Note 12 - Leasing Arrangements

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

1 2 . 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

no

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

three

and

six

months ended

June 30, 2020

and

2019

were as follows:

	Three Months				Six Months
	Ended June 30,				Ended June30,
	(unaudited)				(unaudited)
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Minimum rentals	$	712	$	737	$	1,410	$	1,448
Percentage rentals		37		458		304		865
Licensing fees		111		231		345		465
Other (primarily common area recoveries)		321		292		608		618
Water system sales		255		320		505		558
Total	$	1,436	$	2,038	$	3,172	$	3,954