Financial Data and Key Metrics Changes - In the first quarter of fiscal 2026, the company reported total revenue of $1.9 million, a decrease from $16.9 million in the prior year period, primarily due to the conclusion of its citrus business [14] - The net loss improved to $3.5 million or $0.45 per diluted share, compared to a net loss of $9.2 million or $1.20 per diluted share in the prior year [15] - Positive EBITDA of $2.4 million was achieved, compared to negative $6.7 million in the prior year, marking a $9.1 million improvement [15] - The balance sheet remains strong with $34.8 million in cash and cash equivalents at quarter end, and a current ratio of 14.39 to 1 [16] Business Line Data and Key Metrics Changes - The Alico Citrus segment generated $0.9 million in revenue with a gross loss of $6.5 million, down from $16.3 million in revenue and an $8.8 million gross loss in the prior year [14] - Revenue from land management and other operations increased by 77%, driven by higher rock and sand royalties and farming lease revenue [15] Market Data and Key Metrics Changes - The company achieved $7.7 million in land sales during the quarter, contributing to a total of $34.5 million in land sales year-to-date through January 2026 [16][17] - The management's NPV analysis values the land portfolio between $650 million and $750 million, while the current market capitalization is approximately $320 million [10][21] Company Strategy and Development Direction - The company is focused on land monetization and utilization strategy, with a commitment to responsible land stewardship [5][7] - The establishment of the Corkscrew Grove Stewardship District is a significant regulatory milestone that supports sustainable, community-focused growth [8] - The company aims to optimize agricultural operations while advancing residential and commercial development projects [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial stability built through strategic transformation and highlighted the potential for significant value creation from the land portfolio [18][21] - The company anticipates ending fiscal year 2026 with approximately $50 million in cash and reducing net debt to about $35 million [17][18] Other Important Information - Alico has returned over $190 million to shareholders since 2015 through dividends, share repurchases, and voluntary debt reduction [10] - The company maintains a balanced portfolio approach, with 75% of land used for agricultural activities and 25% identified for strategic development [9] Q&A Session Summary Question: Timing for Corkscrew approval - Management indicated that the approval could be expected by the end of September 2026, but local calendar control is not guaranteed [25] Question: Next steps post-approval for Corkscrew - Management noted that conversations with national home builders and developers are ongoing, but no agreements have been finalized [26] Question: Cash flow from farmland utilization - Management stated that they have not provided additional forecasted information regarding cash flow from farmland utilization but will consider providing clarity in future calls [27][28]

Financial Data and Key Metrics Changes - The company reported total revenue of $1.9 million for Q1 2026, a significant decrease from $16.9 million in the prior year period, primarily due to the conclusion of its citrus business [16] - The net loss improved to $3.5 million or $0.45 per diluted share, compared to a net loss of $9.2 million or $1.20 per diluted share in the prior year [17] - Positive EBITDA of $2.4 million was achieved, compared to negative $6.7 million in the prior year, marking a $9.1 million improvement [17] - The balance sheet remains strong with $34.8 million in cash and cash equivalents at quarter end, and a current ratio of 14.39 to 1 [18] Business Line Data and Key Metrics Changes - The Alico Citrus segment generated $0.9 million in revenue with a gross loss of $6.5 million, down from $16.3 million in revenue and an $8.8 million gross loss in the prior year [16] - Land management and other operations revenue increased by 77%, driven by higher rock and sand royalties and farming lease revenue [17] Market Data and Key Metrics Changes - The company achieved $7.7 million in land sales during the quarter, contributing to a total of $34.5 million in land sales year-to-date through January 2026 [19] - The management's NPV analysis values the land portfolio between $650 million and $750 million, while the current market capitalization is approximately $320 million [11][22] Company Strategy and Development Direction - The company is focused on land monetization and utilization strategy, with a commitment to responsible land stewardship [5][7] - Alico is advancing its development pipeline, particularly the Corkscrew Grove Villages project, which is expected to begin construction as early as 2028 [9][10] - The company aims to optimize agricultural operations while balancing capital allocation with shareholder returns [12][13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial stability built through strategic transformation, highlighting the positive EBITDA generation and strong balance sheet [20] - The company anticipates ending fiscal year 2026 with approximately $50 million in cash and reducing net debt to about $35 million [20] Other Important Information - Alico has entered into a ten-year lease with Bayer Crop Science for an agricultural research station, achieving 97% utilization of its farmable agricultural acreage [6][7] - The company has returned over $190 million to shareholders since 2015 through dividends, share repurchases, and voluntary debt reduction [11] Q&A Session Summary Question: Timing for Corkscrew Grove Villages approval - Management indicated that the approval could be expected by the end of September 2026, but local calendar control is not in their hands [26] Question: Next steps after approval for Corkscrew - Management mentioned that conversations with national home builders and developers are ongoing, but no agreements have been finalized yet [27] Question: Cash flow from farmland utilization - Management stated that they have not provided additional forecasted information regarding cash flow from farmland utilization but will take the request offline for future clarity [28]

