Pure Cycle Corp (PCYO) 2025 Q2 法說會逐字稿

Good morning. I'd like to welcome you all to our second quarter fiscal year 2025 earnings call. For those of you that are listening on the phone, I think most of you have connected through this through our website, but we do have a deck for this that is on our landing page of the website. So if you go to purecyclewater.com, you can click on that link, and I will take you directly to the presentation, and I can walk you through the presentation as we move through our slides.

早安.歡迎大家參加我們 2025 財年第二季財報電話會議。對於那些透過電話收聽的人來說，我想你們大多數人都是透過我們的網站聯繫到這個的，但我們在網站的登陸頁面上確實有一個關於這個的平台。因此，如果您訪問 purecyclewater.com，您可以點擊該鏈接，我會直接帶您進入演示文稿，並在我們播放幻燈片時引導您完成演示文稿。

With me today is our CFO, Marc Spezialy; as well as our Controller, Cyrena Finnegan. So I'd like to thank them for joining us early morning and really want to welcome you all to the call.

今天和我一起的是我們的財務長 Marc Spezialy；以及我們的控制員 Cyrena Finnegan。因此，我要感謝他們一大早就加入我們，並真誠歡迎大家參加電話會議。

I'll get started. Well, first thing we'll do is a slide here. Talk a little bit about our forward-looking statements. Statements that are not historical facts contained or incorporated by reference in this presentation are forward-looking statements. I think you're all familiar with the forward-looking statements.

我要開始了。好吧，我們要做的第一件事就是在這裡放一張幻燈片。稍微談談我們的前瞻性陳述。本簡報中包含或引用的非歷史事實的陳述均為前瞻性陳述。我想你們都熟悉這些前瞻性陳述。

With that said, certainly want to highlight our leadership team. The success is driven by the people that we get to work with, both in terms of our management as well as our Board of Directors. We have a great Board of Directors, which bring a tremendous amount of experience and guide and leadership to the company, and it certainly helps to be at the helm in calm waters and rough seas.

話雖如此，當然要強調我們的領導團隊。我們的成功是由與我們共事的人員推動的，包括我們的管理層和董事會。我們擁有一支優秀的董事會，他們為公司帶來了豐富的經驗、指導和領導力，這無疑有助於我們在平靜的水域和波濤洶湧的大海中掌舵。

And I'm not exactly sure where we are with this market, but it is comforting to have a great leadership team as well as a great Board of Directors to help steward the company through managing these assets.

我並不十分清楚我們在這個市場上處於什麼位置，但擁有一支優秀的領導團隊和優秀的董事會來幫助管理這些資產，這令人感到欣慰。

I want to jump right into the financial here and see if we can highlight our second quarter. We had a terrific quarter. So we really want to highlight our financial performance. Again, just continuing to execute on monetizing our assets, both our water assets as well as our land assets and then our single family rental assets. So taking a look at it.

我想直接進入財務狀況，看看我們是否可以重點介紹第二季的情況。我們度過了一個非常棒的季度。所以我們確實想強調我們的財務表現。再一次，繼續執行將我們的資產貨幣化，包括我們的水資產、土地資產以及單戶租賃資產。因此看一下。

Q2 quarter, about $4 million in revenue, about $1.5 million, about a 38% gross margin. A large portion of that margin is really going to be from the royalty income. We continue to see a very strong performance out of our mineral royalties that we had when we acquired the Sky Ranch property.

Q2季度，營收約400萬美元，毛利率約150萬美元，毛利率約38%。該利潤的很大一部分實際上將來自特許權使用費收入。我們繼續看到，我們在收購 Sky Ranch 財產時所獲得的礦產使用費表現非常強勁。

Really flowing down to the bottom line with continued net income and earnings per share. So both our three months and our six months year-to-date, we're about $10 million, $9.7 million in revenue, gross profit, again, a very solid growth, gross margin around 50-plus percent and then continuing growth in our earnings per share.

隨著淨收入和每股盈餘的持續，真正流向底線。因此，今年迄今為止的三個月和六個月，我們的收入約為 1000 萬美元，毛利約為 970 萬美元，再次實現了非常穩健的增長，毛利率約為 50% 以上，並且每股收益繼續增長。

Taking a look at that, it's Q over Q. And so this kind of gives you a performance. As most of you know who follow the company, our second quarter is usually our softest quarter. And it really is a seasonal issue. We are in the construction business where we construct and deliver lots for our homebuilder customers.

看一下，這是 Q 超過 Q。所以這給你一種表現。正如大多數關注該公司的人所知，我們的第二季通常是最疲軟的季度。這確實是一個季節性問題。我們從事建築業務，為我們的房屋建築商客戶建造和交付大量建築。

And that's a little bit more challenging in Colorado in the winter months. But again, we see a solid performance on this quarter over our trending quarters for the last three years.

而在科羅拉多州，在冬季的幾個月裡，這更具挑戰性。但我們再次看到，與過去三年的趨勢季度相比，本季的表現穩健。

The profit and that's probably going to be a seasonally adjusted issue, and that's kind of a timing of how we're recognizing some of this revenue on a percent complete basis, but nothing really of concern on the Q over Q on the gross profit, just really continuing to develop these lots.

利潤，這可能是季節性調整的問題，這是我們在完成百分比基礎上確認部分收入的一種時機，但對於毛利的季度環比增長，沒有什麼可擔心的，只是繼續開發這些地段。

We've got three phases under construction simultaneously. And so really investing in that segment for us so that we can continue to drive revenue. Taking a look at net income. Again, that's really going to be a solid performer, really indicative of both having three phases under construction at the same time as well as some of that royalty income that's coming in from oil and gas just because that's a high, it's almost 100% profit margin for us on that.

我們有三個階段同時進行建設。因此，我們確實對該領域進行了投資，以便能夠繼續增加收入。看看淨收入。再說一次，這真的會是一個穩健的表現，真正表明了同時在建的三個階段以及來自石油和天然氣的部分特許權使用費收入，因為這是一個高額的利潤率，我們在這方面的利潤率幾乎是 100%。

So we get to roll that right down to the bottom line on that. And then continued growth on earnings per share. So that's a quarter over quarter performance on earnings per share. This will really drive into year-to-date and really kind of showing you year-to-date, both in terms of prior fiscal year as well as our guidance. We had guidance for fiscal '25 at around $30 million, close to $31 million.

因此，我們要將其直接追溯到底線。然後每股收益繼續增長。這就是每股盈餘的季度環比表現。這將真正推動年初至今的業績，並真正向您展示年初至今的業績，包括上一財年以及我們的指導。我們對 25 財年的預期收入約為 3,000 萬美元，接近 3,100 萬美元。

We're about $10 million into that. And that's about where we are. We're on track to meet that goal, knowing that Q2 is that seasonally adjusted and Q3 and Q4 are usually our high-growth areas just because of how we sequence our lot deliveries on each of these phases.

我們已投入約 1,000 萬美元。這就是我們現在的狀況。我們預計將實現這一目標，因為我們知道第二季度是經過季節性調整的，而第三季度和第四季度通常是我們的高成長領域，這僅僅是因為我們在每個階段對批次交付進行了排序。

Taking a look at gross profit also, we're on track for that in terms of our guidance as well. Year-to-date net income again, really solid continuing performance in all segments of the business, whether that's land development, water utilities as well as single family rentals and then earnings per share.

從毛利來看，我們的預期也處於正軌上。今年迄今的淨收入再次顯示所有業務部門持續穩健的表現，無論是土地開發、水務設施還是單戶住宅租賃以及每股收益。

So we had about $0.20 earnings per share, a little bit shy of about 50% of our guidance, but really looking to meet that guidance through our fiscal year-end. So if we want to break this down by each individual segment, taking a look at our water utilities segment, a very good quarter for us on that. That's largely driven by the receipt of tap fees as we open up each new phase of our development.

因此，我們的每股盈餘約為 0.20 美元，略低於預期的 50%，但我們確實希望在財政年度結束時達到該預期。因此，如果我們想按每個單獨的部分進行細分，請看看我們的水務公用事業部分，這對我們來說是一個非常好的季度。這很大程度上是由於我們在開發的每個新階段都收取了自來水費。

That's when we start to recognize a lot of those capital fees that we have for the water business. And so we get those tap fees in. Those are paid by our homebuilder customers at the time of building permit applications.

從那時起，我們開始認識到水務業務中大量的資本費用。這樣我們就得到了這些自來水費。這些費用由我們的房屋建築商客戶在申請建築許可證時支付。

And so we have probably about half of the tap fees receded from filing five, which we delivered sort of end of last fiscal year, last summer. And I'd say we've got close to maybe 75 vertical homes in there.

因此，我們大概已經從提交的五份申請中扣除了大約一半的費用，這些費用是我們去年夏天上個財政年度結束時提交的。我想說我們在那裡可能有近 75 棟垂直住宅。

So the builders are very aggressive. They're getting out there, building a number of spec homes as well as homes that are sold. They have model homes up in both the filing four, which is our Phase 2A as well as some of those in 2B, which is the more active one. What you'll note in this segment for water utilities is oil and gas deliveries are a little bit weak. That's what we did forecast.

因此，建築商非常積極。他們正在建造大量樣品屋以及可供出售的房屋。他們在四號檔案區（即我們的第 2A 階段）和部分第 2B 階段（即較活躍的階段）中都有樣品屋。您會注意到，在水務部門的這一部分中，石油和天然氣的輸送量有點疲軟。這就是我們所做的預測。

We knew that was going to be a little bit weaker than we had last year, and that was predominantly because most of our operators really working on a large block of well permits. And I think there's more than 200 well permits under production, both for the Lowry Ranch and the surrounding areas of the Lowry Ranch.

我們知道今年的業績會比去年弱一些，主要是因為我們的大多數操作員實際上都在處理大量油井許可證。我認為，目前有超過 200 個油井許可證正在發放中，包括 Lowry Ranch 及其周邊地區。

So we've got a lot of that activity that is going to occur in fiscal 2025, which will start drilling probably late '25, early '26 to see a bit more of that activity in fiscal year 2026. But again, the water utilities segment doing great, continue to add new customers to the segment.

因此，我們有許多這樣的活動將在 2025 財年發生，鑽探工作可能會在 25 年末或 26 年初開始，以便在 2026 財年看到更多這樣的活動。但水務公用事業部門表現良好，並繼續為該部門增加新客戶。

So we continue to build that recurring revenue segment for that. This is kind of a little bit of a comparison of the oil and gas, which we did forecast that was going to be a bit softer. And so you see that by comparison over year over year activities.

因此，我們將繼續為此建構經常性收入部分。這有點像是石油和天然氣的比較，我們確實預測石油和天然氣會稍微疲軟。因此，透過與去年同期活動的比較，你可以看到這一點。

Oil and gas, as you know, it's a very, very variable segment. And a lot of times, it really is a both global price comparison to how the price of oil is to how quickly these operators dial this up. The field itself continues to just perform great for all the operators.

如你所知，石油和天然氣是一個非常非常多變的領域。很多時候，這其實是全球價格與石油價格的比較，以及這些業者撥號的速度。對於所有運營商來說，該領域本身繼續表現出色。

And I think that it's de-risked. They have a very high degree of certainty as to how each of these wells perform. We can see that in terms of our royalties off of the wells that were drilled on Sky Ranch in 2024. And so you see a lot of that continuing activity where they will continue to invest in that based on their permits and kind of their internal processes to how they want to deploy their capital.

我認為這是沒有風險的。他們對於每口油井的表現有非常高的確定性。我們可以從 2024 年 Sky Ranch 鑽探油井的特許權使用費中看到這一點。因此，你會看到很多持續的活動，他們將根據他們的許可證和內部流程繼續投資，以決定如何部署他們的資本。

But very good segment for us, very high margins for us, and it continues to allow us to monetize and pull forward some of that infrastructure that we continue to invest in our water utilities segment. Moving on to land development, this kind of highlights each of the phases. We have four phases that, actually we expanded. So we added another fifth phase.

但對我們來說，這是一個非常好的細分市場，利潤率非常高，它讓我們能夠繼續將我們繼續投資於水務公用事業部門的一些基礎設施貨幣化並向前發展。繼續進行土地開發，這突出了每個階段。我們分為四個階段，實際上我們進行了擴展。因此我們又增加了第五階段。

So you'll see a 2E coming up in the presentation in our second round of investments into infrastructure for Sky Ranch. But this really illustrates where we're at in terms of three phases concurrently going on. We have Phase 2B, which is we delivered those lots last summer, and we have a bit of a punch-out items on some landscaping issues and things like that will round out the rest of this year as we roll into the spring.

