Shares of AMREP Corporation (AXR) have lost 8.4% since the company reported earnings for the quarter ended Oct. 31, 2025, compared with a 1.2% decline in the S&P 500 Index over the same period. Over the past month, AMREP shares lost 3.7%, while the benchmark index advanced 2.6%.AXR’s Earnings SnapshotFor the second quarter of fiscal 2026, AMREP reported net income of $1.2 million, or $0.22 per diluted share, a 70.3% decline from $4 million, or $0.75 per diluted share, in the year-ago quarter. Revenue for th ...

2025年西安开发用地市场只剩下1个交易日的情况之下，接下来2026年1月份交易的开发用地将陆续发布出让公告。 就在今天，西安发布了5宗开发用地、2宗产业用地的出让公告，这7宗地的挂牌时间为2026年1月4日至1月15日。 这标志着2026年西安开发用地市场"第一拍"来了！ 此次挂牌出让的5宗开发用地，共计379.745亩，计容建面合计70.39万平方米，挂牌起始价合计为22.799亿元。 这5宗地，分布在浐灞国际港浐灞片区、西咸能金区、沣东科统板块、泾河新城，包含有纯住宅用地、住宅兼容商服用地、纯商务金融用地。 值得注意的是，此次开发用地出让，是西咸新区的地块首次与西安城区的地块出现在同一土地出让公告之中，这或许释放出了一条重要信号！ 01 赵村城改开发用地2宗出让 此次浐灞国际港浐灞片区出让的2宗地，具体信息如下： 这2宗地的挂牌起始价分别为3.404亿元、3.944亿元，对应的竞买保证金分别为6900万元、7900万元。 结合地块位置及相关信息来看，这2宗地属于浐灞赵村城改开发用地的一部分。 赵村城改是2020年下半年启动的，2023年12月份其整体规划公示。根据当时的规划信息，共计涉及到9宗土地，包括 ...

文/北京进深 徐迪 12月5日，通州宋庄镇丁各庄等四村城改项目FZX-0703-6002地块进入用地预申请。 规划建面约8.74万㎡，交易起始价15.62亿元，楼面价约1.79万元/㎡。 第九轮清单中，朝阳东坝、海淀朱房等热门板块也都有宅地供应，通州宋庄地块最先被激活，还挺让人 意外的。 今年城六区以外的土拍，通州确实是少数能拍出溢价的市场。 但都是老城区地块，类似梨园、八里桥等板块，共同的特点是配套成熟且临铁。 而宋庄镇位于通州区北部，远在东六环外。 目前地块周边暂无地铁直达，距离最近的地铁6号线潞城站将近5公里。 | | | 基本值息 | COMPLE OF INC. A | | --- | --- | --- | --- | | 交易编号: | 京土储预(通)〔2025〕048号 | 土地面积: | 48537.615平方米 | | HARROUV MALLE 用地性质: | R2二类居住用地 | 规划建筑面积 | 建筑控制规模 ≤ 87367.707 | | 土地开发程度: | 七通一平 | 位置: | 城市副中心0703街区 | | | | 交易信息 | | | 交易起始价; | 156200万元 ...

Download the Complete Report Here By Rayk Riechmann How to end a transformative year on a high note: better-than-expected land sales and adjusted EBITDA ahead of company guidance. Alico, Inc. (Nasdaq: ALCO) shows once again how to write a turnaround story. With many operational changes well underway and initial successes already positively impacting key financial metrics, 2026 shapes up to be a breakout year. Fiscal year 2025 land sales came in $3.8 million above company guidance at $23.8 million and adju ...

Financial Data and Key Metrics Changes - For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter, reflecting the conclusion of citrus operations [15] - The net loss attributable to Alico common stockholders was $8.5 million, or $1.11 per diluted share, an improvement from a net loss of $18.1 million, or $2.38 per diluted share in the prior year quarter [15] - For the full fiscal year, revenue was $44.1 million compared to $46.6 million in fiscal 2024, with a net loss of $147.3 million primarily due to non-cash charges related to the strategic transformation [16] - Adjusted EBITDA for fiscal 2025 was $22.5 million, exceeding the $20 million guidance target [16] - The company ended fiscal year 2025 with $38.1 million in cash, significantly up from $3.2 million at the end of fiscal 2024, and reduced net debt to $47.4 million from $89 million [16] Business Line Data and Key Metrics Changes - The final major citrus harvest was completed, marking the end of capital-intensive citrus production operations [4] - Land sales generated $23.8 million from 2,796 acres sold during fiscal 2025, surpassing the $20 million target [17] - Approximately 5,250 acres have been leased to third-party citrus growers, with strong interest from other agricultural sectors [9] Market Data and Key Metrics Changes - The establishment of the Corkscrew Grove Stewardship District was approved by the Florida Legislature, validating the development strategy [7] - The entitlement process for the Bonnet Lake property is progressing as expected, with four near-term real estate development projects maintaining an estimated present value of between $335 million and $380 million [8] Company Strategy and Development Direction - Alico has transitioned from a traditional citrus producer to a diversified land company, focusing on sustainable long-term value creation and conservation [4] - The company aims to optimize agricultural operations and advance residential and commercial development projects, particularly focusing on securing final approvals for Corkscrew Grove Villages [12] - Alico's approach balances high-value development projects with diversified agricultural operations, with 25% of land identified for development and 75% remaining for agriculture [9] Management's Comments on Operating Environment and Future Outlook - Management emphasized the successful execution of the transformation and the elimination of citrus agricultural volatility, unlocking value in the land portfolio [18] - The company believes it is well-capitalized and strategically focused, with multiple catalysts for value creation in the coming years [19] Other Important Information - Alico has returned over $190 million of capital to shareholders since 2015 through dividends, share repurchases, and debt reduction [10] - The company has a market capitalization of approximately $240 million, with a net debt of $47.4 million, indicating a significant valuation disconnect compared to the estimated land portfolio value of $650 million to $750 million [19] Q&A Session Summary Question: What is the expected cadence of the land sales in the next 12 months? - Management has not provided guidance on additional land sales for fiscal year 2026 [22]

