Note 2 - Assets Held for Sale and Real Estate Sales

12 Months Ended

Dec. 31, 2015

Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]

2.	ASSETS HELD FOR SALE AND REAL ESTATE SALES

At December 31, 2015 and 2014 assets held for sale consisted of the following:

	December 31 ,		December 31,
	201 5		2014
	(in thousands)
Upcountry Maui, 630-acre parcel of agricultural land	$	147	$	147
Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility		45		-
West Maui, 5-acre fully entitled, 42-unit workforce housing project		70		-
Assets held for sale	$	262	$	147

In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The property was sold without any development entitlements. The sale resulted in a gain of approximately $10.2 million. The Company utilized the net proceeds from the sale as follows:

•

$2.7 million to release the Kapalua Golf Academy and the adjacent 3-acre Kapalua Village Center property from the collateral held under its Wells Fargo credit facility,

•

$2.3 million prepayment toward the release of the 2-acre Merriman’s Restaurant property in the Kapalua Resort from the collateral held under its Wells Fargo credit facility,

•

$4.8 million pay down of its American AgCredit term loan, and

•

$1.8 million for operating working capital.

In October 2014, the Company sold its Lipoa Point property to the State of Hawaii for $19.8 million. The sale resulted in a gain of approximately $19.3 million.

In May 2014, the Company sold the Kapalua Plantation Golf Course maintenance facility for $2.3 million. The sale resulted in a gain of $1.5 million. The Company utilized $1.9 million of the sale proceeds to release the Honolua Store from the collateral held under its Wells Fargo credit facility and $0.4 million of the proceeds to repay its term loan with American AgCredit.