Market Overview - The real estate market in Guangzhou is currently experiencing a downturn, with only 3,101 units signed online as of July 20, which is significantly lower than last year's 5,596 units [1][3] - The average price per square meter is 32,569 yuan, which is slightly better than the previous month but still reflects a cooling market [2][3] Market Dynamics - June saw the highest number of transactions for the year at 6,707 units, driven by projects pushing for mid-year performance [3] - July is traditionally a slow month for real estate, compounded by high temperatures and school vacations, leading to decreased buying activity [3] - The market lacks new launches aside from a few projects, contributing to the overall stagnation [3] Government Initiatives - The Guangzhou government is actively stabilizing the market by utilizing a substantial fund to acquire existing residential properties, which is expected to provide a safety net for the market [8] - The government is also focusing on releasing quality land in core urban areas, which has shown positive results in attracting buyers and generating revenue for developers [8][9] - New regulations on housing design are being implemented to improve living conditions and address issues related to property safety and privacy [9] Economic Indicators - Guangzhou is witnessing a surge in urban vitality, with significant corporate investments and the establishment of major company headquarters, which is expected to enhance the city's attractiveness [11][12] - The city has seen a consistent increase in subway ridership, indicating a growing population and economic activity [12] Future Outlook - The ongoing urban renewal projects are expected to sustain purchasing power in the market, although the long-term sustainability of this demand remains uncertain [5] - The combination of government support, urban development, and new purchasing power from residents is seen as a positive sign for the market's recovery [15]

As filed with the Securities and Exchange Commission on July 25, 2025 Registration No. 333-286850 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDNMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Safe & Green Holdings Corp. (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 5030 95-4463937 (I.R.S. Employer Identification Number) 990 Biscayne Blvd ...

Financial Performance - AMREP Corporation reported a net income of $12,716,000, or $2.37 per diluted share, for the fiscal year ended April 30, 2025, compared to a net income of $6,690,000, or $1.25 per diluted share, for the same period in the prior year [1] - Revenues for fiscal 2025 were $49,694,000, down from $51,369,000 in fiscal 2024 [1][5] - Basic income per share increased to $2.39 in 2025 from $1.26 in 2024, while diluted income per share rose to $2.37 from $1.25 [5] Company Overview - AMREP Corporation is a major holder of land, a leading developer of real estate, and an award-winning homebuilder located in New Mexico [3]

Financial Data and Key Metrics Changes - Total revenues increased by 6.8% year over year, reaching $67 million, primarily driven by rental income from new leases and inflationary adjustments [17] - Adjusted net operating income rose by 7.2% to €61.8 million, with an adjusted NOI margin of 94.5% [18] - Adjusted EBITDA increased by 9% year over year to €55 million, with a margin expansion of 137 basis points to 84.1% [18] - Pre-tax income decreased to $54.5 million compared to $131.8 million in 2024, mainly due to lower gains on valuation of investment properties [19] - Funds from operations (FFO), excluding current tax, increased by 12.9% year over year to $43.1 million [19] - Cash and cash equivalents stood at $65.2 million, with total debt increasing to $900 million [20] Business Line Data and Key Metrics Changes - New leasing activity totaled 1.8 million square feet, including 411,000 square feet in new contracts, reflecting a sequential increase from the first quarter [9] - Strong retention rates of 84% were reported, with rent increases of 20% to 30% in some cases [10] - The tracking 12-month spread reached 13.7%, indicating a significant increase in the mark-to-market portfolio strategy [10] Market Data and Key Metrics Changes - The portfolio ended the quarter with a stabilized occupancy of 95.5%, with rents indexed to inflation [8] - The company noted an uptick in vacancy in markets such as Tijuana and Juarez, but rents have maintained or increased in some cases [23] - The company has approximately 2 million square feet in lease-up stage across different regions [25] Company Strategy and Development Direction - The company is focused on extracting value from core operations and managing assets with discipline, emphasizing tenant retention and strategic positioning [12] - The strategy includes completing existing projects and strategically expanding the land bank in line with Route 2030 [11] - The company aims to reinforce its foundation to scale confidently when the environment normalizes, with a focus on energy infrastructure planning and streamlining permitting [12] Management's Comments on Operating Environment and Future Outlook - Management views the current slowdown in leasing as a temporary deceleration rather than a structural change, with companies exercising caution rather than canceling plans [14] - The company expects recent deliveries of income-producing properties to contribute to revenues in the second half of 2025 [15] - Management remains optimistic about the long-term growth potential in Mexico, particularly in light of industrial realignment [16] Other Important Information - The company acquired 128.4 acres in Guadalajara and finalized a 20.2-acre acquisition in Monterrey, enhancing its strategic footprint [20] - The company paid a cash dividend of $0.38 per ordinary share for the second quarter [21] Q&A Session Summary Question: Development pipeline progress ahead of USMCA review - Management noted an uptick in vacancy in some markets but expressed confidence in rent stability and pent-up demand as negotiations progress [23][24] Question: Leasing activity in Monterrey - Management highlighted strong net absorption in Monterrey and expressed confidence in leasing up new properties due to their prime locations [30][31] Question: Yield on cost for projects under construction - Management confirmed attractive yield on costs above 10% and noted stable construction costs with minor adjustments [39] Question: Land acquisitions and leverage by year-end - Management indicated a healthy leverage position and confidence in sustaining land acquisition strategies without compromising financial ratios [48] Question: Increase in leasing activity pipelines - Management observed increased visits to industrial parks and anticipated more leasing activity in the second half of the year [52] Question: Leasing spreads and development starts - Management expects continued strong leasing spreads and will be cautious with new development starts until existing properties are leased up [58][63] Question: Land bank and shovel-ready status - Management confirmed that recent land acquisitions are mostly shovel-ready, with some permits already in place [68][72] Question: Dynamics in absorption, vacancy, and rents - Management reported stable to positive rent growth in Tijuana and Ciudad Juarez, with expectations for increased leasing activity in the second half [80][81] Question: Renewals and market gaps - Management indicated approximately 3% of GLA expiring this year, with expectations for high renewal rates and rent increases [85][86] Question: Regional footprint and market priorities - Management emphasized the priority of leasing up vacant space in key markets like Monterrey and Ciudad Juarez before new developments [93]

