ELS - Earnings call transcript Q2 2021 | Equity LifeStyle Properties, Inc.

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Operator

Good day, everyone, and thank you all for joining us to discuss Equity LifeStyle Properties Second Quarter 2021 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 [Operator Instructions].

As a reminder, this call is being recorded. this of may the during in forward-looking discussed meanings 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

the results the of thank XXXX. quarter for morning, today. joining Good and report you second for to us I'm pleased

the unprecedented quarter. experienced properties demand Our in

Our revenue, RV expectations. revenue sales subscription and MH revenue, exceeded our home

operations of growth the our record in We FFO strong quarter. per normalized XX% continued FFO in share core growth with and

negative impacted quarter While XXXX. this second growth it the the significantly rate by XX% comps from XXXX, is growth represents from

customer occupancy grew the and driven to to high in by of record positive results new XXX%, Community. MH new RV quarter. in grew the in MH Year-to-date New the the contributing home of number wholesales. quality contributed by sales both XXX Homeowners at growth by a quarter

especially Our residents market. buy to motivated given are in recognized real trends and estate the high the communities quality homes and value our in broader of

The saw customers weekends, home. during activity. resort demand chose lifestyle as our increase as our property to XX% basis. digital on the they marketing Web holidays unique their growing platform, an time our coming in increased an well on customers for compared an our traffic focus for The over our pandemic. to as weekday as the same has to continue annual ELS second pipeline. catalyst us grown saw to site Within prior site sales appeals we RV We and Web and experience strengthened host to a We to

new attracting number a in larger like guests database pre-pandemic new of And XXXX compared RV-ers added our time us. safe see of customers a look number an because are These half The desire previous is to years. customer first is We time stability customers the new are We the our lot to choosing base. to indicating a engagement during camping XXXX. to up with new of our XX% first feeling growing than our to in increase of drawn spend customers outside and increased that activity. guests, camping

their guests Trails launch, pass sales, Since the increased vacation X,XXX new camping online RV increase our completed indicating process, through over in XXXX to were pass maintained XXX,XXX they our properties option increase Traveler's were our our they With check-in Choice properties camp our safety purchased more the significant support to showed XX%. site quarter. In Fame are we have XX Traveler's Award TripAdvisor pleased and them of of other camp sold RV We high XX% XXXX. including intend to Our being hotel stays. RV customers are surveys, travel In customer online. activations more that Thousand [dealer] all and won after five almost and quickly over with online reached for been we of XXXX as The interaction. direct we allowing plane saw Hall help camp returning winners even which this their new a those the year. of members passes our travel, a subscription of XX that to second Over Award an have for a growth years. the based Choice pass, of XX% quarter new was guests. members get to announced of reservations launched less with team check-in and new

on the based quarter questions X.XX high at guests released the of as by our provided property. experience to Based our customer properties. rating report In our projects May, teams Our experience we on annual efficiency survey to satisfaction with marine at and results, second the reported levels around our American our as guest forest highlighting X. well sustainability centered energy out of life, ongoing our responded commitments

we to diversity our We efforts. and have and increased focus The our members thank expanded learning report our to ways pledge, places curriculum customer residents, highlights purpose CEO delivering excellent I the want within and on our recruitment to members service our for efforts that through continuing to unite bolster people, all communities. action team guests.

primary through we walk of testament season the the field work numbers and through the regional I to our offices. our turn in to detail. Paul teams the received We are a hard now it in and will have the feedback halfway over and camping is to in home

Paul Seavey

results, quarter for Marguerite guidance sheet full XXXX good you, assumptions discuss everyone. Thank and will quarter third debt highlight review and our I balance and the and our year conditions. our second market morning

share, normalized outperformance the the our guidance membership to and reported drivers RV FFO second compared revenues we quarter, midpoint $X.XX The of rent of of For revenues main our ahead including upgrade per $X.XX guidance were range. sales. core

growth X.X% points of of basis growth to rent MH approximately gains. XX related rate consists and core occupancy Our X.X%

increase by in increased decreased at renters XXX occupancy XXX, [owners] since with XXX. while of have an We December sites

