Note 2 - Assets Held for Sale

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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

2. ASSETS HELD FOR SALE

At

December 31, 2019

and

2018

assets held for sale consisted of the following:

	2019		2018
	(in thousands)
Kapalua Resort, 46- acre Kapalua Central Resort project	$	2,938	$	-
Kapalua Resort, Kapalua Water Company and Kapalua Waste Treatment Company assets		4,503		7,696
Upcountry Maui, 630-acre parcel of agricultural land		156		156
Upcountry Maui, 33-acre parcel of agricultural land and wastewater treatment facility		-		56
	$	7,597	$	7,908

None

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

In

February 2020,

the Company entered into an agreement to sell the Kapalua Central Resort project for

$43.9

million. The closing of the transaction is contingent upon, among other things, the satisfaction of certain customary closing conditions, including a due diligence period ending on

July 31, 2020

and a closing date

45

days after the last day of the due diligence period.

In

December 2019,

the Company entered into an agreement to sell the Kapalua Water Company and Kapalua Waste Treatment Company assets for a purchase price of approximately

$3.8

million in addition to a potential Capital Expenditures Adjustment, as defined in the agreement, to be determined at closing. The closing of the transaction is contingent upon, among other things, the satisfaction of certain customary closing conditions, and approval by the Hawaii Public Utilities Commission (PUC).

The value of the Upcountry Maui,

33

-acre parcel of agricultural land and wastewater treatment facility was considered fully impaired and written down to

zero

at

March 31, 2019.