Good day, everyone, and thank you for joining us to discuss Equity LifeStyle Properties' Fourth Quarter 2013 Results. Our featured speakers today are Marguerite Nader, our President and CEO; Paul Seavey, our CFO; and Patrick Waite, our Executive Vice President of Operations. 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. Certain matters discussed during this conference call may contain forward-looking statements in the meaning of the federal securities laws. Our forward-looking statements are subject to certain economic risk and uncertainty. The company assumes no obligation to update or supplement any statements that become untrue because of subsequent events. At this time, I would like to turn the call over to Marguerite Nader, our President and CEO.

Good morning, and thank you for joining us today. Before we discuss the specifics of the fourth quarter and guidance for 2014, I would like to take some time to walk you through some of our highlights for 2013 and outlook for 2014. In 2013, we focused on increasing the strength of our existing operating platform, balance sheet management, strategic disposition and quality acquisitions. I am pleased with our execution on our key initiatives. On the operating front, we improved the quality of our occupancy by bringing more homeowners into our communities than in previous years. We had our 17th consecutive quarter of occupancy growth. While we continue to utilize the rental program to augment our occupancy, we have reduced our reliance on the program in favor of selling homes. Throughout the year, our sales activity for both new and used homes have increased. We have increased our used home volume by almost 30% and have increased our new home sales as well. We believe our product competes well in the current environment. Our ability to offer low cost homes to empty-nesters and retirees offers an attractive option for those wishing to reduce the amount of capital tied up in their housing and still enjoy a high quality lifestyle. As we have often discussed, a key issue for this business is the capital investment in our rental program. The execution of our plan this year has allowed us to recycle some of our capital. Our sales activity comes from both local and national traffic, and we have directed our marketing efforts accordingly. We have increased traffic coming to our properties in online sites. We will focus on this important part of our business in 2014 as we increase our sales and marketing efforts. Our RV business was strong in 2013.…

Thanks, Marguerite, and good morning, everyone. I will review our fourth quarter results, update our full year 2014 guidance and discuss our detailed first quarter guidance. Normalized FFO per share for the fourth quarter was $0.62, $0.03 higher than guidance. Roughly half of the increase comes from Core property operations, where we saw strong revenue growth in our RV portfolio, and the other half comes from proceeds related to the settlement of our hurricane litigation. Core base rental income came in slightly ahead of forecast, up 3%, with 2.6% coming from rate and 40 basis points coming from occupancy. We increased occupancy 88 sites this quarter, and the quality of our occupancy continues to improve as we gain 29 homeowners in the quarter. Year-to-date, our core occupancy increased 312 sites. Our core RV revenue growth of 7% was driven by seasonal and transient revenue. Annuals performed in line with expectations, and revenues increased 4%, mainly due to occupancy gains in the North, Florida and the West. Revenues from seasonals were up 16%, and transient activity increased 16.5%. The growth in seasonal revenue was evenly split between rate and occupancy, with Florida and California generating most of the growth. All regions of the country saw double digit revenue growth in our transient business. The growth from occupancy in our transient revenue was approximately 5%. The remainder of our growth resulted from increased effective rates. The combination of increased nightly rates, a changing mix within our portfolio and cabin rental activity generated the growth from rate. In terms of geography, the Southwest and Northeast saw transient revenue growth rates ranging from almost 17% to more than 21%. On a net basis, our membership dues revenue and sales and marketing revenues and expenses performed in line with guidance. Core property operating expenses were…

[Operator Instructions] The first question comes from the line of Gaurav Mehta from Cantor Fitzgerald. Gaurav Mehta - Cantor Fitzgerald & Co., Research Division: A couple of questions. Marguerite, in your prepared remarks, you talked about improvement in utilization for Encore and Thousand Trails portfolio. As you think about that in 2014 and onwards, how much work do you think is left? And can you talk about your strategy to further improve it?

Sure. I mean, what we did this year was really kind of take a look at our website, redo our website and also work with local marketers in the area close to our properties to try to figure out the best way to access new customers. The result of that is, I think we had a 35% increase in calls coming in to our portfolio, into our call center, with respect to asking questions, and wanting ZPP or the low cost product. So they have people -- additional people interested in the Zone Park Pass, which we see as a positive, and we think that would continue into 2014. When we built the new website, the new website was done at the end of December, beginning of January for Thousand Trails. That has already started to generate new activity. Increased users coming through. Understanding that new experience shift both from the members’ side and the new member or the nonmember base. So I would see those continuing. On the Encore side, our RV on-the-go-traffic is up about 30%, just on the website. So we're seeing an increased usage of our online strategy and people kind of calling both the call center and the -- and booking online with us, as well as I think I mentioned a mobile application. We know our customers are mobile, and we built it now so that people can access reservations through their smartphone. Gaurav Mehta - Cantor Fitzgerald & Co., Research Division: Great. That's helpful. Then second question on acquisitions, where are you seeing opportunities both in RV and manufactured housing in 2014 in terms of additional acquisitions? And could you talk about your thoughts on buying assets via issuing OP units?

