Note 5 - Leasing Arrangements

12 Months Ended

Dec. 31, 2019

5.	LEASING ARRANGEMENTS

The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through

2048.

In addition, the Company provides potable and non-potable water to West and Upcountry Maui areas These operating leases generally provide for minimum rents and, in some cases, licensing fees, percentage rentals based on tenant revenues, and reimbursement of common area maintenance and other expenses. Certain leases allow the lessee an option to extend or terminate the agreement. There are

leases allowing a lessee an option to purchase the underlying asset. Total leasing income for the years ended

December 31, 2019

and

2018

were as follows:

	2019		2018
	(in thousands)

Minimum rentals	$	2,863	$	2,720
Percentage rentals		1,779		1,544
Licensing fees		912		903
Other (primarily common area recoveries)		1,353		1,056
Water system sales		1,241		1,043

	$	8,148	$	7,266

Property at

December 31, 2019

and

2018

includes leased property of

$42.5

million (before accumulated depreciation of

$28.4

million and

$27.2

million, respectively).

Future minimum rental income during the next

five

years and thereafter is as follows:

	(in thousands)
2020	$	3,066
2021	$	2,618
2022	$	1,852
2023	$	855
2024	$	326
Thereafter	$	1,840