Note 5 - Assets Held for Sale and Real Estate Operating Revenues

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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

5 .   ASSETS HELD FOR SALE AND REAL ESTATE OPERATING REVENUES

Assets held for sale at

June 30, 2017

and

December 31, 2016

consisted of the following:

	June 30, 2017		December 31, 2016
	(in thousands)
Upcountry Maui, 630-acre parcel of agricultural land	$	156	$	156
Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility		56		56
Kapalua Resort, 15-acre Kapalua Golf Academy practice course		-		247
Assets held for sale	$	212	$	459

None

of the above assets held for sale have been pledged as collateral under the Company’s credit facility.

Included in the Company’s real estate operating revenues for the

three

months ended

June 30, 2017

are approximately

$6.7

million of land improvements that were conveyed to the Company by the owner of a

125

-acre portion of the Company’s Kapalua Mauka project. The owner purchased the

125

-acre property, commonly known as Mahana Estates, in

2009.

As part of the sale, the owner agreed to subsequently develop and convey to the Company upon completion certain easements, subdivision and utility improvements related to the Mahana Estates property. The owner completed and conveyed the land improvements to the Company in

April 2017.

In

February 2017,

the Company sold the

15

-acre Kapalua Golf Academy practice course located in the Kapalua Resort for

$7.0

million to the owner of the Kapalua Plantation and Bay Golf Courses. The property was sold without any development entitlements. The sale resulted in a gain of approximately

$6.4

million. The Company applied

$5.6

million of the sale proceeds toward its revolving line of credit facility.

In

June 2016,

the Company sold a fully-entitled

304

-acre 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 the outstanding balance of a term loan.