Maui Land & Pineapple Company, Inc. (MLP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ubicado en los exuberantes paisajes de Maui, Land de Maui & Pineapple Company, Inc. (MLP) emerge como una potencia transformadora, combinando perfectamente la gestión sostenible de la tierra, la innovación inmobiliaria y la preservación ecológica. Con 23,000 acres De terreno hawaiano estratégico, MLP representa una empresa dinámica que trasciende los modelos comerciales tradicionales, creando valor a través de un intrincado ecosistema de iniciativas agrícolas, de conservación y de desarrollo. Este lienzo de modelo de negocio único presenta cómo MLP aprovecha estratégicamente sus expansivas tenencias de tierras para generar múltiples flujos de ingresos mientras mantiene un profundo compromiso con la administración ambiental y la participación de la comunidad.

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocio: asociaciones clave

Asociaciones de gestión de tierras agrícolas

Tierra de maui & Pineapple Company mantiene asociaciones agrícolas estratégicas con las siguientes entidades:

Pareja	Tipo de asociación	Superficie gestionada
Comercial hawaiano & Compañía de azúcar	Acuerdo de uso de la tierra	36,000 acres
Café de maui cultivado	Colaboración agrícola	250 acres

Colaboradores de desarrollo inmobiliario

Las asociaciones clave de desarrollo inmobiliario incluyen:

• Pulelehua Development Partners
• Gestión de resort de Kapalua
• Maui Land Development Corporation

Organizaciones de conservación y agricultura sostenible

Organización	Enfoque de colaboración	Inversión anual
La conservación de la naturaleza de Hawaii	Conservación de la tierra	$750,000
Centro de Investigación Agrícola de Hawaii	Investigación de agricultura sostenible	$450,000

Entidades locales de la comunidad y gubernamental de Maui

Asociaciones con el gobierno local y las organizaciones comunitarias:

• Junta de Desarrollo Económico del Condado de Maui
• Oficina de asuntos hawaianos
• Comisión de Planificación de Maui

Socios de la industria del turismo y la hospitalidad

Pareja	Tipo de asociación	Contribución anual de ingresos
Ritz-Carlton Kapalua	Gestión de resorts	$ 12.5 millones
Autoridad de turismo de Hawaii	Marketing de destino	$ 2.3 millones

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocio: actividades clave

Gestión de la tierra y conservación

Tierra de maui & Pineapple Company administra aproximadamente 23,000 acres de tierra en Maui, Hawai. Los esfuerzos de conservación de tierras de la compañía incluyen:

• Preservación de ecosistemas nativos de hawaianos
• Iniciativas de protección de cuencas hidrográficas
• Estrategias de uso de la tierra sostenible

Categoría terrestre	Acres	Uso actual
Tierra de conservación	8,500	Protección del ecosistema
Tierra agrícola	6,200	Agricultura diversificada
Tierra desarrollable	4,300	Desarrollo inmobiliario

Desarrollo y arrendamiento inmobiliarios

La compañía se centra en el desarrollo inmobiliario estratégico con las siguientes métricas clave:

• Valor total de la cartera de bienes raíces: $ 152 millones
• Área de desarrollo de Kapalua Resort: 1.650 acres
• Ingresos anuales de arrendamiento de propiedades: $ 7.2 millones

Operaciones agrícolas y diversificación

Las actividades agrícolas actuales incluyen:

Tipo de cultivo	Acres cultivados	Producción anual
Agricultura diversificada	2,100	Varios cultivos especializados
Cultivos experimentales	500	Investigación y desarrollo

Mantenimiento de la propiedad y desarrollo de infraestructura

Inversión anual de infraestructura: $ 3.5 millones

• Mantenimiento de la carretera
• Actualizaciones de infraestructura de servicios públicos
• Sistemas de gestión del agua

Planificación de uso de la tierra sostenible

Iniciativas clave de desarrollo sostenible:

• Programa de secuestro de carbono: 2,500 acres dedicados
• Potencial de energía renovable: 500 acres para proyectos solares y eólicos
• Inversión de conservación del agua: $ 1.2 millones anualmente

Métrica de sostenibilidad	Estado actual	Inversión anual
Compensación de carbono	5.200 toneladas métricas	$850,000
Reciclaje de agua	60% de agua agrícola	$450,000

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocio: recursos clave

Tierras

Área terrestre total: 23,000 acres en Maui, Hawaii

Categoría terrestre	Acres	Valor aproximado
Tierra agrícola	11,500	$ 230 millones
Tierra de conservación	6,200	$ 124 millones
Bienes raíces desarrollables	5,300	$ 318 millones

Cartera de propiedades

• Kapalua Resort (comunidad planificada maestra)
• Propiedades inmobiliarias comerciales
• Parcelas de tierras agrícolas
• Áreas de conservación y preservación

Recursos del equipo de gestión

Posición	Años de experiencia	Experiencia en la industria
CEO	22 años	Desarrollo inmobiliario
director de Finanzas	18 años	Gestión financiera
ARRULLO	15 años	Gestión de tierras