Increased the our expansion our from rate rental compared annuals Core base While quarter period during increases in Southern to Annual our be sites line slightly occupied portfolio. Resort quarter. so and X.X% properties last reflects added occupancy reported the the increased RV our occupancy X.X% sites the second for Northern we've income year-to-date RV of lower increased to impact year. same in higher rate. expectations. expected quarter, from the percentage than and second rates the than resorts, are in during annual core our occupancy was portfolio with increased our Western average to reduced locations RV The annual our continue average residents these

of XXXX. transients from The the upgrade XXXX. second net compared demand of revenue sales XXX,XXX] quarter to and rent prior rent and and XXXX increased increase represents Membership than XX.X% in Year-to-date XX% comparison and quarter XX% membership. the RV and dues XXX% higher increase XX% period year. XXXX. year in This closures the X.X% increased quarter, quarter camping same evidenced COVID $X during for place related to is respectively The in and XXXX. membership same by compared XX% rates for impacted to contribution million the the [XX,XXX, the significantly orders pass period a sold over For seasonal over Strong that growth over shelter XXXX. XX% prior in seasonals by an transient respectively approximately is were from year-to-date the and increased in we year-to-date effect property trails is

the a Hannah During an higher the than across at result million challenges property elevated operations $X.X expense rate our Higher open expected shows across payroll the In in a result that maintenance offset core The in members lower to for property operating XXXX. of our an were quarter of income second related revenues as approximately limited was an filling related more face during of X,XXX we purchase average second quarter. than price storm NOI $X,XXX. XXXX approximately conducted the receipts by expected than with tax COVID growth positions generally operating income proceeds as expenses XX.X%, of expectations other Core of of portfolio summary, as quarter, quarter expense related core recognized XX.X%. increased portfolios. management Core Hurricane quarter insurance the core and We and the upgrades in and expenses second operating comparison the utility during increase event. utility quarter to last increased year. the expenses before estate XX.X% line in were property quarter to real in property resulting

property For Revenues because X%. by reference, contributed from the core the resort part was in from was generated our our of we higher acquired quarter the Pine is annual This RV portfolio in Haven, second the noncore from $X.X CAGR at during growth than million operations by XXXX NOI quarter. expectations customers quarter. the result marinas NOI expenses the million and portfolio of Property $XX.X and quarter a in quarter. than the net and revenues period. the $XX.X for in periods. quarter for the for other noncore contribution the XXXX second $X.X G&A management million year-to-date more Other expenses the income total generated noncore year-to-date of XX% generated corporate were of million properties and Income and

in The with and full of earnings sales profits expense and New the year-to-date and million $XX.X third XXXX related release the million loan was and $XX.X press to million quarter for guidance. NOI home and along amortization increase Interest year quarter period. an retail the compared contributed overview ancillary provides cost quarter XXXX. operations an a second recovery to $X of sales ancillary in our restaurant for

A qualified level the our and guidance in demand keep communities. the is are in growth and future factor to in midpoints information XXXX As are of my information. of results. mind our risk significant remainder by of days and financial context for press for factors range supplemental some in estimate I provided revenue guidance provide RV release our in assumptions rates for included remarks represent our expense and the transients projections the intended our current we've All provide

change. obligation our have We assume current actual reservation guidance, to our We that with results developed trends. will consistent on guidance assurance we our as no update provide based no conditions guidance customer be and

of the XXXX. from to growth XXXX FFO guidance core $X.XX is at Core is outperformance. midpoint X.X% prior NOI of the XX.X% FFO our $X.XX share. share share an represents per of year normalized second our result estimated rate midpoint our compared Normalized to rate to per is at full of range projected midpoint The mainly X.X% per the quarter $X.XX Our our at range of increase to growth X.X%. increased NOI the

and current activity. reservation the include adjustments expectations in gains expense the Our based year-to-date second been on third has quarter, and MH updated trends fourth quarters for occupancy to RV

other As a incur. assumptions or for losses no may we storm events uninsured make reminder, property we

guidance no the of disclosed, closed the in activity facility. impact year. and includes third during including the the full we've acquisition activity of the the financing assumptions additional for with and unsecured second the also quarter first Our of acquisitions credit for impact the our included We've we've year recast quarters

of normalized of with $X.XX. range quarter $XXX.X midpoint a the We of at our expect FFO range to approximately third per share $X.XX million

prior quarter full our with current We’ve and XXXX for XX% annual quarters assumptions the X.X% year including growth project of of the contribute MH for factors, and third the both NOI full to expect XXXX. reservation fourth normalized remain using year RV to built to third and pace the core range our X.X%. We third FFO. growth compared transient consistent quarter guidance. assumptions rate rate We RV and revenue

