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What does Equity Lifestyle Properties do and what are its main business segments?

- **Revenue Resilience**: Q3 FFO growth 4.6%, core NOI up 5.3% despite 13.3% seasonal/transient decline.
- **Rent Growth Momentum**: 5.1% 2026 MH and RV rent increases, 6% Q3 rent growth driving revenue.
- **Canadian Headwinds**: 40% drop in seasonal reservations, $2.7M Q4 impact offset by U.S. customer shift.
- **Balance Sheet Strength**: 4.5x debt-to-EBITDA, $1B capital access for expansion.
- **Digital Strategy Success**: 46M social media impressions, 100% occupancy in new Florida expansion phase.

**【CEO Summary Section】**
- Delivered Q3 2025 normalized FFO growth of 4.6%, in line with expectations.
- MH portfolio highlights: 7 million homes housing 18 million people (6% of U.S. housing), targeting Baby Boomers and Gen X with affordable, amenitized communities.
- 2026 rent increases: 5.1% for 50% of MH residents and similar for RVs, positioning for revenue growth.

**【CFO Financial Commentary】**
- Q3 2025 normalized FFO: $0.75 per share, core NOI growth 5.3% driven by 6% rent growth.
- Core RV and Marina income up 3.9%; seasonal/transient revenue down 13.3% due to Canadian reservation decline.
- Full-year FFO guidance: $3.06 per share (midpoint), MH rent growth 5-6%, RV -0.2% to +0.8%.
- Expense growth: 1.4% for 2025, balanced against revenue headwinds.
- Strong balance sheet: 4.5x debt-to-EBITDA, $1 billion capital access.

**【Q&A Highlights】**
- **Canadian Impact**: 40% decline in seasonal/transient reservations, affecting $2.7 million of Q4 revenue.
- **Strategic Response**: Shifting focus to U.S. customers for Sunbelt properties, leveraging digital marketing (46M social media impressions).
- **Occupancy Outlook**: MH occupancy improving post-hurricane recovery, RV annual sites filled 476 in Q3.
- **Expense Management**: 1.4% expense growth driven by payroll efficiency, insurance savings, and real estate tax relief.
- **Political Risks**: Canadian customers cautious due to U.S.-Canada relations, though annual RV customers remain stable.

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