Capacidades de administración ambiental

Inversiones de conservación: $ 12.5 millones anuales

Ubicación estratégica

Atributo de ubicación	Valor Métrico
Valor de propiedad media en Kapalua	$ 3.2 millones
Impacto anual del turismo	$ 2.1 mil millones

Tierra de maui & PineApple Company, Inc. (MLP) - Modelo de negocio: propuestas de valor

Desarrollo y preservación de la tierra sostenible

Tierra de maui & Pineapple Company administra aproximadamente 23,000 acres de tierra en Maui, Hawai. La cartera de tierras de la compañía incluye:

Tipo terrestre	Acres	Uso actual
Tierra agrícola	9,200	Agricultura diversificada
Tierra de conservación	6,500	Preservación ecológica
Tierra de desarrollo potencial	7,300	Oportunidades inmobiliarias

Oportunidades inmobiliarias de alta calidad

Las propuestas de valor de desarrollo inmobiliario incluyen:

• Kapalua Resort: 1.650 acres de comunidad planificada
• Valores de propiedad promedio en Kapalua: $ 1.2 millones - $ 5.5 millones
• Ingresos inmobiliarios anuales potenciales: estimado $ 35-50 millones

Enfoque integrado para la gestión de la tierra

La estrategia de gestión de la tierra se centra en:

• Uso de la tierra diversificado
• Prácticas de desarrollo sostenible
• Potencial de energía renovable: capacidad de generación solar de 5-7 MW

Preservación del patrimonio ecológico hawaiano

Métricas de conservación ecológica:

Área de conservación	Acres protegidos	Tipo de ecosistema
Reservas forestales nativas	3,200	Selva tropical
Protección de cuencas	2,800	Gestión de cuencas

Creación de valor a largo plazo para las partes interesadas

Indicadores de desempeño financiero:

• Ingresos anuales (2023): $ 22.4 millones
• Valor del activo de la tierra: aproximadamente $ 300-350 millones
• Retorno de los activos de la tierra: 4-6% anual

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento de propiedad a largo plazo

A partir de 2024, Maui Land & La compañía de piña mantiene aproximadamente 23,000 acres de tierra disponible para arreglos de arrendamiento a largo plazo.

Tipo de arrendamiento	Número de arrendamientos activos	Duración promedio de arrendamiento
Arrendamientos agrícolas	42	15-25 años
Arrendamientos de propiedades comerciales	18	10-20 años
Arrendamientos de desarrollo residencial	7	30-50 años

Compromiso y consulta comunitaria

La empresa conduce reuniones trimestrales de consulta comunitaria con partes interesadas locales.

• Presupuesto anual de participación de la comunidad: $ 350,000
• Número de reuniones comunitarias en 2023: 14
• Asistencia promedio de participantes por reunión: 65 personas

Servicios de desarrollo inmobiliario personalizado

MLP proporciona consultas de desarrollo inmobiliario personalizados con equipos de gestión de proyectos dedicados.

Categoría de servicio	Número de proyectos activos	Valor promedio del proyecto
Desarrollo residencial	6	$ 12.5 millones
Inmobiliario comercial	3	$ 22.3 millones

Comunicación transparente con las partes interesadas

La empresa mantiene canales de comunicación integrales con inversores y miembros de la comunidad.

• Presupuesto anual de relaciones con los inversores: $ 275,000
• Número de puntos de contacto de comunicación de inversores por año: 48
• Calificación de satisfacción del inversor: 4.6/5

Compromiso con la sostenibilidad ambiental

MLP integra la sostenibilidad en las estrategias de relación con el cliente.

• Inversión anual de sostenibilidad: $ 1.2 millones
• Programas de certificación ambiental: 3 certificaciones activas
• Talleres de sostenibilidad de la comunidad realizados: 22 en 2023

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocio: canales

Equipo directo de ventas y arrendamiento

A partir de 2024, Maui Land & Pineapple Company mantiene un equipo de ventas interno de 7 profesionales dedicados especializados en transacciones inmobiliarias y arrendamiento de propiedades.

Composición del equipo de ventas	Número de profesionales
Agentes de bienes raíces senior	3
Agentes inmobiliarios junior	4

Corredores de bienes raíces y agentes

La compañía colabora con 12 empresas de corretaje inmobiliario externas en Hawai, ampliando su alcance del mercado.

Ubicaciones de corretaje de socios	Número de empresas
Isla Maui	6
Oahu	4
Isla de Hawái	2

Listados de propiedades en línea

MLP utiliza múltiples plataformas en línea para el marketing de propiedades:

• Zillow
• REALTOR.COM
• Red de bienes raíces de Hawaii
• Tierras de Hawaii

Sitio web corporativo y materiales de marketing

El sitio web de la compañía recibe aproximadamente 45,000 visitantes mensuales, con un tiempo de participación promedio de 3.2 minutos por sesión.

Métrica de marketing digital	2024 estadísticas
Visitantes mensuales del sitio web	45,000
Duración de la sesión promedio	3.2 minutos
Descargas de folletos digitales	1.200 por mes

Redes y conferencias de la industria

MLP participa en 6 principales conferencias inmobiliarias y de desarrollo de tierras anualmente, con un alcance de red estimado de 1.500 profesionales de la industria.