RV transient revenue assumes guidance compared million of XX% third a the to approximately approximately Our XXXX. $X.X increase for core XXXX. of rate represents This to quarter growth compared a

a return Our border of quarter customers Canadian winter upcoming assumptions fourth reopening for include season. the the and of those

debt assets Now balance some our X.X% maturity. sheet. annual to MH markets range term quote competitively financing age assets high comments to financing High best CMBS lenders. command XX% from life XX debt Life RV secured on from as LTV access for well will have for percentage and MH rates quality on terms terms. available as from longer qualified to with X.X% occupancy RV with Current companies year continue XX% to maturity. of a and certain companies

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

secured average X.X EBITDAre maturity weighted interest is is to times our approximately debt coverage and XX.X debt outstanding years. The X.X is of our Our times.

like would open we up it Now for questions. to

Operator

comes instructions] Capital RBC first Our Brad from Heffern Markets. question with [Operator

You with question. may your proceed

Brad Heffern

on start to the Just the you increase. million have $X.X transient guidance,

million wasn't July. that first $X.X a You know of the have about I really number quarter on was the Xth COVID strong affected. up

of just can So to number there's what's walk if through it? that and you kind upside behind

Paul Seavey

it as the that's current for we I XXXX, translates estimate July based as and million of the Xth current $XXX,XXX XXXX that growth. of pace is And compared quarter, into our pays, I right does to we incorporate on look think have about said, that now. the XX% the $X.X the reservation at

Brad Heffern

you Can in thoughts across any on about Haven how then acquisitions. acquisition the just that cap was? then rate acquisition, the market and talk three businesses And to maybe switching Pine on the general

Marguerite Nader

it, so the Cape in ELS we well annualized X%. revenue Haven cap you is sense and near difficult XX% located underwriting going of to give in forward was of And it to job to we've -- say for a It's It's and of just other With biannual about highly occupied $XXX So close. have acquisition year I closed about all property we this very on in properties the deployed great a rate base, it’s the Pine assets. respect May. them process. and the are XX think acquisition currently over team various going did capital states deals. million as when the really to our into we But properties transaction

Operator

you. Thank

question comes Carl from next Our Berenberg. Keegan from

proceed may your with You question.

Keegan Carl

you touched could the driving you us growth what's northern there this just on there? know it annual on I but was rate color something give guidance down? a Was earlier, core more bit on or exclusively bookings else RV higher

Paul Seavey

is the in the mix. occupancy really change It

So think the on as the increase fall. of RV the rate last XX% notified January the annual by residents I of maybe explained April was -- their I call, it footprint in or were of

impact in the as a So that kind change year. the increase the it the have on as mix, an is of we in But average occupancy noted weighted quarter see pretty rate. we steady throughout does

Keegan Carl

be concerns weighting should far other because it's of north? in the to worried as occupancy regions, we nothing downside is there in like about the or as just But

Paul Seavey

yes… correct, That's

Marguerite Nader

And there rate just overall occupancy is weighting annual and increase the different. is an in it's and the

Keegan Carl

quarter? And out? it back was other kind going of in versus the kind think you function standing of the one price Is volume then breakout the to or us I give of what the that's of Can transient.

