Maui Land & Pineapple Company, Inc. (ML&P) develops, sells, and manages residential, resort, commercial, agricultural, and industrial real estate. A landholding and operating enterprise, its commitment is to agriculture, resort operation, as well as the creation and management of holistic communities. A Hawaii corporation, ML&P has its head office in Lahaina, Hawaii.
Pertaining to the Company’s history, ML&P is the successor to a business established in 1909. ML&P worked in 2009 with a group of former Pineapple executives to successfully spin-off operations of Maui Pineapple Company and Maui Gold®. The Company owns about 23,000 acres of land on the island of Maui. ML&P manages properties, utilities, and a nature preserve at the Kapalua Resort.
The Company’s main operating subsidiary is Kapalua Land Company, Ltd. (KLC). KLC is the operator of Kapalua Resort, a master-planned resort community in West Maui. (KLC) is at the vanguard of the establishment and management of master-planned and holistic communities on Maui. KLC manages the Kapalua Resort community.
The Kapalua Resort community is the centerpiece of ML&P’s West Maui land holdings. The dedication of these land holdings is chiefly to conservation and cultural preservation. The Kapalua Resort houses three sets of luxury vacation accommodations, 11 premier residential communities, two championship golf courses, three pristine beaches, a network of walking and hiking trails, as well as eco-friendly Kapalua Farms.
The Resort also features 10 world-class tennis courts; a Mountain Outpost with a variety of activities; a ring of bays; and an international assortment of boutique shops and restaurants.
In addition, ML&P owns and manages the 8,304-acre Pu‘u Kukui Watershed Preserve. This Preserve is the largest private nature preserve in the State of Hawaii. ML&P employs five full-time conservationists to manage the preserve and take part in the West Maui Mountains Watershed Partnership. This contributes to the health of an important water source for the community of Maui.
ML&P has made recent sales to lessen its outstanding bank debt. In June of this year, it sold a 304-acre, fully entitled working-class community project situated in West Maui, commonly known as Pulelehua, for $15.0 million. This sale resulted in a gain of roughly $14.3 million.
Moreover, this past August, ML&P sold a five-acre, fully entitled 42-unit workforce housing project situated in West Maui for $3.0 million. This sale resulted in a gain of about $2.8 million.
Furthermore, in September of 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. This sale resulted in a gain of roughly $10.5 million.
Recently, ML&P reported net income of $2.5 million, or $0.13 per share, for Q3 2016, versus net income of $9.7 million, or $0.51 per share for Q3 2015. It reported total operating revenues of $6.1 million and $14.5 million during the Q3’s of 2016 and 2015, respectively.
For the nine months ended September 30, 2016, ML&P reported net income of $14.4 million, or $0.76 per share, versus net income of $7.7 million, or $0.41 per share, for the nine months ended September 30, 2015. ML&P reported total operating revenues of $27.0 million and $20.0 million during the nine months ended September 30, 2016 and 2015, respectively.