Maui-Land & Pineapple Company, Inc. (MLP): Business Model Canvas

Eingebettet in die üppigen Landschaften von Maui, Maui Land & Pineapple Company, Inc. (MLP) entwickelt sich zu einem transformativen Kraftpaket, das nachhaltige Landbewirtschaftung, Immobilieninnovation und Umweltschutz nahtlos miteinander verbindet. Mit 23.000 Hektar Auf strategischem hawaiianischem Terrain stellt MLP ein dynamisches Unternehmen dar, das über traditionelle Geschäftsmodelle hinausgeht und durch ein komplexes Ökosystem aus Agrar-, Naturschutz- und Entwicklungsinitiativen Werte schafft. Dieses einzigartige Geschäftsmodell zeigt, wie MLP seinen weitläufigen Landbesitz strategisch nutzt, um mehrere Einnahmequellen zu generieren und gleichzeitig ein tiefes Engagement für den Umweltschutz und das Engagement der Gemeinschaft beizubehalten.

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zur Bewirtschaftung landwirtschaftlicher Flächen

Maui-Land & Pineapple Company unterhält strategische landwirtschaftliche Partnerschaften mit den folgenden Unternehmen:

Partner	Partnerschaftstyp	Flächenverwaltet
Hawaiianischer Werbespot & Zuckerunternehmen	Landnutzungsvereinbarung	36.000 Hektar
Auf Maui angebauter Kaffee	Landwirtschaftliche Zusammenarbeit	250 Hektar

Mitarbeiter bei der Immobilienentwicklung

Zu den wichtigsten Immobilienentwicklungspartnerschaften gehören:

• Pulelehua-Entwicklungspartner
• Kapalua Resort Management
• Maui Land Development Corporation

Nachhaltige Landwirtschafts- und Naturschutzorganisationen

Organisation	Fokus auf Zusammenarbeit	Jährliche Investition
Der Naturschutz von Hawaii	Landschutz	$750,000
Hawaii Agricultural Research Center	Nachhaltige Agrarforschung	$450,000

Lokale Maui-Gemeinde und Regierungsstellen

Partnerschaften mit lokalen Regierungs- und Gemeindeorganisationen:

• Wirtschaftsentwicklungsausschuss des Landkreises Maui
• Büro für hawaiianische Angelegenheiten
• Maui-Planungskommission

Partner der Tourismus- und Hotelbranche

Partner	Partnerschaftstyp	Jährlicher Umsatzbeitrag
Ritz-Carlton Kapalua	Resort-Management	12,5 Millionen US-Dollar
Hawaii Tourism Authority	Destinationsmarketing	2,3 Millionen US-Dollar

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Hauptaktivitäten

Landmanagement und -erhaltung

Maui-Land & Pineapple Company verwaltet etwa 23.000 Acres Land auf Maui, Hawaii. Zu den Landschutzbemühungen des Unternehmens gehören:

• Erhaltung einheimischer hawaiianischer Ökosysteme
• Initiativen zum Schutz von Wassereinzugsgebieten
• Nachhaltige Landnutzungsstrategien

Landkategorie	Hektar	Aktuelle Nutzung
Naturschutzgebiet	8,500	Ökosystemschutz
Agrarland	6,200	Diversifizierte Landwirtschaft
Bebaubares Land	4,300	Immobilienentwicklung

Immobilienentwicklung und -vermietung

Das Unternehmen konzentriert sich auf die strategische Immobilienentwicklung mit den folgenden Schlüsselkennzahlen:

• Gesamtwert des Immobilienportfolios: 152 Millionen US-Dollar
• Entwicklungsgebiet Kapalua Resort: 1.650 Acres
• Jährlicher Immobilienmietertrag: 7,2 Millionen US-Dollar

Landwirtschaftliche Betriebe und Diversifizierung

Zu den aktuellen landwirtschaftlichen Aktivitäten gehören:

Erntetyp	Hektar kultiviert	Jährliche Produktion
Diversifizierte Landwirtschaft	2,100	Verschiedene Sonderkulturen
Experimentelle Pflanzen	500	Forschung und Entwicklung

Immobilienwartung und Infrastrukturentwicklung

Jährliche Infrastrukturinvestition: 3,5 Millionen US-Dollar

• Straßeninstandhaltung
• Modernisierung der Versorgungsinfrastruktur
• Wassermanagementsysteme

Nachhaltige Landnutzungsplanung

Wichtige Initiativen für nachhaltige Entwicklung:

