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Overview of Maui Land & Pineapple Company, Inc. (MLP)
Maui Land & Pineapple Company, Inc. (NYSE: MLP) is a diversified landholding and operating company headquartered on the island of Maui, Hawai‘i. With a legacy spanning over a century, the company is deeply rooted in agriculture, real estate, and resort operations. MLP owns and manages approximately 22,300 acres of land on Maui, including the renowned Kapalua Resort, and plays a pivotal role in shaping the island's economic, environmental, and community landscape.
Business Segments
1. Land Development & Sales
MLP engages in land planning, entitlement, development, and sales activities. This segment focuses on unlocking the value of its extensive landholdings by preparing properties for residential, commercial, and mixed-use projects. The company emphasizes strategic land use to meet community needs, such as increasing Maui's housing supply and enhancing infrastructure.
2. Leasing Operations
The leasing segment is the primary revenue driver for MLP, encompassing residential, resort, commercial, agricultural, and industrial properties. Key revenue sources include leases for restaurants, retail outlets, office buildings, warehouses, and other resort-related activities. The company actively manages its commercial centers in West Maui and Hali‘imaile to optimize tenancy and enhance the value of its properties.
3. Resort Amenities
MLP operates the Kapalua Resort, a world-class destination featuring luxury accommodations, championship golf courses, pristine beaches, and a network of walking and hiking trails. The resort's amenities include a membership program that offers exclusive benefits and privileges, further enhancing its appeal to both residents and visitors.
Environmental Stewardship
A cornerstone of MLP's operations is its commitment to environmental conservation. The company owns and manages the Pu‘u Kukui Watershed Preserve, the largest private nature preserve in Hawai‘i, and the Honolua-Mokule‘ia Marine Life Conservation District. These efforts underscore MLP's dedication to sustainable land management and the protection of Maui's natural resources.
Competitive Landscape and Differentiators
MLP operates in a competitive environment that includes real estate developers, resort operators, and agricultural producers. Its key differentiators include its extensive land portfolio, integration of agriculture and tourism, and focus on community-driven development. By leveraging its unique assets and strategic vision, MLP positions itself as a leader in creating resilient communities that balance economic growth with environmental and cultural sustainability.
Key Assets
- Kapalua Resort: A premier destination featuring luxury hotels, golf courses, and recreational amenities.
- Maui Gold® Pineapple: Approximately 2,000 acres dedicated to the cultivation of this iconic crop.
- Pu‘u Kukui Watershed Preserve: The largest private nature preserve in Hawai‘i, spanning 8,304 acres.
- Honolua-Mokule‘ia Marine Life Conservation District: A 3,307-acre area dedicated to marine conservation.
Community Impact
MLP is deeply committed to supporting the Maui community. Initiatives include increasing housing supply, revitalizing town centers, and providing temporary housing for wildfire-displaced residents. These efforts reflect the company's mission to create a thriving, resilient future for Maui's residents while honoring its cultural and environmental heritage.
Conclusion
Maui Land & Pineapple Company, Inc. exemplifies a unique blend of agriculture, real estate, and environmental stewardship. By thoughtfully managing its assets and focusing on community-driven development, MLP continues to play a vital role in Maui's economic and cultural landscape. Its strategic vision and commitment to sustainability make it a distinctive entity within its industry.
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.
Maui Land & Pineapple Company (NYSE: MLP) reported a net loss of $124,000, or $0.01 per share, for Q3 2022, improved from a loss of $139,000 in Q3 2021. Total operating revenues increased to approximately $2.6 million, up from $2.4 million year-over-year. For the nine months ending September 30, 2022, net income surged to $9.8 million, or $0.50 per share, compared to $0.8 million, or $0.04 per share, in the same period of 2021. Total revenues for this period reached around $18.8 million, significantly higher than $9.4 million previously.
