Alico is a Florida-based land and agribusiness company in the middle of a fundamental business transformation. For most of its recent history, Alico's core business was growing and selling citrus fruit — primarily oranges for processed juice — from roughly 39,000 acres of groves across eight Florida counties, with Tropicana accounting for roughly 87% of consolidated revenue. A roughly 73% decline in citrus production over the last decade, driven by citrus greening disease and hurricane damage, led Alico to announce in January 2025 that it would wind down citrus operations after completing its FY2025 harvest. Going forward, Alico's business centers on two activities: leasing its ~49,500 acres of Florida land to third-party agricultural operators (citrus, vegetables, sod, sugarcane, grazing, and mining), and monetizing select parcels through outright sales or real estate development. The flagship development project is Corkscrew Grove Villages, a master-planned community on ~3,000 acres in Collier County envisioning roughly 9,000 homes across two mixed-use villages, with county entitlement expected in 2026 and construction potentially beginning in 2028 or 2029. Alico has identified a near-term development pipeline of ~5,500 acres across four properties, and management estimates the total land portfolio could be worth $650M–$750M. Alico also holds ~44,700 acres of oil, gas, and mineral rights across Florida.