Paul Seavey

to seen mix the a similar just is we what in well. discussed the the side we've annual transient what on think I side, shift as on

transient very in Florida price was demand So in Keys. our the some of locations the the like strong higher

individual than the rates it's increase rate of a the number locations. a And where stayed people frankly, implemented in at is rather so but function heavy pretty contribution an

Marguerite Nader

a increase higher also is in point. a was which stays, function it And of cottage price

Keegan Carl

that? kind you or Xth, we guys give us for the trending XXXX mean feel can on should like And of of well kind or how to feel quarter then about the just outside I transient, you above a it's think bookings of do date

Paul Seavey

percentage we the $X.X for results. number at the And I think, the of quarter. the that took the actual XXXX tracking think Xtht I XX% revenues again, the same about QX looked that as mean, -- XX% and of we represents as talked just time for about results at we point third guidance each quarter XXXX million to full July, over at in looked in they’ve quarter year those we're for look and the a essentially thought

Operator

Thank you.

comes next Joseph from question Our Nick with Citi.

You your may with proceed question.

Michael Bilerman

here with Nick. Bilerman It's Michael

And about new or look the had talked a customers a that for existing like Paul, then the question Marguerite mentioned you I've So a lot new you of either your lot sort customer activity. customers.

incomes, bit and or wondering I'm segments into before MH so side, are time that new different the not, having potentially types, seeing or can you you tapping new Are they're what And on if customer RV maybe maybe to spend either customer going talking customer any not stickier and experience that great you're different. little the is from of a customers about could they’re be not demographics, continue. either

going to just of So trying the understand dynamics customer really sort on?

Marguerite Nader

just that millennial customer, come how about pandemic during little a on they came did bit bit customers but year focus us the the why the little that customers, us this the terms to can in new of talk a acted. Patrick to don't I

as Florida, But they timers number become Thousand is the and the Southeast first Southwest a seen first they’re member before, higher have This focused on timers, we then return in the annuals, an the line it's they first reservation what generating they currently and member. The are books every concentrated Trails either annual and California future Northeast. overall now, the or them, with higher seven in or revenue. I seasonals that's percentage timers a returned think we've and in call seasonal the returning it's right who is one just on

Michael Bilerman

to we those the are sort first then before just of millennial, better same as And a getting your are other acting customers switch timers, you rate? recapture

Marguerite Nader

the percentage in was higher. -- the number quoted acting They're line, is overall there I that although,

So pre-pandemic. they're to similar acting kind of

new to kind of customer. the just stickiness So point the out of

Michael Bilerman

customers in Sorry, of they're of then you, that continuing with the the overall has in So acting go stability strength? amount describing their ahead. is increased sheer Patrick, which and rental terms same

Patrick Waite

industry survey the cover they as by a having States younger as key of camping in just up new the XX% time campers In first a under millennials nearly in in well it's based of to level effect reiterate, our three generations. asset customer. two out of itself, XX lot respect largest a making that's to shift class. high of base camping generation customers, annual it’s guess those I in households the age But that's almost an on United were today in the And with core on the significant demographics particular, KOA, households, the just

reflects what of something pets, campers, that particular, surveys in on So that that in new children in comes and the frequently younger campers, campgrounds. younger typically we're RV Based campers, families, of number with our them seeing pets their dogs. we're means up younger traveling seeing space, by

we're video Guy nice us in fans growth Bregje just grew And team quarter and on Michael connecting in almost to as our So And that's the touch as by does that brand. our of very the of Fieri just And and I followers of with media. customers. a that's fans our came and we've properties, more followers XXX,XXX We've of think job qualitatively our social also and I'd Trevino they out couple a kind recently. Instagram had firm content. helps stay with that Heinen, in celebrity status well reached at stayed up Pinterest. celebrities. base on Twitter Instagram, to for new Facebook, also engagement and on what Most our of We total the XX% social from media new than seeing

Marguerite Nader

to the Speakers] Michael they who But it -- people but nonetheless. we honest, Trevino, need be [Multiple at are to celebrities up look the we had

Nick Joseph

Nick. is this And

transaction that's back the other seeing to at how want these Marguerite. up showing and one for market, you're I'm either how go entrants people many are into new question. impacting bidding the space or wondering just if I to all opportunities? Just

Marguerite Nader

the about of We new in the are nothing highly highly -- haven't the past over players marketed. we've year the seen are but five in players major last past. sought would or last in new these years, that shown recent assets course, and say, talked so, or of six new after all up the I have There

Operator

question comes with Our next Samir Evercore from Khanal ISI.