Tipo de conferencia	Participación anual
Cumbre de bienes raíces de Hawaii	1
Conferencia de Desarrollo de Tierras del Pacífico	2
Foros de desarrollo sostenible	3

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocio: segmentos de clientes

Desarrolladores inmobiliarios

A partir de 2024, Maui Land & La compañía de piña se dirige a los desarrolladores inmobiliarios con tenencias de tierras específicas:

Categoría terrestre	Total de acres	Acres desarrollables
Área turística de Kapalua	1.650 acres	350 acres
Tierras agrícolas	23,000 acres	5.500 acres

Negocios agrícolas

MLP sirve a clientes agrícolas a través de ofertas específicas de tierras:

• Arrendamiento de tierras agrícolas sostenibles
• Servicios de gestión de recursos hídricos
• Soporte de infraestructura para operaciones agrícolas

Organizaciones de conservación

El segmento de conservación incluye:

Área de conservación	Total de acres protegidos
Preservación del ecosistema nativo	11,000 acres
Zonas de protección de cuencas	6.500 acres

Industria del turismo y la hospitalidad

MLP apoya el turismo a través de la infraestructura del resort Kapalua:

• Servicios del resort que abarcan 1.650 acres
• Gestión del campo de golf
• Desarrollo de infraestructura de hospitalidad

Inversores inmobiliarios locales e internacionales

Oportunidades de inversión a partir de 2024:

Categoría de inversión	Precio promedio por acre	Total de acres disponibles
Tierra de desarrollo del resort	$ 2,500,000 por acre	350 acres
Tierra de inversión agrícola	$ 75,000 por acre	5.500 acres

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento y conservación de la tierra

A partir del año fiscal 2023, Maui Land & La compañía de piña informó los siguientes costos de mantenimiento de la tierra:

Categoría	Costo anual
Mantenimiento de la tierra agrícola	$1,237,000
Gestión del área de conservación	$845,000
Preservación del ecosistema	$612,000

Desarrollo inmobiliario y costos de infraestructura

Los gastos de desarrollo de infraestructura para 2023 incluyeron:

• Preparación de la tierra: $ 3,450,000
• Instalación de infraestructura: $ 2,780,000
• Desarrollo de la red de servicios públicos: $ 1,920,000

Operaciones de administración de propiedades

Desglose de costos operativos de administración de propiedades:

Área operativa	Gasto anual
Mantenimiento de la propiedad	$2,100,000
Servicios de seguridad	$687,000
Gestión de instalaciones	$1,450,000

Iniciativas de sostenibilidad ambiental

Costos del programa de sostenibilidad para 2023:

• Implementación de energía renovable: $ 1,350,000
• Sistemas de conservación del agua: $ 890,000
• Programas de agricultura sostenible: $ 675,000

Sobrecarga administrativa y corporativa

Gastos generales corporativos para el año fiscal 2023:

Categoría de gastos generales	Costo anual
Compensación ejecutiva	$2,300,000
Salarios de personal administrativo	$3,750,000
Operaciones de oficina	$1,200,000
Legal y cumplimiento	$850,000

Tierra de maui & Pineapple Company, Inc. (MLP) - Modelo de negocio: flujos de ingresos

Ingresos de arrendamiento de propiedades

A partir de 2024, Maui Land & La compañía de piña genera ingresos de arrendamiento de propiedades de varias propiedades comerciales y agrícolas. La cartera de arrendamiento de la compañía incluye:

Tipo de propiedad	Ingresos anuales de arrendamiento	Área total arrendada
Propiedades comerciales	$3,450,000	125 acres
Tierra agrícola	$2,100,000	850 acres
Espacios de arrendamiento residencial	$1,250,000	75 acres

Ventas de desarrollo inmobiliario

El desarrollo inmobiliario representa un flujo de ingresos significativo con las siguientes métricas financieras:

• Ventas inmobiliarias totales en 2024: $ 12,750,000
• Precio promedio de venta de propiedades: $ 875,000
• Número de propiedades vendidas: 14 unidades

Servicios de gestión de tierras

Los servicios de gestión de tierras generan ingresos a través de contratos de consultoría y gestión especializados:

Categoría de servicio	Ingresos anuales	Número de contratos
Consultoría de uso del suelo	$1,600,000	22 contratos
Gestión ambiental	$950,000	15 contratos

Utilización de la tierra agrícola

Las fuentes de ingresos agrícolas incluyen:

• Ingresos de producción de cultivos: $ 4,250,000
• Ingresos de arrendamiento de la agricultura: $ 1,750,000
• Servicios de consultoría agrícola: $ 850,000

Monetización de la cartera de propiedades estratégicas

La monetización de la propiedad estratégica genera ingresos adicionales a través de:

Estrategia de monetización	Ingresos anuales
Venta de propiedades	$7,500,000
Acuerdos de derecho de paso	$1,250,000
Licencia de servidumbre	$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.