Florida-based agricultural and land development company Alico (ALCO) outlined a strategic pivot at the 17th Annual Midwest IDEAS Conference, shifting its business model after the near-complete exit from citrus operations. The company, which has operated in Florida for 130 years, reported adjusted EBITDA of approximately $24 million through the first nine months of its fiscal year, with a full-year guidance range of at least $15 million.
Alico’s land portfolio totals 47,300 acres across 27 locations in seven Florida counties. The company has phased out citrus cultivation, which previously accounted for 54,000 acres, following disease pressure and back-to-back hurricanes in 2022 and 2024. Current citrus operations are limited to about 3,000 to 4,000 acres, primarily for salvage purposes. Approximately 75% of the remaining land—around 33,000 acres—is leased to vegetable farmers, sod harvesters, cattle ranchers, and a sugar company.
The company has monetized land through conservation sales, divesting nearly 40,000 acres to the state of Florida between 2017 and 2024 for wildlife areas and parks. Alico also donated land that became the site of Florida Gulf Coast University. Land sales year-to-date totaled $34.5 million, with the past 18 months generating over $90 million at an average of $9,000 per acre. Management has revised upward its agricultural land valuation estimates to $5,000 to $6,000 per acre, citing stronger-than-expected market conditions.
Alico’s development pipeline includes the 4,660-acre Corkscrew Project near Naples, planned as a master-planned community with up to 9,000 residential units. East Village received local approval in April 2026, with state-level approval expected by late 2026 or early 2027. Federal approval, involving habitat considerations for the Florida panther, may take an additional two years. The project includes 1,500 acres set aside as protected panther habitat and a $5 million investment in a wildlife crossing under Route 82.
Other development properties include Bonnet Lake (600 acres), Saddlebag Grove (240 acres), Plant World (80 acres), and Lake Buffum (42 acres). The company reported $55 million in cash and net debt of $29 million at the end of the nine-month period, with guidance calling for year-end cash near $48 million and net debt around $37 million. Alico’s current ratio stands at 7.96, supported by a lean organizational structure of 13 employees.
Since 2015, Alico has returned nearly $209 million to investors and creditors through dividends, buybacks, debt repayments, and a tender offer. The company completed a $10 million share repurchase in the first tranche of a $50 million program and made $120 million in voluntary debt repayments. Alico’s market capitalization is approximately $303 million, with land assets externally valued between $650 million and $750 million, discounted at 10% to 15%.