因此，您會在我們對 Sky Ranch 基礎設施的第二輪投資的演示中看到 2E。但這確實說明了我們正處於三個同時進行的階段。我們目前處於第 2B 階段，也就是去年夏天交付這些地塊，我們也針對一些景觀美化問題進行了一些處理，而諸如此類的事情將在今年剩餘時間裡隨著春季的到來而完成。

But that's where most of the builders are currently going vertical. They've got a number of homes that are up available for sale or at various components of that. And it seems like once they finish those homes that there's a ready and robust market for those.

但目前大多數建築商都選擇垂直建造。他們有許多待售房屋或處於不同位置的房屋。似乎一旦他們建成這些房屋，就會有一個現成的、強勁的市場。

And I think that's attributable mostly to price point that we find ourselves in that entry home segment, and I think that's the most attractive segment in the market, not only in the Denver area, but nationally. But this also highlights where we're at with the other phases of this 2C, 2D really highlights both the lots for sale as well as our single family rental lots.

我認為這主要歸因於我們處於入門級住宅市場的價格點，我認為這是市場上最具吸引力的市場，不僅在丹佛地區，而且在全國範圍內。但這也凸顯了我們在 2C、2D 其他階段的進展情況，真正突出了待售地塊以及我們的單戶出租地塊。

And so as you see those accumulating on each individual phase, we have 17 units that we've got under contract that are at various phases of permitting and starting of construction in Phase 2B. And then we're rolling into Phase 2C, where we delivered the overlap grading.

因此，正如您所看到的，每個階段都在不斷積累，我們已經簽訂了 17 個單位的合同，它們處於第 2B 階段許可和開始建設的不同階段。然後我們進入第 2C 階段，進行重疊分級。

We finished the utility side and really now down to the curb and gutter and the paving side of that. And so that should deliver by fiscal year-end. So that we're currently about 48% complete there.

我們完成了公用設施的工作，現在開始進行路緣、排水溝和鋪路的工作。因此，這應該會在財政年度結束時實現。目前我們已經完成了約 48%。

That will round up to the mid-90s by fiscal year-end. And then we finished the grading on Phase 2D and have started our utility work on that. So we're midway through our lot delivery contract structure where we get payments from our homebuilders on increments of phases of delivery.

到財政年度末，這一數字將達到 90 年代中期。然後我們完成了第 2D 階段的評級並開始了實用工作。因此，我們正處於地塊交付合約結構的中期，我們根據交付階段的增量從房屋建築商那裡獲得付款。

So about 1,300 lots on the for sale side and about 100 lots on the single family rental side. So it gives you kind of a very strong picture of how we're accelerating the development of these land assets and delivery of lots.

因此，出售方約有 1,300 個地塊，單戶出租方約有 100 個地塊。因此，它能讓你清楚地了解我們如何加速這些土地資產的開發和地塊的交付。

And then the single family rental, highlighting that Q over Q performance, really not a lot of change there. We still have the same 14 homes that have been completed. Our rentals are still very strong. So we continue to have a high occupancy rate there. And then, again, very great margins on how we do that.

然後是單戶住宅租賃，強調了 Q 對 Q 的表現，實際上並沒有太大的變化。我們仍有 14 棟已完工的房屋。我們的租金仍然非常強勁。因此我們那裡的入住率仍然很高。然後，我們再次強調，我們如何做到這一點具有很大的優勢。

And I think we've talked about this a lot in the past on why this is so attractive. And it really is a formulation of being able to roll in the equity value that we have on the land side as well as the water utility side, being able to deliver these lots where our homebuilders who are our partners on buying the lots are also our partners on helping us build these homes.

我認為我們過去已經多次討論過為什麼它如此有吸引力。這實際上是一種能夠將我們在土地方面以及水務方面的股權價值納入其中的方案，能夠交付這些地塊，而我們的房屋建築商是我們購買地塊的合作夥伴，也是幫助我們建造這些房屋的合作夥伴。

And so they have a great delivery device on building the homes. And then we have the advantage of keeping that equity within the lot themselves and renting them out at the full fair market value of those assets.

因此，他們在建造房屋方面擁有出色的交付設備。然後，我們的優勢就是將這些資產保留在地塊內，然後以這些資產的公平市價將其出租。

So the book value of those assets are about 80% of the fair market value of those assets. So we very much continue to enjoy a great segment on the single family rentals.

因此，這些資產的帳面價值約為其公平市場價值的 80%。因此，我們非常享受單戶住宅租賃業務的巨大成長。

I just want to quickly review kind of take this up a few after the financial performance and really highlight kind of how the company is structured, how we look at each of these individual segments and how they interrelate to each other. And at a [DNA] level, most of you know, we're a water utility company.

我只是想在財務表現之後快速回顧這一點，並真正強調公司的結構，我們如何看待每個單獨的部分以及它們是如何相互關聯的。從 DNA 層面來看，大多數人都知道，我們是一家自來水公司。

We have a portfolio of water rights that we have acquired many, many years ago, some more than 30 years ago. And then we take those water, we bring that to properties, both properties that we own as well as properties that are in our service area and properties that others own, that we can be delivering that as a water utility service, both water and wastewater service.

我們擁有一系列水權，這些水權是很多年前獲得的，有些甚至是30多年前獲得的。然後，我們將這些水輸送到業主手中，包括我們自己的物業、我們服務區域內的物業以及其他人擁有的物業，我們可以將其作為水務服務（包括供水和廢水處理服務）。

And then in some cases, where we own the land, we actually are developing that land. So right now, that's confined to the Sky Ranch community. It's about 5,000 single family connections. We're about 20% built out there.

在某些情況下，我們擁有土地，我們實際上正在開發該土地。所以現在，這僅限於 Sky Ranch 社區。大約有 5,000 個單戶家庭連線。我們在那裡的建設已經完成了約 20%。

But that allows us to be able to vertically integrate ourselves and do the horizontal infrastructure. That's a very valuable component in the marketplace because there are very few people that are doing that.

但這使我們能夠垂直整合並進行水平基礎設施建設。這是市場上非常有價值的組成部分，因為很少有人這樣做。

Homebuilders really prefer having a fixed fee where they have someone that will deliver that lot for them. And so we partner with them to deliver those lots. They build the homes, sell those that generates a water customer for us.

房屋建築商確實更喜歡收取固定費用，然後找人來為他們交付該地塊。因此我們與他們合作來運送這些貨物。他們建造房屋，出售房屋，為我們帶來水資源。

And then in a portion of that portfolio, they also build that home for us, and then we rent that out as a single family business. So each of these segments interrelate to each other. They're really building on each other, and they're complementing each other.

然後在該投資組合的一部分中，他們還為我們建造了房屋，然後我們作為單一家族企業將其出租。因此，每個部分都是相互關聯的。他們確實在互相促進、互相補充。

So one does really feed into the next, and I think it has a great business value-added proposition for both us and our shareholders. Let me drill down to each of these very specifically. I'll try and go through these quickly because I know many of you know this.

因此，一個舉措確實會對另一個舉措產生影響，我認為這對我們和我們的股東來說都有巨大的商業增值價值。讓我非常具體地深入探討一下這些問題。我會嘗試快速瀏覽一遍這些內容，因為我知道你們很多人都知道這一點。

Our water segment, if you just look at the balance sheet side of our water segment, that has about $65 million in total assets, kind of breaks itself out in terms of the water rights, the bricks and mortar of the pumps and the wells and the pipes and the water treatment facilities that deliver that potable water.

我們的水務部門，如果你只看資產負債表，你會發現其總資產約為 6,500 萬美元，其組成部分包括水權、水泵、水井、管道以及輸送飲用水的水處理設施。

Our portfolio allows us to provide service to about 60,000 connections. So we're very early stage in monetizing this portfolio and getting our share value out of that, but we continue to add connections each year.

我們的產品組合使我們能夠為大約 60,000 個連接提供服務。因此，我們在將該投資組合貨幣化並從中獲取股票價值方面還處於非常早期的階段，但我們每年都會繼續增加連結。

Take a look at the system capacity. We have more capacity. We are fortunate to be able to stay ahead of that capacity where we're developing wet water deliveries in greater than the potable demand for those services are.

查看系統容量。我們擁有更多產能。我們很幸運能夠保持領先地位，我們開發的濕水輸送量超過了這些服務的飲用水需求。

And what we use that excess capacity for is typically providing that service to industrial applications such as oil and gas. And then taking a look at our portfolio capacity in terms of the capital fee, how many taps that 60,000 caps can generate. We're very, very early on in that.

我們利用過剩產能通常為石油和天然氣等工業應用提供服務。然後從資本費用的角度來看我們的投資組合容量，60,000 個資本可以產生多少個水龍頭。我們在這方面還處於非常早期的階段。

We have tap fee capacities that can generate about $2 billion, a little more than $2.3 billion worth of that. And that's about a 50% margin business on the capital side as well as on the operating side. So it gives you guys a pedal amount of what that water segment can do for us.

我們的自來水收費能力可產生約 20 億美元，其中價值略高於 23 億美元。這意味著資本方面和營運方面的利潤率約為 50%。因此，它向你們展示了水段能為我們做什麼。

Taking a look at our Land segment. Land segment, we have constructed about $77 million of lot sale revenue since we started the project, and we're about 20% built on that. So we still have a ton of pedal left in the land development segment.

看看我們的土地部分。土地部分，自我們啟動該項目以來，我們已經實現了約 7700 萬美元的土地銷售收入，其中約 20% 的建設是在那個基礎上完成的。因此，我們在土地開發領域仍有大量的發展空間。

And again, that's a very good gross margin segment. The reason I think that's gross margins as good as it is, is probably because of the bond. We acquired Sky Ranch at a good price, at a fair price at the time when a lot of people weren't interested in buying it. We bought it in 2010 during the Great Recession.

再說一次，這是一個非常好的毛利率部分。我認為毛利率如此好的原因可能是因為債券。當時很多人對購買 Sky Ranch 不感興趣，但我們以一個合理、好的價格收購了它。我們是在 2010 年經濟大衰退期間買的它。

And really take a look at monetizing that asset being opportunistic about our capital allocation and how we look for additional opportunities. And so with a very uncertain market out there, that sometimes presents great opportunities for those that are well positioned, and we think that we are well positioned for that. So we hope to see if we can continue to add to this portfolio and continue to expand in the land development segment.

並真正審視如何將資產貨幣化，把握資本配置的機會以及我們如何尋找額外的機會。因此，在一個非常不確定的市場中，這有時會為那些處於有利地位的人帶來巨大的機會，我們認為我們已經準備好了。因此，我們希望看看我們是否可以繼續增加這個投資組合併繼續擴大土地開發領域。

This is just a little bit of highlight of each of the phases that are subcomponents of that. We completed Phase 2A. All those homes are fully occupied. Phase 2B, as you can see there, there's about 70 homes that are up and constructed. Phase 2C, you can see some of the alleyways being poured, many of the streets that are graded out.

這只是對其子組件的每個階段的一點強調。我們完成了第 2A 階段。所有這些房屋都住滿了。在第 2B 階段，如您所見，大約有 70 棟房屋正在建造中。在 2C 階段，您可以看到一些小巷正在被澆築，許多街道已被平整。

And so a lot of the utility package there has been complete, and we'll really have that strong push to deliver those finished lots before fiscal year-end together with the weather. So we time that out such that we can be in that season where we can do the concrete and asphalt where we're not competing with mother nature on that.

那裡的許多公用事業項目已經完工，我們將全力以赴，在財政年度結束前，結合天氣因素，交付這些完工的項目。因此，我們安排好時間，以便我們可以在那個季節鋪設混凝土和瀝青，而不必與大自然競爭。

And then Phase 2D, that's fully graded. And equally, we're going to get the utilities in there and look to see if we can get those lots finished by the end of the calendar year.

然後是第 2D 階段，該階段已完全分級。同樣，我們將把公用設施納入其中，看看是否能在年底前完成這些工作。

Sometimes we have to race against mother nature. It depends on whether or not we get an early season winter in October versus a late season winter after November time frame. So we'll continue to press on 2D.

有時我們必須與大自然賽跑。這取決於十月份是初冬還是十一月之後的晚冬。因此我們將繼續推進 2D 事業。

And then we will have another phase of this. We have a subphase of that, which is about another 150 plus or minus units that are Phase 2E, which we are planning right now, and then we'll extend those opportunities to our existing portfolio of builders.

然後我們將會進入另一個階段。我們有一個子階段，即第 2E 階段的另外 150 個左右的單元，這是我們目前正在規劃的，然後我們將這些機會擴展到我們現有的建築商組合。

This kind of highlights the overall capacity of our land assets. And as I mentioned, we're about 22% developed. If you take a look at the residential side. So we've delivered about 1,300 single family residential lots through Phase 2. Our commercial lots, we have about 800 single family equivalent commercials.

