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Overview
Maui Land & Pineapple Company (MLP) is a diversified landholding and operating company with a long legacy of combining real estate expertise with agricultural and community-oriented initiatives. With extensive experience in land development, commercial leasing, and resort management, the company has carved out an evergreen presence in Maui through thoughtful stewardship of its vast portfolio.
Business Segments
MLP structures its operations across three primary segments:
- Land Development & Sales: Involves comprehensive land planning and entitlement processes, strategic development, and the sale of residential, commercial, and industrial parcels. This segment lays the foundation for community growth and sustainable urban planning.
- Leasing Operations: Encompasses the leasing of a diverse range of property types including residential areas, resort facilities, and commercial spaces. The leasing element forms a significant part of the company’s revenue base and is integral in fostering an active real estate market.
- Resort Amenities: Focused on enhancing the consumer experience at the Kapalua Resort community, this segment includes membership programs which offer tailored privileges and benefits, further reinforcing the community-centric approach of the company.
Asset Portfolio & Community Integration
MLP is not only about property and land; it is about creating integrated communities where economic stability, housing opportunities, and local culture converge. The company manages a significant portfolio that includes prime real estate in iconic settings and expansive land holdings dedicated to agriculture, conservation, and community development. With a special focus on the cultivation of its signature pineapple and the management of sizable natural preserves, MLP underscores its commitment to both sustainable agricultural practices and responsible land stewardship.
Operational Excellence & Regional Impact
At its core, Maui Land & Pineapple Company leverages decades of experience in asset management to enhance the productivity of its diverse holdings. Whether through strategic leasing of commercial properties or through the stepwise development of its land assets, the company is adept at managing resources in a way that benefits both local residents and the broader economic environment. Its approach reflects a deep understanding of local market dynamics, regulatory frameworks, and community priorities.
Expertise and Authoritativeness
MLP’s operations are supported by seasoned leadership and a dedicated team with intricate knowledge of real estate, agriculture, and community planning. The company’s integrated strategy, which marries commercial acumen with regional development needs, positions it as a key participant in Maui’s infrastructure and local economy. This balanced and analytical approach not only enhances shareholder value but also ensures that operational practices are in line with the longstanding cultural and environmental heritage of Hawai‘i.
Commitment to Sustainable Community Building
With over a century of history, Maui Land & Pineapple Company has continuously worked to honor its past while meeting present-day needs through responsible land and asset management. Its efforts in revitalizing commercial centers and developing community-friendly environments resonate with both local residents and business partners. The company’s focus on sustainable practices reinforces its reputation as a trusted steward of land resources, ensuring that its operations contribute positively to the region's long-term resilience and prosperity.
Maui Land & Pineapple Company (NYSE: MLP) reported its fiscal 2024 results, showing increased operating revenues of $11.57 million, up 25% from $9.29 million in 2023. The company's performance included:
- Land development and sales revenues of $520,000, including $320,000 from the Honokeana Homes Relief Housing Project
- Leasing revenues increased 14% to $9.62 million
- Resort amenities revenue grew 72% year-over-year
However, MLP reported a net loss of ($7.39 million), or ($0.38) per share, compared to ($3.08 million) in 2023, primarily due to non-cash stock compensation expenses. The company ended 2024 with $9.52 million in cash and convertible investments, up from $8.84 million in 2023. Twelve non-strategic assets are identified for sale, including properties in West Maui, Upcountry Maui, and Hana, with three parcels actively listed at $10.9 million.
Maui Land & Pineapple Company (NYSE: MLP) reported strong Q3 2024 results with an 18.6% revenue increase compared to last year. The company's leased area grew by 19%, driven by strategic investments in commercial properties. Operating revenues reached $8.15 million for the nine months ended September 30, 2024. However, the company recorded a net loss of $5.48 million, primarily due to non-cash expenses related to share-based compensation of $4.67 million. The company is progressing with planning on over 3,500 acres in West Maui and 600 acres in Hali'imaile, while also leasing 50 acres to the State of Hawaii for temporary housing following the Maui wildfires.
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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