Core Viewpoint - The luxury real estate market in Shanghai is experiencing a significant divergence, with high-end properties showing strong sales despite an overall market slowdown, indicating a trend towards the prioritization of secure, scarce, and cyclical assets [1][3][29] Market Dynamics - In early 2026, the Shanghai land market displayed cautious signals, with all five residential land plots sold at base prices, reflecting a decline in developer enthusiasm [1][27] - The total area of newly built commercial housing in Shanghai fell to 257,100 square meters, indicating a slowdown in supply during the traditional sales off-season [1][27] - Despite the overall market cooling, luxury properties like those developed by China Resources Land, including Shilin Runyuan, Luanqi Binjiang, and Waitan Ruifu, have shown remarkable sales performance, becoming resilient leaders in the off-season market [1][3][29] Prime Locations - The success of luxury properties is rooted in their irreplaceable core urban locations, which are considered the ultimate currency in real estate [1][29] - Shilin Runyuan is located in the Huangpu Old Town, a historical area with over 730 years of continuous urban history, making it a cultural "living fossil" [1][4][31] - Luanqi Binjiang is positioned in the Central Activity Zone (CAZ) along the Huangpu River, representing a prime residential site with significant future development potential [1][34] - Waitan Ruifu is strategically located in the "Golden Triangle" of Shanghai, which is designated as a global city core functional area in the Shanghai 2035 master plan [1][34] Product Differentiation - China Resources Land is not just building homes but is redefining living paradigms through innovative product offerings [1][29] - Shilin Runyuan has introduced the world's first non-heritage customized courtyard villa, allowing deep customization for homeowners [1][10][35] - Luanqi Binjiang incorporates advanced technology and aesthetics, utilizing AI algorithms for optimal design and ensuring panoramic views for residents [1][11][36] - Waitan Ruifu emphasizes contemporary avant-garde aesthetics while maintaining historical significance, featuring near-zero energy consumption buildings and advanced health-oriented amenities [1][41][42] Asset Security - In uncertain economic times, the long-term security and potential of assets are crucial for high-net-worth individuals, with China Resources Land providing a strong safety net as a state-owned enterprise [1][21][46] - The company promotes a "walkable neighborhood" lifestyle, integrating cultural and artistic elements into its developments to enhance community engagement [1][47] - The projects are designed to be "collectible assets," embodying both physical and spiritual coordinates of the city, and are positioned as financial core assets with high liquidity and strong resistance to market fluctuations [1][48] Business Model - China Resources Land's unique "3+1" integrated business model combines development, operational real estate, light asset management, and ecosystem elements, creating strong synergies [1][24][49]

