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    Tucker Andersen

    Research Analyst at Above All Advisors

    Tucker Andersen is the Managing Partner and Owner of Above All Advisors LLC, specializing in investment consulting and security analysis across a range of sectors. As the sole proprietor, he has guided the firm in consulting engagements and publishes the Above All newsletter, leveraging his extensive career as a portfolio manager. Andersen began his career in investment management and, following his retirement from a previous portfolio management role, founded Above All Advisors in New York City where he continues to advise on investments and serve on several advisory and private company boards. He holds a Bachelor of Arts from Wesleyan University, though specific performance metrics and securities licenses are not publicly disclosed.

    Tucker Andersen's questions to PURE CYCLE (PCYO) leadership

    Tucker Andersen's questions to PURE CYCLE (PCYO) leadership • Q3 2024

    Question

    Tucker Andersen inquired about several strategic areas, including the trajectory of lot sale prices, the mix of housing types being developed, the potential for adding new homebuilders, and the management strategy for the growing single-family rental portfolio. He also asked about the possibility of acquiring new land development projects and the company's plans to address the perceived undervaluation of its stock.

    Answer

    Executive Mark Harding confirmed that lot prices are expected to continue rising, balanced carefully with homebuilder margins and homebuyer affordability. He noted the diverse housing mix (detached, duplex, townhomes) serves a broader entry-level market and that they may add more builders as development scales. The rental portfolio is managed entirely in-house to maximize returns, and while they are actively seeking new land acquisition opportunities, they remain disciplined. To address the stock price, Harding stated the company is executing its share repurchase program and continuously evaluates all options, including IR outreach and a potential future dividend policy.

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    Tucker Andersen's questions to PURE CYCLE (PCYO) leadership • Q3 2024

    Question

    Asked a broad range of questions about future lot pricing, the mix of housing types and builders, the management of the single-family rental portfolio, potential for new land acquisitions, and strategies to address the stock's undervaluation.

    Answer

    Lot prices are expected to continue rising, balanced with builder margins and homebuyer affordability. The housing mix is diversifying to serve a broader entry-level market. The company is adding more builders as development accelerates. The rental portfolio is managed 100% in-house and is a core part of the strategy. The company is actively but disciplinedly looking for new projects and is considering all options, including a dividend, to enhance shareholder value.

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