Core Points - Xi'an has launched a concentrated land auction for 5 plots, totaling an area of 104.13 acres, including residential, commercial, and sports venue land [1] Group 1: Land Auction Details - The auction includes 2 residential and commercial plots, 1 business and finance plot, 1 sports venue plot, and 1 commercial plot [1] - The total area of the land being auctioned is 104.13 acres [1] - The auction is set to take place online from December 15, 2025, to December 26, 2025, with a bidding deposit deadline of December 24, 2025 [2] Group 2: Specific Plot Information - The JK2-8-16-2 plot in the Economic Development Zone covers 37.812 acres with a starting price of 45.5 million yuan and a deposit of 10 million yuan [3] - The XC3-6-7-1 plot in the Happiness Forest area covers 6.697 acres with a starting price of 8.58 million yuan and a deposit of 1.716 million yuan [8] - The XC4-9-158 plot, a business and finance land, covers 20.475 acres with a starting price of 9.5 million yuan and a deposit of 1.9 million yuan [14][15] Group 3: Location and Surrounding Amenities - The JK2-8-16-2 plot is adjacent to multiple metro lines, enhancing accessibility to the main urban area, and is surrounded by educational institutions and commercial facilities [5][9] - The XC3-6-7-1 plot is located near the Happiness Forest area, with access to metro lines and nearby amenities such as schools and commercial centers [12] - The XC4-9-158 plot is situated near the 809 warehouse area, which is part of a redevelopment project aimed at attracting technology and electronic information industries [19][24]

Core Viewpoint - Maui Land & Pineapple Company, Inc. (MLP) has experienced a significant decline in share price, dropping 36.6% since the third-quarter 2025 results were reported, which is notably worse than the S&P 500 Index's 2.3% decrease, indicating investor concerns despite operational improvements [1] Financial Performance - In Q3 2025, MLP reported total operating revenue of $4.5 million, an increase from $3 million year-over-year, primarily driven by higher leasing revenue and land development activity [2] - The company achieved a net income of $0.2 million, a significant recovery from a net loss of $2.2 million in the same quarter last year, with earnings per share rising to 1 cent from a loss of 11 cents [2] - Leasing revenue increased to $3.5 million from $2.7 million, while land development and sales contributed $0.8 million compared to no revenue in the prior-year quarter [2] - Operating costs decreased to $4.9 million from $5.3 million, attributed to lower share-based compensation despite higher leasing-related costs [2] Key Business Metrics - For the nine months ended September 30, 2025, operating revenue rose 83.1% to $14.9 million from $8.2 million, driven by leasing, land development sales, and reimbursements from the State of Hawai'i's Relief Housing Project [3] - Leasing revenue grew to $9.9 million from $7.1 million, supported by tenant additions and higher occupancy [3] - Land development and sales revenue surged to $4.2 million from $0.2 million, reflecting parcel sales and progress on the Honokeana Homes project [3] Operating Loss and Adjusted EBITDA - Operating loss narrowed significantly to $2.8 million from $5.5 million in the prior-year period, while adjusted EBITDA turned positive at $1.6 million compared to a slight loss a year earlier [4] - However, the company recorded a GAAP net loss of $9.4 million, widening from a $5.5 million loss last year, primarily due to $6.9 million in pension-related expenses [4] Cash Position - Total cash and investments convertible to cash declined to $5 million from $9.5 million at year-end 2024, reflecting pension contributions, development costs, and capital expenditures [5] Management Commentary - Management highlighted strong leasing momentum with a 39% year-over-year increase in recurring leasing revenue and improved occupancy across commercial properties [6] - The company is focusing on stabilizing recurring income while unlocking value from non-strategic parcels and has terminated its qualified pension plan, fulfilling a significant legacy obligation [7] Influencing Factors - Results for the nine months ended September 30, 2025, were significantly impacted by the State of Hawai'i's Relief Housing Project, contributing $3.4 million in reimbursed development costs [8] - Increased tenant activity, higher water system revenues, and improved occupancy across various properties positively influenced leasing [8] Cost Dynamics - Leasing-related expenses rose due to increased occupancy, property management fees, and tenant improvement work [10] Future Outlook - Management expects continued growth in leasing income as occupancy stabilizes and origination costs decline, with plans to monetize remnant parcels over the next one to three years [12] Other Developments - MLP advanced its agave farming venture and initiated planting across 25 acres, while also continuing the Honokeana Homes project on a cost-recovery basis [13] - The company disclosed several legal matters, including lawsuits related to irrigation water access, though financial impacts remain undetermined [13] Overall Assessment - While MLP demonstrated operational improvements in leasing and land development, cash outflows and pension-related charges negatively impacted reported earnings, leading to a muted market reaction [14]

