While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they ...

EDMONTON, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- Melcor Developments Ltd. ("Melcor") (TSX: MRD), an Alberta-based real estate development and asset management company, today reported results for the first quarter ended March 31, 2025. The first quarter Management Discussion & Analysis (MD&A) and Condensed Interim Financial Statements are available on our website (www.melcor.ca) under Investors, or on SEDAR+ (www.sedarplus.ca). Timothy Melton, Melcor’s Executive Chair and Chief Executive Officer, comment ...

Core Insights - Alico, Inc. is transitioning to become a diversified land company, concluding its capital investment in citrus operations after the fiscal year 2025 harvest [1][2] - The company has raised its land sales outlook to potentially exceed $50 million for fiscal year 2025, supported by ongoing negotiations and agreements [1][2][25] - Alico's financial guidance now includes cash balance, net debt, and adjusted EBITDA targets for fiscal year 2025, projecting a cash balance of approximately $25 million and net debt of around $60 million [1][2][26] Financial Performance - For the second quarter ended March 31, 2025, Alico reported revenue of $17.98 million, a slight decrease of 0.7% compared to $18.11 million in the same period of 2024 [3] - The net loss attributable to Alico common stockholders for the quarter was $111.4 million, a significant increase from a loss of $15.8 million in the prior year, primarily due to accelerated depreciation and impairment related to the strategic transformation [4][5] - Adjusted EBITDA for the second quarter was $12.7 million, contrasting with a loss of $16.5 million in the same quarter of 2024 [5] Citrus Operations - Alico completed its last major citrus harvest in April 2025, with plans for a final harvest on remaining operational citrus groves in fiscal year 2026 [2][24] - Citrus production saw a decline, with total processed boxes down 20.4% year-over-year for the three months ended March 31, 2025 [7] - The company experienced a significant drop in pound solids harvested due to adverse weather conditions, specifically Hurricane Milton [7] Land Management and Other Operations - Revenue from Land Management and Other Operations increased by 107.1% for the three months ended March 31, 2025, driven by higher rock and sand royalty income [10] - Operating expenses in this segment decreased by 46.5% compared to the same period in 2024, primarily due to lower property taxes following the sale of Alico Ranch [11] Strategic Initiatives - Alico is developing the Corkscrew Grove Villages project, which will encompass approximately 4,660 acres and aims to provide residential and commercial opportunities while enhancing public infrastructure [17][18] - The company has initiated a multi-year entitlement approval process for the Corkscrew Grove Villages, with the first village's approval expected in 2026 [18] - Alico's commitment to conservation is evident in its plans to place an additional 6,000 acres into permanent conservation as part of the Corkscrew Grove Villages project [21][22] Liquidity and Financial Position - As of March 31, 2025, Alico reported a robust liquidity position with $14.7 million in cash and cash equivalents and $88.5 million in available credit facilities [1][19] - The company's working capital was $36.1 million, reflecting a current ratio of 5.56 to 1.00 [19] - Total debt stood at $89.6 million, with net debt at $74.9 million, showing a decrease from the previous fiscal year [19]