• Programm zur Kohlenstoffbindung: 2.500 Acres gewidmet
• Potenzial für erneuerbare Energien: 500 Hektar für Solar- und Windprojekte
• Investitionen in den Wasserschutz: 1,2 Millionen US-Dollar pro Jahr

Nachhaltigkeitsmetrik	Aktueller Status	Jährliche Investition
CO2-Ausgleich	5.200 Tonnen	$850,000
Wasserrecycling	60 % des landwirtschaftlichen Wassers	$450,000

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Schlüsselressourcen

Landbesitz

Gesamtlandfläche: 23.000 Acres in Maui, Hawaii

Landkategorie	Hektar	Ungefährer Wert
Agrarland	11,500	230 Millionen Dollar
Naturschutzgebiet	6,200	124 Millionen Dollar
Bebaubare Immobilien	5,300	318 Millionen Dollar

Immobilienportfolio

• Kapalua Resort (mastergeplante Gemeinde)
• Gewerbeimmobilien
• Landwirtschaftliche Grundstücke
• Naturschutz- und Schutzgebiete

Ressourcen des Managementteams

Position	Jahrelange Erfahrung	Branchenkompetenz
CEO	22 Jahre	Immobilienentwicklung
Finanzvorstand	18 Jahre	Finanzmanagement
COO	15 Jahre	Landmanagement

Fähigkeiten zur Umweltverantwortung

Erhaltungsinvestitionen: 12,5 Millionen US-Dollar jährlich

Strategischer Standort

Standortattribut	Wertmetrik
Mittlerer Immobilienwert in Kapalua	3,2 Millionen US-Dollar
Jährliche Auswirkungen auf den Tourismus	2,1 Milliarden US-Dollar

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Wertversprechen

Nachhaltige Landentwicklung und -erhaltung

Maui-Land & Pineapple Company verwaltet etwa 23.000 Acres Land auf Maui, Hawaii. Das Grundstücksportfolio des Unternehmens umfasst:

Landtyp	Hektar	Aktuelle Nutzung
Agrarland	9,200	Diversifizierte Landwirtschaft
Naturschutzgebiet	6,500	Ökologischer Schutz
Potenzielles Entwicklungsland	7,300	Immobilienmöglichkeiten

Hochwertige Immobilienmöglichkeiten

Zu den Wertvorschlägen für die Immobilienentwicklung gehören:

• Kapalua Resort: 1.650 Hektar meisterhaft geplante Anlage
• Durchschnittliche Immobilienwerte in Kapalua: 1,2 bis 5,5 Millionen US-Dollar
• Möglicher jährlicher Immobilienumsatz: Geschätzte 35–50 Millionen US-Dollar

Integrierter Ansatz für das Landmanagement

Die Landmanagementstrategie konzentriert sich auf:

• Diversifizierte Landnutzung
• Nachhaltige Entwicklungspraktiken
• Potenzial für erneuerbare Energien: 5–7 MW Solarstromerzeugungskapazität

Erhaltung des hawaiianischen ökologischen Erbes

Ökologische Schutzkennzahlen:

Naturschutzgebiet	Hektar geschützt	Ökosystemtyp
Einheimische Waldreservate	3,200	Tropischer Regenwald
Schutz von Wassereinzugsgebieten	2,800	Wassereinzugsgebietsmanagement

Langfristige Wertschöpfung für Stakeholder

Finanzielle Leistungsindikatoren:

• Jahresumsatz (2023): 22,4 Millionen US-Dollar
• Grundstückswert: Ungefähr 300–350 Millionen US-Dollar
• Rendite des Landvermögens: 4-6 % jährlich

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Immobilienmietverträge

Ab 2024 Maui Land & Pineapple Company behauptet ca. 23.000 Acres Grundstücke, die für langfristige Pachtverträge zur Verfügung stehen.

Leasingtyp	Anzahl der aktiven Mietverträge	Durchschnittliche Mietdauer
Agrarpachtverträge	42	15-25 Jahre
Vermietung von Gewerbeimmobilien	18	10-20 Jahre
Mietverträge für Wohnbauprojekte	7	30-50 Jahre

Community-Engagement und Beratung

Das Unternehmen führt vierteljährliche Gemeindeberatungstreffen mit lokalen Stakeholdern.

• Jährliches Budget für gemeinschaftliches Engagement: 350.000 US-Dollar
• Anzahl Gemeindetreffen im Jahr 2023: 14
• Durchschnittliche Teilnehmerzahl pro Sitzung: 65 Personen

Personalisierte Immobilienentwicklungsdienste

MLP bietet maßgeschneiderte Immobilienentwicklungsberatungen an engagierte Projektmanagementteams.