這也凸顯了我們土地資產的整體容量。正如我所提到的，我們的開發進度約為 22%。如果你看一下住宅區。因此，我們在第二階段交付了約 1,300 個單戶住宅地塊。我們的商業地塊有大約 800 個相當於單戶住宅的商業用地。

We're just converting those to a commercial. Those are done a little bit differently. Those are usually priced per square foot as opposed to per lot, but this allows us to do some forecasting to give you guys a comparison as to how the overall opportunity relates in the land development segment.

我們只是將它們轉換成商業廣告。這些做法略有不同。這些通常是按每平方英尺而不是每塊地定價的，但這使我們能夠做一些預測，讓你們比較一下土地開發領域的整體機會是如何相關的。

And so combined, we look at that being a very strong performance. The overall combined performance is about 18% right there, around close to 20% of the build-out of Sky Ranch when you combine both the residential and the commercial.

綜合起來，我們認為這是一個非常強勁的表現。整體綜合性能約為 18%，如果將住宅和商業結合起來，則接近 Sky Ranch 建設的 20%。

Single family rentals. I've highlighted some of the opportunities there and really the attractive nature of it, and it's maximizing the land development as we continue to provide value to the community for what it is that we do on the parks, the open space, partnering with our National Charter, National Heritage Academy for schools. It generates continued recurring revenue.

單戶住宅出租。我強調了那裡的一些機會和真正吸引人的性質，它正在最大限度地開發土地，因為我們繼續為社區提供價值，我們在公園、開放空間方面所做的工作，與我們的國家憲章、國家遺產學院為學校所做的合作。它產生持續的經常性收入。

So each unit provides close to a little more than $30,000 a year in recurring revenue on the rental side. And it really does leverage the market demand and produces great returns for the company. So we will continue to invest in this segment. You'll see a little bit more acceleration on that through the latter phases of this as we continue to build out the site Phase 2.

因此，每個單位每年在租賃方面提供的經常性收入接近 30,000 美元多一點。它確實利用了市場需求並為公司帶來了豐厚的回報。因此我們將繼續投資這一領域。隨著我們繼續建造第二階段的站點，您將在後期看到這一進程的進一步加速。

Some of the metrics on our existing portfolio. This really highlights the difference between fair market value and really the balance sheet impact. So we have about $5.3 million of capital costs on that and a fair market value of about $2 million on that.

我們現有投資組合的一些指標。這確實凸顯了公平市價與資產負債表影響之間的差異。因此，我們的資本成本約為 530 萬美元，公平市場價值約為 200 萬美元。

So we still have a lot of appreciated assets on there that are not able to discern through the balance sheet. This is kind of a highlight of where we're headed with that single family portfolio. So you're going to see Phase 2 grow substantially here in 2B, 2C and 2D. So we're going to move from about 1,400 homes close to 100 homes on that. And really, this is some of the metrics that will drive to that.

因此，我們仍然有許多增值資產無法透過資產負債表來辨別。這是我們單一家族投資組合走向的一大亮點。因此，您將看到第 2 階段在 2B、2C 和 2D 中大幅成長。因此，我們將從大約 1,400 戶減少到接近 100 戶。事實上，這些都是推動這一目標實現的一些指標。

And the fortunate thing for us on this one is because of the equity value that we have in the land and the water utility, this is a great one where we can leverage that portfolio. We have relationships with three different banks that are very excited to help with this portfolio and really give us a lot of that capital and a little bit of leverage to be able to capitalize on using that above our balance sheet capacity. So we're very excited about that.

對我們來說幸運的是，由於我們在土地和水務設施方面擁有股權價值，因此我們可以充分利用該投資組合。我們與三家不同的銀行建立了合作關係，他們非常樂意幫助我們管理這個投資組合，並且確實給了我們大量的資本和一點槓桿，以便能夠利用這些資本來超越我們的資產負債表容量。所以我們對此感到非常興奮。

One of the great things about the company is our balance sheet and our liquidity position. So you take a look at where we're at between the cash that we have, we have more than $20 million of liquidity. We have cash and investments right at $17 million.

公司的一大優點是我們的資產負債表和流動性狀況。所以你看看我們擁有的現金狀況，我們有超過 2000 萬美元的流動資金。我們擁有的現金和投資總額為 1700 萬美元。

The restricted cash that we have and how that's used is we secure lines of credit, letter of credits for the county on our performance of building out the infrastructure on delivery of the land segment. And the reason that the county likes to do that is that they are allowing us to get building permits in some cases, in advance of finishing some of the back-end side of the land development.

我們擁有的受限現金以及這些現金的使用方式是，我們在交付土地部分時為該縣確保信用額度和信用證，以建立基礎設施。縣政府之所以願意這樣做，是因為他們允許我們在完成土地開發的後端工作之前，在某些情況下獲得建築許可。

Most all of the roads, curbs and gutters and water, sewer, storm, all that stuff is completed. But some of the landscaping and things like that usually come in seasonally as long as we assure the county through a letter of credit that we'll complete all that stuff, then they're releasing those building permits to us early.

大部分道路、路緣、排水溝、水、下水道、風暴等所有東西都已完工。但一些景觀美化和類似工作通常是季節性的，只要我們透過信用證向縣政府保證我們將完成所有這些工作，他們就會提前向我們發放建築許可證。

And that's really advantageous to our homebuilders because we can concurrently build those homes while we're doing that landscaping. And so there's really no very, very little risk on that restricted cash. Really, we do count that as a component of our balance sheet.

這對我們的房屋建築商來說確實非常有利，因為我們可以在進行景觀美化的同時建造房屋。因此，這些受限現金的風險其實並不小。事實上，我們確實將其算作我們資產負債表的一部分。

And then again, we talk a lot about this note receivable from the reimbursables. So not only do we receive revenue from the sale of lots from our homebuilder partners, but a lot of the infrastructure that we complete, we do get reimbursed for that. We get reimbursed for that from the local municipality as they issue bonds.

然後，我們再次討論了許多有關應收票據和應償付款的問題。因此，我們不僅從我們的房屋建築商合作夥伴出售地塊中獲得收入，而且我們完成的許多基礎設施建設也獲得了補償。當地政府發行債券，給我們補償。

And so we had a bond offering in 2024 that gave us, it was about a $25 million bond offering, paid that down, but that's a nice liquidity element for us. So when you take a look at the overall liquidity of the company, we're in a great position not only to navigate challenging markets, and I'm not sure if this is a challenging market, but it does give us not only a great asset base there, but also opportunities to continue to invest into land and water assets.

因此，我們在 2024 年發行了一筆債券，金額約為 2500 萬美元，我們已經償還了這筆債券，但這對我們來說是一個很好的流動性因素。因此，當您查看公司的整體流動性時，我們不僅在應對充滿挑戰的市場方面處於有利地位，而且我不確定這是否是一個充滿挑戰的市場，但它不僅為我們提供了強大的資產基礎，而且還提供了繼續投資土地和水資產的機會。

I'll talk a little bit about outlook, and this is kind of a repeat of slides from our fiscal year-end. So we take a look at our short-term outlook, and that's kind of a three to five year outlook, customer growth, so development of Sky Ranch up to about 2,500 units, consistent tap sales through the remaining phases of that.

我將稍微談談展望，這有點像是我們財政年度末幻燈片的重複。因此，我們看一下我們的短期前景，這是三到五年的前景，客戶成長，因此 Sky Ranch 的發展將達到約 2,500 個單位，並在剩餘階段保持穩定的銷售。

And then as those customers come online, it increases the overall recurring revenue. We've got annual tap fees that increase year over year. And so you've seen that as we continue to add new connections to the system. And then longer term, with the build-out of Sky Ranch, we've really kind of tried to highlight what we have in the book, what we have in our portfolio for full build-out and monetization of these segments.

然後，隨著這些客戶上線，它會增加整體經常性收入。我們的年度自來水費逐年增加。因此，您已經看到我們繼續在系統中新增新的連線。從長遠來看，隨著天空牧場的建設，我們確實試圖突出我們在帳簿上擁有的東西，我們的投資組合中擁有的東西，以便全面建設和貨幣化這些部分。

And so they're very attractive returns for us on that. That build-out of Sky Ranch could be in that seven year range. So it depends on kind of how we build out that commercial segment and some of our participation in there.

因此，這對我們來說是非常有吸引力的回報。天空牧場的建設可能需要七年。所以這取決於我們如何建構商業領域以及我們在其中的參與程度。

And so we like opportunities where we can joint venture some of that commercial opportunities. We are working on those commercial opportunities as well as developing a new interchange right there at the interstate where we've got some mill levies that are set aside for that, so that can come off of an independent bond financing, but that's a project that we're looking at in this short-term aspect that will increase the overall accessibility of the site as well as the commercial opportunities.

因此，我們喜歡能夠共同投資一些商業機會的機會。我們正在努力開發這些商業機會，並在州際公路上開發一個新的立交橋，我們為此徵收了一些稅款，因此這可以透過獨立的債券融資來實現，但這是一個我們正在短期內考慮的項目，它將提高場地的整體可及性以及商業機會。

Land development, steady lot sales through the next five years. We continue to increase our lot margins. And I think that's largely because most of the heavy lift is complete. We've got most of the off-site infrastructure. I think the last remaining key element will be that interchange.

土地開發，未來五年內地塊銷售穩定。我們繼續增加我們的批次利潤。我認為這主要是因為大部分繁重工作已經完成。我們擁有大部分場外基礎設施。我認為最後剩下的關鍵要素就是交流。

And so we do have a bonding teed up and ready to go for that, that will cover that cost. And then we really still have the most valuable land yet to come, which is going to be the commercial development, and we want to continue to look at all of our opportunities on the commercial side.

因此，我們確實已經做好了準備，可以承擔這筆費用。然後，我們實際上仍然擁有最有價值的土地，這些土地將用於商業開發，我們希望繼續尋找商業方面的所有機會。

And then single family rentals, we talked significantly about that. But going from what we have today to maybe more than 200 homes and continuing to look at the strength of that, so 200-plus homes through the build-out of Sky Ranch.

然後我們詳細討論了單戶住宅租賃問題。但從我們今天擁有的房屋數量來看，可能超過 200 棟，並且繼續考慮其優勢，因此透過建造 Sky Ranch，我們將擁有 200 多棟房屋。

And we would look to do each of these elements and a future acquisition. So to the extent that we continue to expand our land portfolio, we look at all three of these segments being able to be contributors to what it is that we're looking for.

我們會考慮實現上述每個要素並進行未來的收購。因此，在我們繼續擴大土地投資組合的範圍內，我們認為這三個部分都能夠為我們所尋求的目標做出貢獻。

This will be a little bit of the guidance on what we had for 2025. So you take a look at the trailing three years and how we're continuing to accelerate and really grow our revenues year over year and really look at not only another good year in 2025, but then how we look at that short-term aspect where we're starting to bring in some of that commercial land development and the punch that's going to have for the company revenue as well as earnings per share.

這將是我們對 2025 年的一些指導。因此，回顧過去三年，我們可以看到我們如何繼續加速發展，收入逐年增長，不僅著眼於 2025 年的又一個好年頭，還可以看到我們如何看待短期方面，即我們開始引入一些商業土地開發，以及這將對公司收入和每股收益產生的影響。

So really continue to execute and highlight the value of these assets. Again, shareholder value kind of a little bit both fiscal year guidance, short-term guidance and then build-out guidance for Sky Ranch. And again, that build-out is sort of what we have in inventory. That's not something that we need to grow. It's really just to execute on continuing to build out Sky Ranch.

因此，真正繼續執行並突出這些資產的價值。再一次，股東價值有點像是財政年度指導、短期指導以及 Sky Ranch 的建設指導。再說一次，這種擴建就是我們庫存的一部分。這不是我們需要發展的東西。這實際上只是為了繼續建造天空牧場。

We continue to be in the market. So our share repurchases I'd say that in Q3, as we're rolling into that, this current market was a bit choppy, and we continue to have a bid in there to buy those shares. But we're also continuing to look at opportunities for reinvesting into land and other opportunities.

我們將繼續留在市場上。因此，我想說，在第三季度，當我們進入股票回購階段時，目前的市場有點波動，但我們仍然在那裡競購這些股票。但我們也在繼續尋找重新投資土地和其他機會。

And oftentimes, when you get turbulent times, it does create some of those opportunities. And I will say that we've had an increase in the interest level on some of our target acquisitions. So we want to make sure that we have both capital to invest in the three phases that we've got under construction right now.