Financial Data and Key Metrics Changes - Total revenues increased by 6.8% year over year, reaching $67 million, primarily driven by rental income from new leases and inflationary adjustments [14] - Adjusted net operating income rose by 7.2% to €61.8 million, with an adjusted NOI margin of 94.5% [15] - Adjusted EBITDA increased by 9% year over year to €55 million, with a margin expansion of 137 basis points to 84.1% [15] - Pre-tax income decreased to $54.5 million compared to $131.8 million in 2024, mainly due to lower gains on investment property valuations [16] - Funds from operations (FFO), excluding current tax, increased to $43.1 million from $38.2 million in Q2 2024, a 12.9% year-over-year increase [17] - Cash and cash equivalents stood at $65.2 million, while total debt increased to $900 million [17][18] Business Line Data and Key Metrics Changes - New leasing activity totaled 1.8 million square feet, including 411,000 square feet in new contracts, reflecting a sequential increase from Q1 [6][7] - Retention rates remained strong at 84%, with successful rent increases of 20% to 30% in some cases [7] - The tracking 12-month spread reached 13.7%, indicating a significant increase in the mark-to-market portfolio strategy [7] Market Data and Key Metrics Changes - The portfolio ended the quarter with a stabilized occupancy rate of 95.5%, with rents indexed to inflation [10] - The company noted a cautious leasing environment, particularly in export-linked markets, but highlighted resilience in renewals and releasing activity [5][6] - The company acquired 128.4 acres in Guadalajara and 20.2 acres in Monterrey, enhancing its strategic footprint [9][18] Company Strategy and Development Direction - The company is focused on long-term growth, emphasizing tenant retention, strategic positioning, and the intrinsic value of its existing portfolio [10] - The strategy includes completing existing projects and strategically expanding the land bank in line with Route 2030 [9] - The company aims to reinforce its foundation to scale confidently when the environment normalizes, including accelerating energy infrastructure planning [10][12] Management's Comments on Operating Environment and Future Outlook - Management views the current slowdown in leasing as a temporary deceleration rather than a structural change, with companies exercising caution rather than canceling plans [12] - The company expects recent deliveries of income-producing properties to contribute to revenues in the second half of 2025 [13] - Management remains optimistic about the long-term outlook, citing trade policy stabilization and manufacturing resilience as positive indicators for future growth [14] Other Important Information - The company paid a cash dividend of $0.38 per ordinary share for Q2 2025 [19] - The company maintains a healthy leverage position with a net debt to EBITDA ratio of four times and a loan to value ratio of 22.4% [18] Q&A Session Summary Question: Development pipeline progress ahead of USMCA review - Management noted an uptick in vacancy in some markets but expressed confidence in stable or increasing rents, indicating pent-up demand [20][22] Question: Leasing in Monterrey with weak net absorption - Management highlighted strong net absorption in Monterrey and expressed confidence in leasing up new properties due to their prime locations [28] Question: Yield on cost for projects under construction - Management confirmed attractive yield on costs above 10% and noted stable construction costs with minor adjustments [36][38] Question: Land acquisitions and leverage by year-end - Management reassured that leverage remains healthy and that land acquisitions align with their long-term strategy [42][46] Question: Increase in leasing activity pipelines - Management observed increased visits to industrial parks and anticipated more leasing activity in the second half of the year [50] Question: Leasing spreads expectations - Management expects continued strong leasing spreads and proactive management of tenant relationships [58] Question: Priorities for regional footprint and new starts - Management emphasized leasing up existing properties as a priority before considering new developments [90] Question: Impact of exchange rates on net income - Management clarified that most properties are dollar-denominated, and the impact on net income is primarily from financial adjustments rather than exchange rates [96][99] Question: Expected leasing activity from upcoming projects - Management expects high-quality assets to attract leasing activity within three to twelve months after delivery [104] Question: Exposure to manufacturing and logistics - Management indicated a balanced strategy between manufacturing and logistics, with a focus on long-term leases with high credit-rated companies [112] Question: Vertical integration and tenant demands - Management confirmed existing vertical integration and expressed interest in renewable energy solutions for tenants [120][122]

