Maui Land & Pineapple Secures $11.2M in Land Sales, Hits 93% Leasing Occupancy
Maui Land & Pineapple reported $11.2M in binding land sales in escrow, $15M in active contract negotiations and $12M in publicly listed parcels for the quarter, while commercial leasing reached 93% occupancy delivering $2M revenue and $1.2M net operating income. Agricultural leased acreage rose 33.7% to 6,268 acres, with land management expenses increasing by $1.1M.
1. Revised Operational Segments
The company implemented four new operating segments—Land Development & Sales, Commercial Real Estate Leasing, Land Leasing & Management and Agribusiness Ventures—to align management reporting with strategic objectives and enhance investor transparency into project pipelines and financial performance.
2. Land Development & Sales Performance
Predevelopment advanced on approximately 1,000 acres of resort and mixed-use lands plus 1,800 acres of farm lots. The company has $11.2M in binding land sales in escrow, $15.0M under contract negotiations and $12.0M publicly listed. A $2.4M revenue drop and $2.6M expense decline were tied to the State’s suspension of the Honokeana Homes project.
3. Commercial Real Estate Leasing Results
Occupancy in the 247,000-square-foot industrial, office, retail and residential portfolio reached 93%, maintaining quarterly revenue at $2.0M with net operating income consistent at $1.2M year over year as leases stabilize.
4. Land Leasing & Agribusiness Ventures
Leased agricultural acreage climbed 33.7% from 4,687 to 6,268 acres, sustaining $1.2M in revenues but driving a $1.1M rise in management and infrastructure expenses. Negotiations continue on water-related asset transactions, and $0.3M was invested in drought-resistant agave cultivation, totaling $2.0M spent on agribusiness launch efforts.