Core Insights - Guangzhou's horse racing track land is entering the compensation phase, with a total compensation amount of approximately 10 billion yuan, indicating significant progress in the land's redevelopment [1][2] - The land, located in the prime area of Zhujiang New Town, is considered a "rare piece" and is expected to invigorate the Guangzhou land market, with potential listing for sale in the first half of next year [1][2] - The land's redevelopment plan includes a total construction area of 730,000 square meters, comprising 220,000 square meters for high-end residential, 500,000 square meters for commercial, educational facilities, and public spaces [2][3] Company Involvement - Yuexiu Group is the largest shareholder in the horse racing track project, holding a 49.85% stake, and is actively involved in the development and infrastructure enhancement of the area [3] - The total investment for the urban space improvement project in Zhujiang New Town, where the horse racing track is located, is approximately 15.12 billion yuan [3] Market Trends - Guangzhou's land market has seen a significant increase in supply, with 12 plots listed this month, primarily in core areas, indicating a potential stabilization in the market [1][5] - The overall land supply in Guangzhou has been low in the first three quarters of the year, with a 39.51% year-on-year decrease in planned residential land area [5] - Analysts predict that the introduction of high-quality land will stimulate market demand and lead to a recovery in the real estate sector, particularly through the development of high-end residential projects [5]

Core Insights - Maui Land & Pineapple Company, Inc. reported a significant 39% year-over-year increase in recurring leasing revenue for the third quarter of 2025, reflecting successful strategic initiatives and strong progress in land development [2][5] - The company achieved positive Adjusted EBITDA year-to-date, marking a meaningful improvement over 2024, indicating operational progress and positioning for continued growth [4][5] Financial Highlights - Recurring revenue from the leasing segment increased by 39% year-to-date in 2025 compared to the same period in 2024, and by 59% compared to the same period in 2023 [5] - Operating revenues rose by 83.1% to $14.9 million for the nine months ended September 30, 2025, compared to $8.2 million for the same period in 2024 [5][19] - Operating profit improved by 48.4%, with a loss of $2.8 million compared to a loss of $5.5 million for the nine months ended September 30, 2024 [5][19] - Adjusted EBITDA for the nine months ended September 30, 2025, was $1.6 million, an increase of $1.7 million compared to a loss of $0.1 million for the same period in 2024 [5][22] Land Development and Sales - The land development and sales segment's net operating income improved by 203.9%, reaching $0.5 million compared to a loss of $0.5 million for the same period in 2024, driven by three parcel sales in the current year [5] - The company sold three land parcels through the third quarter of 2025 and has five additional parcels publicly marketed for sale [5] Leasing Segment Performance - The leasing segment's net operating income improved by 21.5%, totaling $4.5 million compared to $3.7 million for the nine months ended September 30, 2024 [5] - Approximately 30 leases were executed and commenced from late 2024 to September 30, 2025, with expectations for continued increases in recurring net operating income as occupancy stabilizes [6] Cost Management - Operating costs and expenses increased by 30.1% to $17.8 million for the nine months ended September 30, 2025, primarily due to direct costs from the Relief Housing Project [5][19] - General and administrative and share-based compensation expenses decreased by 16.0% to $6.7 million compared to $8.0 million for the same period in 2024, driven by a reduction in share-based compensation [12] Pension Obligations - The company fulfilled its largest remaining legacy obligation by funding, annuitizing, and terminating the qualified pension at an expense of $6.9 million, with the final remaining pension obligation scheduled to be resolved in the fourth quarter of 2026 [5][12]

Group 1 - The announcement by Huainan's Natural Resources and Planning Bureau indicates a strong demand for land, with four high-quality plots totaling approximately 319 acres being auctioned, including three residential and one commercial plot [1][3] - The high-tech zone is highlighted as a key area for land supply, with three of the four plots located there, emphasizing its role as an innovation engine for Huainan [3][6] - The residential plots have a floor area ratio of ≤1.6 and a building height limit of 54 meters, while the commercial plot is designed to enhance business services in the high-tech zone [3][5] Group 2 - The land supply strategy aligns with the overall spatial planning goals, focusing on industrial and residential land to support urban development and population growth [6][9] - Huainan's urban planning aims to create a comprehensive public service system with a 15-minute living circle, facilitated by a rapid road network connecting key areas [6][7] - The integration of industrial and residential land supply is expected to enhance land value and support economic development, particularly in the high-tech zone and Tianjiaan District [8][9]