Sure. I think just as a thing about our recent acquisitions that we bought, they're in Wisconsin. We had those 3 properties that we just closed there in Wisconsin. They're going to be integrated into our existing Wisconsin footprint. So this year, we've been able to both take down MH assets and RV assets, and I would say throughout the beginning of this year, we wouldn't be able to tell you what the pipeline was going to look like. We certainly have ongoing conversations with owners, and we've identified properties we'd like to own. But we don't really quantify the pipeline. As far as just what's happened in the general marketplace, there has been a few new entrants into the market recently. But the vast majority of those transactions are family transactions or in the all-age sector. And those are good data point for us, but they don't really fit within our core portfolio. I think the latest large transaction that just took place was a family asset portfolio that Hometown has sold in 2011 and then was resold again at the end of last year. With respect to OP units, we had -- we actually did an OP unit transaction this year. The MH transaction we did in the Chicago land area had a component of OP unit. And this year was the first year in a long time that we had received -- we received a lot of calls from individuals interested in accessing OP units and using that as a component of a sale. And I would anticipate an increase in this activity in the future. Net sellers are looking for an efficient sale on assets that they've held for a long time.

We have a question from the line of Nick Joseph, Citigroup.

Sticking with the acquisitions, what were the cap rates on the 3 acquisitions?

They were between a 7 to an 8 cap in the Wisconsin asset. You can kind of see that in the supplemental as we break out the acquisition NOI. Those properties -- there's 2, they're in the Madison, Wisconsin area, one in La Crosse, a lot of mainly annuals at these properties.

Okay. And then for high quality Core properties, what spread are you seeing between RV and MH properties?

The spread really depends on the location. If you're a well-located RV, it's going to trade right on top of a well-located MH. So it really varies by location.

All right. And then you decreased your estimated core income growth rate for 2014 from the preliminary guidance. Was that entirely due to 4Q results coming in ahead of expectations, or has your outlook for the business changed at all?

No, I don't think the outlook has changed. I think it really was a reflection of quarter 4 results. We did adjust the revenues up, as I mentioned, and scrubbed the expenses in the process and are showing an expectation of 3.4% rather than the 3.6% we previously announced.

The next question comes from the line of David Bragg, Prime (sic) [Green] Street Advisors.

It's Dave Bragg with Green Street. I wanted to ask about your underlying change in plans for 2014 for the rental inventory. It seems as though you significantly reduced your expected rental home income and expenses for '14. So can you talk about what your expectations for rental inventory at the end of '14 are now as compared to what they must have been as of 3Q?

Yes, a couple of things happened in there, Dave. First, we ended the year with fewer rentals than we originally expected, and that's really driving our assumptions for 2014, that's driving the change in the revenues. We had about -- we finished the year with an incremental gain of just over 400 rentals on a net basis, and that was about 300 lower than we had anticipated. Looking into 2014, we haven't made an adjustment in the level that we expect throughout the year. And I think that what you will see us do as we go through the year is continue to evaluate the opportunities on a regular basis -- weekly basis. We're reviewing our opportunities for occupancy gain and our commitment to gaining occupancy through that rental program. So we didn't make a major assumption change related to 2014 rentals.

And I think if you look back at our rental income over the last few years, in terms of the percentage increase, it's going down from '12 to '13, and we would anticipate it going down again '13 to '14, just as a result of what Paul was saying.

Okay. That's helpful. And what are you assuming for new home sales volume in '14?

New home sales volume would be in line to maybe slightly better than what we've seen this year is what we're projecting. But it really -- it's something that we would be updating -- we update on a regular basis. Certainly, we have our ECHO joint venture, a joint venture with Cavco, where we're bringing in new homes solely for the purpose of selling those homes. So we just continue to try to push that activity, and you can see we've sold 109 this year.

Got it. And the last question is just on your forecast for the transient side of the resort business. You have -- you're looking for significantly better growth in the first quarter than you are for the full year. Is that purely a function of your limited visibility on the second and third quarter, or is there something about that period of time in '14 that leaves you more cautious?

No, I think, we look on the transient base. For us, there is that limited visibility. We have all of these properties for a long time, so we have a lot of experience with the properties, but there's a lot that happens between now and the July 4 weekend and the Memorial Day weekend. So we would prefer, I think, we ended the year transient revenue up 9%. And as we sat here last year at this time, we were anticipating to be flat to up a little bit. So it's really just a function of getting closer to the dates when that activity happens.

