RV park customers, annual comes those XX% Florida, Texas. have that revenue on-site percent of Arizona XX% those in Canadian

that we're differentiates quarter the transient. seasonal and million million. kind with about associated total the the X annual And Canada know monitoring the Canadian there's more of customers seasonal then risk and regulations. start when the the fourth of but that, of to we $X.X And then the on So able first our more revenue the the And represented transient, seasonal see and represented was between year year, input be we last from consider and $X.X $X.X in the approximately customers border XXXX, regulations the border of as of -- million. quarter transient

border. customers able cross to this to subject So revenue is being also the

payment I seeing think some provide detail maybe Paul we're the walk bit help and through may that about now well. right you can a as little that patterns

Paul Seavey

Yes.

the levels behavior, uncertainty customer. and related having as an I so as the regulatory I about including shorter customers' We've of pandemic, various of the country, also booking I the Nick, broadly, well. bit, case think mean, seasonal the seen a particularly travel closure, actions, onset mentioned this counts and are cancellations. transient talked We've elevated windows. the since think seen we've customer Marguerite to border impacts decisions across but the just forth it on orders people the that's the interstate watching impact

Operator

Market. comes question Capital of from line the Our next from John Kim BMO

John Kim

Just seasonal How you versus that a transit and follow-up November, on Day the the weekend? trended during saw Labor bookings. in the XX% they increase transient December

Paul Seavey

I'm sorry, asked. what you I missed John,

John Kim

RV and November transient for far and December? the have seasonal How trended bookings so

Paul Seavey

mentioned seeing seasonal month the October. year. lane think far really what the for there's seasonal, seen so from I the quarter speak talk the But occurs can of in really, demand, too on much without we because saw in continued just guidance in we've we stepping the far Marguerite not as into happens is transient, so in about October the of we've what to through seen, end September Thanksgiving that we're of that in far fourth the strong October. the And

Patrick Waite

Yes, it's Patrick.

and guess, They're October. Northeast October on a and northern month than we about North October. RV number nearing was in the throughout what further Just in performed That's a end lot, of north the is, and the for to, XX% season. this talk color Both add good we've the by relatively in up driven I a factors. weather of One of more the little seen well.

when good, from about come as these you're travel, Paul typically talking market. in local And demand, seen customers midweek. the we've interstate including So on, the touched consistent

avoid impact of you that those So some can business. parts concerns other of our

John Kim

basically then there's age a that of as Okay. from the increase that down you And Can RV break as XXX% mentioned bookings in cohort far your you Gen-Zs. customers?

Marguerite Nader

that John. That can that off-line. was I of don't that I in year-over-year. me, provide can break front I increase have down.

can seeing we -- those an to increase base, offline. younger customer you are So provide and the in that I

John Kim

during costs recovered are much in million nature? the hurricane And the Okay. that one-time you will insurance? how quarter, damage, much of $X how of costs do be The with had think you onetime infrastructure

Paul Seavey

Yes.

think, $X from is about I expense dimension million mentioned, and cleanup in quarter. expected the I as there's property the of The $X.X total so forth. loss million and

in As recover. the happens typically, we've shaping capital seen an in capital to that then there's component. recovery the and component expense a is expenditure expense in earlier past what hurricanes, up storms to component these be restore And completer and and the are then similar period there's

in realized, we've amount sorry, storms. accrual most revenue the kind that for expense recovery net that booked, expect part, think I'm of expense we've these of in -- the otherwise the net that would the that the I we and or

John Kim

bad the what for And the debt and I ask can expense remainder what year? for was the third quarter of you the expect

Paul Seavey

debt I pandemic. about, changed our seen age stepped In terms our broadly, of mean, XX are we've delinquency, we've as through points. about the hasn't we What bad really just as basis delinquencies historically is overall, talked

with just rents end that when you remained about level we basis Because XXX points. uncollected our age delinquency generally we we've continue between next collect XX land has expense and the consistent, seen, income through of think any our to revenue that of So speaking, days, somewhere a and percent month the is what flowing on is in about and X% X% then XX where given statement place basis. a of over those rents to

John Kim

footnote years? to years? does noted just that prior versus I that you supplement this had prior the So how compare

Paul Seavey

of statement Yes. rental simply actually is GAAP on The income income. presentation the our footnote of clarification

statement. reader statements income our non-GAAP we're income of through are core on rental can measures trace that to operating So a providing our our so disclosures

