Note 4 - Property

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4 . PROPERTY

Property at

June 30, 2020

and

December 31, 2019

consisted of the following:

	June 30,		December 31,
	2020		2019
	(unaudited)		(audited)
	(in thousands)
Land	$	5,073	$	5,073
Land improvements		13,153		13,153
Buildings		23,439		23,439
Machinery and equipment		10,529		10,495
Construction-in-progress		21		4
Total property		52,215		52,164
Less accumulated depreciation		33,091		32,445
Property, net	$	19,124	$	19,719

Land

Most of the Company's

22,800

acres of land were acquired between

1911

and

1932

and is carried in its consolidated balance sheets at cost. Approximately

20,700

acres of land are located in West Maui and comprise a largely contiguous parcel that extends from the sea to an elevation of approximately

5,700

feet. This parcel includes approximately

900

acres within the Kapalua Resort, a master-planned, destination resort and residential community located in West Maui encompassing approximately

3,000

acres. The Company's remaining

2,100

acres of land are located in Upcountry Maui in an area commonly known as Hali'imaile and are mainly comprised of leased agricultural fields, including related processing and maintenance facilities.

Land Improvements

Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company's potable and non-potable water systems in West Maui. The majority of the Company's land improvements were constructed and placed in service in the mid-to-late

1970's

or conveyed in

2017.

Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

Buildings

Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Hali'imaile which are used in the Company's leasing operations. The majority of the buildings were constructed and placed in service in the mid-to-late

1970's.

Depreciation expense would be considerably higher if these assets were stated at current replacement cost.

Machinery and Equipment

Machinery and equipment are mainly comprised of zipline course equipment installed in

2008

at the Kapalua Resort and used in the Company's leasing operations.