Samir Khanal

color been to more and started have has acquisition. Marguerite, little I here? XX you growth marinas I what I can as today reopen guess, business the guess, have the So year-to-date things with think bit a provide to around normalize close in you like, marinas

trying Just that how out segment to figure RV here. tracking is or versus MH

Marguerite Nader

marina our portfolio in expectations. what quarter customers. on updated revenue seeing for our technology side. our X% we're growth about line revenue We in with for the long-term performed is have our streams, generally the we've in So the marina And

Samir Khanal

very And how the is mean side, transactions. front. question opportunity on then aggressive is side? year, next I guess of at over I it look we for you it is RV set is thinking is Clearly, that should the that? second the my when mean, kind today the about bidding I around marina maybe where you be

Marguerite Nader

think to I mean mentioned when Like look we difficult close. marina I I at particular know as we our to opportunities pipeline, the MH, RV certainly -- on going earlier, and have we is a certainly asset that acquisition side.

long But from still there lot starting last with entrants ends new there least a opportunities are over up the there owners, you the that But that term what we've year-to-date. lot certainly which at advantage many -- we give certainly out in think relationships are done are are the general can in opportunities people an interested that still still five bidding instances, certainly in as see a us a to of into I there think years, more have process. I market. conversation,

Samir Khanal

any And inflationary I seen guess in is, final today? question sort my the pressures you have of business

Paul Seavey

R&M the increasing. who by wages. Samir, are we employees. challenge And engage And costs employees seeing. pressures. today. We're expense. energy that also other third expense are we've offset demand patterns We've just many landscaping with that utility and severe is is those on at recruit definitely properties. weather recruiting for that in into translating our inflationary our seen parties that the significant I given to we overall are attracting pressure seeing been that hourly energy overall, the challenges country and especially across somewhat think But have then wages seen It's pretty activities facing play to we're trying out volatile, The similar on in

Operator

UBS. with Our next question comes from Michael Goldsmith

Michael Goldsmith

My first the on guidance. question kind of is

of full up high You your in than that. went more quarter, beat FFO by the year guidance the you end

assumptions and side? year, in are the on for there the half than there what your changes of is RV back transient So anything the else the other

Paul Seavey

the assumption occupancy we The standard second an don't assumption prior we guidance, as half on don't But core we in we update occupancy mentioned, the I quarterly year, that for so a our of make future have basis, the for occupancy, do just gains. make quarter. during an gained

year. So RV And that. last did And higher growth revenue I say have $X.X are our drivers we significant. expected as to We've most to but adjustments than be we've then mentioned, assumptions. expenses I'd revenue the some done that's million adjusted

Michael Goldsmith

the then And the of lot transient subscriptions. there's RV and strength membership business clearly, in a

is looking said going remain the revenues? business sustainable forward? up As another group revenues RV years? And how drives can at these at your way, levels new RV with future so guess, this you through look it forward, historically in elevated like times I that show or back demand, elevated captive annual does

Marguerite Nader

a And -- now sites. it ago, X base it's ago, United in million few RV million years RV-ers, the As years total across there's we look was installed about ahead, million. the X States, was XX

RVs the a to getting portfolio. the about your members in annual with out think demand our subscription and kind to and over you'll of and over family. overall based really a that for being and Trails an going throughout ratio and last see from the I And -- seasonal an outdoors that and We've last revenue couple demand certainly out for in very years, it's of Thousand So the that bodes seen just well us. we transition see getting transient increase members from comes

Michael Goldsmith

last I it's here? maybe Memorial while in a deceleration could the was But just XX% Day X read one there relative are you to being one beginning. Brad's see XXXX, XX%, anything is And weekend starting in, up question into up if July to squeeze to similar to

Marguerite Nader

there what a think more in the of effectively moving Xth saw year more were and were more country. you July open we weekend, much last many is the I Well, people about was country. -- closed year, country of about to last the able were way areas there much more, they're move

Operator

Our Wes comes with Baird. from next question Golladay

Wes Golladay

Just your much is a for on how transient the the the on quarter quick question of business books now segment? for

