# MAUI LAND & PINEAPPLE CO INC (MLP) Informational only - not investment advice. CIK: 0000063330 SIC: 6500 Real Estate SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/) Latest 10-K filed: 2026-04-01 SEC page: https://www.sec.gov/edgar/browse/?CIK=63330 Filing source: https://www.sec.gov/Archives/edgar/data/63330/000143774926010765/mlp20251231_10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-04-01 · accession 0001437749-26-010765 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063330.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 19,457,000 USD | 2025 | verified | | Net income | -10,579,000 USD | 2025 | verified | | Assets | 47,968,000 USD | 2025 | verified | | Free cash flow | -484,000 USD | 2025 | computed | | Net margin | -54.37% | 2025 | computed | | Operating margin | -23.37% | 2025 | computed | | Revenue YoY | +68.24% | 2025 | computed | | ROE | -32.00% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | MLP | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -54.4% | 8.9% | 16 | 20 | | Operating margin | -23.4% | 10.4% | 22 | 10 | | Revenue growth | 68.2% | 8.9% | 94 | 19 | | FCF margin | -2.5% | -11.0% | 60 | 11 | | ROE | -32.0% | 5.5% | 0 | 20 | | ROA | -22.1% | 1.4% | 0 | 20 | | Liabilities / equity | 0.45 | 1.39 | 21 | 20 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6500 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 19457000 | USD | 2025 | 2026-04-01 | | Net income | -10579000 | USD | 2025 | 2026-04-01 | | Assets | 47968000 | USD | 2025 | 2026-04-01 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063330.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2010 | 2011 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 47,364,000 | 24,582,000 | 8,860,000 | 10,045,000 | 7,540,000 | 12,443,000 | 20,960,000 | 9,289,000 | 11,565,000 | 19,457,000 | | Net income | | | | 21,814,000 | 10,900,000 | 498,000 | -10,366,000 | -2,604,000 | -3,420,000 | 1,787,000 | -3,080,000 | -7,391,000 | -10,579,000 | | Operating income | | | | 23,470,000 | 11,961,000 | -3,982,000 | -796,000 | -2,552,000 | 1,637,000 | 9,607,000 | -4,971,000 | -7,354,000 | -4,547,000 | | Diluted EPS | 1.99 | 0.27 | | | | | | | | | -0.15 | -0.38 | | | Operating cash flow | | | | 33,877,000 | 8,350,000 | 882,000 | 1,772,000 | 2,200,000 | 1,387,000 | 6,263,000 | -1,371,000 | 370,000 | 2,075,000 | | Capital expenditures | | | 31,000 | 268,000 | | 311,000 | 712,000 | 81,000 | 29,000 | 0.00 | 618,000 | 1,871,000 | 2,559,000 | | Assets | | | | 38,883,000 | 44,801,000 | 48,192,000 | 39,119,000 | 38,470,000 | 37,919,000 | 42,406,000 | 42,223,000 | 50,139,000 | 47,968,000 | | Liabilities | | | | | | | | 18,403,000 | 14,329,000 | 8,634,000 | 7,519,000 | 16,958,000 | 14,905,000 | | Stockholders' equity | | | | 17,742,000 | 31,144,000 | 30,919,000 | 22,692,000 | 20,067,000 | 23,590,000 | 33,772,000 | 34,704,000 | 33,181,000 | 33,063,000 | | Cash and cash equivalents | | | | 602,000 | 1,029,000 | 624,000 | 683,000 | 869,000 | 5,596,000 | 8,499,000 | 5,700,000 | 6,835,000 | 5,295,000 | | Free cash flow | | | | 33,609,000 | | 571,000 | 1,060,000 | 2,119,000 | 1,358,000 | 6,263,000 | -1,989,000 | -1,501,000 | -484,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2010 | 2011 | 2014 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | 46.06% | 44.34% | 5.62% | -103.20% | -34.54% | -27.49% | 8.53% | -33.16% | -63.91% | -54.37% | | Operating margin | | | | 49.55% | 48.66% | -44.94% | -7.92% | -33.85% | 13.16% | 45.83% | -53.51% | -63.59% | -23.37% | | Return on equity | | | | 122.95% | 35.00% | 1.61% | -45.68% | -12.98% | -14.50% | 5.29% | -8.88% | -22.27% | -32.00% | | Return on assets | | | | 56.10% | 24.33% | 1.03% | -26.50% | -6.77% | -9.02% | 4.21% | -7.29% | -14.74% | -22.05% | | Liabilities / equity | | | | | | | | 0.92 | 0.61 | 0.26 | 0.22 | 0.51 | 0.45 | | Current ratio | | | | 1.15 | 1.27 | 2.52 | 3.24 | 3.31 | 4.25 | 6.60 | 4.03 | 1.35 | 1.24 | ## As-reported value updates 3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/MLP/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000063330.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2011-Q2 | 2011-06-30 | | | -0.13 | reported discrete quarter | | 2011-Q3 | 2011-09-30 | | | -0.07 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 2,101,000 | -1,192,000 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 4,043,000 | 593,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 2,483,000 | -1,375,000 | | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -1,375,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 2,645,000 | | -0.09 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 3,028,000 | -2,237,000 | | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 3,412,000 | -1,907,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 5,804,000 | -8,640,000 | | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -8,640,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 4,602,000 | | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 4,525,000 | 240,000 | | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 4,525,000 | -1,180,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 3,405,000 | -2,059,000 | | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | -2,059,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 3,698,000 | | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from MLP's latest 10-K: [/company/MLP/business/](/company/MLP/business/). ## Risk Factors Verbatim Item 1A Risk Factors from MLP's latest 10-K: [/company/MLP/risk-factors/](/company/MLP/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/63330/000143774926028029/mlp20260630_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-14 Report date: 2026-06-30 Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our unaudited condensed consolidated interim financial condition and results of operations should be read in conjunction with our annual audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (our “Annual Report") and the unaudited condensed consolidated interim financial statements and related notes included in this Quarterly Report on Form 10-Q (this “Quarterly Report”). The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those expressed or implied by the forward-looking statements below. Factors that could cause or contribute to those differences in our actual results include, but are not limited to, those discussed below and those discussed elsewhere within this Quarterly Report, particularly in the section entitled “Cautionary Note Regarding Forward-Looking Statements.” Depending upon the context, the terms the “Company,” “we,” “our,” and “us,” refer to either Maui Land & Pineapple Company, Inc. alone, or to Maui Land & Pineapple Company, Inc. and its subsidiaries collectively. Overview Maui Land & Pineapple Company, Inc. is a Delaware corporation and the successor to a business organized in 1909 as a Hawaii corporation. The Company reincorporated from Hawaii to Delaware pursuant to a plan of conversion completed on July 18, 2022. Total authorized capital stock of the Company includes 48,000,000 shares, consisting of 43,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share. Shares of the Company’s common stock are listed on the New York Stock Exchange under the ticker symbol “MLP.” The Company consists of a landholding and operating parent company, its principal subsidiary, Kapalua Land Company, Ltd., and certain other subsidiaries In recent years, we have continued to execute our strategic plan, which is focused on our mission to optimize our assets for their highest and most productive use. We have advanced a range of land development and asset utilization projects designed to build stronger and more vibrant communities and enhance long-term asset value. To support these efforts, we have strengthened our organizational foundation by adding key experts to our board of directors and management team, ensuring we can effectively develop and execute plans for each asset. We also established a land management team responsible for risk mitigation strategies and productive use of farm and ranch lands across our portfolio. These investments in local talent have enhanced our ability to manage assets effectively and execute value-creating projects. In 2024, we established new office locations in West Maui and Upcountry Maui to deepen our presence within these communities, foster stronger relationships and ensure responsible stewardship of our assets. Throughout 2025, we continued to advance efforts to maximize the productivity of our leasable land and commercial properties. We identified and addressed maintenance and capital improvements in our town centers, enabling us to create spaces for many businesses who lost their locations in the 2023 Maui wildfires. This effort has increased occupancy and leasing revenue in 2025 while adding vibrancy and creating a sense of place in our communities. As of June 30, 2026, our commercial properties and land were occupied at the following levels:  [[GREPCENT_TABLE]] [["Commercial Real Estate","","Total","","","Leased","","","Net increase (decrease) in leased area for 2026 YTD"],["","Sq. ft.","","","Sq. ft.","","","Percent","","","Sq. ft."],["Industrial","","","168,880","","","","155,793","","","","92","%","","","4,688"],["Office","","","10,105","","","","10,105","","","","100","%","","","-"],["Retail","","","61,004","","","","57,454","","","","94","%","","","(1,398",")"],["Residential","","","7,339","","","","5,839","","","","80","%","","","(1,500",")"],["Total CRE","","","247,328","","","","229,191","","","","93","%","","","1,790"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["Land","","Total","","","Leased","","","Net increase (decrease) in leased area for 2026 YTD"],["","Acres","","","Acres","","","Percent","","","Acres"],["Commercial/Industrial","","","18","","","","18","","","","100","%"],["Residential","","","861","","","","12","","","","1","%","","","-"],["Agriculture","","","10,302","","","","6,237","","","","45","%","","","1,581"],["Conservation","","","11,034","","","","-","","","","0","%","","","-"],["Total Land","","","22,215","","","","4,687","","","","21","%","","","1,581"]] [[/GREPCENT_TABLE]] As