Terra Maui & Pineapple Company, Inc. (MLP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Aninhado nas paisagens exuberantes de Maui, Maui Land & A Pineapple Company, Inc. (MLP) surge como uma potência transformadora, combinando perfeitamente o gerenciamento sustentável da terra, a inovação imobiliária e a preservação ecológica. Com 23.000 acres De terreno havaiano estratégico, a MLP representa uma empresa dinâmica que transcende os modelos de negócios tradicionais, criando valor por meio de um intrincado ecossistema de iniciativas agrícolas, de conservação e desenvolvimento. Essa tela única de modelo de negócios revela como o MLP aproveita estrategicamente suas amplas participações terrestres para gerar vários fluxos de receita, mantendo um profundo compromisso com a administração ambiental e o envolvimento da comunidade.

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de negócios: Parcerias -chave

Parcerias agrícolas de gestão da terra

Terra Maui & A Pineapple Company mantém parcerias agrícolas estratégicas com as seguintes entidades:

Parceiro	Tipo de parceria	Área gerenciada
Comercial havaiano & Companhia de Açúcar	Acordo de uso da terra	36.000 acres
Café crescido de Maui	Colaboração agrícola	250 acres

Colaboradores de desenvolvimento imobiliário

As principais parcerias de desenvolvimento imobiliário incluem:

• Parceiros de Desenvolvimento de Polelehua
• Kapalua Resort Management
• Maui Land Development Corporation

Organizações de agricultura e conservação sustentáveis

Organização	Foco de colaboração	Investimento anual
A Conservancy Nature do Havaí	Conservação da terra	$750,000
Centro de Pesquisa Agrícola do Havaí	Pesquisa agrícola sustentável	$450,000

Comunidade Maui local e entidades governamentais

Parcerias com organizações locais e do governo local:

• Conselho de Desenvolvimento Econômico do Condado de Maui
• Escritório de Assuntos Havaianos
• Comissão de Planejamento de Maui

Parceiros da indústria de turismo e hospitalidade

Parceiro	Tipo de parceria	Contribuição anual da receita
Ritz-Carlton Kapalua	Gerenciamento de resort	US $ 12,5 milhões
Autoridade de Turismo do Havaí	Marketing de destino	US $ 2,3 milhões

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de negócios: Atividades -chave

Gestão e conservação da terra

Terra Maui & A Pineapple Company gerencia aproximadamente 23.000 acres de terra em Maui, Havaí. Os esforços de conservação da terra da empresa incluem:

• Preservação de ecossistemas nativos havaianos
• Iniciativas de proteção da bacia hidrográfica
• Estratégias sustentáveis ​​de uso da terra

Categoria de terra	Acres	Uso atual
Terra de conservação	8,500	Proteção do ecossistema
Terras Agrícolas	6,200	Agricultura diversificada
Terras desenvolvíveis	4,300	Desenvolvimento imobiliário

Desenvolvimento imobiliário e leasing

A empresa se concentra no desenvolvimento imobiliário estratégico com as seguintes métricas importantes:

• Valor total do portfólio imobiliário: US $ 152 milhões
• Área de Desenvolvimento do Resort Kapalua: 1.650 acres
• Receita anual de arrendamento de propriedades: US $ 7,2 milhões

Operações agrícolas e diversificação

As atividades agrícolas atuais incluem:

Tipo de colheita	Acres cultivados	Produção anual
Agricultura diversificada	2,100	Várias culturas especializadas
Culturas experimentais	500	Pesquisa e desenvolvimento

Manutenção de propriedades e desenvolvimento de infraestrutura

Investimento anual de infraestrutura: US $ 3,5 milhões

• Manutenção da estrada
• Atualizações de infraestrutura de utilidade
• Sistemas de gerenciamento de água

Planejamento sustentável do uso da terra

Principais iniciativas de desenvolvimento sustentável:

• Programa de sequestro de carbono: 2.500 acres dedicados
• Potencial de energia renovável: 500 acres para projetos solares e eólicos
• Investimento de conservação de água: US $ 1,2 milhão anualmente

Métrica de sustentabilidade	Status atual	Investimento anual
Offset de carbono	5.200 toneladas métricas	$850,000
Reciclagem de água	60% da água agrícola	$450,000

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de negócios: Recursos -chave

Propriedades terrestres

Área Total de Terras: 23.000 acres em Maui, Havaí

Categoria de terra	Acres	Valor aproximado
Terras Agrícolas	11,500	US $ 230 milhões
Terra de conservação	6,200	US $ 124 milhões
Imóveis desenvolvíveis	5,300	US $ 318 milhões

Portfólio de propriedades

• Kapalua Resort (comunidade planejada)
• Propriedades imobiliárias comerciais
• Parcelas de terras agrícolas
• Áreas de conservação e preservação

Recursos da equipe de gerenciamento

Posição	Anos de experiência	Experiência no setor
CEO	22 anos	Desenvolvimento imobiliário
Diretor Financeiro	18 anos	Gestão financeira
COO	15 anos	Gerenciamento da terra

