Maui Land & Pineapple Company, Inc. reports news about a Maui-based landholding and real estate operating company focused on land development, commercial leasing, resort amenities, agriculture and water-related assets. Updates commonly cover operating results, leasing activity in Kapalua and Hāli‘imaile, land planning and sales, resort amenity performance, capital deployment and legacy obligations.
Company announcements also describe efforts to put underutilized land and commercial properties into productive use, including housing-related planning, agricultural activity such as its agave venture, and management of water source, storage and transmission infrastructure on Maui.
Maui Land & Pineapple Company (NYSE: MLP) reported financial results for the six months ended June 30, 2024. The company experienced positive momentum with a 24% increase in commercial real estate occupancy and a 7.5% growth in overall operating revenue. Key highlights include:
- Land sales revenue increased by $181,000
- Leasing revenues rose by $70,000 to $4,388,000
- Resort amenities revenue grew by $107,000
- Operating revenues totaled $5,128,000, up $358,000 year-over-year
- Net loss was $3,247,000, or $0.17 per share
- Adjusted EBITDA was ($251,000)
- Cash and investments convertible to cash totaled $6,960,000
The company focused on repositioning commercial centers, supporting local businesses, and improving land productivity. New leases were secured in West Maui and Hali'imaile, and two senior leaders were hired to advance asset optimization and development efforts.
Maui Land & Pineapple Company (NYSE: MLP) announced its fiscal 2024 Q1 results covering the period ending March 31, 2024. Despite challenges from the 2023 Maui wildfires, the company achieved an 8% revenue growth year-over-year, reaching $2.48 million. Leasing revenues rose by $139,000, indicating increased economic activity and successful efforts to fill vacancies. However, operating costs also climbed to $3.88 million, leading to a net loss of $1.38 million or $0.07 per share. Adjusted EBITDA for the quarter was negative at $197,000. Cash and investments convertible to cash totaled $8.55 million, reflecting a decrease due to strategic investments. Jonathan Grobe was appointed as the new VP of Real Estate, effective April 1, 2024.
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Maui Land & Pineapple Company (NYSE: MLP) reported its financial results for the year ending December 31, 2022. The company achieved a net income of $1.8 million or $0.09 per share, compared to a net loss of $(3.4 million) or $(0.18) per share in 2021. Operating revenues surged to $21.0 million, up from $12.4 million the previous year. Total comprehensive income also rose to $9.2 million or $0.47 per share, from $2.6 million or $0.13 per share. Notably, pension adjustments contributed $7.4 million to comprehensive income. The company maintains a debt-free status, with total stockholders' equity increasing by $10.3 million to $33.8 million.
Maui Land & Pineapple (NYSE: MLP) has appointed Race Randle as CEO and Scot Sellers as Chairman, effective April 1, 2023. Randle, a local real estate leader with extensive experience in sustainable community development, replaces Warren Haruki, who will serve as a senior advisor. Randle's notable past includes significant contributions to The Howard Hughes Corporation and a partnership with Google for mixed-use community developments. Sellers, with a 40-year background in real estate, supports Randle’s vision. The transitions aim to foster continued growth and profitability for MLP, enhancing its commitment to Maui's community and environment.