We’re not going to go vertical on the commercial as like we are in the residential. But we do have opportunities to take a look at that and high-value margins for us being able to do that. So it’s still a bit off, and I think that our patients here is going to be well rewarded by bringing in some of that big, big commercial, not just some small retail commercial that usually does like to lead that and then they end up getting in some preferred positions because people really pull that trigger a little too early, and then a lot of times those sites get redeveloped, we want to really kind of be patient and develop that out as a big commercial opportunity and mostly because of our location, right? Where we’re located, we’re located right off the interstate, we’re located right next to the belt loop on it.
We’re just south of the interstate. So — sorry, just out of the airport, and so that does pretend it’s high-value use for large commercial. So I know I’ve said we’re being patient on that, and we continue to be patient on that. I don’t have a start date on that, but we continue to be very active on pursuing market opportunities for that.
Geoffrey Scott: If I understood correctly, the big box kind of people want a lot more houses built, right? So they wouldn’t be in a community of multiple thousands. So we’re talking about development kind of 4 and 5 years away from now.
Mark Harding: Yes, that’s a hard one for me to say it’s that far out. I’d say it’s — it might be a couple of years out, but not 4, 5 years out.
Geoffrey Scott: Okay. Next question on page, whatever it was 26. You said you had 404.9 million gallons delivered. If my math is correct, that’s kind of the 1,200 acre feet — 1,300 acre feet, and you have 30,000. So you’re selling, what, 3% to 4% of the acre feet that you currently have, why additional water acquisitions?
Mark Harding: It’s really just where we can. Once the water is purchased by a city municipality, it’s gone forever. And so what we’re looking at is not necessarily expanding the portfolio just anywhere. We’re expanding our acquisitions where it’s next to areas that we’re already invested with. And so we — it’s an opportunity for us to continue to build that portfolio. We do know we’re long on water. We don’t want to be overly invested in that area, but we’re where it’s a strategic acquisition, we’d look to consider those. And it’s a function of price. Is it a good price? Are we able to bring value with our infrastructure and our other water rights to that particular asset that really builds value beyond the acquisition cost of it.
Geoffrey Scott: If I hear you correctly, it’s really a defensive move to keep it out of governmental control?
Mark Harding: Not necessarily out of governmental control. I mean once — the other water provider, so it’s very competitive. So we have 70 different water providers who were all out scouring opportunities for water supplies. And so you have diminishing acquisition opportunities and an increasing number of folks that are looking for those acquisition opportunities. And so we’re looking at making sure that we can continue to grow that side of the business through logical acquisitions.
Geoffrey Scott: Okay. Anything happening then on the reservoir?
Mark Harding: No. We still look to partner with other regional interest on the reservoir assets that we have and whether that’s with our neighbors or with our partners that we have in Wise with the South Metro Group, all of those studies, evaluations and smart consultants continue to take a look at that, but nothing really exciting to update you on.
Operator: Our next question is coming from Greg Malachowski with Benchmark.
