Note 2 - Assets Held for Sale and Real Estate Sales

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

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

2. ASSETS HELD FOR SALE AND REAL ESTATE SALES

At

December

31,

2016

and

2015

assets held for sale consisted of the following:

	December 31 , 201 6		December 31, 2015
	(in thousands)
Upcountry Maui, 630-acre parcel of agricultural land	$	156	$	147
Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility		56		45
Kapalua Resort, 15-acre golf practice course		247		-
West Maui, 5-acre fully entitled, 42-unit workforce housing project		-		70
Assets held for sale	$	459	$	262

None of the above assets held for sale have been pledged as collateral under the Company’s credit facility.

In

December

2016,

the Company sold a

3.4

-acre property with an approximately

26,000

square foot building, commonly referred to as the Kapalua Village Center, for

$18.0

million to the owner of the Kapalua Plantation and Bay Golf Courses. The Kapalua Village Center, which served as the golf clubhouse for the former Kapalua Village Golf Course, was sold without any development entitlements. The sale resulted in a gain of

$12.9

million. Proceeds from the sale were used to pay down the Company’s long-term debt.

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 agreed to provide the Company with

12

residential workforce housing credits by

August

2021.

The sale resulted in a gain of approximately

$2.8

million. Proceeds from the sale were used to pay down the Company’s long-term debt.

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. Proceeds from the sale were used to pay down the Company’s long-term debt.

In

September

2015,

we sold the

25

-acre Kapalua Golf Academy to the owner of the Kapalua Plantation and Bay Golf Courses for

$12.0

million. The property was sold without any development entitlements. The sale resulted in a gain of

$10.2

million. The majority of the proceeds from the sale were used to pay down the Company’s long-term debt.