Maui Land & Pineapple Company, Inc. (MLP): Business Model Canvas [Jan-2025 Mis à jour]

Niché dans les paysages luxuriants de Maui, Maui Land & Pineapple Company, Inc. (MLP) apparaît comme une puissance transformatrice, mélangeant parfaitement la gestion durable des terres, l'innovation immobilière et la préservation écologique. Avec 23 000 acres Du terrain hawaïen stratégique, le MLP représente une entreprise dynamique qui transcende les modèles commerciaux traditionnels, créant de la valeur à travers un écosystème complexe d'initiatives agricoles, de conservation et de développement. Cette toile de modèle commercial unique dévoile comment le MLP exploite stratégiquement ses vastes fonds fonciers pour générer de multiples sources de revenus tout en maintenant un engagement profond envers la gestion de l'environnement et l'engagement communautaire.

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: partenariats clés

Partenariats de gestion des terres agricoles

Maui Land & Pineapple Company entretient des partenariats agricoles stratégiques avec les entités suivantes:

Partenaire	Type de partenariat	Superficie gérée
Publicité hawaïenne & Compagnie de sucre	Accord d'utilisation des terres	36 000 acres
Maui cultivé	Collaboration agricole	250 acres

Collaborateurs du développement immobilier

Les principales partenariats de développement immobilier comprennent:

• Partners de développement de Pulelehua
• Gestion de Kapalua Resort
• Maui Land Development Corporation

Organisations d'agriculture et de conservation durables

Organisation	Focus de la collaboration	Investissement annuel
La conservation de la nature d'Hawaï	Conservation des terres	$750,000
Hawaii Agricultural Research Center	Recherche agricole durable	$450,000

Communauté et entités gouvernementales locales de Maui

Partenariats avec le gouvernement local et les organisations communautaires:

• Conseil de développement économique du comté de Maui
• Bureau des affaires hawaïennes
• Maui Planning Commission

Partenaires du tourisme et de l'hôtellerie

Partenaire	Type de partenariat	Contribution annuelle des revenus
Ritz-Carlton Kapalua	Gestion de la station	12,5 millions de dollars
Hawaii Tourism Authority	Marketing de destination	2,3 millions de dollars

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: activités clés

Gestion et conservation des terres

Maui Land & Pineapple Company gère environ 23 000 acres de terrain sur Maui, Hawaï. Les efforts de conservation des terres de l'entreprise comprennent:

• Préservation des écosystèmes hawaïens indigènes
• Initiatives de protection des bassins versants
• Stratégies d'utilisation des terres durables

Catégorie de terrain	Acres	Utilisation actuelle
Terres de conservation	8,500	Protection des écosystèmes
Terre agricole	6,200	Agriculture diversifiée
Terre de développement	4,300	Développement immobilier

Développement immobilier et location

L'entreprise se concentre sur le développement de l'immobilier stratégique avec les mesures clés suivantes:

• Valeur du portefeuille immobilier total: 152 millions de dollars
• Zone de développement de Kapalua Resort: 1 650 acres
• Revenus de location de propriétés annuelles: 7,2 millions de dollars

Opérations agricoles et diversification

Les activités agricoles actuelles comprennent:

Type de culture	Acres cultivés	Production annuelle
Agriculture diversifiée	2,100	Diverses cultures de spécialité
Cultures expérimentales	500	Recherche et développement

Maintenance des biens et développement des infrastructures

Investissement annuel sur les infrastructures: 3,5 millions de dollars

• Entretien routier
• Mises à niveau des infrastructures utilitaires
• Systèmes de gestion de l'eau

Planification durable de l'utilisation des terres

Initiatives clés de développement durable:

• Programme de séquestration en carbone: 2500 acres dédiés
• Potentiel d'énergie renouvelable: 500 acres pour les projets solaires et éoliens
• Investissement de conservation de l'eau: 1,2 million de dollars par an

Métrique de la durabilité	État actuel	Investissement annuel
Décalage de carbone	5 200 tonnes métriques	$850,000
Recyclage de l'eau	60% de l'eau agricole	$450,000

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: Ressources clés

Propriété terrestre

Superficie totale: 23 000 acres à Maui, Hawaï

Catégorie de terrain	Acres	Valeur approximative
Terre agricole	11,500	230 millions de dollars
Terres de conservation	6,200	124 millions de dollars
Immobilier à développement	5,300	318 millions de dollars

Portefeuille de propriétés

• Kapalua Resort (communauté planifiée)
• Propriétés immobilières commerciales
• Parcelles de terrain agricole
• Zones de conservation et de conservation

Ressources de l'équipe de gestion

Position	Années d'expérience	Expertise de l'industrie
PDG	22 ans	Développement immobilier
Directeur financier	18 ans	Gestion financière
ROUCOULER	15 ans	Gestion des terres