Financial Data and Key Metrics Changes - The company's balance sheet has grown to over $1 billion, with a compound annual growth rate (CAGR) of 17% from 2016 to 2024 [28] - Consolidated and unconsolidated revenue increased from approximately $97 million to $780 million, reflecting a CAGR of 30% [29] - EBITDA grew from $26 million to $166 million, with a CAGR of 26% [30] - Net income rose from about $16 million to $74 million, with a CAGR of 21% [30] - Earnings per share increased from $0.21 to $1.27, with a CAGR of 25% [31] Business Line Data and Key Metrics Changes - The residential segment experienced flat growth due to the timing of seeding and harvesting cycles, while hospitality and leasing segments grew [36] - The company has 21,309 residential units in production, with 15,151 units in the concept planning phase and 3,900 units in engineering and permitting [58][61] Market Data and Key Metrics Changes - Florida's population grew at 8.5% from 2020 to 2024, with Bay County at 14% and Walton County at 19%, indicating strong regional growth [23][24] - The airport's passenger traffic increased from over 312,000 to 1.8 million, a 500% increase, reflecting regional growth [26] Company Strategy and Development Direction - The company aims to expand its portfolio of recurring income-producing commercial and hospitality properties while developing residential communities for long-term revenue [20] - The strategy includes a multifaceted capital allocation approach focusing on growth, debt reduction, and stock repurchases [20] - The company is actively pursuing detailed specific area plans (DSAPs) for residential development, with 10 approved and 7 more in the pipeline [75][76] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of migration to the business, noting that as long as migration continues, the company is well-positioned [22] - The company anticipates more harvesting years in the future, with expectations for increased residential development [56] Other Important Information - The company has maintained a consistent capital allocation strategy, with 65% of capital allocated for growth, 30% for stock repurchases, and 5% for dividends [46] - The company has reduced corporate and other operating expenses from 24% to 6% of consolidated revenue since 2016, indicating improved efficiency [48] Q&A Session Summary Question: What is the company's outlook on residential development? - Management indicated that residential development is cyclical, with a focus on seeding and harvesting cycles, and expects more harvesting in the upcoming year [56] Question: How does the company manage its debt? - The company utilizes project-level financing, with 28% of total assets in project debt, and has a strategy for debt reduction [44] Question: What are the key growth areas for the company? - Management highlighted the State Road 79 corridor as a key area of focus, with significant interest from builders and developers [90]

Land Holdings and Development - The company owns 167,000 acres of land, with 87% located in Bay, Walton, and Gulf Counties[7,9,43] - The company has entitlements to develop over 170,000 residential units and over 22 million square feet of non-residential uses[7] - The majority of revenue is derived from less than 2% of land holdings[7] Financial Performance - Investment in real estate and unconsolidated joint ventures has a compound annual growth rate of 17%[13,14] - Consolidated and unconsolidated revenue has a compound annual growth rate of 30%[16,17] - EBITDA has a compound annual growth rate of 26%[19,20] - Net income has a compound annual growth rate of 21%, with depreciation in 2024 at $46.4 million, a 20% increase from 2023[22,23] - Earnings per share have a compound annual growth rate of 25%, with depreciation at $0.80 per share in 2024, a 20% increase from 2023[24,26] Capital Allocation and Debt - From January 1, 2015, to March 31, 2025, the company allocated $1,342.5 million (65%) to capital expenditures, $619.2 million (30%) to stock repurchases, and $110.7 million (5%) to dividends, totaling $2.1 billion in capital allocations[37,38] - Debt is 28% of the company's total assets, with 73.8% of outstanding debt having a fixed or swapped interest rate, and an average weighted effective interest rate of 4.8%[35] Valuation - The company's income-producing assets are estimated to have a value range of approximately $1.5 billion to $1.7 billion, based on a broker's opinion of value[70] - These income-producing assets encompass 491 acres (excluding golf courses) and 1,358 acres (including golf courses), occupying less than 1% of the total 167,000 acres owned by the company[70]

Dividend ETF Overview - Dividend ETFs in Taiwan have a total AUM of US$62 billion, representing 4.0% of the Taiwan ex-TSMC full float market cap[1] - The upcoming rebalancing period for these ETFs is crucial, occurring from May to June, which will influence stock flows and volatility[1] ETF Rebalancing Details - The 12 largest ETFs manage a combined US$60 billion in assets, with individual AUM ranging from US$400 million to US$14.1 billion[2][7] - Key rebalancing dates include review cut-off dates and effective dates, with significant changes expected in constituent stocks[10][18] Beneficiaries and Risks - A list of the top 50 beneficiaries of dividend ETF flows has been updated, focusing on stocks with high ETF ownership or those likely to be included in the rebalancing[3] - Stocks facing exclusion risks are identified, particularly those with declining dividend yields or weakened fundamentals[6] Stock Selection Criteria - Stocks are selected based on criteria such as liquidity, dividend yield, and market capitalization, with specific thresholds for inclusion in the ETFs[12][15][20] - The selection process includes a buffer zone for additions and exclusions, ensuring a structured approach to rebalancing[11][14][19]

