Note 2 - Assets Held for Sale

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]

2. ASSETS HELD FOR SALE

At December 31, 2021 and 2020 assets held for sale consisted of the following:

	2021		2020
	(in thousands)
Kapalua Resort, 46- acre Kapalua Central Resort project	$	2,988	$	2,978
Upcountry Maui, 646-acre parcel of agricultural land		156		156
Kapalua Resort, Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets		-		4,306
	$	3,144	$	7,440

None of the above assets held for sale have been pledged as collateral under the Company’s credit facility.

In December 2021, the Company entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. The closing of the transaction is subject to the satisfaction of certain customary closing conditions, including a due diligence period of 120 days and a closing date no later than March 31, 2022.

In February 2022, the Company entered into an agreement to sell the 646-acre parcel in Upcountry Maui for $9.7 million. Terms of the agreement include a 30-day due diligence period, a closing date 30 days after the last day of the due diligence period, and other customary closing conditions. A $2.0 million refundable deposit was received into escrow.

The Company received net proceeds of approximately $4.2 million from the sale of the Public Utilities Commission (PUC)-regulated assets of Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. located in the Kapalua Resort in May 2021. The sale was approved by the State of Hawaii PUC subject to certain closing conditions of its Decision and Order. The results of discontinued operations related to the sale of the Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets are reflected in Note 9.