Capacités de gestion de l'environnement

Investissements de conservation: 12,5 millions de dollars par an

Emplacement stratégique

Attribut d'emplacement	Valeur métrique
Valeur médiane de la propriété à Kapalua	3,2 millions de dollars
Impact annuel du tourisme	2,1 milliards de dollars

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: propositions de valeur

Développement et préservation des terres durables

Maui Land & Pineapple Company gère environ 23 000 acres de terrain sur Maui, Hawaï. Le portefeuille foncier de la société comprend:

Type de terrain	Acres	Utilisation actuelle
Terre agricole	9,200	Agriculture diversifiée
Terres de conservation	6,500	Conservation écologique
Terre de développement potentiel	7,300	Opportunités immobilières

Opportunités immobilières de haute qualité

Les propositions de valeur de développement immobilier comprennent:

• Kapalua Resort: 1 650 acres de communauté planifiée par la maîtrise
• Valeur moyenne des propriétés à Kapalua: 1,2 million de dollars - 5,5 millions de dollars
• Revenus de biens immobiliers annuels potentiels: 35 à 50 millions de dollars estimés

Approche intégrée de la gestion des terres

La stratégie de gestion des terres se concentre sur:

• Utilisation des terres diversifiées
• Pratiques de développement durable
• Potentiel d'énergie renouvelable: capacité de production solaire de 5 à 7 MW

Préservation du patrimoine écologique hawaïen

Métriques de conservation écologique:

Zone de conservation	Acres protégés	Type d'écosystème
Réserves forestières indigènes	3,200	Forêt tropicale
Protection des bassins versants	2,800	Gestion des bassins versants

Création de valeur à long terme pour les parties prenantes

Indicateurs de performance financière:

• Revenus annuels (2023): 22,4 millions de dollars
• Valeur des actifs terrestres: environ 300 à 350 millions de dollars
• Retour sur les actifs fonciers: 4-6% par an

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: relations clients

Accords de location de biens à long terme

Depuis 2024, Maui Land & Pineapple Company maintient environ 23 000 acres des terres disponibles pour les dispositions de location à long terme.

Type de location	Nombre de baux actifs	Durée de location moyenne
Baux agricoles	42	15-25 ans
Baux de propriété commerciale	18	10-20 ans
Baux de développement résidentiel	7	30-50 ans

Engagement et consultation communautaires

La société mène réunions de consultation communautaire trimestrielles avec les parties prenantes locales.

• Budget annuel de l'engagement communautaire: 350 000 $
• Nombre de réunions communautaires en 2023: 14
• Présistance moyenne aux participants par réunion: 65 personnes

Services de développement immobilier personnalisés

MLP fournit des consultations de développement immobilier personnalisées avec équipes de gestion de projet dédiées.

Catégorie de service	Nombre de projets actifs	Valeur moyenne du projet
Développement résidentiel	6	12,5 millions de dollars
Immobilier commercial	3	22,3 millions de dollars

Communication transparente avec les parties prenantes

La société maintient canaux de communication complets avec les investisseurs et les membres de la communauté.

• Budget annuel des relations avec les investisseurs: 275 000 $
• Nombre de points de contact de la communication des investisseurs par an: 48
• Note de satisfaction des investisseurs: 4.6 / 5

Engagement envers la durabilité environnementale

MLP intègre la durabilité dans les stratégies de relation client.

• Investissement annuel sur la durabilité: 1,2 million de dollars
• Programmes de certification environnementale: 3 certifications actives
• Ateliers de durabilité communautaire réalisés: 22 en 2023

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: canaux

Équipe de vente directe et de location

Depuis 2024, Maui Land & Pineapple Company maintient une équipe de vente interne de 7 professionnels dévoués spécialisés dans les transactions immobilières et la location immobilière.

Composition de l'équipe de vente	Nombre de professionnels
Agents immobiliers supérieurs	3
Agents immobiliers juniors	4

Brokers et agents immobiliers

La société collabore avec 12 sociétés de courtage immobilier externes à Hawaï, élargissant sa portée de marché.

Emplacements de courtage partenaire	Nombre d'entreprises
Île Maui	6
Oahu	4
Île d'Hawaï	2

Listes de propriétés en ligne

MLP utilise plusieurs plateformes en ligne pour le marketing immobilier:

• Zillow
• Realtor.com
• Réseau immobilier d'Hawaï
• Terres d'Hawaï

Site Web d'entreprise et matériel marketing

Le site Web de l'entreprise reçoit environ 45 000 visiteurs mensuels, avec un délai d'engagement moyen de 3,2 minutes par session.

Métrique du marketing numérique	2024 statistiques
Visiteurs mensuels du site Web	45,000
Durée moyenne de la session	3,2 minutes
Téléchargements de brochure numérique	1 200 par mois

Réseautage et conférences de l'industrie

Le MLP participe à 6 grandes conférences immobilières et de développement foncier chaque année, avec une portée de réseautage estimée à 1 500 professionnels de l'industrie.