很多時候，當你遇到動盪時期時，它確實會創造一些機會。我想說的是，我們對一些目標收購的興趣增加。因此，我們希望確保我們有足夠的資金來投資目前正在建造的三個階段。

And then as these opportunities present themselves with an acquisition really to be in a position to perform on that. And those are kind of how we look at our capital stack on that. So with that, what I'd like to do is open it up to questions.

然後，當這些機會出現時，透過收購我們才能真正實現這些目標。這些就是我們如何看待我們的資本堆疊。因此，我想做的就是開放提問。

I think what we'll do is we'll make everybody's mic live. If we get some feedback or something like that, we may change that format. But if anybody has got a question, you can either raise your hand in the bar up there. And then we can identify you, you can call out or just kind of sing out and we'll see if we can have an orderly Q&A here.

我認為我們要做的就是讓每個人的麥克風都活躍起來。如果我們收到一些回饋或類似的東西，我們可能會改變這種格式。但如果有人有問題，你可以在那裡的酒吧舉手。然後我們就可以識別您的身份，您可以大聲喊出來或只是唱出來，我們會看看是否可以在這裡進行有序的問答。

So with that, we'll open up the mic. And if anybody's got a question, go ahead and sing out.

因此，我們將打開麥克風。如果有人有問題，儘管唱出來。

So you have the ability to unmute yourself. It's not disabled.

因此您可以取消靜音。它沒有被禁用。

Yes, I see everybody.

是的，我看到了所有人。

Mark, it's Bill Miller. Good morning.

馬克，我是比爾米勒。早安.

Good morning, Bill.

早安，比爾。

So getting back to the recurring themes, where do we stand on I-70? We keep talking about it, it's going to be great. But when do you think that will come to any kind of fruition?

那麼回到反覆出現的主題，我們在 I-70 上處於什麼位置？我們一直在談論它，它將會很棒。但您認為什麼時候才能實現這一目標呢？

Secondly, we've talked historically about acquisitions and you say there's a little bit more appetite on the part of the seller. And is that going to result in some transactions sometime? Or are we just still talking about people that are reluctant to sell their land because you've done so well?

其次，我們過去曾討論過收購問題，您說賣方方面的興趣稍微大一些。這是否會導致某些交易？或者我們仍然在談論那些因為你做得很好而不願意出售土地的人？

Let me take the sort of, so your first question was about I-70?

讓我來回答一下，您的第一個問題是關於 I-70 的嗎？

Yes.

是的。

So that interchange, I know this is going to surprise you all, but there's a pretty robust regulatory climate when you take a look at this. And so we've been together with Arapahoe County, who's kind of our partner on this.

所以，我知道這種交換會讓大家感到驚訝，但是如果你看一下，你會發現它的監管環境相當健全。因此，我們一直與阿拉帕霍縣合作，他們是我們在這件事上的合作夥伴。

They're really the sponsor, but we've been working on the 1601, which is the permit regulation for that for the past three years. We're about ready to submit that 1601 to CDOT. It will take them, call it, four or five months to review that.

他們實際上是贊助商，但過去三年來我們一直在研究 1601，這是該法案的許可條例。我們即將準備將 1601 提交給 CDOT。他們大概需要四、五個月的時間來檢討這個問題。

But I think we're forecasting that we'll be in a position to get clearance on a permit for construction of the interchange by the end of this year. And then I think what we would do is we go to market for those bonds end of this year, first part of 2026 and really start construction of that. We have an existing interchange. So it really won't be a gap in that. So it's one of those ideal scenarios where we can build an interchange without any disruption.

但我認為，我們預計今年年底我們將能夠獲得立體交叉建設許可證的批准。然後我認為我們要做的是在今年年底，也就是 2026 年初將這些債券推向市場，並真正開始建立。我們有一個現有的交換站。所以這實際上不會是一個差距。因此，這是我們可以在不受任何干擾的情況下建造換乘站的理想情況之一。

We'll keep the existing interchange they'll be about 600 feet apart, but we're moving the interchange along the alignment of the section lines, which is really what CDOT wanted.

我們將保留現有的立交橋，它們之間的距離約為 600 英尺，但我們將沿著路段線的走向移動立交橋，這正是 CDOT 真正想要的。

So that's what we really look for. We'll look to see that happen. We think that's going to be a very orderly transition of that infrastructure. As it relates to acquisitions, we keep very close to target acquisitions and the owners of that. And the opportunities are there.

這就是我們真正在尋找的。我們將期待看到這種情況發生。我們認為這將是基礎設施的非常有序的轉變。就收購而言，我們密切關注目標收購及其所有者。機會就在那裡。

The sellers just have different personal requirements as to when it makes sense for them to try and sell, whether that's estate planning or just lifestyle issues that they're looking for. And one of the things that I can say is that can highlight the fact that we are the beneficiary of an uncertain time with Sky Ranch.

賣家對於何時嘗試出售房產有不同的個人要求，無論是出於遺產規劃還是他們所尋求的生活方式問題。我可以說的一件事是，這可以強調一個事實，即我們是 Sky Ranch 不確定時期的受益者。

We were in a great position at the time to be able to buy Sky Ranch when nobody else wanted to buy land. And so usually, opportunities are created by uncertainty or change of circumstances. And this has been a very interesting time. So we'll see if that yields any interest for sellers to move forward with the transaction at that time. I can't give you any guidance because I don't have it.

當時，當沒有人願意購買土地時，我們有能力購買 Sky Ranch，這對我們來說是一個很大的優勢。通常情況下，機會是由不確定性或環境變化所創造的。這是一個非常有趣的時刻。因此，我們將看看這是否會激發賣家的興趣，從而推動交易的進行。我無法給你任何指導，因為我沒有。

If I had something under contract, I might be able to tell you that. But it is the number one thing that, well it's the number two thing that we're looking at. The number one thing that we're looking at is continuing to invest and accelerate the development of Sky Ranch.

如果我有合約的話，我可能會告訴你。但這是最重要的事情，也是我們正在關注的第二件事。我們考慮的首要事情是繼續投資並加速天空牧場的開發。

The number two thing that's important to us on the capital stack would be continued acquisitions in land, emphasis in land more than water. But to the extent that water is strategically oriented to our existing portfolio, then we would be interested in that. And then continuing to invest into the company through the share repurchase. Yes, the land acquisition is very foremost on what we're looking for.

在資本結構上，對我們來說第二重要的事情是繼續收購土地，並且更注重土地而不是水域。但只要水資源對我們現有的投資組合具有戰略意義，我們就會對此感興趣。然後透過股票回購繼續對公司進行投資。是的，土地徵收是我們最優先考慮的事情。

Just before we go into the next question, (Event Instructions).

在我們進入下一個問題之前，（活動說明）。

Looks like we have a question from Nigel.

看起來我們收到了 Nigel 的一個問題。

Hey, how are you doing. Guys? Looks like a decent quarter for the seasonality issues. One piece of information I find very helpful is essentially what your builders are telling you about demand. So if you could just give us a little bit of an update on demand in the Denver real estate market overall. Is your price point advantage holding up against that market?

嘿，你好嗎？夥計們？就季節性問題而言，這似乎是一個不錯的季度。我發現非常有用的一條資訊本質上就是您的建築商告訴您的有關需求的資訊。因此，您能否向我們介紹一下丹佛房地產市場的整體需求？您的價格優勢是否足以抵禦該市場？

And I'm a little puzzled because I've always perceived that it would be a very heavy rental demand, a little puzzled even in a winter quarter as to why there isn't demand happening on the family rental side. So just wanted a quick update from you on the demand situation there as well?

我有點困惑，因為我一直認為租賃需求會非常大，即使在冬季季度，為什麼家庭租賃方面沒有需求，我感到有點困惑。那麼，您也想快速更新那裡的需求狀況嗎？

Good question. And you're right, I think our biggest opportunity is our price point. One of the things that we have seen is a push for affordability from the administration and component of that is going to be the interest rate environment.

好問題。你說得對，我認為我們最大的機會是我們的價格點。我們看到的一件事是政府正在努力提高人們的負擔能力，而利率環境將是其中的一個組成部分。

And so I think interest rates have, they've been all over the map, but they've been trending a little bit softer, allowing that price point in there. And a lot of the builders when interest rates went from 3% to 7% found themselves in a position of really competing by buying down that interest rate and offering the incentives as an interest rate environment.

所以我認為利率一直在波動，但趨勢是稍微軟一些，從而允許價格點處於該水平。當利率從 3% 上升到 7% 時，許多建築商發現他們可以透過降低利率和提供利率環境誘因來真正參與競爭。

And I think that has kind of burned off. I think the buyers out there are more acclimated to this being the current interest rate environment or the normal interest rate environment rather than to have an expectation to try and time that out. And so as a component of consumer sentiment, I think that's a favorable outcome, both for the builders as well as for people that are delivering these lots.

我認為這種感覺已經消失了。我認為買家更適應當前的利率環境或正常的利率環境，而不是期望嘗試解決這個問題。因此，作為消費者情緒的一個組成部分，我認為這是一個有利的結果，無論對於建築商還是對於交付這些地塊的人來說都是如此。

We can take a look at a number of investments that are being made, and there's a number of projects that continue to focus in the I-70 corridor. And so the majority of all of the development activity, whether that's going to be master planned communities, whether that's going to be infill projects or any of that stuff is really concentrated in that I-70 corridor.

我們可以看看正在進行的多項投資，其中有許多項目繼續集中在 I-70 走廊。因此，所有開發活動的大部分，無論是總體規劃社區、填充項目或其他任何項目，實際上都集中在 I-70 走廊。

So we find ourselves in the right segment of the market, not only in terms of the price of the delivery, but also where most of that development is occurring. Traffic, throughput, and I will tell you, our builders, we've got prob of the 70 homes out there, they're building like crazy and they're building on spec.

因此，我們發現自己處於正確的市場領域，不僅在交付價格方面，也是大多數發展發生的地方。交通、吞吐量，我會告訴你，我們的建築商，我們在那裡建造了 70 棟房屋，他們瘋狂地建造，並且按照規格建造。

And so they have a lot of confidence to put that investment in there and an understanding of, okay, this is the right price point for us to be able to take that inventory. And so those are all those things that are -- and having three phases under construction at the same time, all of that activity is really giving a lot of incentives for Sky Ranch to be among the high performers out there.

因此，他們非常有信心在那裡進行投資，並且明白這是我們能夠獲取該庫存的正確價格點。所以，這些都是正在發生的事情——而且同時進行三個階段的建設，所有這些活動都為 Sky Ranch 成為高績效者之一提供了巨大的激勵。

And so we'll see how that continues to absorb over the next 18 months, but that's really what we're trying to do is in that market. Your second question relative to the single family rentals, we had a bit of a gap between Phase 2A and Phase 2B, and that was when interest rates went up.

因此，我們將觀察未來 18 個月內該市場將如何繼續吸收，但這確實是我們在該市場嘗試做的事情。您的第二個問題與單戶住宅租賃有關，我們在第 2A 階段和第 2B 階段之間存在一些差距，那時利率上升了。

And our builders asked us for a 90 day pause on delivering some of those lots, and that's gapped us out on that. And so we are seeing very strong demand for each of these units that we're bringing online. And the problem is that we've been trying to get these permits and phases online.

我們的建築商要求我們暫停 90 天交付部分地塊，因此我們未能按時交付。因此，我們看到，我們上線的每個單元的需求都非常強勁。問題是我們一直在嘗試將這些許可證和階段上線。

And so delivering the Phase 2B last summer we went straight into contracting for another 17 units. And then the county updated their building code. And so I think our some of our builders got grandfathered in. So that's where they have like that 75 units out there.

因此，去年夏天交付第 2B 階段後，我們直接簽訂了另外 17 個單元的合約。然後該縣更新了他們的建築規範。所以我認為我們的一些建築商得到了祖父條款的保護。所以他們在那裡有 75 個單位。

Some of the builders were in the process of making those applications. And so a lot of those things are getting released right now. And so a lot of the inventory of the 17 homes that we have in that phase are going to come online now.

一些建築商正在製定這些申請。現在很多這樣的內容都已經發布。因此，我們在該階段擁有的 17 套房屋的大部分庫存現在都將上線。

And so a little bit of a gap there. It wasn't certainly from a market standpoint or from a desire standpoint. It's just a little bit of timing variance on that. And then we're teed up for the rest of the phases to be able to continue to accelerate that.

所以那裡有一點差距。這當然不是從市場角度或願望角度出發的。這只是時間上有一點點差異。然後，我們為其餘階段做好準備，以便能夠繼續加速這一進程。

So you're expecting a stronger environment in terms of sales and rentals through this calendar year versus last year?

那麼，您預計今年的銷售和租賃環境將比去年更強勁嗎？

Yes. Very much so. Yes. So we got a 917, ending at 2446 --

是的。非常如此。是的。所以我們得到了 917，結束於 2446——

Elliot had a question.