Paul Seavey

of is it us weekend weather of Xth up is August for I well. and interesting just think Labor Day about about is will the a July, as factor. way as terms huge September big Certainly, in how it. about a The $XXX,XXX is we that thing said, develop,

to going And weather, impact on of there's we poor couple next the months. so the that have extent be to

But a a properties. in last be So weather in I very and think that at September drops able a have month for the were third, September because not terms to it's us because was off. strong months was quarter, typically our quite third, in say third good year three the I a people out the of to

Marguerite Nader

be pretty can booking the Wes, window tight. And

So you Thursday Friday be up your before fills up. how what or weekend shaping it's it you know may know as

Wes Golladay

is near that -- those the Is quarters at is surprise two like where get the term bookings. the to you're is trying is where guess, in seeing coming last that it? I question, My

Marguerite Nader

it we're hadn't an where is. as exactly traffic seen weekday mentioned, basis. I that's seeing Right, increase, pre-pandemic we on that And a in

Wes Golladay

the seasonable to I a would taking have then transient annual? to an is revenue the of And then uplift and guess, -- you can I what get number seasonal the

Marguerite Nader

of I can because back mean, depends guideposts on horn kind country. on of where front I in now. you of and basis. depends the you a right the kind in with property-by-property circle area basis provide some around think that we that don't the are We have it us of it really

Wes Golladay

you do have now? any many year-to-date and then going started have And on developments you right

Patrick Waite

sites our about in Yes. same year, on to basically We're mention number roughly represent tracking to full sites. which tracking line XX projects. dozen the our previous XX and for projects delivered with calls, the , of will X,XXX is or that around and X,XXX, That's previous year, be

Wes Golladay

Are those as mostly in up expansions you those ground there? or are

Patrick Waite

Those towards driven expansions and one bit are of But for ground those up. by mostly XXXX. a it's expansion, RV for little there's predominantly, initial skewing phase are

Operator

Our with next BMO Capital Kim John from question Markets. comes

John Kim

On it Thousand your is in a least Trails, like you was the rate the looks Can increase decade. for what renewal membership us members? at remind typical most

Marguerite Nader

a have rate members. We XX% about on renewal

off given of have XX% in So the we members any fall year.

John Kim

Do you months, more rate year? be joined that volatility do members there'll the expect so to new think over or this you continue next given XX just many

Marguerite Nader

much for over hasn't base. it that lot We -- much really it still vary deals method changed rate sales very in through time. And great a started doesn't also efficient that be that it's method. attrition hasn't been it and see a sold the passes the quarter, I continues a and don't rate very ago. since marks online, that I those sticky changed as and of customer gone mentioned we've cycles, camp -- it's many a really to sales But for this high we XX watermark of years XX% were different

John Kim

Marguerite, the And third providing provided members the and of for a you year. you member you year. in time can This have the a typically but is past I second guidance know remind in members? seasonality up-to-date there quarter add real more counts, when you years, us you're

Marguerite Nader

for then new big is off for a you season summer The into it us the adding members, trails and winter. a little head bit as

John Kim

comparing or fair that RV and not to leases your total seasonal marina assume is business, of marina the are your most at annual core Looking I'm business. your it versus leases and transient? just

Paul Seavey

Yes, XX% from in more revenue comes the portfolio annual of that the we customers have. than marinas

John Kim

occupancy on marinas? was what the the And so

Paul Seavey

think I XX% we're or like XX%. at

John Kim

can business the occupancy, the second the be it you remainder provide transient expect in of quarter for RV of year? topic you occupancy to the what for the On the and

Paul Seavey

we as transient, occupancy statistic the really on a sites mix changes fill that with may quote a don't site and transient they use annual. site may the We transient become is because John, an for seasonal, we of

metric So or a that's not we provide… track that or a statistic

Marguerite Nader

Which transient. is had quarter saw, filling Canadian we they the in customer what Canadian and aspect, doing then John, base when the the first you difficulty from us the became seasonal

of number. difficult to quote So that's one reasons it's that the

John Kim

like then about occupancy What total a for RVs? number

Paul Seavey

number same the track We don't don't or we thing. a purpose. quote that Yes, for

Marguerite Nader

we John, the shows But the every transient quarter. supplemental, that that number are in of and adjust does provide, it sites

John Kim

your delivery you site have I provided might but missed have expectations update this can for an this expansion or on year? you provide

Patrick Waite

should to X,XXX full around the be sites X,XXX It for year.