of June 30, 2026, the commercial property occupancy was 93%, compared with 92% as of December 31, 2025. During the six months ending June 30, 2026, the team continued to execute tenant relocations and property improvements designed to enhance the variety and quality of experiences offered within our town centers. During the period from January 1, 2024 through June 30, 2026, the team executed 47 new leases, including five leases executed during the six months ending June 30, 2026. Of the five leases executed during the six months ended June 30, 2026, four were commercial property leases covering approximately 4,688 leasable square feet. The remaining lease was a 1,581-acre agricultural land lease in West Maui to return previously fallow pineapple fields to productive use through an agricultural ranching lease. 17 Table of Contents This effort will continue, along with strategic capital improvements necessary to continue attracting top tier tenants. In addition to stable cashflow in a supply-constrained market, our commercial properties allow us to perform value-creating placemaking for our surrounding landholdings.  We anticipate cashflow from our commercial properties to stabilize in the coming years as the Maui market continues to recover from the 2023 Maui wildfires, and we complete the tenant improvements and leasing costs inherent with new tenancies. To enable the productive use of land for homes, businesses, farms, resort projects, or otherwise, we generally must make improvements to the land.  These improvements take the form of master planning, entitlements and zoning, subdivision into useful lot sizes, and the addition of infrastructure, enabling it to be placed into productive use. We continue to progress portfolio-wide strategic plans across over 22,000 acres of landholdings to prioritize and guide actions of the Company in the forthcoming quarters.                Our strategic plan for land utilization aligns with our mission to meet the current and future needs of the community, in a significantly supply-constrained market. The plan identified four categories of improved and unimproved land actions as follows in the table below. [[GREPCENT_TABLE]] [["Category","Region","Property","Approximate Land Area (acres)","Current Land Use/Zoning","Improvements in process","# of Paracels or # of allowable units/lots"],["1. Improved Land - Remnant and non-strategic parcels planned for sale","West Maui","Miscellaneous Non-strategic properties","202","Miscellaneous","Complete","9 parcels"],["","Upcountry","Miscellaneous Non-strategic properties","0","Miscellaneous","Complete"],["2. Improved Land - Property in active marketing for sale and/or development","West Maui","Kapalua Resort - Makai","36","Resort mixed-use","Planning","Existing Entitlements allow for up to 769 residential units, 545 hotel units, and commercial space across both project areas."],["","West Maui","Kapalua Resort - Central","59","Resort mixed-use","Planning, Permitting"],["3. Unimproved Land - Property in active planning and improvements","West Maui","Kapalua Resort - Mauka","924","Resort Residential","Planning, Permitting","Existing Entitlements allow for up to 639 single-family homes or lots"],["","West Maui","Honokeana Homes \u2013 State Temporary Housing","50","Agriculture","Design, permitting","Up to 200 single-family lots"],["","Upcountry","Hali\u2018imaile Ranch","325","Agriculture","Subdivision Design","Approximately 24 farm lots"],["","West Maui","Honokeana Farms","1518","Agriculture","Planning","Approximately 250 farm lots across both project areas."],["","West Maui","Kapalua Ranch","647","Agriculture","Planning"],["","Upcountry","Hali\u2018imaile Farms","758","Agriculture","Planning","Approximately 102 farm lots"],["","West Maui","Kahana Farms","2738","Agriculture","Planning","Approximately 200 farm lots"],["","Upcountry","Hali\u2018imaile Farm Land","348","Agriculture","Planning","TBD"],["4. Unimproved Land - Property being marketed for long-term lease and ongoing asset management","West Maui","Honolua Farm Land","1744","Agriculture","Asset management","TBD"],["","West Maui","Honokohau Farm Land","1865","Agriculture","Asset management","TBD"],["","West Maui","Watershed Conservation Land","10991","Conservation","Asset management","TBD"],["","West Maui","Waterfront Conservation Land","12","Conservation","Asset management","TBD"],["","Total Land Portfolio Area (acres)","22,215"]] [[/GREPCENT_TABLE]] Near-term sales revenues (1-3 years) may be anticipated from our remnant and non-strategic parcels held for sale, as well as from improved land in active marketing for sale and/or development. In 2024, our team began to self-perform priority land development projects, including the planning and engineering of Kapalua Resort projects and the preliminary subdivision of a 325-acre former ranch in Upcountry, Maui. Unimproved land in active planning and improvements will likely require three or more years before improvements are completed and revenue is realized. In the six months ended June 