Servicekategorie	Anzahl aktiver Projekte	Durchschnittlicher Projektwert
Wohnbebauung	6	12,5 Millionen US-Dollar
Gewerbeimmobilien	3	22,3 Millionen US-Dollar

Transparente Kommunikation mit Stakeholdern

Das Unternehmen unterhält umfassende Kommunikationskanäle mit Investoren und Community-Mitgliedern.

• Jährliches Investor-Relations-Budget: 275.000 US-Dollar
• Anzahl der Kontaktpunkte zur Anlegerkommunikation pro Jahr: 48
• Bewertung der Anlegerzufriedenheit: 4,6/5

Engagement für ökologische Nachhaltigkeit

MLP integriert Nachhaltigkeit in Kundenbeziehungsstrategien.

• Jährliche Nachhaltigkeitsinvestition: 1,2 Millionen US-Dollar
• Umweltzertifizierungsprogramme: 3 aktive Zertifizierungen
• Durchgeführte Community-Nachhaltigkeitsworkshops: 22 im Jahr 2023

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Kanäle

Direktvertriebs- und Leasingteam

Ab 2024 Maui Land & Pineapple Company verfügt über ein internes Verkaufsteam von 7 engagierten Fachleuten, die auf Immobilientransaktionen und Immobilienleasing spezialisiert sind.

Zusammensetzung des Vertriebsteams	Anzahl der Fachkräfte
Leitende Immobilienmakler	3
Junior-Immobilienmakler	4

Immobilienmakler und -makler

Das Unternehmen arbeitet mit 12 externen Immobilienmaklerfirmen in ganz Hawaii zusammen und erweitert so seine Marktreichweite.

Partnervermittlungsstandorte	Anzahl der Firmen
Insel Maui	6
Oahu	4
Hawaii-Insel	2

Online-Immobilienangebote

MLP nutzt mehrere Online-Plattformen für die Immobilienvermarktung:

• Zillow
• Immobilienmakler.com
• Hawaii-Immobiliennetzwerk
• Länder von Hawaii

Unternehmenswebsite und Marketingmaterialien

Die Website des Unternehmens verzeichnet etwa 45.000 monatliche Besucher mit einer durchschnittlichen Interaktionszeit von 3,2 Minuten pro Sitzung.

Digitale Marketingmetrik	Statistik 2024
Monatliche Website-Besucher	45,000
Durchschnittliche Sitzungsdauer	3,2 Minuten
Digitale Broschüren-Downloads	1.200 pro Monat

Branchennetzwerke und Konferenzen

MLP nimmt jährlich an sechs großen Immobilien- und Grundstücksentwicklungskonferenzen teil und erreicht eine geschätzte Networking-Reichweite von 1.500 Branchenexperten.

Konferenztyp	Jährliche Teilnahme
Hawaii-Immobiliengipfel	1
Konferenz zur pazifischen Landentwicklung	2
Foren für nachhaltige Entwicklung	3

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Kundensegmente

Immobilienentwickler

Ab 2024 Maui Land & Pineapple Company richtet sich an Immobilienentwickler mit bestimmten Grundstücken:

Landkategorie	Gesamtfläche	Bebaubare Acres
Kapalua Resort-Bereich	1.650 Hektar	350 Hektar
Agrarflächen	23.000 Hektar	5.500 Hektar

Agrarbetriebe

MLP bedient landwirtschaftliche Kunden mit spezifischen Landangeboten:

• Nachhaltige landwirtschaftliche Flächenverpachtung
• Dienstleistungen im Bereich Wasserressourcenmanagement
• Infrastrukturunterstützung für landwirtschaftliche Betriebe

Naturschutzorganisationen

Das Segment Naturschutz umfasst:

Naturschutzgebiet	Gesamtfläche geschützt
Erhaltung einheimischer Ökosysteme	11.000 Hektar
Wassereinzugsgebietsschutzzonen	6.500 Hektar

Tourismus- und Hotelgewerbe

MLP unterstützt den Tourismus durch die Infrastruktur des Kapalua Resorts:

• Resort-Annehmlichkeiten auf einer Fläche von 1.650 Hektar
• Golfplatzmanagement
• Entwicklung der Hotelinfrastruktur

Lokale und internationale Immobilieninvestoren

Investitionsmöglichkeiten ab 2024:

