Maui Land & Pineapple(NYSE) MLP

Maui Land & Pineapple Company, Inc. manages land and buildings on Maui. They help people find homes and places to work. The company also takes care of local nature and water.

Lands, Leases, and Lifestyles

• Commercial Real Estate Leasing: Rents office, retail, and industrial spaces in three town centers; generated $3.9 million in operating revenues for the six months ended June 30, 2026.
• Land Leasing and Management: Manages agricultural and conservation land rentals along with water distribution; earned $2.7 million in operating revenues for the six months ended June 30, 2026.
• Land Development and Sales: Prepares and sells property parcels for residential or commercial use; accounted for $492,000 in operating revenues for the six months ended June 30, 2026.
• Resort Amenities: Operates the Kapalua Club to provide members with access to golf and spas; revenue is recorded within the land development segment.
• Agribusiness Ventures: Cultivates drought-resistant agave for future sales; currently in the pre-revenue stage of development.

Recent Strategic Moves

• Established new office locations in West Maui and Upcountry Maui during 2024 to deepen community relationships.
• Executed a $10 million purchase agreement with Harvest Church for a 6.5-acre parcel in Kapalua.
• Began performing land development projects internally in 2024, including planning for the Kapalua Resort.
• Leased 50 acres to the State of Hawaii at no cost for five years to support wildfire recovery housing.
• Signed a 1,581-acre agricultural ranching lease in early 2026 to return fallow fields to productive use.

What Makes the Company Unique

Maui Land & Pineapple manages approximately 23,000 acres of land across the island of Maui. This portfolio includes the Puu Kukui Watershed, which provides about 70% of the water consumed in West Maui.

Key Financial Performance

• Operating revenues reached $7.1 million for the six-month period ended June 30, 2026.
• Net loss was $3.7 million for the six-month period ended June 30, 2026.
• Commercial property occupancy rose to 93% as of June 30, 2026, compared to 92% at the end of 2025.
• Cash and cash equivalents were $3.3 million as of June 30, 2026.

The Bottom Line

Maui Land & Pineapple has transitioned from a legacy agriculture business into a focused real estate development and land management entity. The company now centers its growth on revitalizing Maui communities through commercial leasing and sustainable agricultural partnerships.