30, 2026, there were no remnant parcel sales, however in 2025, we sold six remnant land parcels for aggregate proceeds of $2.4 million. Additionally, we have executed a (i) $10.0 million purchase agreement with Harvest Church for a 6.5-acre parcel to be used for its Kapalua campus, (ii) $1.2 million purchase agreement with Race A, Randle for a 3-acre parcel to improve as a farm and home, and (iii) $10.0 million purchase agreement with DC Kapalua I Property, LLC for a 8.783-acre parcel and up to 3.5 acres of additional land . We currently expect the closing to occur in 2027, subject to various closing conditions. Funding for soft cost improvements, if not covered by our commercial properties and land leasing cashflow, will likely be provided by remnant non-strategic parcel sales and our revolving line of credit. As we incur infrastructure and other site improvement hard costs on new projects, we expect to fund them primarily through project presale deposits and construction financing. 18 Table of Contents For the Honokeana Homes State Temporary Housing Project, we have leased approximately 50 acres to the State of Hawaii and are administering the construction of necessary improvements to support temporary housing for individuals and families displaced by the Maui wildfires on August 8, 2023.  The land is leased at no cost for a term of five years, plus the duration of time necessary to construct the temporary homes. The land is a portion of a larger 1,377-acre parcel owned by the Company. The agreement provides the State of Hawaii will fund all costs to complete the project, including approximately $35.5 million to complete the necessary horizontal improvements.  The Company has agreed to administer the construction of the horizontal improvements and, at the State of Hawaii’s election, the subsequent vertical improvements for which costs have not yet been estimated. We will provide these administration services to the State of Hawaii at cost and will not directly profit from these services. After the end of the lease, the State of Hawaii will remove any vertical improvements [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/63330/000143774926010765/mlp20251231_10k.htm Complete FY 2025 MD&A: /company/MLP/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-04-01 Report date: 2025-12-31 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our Annual Report on Form 10-K and audited consolidated financial statements and related notes are for the year ended December 31, 2025. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those expressed or implied by the forward-looking statements below. Factors that could cause or contribute to those differences in our actual results include, but are not limited to, those discussed below and those discussed elsewhere within this Quarterly Report, particularly in the section entitled “Cautionary Note Regarding Forward-Looking Statements.” Depending upon the context, the terms the “Company,” “we,” “our,” and “us,” refer to either Maui Land & Pineapple Company, Inc. alone, or to Maui Land & Pineapple Company, Inc. and its subsidiaries collectively. Overview We own and manage a diverse portfolio including approximately 22,300 acres of land on the island of Maui, Hawaii along with approximately 247,000 square feet of commercial real estate. For over a century, we have built a legacy of authentic innovation through conservation, agriculture, community building and land management. Our current portfolio of assets includes unimproved land, entitled land allowing for various residential and mixed-use construction, and completed commercial properties. In recent years, we have continued to implement our strategic plan focused on our mission of optimizing our assets for their most productive use. We have advanced a range of land development and housing projects designed to build stronger and more vibrant communities and enhance long-term asset value. We strengthened our foundation with the addition of key experts to our board and management team to ensure we can effectively establish plans for each parcel and self-perform value creating projects. We also created a land management team responsible for risk mitigation strategies and productive use of fallow farm and ranch lands throughout our portfolio. Our local team has enhanced our ability to manage assets effectively and execute value-creating projects. In 2024, we established new office locations in West Maui and Upcountry, to enable our team to be present within the community to foster stronger relationships and ensure responsible stewardship of our assets. 