Anlagekategorie	Durchschnittlicher Preis pro Acre	Insgesamt verfügbare Acres
Resort-Entwicklungsland	2.500.000 US-Dollar pro Acre	350 Hektar
Agrarinvestitionsland	75.000 $ pro Acre	5.500 Hektar

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Kostenstruktur

Ausgaben für Landpflege und -erhaltung

Ab dem Geschäftsjahr 2023 Maui Land & Pineapple Company meldete die folgenden Landpflegekosten:

Kategorie	Jährliche Kosten
Instandhaltung landwirtschaftlicher Flächen	$1,237,000
Naturschutzgebietsmanagement	$845,000
Erhaltung des Ökosystems	$612,000

Immobilienentwicklungs- und Infrastrukturkosten

Zu den Infrastrukturentwicklungskosten für 2023 gehörten:

• Landvorbereitung: 3.450.000 $
• Infrastrukturinstallation: 2.780.000 $
• Entwicklung eines Versorgungsnetzes: 1.920.000 US-Dollar

Immobilienverwaltungsvorgänge

Aufschlüsselung der Betriebskosten für die Immobilienverwaltung:

Einsatzgebiet	Jährliche Ausgaben
Immobilienwartung	$2,100,000
Sicherheitsdienste	$687,000
Facility Management	$1,450,000

Initiativen zur ökologischen Nachhaltigkeit

Kosten des Nachhaltigkeitsprogramms für 2023:

• Implementierung erneuerbarer Energien: 1.350.000 US-Dollar
• Wasserschutzsysteme: 890.000 US-Dollar
• Programme für nachhaltige Landwirtschaft: 675.000 US-Dollar

Verwaltungs- und Unternehmensaufwand

Unternehmensgemeinkosten für das Geschäftsjahr 2023:

Overhead-Kategorie	Jährliche Kosten
Vergütung von Führungskräften	$2,300,000
Gehälter für Verwaltungspersonal	$3,750,000
Bürobetrieb	$1,200,000
Recht und Compliance	$850,000

Maui-Land & Pineapple Company, Inc. (MLP) – Geschäftsmodell: Einnahmequellen

Einkünfte aus Immobilienpacht

Ab 2024 Maui Land & Pineapple Company erwirtschaftet Immobilienpachteinnahmen aus verschiedenen gewerblichen und landwirtschaftlichen Immobilien. Das Leasingportfolio des Unternehmens umfasst:

Immobilientyp	Jährliche Leasingeinnahmen	Gesamtmietfläche
Gewerbeimmobilien	$3,450,000	125 Hektar
Agrarland	$2,100,000	850 Hektar
Wohnraummietflächen	$1,250,000	75 Hektar

Verkauf von Immobilienentwicklungen

Die Immobilienentwicklung stellt eine bedeutende Einnahmequelle mit den folgenden Finanzkennzahlen dar:

• Gesamter Immobilienverkauf im Jahr 2024: 12.750.000 $
• Durchschnittlicher Immobilienverkaufspreis: 875.000 $
• Anzahl der verkauften Immobilien: 14 Einheiten

Landverwaltungsdienste

Landmanagementdienste generieren Einnahmen durch spezialisierte Beratungs- und Managementverträge:

Servicekategorie	Jahresumsatz	Anzahl der Verträge
Landnutzungsberatung	$1,600,000	22 Verträge
Umweltmanagement	$950,000	15 Verträge

Landwirtschaftliche Flächennutzung

Zu den Einnahmequellen der Landwirtschaft gehören:

• Einnahmen aus der Pflanzenproduktion: 4.250.000 US-Dollar
• Einkommen aus landwirtschaftlichen Pachten: 1.750.000 US-Dollar
• Landwirtschaftliche Beratungsdienste: 850.000 US-Dollar

Strategische Monetarisierung von Immobilienportfolios

Die strategische Immobilienmonetarisierung generiert zusätzliche Einnahmen durch:

Monetarisierungsstrategie	Jahresumsatz
Immobilienverkäufe	$7,500,000
Wegerechtvereinbarungen	$1,250,000
Dienstbarkeitslizenzierung	$675,000

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Value Propositions

Providing land for community needs, including emergency and workforce housing, involves a significant commitment to Maui's recovery and future stability. Maui Land & Pineapple Company, Inc. committed 50 acres of its land in Honokeana for a temporary housing project for individuals displaced by the 2023 wildfires. The estimated cost for Maui Land & Pineapple Company, Inc.'s work on the horizontal infrastructure for this project is $35,500,000.00. This effort aims to create approximately 200 temporary housing lots, with MLP's work on the infrastructure intended to be completed by December 31, 2025. Maui Land & Pineapple Company, Inc. stewards over 22,000 acres of land on Maui in total.