艾略特有一個問題。

Okay. The 2446, you're on mute. So you'll have to hit your mute button. If anybody else has got a question, is that, did I hear Elliot breaking in.

好的。2446，您已靜音。所以你必須按下靜音按鈕。如果還有人有疑問的話，那就是，我是否聽到了艾略特的插話。

Mark, Yes, this is Elliot. Can you hear me?

馬克，是的，這是艾略特。你聽得到我嗎？

I can.

我可以。

I'd like to go back to your answer to question number one, when you said that your second most important priority is to acquire new land. And just for those who may not have heard your February call, which was recorded, hang on just a minute. Which was recorded and is available on the website. You had a luncheon meeting, and it was available on Zoom, and it is now available on the website.

我想回到您對第一個問題的回答，您當時說您的第二重要優先事項是獲得新土地。對於那些可能沒有聽到您二月份通話記錄的人，請稍等片刻。該影片已錄製並可在網站上查閱。您舉辦了一次午餐會，可以在 Zoom 上觀看，現在可以在網站上觀看。

It was long. It lasted 1.5 hours, but it was filled with information. For those who didn't hear it, the thesis, if I can call it a thesis, was what happens, how valuable is pure cycle, if they are unable to make another land acquisition.

很長。它持續了1.5個小時，但充滿了資訊。對於那些沒有聽說過的人來說，這篇論文（如果我可以稱之為論文的話）是這樣的：如果他們無法再次獲得土地，那麼純循環的價值又有多大？

I'm not going to try to summarize what the answer to that was, but it was a very impressive number. And so anyone who is seriously interested might want to take the time to watch that call because there was a wealth of information available. So I don't have a question, but I just want people to know that, that asset is available if they're interested.

我不會試圖總結這個問題的答案，但這是一個非常令人印象深刻的數字。因此，任何真正感興趣的人可能都想花時間觀看該通話，因為其中有大量可用資訊。所以我沒有問題，但我只是想讓人們知道，如果他們有興趣的話，該資產是可用的。

Yeah. No, I appreciate that. One of the challenges that we have is I think we're a partial victim of our own success because we have acquired these assets, and I think we've done a very good job of acquiring assets that are favorably valued for us and then also been able to be good stewards of that over time. And the market of those assets have appreciated significantly. And not only is that call a little bit helpful for some of that.

是的。不，我很感激。我們面臨的挑戰之一是，我認為我們是自身成功的部分受害者，因為我們已經獲得了這些資產，而且我認為我們在收購對我們有利的資產方面做得非常好，並且能夠隨著時間的推移很好地管理這些資產。而這些資產的市場已經大幅升值。而這個電話不僅對其中一些問題有一點幫助。

But when we try to articulate some of these numbers, if you take a look at the back half of these slides, that really also tries to monetize this. It's tough for us to be able to give you full guidance on that. But what we can do is say, hey, here is what we make per lot. Here is what we do on the water side. Here is what we're doing on the single family rental side.

但是，當我們嘗試闡明這些數字時，如果你看一下這些幻燈片的後半部分，你會發現它實際上也試圖將其貨幣化。我們很難就此向您提供全面的指導。但我們能做的就是說，嘿，這是我們每批生產的量。以下是我們在水邊所做的事情。以下是我們在單戶住宅租賃方面所做的事情。

Here's how that generates the monetization of those legacy assets as well as here's what it does on the recurring revenue side. And so I would say, and the company has had a strong disconnect between what certainly we believe the value of those assets are and what the market capitalization is for that. And we try and allocate some of that money to bridge some of that gap in now.

以下是如何將這些遺留資產貨幣化以及它在經常性收入方面所扮演的角色。所以我想說，我們認為這些資產的價值和其市值之間存在著很大差距。我們現在嘗試分配部分資金來彌補這一缺口。

Well, what I was going to say, Mark, is just as a tease, if you like it to those who are listening who didn't hear it, you came up with actually the analysts on the call came up with impressive numbers for what the pile of cash the company would have with Sky Ranch fully developed with roughly 85% of its undedicated water reserves not still undedicated and available for sale.

好吧，馬克，我本來想說的是，如果你喜歡這個消息，對那些正在聽但沒聽到的人來說，你實際上得出了令人印象深刻的數字，即如果 Sky Ranch 得到全面開發，並且其約 85% 的未專用水儲備尚未投入使用並可供出售，那麼該公司將獲得多少現金。

And you also came up with a number for ongoing revenues per share at the end of the development of Sky Ranch. So it was very specific and it was very helpful.

您也給出了 Sky Ranch 開發結束時每股持續收入的數字。所以它非常具體並且非常有幫助。

I appreciate that. Geoff. I see Geoff Scott has got his hand up and I see his smiling mug. I like this format by the way.

我很感激。傑夫。我看到傑夫·斯科特舉起了手，還看到了他微笑的臉。順便說一句，我喜歡這種格式。

Good morning. How are you?

早安.你好嗎？

Good morning.

早安.

Elliot, I think I'll take some credit for the luncheon analysis, but I want to ask Mark if --

艾略特，我想我應該為午餐會的分析承擔一些責任，但我想問馬克--

You were Geoff, you were brilliant. You were brilliant.

你是傑夫，你很聰明。你真聰明。

You just made my whole day, Elliot.

你讓我今天開心極了，艾略特。

Pat on the back keeps you going.

拍拍你的肩膀，讓你繼續前進。

Mark, I want to ask a couple of chicken and egg questions. I'm assuming that the development of the interchange is the egg and that the commercial development is kind of the chicken. The value of the commercial development goes up after there's an interchange in there. Is that basically correct?

馬克，我想問幾個關於先有雞還是先有蛋的問題。我認為立體交叉的發展就像是雞蛋，而商業發展就像是雞。一旦有了立體交叉，商業開發的價值就會上升。這基本上正確嗎？

Yeah, I think that is true. I mean I will say that I think the value of the commercial, we have an existing interchange. The new interchange gives you more capacity. It's a freer flow of traffic. But the proximity and the location along I-70 give you both of those elements.

是的，我認為確實如此。我的意思是，我認為商業的價值在於我們有一個現有的交換。新的轉乘站可為您提供更大的容量。交通更加暢通。但其鄰近性和 I-70 沿線的位置可為您提供這兩種元素。

But the interchange is kind of a component that we do need as we continue to build out. And what we've tried to do on that, Geoff, because commercial needs a certain amount of demand from the residential side.

但隨著我們繼續建設，交換站確實是我們需要的一個組成部分。傑夫，我們已經嘗試這樣做了，因為商業需要一定數量的住宅需求。

And so we've been bringing that up at the same time as we're paralleling the permitting for that interchange so that we don't have a gap out in that issue where we have the demand from the residents, but not the infrastructure for the traffic capacities.

因此，我們在審批該立體交叉的許可的同時，也提出了這個問題，這樣我們就不會在這個問題上出現差距，即我們有居民的需求，但沒有交通容量的基礎設施。

Right. I'm assuming that the demand for the commercial will go up when they see a bigger and better interchange.

正確的。我認為，當他們看到更大更好的交換時，商業需求就會上升。

Absolutely. I would not argue with that thesis.

絕對地。我不會對這個論點提出異議。

Okay. That was the first chicken and egg. The second one was kind of interesting because I think for the first time, you said that the land acquisition is a higher priority than additional water right acquisition. I don't think I've ever heard you actually say that before. Is that because, what you'll be able to do with land is going to be faster than what you're going to be able to do with additional water?

好的。那是第一隻雞和一隻蛋。第二個問題很有趣，因為我認為這是你第一次說土地徵用比額外水權徵用有更高的優先順序。我想我以前從未聽過你這麼說。這是因為，利用陸地所能做的事情比利用額外的水所能做的事情要快嗎？

I mean you have water for 60,000 units. You don't have land for 60,000 units. So presumably, you have water and inventory. And in order to utilize that water, you need additional land. Is that the correct interpretation of the chicken and egg?

我的意思是你有可供 60,000 單位使用的水。你沒有足夠的土地來建造 60,000 個單位。因此，大概你有水和庫存。為了利用這些水，你需要額外的土地。這是關於雞和蛋的正確解釋嗎？

Yeah, exactly right. I think we're longer on the water side than we are on the land side and really want to be more aggressive on the land side.

是的，完全正確。我認為我們在水上的時間比在陸地的時間要長，而且我們確實希望在陸地上採取更積極的行動。

Okay, thank you. That's all I had.

好的，謝謝。這就是我所擁有的一切。

Thanks for chiming in. And due thanks for your comments and kind of the filter that you as a shareholder and really a long-term shareholder have in terms of the company and really aligning with kind of how we think about the world and how we steward some of these assets was very helpful in that February call. So keep up the good work.

謝謝你的參與。非常感謝您的評論，您作為股東，尤其是長期股東，對公司有自己的看法，並且真正了解我們對世界的看法以及我們如何管理這些資產，這對二月份的電話會議非常有幫助。所以請繼續努力。

Thank you.

謝謝。

Bob Schloss is trying to ask a question.

鮑勃·施洛斯 (Bob Schloss) 正在嘗試提出一個問題。

Who is?

誰是？

Bob Schloss.

鮑勃·施洛斯。

Yes, I tune in late. So this question has been answered. Let me know. I'm interested in how the school is doing. I think it's a key component of the entity. So tell us about the school, I'll go back on mute.

是的，我收聽得很晚。所以這個問題已經得到了答案。讓我知道。我對學校的運作很感興趣。我認為它是實體的關鍵組成部分。所以跟我們講講學校的情況吧，不然我就保持沉默了。

Okay. Great. It is a great question. And you're right. Having a local school, having a K12 campus right in the middle of what it is that we're doing, tremendous value.

好的。偉大的。這是一個很好的問題。你是對的。在我們開展的業務中心擁有一所當地學校和一個 K12 校園，具有巨大的價值。

I will say our partner on that National Heritage Academy, a great partner in that. We are their first K12 campus. And they have other campuses that are K8. They have high school campuses, but we're the full K12 model. And so we're looking at breaking ground on the high school of that later this year for the delivery of high school in the 2026, 2027 year.

我想說，我們在國家遺產學院的合作夥伴是一位偉大的合作夥伴。我們是他們的第一個 K12 校園。他們還有其他 K8 校區。他們有高中校園，但我們是完整的 K12 模式。因此，我們計劃在今年稍後破土動工建造這所高中，並在 2026 年或 2027 年交付使用。

And so what we've got is the existing K8 system. They'll go K9 next year because they want to make sure that they can continue to keep the kids there as they start there and then have that high school for full build-out on that.

所以我們擁有的是現有的 K8 系統。他們明年將轉為 K9 因為他們想確保孩子們能夠繼續在那裡開始學習，然後讓那所高中全面發展。

And so the capacity of the full K12 model will be something like, I think, 1,700 kids. So it will accommodate all of the kids in Sky Ranch, full build-out of Sky Ranch plus a little bit more so that we can service some of the surrounding areas.

因此，我認為完整的 K12 模式的容量大約是 1,700 名兒童。因此，它將容納天空牧場的所有孩子，並全面建造天空牧場，再加上一點，以便我們可以為一些週邊地區提供服務。

But wonderful group. I think the overall feedback I'm part of, I chair the school Board on that. So I attend a lot of the parent conferences that they have there. And the feedback that I get is the school is just a terrific asset for the community, a terrific model. They love kind of the NHA model, how they deliver the education, the moral focus that they have, everything that they do, I think, is a terrific opportunity.

但這真是一個很棒的團體。我認為我參與了整體回饋，我擔任學校董事會主席。因此我參加了他們在那裡舉辦的許多家長會。我得到的回饋是，這所學校對社區來說是一筆寶貴的財富，是一個了不起的典範。他們喜歡 NHA 模式、他們傳授教育的方式、他們的道德重點以及他們所做的一切，我認為，都是一個絕佳的機會。

And I'm learning a ton about schools as well. So it's great. I thank you for your continued support on that school. I know you continue to reach out with me on that and continue to touch on that. So thank you for that support.

我也正在學習大量有關學校的知識。所以這很棒。我感謝您對該學校的持續支持。我知道您會繼續就此與我聯繫並繼續談論此事。非常感謝你們的支持。

There's one caller that ends at 6841 you're off mute. I don't know if you had a question.

有一個以 6841 結尾的呼叫者，您已取消靜音。我不知道您是否有疑問。

Yes, this is Greg Vennett, one of your shareholders. Washington, DC, or the new administration has talked about affordable housing and the need for it. They've also talked about the possibility of using federal land or giving federal land for affordable housing.