Maui Land & Pineapple Company (NYSE: MLP) reported a substantial net income of $10.5 million ($0.54 per share) for Q2 2022, up from $1.9 million ($0.10 per share) in Q2 2021. Total operating revenues grew to approximately $14.0 million from $5.0 million year-over-year. For the first half of 2022, net income reached $9.9 million ($0.51 per share), compared to $0.9 million ($0.05 per share) in the same period last year. The company finalized the sale of 646 acres in Upcountry Maui for $9.6 million in May 2022, bolstering its revenue stream.
Maui Land & Pineapple Company (MLP) reported a net loss of $618,000 or $(0.03) per share for Q1 2022, an improvement from a net loss of $934,000 or $(0.05) per share in Q1 2021. Total operating revenues increased to $2.25 million from $2.06 million year-over-year. The company had no real estate asset sales during this period. Current assets rose to $12.75 million, while total assets grew to $40.23 million. Liabilities also increased, totaling $16.60 million, impacting the overall equity standing of the company.
Maui Land & Pineapple Company (NYSE: MLP) reported a net loss of $(3.4) million, or $(0.18) per share, for the year ended December 31, 2021, up from a loss of $(2.6) million, or $(0.14) per share in 2020. Operating revenues rose to $12.4 million from $7.5 million. Comprehensive income turned positive at $2.6 million, compared to a loss of $(3.5) million in 2020. Notable was a pension gain adjustment of $6.0 million, significantly improving financial metrics. In Q4 2021, the company recorded a net loss of $(4.2) million, while revenues increased to $3.0 million from $2.1 million in Q4 2020.
Maui Land & Pineapple Company (NYSE: MLP) reported a net loss of $0.1 million, or $(0.01) per share, for Q3 2021, an improvement from a net loss of $0.6 million, or $(0.03) per share, in Q3 2020. Total operating revenues rose to $2.4 million from $1.7 million year-over-year. For the first nine months of 2021, the company achieved a net income of $0.8 million, or $0.04 per share, compared to a net loss of $1.9 million, or $(0.10) per share, in the same period of 2020. Total operating revenues for this period increased to $9.4 million from $5.4 million.
Maui Land & Pineapple Company (NYSE: MLP) reported a net income of $1.9 million ($0.10 per share) for Q2 2021, contrasting with a net loss of $0.2 million ($0.01 per share) in Q2 2020. Total operating revenues increased to $5.0 million from $1.7 million year-over-year. For the first half of 2021, net income was $0.9 million ($0.05 per share), compared to a loss of $1.2 million ($0.06 per share) in the same period of 2020. The company executed real estate sales worth $2.6 million during Q2 2021, with no sales recorded in the previous year.
Maui Land & Pineapple Company (MLP) reported a net loss of $934,000 or $(0.05) per share for Q1 2021, an improvement from a net loss of $1,074,000 or $(0.06) per share in Q1 2020. Total operating revenues slightly rose to $2.06 million compared to $2.04 million in 2020. Notably, MLP sold its regulated utility assets on May 1, 2021, generating $4.2 million in net proceeds. The company continues to own approximately 23,000 acres in Maui and manages various properties and utilities.
Maui Land & Pineapple Company (NYSE: MLP) reported a net loss of $2.6 million or $(0.14) per share for 2020, an improvement from a $10.4 million loss in 2019. Total revenues decreased to $7.5 million in 2020 from $10.0 million the previous year. The COVID-19 pandemic significantly affected tourism, impacting operating revenues from real estate and club memberships. The fourth quarter of 2020 also showed a net loss of $0.7 million compared to $9.1 million in Q4 2019. The company managed a slight recovery through cash collateral recovery and a land sale.
Maui Land & Pineapple Company (NYSE: MLP) reported a net loss of $633,000 or $(0.03) per share for Q3 2020, a significant increase from a net loss of $9,000 in Q3 2019. Total operating revenues fell to $1.7 million from $2.7 million year-over-year. For the first nine months of 2020, the company incurred a net loss of $1.9 million, widening from $1.3 million in 2019. Operating revenues for this period decreased to $5.4 million from $7.5 million. The company did not report any real estate asset sales in both 2020 and 2019.
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