Maui Land & Pineapple Company, Inc. offers a diverse portfolio of commercial and agricultural lease space, focusing on activating underutilized land. The leasing segment saw recurring revenue increase by 39% year-to-date in 2025 compared to the same period in 2024. By the end of the second quarter of 2025, commercial real estate occupancy reached 89%, up from 86% at the start of that year. The leasing segment's net operating income improved by 21.5% for the nine months ended September 30, 2025, compared to the prior year period.

Leasing Revenue Growth (YTD 2025 vs 2024)	39%
Commercial Real Estate Occupancy (as of Q2 2025)	89%
Leasing NOI Improvement (9 months ended 9/30/2025)	21.5%

Stewardship of the world-renowned Kapalua Resort environment and amenities is a core function, including managing critical water systems. Water and conservation costs for the first six months ended June 30, 2025, totaled $1,253,000. These costs included $191,000 in increased electricity to power potable groundwater wells. Maui Land & Pineapple Company, Inc. manages properties, utilities, and the Pu'u Kukui Watershed, which is the largest private nature preserve in Hawai'i. The PGA Tour's Sentry Tournament of Champions at the Plantation Course was canceled for 2026 due to drought and water conservation requirements.

Diversifying Maui's economy through a sustainable Agave agriculture venture honors the company's agricultural roots. Maui Land & Pineapple Company, Inc. is cultivating blue weber agave on 25 acres of underutilized croplands in Upcountry Maui, within a larger 120-acre planting zone. The first phase of planting is complete, with more than 12,000 blue agave plants in the ground, and the company has since reported over 15,000 plants in the ground as of Q3 2025. This venture is intended to create local jobs and boost environmental and economic sustainability.

Unlocking latent asset value through strategic land planning and development is demonstrated across the Kapalua Resort area. The Kapalua Mauka area, a 930-acre area, already has land entitlements to produce 639 single-family homes, plus recreation space. The Kapalua Central resort area comprises 46 acres planned for 196 residential units. Land development and sales revenues for the first six months of 2025 amounted to $3,442,000, compared to $200,000 in the same period in 2024. This H1 2025 development revenue was primarily due to $3,100,000 from the Honokeana Homes Relief Housing Project.

• Kapalua Makai Project Area: 37 acres.
• Honokeana Relief Housing Project Contracting Revenue (H1 2025): $3,100,000.
• Land Parcels Sold (through Q3 2025): Three.
• Total Land Stewarded: Over 22,000 acres.

Finance: draft next quarter's leasing revenue projection by end of next week.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Customer Relationships

You're looking at how Maui Land & Pineapple Company, Inc. (MLP) manages its diverse set of relationships across its landholdings. It's not one-size-fits-all; the approach shifts based on whether the customer is a short-term buyer or a decades-long leaseholder.

Transactional sales model for non-strategic land parcels

For non-strategic land parcels, the relationship is strictly transactional, focused on generating incremental liquidity. This is a clear-cut sales process. For the nine months ended September 30, 2025, MLP completed the sale of three land parcels, a significant increase from the one parcel sale during the same nine-month period in 2024. This activity drove the Land development and sales segment's net operating income to improve by 203.9%, moving from $(\$0.5)$ million for the nine months ended September 30, 2024, to \$0.5 million for the nine months ended September 30, 2025. To maintain this sales pipeline, the Company currently has five additional parcels publicly marketed for sale as of late 2025. The relationship starts and ends with the closing of the sale.

Dedicated account management for long-term commercial and agricultural leases

For long-term commercial and agricultural tenants, the relationship is managed through dedicated account management, aiming for stability and growth in recurring revenue. This segment is the core driver of MLP's operations. Recurring revenue from the leasing segment increased 39% year-to-date in 2025 compared to the same period in 2024, and 59% compared to the same period in 2023. The leasing segment's net operating income improved by 21.5%, rising from \$3.7 million to \$4.5 million for the nine months ended September 30, 2025, versus 2024. This success is built on active management; approximately 30 leases were executed and commenced between late 2024 and September 30, 2025. MLP manages approximately 247,000 square feet of commercial real estate, which saw its occupancy improve to 91% as of Q3 2025. This includes significant agricultural relationships, such as welcoming the 1,000+ acre Ka Ike Cattle Ranch as a new tenant in West Maui.