是的，我是 Greg Vennett，你們的股東之一。華盛頓特區或新政府已經討論了經濟適用住房及其必要性。他們還討論了使用聯邦土地或將聯邦土地用於建造經濟適用房的可能性。

My question is, do you have water near, or is there land near our properties that could be federal land that you could basically obtain for $1 and then with the agreement that you would create affordable housing?

我的問題是，你們附近有水嗎？或者我們的房產附近是否有聯邦土地，你們基本上可以花 1 美元獲得這些土地，然後簽訂協議建造經濟適用房？

That's a good question. We are not adjacent to any federal land. But I will say that our service area is owned by the state, the State of Colorado. And State of Colorado recognizes as much as the federal government, the importance of affordable land and affordable housing. And so while we don't control the land, our water and our service area are all on that state lands.

這是個好問題。我們並不毗鄰任何聯邦土地。但我要說的是，我們的服務區屬於科羅拉多州所有。科羅拉多州與聯邦政府一樣認識到廉價土地和廉價住房的重要性。因此，雖然我們不控制土地，但我們的水域和服務區域都在該州土地上。

It is a massive inventory of land. It's 24,000 acres of property. It's located in that I-70 corridor. It's probably the single most valuable asset that the State of Colorado owns in the state land board. Clearly, they're attenuated to not only the affordability aspect, but what they do with that land generates revenue for the public education system, the K12 public education system.

這是一份龐大的土地清單。其占地面積為 24,000 英畝。它位於 I-70 走廊。這可能是科羅拉多州土地委員會所擁有的最有價值的資產。顯然，他們不僅注重可負擔性，而且他們利用土地為公共教育系統（K12 公共教育系統）創造了收入。

So those are great opportunities for us to partner with them. We'll provide the utilities regardless of whether or not we develop the land in conjunction with them or somebody else develops that land. And so they're currently evaluating what opportunities they might want to consider for that. They've taken a look at that land at various segments over the last 30 years as to what the inventory and the carrying capacity of that are.

因此，這對我們來說是與他們合作的絕佳機會。無論我們是否與他們共同開發該土地，或者其他人是否開發該土地，我們都會提供公用設施。因此，他們目前正在評估他們可能想要考慮哪些機會。在過去的 30 年裡，他們從各個角度考察了這片土地的庫存和承載能力。

And we'll see. That's an opportunity. We look at other land areas for us to be able to acquire or partner with and be able to monetize and develop that land by bringing our water to it. And then also carrying that forward within our model where we're developing the horizontal infrastructure and then we'd look to inventory a portion of that for single family rentals.

我們將拭目以待。這是一個機會。我們正在尋找其他土地區域，以便我們能夠收購或與之合作，並透過將水引入該區域來實現貨幣化和開發。然後，我們還將在我們的模型中繼續推進這一點，我們正在開發水平基礎設施，然後我們將考慮將其中的一部分用於單戶住宅租賃。

But you're right, land is a critical component to the overall development. And then just interest rates. And I think as much as the federal government has the opportunities to take a look at its land, the current administration really does have a focus on trying to do something about affordability and interest rates are a key element of that. And much to maybe their frustration, they don't have as much control over interest rates as they would like. But certainly, policy does influence interest rates.

但您說得對，土地是整體發展的關鍵組成部分。然後就是利率。我認為，儘管聯邦政府有機會審視其土地，但現任政府確實致力於努力提高住房負擔能力，而利率是其中的關鍵因素。令他們沮喪的是，他們對利率的控制並不如他們所願。但政策確實會影響利率。

Has the state of Colorado ever granted or sold land for a purpose like public housing?

科羅拉多州是否曾授予或出售土地用於公共住宅等用途？

You bet. They've sold land. They have all their interest, they sell land, they buy land, they trade it out. They have commercial properties where they have office buildings that they are for lease.

當然。他們已經賣掉了土地。他們有自己的利益，他們出售土地，購買土地，交易土地。他們擁有商業地產，其中有可供出租的辦公大樓。

They have multifamily opportunities where they've participated in either land or vertical side and then just selling land. The predominant drivers for their land interest have been oil and gas and grazing, but they own about 3 million acres throughout the state of Colorado, and this is one of those pieces of their portfolio.

他們擁有多戶住宅機會，他們參與土地或垂直方面，然後只出售土地。他們對土地的興趣主要來自石油、天然氣和放牧，但他們在科羅拉多州擁有約 300 萬英畝土地，而這是他們投資組合的一部分。

How close is their land to your Sky Ranch or your interchange? Is there anything that's nearby? Or is it 10 miles farther?

他們的土地離您的天空牧場或天橋有多遠？附近有東西嗎？還是遠10英哩？

Yes, it's very close. Yes, it's four miles directly south. So when you take a look at -- and we have a lot of these images on our website, you'll see where we show our service area and the proximity of our service area.

是的，非常接近。是的，就在正南方四英里處。因此，當您查看時——我們的網站上有很多這樣的圖片，您會看到我們顯示的服務區域以及服務區域的距離。

And in fact, some of our presentations will have sort of some drone imaging where you see on one side of the road, you have a bunch of developed houses on the other side of the road is kind of vacant land, and that's where the state, that's where the Lowry Ranch starts. And so the metro area has grown out to the Lowry Ranch. And so it is ideally positioned for opportunities.

事實上，我們的一些演示會使用無人機拍攝的圖像，你可以看到道路的一側有一堆已開發的房屋，而道路的另一側則是一片空地，這就是州政府所在地，也是洛瑞牧場的起點。因此，大都會區已擴展到洛瑞牧場。因此，它具有抓住機會的理想位置。

Okay. Final question, Sky Ranch, the build-out, you don't need to acquire any land in order to continue growing for the next, what, five years? Is the absorption of Sky Ranch would take five years?

好的。最後一個問題，天空牧場 (Sky Ranch) 的建設不需要徵用任何土地就可以在接下來的五年內繼續發展嗎？吸收天空牧場需要五年時間嗎？

Yeah. I would say most of the residential should be wrapped up in that cycle. Some of the commercial may still tail on depending on how we participate in that. But you're right, that's baked in. You take a look at that guidance that where we think we can monetize both the land and the land, the water and the single family rentals on that, that $600 million really is just what we own at Sky Ranch.

是的。我想說大多數住宅都應該包含在這個週期內。一些廣告可能仍會繼續播放，這取決於我們如何參與。但你是對的，這是理所當然的。你看一下那個指導意見，我們認為我們可以將土地、水域和單戶住宅​​租金貨幣化，那 6 億美元實際上就是我們在 Sky Ranch 所擁有的。

Okay. I guess one of the concerns investors may have is that you're tying up capital in the rental units. And if you do make another land acquisitions provided on the deal you get, that's capital that won't get a return for five years possibly. But I don't know if you want to comment on that.

好的。我想投資人可能擔心的一個問題是，你將資金佔用在租賃單位上。如果你根據所達成的交易再次進行土地收購，那麼這筆資本可能五年內都無法獲得回報。但我不知道您是否想對此發表評論。

Yes, the cycle of land development, certainly, you're not wrong. When you buy raw land, the time to entitle it and start developing it could be a little bit longer. The issue for us is to make sure that we allocate that capital, so we're not over our skis and we can actually continue to invest in the land development at Sky Ranch.

是的，土地開發的周期，當然，你沒有錯。當您購買未開發土地時，授予其權利並開始開發的時間可能會更長一些。我們面臨的問題是確保我們分配好這些資金，這樣我們就不會陷入困境，並且我們實際上可以繼續投資天空牧場的土地開發。

And I think we're ideally positioned to do that. And to the extent that we get a large enough land acquisition that would be beyond what our liquidity position might want to support, that's something that we can take a look at monetizing our single family rental portfolio.

我認為我們已做好充分準備來做到這一點。如果我們獲得的土地數量足夠大，超出了我們的流動性狀況所能支持的程度，那麼我們可以考慮將我們的單戶住宅租賃組合貨幣化。

And we can bundle that up and sell that out and be able to use that rather than our equity to be able to acquire some land interest and replace it. So it's a very attractive investment, not only because of the tax advantages to it, but the equity carry forward and then the ability to monetize it in the event that there's an opportunity to do that.

我們可以將其捆綁起來並出售，並能夠使用它而不是我們的股權來獲得一些土地權益並替換它。因此，這是一項非常有吸引力的投資，不僅因為它具有稅收優惠，還因為它具有股權結轉，並且在有機會的情況下還可以將其貨幣化。

You're suggesting like a 1031 exchange where you exchange your rentals for --

你建議像 1031 交換那樣，你可以將你的租金換成--

Yes, something like that, yes.

是的，類似這樣的。

Thank you for everything. Thank you for the call.

謝謝你所做的一切。謝謝您的來電。

Any other color I can layer in?

我可以添加其他顏色嗎？

Yeah, Mark. This is Dan Kozlowski calling in, Board member. I'm not in the room today due to a scheduling conflict, but good call. I think this is one of the better calls and a good quarter in a seasonally slow time.

是的，馬克。我是董事會成員 Dan Kozlowski。由於日程安排衝突，我今天不在房間裡，但這是一個好主意。我認為這是一個更好的決定，也是季節性淡季中一個不錯的季度。

But again, I think it speaks to the robustness of the model where these slower quarters are less slow and still stacking on some earnings growth, which is great. Just a couple of observations.

但我再次認為，這體現了模型的穩健性，這些較慢的季度並沒有那麼慢，並且仍然帶來了一些獲利成長，這是很好的。僅幾點觀察。

I kind of listened today and the caller questions, I think, are at a higher level and everyone is kind of really understanding the business model better and better each quarter. So that's great. So just to pivot off a few things.

我今天聽了一下，我認為來電者的問題水平更高，而且每個人每個季度對商業模式的理解都越來越深入。這太棒了。因此，我們只需討論幾件事。

I mean the interchange process, I'm glad you brought that up today and spoke about it because it is a big opportunity. I mean if you just drive out there, you see there's a fine off-ramp. And I guess you call it an interchange today.

我的意思是交換過程，我很高興你今天提出這個問題並談論它，因為這是一個很大的機會。我的意思是，如果你開車到那裡，你會發現那裡有一個很好的出口匝道。我想你們今天會稱它為交換生。

But obviously, the ability to control and work with Arapahoe County and have the outcome of that interchange be favorable towards our sections that we're going to develop a lot of it commercially is really a huge opportunity.

但顯然，能夠控制並與阿拉帕霍縣合作，並使該立交橋的結果對我們即將進行大量商業開發的路段有利，這確實是一個巨大的機會。

I know you've put a lot of time and work on that and more disclosure today, I think, is good. It's slowed us down a little bit to do some regulatory caps and how all that works in the past. But once that is in process and moving, I think it will free us up to make us more flexible in terms of pacing of absorption. And maybe you can comment on that, a touch if you want.

我知道您為此投入了大量的時間和精力，我認為今天披露更多資訊是件好事。制定一些監管上限以及了解過去所有運作方式讓我們的速度稍微慢了一點。但一旦這個過程開始並推進，我認為它將使我們在吸收節奏方面更加靈活。如果您願意的話，也許您可以對此發表評論。

And also a second part of that is how do you think about commercial in terms of your classic retail, commercial build-out, the grocery stores, the drug stores, the software that goes around a community versus going either earlier at the same time and doing it in an aesthetic way, but adding like industrial warehousing, that type of thing that could also be sellable at really good prices really at any time?

第二部分是，您如何看待商業，從傳統零售、商業建設、雜貨店、藥店、社區軟體等方面來看，還是同時以美觀的方式進行，但添加工業倉儲之類的東西，這些東西也可以隨時以非常好的價格出售？

So maybe just a little more color on how you're thinking about the classic retail software versus the industrial warehousing that there's always huge demand on I-74?

那麼，您是否可以更詳細地解釋一下，您如何看待傳統零售軟體與工業倉儲之間的差異？ I-74 上的需求一直都很大。

Yes. All good questions and really good things to kind of throw a little color into this. And so the interchange, I think, is a great asset, a great opportunity and one that we've been planning for since we started construction of the project. So we're well positioned on that. And it's a long lead cycle.

是的。所有這些好的問題和好的事情都為這件事增添了一點色彩。因此，我認為，這個立交橋是一筆巨大的財富，一次絕佳的機會，自從我們開始建造這個計畫以來，我們就一直在為此進行規劃。因此我們在這方面處於有利地位。而且這是一個很長的交付週期。

So we have really been early to try and get that through the system and through that process, both with the county as well as CDOT.

因此，我們很早就開始嘗試透過系統和流程與縣政府以及 CDOT 合作來實現這一點。

And I do think that, as Geoff sort of highlighted in his chicken and egg sort of analogy is that it does open up. While it's not constraining some of the commercial activity, I think commercial activity really is a lag of some of the residential activity. We did want to time those two out such that when the residential was good, that we didn't have any constraints on the transportation and then the attractiveness of having a bigger, fuller scale interchange on that.