Core Viewpoint - The Oceanwide Plaza development, known as the Graffiti Towers, is moving closer to a potential sale following a bankruptcy exit agreement approved by a federal bankruptcy judge, resolving disputes among creditors [1][2]. Group 1: Bankruptcy and Legal Proceedings - The bankruptcy exit agreement aims to end "value-destructive litigation" and allows Oceanwide to focus on selling the project, which is a priority for the city, especially with the upcoming 2028 Olympic Games [2]. - The settlement resolves various legal battles among creditors regarding repayment order, claim amounts, and establishes a framework for a consensual chapter 11 plan and sale [4]. - Under the agreement, L.A. Downtown Investment LP will receive a claim of $230 million, while mechanics liens held by Lendlease (US) Construction Inc. and DTLA Funding LLC total $168 million [4]. Group 2: Project Details and Future Prospects - Oceanwide Plaza was initially envisioned as a significant mixed-use development, including over 500 condos, 180 hotel rooms, and nearly 170,000 square feet of retail space [6]. - The location is considered highly attractive, situated in the heart of Los Angeles' entertainment and sports district, which enhances its draw power [6]. - A potential investor is currently in discussions to acquire the property, contingent upon the resolution of the bankruptcy [3].

和平区，以其区位、教育等方面的优势，每一次"拍地"都备受瞩目。2025年，该区仅成交1宗宅地，即浑南大道南悦融路东02地块，和平湾板块将添低密 新盘。2026年，和平区要发力了！和平区政府工作报告提及，推动北市四期、白塔堡河南-1等地块顺利出让，北市场、长白南等板块将"上新"！ 北市场板块有望迎来两大新盘 2023年10月24日，和平区北市三期地块成交。地块分为两部分，隔皇寺路相望，用地性质为二类居住用地，土地面积共22021.1平方米，容积率不大于2.5 大于1.0，商业比例5%-10%。 地块紧邻沈阳地铁4号线皇寺路站。据悉，地块将打造沈阳地铁"TOD好房子"，入市时间或已不远。而随着北市四期地块的顺利出让，北市场板块将迎两 大新盘。 交通出行方面，该地块紧邻地铁4号线市府大路站、南京北街、市府大路、东西快速干道等城市主干道，多维交通出行便捷。 商业配套方面，除北市商圈以外，地块周边西塔、北站、北行、市府商圈环绕，购物、休闲、娱乐举步即达。而备受关注的教育配套方面，地块周边现有 126中学分校、南京一校西塔分校等优质教育资源。 北市四期地块周边配套设施完善、文化氛围浓厚，适合建造特色街区式商业及高品质居住 ...

Hongkong Land has launched Singapore’s largest private real estate fund, as the 137-year-old property developer embarks on a strategic pivot towards fund management and commercial properties under CEO Michael Smith. The Singapore Central Private Real Estate Fund (SCPREF) will focus on prime commercial assets in the country’s central business district, and with around 8.2 billion Singapore dollars ($6.4 billion) in assets. SCPREF’s initial portfolio comprises several buildings in Singapore’s CBD: Asia Squa ...

Core Insights - In 2025, Hangzhou's urban area sold 92 residential land parcels, with only 50 projects launched within the year, indicating a shift towards longer development cycles and a focus on quality over speed [4][5] - Several high-end projects are set to enter the market after the Spring Festival, with significant competition expected among luxury developments [4][5] Group 1: High-End Projects - The Binjiang Water Power New Village project, developed by Binjiang Group, is positioned as a premium offering with a starting price of over 130,000 yuan per square meter and total prices starting at 35 million yuan [5] - The Zhonghai Wanchao Jiuxu project, designed by Zaha Hadid Architects, will feature units priced from over 30 million yuan, with sizes ranging from 233 to 413 square meters [6] - The Aoying Century project in Qiantang Bay has set a record for the highest land price in Xiaoshan, with total prices exceeding 20 million yuan and units ranging from 238 to 388 square meters [6] Group 2: Market Dynamics - The introduction of new projects in previously stagnant areas, such as the Future Technology City and San Dunbei, is expected to create a new pricing structure and influence future market values [8][9] - The launch of the Runqi Future City project, which is the first unrestricted price new residential project in its area, will face challenges from declining second-hand home prices and competition from nearby new developments [9] - The Huafeng and Puyang areas are seeing a surge in new supply, with multiple projects set to launch in early 2026, indicating a competitive landscape [10][11]

