Note 5 - Assets Held for Sale and Real Estate Sales

9 Months Ended

Sep. 30, 2016

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

ASSETS HELD FOR SALE AND REAL ESTATE SALES

Assets held for sale at September 30, 2016 and December 31, 2015 consisted of the following:

	September 30, 2016		December 31, 2015
	(in thousands)
Upcountry Maui, 630-acre parcel of agricultural land	$	156	$	147
West Maui, 5-acre fully entitled, 42-unit workforce housing project		-		70
Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility		56		45
Assets held for sale	$	212	$	262

In August 2016, the Company sold a five-acre, fully-entitled 42-unit workforce housing project located in West Maui for $3.0 million. As part of the transaction, the buyer also agreed to provide to the Company 12 residential workforce housing credits by August 2021. The sale resulted in a gain of approximately $2.8 million. The Company utilized the proceeds from the sale to pay down its First Hawaiian Bank credit facility.

In June 2016, the Company sold a 304-acre, fully-entitled working-class community project located in West Maui, commonly referred to as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million. The Company utilized the proceeds from the sale to payoff its American AgCredit term loan.

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 $10.5 million. The Company utilized the majority of the proceeds from the sale to pay down its American AgCredit term loan and Wells Fargo credit facility.