我確實認為，正如傑夫在他的雞和蛋的類比中所強調的那樣，它確實會開放。雖然它沒有限制一些商業活動，但我認為商業活動確實落後於一些住宅活動。我們確實想將這兩者安排好，這樣當住宅條件好的時候，我們的交通就不會受到任何限制，而且擁有更大、更全面的換乘站也更有吸引力。

So that's an important component on it. As it relates to some of the commercial and one of the things that Dan has been super engaged in helping us really kind of color into some of the communication style of how we can translate the value of the company to investors.

所以這是其中一個重要的組成部分。因為它與一些商業有關，而且丹一直非常熱衷於幫助我們真正融入一些溝通方式，即如何將公司的價值轉化為投資者。

But one of the other opportunities, and I talk about this all the time in terms of the strength of the Board, but one of our Board members is very dialed in on the commercial. He works with a local family office that does commercial all over the Denver area.

但另一個機會是，我總是從董事會實力的角度談論這個問題，但我們的一位董事會成員非常關注商業。他與當地一家家族理財室合作，在丹佛地區開展商業業務。

And they have developed tons of grocery models with Kroger and King Soopers as their brand here in Colorado as well as bolting into that, the commercial that goes around that, whether that's going to be your fast casual, whether it's going to be other types of office, medical office and then building into box store where you can get the retail side, whether that's going to be big box like Home Depot or Walmart or Sam's or Costco type models. And then also in the industrial side.

他們在科羅拉多州以 Kroger 和 King Soopers 為品牌開發了大量雜貨店模式，並圍繞這一模式開展商業活動，無論是快餐休閒店，還是其他類型的辦公室、醫療辦公室，然後建成可以提供零售服務的倉儲式商店，無論是像 Home Depot、沃爾瑪、Sam's 或 Costco 這樣的大型倉儲式商店。然後還有工業方面。

So while that's something that is key for the company to keep their pulse on, we also have veteran experience on that, that help guides us. And so Jeff Sheets is the Board member on that, who brings that value to the company.

因此，雖然這對公司保持脈搏至關重要，但我們也擁有豐富的經驗，可以幫助我們指導。因此，傑夫希茨 (Jeff Sheets) 是該公司的董事會成員，他為公司帶來了價值。

And really, we sought that expertise as we continue to build that Board portfolio out such that they could assist us on that. And really, through his help and participation, we've developed a commercial model for that, that really accommodates all of those. All of those things that Dan was talking about, whether you have space because we've got about 160 acres.

事實上，我們在繼續建立董事會投資組合時尋求專業知識，以便他們能夠在這方面為我們提供幫助。事實上，透過他的幫助和參與，我們已經發展出一種商業模式，可以真正適應所有這些。丹談到的所有這些事情，無論你是否有足夠的空間，因為我們有大約 160 英畝的土地。

And so we have space for the light industrial for this big distribution center that does provide tremendous assessed value that brings a lot of that revenue into the reimbursable side. We have components of that for multifamily, where we've got apartment complexes, and we've talked with a number of different apartment developers and various models where we can help participate with that.

因此，我們為這個大型配送中心的輕工業提供了空間，它確實提供了巨大的評估價值，從而將大量收入帶入了可報銷的領域。我們擁有多戶住宅的組成部分，其中包括公寓大樓，並且我們已經與許多不同的公寓開發商和各種模式進行了交談，我們可以幫助他們參與其中。

And that model looks something like where we bring our water, we bring our land in the equation, somebody goes vertical with that. We get it fully leased out and to sell it as a package. And our exit becomes fully developed when you've got a fully improved lot for a particular use like a multifamily, and that could be anywhere between 500 and 1,000 units of multifamily depending on how that configuration goes.

這個模型看起來有點像我們將水、土地納入方程式，然後有人將其垂直化。我們將其全部出租並作為一個整體出售。當您擁有一塊經過全面改進、可用於特定用途（如多戶住宅）的土地時，我們的出口就會得到全面開發，根據配置情況，這塊土地上可能有 500 到 1,000 個多戶住宅單元。

And then the grocery, the fast casual, the services, the fuel, all that stuff gets built right around that. And those are all extremely high-value land interest where we can keep some of those units available, working with, partnering with commercial developers and then getting those facilities leased out and then selling those to maybe REITs and other types of entities that really participate in that cash flow.

然後，雜貨店、快餐店、服務、燃料，所有這些東西都圍繞著它建立起來。這些都是極高價值的土地權益，我們可以保留其中一些單元，與商業開發商合作，將這些設施出租，然後將其出售給房地產投資信託基金 (REIT) 和其他真正參與現金流的實體。

So as much as we look at all those options, we look at those options with some degree of expertise, somebody who's done it, who spent their career. He's got 30 years doing specific commercial development in the Denver area. And so we're very excited about that. We're very excited about that guidance. We're very excited about that opportunity.

因此，當我們考慮所有這些選擇時，我們會以某種專業知識、一些已經完成並為此付出職業生涯的人的眼光來考慮這些選擇。他在丹佛地區從事特定商業開發已有 30 年。因此我們對此感到非常興奮。我們對該指導感到非常興奮。我們對這個機會感到非常興奮。

So good question, Dan, and a nice way to kind of highlight how we're transitioning from a core of strictly residential to moving into that commercial side.

丹，這個問題問得很好，也很好地強調了我們如何從嚴格的住宅核心區轉變為商業區。

Okay. Just a few other observations generally. I think this finished-lot approach that you chose to take starting back in Phase 1 or Phase A, I think is understood somewhat by the market, by the long-term shareholders.

好的。一般而言，這只是一些其他的觀察。我認為，您從第一階段或 A 階段開始選擇的這種成品批次方法，市場和長期股東已經對此有所了解。

But the attractiveness even in -- we talk about times like these, I mean, Mark, there's always stuff going on, right? Whether it's interest rates moving up or down or COVID or the change of administrations with different viewpoints on how to attack opportunities and challenges of the country.

但即使在我們談論這樣的時代，吸引力也是如此，我的意思是，馬克，總是有事情發生，對吧？無論是利率上升或下降，或是新冠疫情，或是政府更迭，對於如何應對國家機會和挑戰都有不同的觀點。

It seems always more volatile when you watch social media or CNBC. But the reality is homebuilders, they have pretty good businesses, and they're pretty good at managing their risk. And they earn a lot of money. They've been good stocks for a decade or longer.

當你觀看社交媒體或 CNBC 時，它似乎總是更加不穩定。但現實情況是，房屋建築商的業務相當不錯，而且他們非常善於管理風險。而且他們賺了很多錢。十年甚至更長時間以來，它們一直是優質股票。

And I think the bottom line is they're pretty good at managing the risk. And what they really desire is the ability to put down their cash on lots and go vertical quickly.

我認為最重要的是他們非常善於管理風險。他們真正想要的是能夠把現金投入到土地上並迅速實現垂直發展。

And our model, which was slightly more capital intensive for us to finish all the lots out is just highly attractive to, if they're looking at their entire nationwide portfolio, obviously, they like Colorado. I look at their Colorado portfolio, you continually as you develop these phases and subphases, you're shown up with buildable lots, right?

我們的模式需要更多的資本投入才能完成所有地塊的交易，這對他們來說非常有吸引力，如果他們考慮整個全國的投資組合，顯然他們會喜歡科羅拉多州。我查看了他們在科羅拉多州的投資組合，隨著您不斷開發這些階段和子階段，您會看到可建造的地段，對嗎？

Right away. And those are the ones where even when the homebuilders will go through 90 day pauses or whatnot, they want because they can buy from us and go vertical and have lower carrying costs. And it's the way we chose to approach the business, but it really protects the business in back to that times like these, meaning people are cautious.

馬上。即使房屋建築商要經歷 90 天的停工期或其他情況，他們仍然想要這些產品，因為他們可以從我們這裡購買，垂直發展，並降低持有成本。這是我們選擇開展業務的方式，但它確實在這樣的時期保護了業務，這意味著人們會保持謹慎。

But if they can buy and go vertical, it's just a huge leg up on sort of the sustainability and consistency that we're delivering. And I think that's understood by half the people that look at pure cycle, but there's another half that's newer to it.

但如果他們可以購買並垂直發展，那麼這對我們提供的可持續性和一致性來說將是一個巨大的優勢。我認為研究純循環的一半人都理解這一點，但另一半人對此還比較陌生。

And I got to think in the market when our stock price is bouncing around along with the homebuilders and other people, it's not completely appreciated how much -- so when we talk about demand, yes, there's general demand in the Colorado market, but there's a lot, it strikes me, and I've watched it for five years, there's always demand for these finished lots.

我想，當我們的股價隨著房屋建築商和其他人的價格波動時，人們並沒有完全意識到這一點——所以當我們談論需求時，是的，科羅拉多市場存在普遍的需求，但需求量很大，這讓我印象深刻，而且我已經觀察了五年，這些已完工的地塊總是有需求的。

And that's key here for people to understand on the call and otherwise. Maybe you can comment on that in a minute. And then the second thing that I'd say is partially understood, but not fully. And it's the nature of Sky Ranch and any development is the cash flow is just very much back-end loaded. So if all we did on Sky Ranch is develop 1,000 lots, we're going to do many thousands.

這對於人們在通話過程中和其他情況下理解這一點至關重要。也許您可以稍後對此發表評論。然後我想說的第二件事我部分理解了，但並不完全理解。這就是 Sky Ranch 的本質，任何開發案的現金流都很大程度上依賴後端。因此，如果我們在天空牧場所做的只是開發 1,000 個地塊，那麼我們將會開發數千個地塊。

But if it was just 1,000 lots, I think what we have seen was the first 500 were pretty good. And then the last 500 would be massively cash-flow generative, right? As you're winding down a smaller project. And all that cash comes over the transit. And I've just done some rough math on it.

但如果只有 1,000 個地塊，我認為我們看到的前 500 個地塊表現相當不錯。那麼最後的 500 將會產生大量的現金流，對嗎？當您正在結束一個較小的專案時。所有這些現金都是透過運輸來的。我剛剛對此做了一些粗略的計算。

It just seems very disproportionately cash-flow generative in the second half of the project and as you're closing it out. And a lot of developmental projects are like that. The last 30% that just goes straight into your pocket, you know that.

在專案的後半段以及專案結束時，它產生的現金流似乎非常不成比例。很多開發案都是這樣的。最後的 30% 直接進入你的口袋，你知道的。

But Sky Ranch is big. So it's 3,500, 4,000 homes and then the commercial. And it's really back-end loaded when all that cash comes over the transom. And now that we're inching up on 1,500 lots, we're inching up on that halfway mark as we come over the halfway development of Sky Ranch, the cash flow dynamics, the margin structure, all of it really blossoms.

但天空牧場很大。所以它有 3,500 到 4,000 個住宅，然後還有商業區。當所有現金都通過船尾時，後端就會真正加載。現在，我們已經慢慢地將地塊數量增加到 1,500 塊，隨著 Sky Ranch 的開發進入中期，我們也慢慢地接近中途標記，現金流動態、利潤結構，所有一切都真正蓬勃發展。

And I think that's going to hopefully surprise people as we get another 12, 18, 24 months down the path. And so much of the cash flow payoff from this will, again, I'll use the word blossom in the back half. And we're pretty close to the back half now. So that's, I think, exciting. I don't know I'll stop there on those two comments if you have anything to add.

我認為，隨著我們再過 12、18、24 個月，這將有望帶給人們驚喜。由此產生的大部分現金流回報，我將在後半部分再次使用“開花”這個詞。現在我們已經非常接近後半部了。所以我認為這是令人興奮的。如果您還有什麼要補充的話，我不知道我會就這兩則評論打住。

Yeah, good comments. And you're right in terms of our homebuilder partners. The thing that they like is they want to be able to sell their home before they buy their lot. And really, we're delivering this stuff just in time for them so that their capital allocation is as good as it can be. And there's very few people that do that, right?

是的，很好的評論。關於我們的房屋建築商合作夥伴，您說得對。他們喜歡的事情是，他們希望能夠在購買地塊之前先賣掉自己的房子。事實上，我們及時為他們提供這些東西，以便他們的資本配置盡可能好。但很少人會這樣做，對吧？

There's very few people that are in a position to do that. Most developers are, they sell platted lots, particularly in the Denver market, they sell platted lots, a paper lot and then they force the developer to put that infrastructure in. And so the developer has to put that capital in upfront and they're IRR driven, right? Their whole model is IRR driven. They want velocity.