Operator

Khanal Evercore. question of line next Samir comes the from from Our

Samir Khanal

this, missed on rates on in cap can I acquired RVs that the the provide you but if sorry pricing color quarter? you Marguerite, or

Marguerite Nader

Samir. Sure,

So cap cap. X.X% a opportunities those on to -- And management. X% the properties X of with, rate under our of both properties, kind both think, yields sides to some with going-in I increase

Samir Khanal

your kind then side, recent trying just peer, is considering I understanding views business? grow mean, the to curious you of have Okay. of an in just right? business, that I what And of sticking get your announcement know kind Marina appetite of guess, the transaction to platform your to today to the your the on

Marguerite Nader

Sure.

of perspective, highly quality, of cash the ELS the is the and on fragmented. new that own investors flow those bring the really individual coming high From to their key line very owners MH of And will to as more industry important great So is for developed you'll flow bidders work properties. with RV. of the us well-located sit the a our through owners continuation the and of to the flow the I really, and our proven assets really Marina we predictable in space, see of And we'll enter revenue more is relationships cash continue the transactions. we've cash industry, alongside and to think towards doors. kind quality But as to have streams

Samir Khanal

us an Okay. mean, to been as the if you've till that of of sort And way Marina idea? time is to operating is today, from NOI -- -- the some time what's sort I back you've go acquired there the way a give there to a perspective held since performance you the

Marguerite Nader

Sure.

business yield going-in as talked they've XXXX, about we the over and years. think that's what in the of a cap, think X about X essentially I how was I So performed last entered we

really -- highly are well that us. to So and been term sticky. continues for assets, it's These they've are long it performed annualized revenue, assets be

Operator

from the comes from question line John next of Street. Pawlowski Our Green

John Pawlowski

to back percentage you do demand closed go worst-case and question closed. Nick's to you seasonal get Canadian domestic being The scenario border what spring, border Canadian wanted I through of that where on the the the can transient remains Great. think back through reasonably? revenue

Marguerite Nader

Yes.

States, will risk kind States. people's answer to coming of now. certainly us see relative inside it's question Florida seen, I think framed a to United the we've in say difficult what we is of from I the traffic, interest the United for increase to in the We've but Canadian that right

to So it's difficult frame that.

John. able As and are do would that more able provide we to don't information, right have to but we that, now, we

John Pawlowski

lining I that difficult you we logistically, Okay. not can demand. lined Understood. a or mean, back is that that demand get for just up in how door? logistically talking estimate, reasonably asking But get and are -- the Just precise about demand of up it XX%? but get like I'm to the XX%

Marguerite Nader

going it's want difficult a things the and have think figure I question country. are that, shorter lot think they we've perspective. because the throughout from think But to I guess winter is there answer going to going health to how And things how windows. are I respect get There's to better. get are a uncertainty are booking to out we things worse, wouldn't seen to with that trending to progresses, I what the as of go obviously,

So kind not now this "Oh, of people an today. to decisions, "I I I of saying, to making down want and I'm they're I come down good. feel health, make I like come tomorrow. can bill I their are clean decision." opportunity. a have people I comfortable. want are saying, So feel have

not now. going to don't going customers -- month from I we're where out a booking month saying, Our to know be are a what's I'm comfortable because

So difficult project. windows, us seeing we are for makes those it shorter to which booking

John Pawlowski

parks on then, give some RV Patrick, increase how Okay. with the exercise Is Understood. this some X% can't there the process in to the a past color year the or leniency you side? sort it how -- annual rate recession, year. an as on went of we're lost And this the hard" for in get push "hey, of, could you we is days

the and ground this preliminarily on planned the year? the for basically X% pandemic increase coming dynamics impact So rate how did

Patrick Waite

then COVID us for was an was to RV was and it the just for process out. was this into going there all operationally. customers play obviously, it, is our of of While MH a starting understanding both -- And how

on previous late suspended earnings we of and side MH evictions. the fees calls, the mentioned world, as we On

RV what as through a H&R customers years. dialogue the increases large, annual prior working On process of our rate our consistent portions by did we've the the the offer profile was across some MH through rent issue were discussions world, across for And but those able properties our very small credits our were we around were a with the both for pretty side and northern But we process impact Certainly, as of and was consistent demand the those much some that up It most to increases there our we increases. of and of be having of in discussions COVID. sizing potential seen to front, on some to part, going was customers portfolio and RV similar rent year-over-year. the and were, the implemented balance be went well-received. were