The next question comes from the line of David Harris, Imperial Capital.

Here's a topical question for you. Any view as to whether the current weather conditions that are impacting much of the country are going to have any impact on your business in the first quarter?

Well, we've seen a -- just on an expense standpoint, Paul can comment on that, but we actually see it as a positive as we -- as the phone calls -- phone calls generates just continue to increase as people realize why would you stay up in this northern climate for too much longer. But maybe Paul comment on some of the expenses.

Yes. I think the downside of that is in our MH properties, it doesn't really impact our RV resorts in the north because generally speaking they are closed. But our MH properties, there's some pretty heavy snowfall in January. Nothing that cost us so far -- nothing has occurred that's caused us to want to reconsider guidance. But that is a factor.

Okay. And your CapEx -- your maintenance CapEx numbers are still probably good. You wouldn't cause -- no reason to think that those numbers might be a little higher?

No, no.

Okay. Big picture, I mean going back to previously announced event, but you increased the dividend 30%, you still got -- you're still twice covered. Could you share with us any conversations you've had with the board about the future trend and the scope for dividend increases?

Yes. I think that the discussions with the board, at least on a go-forward basis, is focused on growth in the company. And the importance of, as we talk about financial flexibility that, that is very important factor, and we would expect the dividend to grow over time as we're able to grow cash flow.

How much of the 30% was driven by net taxable income considerations, or should we see it really as discretionary and a sort of one-off correction up to a higher level, and then rate of growth will be somewhat more modest as we go forward?

Right. And we were paying out close to 100%, so it wasn't driven necessarily by a taxable income issue. It really was about the use of the available cash flow and our ability to get past the pressures on our balance sheet related to our 2014 and 2015 maturities.

Shall I take that the answer as being that the 30% should be considered rather a more of a one-off and that you are going to have a more normalized -- I mean, obviously, you don't want to preempt decisions the board may make and events might change, but is it fair to say that the 30% was a one-off bump and that future growth will be a more modest proportion?

I think that's fair.

Okay. Another board-related question is, you’re chaired by Sam Zell equity -- of Equity Residential -- let's get the right one -- was notably active in buying back stock. Now your stock is not trading at a material discount to my net assets and I don't think consensus. Has the board considered putting in place a share buyback program at all?

No. I think there have been some discussions on that. I think that, for us, given that we're carrying limited amounts of cash, buying back stock really, in a meaningful way, would come through additional leverage. And I think that the limitation on our flexibility kind of cuts against us heading in that direction. But there haven't been meaningful discussions about putting a buyback program in place.

[Operator Instructions] The next question comes from the line of Paula Poskon, Robert W. Baird. Paula J. Poskon - Robert W. Baird & Co. Incorporated, Research Division: I see that the G&A dollars year-over-year were down 4.5%, not -- excluding the transaction costs in both quarters. Can you just talk about what was driving that decline, and is the fourth quarter a good run rate going forward?

You're talking about G&A in the quarter? Paula J. Poskon - Robert W. Baird & Co. Incorporated, Research Division: Yes.

Yes. I think if you look to our guidance for 2014, we are up -- we had a normalized G&A kind of adjusted for the transaction costs of around $67 million, and I think it goes up to about $68.5 million. And that increase, generally speaking, is generated by salary increases kind of a 2% increase in our budget for 2014. Paula J. Poskon - Robert W. Baird & Co. Incorporated, Research Division: And how does that juxtapose with the payroll savings you mentioned that you saw in the fourth quarter? And is that something sustainable, or was that more of a onetime event?

Those payroll savings came through our property operations, so you -- we would see those in the property, operating and maintenance expense line. And they -- those savings, a portion of them, were realized from open positions. And generally speaking, budget and forecast for full employment throughout our portfolio. Paula J. Poskon - Robert W. Baird & Co. Incorporated, Research Division: That's helpful. And just if you could just give a little bit more color on how the Cavco relationship is progressing? What you've learned through the time period that you've been involved with it? Anything you would do differently in launching that?

Sure. We really like the relationship that we have with Cavco. We have the benefit of being able to work closely with the manufacturer, get new homes to our properties, while at the same time only committing half of the capital. So far, we've set I think it's about 60-plus homes across 11 communities, and we've closed on the sale of 26 of those homes. And then we have an additional 70 or so homes that are on order that will be put into our communities in the first quarter. So we like the relationship. We'd like to do -- we like to increase the velocity, and that's just a matter of getting more homes out to our properties and sell them.

At this time, I'd like to turn the call back over to Ms. Marguerite Nader, our President and CEO, for closing remarks.

Thank you very much. Paul Seavey will be around for any follow-up question.

Ladies and gentlemen, that concludes our conference. Thank you so much for your participation. You may now disconnect. Have a great day.