Here's a quick look at the leasing segment's financial traction through Q3 2025:

Metric	Value (9 Months Ended Sept 30, 2025)	Comparison Period
Leasing Segment Net Operating Income	\$4.5 million	vs. \$3.7 million (9M 2024)
Commercial Real Estate Square Footage Managed	247,000 sq. ft.	As of Q3 2025
Commercial Real Estate Occupancy Rate	91%	As of Q3 2025
New Leases Executed/Commenced (Late 2024-Sept 2025)	~30	Period Specific

The focus here is on purposeful placemaking to enhance this recurring revenue stream. That's how you build a durable business.

Membership-based service for Kapalua Resort amenity users

The Kapalua Resort Amenities segment, which includes the Kapalua Club, operates on a membership-based service model. The relationship is defined by access and privilege, though it's a smaller revenue contributor. For the nine months ended September 30, 2024, revenue from resort amenities and other sources totaled \$805,000, driven by accepting new Kapalua Club memberships and updating membership levels. In Q3 2025 alone, this segment generated \$0.2 million in operating revenue. The relationship structure within the governing body, the Kapalua Resort Association, is also a key factor, where MLP held about 33% voting power by the end of 2023, based on acreage ownership within the resort area.

Key aspects of the membership relationship include:

• Acceptance of new Kapalua Club memberships.
• Recognition of additional club dues upon level updates.
• Providing special programs and privileges at resort amenities.

Collaborative, project-based relationship with government entities (State of Hawai'i)

MLP engages in a highly collaborative, project-based relationship with government entities, particularly concerning community recovery and development initiatives. A prime example is the Honokeana Homes Relief Housing Project with the State of Hawai'i. For the first three months of 2025, MLP recorded \$2,278,000 of contracting revenues from administering horizontal improvements for this project. Importantly, MLP agreed to receive no direct profit from this specific effort, underscoring a commitment beyond pure financial return. Furthermore, cost reimbursements related to the Relief Housing Project contributed \$3.4 million to the nine-month operating revenues in 2025. This type of relationship is about fulfilling a community stewardship role, even if it means foregoing immediate margin on the contract itself.

If you're tracking the State partnership revenue:

• Contracting revenue from Honokeana Homes (Q1 2025): \$2,278,000.
• Total Relief Housing Project reimbursements (9M 2025): \$3.4 million.
• Profit expectation on contracting: Zero.

Finance: draft the 13-week cash view by Friday, focusing on the timing of the next non-strategic land sale to support development funding.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Channels

You're looking at how Maui Land & Pineapple Company, Inc. (MLP) gets its value propositions to the customer, and honestly, it's a mix of direct operations and leveraging its physical assets across several distinct paths.

Internal Land Development and Sales team for direct parcel sales

The internal team drives direct sales channels, which saw a significant uptick in the first half of 2025. For the six months ended June 30, 2025, revenues from Land Development & Sales hit $3.4 million. This was bolstered by specific projects, like the Honokeana Homes Relief Housing Project, which contributed $2,278,000 in contracting revenues in the first quarter of 2025 alone. The segment's net operating income (NOI) for the nine months ended September 30, 2025, reached $0.5 million, a massive improvement from ($0.5 million) in the prior year period, driven by more transactions. This channel relies on entitlements and development progress on MLP's vast holdings, which include over 22,000 acres of land on Maui.

Kapalua Realty, a general brokerage real estate company

While specific revenue attribution to Kapalua Realty is not broken out separately from the Land Development & Sales segment in the latest reports, this brokerage arm acts as a key conduit for realizing value from property sales and potentially facilitating some leasing transactions within the Kapalua Resort area. The overall land sales activity, which saw three parcel sales in the first nine months of 2025 compared to one in 2024, flows through these sales channels. The company's stock price as of November 10, 2025, was $15.19, with a market capitalization of $300M. That's the market's current view of the value being unlocked through all channels.

Direct leasing and property management for commercial tenants

Direct leasing is the most consistent revenue driver for Maui Land & Pineapple Company, Inc. The company manages approximately 247,000 square feet of commercial real estate, which achieved an occupancy rate of 91% as of September 30, 2025. This focus on direct management helps ensure lease terms are optimized. Recurring revenue from this leasing segment increased by 39% year-to-date in 2025 compared to the same period in 2024. For the third quarter of 2025, leasing generated $3.5 million in operating revenue. The Leasing segment's NOI for the nine months ended September 30, 2025, was $4.5 million, up from $3.7 million the year prior. New tenants like the Maui Pineapple Store and Malia Coffee Company in Hali'imaile, and Maui Sunriders Bike Shop in Kapalua, are now part of this direct channel.

