Samir Khanal: Hi, good morning, everyone. Hey, Paul or Marguerite, when I look at seasonal, sort of that seasonal/transient business, you do the math, it’s down about 6% for the year now. I guess how are you thinking about that segment into next year? It’s been one year that’s been sort of hard to model for the last couple of quarters here. I mean, did you — kind of big picture, do you think that growth sort of turns positive next year? Or do you think that sort of still another year where you’re sort of giving back what you may have over-earned over the COVID years?
Paul Seavey: I guess thinking about seasonal, what we’re seeing, excuse me, is that revenue, particularly in the third quarter and the fourth quarter, I’ll just talk to those for a minute, when you look at the seasonal, roughly 20% of the seasonal rent comes in the month of October and 50% comes in the month of December. And you’ll remember that the biggest quarter that we have for the seasonal business historically has been and continues to be the first quarter. And we had significant growth in the first quarter and it’s driven by those customers that are spending the winter months in the south. What we did experience during the pandemic was activity that was a month or more in other parts of the country or even in the south during the summer months.
That activity was modest, but it was a contributor of growth. I think that’s what we saw leveling off to a degree in 2023. And for 2024, I think that we’ll see a return to our kind of historical business, which is primarily the fourth and first quarters for the seasonal business, with strong demand leading into 2024.
Marguerite Nader: And with respect to transient business for 2024, it’s too early to talk about where we think we focus a lot. We’ve talked a lot about how the transient business is heavily dependent on weather, so obviously that’s difficult to project a year out, but we’ll have a better clarification on that as we go into — in January, when we report and provide our guidance for ’24.
Samir Khanal: I guess as a follow-up to that, I mean, in terms of guidance, and I know you haven’t provided that, but will there be sort of a change in the way you kind of look at guidance? Because again, transient and seasonal, when you started off the year, I think you were expecting that number to be slightly up, right? So, now you’re down 6% for the year. So, I’m thinking, is there sort of a change in mentality or how you’re going to provide guidance as you think about next year as you get into January?
Paul Seavey: I guess my view on it is, there’s an expectation across the business that we continue to perform. As Marguerite said, there’s a great deal of variability specific to the transient business that comes from weather. I think that our historical baseline expectation has been as we enter a year that that transient business has a modest level of growth, kind of low- to mid-single digit growth on an annual basis. I don’t see a reason for or a thought that we would change that practice. I think we will continue that and we’ll provide updates on a quarterly basis as we historically have on that revenue stream, which again represents about 6% of our total revenues.
Samir Khanal: Thanks so much.
Paul Seavey: Thanks.
Marguerite Nader: Thanks, Samir.
Operator: Please stand by for our next question. Our next question comes from the line of Anthony Powell with Barclays. Your line is open.
Anthony Powell: Hi, good morning. I guess maybe one more in…
Marguerite Nader: Good morning.
Anthony Powell: Good morning. Maybe one more in transient RV. If you strip out the impact of weather and also the impact of a tax inversions, how did demand in the quarter trend relative to earlier in the year? Did you see any improvement, any weakening? Just any directional commentary would be great.
