Maui Land & Pineapple Company, Inc. reported a significant increase in financial performance for the third quarter of 2025, with total operating revenues reaching $4.5 million, up from $3.0 million in the same period last year. The company’s net income for the quarter was $240,000, a notable recovery from a net loss of $2.2 million in the third quarter of 2024. For the nine months ending September 30, 2025, total revenues were $14.9 million, compared to $8.2 million for the same period in 2024, driven primarily by increased land development and leasing activities.
The company experienced substantial changes in its revenue streams, particularly in land development and sales, which generated $769,000 in the third quarter of 2025, compared to no revenue in the same quarter of 2024. This increase was attributed to the sales of non-strategic remnant parcels and revenue from the Honokeana Homes project. Leasing revenues also rose to $3.5 million in the third quarter, up from $2.7 million a year earlier, reflecting a recovery in tourism and increased occupancy rates in commercial properties.
Strategically, Maui Land & Pineapple has focused on enhancing its asset utilization and has made significant organizational changes, including the appointment of a new CEO and Chairperson in April 2023. The company has also initiated a new agave farming venture, with over 15,000 plants currently in the ground, aimed at capitalizing on the growing demand for agave-based products. Additionally, the company is actively involved in community support efforts, including leasing land to the State of Hawai‘i for emergency housing in response to the 2023 Lahaina wildfires.
Operationally, the company reported an increase in occupancy rates for its commercial properties, rising from 86% to 91% since the beginning of the year. The total leased area for commercial real estate increased by 12,195 square feet, indicating a positive trend in tenant engagement and property management. The company’s total assets decreased to $45.8 million as of September 30, 2025, down from $50.1 million at the end of 2024, primarily due to reductions in cash and investments.
Looking ahead, Maui Land & Pineapple remains focused on maximizing the productivity of its land and commercial properties while navigating the challenges posed by market conditions and the aftermath of the wildfires. The company anticipates continued revenue growth from its leasing operations and land development projects, supported by strategic planning and community engagement initiatives. However, it acknowledges potential risks, including economic fluctuations and regulatory challenges, that could impact its future performance.
About MAUI LAND & PINEAPPLE CO INC
Maui Land & Pineapple Company, Inc. develops, manages, and sells land and commercial properties on Maui, Hawaii. Its core activities include land development, residential and resort projects, leasing of commercial and agricultural land, and stewardship of conservation areas. The company operates through segments focused on land sales, leasing, and resort amenities, serving real estate, tourism, and community markets with a competitive advantage in Maui’s desirable location and extensive landholdings.
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