Florida-based agricultural company Alico discussed its strategic pivot toward land monetization at the 17th Annual Midwest IDEAS Investor Conference on August 26, 2026, emphasizing rising land values and ongoing development projects across multiple counties.
The company, which traces its roots to 1894 and has operated as a public entity since 1960, reported land sales exceeding $90 million over the past 18 months at an average price of $9,000 per acre. This compares with prior internal estimates of $4,000 to $5,000 per acre, prompting management to revise upward its valuation range for land assets to between $650 million and $750 million, discounted at 10% to 15%. Year-to-date land sales totaled approximately $34.5 million.
Alico’s stock was trading at $40.77 on Wednesday, down 0.63%, but up nearly 21% over the past year. The company’s market capitalization stands at about $303 million, an increase from roughly $200 million previously. In the first nine months of its fiscal year, Alico generated $24 million in adjusted EBITDA and ended the period with more than $55 million in cash and $29 million in net debt. Full-year guidance calls for at least $15 million in adjusted EBITDA, with cash projected near $48 million and net debt around $37 million.
The company has returned nearly $209 million to shareholders and creditors since 2015 through dividends, buybacks, debt repayment, and tender offers. Alico has maintained dividend payments for 22 consecutive years, with a current payout ratio of 7.96%. It recently completed the first $10 million tranche of a $50 million share repurchase program and made $120 million in voluntary debt repayments, alongside a $25 million tender offer.
Alico’s land portfolio spans 47,300 acres across seven Florida counties, including Collier, Highlands, Polk, and Hendry. Approximately 75% of the portfolio, or roughly 33,000 acres, remains in agricultural use, leased to vegetable farmers, sod harvesters, cattle ranchers, and a sugar company. Citrus operations, once covering about 54,000 acres, have been largely phased out, with only 3,000 to 4,000 acres remaining by mid-2026. The company sold approximately 40,000 acres to the state of Florida between 2017 and 2024.
Development projects are advancing across multiple sites. The Corkscrew project in Collier County, a 4,660-acre master-planned community near Naples, received county approval in April 2026 and is expected to include about 9,000 residential units split between East and West Villages, along with commercial space and 1,500 acres of protected habitat for the Florida panther. State approval is anticipated by late 2026 or early 2027, with federal review by the U.S. Army Corps of Engineers and U.S. Fish and Wildlife Service potentially taking up to two years.
Other projects include Bonnet Lake in Highlands County (600 acres), Saddlebag Grove in Polk County (240 acres, targeting 400 to 450 homes), Plant World in Hendry County (80 acres, supporting about 250 homes), and Lake Buffum in Polk County (42 acres, waterfront residential). Local approvals for Bonnet Lake are expected within a year, while Plant World’s approval is targeted for year-end 2026, with a potential property sale around 2027.