Core Points - Shanghai's new land king was established on July 25, with Shanghai Qixiang Wangyu Real Estate Co., Ltd. winning the bidding for the XH-02(TPL) unit 051-11 plot in Xuhui District for a total price of 1.225 billion yuan, translating to a floor price of 200,300 yuan per square meter, breaking the previous record of 131,000 yuan per square meter set by Greentown in August last year [1][9][12] Group 1: Land Acquisition Details - The XH-02(TPL) unit 051-11 plot was auctioned with a starting price of 1.001 billion yuan and a minimum bidding increment of 2 million yuan, with the final bid reaching 1.225 billion yuan after 28 rounds of bidding [2][4] - The plot was previously designated for mixed-use commercial and office purposes but was changed to residential use, with a total area of 4,707 square meters and a maximum building height of 15 meters [6][14] Group 2: Market Context - The Xuhui District is known for its historical and cultural significance, with the area surrounding the plot featuring numerous historical buildings and a high density of historical architecture [8][4] - The recent auction reflects a trend in Shanghai's real estate market, where the city has dominated the top ten highest land prices in the country, with eight out of ten plots located in Shanghai [11][12] Group 3: Future Implications - Analysts suggest that the high floor price indicates a potential future selling price for new homes in the area, estimating that prices could reach at least 280,000 yuan per square meter, with some predictions suggesting a conservative estimate of 250,000 yuan per square meter [15]

Core Viewpoint - The planning for the 8th plot in the Jinghu Huangjiu Town has been officially announced, with the land acquired for a total price of 959 million yuan, resulting in a floor price of approximately 11,465 yuan per square meter [1]. Group 1: Project Details - The project is located south of Xilin Middle School and is being developed by Shaoxing Huangjiu Town Construction Investment Co., Ltd. [1] - The project will feature a low plot ratio of 1.05, with plans for 32 three-story row houses, 13 five to six-story stacked villas, and 6 eight to nine-story apartment buildings [5]. - The design of the apartments includes large south-facing windows for better lighting, and the roofs will have sloped eaves to protect the walls from rain and enhance harmony with the surrounding environment [8]. Group 2: Product Features - The stacked villas will include a rooftop starry terrace, providing significant private space for residents to engage in activities such as gardening or hosting gatherings [11]. - The row houses will adopt a traditional Chinese style with large terraces, and the sloped roof design will offer semi-outdoor spaces for rainy days, ensuring privacy and ventilation [13]. Group 3: Location Advantages - A significant advantage of the project is its proximity to a subway station, with the planned East Pu Station of Line 4 located to the north of the project, featuring four entrances [15]. - The planned extension of the station front avenue to Yangjiang West Road will further enhance future transportation convenience [17].

