Diversified Land Company Strategy Proceeding as Expected: Company Completes Final Major Citrus Operations Development Projects Advance Through Entitlement Process with Corkscrew Grove Decision Expected in 2026 Net loss attributable to Alico, Inc. common stockholders fiscal year ended September 30, 2025 of $147.3 million, Adjusted EBITDA of $22.5 million, Exceeding $20 Million Guidance Land Sales of $23.8 million, Exceeding $20 Million Guidance Strong Cash Generation Delivers $38.1 Million Cash and cash equi ...

Core Insights - Canterbury Park Holding Corporation reported a decline in net revenues and net income for the third quarter and nine months ended September 30, 2025, compared to the same periods in 2024, primarily due to reduced casino revenues and increased competition [2][3][16]. Financial Performance - For the three months ended September 30, 2025, net revenues were $18.3 million, a decrease of 5.0% from $19.3 million in 2024. For the nine months, net revenues were $47.1 million, also down 5.0% from $49.6 million in 2024 [2][16]. - Net income for the third quarter was $487,000, a significant drop of 75.9% from $2.0 million in 2024. For the nine months, the company recorded a net loss of $139,000 compared to a net income of $3.4 million in 2024 [2][21]. - Adjusted EBITDA for the third quarter was $2.8 million, down 14.2% from $3.3 million in 2024, and for the nine months, it was $6.6 million, a decrease of 25.6% from $8.9 million in 2024 [2][21]. Revenue Breakdown - Casino revenues for the third quarter were $8.9 million, down 9.7% year-over-year. Pari-mutuel revenues decreased by 2.7%, while food and beverage revenues increased by 13.1% [8][29]. - For the nine months, casino revenues decreased by 7.3%, pari-mutuel revenues by 7.4%, and other revenues by 0.6%, with food and beverage revenues increasing by 3.9% [16]. Operating Expenses - Operating expenses for the third quarter were $17.3 million, a slight decrease of 0.6% from $17.4 million in 2024. For the nine months, operating expenses increased by 0.5% to $45.0 million from $44.8 million in 2024 [11][17]. Strategic Developments - The company opened the Boardwalk Kitchen & Bar, which has received positive customer feedback, and is exploring additional entertainment and hospitality opportunities [4][6]. - Canterbury Park is progressing on its Canterbury Commons development, which includes a new amphitheater scheduled to open in summer 2026, and is conducting a market analysis for potential uses of 25 acres of prime land [7][4]. Joint Ventures and Real Estate - The company has made significant contributions to real estate joint ventures, with an estimated value of over $10 per share from cash, TIF receivables, and joint ventures [6]. - The Triple Crown Residences at Canterbury Park have seen strong leasing activity, with Phase II at 93% leased and Phase I at 52% leased [9].

Financial Data and Key Metrics Changes - Third-quarter comparable FFO was $0.57 per share, compared to $0.52 per share for the same quarter last year, beating analyst consensus by $0.02 [24] - Same-store GAAP NOI for the New York business overall was up 9.1% for the quarter, while same-store cash NOI was down 7.4% [24] - Net debt-to-EBITDA ratio improved to 7.3 times from 8.6 times at the start of the year, with immediate liquidity of $2.6 billion [28] Business Line Data and Key Metrics Changes - During the first nine months of 2025, Vornado leased 3.7 million sq ft overall, with 2.8 million sq ft in Manhattan office [10] - Average starting rents for Manhattan office leasing were $99 per sq ft, with mark-to-markets of plus 11.9% GAAP and plus 8.3% cash [10] - In the third quarter, 21 New York office deals totaled 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of plus 15.7% GAAP and 10.4% cash [11] Market Data and Key Metrics Changes - Midtown core better building vacancy is now down to 6.2%, indicating a shift to a landlord's market [9] - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [9] - New York office occupancy increased to 88.4% from 86.7% last quarter, primarily due to leasing activity at Penn 2 [26] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail redevelopment [14][15] - The acquisition of 623 Fifth Avenue is aimed at transforming it into a high-end boutique office building [16][17] - The Manhattan retail market is showing strength, with tenants approaching landlords for early renewals [19] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the demand for office space, noting that tenant demand is robust across all industries [6][9] - The company expects 2025 leasing volume for Manhattan office to be the highest in over a decade [10] - Management anticipates significant earnings growth in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [25] Other Important Information - The company has generated $1.5 billion in net proceeds from sales and financings, paying down $900 million in debt [28] - Signage revenue for 2025 is projected to be the highest year ever, with the company owning the largest signage portfolio in New York City [19][20] - The company is involved in the Penn Station transformation project, supporting improvements that benefit its holdings [54][56] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2? - Rents have increased, with average rent at $112 per sq ft, and the company is confident in its leasing strategy for the remaining space [32] Question: How will leasing for 623 Fifth Avenue be approached? - The company plans to market the building with complete designs to attract high-end tenants [34] Question: What is the current signed-not-open pipeline? - The company expects over $200 million in revenue from signed leases over the next couple of years, with the bulk coming in 2027 [40] Question: What is the expected trajectory of occupancy next year? - The company anticipates reaching 90% occupancy in the next quarter or two, with continued growth thereafter [53] Question: What are the plans for proceeds from non-core asset sales? - Proceeds will be used to strengthen the balance sheet and potentially for compelling external acquisitions [66] Question: What is the status of the Penn Station transformation project? - The company supports improvements to Penn Station and is involved in the process, focusing on retail opportunities [54][56] Question: What are the expectations for rent growth in the coming years? - The company expects rent growth to exceed 20%-25% over the next four to five years due to strong demand and limited supply [61]