Resort amenity operations and membership program access points

The Resort Amenities segment, which includes the membership program providing benefits within Kapalua Resort, serves as a smaller, yet direct, revenue stream. For the third quarter of 2025, this segment, combined with other sources, contributed $0.2 million to operating revenues. This channel is intrinsically linked to the overall health and appeal of the Kapalua Resort properties that MLP owns and manages. The company also manages utilities and a nature preserve at the resort.

Here's a quick look at how the primary revenue-generating channels stacked up for the nine months ended September 30, 2025:

Revenue Source (Segment)	Nine Months YTD 2025 Operating Revenue (Approximate)	Nine Months YTD 2025 Net Operating Income (NOI)
Leasing Segment	Not explicitly stated, but Q3 was $3.5M	$4.5 million
Land Development & Sales Segment	Not explicitly stated, but 6M ended June 30, 2025 was $3.4M	$0.5 million
Resort Amenities and Other	Q3 2025 was $0.2 million	Not explicitly stated
Total Operating Revenues (All Segments)	$14.9 million	N/A

The total operating revenues for the nine months ended September 30, 2025, reached $14.9 million, a significant increase from $8.2 million in the same period of 2024. This growth reflects the success across these various channels, though $3.4 million of the nine-month revenue was due to cost reimbursements from the Relief Housing Project. If onboarding takes 14+ days for new commercial tenants, churn risk rises, but current occupancy at 91% suggests good channel execution there.

Finance: review the Q4 2025 credit facility availability against expected capital needs for the Kapalua Makai development by next Tuesday.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Customer Segments

Commercial and industrial businesses leasing property.

• Leasing revenues for the six months ended June 30, 2025, totaled $6,421,000, a 46% increase year-over-year.
• Recurring leasing revenue increased 39% year-to-date in 2025 compared to the same period in 2024.
• Commercial real estate occupancy improved to 91% across 247,000 square feet as of September 30, 2025.
• New commercial and industrial tenants welcomed in 2025 include the Maui Pineapple Store and Malia Coffee Company in Hali'imaile, and Maui Sunriders Bike Shop and Big Wave Shave Ice in Kapalua.

Agricultural operators and ranchers (e.g., Ka Ike Cattle Ranch).

• The 1,000+ acre Ka Ike Cattle Ranch in West Maui is noted as a new land lease tenant.
• Maui Land & Pineapple Company, Inc. is planting 15,000 blue weber agave plants on 25 acres of underutilized croplands in Upcountry, Maui, as part of a new agriculture venture.

Real estate developers and high-net-worth land buyers.

• Land development and sales revenues for the six months ended June 30, 2025, reached $3,442,000.
• The company sold three land parcels through the third quarter of 2025.
• Maui Land & Pineapple Company, Inc. currently has five additional parcels publicly marketed for sale.
• Land development and sales business segment's net operating income improved by 203.9% for the nine months ended September 30, 2025, compared to the prior year.

Kapalua Resort residents and amenity membership holders.

• The Resort Amenities segment generated $0.2 million in operating revenue for Q3 2025.
• Revenue from resort amenities, including the Kapalua Club, increased by $107,000 over the same period last year due to the acceptance of new Kapalua Club memberships.
• Maui Land & Pineapple Company, Inc. manages resort holdings of over 800 residences, homesites and condominiums within the 1,650-acre Kapalua Resort.

State and County of Maui government entities.

• Land development revenues included $3,100,000 of contracting revenues from the Honokeana Homes Relief Housing Project with the State of Hawai'i for the first six months of 2025.
• Cost reimbursements from the Relief Housing Project totaled $3,376,000 for the nine months ended September 30, 2025.
• West Maui water assets include a surface water system which serves the County of Maui for a large portion of Lahaina's drinking water.

The leasing segment's financial contribution by customer type can be partially segmented as follows:

Leasing Category/Customer Type	Revenue Metric (9M 2025 YTD)	Change YTD 2025 vs 2024
Total Recurring Leasing Revenue	$9.9 million	39% increase
Commercial/Industrial/Land Leases (Occupancy)	91% occupancy across 247,000 sq. ft.	Occupancy improved from 86%
Resort Amenities (Kapalua Club)	$0.2 million (Q3 2025 Revenue)	Revenue increased by $107,000 (H1 2024 vs H1 2023)

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Cost Structure

The Cost Structure for Maui Land & Pineapple Company, Inc. (MLP) in late 2025 is heavily influenced by legacy obligations and ongoing operational investments across its substantial land holdings.