Capacidades de administração ambiental

Investimentos de conservação: US $ 12,5 milhões anualmente

Localização estratégica

Atributo de localização	Métrica de valor
Valor mediano da propriedade em Kapalua	US $ 3,2 milhões
Impacto anual do turismo	US $ 2,1 bilhões

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de Negócios: Proposições de Valor

Desenvolvimento e Preservação da Terra Sustentável

Terra Maui & A Pineapple Company gerencia aproximadamente 23.000 acres de terra em Maui, Havaí. O portfólio de terras da empresa inclui:

Tipo de terra	Acres	Uso atual
Terras Agrícolas	9,200	Agricultura diversificada
Terra de conservação	6,500	Preservação ecológica
Terras potenciais de desenvolvimento	7,300	Oportunidades imobiliárias

Oportunidades imobiliárias de alta qualidade

Propostas de valor de desenvolvimento imobiliário incluem:

• Kapalua Resort: 1.650 acres de comunidade planejada
• Valores médios da propriedade em Kapalua: US $ 1,2 milhão - US $ 5,5 milhões
• Receita anual potencial do setor imobiliário: estimado US $ 35-50 milhões

Abordagem integrada ao gerenciamento da terra

A estratégia de gestão da terra se concentra:

• Uso da terra diversificado
• Práticas de Desenvolvimento Sustentável
• Potencial de energia renovável: capacidade de geração solar de 5 a 7 MW

Preservação do patrimônio ecológico havaiano

Métricas de conservação ecológica:

Área de conservação	Acres protegidos	Tipo de ecossistema
Reservas florestais nativas	3,200	Floresta tropical tropical
Proteção da bacia hidrográfica	2,800	Gerenciamento da bacia hidrográfica

Criação de valor a longo prazo para as partes interessadas

Indicadores de desempenho financeiro:

• Receita anual (2023): US $ 22,4 milhões
• Valor do ativo da terra: aproximadamente US $ 300-350 milhões
• Retorno sobre ativos terrestres: 4-6% anualmente

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de propriedade de longo prazo

A partir de 2024, Maui Land & A empresa de abacaxi mantém Aproximadamente 23.000 acres de terra disponível para acordos de arrendamento de longo prazo.

Tipo de arrendamento	Número de arrendamentos ativos	Duração média do arrendamento
Arrendamentos agrícolas	42	15-25 anos
Arrendamentos de propriedades comerciais	18	10-20 anos
Arrendamentos de desenvolvimento residencial	7	30-50 anos

Engajamento e consulta da comunidade

A empresa conduz Reuniões trimestrais de consulta comunitária com as partes interessadas locais.

• Orçamento anual de engajamento da comunidade: US $ 350.000
• Número de reuniões da comunidade em 2023: 14
• Participante médio de participante por reunião: 65 indivíduos

Serviços personalizados de desenvolvimento imobiliário

MLP fornece consultas de desenvolvimento imobiliário personalizadas com Equipes de gerenciamento de projetos dedicados.

Categoria de serviço	Número de projetos ativos	Valor médio do projeto
Desenvolvimento residencial	6	US $ 12,5 milhões
Imóveis comerciais	3	US $ 22,3 milhões

Comunicação transparente com as partes interessadas

A empresa mantém canais de comunicação abrangentes com investidores e membros da comunidade.

• Orçamento anual de relações com investidores: US $ 275.000
• Número de pontos de contato de comunicação de investidores por ano: 48
• Classificação de satisfação do investidor: 4.6/5

Compromisso com a sustentabilidade ambiental

O MLP integra a sustentabilidade às estratégias de relacionamento com o cliente.

• Investimento anual de sustentabilidade: US $ 1,2 milhão
• Programas de certificação ambiental: 3 certificações ativas
• Oficinas de sustentabilidade comunitária realizadas: 22 em 2023

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de Negócios: Canais

Equipe direta de vendas e leasing

A partir de 2024, Maui Land & A Pineapple Company mantém uma equipe de vendas interna de 7 profissionais dedicados especializados em transações imobiliárias e leasing de propriedades.

Composição da equipe de vendas	Número de profissionais
Agentes imobiliários seniores	3
Agentes imobiliários juniores	4

Corretores e agentes imobiliários

A empresa colabora com 12 corretor imobiliário externo em todo o Havaí, expandindo seu alcance no mercado.

Locais de corretagem de parceiros	Número de empresas
Ilha Maui	6
Oahu	4
Ilha do Havaí	2

Listagens de propriedades on -line

O MLP utiliza várias plataformas on -line para marketing de propriedades:

• Zillow
• Realtor.com
• Rede Real Estate Havaí
• Terras do Havaí

Site corporativo e materiais de marketing

O site da empresa recebe aproximadamente 45.000 visitantes mensais, com um tempo médio de noivado de 3,2 minutos por sessão.

Métrica de marketing digital	2024 Estatísticas
Visitantes mensais do site	45,000
Duração média da sessão	3,2 minutos
Downloads de folheto digital	1.200 por mês

Redes e conferências da indústria

O MLP participa de 6 principais conferências de desenvolvimento imobiliário e de terra anualmente, com um alcance estimado em redes de 1.500 profissionais do setor.