Operator

Our comes Bank America. Joshua next Dennerlein with from of question

Joshua Dennerlein

the I volume any saw theme of is the driving sales, kind Curious continue the that that were the home to if like year? up and it higher well. underlying looks rest expect and the there's a you if then you're gross lot it seeing revenues to as across up of new tick

Patrick Waite

I'll the more first. time obviously take volume than significantly, double same year. was over up volume The the last

strong home So seeing what we're demand from buyers. really is

was big increased to driver us So selling meet that demand. homes a of buyer increase

sales of some is rentals. and a of that just And mix

in at most the you total look QX If for part, our flat rentals year-over-year. were,

really to more than down interested purchasing just coming opposed that the as For a a more in a through of piece they is door, were buyers home hundred QX, renting. and

counts. respect So to up of XX% almost unit high sale year-over-year. with a price was that's kind the price, sale on just level then And

units mix really depending a any look of year-over-year, If in and will at that transactions we that XX% price from is models some are happen they're sales roughly up happening priced of Some on quarter. particular higher similar driven just perspective. where by

Joshua Dennerlein

overall track I unit do unit market kind gains. of I home you kind that seen prices the price kind like we've guess, of significant XX% from of know that number quoted, basis? like Curious those same

I'm like So stick go to trying perspective, my prices customers. up I keep competitive, you could build and end with guess, super from seeing more becomes maybe if think homes, you it up,

Patrick Waite

that I a be mean, in submarket, particular directional. will at minimum, it any I would say

for for up level in the XX% It quarter Case-Shiller XX% high Just up the quarter. QX. was was

we kind actually X%. similar up trend. the XX% XX%, we're I And So we're second of seeing a in up QX, said quarter. were When for

pricing that in high based acceleration So level just demand. that you're on seeing of an

Joshua Dennerlein

looks store look of be change. And XXXX RV a maybe then annual store I some anything noticed the at or bit. up fair a in versus might from I'm pool XXXX it same the assuming Is it's same something just if doing I'm is growth? just that increase your else there like that, like that doing levels, there that big conversions to conversions, or But like wrong? I

Patrick Waite

Well, Josh. in contribution of we've expansion the part and there's the from also added. -- certainly sites is that an There's uptick that occupancy,

that's driving that. So

Operator

next Pawlowski Green from Our Street. Instructions] [Operator question John comes with

John Pawlowski

ostensibly give for meaningful sense it's of you weekday if bookings how have of could pressure less a little think to more needle the in me or been? bit you put shift put enough driving how needle that Patrick transient through a weaving on the the would business, on because weather Marguerite, change bit And risk need. mover the little a a -- the

Marguerite Nader

nights occupancy. seen in mean we've an or in X% the overall been increase I probably increase. It's X%

the seems over overall. metric And amount that that changes to also office. that transient I some and into we don't to as changing time factoring there's of flexibility think work as about how think be people return that's here we that So think

John Pawlowski

So post-COVID home still transient you Do work parks the interesting in the stand RV that current to to past, flexibility. from are with trends mispriced made is statement becoming or of pricing? at in the relative or that annual MH relative in or more RV that by are claim world the you've of kind kind more a

Marguerite Nader

invest want tend to and will base of where every Well, go you for. long don't always to kind assets out have I weekend you term market customer think a that in have that we to

stickier flow what I would side. the more than the on quality you by high a seasonal transient cash stand business, the see business, still So annual

in On part where well. and certain the seasonal located side But with sticking opportunity there. an transient very locations most may be it's well business that's the the cleared annual we extremely be will where for there this

John Pawlowski

much. Okay, thanks very

Marguerite Nader

of Thank additional the you all for for summer. great joining available rest any us a questions. today. We're Have

Operator

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

You disconnect. now may

Equity LifeStyle Properties (ELS) 20 Jul 212021 Q2 Earnings call transcript