Financial Performance - Net income increased by 31% to $1.7 million[6] - Total operating profit decreased by 19% to $2.3 million[6] - Pro rata NOI increased by 10% from $8.5 million to $9.4 million[6] Segment Results - Multifamily pro rata NOI increased by 3% to $4.63 million[10], with pro rata revenue increasing to $8.305 million[11] - Industrial & Commercial NOI decreased by $20,000 to $1.139 million[14], with pro rata revenue decreasing to $1.347 million[15] - Mining & Royalties pro rata revenue increased by 9% to $3.234 million[20], and NOI increased by 19% to $3.284 million[20] Development Plans - Construction is expected to commence in Q2 2025 on a 200,000 sq ft warehouse in Lakeland, FL and a 182,000 sq ft warehouse in Broward County, FL[6, 25] - "Woven" – Greenville, SC: 214 multifamily units and 14,000 retail sq ft multifamily development, with construction to start in Q2 '25[25] Sum of the Parts Analysis - Total value of income-producing properties is estimated between $509 million and $569 million[26] - Total value of development pipeline and land holdings is estimated between $176.9 million and $204.8 million[33]

Core Insights - Star Holdings reported a net loss of $7.6 million for Q1 2025, translating to an earnings per share of ($0.57), which includes a non-cash adjustment that positively impacted earnings per share by $0.24 due to a mark-to-market valuation of its investment in Safehold Inc. [2] Financial Performance - The company recorded $5.2 million in land revenues from the sale of 45 lots at Magnolia Green during the first quarter [3] - Following the quarter, Star Holdings sold a land parcel in Asbury Park for approximately $14.0 million [3] Debt and Financial Agreements - Star Holdings amended its Safe Credit Facility, Margin Loan Facility, and Management Agreement, extending related debt maturities to March 31, 2028 [4] - A delayed-draw feature of approximately $15.8 million was added to the Margin Loan Facility, and a $10.0 million share repurchase program was authorized [4] Company Overview - Star Holdings' portfolio primarily includes interests in the Asbury Park Waterfront, Magnolia Green residential development projects, and other commercial real estate properties and loans [5] - The company aims to maximize cash flows and realize value for shareholders through active asset management and asset sales [5]

Company Overview - The Piper is a luxury rental community in Redmond, Washington, developed by Quarterra Multifamily, a subsidiary of Lennar Corporation, in partnership with QuadReal Property Group [1][4] - Quarterra Multifamily has been active in the Seattle metro area, with The Piper being its eleventh development in the region over the past decade [4][5] - QuadReal Property Group manages assets worth $94 billion and focuses on delivering strong investment returns while creating sustainable environments [6][7] Leasing Performance - Since its opening in August 2024, The Piper has achieved 60% leased and over 50% occupied within six months [2][3] - The community has seen strong leasing momentum, even during the winter season, indicating high demand for its offerings [3] Community Features - The Piper offers a range of amenities, including a resort-style pool, outdoor sauna, coworking space, and dedicated kids' play areas, all set against the backdrop of Marymoor Park [2][3] - The community consists of two five-story buildings with a pedestrian art walk featuring unique murals and sculptures [3] Location and Accessibility - The Piper is located near the Southeast Redmond Light Rail Station, which is set to open in May 2025, providing residents with easy access to Bellevue and Seattle [3]

Core Viewpoint - Tejon Ranch Co. is urging shareholders to vote for its 10 director nominees in the upcoming Annual Meeting, emphasizing the importance of maintaining a qualified board for the company's long-term growth and strategic value creation [1][2][6]. Group 1: Company Strategy and Governance - The Board of Directors and executive team have positioned Tejon for long-term growth, highlighting the critical nature of the upcoming vote for shareholders [2]. - Tejon's directors possess essential expertise in California's commercial and residential real estate industry, which is vital for the company's success [4]. - Independent third-party proxy advisory firms, including ISS, Glass Lewis, and Egan-Jones, have endorsed Tejon's director nominees, recognizing their capability to drive the company forward [5]. Group 2: Opposition and Risks - Bulldog Investors is attempting to replace Tejon's directors with individuals lacking relevant experience in real estate development, which could jeopardize the company's growth [3]. - Bulldog's campaign is characterized by a lack of a credible plan, raising concerns about its potential impact on Tejon's strategic initiatives [3]. Group 3: Voting Information - Shareholders are encouraged to vote for Tejon's 10 director nominees using the WHITE proxy card, with the company emphasizing that every vote is important regardless of the number of shares owned [6][7].