14 Table of Contents In 2025, we continue to advance efforts to maximize the productivity of our leasable land and commercial properties. We identified and addressed critical deferred maintenance in our town centers, allowing us to create spaces for many businesses who lost their locations in the 2023 Maui wildfires. This effort has increased occupancy and leasing revenue over the past year while adding vibrancy and creating a sense of place in our communities. As of December 31, 2025, our commercial properties and land were occupied at the following levels: [[GREPCENT_TABLE]] [["Commercial Real Estate","","Total","","","Leased","","","Net increase (decrease) in leased area for 2025"],["","","Sq. ft.","","","Sq. ft.","","","Percent","","","Sq. ft."],["Industrial","","","168,880","","","","151,105","","","","89","%","","","8,952"],["Office","","","10,105","","","","10,105","","","","100","%","","","-"],["Retail","","","61,004","","","","58,852","","","","96","%","","","2,540"],["Residential","","","7,339","","","","7,339","","","","100","%","","","4,339"],["Total CRE","","","247,328","","","","227,401","","","","92","%","","","15,831"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["Land","","Total","","","Leased","","","Net increase (decrease) in leased area for 2025"],["","","Acres","","","Acres","","","Percent","","","Acres"],["Commercial/Industrial","","","19","","","","19","","","","100","%","","","-"],["Residential","","","866","","","","12","","","","1","%","","","-"],["Agriculture","","","10,356","","","","4,656","","","","45","%","","","3"],["Conservation","","","11,045","","","","-","","","","0","%","","","-"],["Total Land","","","22,286","","","","4,687","","","","21","%","","","3"]] [[/GREPCENT_TABLE]] During 2025, the team increased commercial property occupancy from 86% to 92%, including tenant relocations and improvements necessary to enhance the variety and quality of experiences in our town centers. During the two-year period from January 1, 2024 to December 31, 2025, the Company executed 42 new leases, 15 of which were executed in the year ended December 31, 2025. Of the total leases, 34 of them were commercial property leases covering 83,812 leasable square feet and 8 of them were land leases covering 1,131 acres. This effort will continue, along with capital improvements necessary to continue attracting top tier tenants. In addition to stable cashflow in a supply-constrained market, our commercial properties allow us to perform value-creating placemaking for our surrounding landholdings.  We anticipate cashflow from our commercial properties to increase in the coming years as we reach stabilization, the Maui market continues to recover from the 2023 Maui wildfires, and we complete the tenant improvements and leasing costs inherent with new tenancies. To enable the productive use of land for homes, businesses, farms, resort projects, or otherwise, we generally must make improvements to the land. These improvements take the form of master planning, entitlements and zoning, subdivision of large parcels into useful lot sizes, or the addition of infrastructure, enabling it to be placed into productive use. In 2024, we completed portfolio-wide strategic plans across all 22,300 acres to prioritize and guide actions of the Company in the forthcoming quarters. The execution of 42 commercial and land leases since January 1, 2024 demonstrates the successful implementation of this strategy. 15 Table of Contents Our strategic plan for land utilization aligns with our mission to meet the current and future needs of the community, in a significantly supply-constrained market. In 2025 and 2024, we listed non-strategic assets for sale and began monetizing them through direct customer sales and a structured partnership approach. The plan identified four categories of improved and unimproved land actions as follows in the table below. [[GREPCENT_TABLE]] [["Category","Region","Property","Approximate Land Area (acres)","Current Land Use/Zoning","Improvements in process","# of Paracels or # of allowable units/lots"],["1. Improved Land - Remnant and non-strategic parcels planned for sale","West Maui","Five Miscellaneous Non-strategic properties","67","Miscellaneous","Complete","5 parcels"],["Upcountry","Three Miscellaneous Non-strategic properties","24","Miscellaneous","Complete","3 parcels"],["2. Improved Land - Property in active marketing for sale and/or development","West Maui","Kapalua Resort - Makai","36","Resort mixed-use","Planning","Existing Entitlements allow for up to 769 residential units, 545 hotel units, and commercial space across both project areas."],["West Maui","Kapalua Resort - Central","46","Resort mixed-use","Planning, Permitting"],["3. Unimproved Land - Property in active planning and improvements","West Maui","Kapalua Resort - Mauka","922","Resort Residential","Planning, Permitting","Existing Entitlements allow for up to 639 single-family homes or lots"],["West Maui","Honokeana Homes \u2013 State Temporary Housing","50","Agriculture","Design, permitting","Up to 200 single-family lots"],["Upcountry","Hali\u2018imaile Ranch","325","Agriculture","Subdivision Design","Approximately 24 farm lots"],["West Maui","Honokeana Farms","1,725","Agriculture","Planning","Approximately 250 farm lots across both project areas."],["West Maui","Kapalua Ranch","914","Agriculture","Planning"],["Upcountry","Hali\u2018imaile Farms","757","Agriculture","Planning","Approximately 102 farm lots"],["West Maui","Kahana Farms","2,640","Agriculture","Planning","Approximately 