Note 12 - Leasing Arrangements

9 Months Ended

Sep. 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

nine

months ended

September 30, 2020

and

2019

were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	(unaudited)				(unaudited)
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Minimum rentals	$	677	$	723	$	2,086	$	2,170
Percentage rentals		-		488		304		1,353
Licensing fees		104		217		449		681
Water system sales		318		337		822		894
Other		349		402		959		1,023
Total	$	1,448	$	2,167	$	4,620	$	6,121