Summary of Key Points from the Conference Call Industry Overview - **Real Estate**: The 30-city property sales in China declined by -26% YoY in the first 19 days of July, a significant drop from -8% YoY in June, with tier 1 and tier 2 cities experiencing declines of -30% and -27% respectively, while tier 3 cities remained weak at -17% YoY [2][21] - **Steel Production**: Steel production showed a slight improvement, declining by -4% YoY in the first 10 days of July compared to -5% YoY in June [2][20] - **Port Activities**: Port cargo throughput growth increased to 12% YoY in early July, although container throughput growth decreased to 3% YoY [2][12] - **Auto Sales**: Auto retail sales growth softened to 7% YoY in the first 13 days of July from 15% YoY in June, while wholesale growth increased to 34% YoY from 14% YoY [2][17] Economic Indicators - **GDP Growth**: Q2 real GDP growth remained robust at 5.2% YoY, slightly down from 5.4% YoY in Q1, supported by improving retail sales and solid export growth [3] - **Deflation Pressure**: The GDP deflator showed a larger decline of -1.2% YoY in Q2 compared to -0.8% YoY in Q1, indicating ongoing deflationary pressures [3] - **Investment and Consumption**: FAI growth decelerated to 2.1% YoY, with industrial production growth slightly slowing to 6.2% YoY [3][29] Forecasts and Expectations - **2025 GDP Forecast**: The GDP forecast for 2025 has been upgraded to 4.7% from a previous projection of 4%, with expectations of economic deceleration in H2, particularly in Q4 [4] - **CPI and Currency Outlook**: Full-year CPI is expected to decline to -0.2%, with the CNY potentially strengthening in the near term but facing risks from trade uncertainties [4] Policy and Government Actions - **Urban Development**: The central urban work conference emphasized urban renewal and infrastructure investment, with a focus on upgrading old urban pipelines and tunnels [5][7] - **Sector Support Plans**: The Ministry of Industry and Information Technology plans to unveil new action plans in 2025 to stabilize growth in ten key sectors, including steel, petrochemical, and automotive industries [7] Trade and International Relations - **Trade Deals**: A new trade deal with Indonesia was announced, with a tariff rate of 19% and commitments for significant purchases of US goods [8] - **Technology Exports**: The US government is expected to grant licenses for Nvidia to export H20 GPUs to China, indicating a potential easing of restrictions [8] Additional Insights - **Market Sentiment**: The upcoming July Politburo meeting is anticipated to maintain a supportive macro policy tone, but major additional stimulus measures are unlikely due to robust Q2 GDP growth [9] - **Investment Risks**: Key risks to the economic outlook include the progress of US-China trade talks and the ongoing property market downturn [4][9]

Core Viewpoint - The removal of the carousel at Jinan Mixc is part of the construction for the exit of the Jinan Metro Line 4, indicating a strategic integration of public transport and commercial complexes to enhance urban commercial development [1][2][6] Group 1: Metro and Commercial Integration - Jinan is accelerating the integration of metro systems with commercial complexes, which is expected to inject new momentum into urban commercial upgrades [1][6] - The Jinan Metro Line 4 will connect key areas and is planned to open by the end of this year, significantly reducing commuting time and alleviating traffic pressure on major roads [5][11] - The metro stations are strategically located to enhance commercial radiation, with direct access to various shopping and entertainment venues [8][10] Group 2: Future Developments - Jinan is advancing 21 large-scale Transit-Oriented Development (TOD) projects that will integrate commercial, residential, and recreational spaces with metro stations, creating a comprehensive urban ecosystem [10][11] - The TOD projects include significant developments such as high-rise residential buildings and large shopping centers, which will further enhance the commercial landscape of Jinan [11] - The ongoing construction of metro lines is expected to release the "metro economy" effect, boosting commercial value and upgrading business formats in the city [11]

Core Viewpoint - The real estate market in Chengdu is experiencing significant changes, including new policies aimed at promoting stability and health in the market, as well as fluctuations in transaction volumes for both new and second-hand properties [7][8]. Group 1: Land Market - No residential land was sold in Chengdu this week, but five residential land plots are scheduled for auction on August 8, covering a total area of approximately 210.8 acres [2]. Group 2: Transaction Data - Chengdu's new housing transactions from July 17 to July 23 showed a total of 1,272 units sold, with a total area of 34,165.33 m² on July 17, peaking at 36574.02 m² with 289 units sold on July 23 [3]. - The total number of second-hand housing transactions in Chengdu for the same period was 4,968 units, with a total area of 473,342.07 m², indicating an increase compared to the previous week [4]. Group 3: Pre-sale Information - A total of 21 pre-sale permits were issued in the greater Chengdu area this week, with 10 projects including residential units. Notably, a project in Longquan District launched six batches of units, with prices around 3 million yuan, which sold out quickly [5]. Group 4: Major Events - Chengdu's new real estate policy, effective from July 21, includes 17 measures to enhance market stability, such as gradually lifting housing sales restrictions and reducing the down payment ratio for second homes to 20% [7][8]. - The People's Bank of China reported a slight increase in real estate loan growth, with a total balance of 53.33 trillion yuan, reflecting a year-on-year growth of 0.4% [9]. - A report indicated that financing for 65 typical real estate companies reached 46.442 billion yuan in June, marking a new high for 2025, amidst ongoing debt restructuring efforts [10].