200 farm lots"],["Upcountry","Hali\u2018imaile Farm Land","348","Agriculture","Planning","TBD"],["4. Unimproved Land - Property being marketed for long-term lease and ongoing asset management","West Maui","Honolua Farm Land","1,604","Agriculture","Asset management","TBD"],["West Maui","Honokohau Farm Land","1,884","Agriculture","Asset management","TBD"],["West Maui","Watershed Conservation Land","10,452","Conservation","Asset management","TBD"],["West Maui","Waterfront Conservation Land","492","Conservation","Asset management","TBD"],["Total Land Portfolio Area (acres)","22,286"]] [[/GREPCENT_TABLE]] Near-term sales revenues (1-3 years) may be anticipated from our remnant and non-strategic parcels for sale, along with improved land in active marketing for sale and/or development. In 2024, our team began to self-perform priority land development projects, including the planning and engineering of Kapalua Resort projects and the preliminary subdivision of a 325-acre former ranch site in Upcountry, Maui. Unimproved land in active planning and improvements will likely require three or more years before improvements are completed and revenue generation is realized. Funding for soft cost improvements, if not covered by our commercial properties and land leasing cashflow, will likely be provided by remnant non-strategic parcel sales and our revolving line of credit. In 2025, we sold six remnant land parcels for aggregate proceeds of $2.4 million and a $10.0 million purchase agreement with Harvest Church was executed for a 6.5-acre parcel to be used for its Kapalua campus. We currently expect the closing to occur in 2027, subject to customary closing conditions. As we incur infrastructure and other site improvement hard costs, we expect to fund them primarilythrough project presale deposits and construction financing. For the Honokeana Homes State Temporary Housing Project, we have leased approximately 50 acres to the State of Hawai‘i and we are administering construction of necessary improvements to support temporary homes for individuals and families displaced by the Maui wildfires on August 8, 2023.  The land will be leased at no cost for a term of five years, plus the duration of time necessary to construct the temporary homes. The land is a portion of a larger, 1,377-acre parcel owned by the Company. The agreement provides the State will fund all costs to complete the project, including approximately $35.5 million to complete the necessary horizontal improvements.  The Company has agreed to administer the construction of the horizontal improvements and, at the State’s election, the subsequent vertical improvements for which costs have not yet been estimated. We will provide these administration services to the State at its cost and will not directly profit from these services. After the end of the lease, the State will remove any vertical improvements unless the Company requests that specific improvements remain. As of the date of this Annual Report, the project is on hold at the direction of the State of Hawaii. At the time of filing of this Annual Report, we have not received an update on the project or an indication to when the project will resume. During the year ended December 31, 2025, MLP recorded $3.4 million in Honokeana Homes project revenue, which was State of Hawai’I reimbursement for the costs incurred by the Company. We expect unimproved land identified for long-term leasing and ongoing asset management to be leased or licensed for diversified agricultural, conservation, and cultural uses for at least the next ten years. We have approximately 1,026 acres have been leased to Ka Ike Ranch, a local family-owned and operated business committed to local food production and sustainable ranching. Our unimproved land portfolio also includes the Pu’u Kukui Watershed, which is over 8,600 acres and is actively managed to maximize rainfall capture and recharge of the aquif [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/MLP/mda/fy2025/ All MD&A years: /company/MLP/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/MLP/mda/fy2024/): filed 2025-03-31; accession 0001437749-25-010266 (https://www.sec.gov/Archives/edgar/data/63330/000143774925010266/mlp20241231_10k.htm) - [FY 2023 MD&A](/company/MLP/mda/fy2023/): filed 2024-03-28; accession 0001437749-24-009834 (https://www.sec.gov/Archives/edgar/data/63330/000143774924009834/mlp20231231c_10k.htm) - [FY 2022 MD&A](/company/MLP/mda/fy2022/): filed 2023-03-24; accession 0001437749-23-007690 (https://www.sec.gov/Archives/edgar/data/63330/000143774923007690/mlp20221231b_10k.htm) - [FY 2021 MD&A](/company/MLP/mda/fy2021/): filed 2022-03-01; accession 0001437749-22-004848 (https://www.sec.gov/Archives/edgar/data/63330/000143774922004848/mlp20211231_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6500 Real Estate) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/MLP.md · JSON record: /company/MLP.json · verified financials: /company/MLP/financials.json / /company/MLP/financials.csv · machine TOC for the whole site: /llms.txt