Core Viewpoint - Howard Hughes Holdings Inc. announced the pricing of $1 billion in senior notes, with $500 million due in 2032 and $500 million due in 2034, priced at par [1][2]. Group 1: Financial Details - The 2032 Notes will have a semi-annual interest rate of 5.875% and the 2034 Notes will have a semi-annual interest rate of 6.125%, with interest payments starting on September 1, 2026 [2]. - The net proceeds from the offering will be used to redeem all outstanding 5.375% Senior Notes due 2028, along with related premiums, accrued interest, and expenses [3]. Group 2: Offering Structure - The Notes are being offered in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, without registration under the Securities Act [4]. - The offering is expected to close on February 17, 2026, pending customary closing conditions [2]. Group 3: Company Overview - Howard Hughes Holdings Inc. is focused on long-term shareholder value through its real estate platform, managing and developing various commercial and residential properties across the U.S. [6]. - The company owns notable assets including master planned communities and development opportunities in locations such as Greater Houston, Las Vegas, Greater Phoenix, Honolulu, and Columbia, Maryland [6].

S U P P L E M E N T A L INFORMATION PACKAGE 2025 FOURTH QUARTER QUALITY • INNOVATION • INTEGRITY • COMMUNITY Table of Contents | | Page | | --- | --- | | Executive Summary | 1 | | 2025/2026 Business Plan Trend Line | 3 | | Development Summary | 8 | | Balance Sheet and Liquidity | 13 | | Land Inventory | 14 | | Property Activity | 15 | | Net Operating Income Composition | 16 | | Regional Property Overview | 17 | | Leasing Activity | 18 | | Lease Expiration Analysis | 20 | | Top Twenty Tenants | 22 | | Portfo ...

Core Insights - NewGenIVF Group Limited has successfully launched its inaugural tokenized bond issuance campaign, demonstrating its expertise in real-world asset tokenization and commitment to digital asset innovation [1][2][3] Group 1: Company Strategy and Developments - The Commitment Campaign for the tokenized bond issuance is live on Evident Capital's platform, fulfilling the company's goals to transform its balance sheet and unlock new capital sources for business growth [1][4] - The inaugural tokenized bond will reference NewGen's flagship residential project in the UAE, located near the first casino resort in Ras Al Khaimah, providing professional investors with regulated exposure to a differentiated real-world asset pipeline [2][3] - The campaign allows professional investors to review transaction information and submit non-binding indications of interest, enabling real-time demand assessment and optimization of the bond structure before binding subscriptions [2][4] Group 2: Execution and Market Positioning - The launch of the Commitment Campaign occurred in under two weeks following the company's announcement, showcasing NewGen's ability to execute complex projects rapidly [1][6] - The campaign is designed to align with Hong Kong's regulatory expectations for tokenized securities, reducing friction compared to traditional offline bookbuilding methods [4][6] - NewGen's strategy aims to fund its UAE real estate pipeline through non-dilutive, debt-style tokenized bonds, preserving value for existing shareholders while tapping into new capital pools [5][6] Group 3: Future Outlook and Innovation - The successful execution of the Commitment Campaign establishes a baseline for further innovation in NewGen's real-world asset strategy [3][5] - The project represents a significant step in bridging UAE real estate into Asian capital markets via a regulated tokenization framework, offering a scalable model for future cross-border deals [5][6] - NewGen's digital assets division has demonstrated its capability to deliver innovative solutions rapidly, positioning the company to capture market attention during significant industry events [6]