Pure Cycle(US:PCYO)2021-07-07 18:45Water & Wastewater Resource Development - The company owns or controls over 29,000 acre-feet of groundwater & surface water, estimated to serve 60,000 taps[12, 15] - The average metered water & sewer annual usage charges are $1,500 per SFE[12] - The company projects buildout annual revenues of $90 million per year[13] Land Development (Sky Ranch) - Sky Ranch Phase 1 has delivered all 509 lots and sold 446 of 506 taps[25] - Sky Ranch Phase 1 recognized $367 million in lot revenue and $133 million in tap fees to date[25] - Sky Ranch Phase 2 has approximately 900 lots in total, with 800 lots under contract with home builders[27] - Sky Ranch Phase 2 estimates lot revenues of $726 million and tap fees of $215 million, along with $48 million of reimbursable costs[27] - 50' lots sold for 40% more and 45' lots sold for 30% more[29] Build-to-Rent (BTR) - The company estimates an annualized average cash flow per home of $15,000 in the BTR segment[41] - The company estimates a fair market value of $450,000 per house, with annual appreciation estimated at 4% per year[47] Financial Results - The company has recognized approximately $367 million in lot revenues, $133 million in tap fees, and $29 million in other income from reimbursables since the inception of Sky Ranch[58]