Note 4 - Property

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. PROPERTY

Property at

March 31, 2021

and

December 31, 2020

consisted of the following:

	2021		2020
	(unaudited)		(audited)
	(in thousands)
Land	$	5,072	$	5,072
Land improvements		12,943		12,943
Buildings		23,465		23,465
Machinery and equipment		10,485		10,476
Construction in progress		23		-
Total property		51,988		51,956
Less accumulated depreciation		33,745		33,445
Property, net	$	18,243	$	18,511

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.