Tipo de conferência	Participação anual
Cúpula imobiliária do Havaí	1
Conferência de Desenvolvimento da Terra do Pacífico	2
Fóruns de Desenvolvimento Sustentável	3

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de negócios: segmentos de clientes

Promotores imobiliários

A partir de 2024, Maui Land & A Pineapple Company tem como alvo promotores imobiliários com propriedades de terra específicas:

Categoria de terra	Total de acres	Desenvolvíveis Acres
Área do resort Kapalua	1.650 acres	350 acres
Terras agrícolas	23.000 acres	5.500 acres

Negócios agrícolas

A MLP atende clientes agrícolas através de ofertas específicas de terras:

• Arrendamento de terras agrícolas sustentáveis
• Serviços de gerenciamento de recursos hídricos
• Suporte de infraestrutura para operações agrícolas

Organizações de conservação

O segmento de conservação inclui:

Área de conservação	Total de acres protegidos
Preservação do ecossistema nativo	11.000 acres
Zonas de proteção da bacia hidrográfica	6.500 acres

Indústria de turismo e hospitalidade

O MLP suporta turismo através da infraestrutura do Kapalua Resort:

• Comodidades do resort que abrangem 1.650 acres
• Gerenciamento de campos de golfe
• Desenvolvimento de infraestrutura de hospitalidade

Investidores imobiliários locais e internacionais

Oportunidades de investimento a partir de 2024:

Categoria de investimento	Preço médio por acre	Total de acres disponíveis
Terra de desenvolvimento de resorts	US $ 2.500.000 por acre	350 acres
Terras de investimento agrícola	US $ 75.000 por acre	5.500 acres

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de negócios: estrutura de custos

Despesas de manutenção e conservação da terra

A partir de 2023, o ano fiscal, Maui Land & A Pineapple Company relatou os seguintes custos de manutenção da terra:

Categoria	Custo anual
Manutenção agrícola da terra	$1,237,000
Gerenciamento da área de conservação	$845,000
Preservação do ecossistema	$612,000

Desenvolvimento imobiliário e custos de infraestrutura

Despesas de desenvolvimento de infraestrutura para 2023 incluídas:

• Preparação da terra: US $ 3.450.000
• Instalação de infraestrutura: US $ 2.780.000
• Desenvolvimento de rede de serviços públicos: US $ 1.920.000

Operações de gerenciamento de propriedades

Repartição de custos operacionais de gerenciamento de propriedades:

Área operacional	Despesas anuais
Manutenção de propriedades	$2,100,000
Serviços de segurança	$687,000
Gerenciamento de instalações	$1,450,000

Iniciativas de sustentabilidade ambiental

Custos do Programa de Sustentabilidade para 2023:

• Implementação de energia renovável: US $ 1.350.000
• Sistemas de conservação de água: US $ 890.000
• Programas de agricultura sustentável: US $ 675.000

Overhead administrativo e corporativo

Despesas aéreas corporativas para o ano fiscal de 2023:

Categoria de sobrecarga	Custo anual
Compensação executiva	$2,300,000
Salários da equipe administrativa	$3,750,000
Operações do escritório	$1,200,000
Legal e conformidade	$850,000

Terra Maui & Pineapple Company, Inc. (MLP) - Modelo de negócios: fluxos de receita

Renda de arrendamento de propriedades

A partir de 2024, Maui Land & A empresa de abacaxi gera receita de arrendamento de propriedades de várias propriedades comerciais e agrícolas. O portfólio de leasing da empresa inclui:

Tipo de propriedade	Receita anual de arrendamento	Área arrendada total
Propriedades comerciais	$3,450,000	125 acres
Terras Agrícolas	$2,100,000	850 acres
Espaços de arrendamento residencial	$1,250,000	75 acres

Vendas de desenvolvimento imobiliário

O desenvolvimento imobiliário representa um fluxo de receita significativo com as seguintes métricas financeiras:

• Total de vendas imobiliárias em 2024: US $ 12.750.000
• Preço médio de venda de propriedades: US $ 875.000
• Número de propriedades vendidas: 14 unidades

Serviços de Gerenciamento de Terras

Os serviços de gerenciamento de terras geram receita por meio de contratos especializados de consultoria e gerenciamento:

Categoria de serviço	Receita anual	Número de contratos
Consultoria de uso da terra	$1,600,000	22 contratos
Gestão ambiental	$950,000	15 contratos

Utilização da terra agrícola

Os fluxos de receita agrícola incluem:

• Receita de produção agrícola: US $ 4.250.000
• Renda de arrendamento agrícola: US $ 1.750.000
• Serviços de consultoria agrícola: US $ 850.000

Monetização portfólio de propriedades estratégicas

A monetização da propriedade estratégica gera receita adicional através de:

Estratégia de monetização	Receita anual
Vendas de propriedades	$7,500,000
Acordos de passagem	$1,250,000
Licenciamento de servidão	$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.