Note 5 - Assets Held for Sale and Real Estate Sales

3 Months Ended

Mar. 31, 2016

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

5 .	ASSETS HELD FOR SALE AND REAL ESTATE SALES

Assets held for sale at March 31, 2016 and December 31, 2015 consisted of the following:

	March 31, 2016		December 31, 2015
	(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		45
West Maui, 5-acre fully entitled, 42-unit workforce housing project		87		70
West Maui, 304-acre working-class community project		641		-
Assets held for sale	$	920	$	262

In March 2016, the Company entered into a contract sales agreement to sell the West Maui, 304-acre workingclass community project, commonly referred to as Pulelehua, for $15 million. The sales agreement provides the buyer with a 90-day due diligence period to inspect and investigate the property, followed by a 15-day closing period. The property is held as collateral under the Company’s American AgCredit term loan and proceeds from the sale will be applied toward retiring the loan.