High operating costs and expenses totaled $17.8 million for the nine months ended September 30, 2025, which was an increase of 30.1% compared to $13.7 million for the same period in 2024. A significant portion of this increase, specifically $3,376,000, was attributed to direct costs associated with the Relief Housing Project with the State of Hawai'i, though these costs were reimbursed by the State.

A major non-recurring cost impacting the nine-month results was the significant one-time pension settlement expense. The total pension expense recognized was $6.9 million, of which $6.6 million was non-cash, stemming from the qualified pension plan termination finalized on September 30, 2025.

Capital deployment involves significant outlays for property enhancement. Cash and investments convertible to cash decreased to $5.0 million as of September 30, 2025, down from $9.5 million at year-end 2024, with uses including capital expenditures for land development and pension contributions.

Specific expense components for the nine months ended September 30, 2025, include:

• Share-based compensation expense decreased to $3.1 million.
• The GAAP net loss for the nine months was ($9.4 million), widening from ($5.5 million) in 2024, largely due to the pension termination charge.

Regarding water management, Maui Land & Pineapple Company, Inc. owns critical water source and transmission assets, and a strategic review for potential sale or lease of these assets began in early 2025. The company has been involved in legal disputes concerning the maintenance of the Honokōhau Ditch System, which supplies water to West Maui. In one instance, golf courses allegedly consumed over 11 million gallons of water in June 2025 while agricultural tenants used none, despite Tier 4 restrictions.

General and administrative expenses are a component of the overall cost structure, though the specific year-to-date Q3 2025 figure of $6.7 million was not directly verifiable in the latest reports; however, related compensation costs are detailed:

Expense Category	Nine Months Ended September 30, 2025 Amount	Nine Months Ended September 30, 2024 Amount
Operating Costs and Expenses (Total)	$17.8 million	$13.7 million
Pension Settlement Expense (Total)	$6.9 million	N/A (One-time in 2025)
Share-based Compensation Expense	$3.1 million	$4.7 million

The company is facing an unfunded Supplemental Employees Retirement Plan (SERP) estimated to cost $1.6 million upon its scheduled termination in the fourth quarter of 2026.

Finance: draft 13-week cash view by Friday.

Maui Land & Pineapple Company, Inc. (MLP) - Canvas Business Model: Revenue Streams

You're looking at the core income sources for Maui Land & Pineapple Company, Inc. (MLP) as of late 2025. The business model is heavily weighted toward recurring income from real estate holdings, supplemented by project-based development gains and specific government reimbursements.

Leasing operations remain the bedrock of the revenue structure. For the third quarter of 2025, this segment brought in $3.5 million. This recurring revenue stream is showing strong momentum; year-to-date 2025, recurring leasing revenue increased by 39% compared to the same period in 2024. This growth is supported by improved commercial real estate occupancy, which stood at 91% across 247,000 square feet at the end of Q3 2025.

The following table breaks down the total operating revenues reported for the third quarter of 2025, showing how the core leasing stream compares to other sources:

Revenue Source (Q3 2025)	Amount (Millions USD)
Leasing Operations	$3.5
Land Development and Sales	$0.8
Resort Amenities and Other	$0.2
Total Operating Revenue (Q3 2025)	$4.5

Land development and sales provide lumpy, project-driven income. While the third quarter of 2025 saw $0.8 million from this stream, the year-to-date performance through Q3 2025 shows a total of $4.2 million generated from land development and sales, reflecting parcel sales and progress on projects like Honokeana Homes.

A significant, non-core but material, revenue component comes from cost reimbursements from the State of Hawai'i Relief Housing Project. For the nine months year-to-date ending September 30, 2025, the company recorded $3.4 million in these cost reimbursements. This revenue is directly tied to administering horizontal improvements for the project, with the costs being reimbursed by the State.

Revenue from resort amenities and membership fees contributed a smaller, though still present, amount to the top line. In Q3 2025, this category totaled $0.2 million.

You can see the key revenue drivers and their recent performance metrics here:

• Leasing operations revenue for Q3 2025: $3.5 million.
• Recurring leasing revenue year-to-date 2025 increase: 39%.
• Cost reimbursements from the State of Hawai'i Relief Housing Project (YTD Q3 2025): $3.4 million.
• Resort amenities and membership fees revenue for Q3 2025: $0.2 million.
• Land development and sales revenue for Q3 2025: $0.8 million.

Finance: draft 13-week cash view by Friday.