Profile: Maui Land & Pineapple Company Inc (MLP.N)
9 Dec 2013
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial and industrial real estate. The Company owns approximately 23,300 acres of land on Maui. The Company operates in four segments: Real Estate, Leasing, Utilities and Resort Amenities. The Company's real estate operations consist of land planning and entitlement, development and sales. Its leasing activities include commercial, industrial and agricultural land and facilities leases, licensing of the Company's trademarks and trade names, and stewardship and conservation efforts. It operates two publicly regulated utility companies, which provide potable and non-potable waters and sewage transmission services to the Kapalua Resort. Within the Kapalua Resort, it manages a full-service spa, a beach club, and a private clubs membership program. In January 2012, the Company sold 89 acres comprising a portion of its former agricultural land in Upcountry Maui.
The Company's principal real estate development is the Kapalua Resort. It is located in West Maui encompassing approximately 1,650 acres. Its Kapalua Resort consists of approximately 800 single and multi-family residential units, approximately 30,000 square feet of new commercial/retail space and up to 27 additional holes of golf on a total of 900 acres. It is engaged in engineering and design activities for the Company's development projects. The Company has a general brokerage subsidiary, Kapalua Realty Company, Ltd., which is located in the Kapalua Resort.
The Company is a lessor of approximately 155,000 square feet of commercial retail and light industrial space leases, mainly in the Kapalua Resort and West Maui areas. The Company manages the leases of the majority of the restaurants, retail outlets and activities in the Kapalua resorts. It is a lessor of 1,900 acres of diversified agriculture land leases in West and Upcountry Maui. It has licensing agreements for the use of the Company's Kapalua trademarks and trade names with several different companies, mainly in conjunction with the leasing of its commercial spaces and agricultural lands.
The Company manages non-potable irrigation water systems for West and Upcountry Maui areas. Kapalua Water Company, Ltd. provides potable and non-potable water utility services in the Kapalua Resort area, including the PGC and Bay Course, The Ritz-Carlton Kapalua hotel, the Residences at Kapalua Bay, and landscaped common areas. Kapalua Waste Treatment Company, Ltd. provides sewage collection and transmission services in the Kapalua Resort area. It also own and operate several non-potable ditch, reservoir and well systems, which provide irrigation water primarily to the County of Maui, the PGC and Bay Course, and agricultural users in West and Upcountry Maui areas.
The Company's Resort Amenities segment includes operating the Kapalua Spa, the Beach Club, and the Kapalua Club membership program. The Kapalua Spa is owned by Kapalua Bay LLC. Kapalua Club is a private non-equity club membership program, which provides certain benefits and privileges within the resort for its members.
Maui Land & Pineapple Company Inc
200 Village Road
LAHAINA HI 96761