Marguerite Nader

the was, I And earlier a far. on John, from we one mild benefited mentioned things, think the of it we that so autumn is call,

of got cut beginning -- while the they customers enjoy able able customers at annual season. extend season, they've off were the our to So the to our been

And so certainly able that's of kind through and October. -- to that's been been that they've camp September been helpful

John Pawlowski

one then And there. sense. Makes Okay. follow-up just

the the RV side and On RV annual side.

portfolio, I X% around annual Are weakest RV us give any for kind you of that the the declining Could in average? on markets. what's side or Within with sense goalposts a the rates market? the guess

Marguerite Nader

And really consistent summer of demand north to pretty say I'd as the made expect throughout it markets the the and our strength We mean that consistent Yes. season. saw I core California I of think portfolio it at are, in profile. we through see the reassuring COVID, was which you'd Arizona. with impact the region Florida, strongest

So I areas. think metropolitan core in the near markets north, major

X.X in hour just Virginia acquisitions been hours of strong the have our strong about X that of an outside DC, Richmond, That's about board. market. outside As Greater the very locations Marguerite mentioned to across

core market, -- get our have markets South Arizona, You more rate Southern like to into Yuma secondary markets. the moderate those increases tend Texas, called some than

John Pawlowski

aren't Okay. anywhere? But rates falling

Paul Seavey

No.

Operator

Our the Todd Stender next of question Fargo. from comes from line Wells

Todd Stender

land closed with in parcels. appetite usually that the Are just you just With see opportunities that Maybe maybe quarter, expand just you time, on a a shows the you It because projects you're and you development risk once? is issue timing X seeing. little see X guys. trajectory this couple of just growth the types these from the the than acquired more at all we all the

Marguerite Nader

to Sure. think adjacent that's With excellent our looking execution. just land land the our always properties, to at parcels an properties. We around are respect we

so all happened that of it we've in team for been close that. the acquisitions and was continue do our quarter, deals are to working fantastic while, So just we on able those to those that but a

be close and now. a it deal up And wanted able was to That time we there's deal with on deal transaction. a and recently a there. the best recently something point, for came we we that in deals, thought in X other good appreciate no an to change lot. actually been was get we've looking to that the the that the With that respect into to long happy really So to real and the Scout a was were ability that up Florida time is Boy space and deal located area just just are came a appreciate -- that just in really at the area entry

was something been but together that all so that while, a And on did in job that we've working this pulling quarter. the for a team great

Todd Stender

can't zoned residential. look quite right? the mean, entitling For camp convert be at to not do you Or to Scout from just yet, How Boy process? something RV, it's I a

Marguerite Nader

RV became then for has But types great and XXX of sites. amenities so camp, Scout a actually it buildings it it and Park, was is things. in some It Boy and zoned those RV was --

to was attractive what really So us. that's

Todd Stender

your imagine return to just and sites. short, Okay. return communities, maybe are can are expansion to rents and then of occupied That's drive give periods some helpful. probably What you're highly And existing there? adjacent they're quite buying lease-up just the expectations. back you them I'd kind expectations

Marguerite Nader

Sure.

RV Some Patrick of with can of are associated our it. some numbers adjacent sites, to the them but maybe walk through

Patrick Waite

that North X digits. RV Francisco, referenced you XX a outside list on lion's list to advanced locations. of coming are and very the adjacent that's and Carolina on really the Carolina. Coastal the and to subset would be parcels, had X quickly and sites is in of quick waiting properties, expansion a more site lease-up North interest, of we than in section. sites them is high share yields One single of expect we're in able coastal the XX San those property one the fill are really strong I and our that acquisitions. Of And just Yes. from the that lease-up had to of They're periods, completed

the view a us. phase opportunistic next as very we opportunity for So

Todd Stender

That's great.

Just one, The Dunes you one don't mind. if Marina acquisition. last

Monterey So rent constrictions, County, any, any an what certainly just RV would in California? along if see more in you if but Coast Santa park of rent the kind the Cruz be controls on of area, MH, controls, that's

Marguerite Nader

would not right what rent now, there control on would isn't happen in like I to RV. say future the necessarily. But

isn't it factor. So a

Operator

Thank would back you. Marguerite for Since have turn we comments. over like closing I to questions, Nader more no the call to

Marguerite Nader

on look to updating the for all next you call We call. Stay you well. participating the forward Thank today. in

Operator

call. Ladies Thanks for and gentlemen, this concludes participating. today's conference

disconnect. may now You

Equity LifeStyle Properties (ELS) 20 Oct 202020 Q3 Earnings call transcript