很少有人能夠做到這一點。大多數開發商都是出售規劃好的地塊，特別是在丹佛市場，他們出售規劃好的地塊，即紙面地塊，然後強迫開發商投入基礎設施。所以開發商必須預先投入資金，並且以 IRR 為驅動力，對嗎？他們的整個模型都是由 IRR 驅動的。他們想要速度。

And so if they have projects where they can choose to build spec homes, they're going to build them in an area where they don't have to do the horizontals. That allows them a much more favorable rating. And really, that's why I think we've had such good success with all of our builders and the renewed aspect of it.

因此，如果他們有可以選擇建造樣品屋的項目，他們就會把房屋建在不需要進行水平建造的區域。這讓他們獲得了更有利的評級。事實上，這就是為什麼我認為我們所有的建築商和它的更新方面都取得瞭如此好的成功。

And then the portfolio of builders who want to be in Sky Ranch. And so as we open up Phase 3 and we go into the next 1,500 lots, you're right, you're going to see an acceleration of that, right?

然後是想要進入 Sky Ranch 的建築商的投資組合。因此，當我們開啟第三階段並進入接下來的 1,500 個地段時，您說得對，您會看到這一進程加速，對嗎？

We're not seeing most master planned communities grow on a bell curve. And you start out slow, you get up to a certain point where you're delivering a lot, kind of the max number of lots. And I'd say, then you come down and tail off and are milking the residual value of each of the remaining lots.

我們沒有看到大多數總體規劃社區呈現鐘形曲線成長。一開始你做得很慢，但到了一定程度，你就可以交付很多東西，差不多就是交付的最大數量了。我想說，然後你就會逐漸減少並榨取剩餘地段的剩餘價值。

And while we haven't peaked in that bell curve, we're on the upper side of that. And you've seen that by accelerating the lot deliveries from 250 lots a year to something like 500 lots a year. And that's going to go directly into monetizing that asset.

儘管我們尚未達到鐘形曲線的頂峰，但我們已經處於其上端。你已經看到了這一點，我們將批次交付量從每年 250 批加速到每年 500 批左右。這將直接用於將該資產貨幣化。

You're right, if you took a look at any master planned community, we continue to build that value. And when you look at our balance sheet, you see more than twice our liquidity is in the note receivable. Well, if we were on the back end of that, that would all be moved over into the cash side. And so that note receivable really is as the assessed value of the community grows, that's where you get those reimbursables and you get that high value of monetizing the final lots in there.

你說得對，如果你看任何總體規劃社區，你會發現我們都在不斷建構這種價值。當你查看我們的資產負債表時，你會發現我們的流動資金的兩倍多都來自應收票據。好吧，如果我們處於後端，那麼所有這些都將轉移到現金方面。因此，應收票據實際上就是隨著社區評估價值的增長，您從中獲得那些應償付，並從中獲得其中最終地段貨幣化的高價值。

So it is cyclical in terms of how you stagger out the overall development. But you can see from the balance sheet, that continued growth. And I think the disconnect there might be that people just are like, well, I want to see more of the lot deliveries.

因此，就整體發展如何錯開而言，它是週期性的。但從資產負債表可以看出，成長仍在持續。我認為，這種脫節可能是因為人們只是想，好吧，我想看到更多的大量交付。

I want to see more of execution on the commercial side. I want to see -- and all that stuff is right within our business plan and how we're going to execute. So you're right. Our enthusiasm is high. We continue to try and communicate that to the marketplace.

我希望看到商業方面有更多的執行。我想看到——所有這些都符合我們的商業計劃以及我們將如何執行。所以你是對的。我們的熱情很高漲。我們將繼續努力向市場傳達這一訊息。

And the market has its own cyclical natures of it, and we want to be as transparent as we can. Looks like Geoff had a, he wanted to weigh in on one of that observations.

市場有其自身的周期性，我們希望盡可能保持透明。看起來傑夫有，他想對其中一個觀察發表意見。

No, I was just going to take Dan's thought process one step further. He said that the builders need something that they can go vertical on quickly. The other thing they need is demand. And that article that I sent to you yesterday on Link 56 had to do really with the growth of Denver going eastward and out by the airport.

不，我只是想讓丹的思考過程更進一步。他說，建築工人需要一些可以快速垂直移動的東西。他們需要的另一個東西是需求。我昨天發給你的有關 Link 56 的文章實際上與丹佛向東以及通過機場向外的發展有關。

That was a -- the article came from, I think, the Denver Business Journal. And it talked about the Link 56 development out there. You said it was, I think, 10 miles away. But nevertheless, there's going to be a population shift eastward and anything that brings people closer to Sky Ranch is going to ultimately increase the value.

那是一篇——我認為這篇文章來自《丹佛商業雜誌》。並討論了 Link 56 的發展。你說它距離我大概 10 英里。但無論如何，人口將會向東遷移，任何讓人們更接近天空牧場的舉措最終都會增加其價值。

There was the things like a large land purchase by Microsoft for a campus, that's the first time I had heard of that. But it's that kind of development over the next fill in the blank decades that's just going to enhance the value of Sky Ranch going forward.

例如微軟購買大量土地建造園區之類的事情，這是我第一次聽說。但在接下來的幾十年裡，這種發展將會填補空白，進而提升天空牧場未來的價值。

As part of that, it said that Target had acquired land for, I want to say, a four-acre retail outlet for $7 million. I don't know the details of that and how much for the -- it was 140,000 square foot store. They may have had to buy some parking and stuff like that.

其中，據稱塔吉特已斥資 700 萬美元購置了土地，我想說，是用於建造一個佔地四英畝的零售店。我不知道具體細節，也不知道這家商店要花多少錢——這家商店有 14 萬平方英尺。他們可能不得不購買一些停車位之類的東西。

But $7 million for four-plus acres is a pretty substantial investment for somebody like Target. And I wish that would translate into value at $2-plus million an acre for Sky Ranch. But anyway, Dan, that if Mark can forward you that article, I don't know if you've seen it or not, but I thought it was very interesting. That's all I had.

但對於像 Target 這樣的人來說，花費 700 萬美元購買四英畝以上的土地是一項相當大的投資。我希望這能轉化為天空牧場每英畝 200 多萬美元的價值。但無論如何，丹，如果馬克可以將那篇文章轉發給你，我不知道你是否看過，但我認為它非常有趣。這就是我所擁有的一切。

Yeah, no, it was great.

是的，不，這很棒。

It keeps coming. I mean I've made this point, I think, maybe a couple of calls ago. But if you look at Denver historically, I-25 and I-70 kind of bisect Denver and where they hit was kind of the old 20, 30 years ago, the old industrial kind of epicenter of Denver. And that's all moved eastward now. And that was triggered by -- the beginning of that was triggered back around 2000 when the airport opened up and then the Anschutz Medical Center.

它不斷出現。我的意思是，我想，也許在幾次電話之前我已經提出過這一點。但如果你從歷史角度看丹佛，I-25 和 I-70 將丹佛一分為二，而它們的交匯處大約是 20 到 30 年前丹佛的舊工業中心。現在這一切都向東轉移了。這一切的起因可以追溯到 2000 年左右，當時機場開放，隨後安舒茨醫療中心也開業了。

And the whole, I think the epicenter of Denver now for the future is really E-470 and I-70. So it's moved eastward, what is that? Probably 12 miles or so. And that's because DIA is right there, three or four miles. And that's why all the industrial or light industrial warehousing, Amazon center that's there is all to the East. And Sky Ranch is sitting right in the middle of that development to the East.

總體而言，我認為丹佛未來的中心實際上是 E-470 和 I-70。所以它向東移動了，那是什麼？大概12英里左右。這是因為丹佛國際機場就在那裡，距離三、四英里。這就是為什麼所有的工業或輕工業倉儲、亞馬遜中心都位於東部。天空牧場 (Sky Ranch) 就坐落在該開發區東部的中心位置。

And then our water is sitting right there, too. Water, we always talk about water is interesting business. Water is very valuable, but it's really is your water in the right place and our water is in the right place. It's coming right over the top of us. And that just leads me to my last observation or point I'll make, and then I'll cut off.

我們的水也在那裡。水，我們總是談論水是件有趣的事。水很寶貴，但真正重要的是你們的水用在了正確的地方，我們的水用在了正確的地方。它正從我們頭頂上方飛過。這正好引出了我最後的觀察或觀點，然後我就結束了。

But the state land board owns this unbelievable piece of property. It's 40 square miles, but it's the Lowry Ranch. And I would just note that we've been impressed with the way the state land board is evolving their views and some of the human capital the state land board has added over the last year or 18 months with real high-level real estate development expertise on the Board.

但州土地委員會卻擁有這塊令人難以置信的土地。它佔地 40 平方英里，但它是 Lowry Ranch。我想指出的是，我們對州土地委員會的觀點轉變方式以及該委員會在過去一年或一年半中增加的一些人力資本印象深刻，該委員會擁有真正的高水平房地產開發專業知識。

And you have to think if they're adding that sort of talent and expertise, they certainly are aware of the opportunity they have with the Lowry Ranch over time. And I know, Mark, you've gotten closer with them and built a great relationship, and it's all there for the taking whenever the state wants to begin to monetize that in a thoughtful, progressive way for the community and help with this may be low income or entry-level housing.

你必須想想，如果他們增加了這種人才和專業知識，他們肯定意識到隨著時間的推移，他們在 Lowry Ranch 所擁有的機會。馬克，我知道你與他們的關係更加密切，建立了良好的關係，每當州政府想要以一種深思熟慮、進步的方式將其貨幣化，為社區提供幫助，這可能是低收入或入門級住房。

And so it's pretty exciting. And I think, Mark, you've done a great job building those relationships and the state land board is doing a great job bringing in high-level talent to evaluate all the opportunities. So again, I think that's been a long process. We've got a long history, but it's really on the up and up.

所以這非常令人興奮。馬克，我認為你在建立這些關係方面做得非常出色，而且州土地委員會在引進高級人才評估所有機會方面也做得非常出色。所以，我認為這是一個漫長的過程。我們有著悠久的歷史，但我們仍在不斷進步。

And I think it's a tip of the cap to Mark for his patience as well as his relationship building there. So good work on that. I'll sign off. Good quarter. It should be a good rest of the year and nice work.

我認為這是對馬克的耐心以及他在那裡建立的關係的致敬。做得很好。我要下線了。好季度。今年餘下的時間應該會過得很愉快，工作也會做得很好。

Great, thanks. Pats on the back like that keep me going. Okay. Well, if there's no other comments, certainly, if anybody has got something that they didn't get a chance to ask or want to just drill down privately, go ahead and give me a call. I'm always available. And we do like doing these kind of road investor meetings.

太好了，謝謝。這樣的鼓勵讓我繼續前進。好的。好吧，如果沒有其他意見，當然，如果有人遇到了一些他們沒有機會問或只想私下深入了解的事情，請繼續打電話給我。我隨時可以聯絡您。我們確實喜歡舉行這種類型的路演投資者會議。

So we'll try and see if we can set something up and maybe in the Midwest or maybe on the West Coast. I've got some good friends and shareholders on the West Coast. that have been itching for us to come out and organize a sit in.

因此，我們會嘗試看看是否可以在中西部或西海岸建立一些東西。我在西海岸有一些好朋友和股東。他們一直渴望我們出來組織一個靜坐活動。

And I will tell you, I mean, this format is very helpful where we can engage in a dialogue and an interactive dialogue like this. And I think the reaction with some of the folks that attended the meeting in New York, they were just overwhelmed when you see it, when you roll out maps and you kind of get that tangible evidence as to how the Denver market is positioned and where I-70 is and how the growth of the metropolitan area goes.

我要告訴你，這種形式非常有幫助，我們可以進行這樣的對話和互動對話。我認為，在紐約參加會議的一些人的反應是，當你看到地圖時，他們感到震驚，你得到了切實的證據，表明丹佛市場的定位、70 號州際公路的位置以及大都市區的發展情況。

It really does provide a very compelling argument as to what it is that we're doing, not only what we have in inventory, but what our opportunities are with the portfolio.

它確實為我們正在做的事情提供了一個非常有說服力的論據，不僅說明了我們有哪些庫存，還說明了我們的投資組合有哪些機會。

So we'll continue to reach out and continue to really expand that knowledge base and that outreach to not only our existing portfolio, but folks that may be new to the story. So with that, I will go ahead and sign off, and thank you all for your continued sponsorship and confidence in your invested capital. So take care, and we'll be in touch.

因此，我們將繼續接觸並繼續真正擴大知識庫，不僅接觸我們現有的投資組合，還接觸那些可能對這個故事不熟悉的人。因此，我將繼續簽字，並感謝大家對所投資資本的持續贊助和信心。所以請多保重，我們會保持聯絡。

Thanks, Mark.

謝謝，馬克。

Thanks, all.

謝謝大家。