Type de conférence	Participation annuelle
Hawaii Real Estate Summit	1
Conférence de développement des terres du Pacifique	2
Forums de développement durable	3

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: segments de clientèle

Promoteurs immobiliers

Depuis 2024, Maui Land & La société d'ananas cible les promoteurs immobiliers avec des fonds fonciers spécifiques:

Catégorie de terrain	Acres totaux	Acres de développement
Zone de villégiature de Kapalua	1 650 acres	350 acres
Terres agricoles	23 000 acres	5 500 acres

Entreprises agricoles

Le MLP sert des clients agricoles grâce à des offres de terres spécifiques:

• Location de terres agricoles durables
• Services de gestion des ressources en eau
• Soutien des infrastructures aux opérations agricoles

Organisations de conservation

Le segment de conservation comprend:

Zone de conservation	Total acres protégé
Préservation des écosystèmes indigènes	11 000 acres
Zones de protection des bassins versants	6 500 acres

Industrie du tourisme et de l'hôtellerie

MLP soutient le tourisme à travers les infrastructures de Kapalua Resort:

• Les équipements de la station couvrant 1 650 acres
• Gestion des terrains de golf
• Développement des infrastructures hôtelières

Investisseurs immobiliers locaux et internationaux

Opportunités d'investissement à partir de 2024:

Catégorie d'investissement	Prix ​​moyen par acre	Total acres disponibles
Terre de développement de la station	2 500 000 $ par acre	350 acres
Terre d'investissement agricole	75 000 $ par acre	5 500 acres

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: Structure des coûts

Entretien des terres et frais de conservation

Depuis 2023 Exercice, Maui Land & Pineapple Company a déclaré les coûts de maintenance des terres suivants:

Catégorie	Coût annuel
Entretien des terres agricoles	$1,237,000
Gestion de la zone de conservation	$845,000
Conservation des écosystèmes	$612,000

Coûts de développement immobilier et d'infrastructure

Les frais de développement des infrastructures pour 2023 comprenaient:

• Préparation des terres: 3 450 000 $
• Installation d'infrastructure: 2 780 000 $
• Développement du réseau de services publics: 1 920 000 $

Opérations de gestion immobilière

Répartition des coûts opérationnels de la gestion immobilière:

Zone opérationnelle	Dépenses annuelles
Maintenance des biens	$2,100,000
Services de sécurité	$687,000
Gestion des installations	$1,450,000

Initiatives de durabilité environnementale

Coûts du programme de durabilité pour 2023:

• Mise en œuvre des énergies renouvelables: 1 350 000 $
• Systèmes de conservation de l'eau: 890 000 $
• Programmes d'agriculture durable: 675 000 $

Administrative et au-delà de l'entreprise

Frais généraux des entreprises pour l'exercice 2023:

Catégorie aérienne	Coût annuel
Rémunération des dirigeants	$2,300,000
Salaires du personnel administratif	$3,750,000
Opérations de bureau	$1,200,000
Juridique et conformité	$850,000

Maui Land & Pineapple Company, Inc. (MLP) - Modèle d'entreprise: Strots de revenus

Revenu de location de biens

Depuis 2024, Maui Land & Pineapple Company génère des revenus de location immobilière à partir de diverses propriétés commerciales et agricoles. Le portefeuille de location de la société comprend:

Type de propriété	Revenus de location annuelle	Zone louée totale
Propriétés commerciales	$3,450,000	125 acres
Terre agricole	$2,100,000	850 acres
Espaces de location résidentiels	$1,250,000	75 acres

Ventes de développement immobilier

Le développement immobilier représente une source de revenus importante avec les mesures financières suivantes:

• Ventes totales immobilières en 2024: 12 750 000 $
• Prix ​​de vente moyen de la propriété: 875 000 $
• Nombre de propriétés vendues: 14 unités

Services de gestion des terres

Les services de gestion des terres génèrent des revenus grâce à des contrats de conseil et de gestion spécialisés:

Catégorie de service	Revenus annuels	Nombre de contrats
Conseil d'utilisation des terres	$1,600,000	22 contrats
Gestion environnementale	$950,000	15 contrats

Utilisation des terres agricoles

Les sources de revenus agricoles comprennent:

• Revenus de production des cultures: 4 250 000 $
• Revenu de location agricole: 1 750 000 $
• Services de conseil agricole: 850 000 $

Monétisation du portefeuille de propriétés stratégiques

La monétisation des biens stratégiques génère des revenus supplémentaires à travers:

Stratégie de monétisation	Revenus annuels
Ventes immobilières	$7,500,000
Accords d'emprise	$1,250,000
Licence de servitude	$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.