Core Viewpoint - The announcement of land auction in Yuhong District, Shenyang, indicates a significant opportunity for real estate development in the area, particularly with the upcoming sale of the Zhengliang 4th Road plot, which is expected to enhance the attractiveness of the region [1][5]. Group 1: Land Auction Details - The land auction is scheduled from October 9, 2025, to October 21, 2025, at 14:00 [3]. - The starting price for the 18,000 square meter plot is set at 2,250 yuan per square meter [5]. - The plot is classified as Class II residential land (R2) with a maximum floor area ratio of 1.6 and a commercial ratio of 3-5% [5]. Group 2: Regional Development Insights - The Zhengliang 4th Road plot is strategically located at the intersection of Yuhong District, Huanggu District, and Shenbei District, making it a prime area for residential development [7]. - The surrounding areas have seen significant residential development, with high occupancy rates in projects such as Vanke Jinyu Huafu and Poly Xihu Linyu [7]. - The population in the region has been increasing, and there remains a substantial amount of land available for future development, which could lead to a continuous expansion of the residential market in the area [6][7].

Group 1: Loan Agreements and Project Financing - Hepsor Phoenix 3 OÜ and Hepsor Phoenix 4 OÜ signed loan agreements with AS LHV Bank totaling 40.3 million euros to finance two development projects in Tallinn's Manufaktuuri quarter [1] - Hepsor Phoenix 3 OÜ secured a loan of 33.3 million euros for the construction of the first phase of the Manufaktuuri Factory, which will include 152 new homes with a total sales area of 10,420 m², with construction expected to be completed by Q4 2027 [2] - Hepsor Phoenix 4 OÜ signed a 7 million euros loan agreement for the residential development project Manufaktuuri 12, which consists of two apartment buildings with 49 apartments and a total saleable area of 3,090 m², scheduled for completion in the second half of 2026 [5] Group 2: Project Overview and Significance - The Manufaktuuri Factory is the largest development project in Hepsor's history, aimed at regenerating a former industrial area into a modern urban space that combines historic ambience with contemporary living [3] - The project is considered special not only within Hepsor's portfolio but also for Tallinn, as it is intended to be a state-of-the-art building that meets modern living expectations [4] - The Manufaktuuri quarter development, in partnership with Tolaram Group, has already seen the completion of 421 homes, with 96% sold, and the new agreements will lead to the construction of 201 new homes over the next two years [6] Group 3: Company Background - Hepsor AS is a developer of residential and commercial real estate operating in Estonia, Latvia, and Canada, with a total of 2,076 homes and nearly 36,300 m² of commercial space developed over fourteen years [7] - The company has implemented innovative engineering solutions to enhance energy efficiency and environmental friendliness in its buildings, with a portfolio of 25 development projects covering a total area of 178,200 m² [7]

All right. So, I don't think it's surprising. I don't think it's surprising at all.We saw the Cowboys play on the kickoff game. The Eagles are the Super Bowl champs. They were locked in because they won the Super Bowl.Talk to me about the fact that valuations are rising and the fact that according to your research, 72 of the top 100 TV shows last season were the NFL games. Well, that's a big part of the reason why the values keep going up, Frank. The revenue streams are very predictable, which is part of th ...

Real Estate Development - New York City Council approved rezoning of a 42-block section in Manhattan [1] - Rezoning paves the way for the development of over 9,500 new housing units [1]

Real Estate Development - A commuter town outside New York City is cutting red tape to facilitate the construction of thousands of new apartments [1]

Real Estate Development - Developers in Mumbai are creating more space for amenities like pools, gyms, and greenery [1] Urban Planning - Mumbai faces space constraints, prompting innovative development solutions [1]

Real Estate Development - A commuter town outside New York City is cutting red tape to facilitate new apartment construction [1] - Thousands of new apartments are being built in the mentioned commuter town [1]