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Segment Information | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Operating segments are components of an enterprise that engage in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. The Company's CODM is the chief executive officer. The accounting policies of the operating segments are described in Note 2 – Significant Accounting Policies. The Company measures and evaluates operating segments based on operating profit, exclusive of gain (loss) on disposal of commercial real estate properties, interest expense, general corporate expenses and income taxes. The CODM uses segment operating profit in the annual budgeting and forecasting process and considers budget-to-actual and period-over-period variances on a monthly or quarterly and year-to-date basis when evaluating segment performance and making decisions about allocating resources to the segments. Revenues related to transactions between reportable segments have been eliminated in consolidation. Transactions between reportable segments are accounted for on the same basis as transactions with unrelated third parties. The Company currently operates and reports on two segments: Commercial Real Estate and Land Operations. The following is a brief description of our operating and reportable segments, including information about each segment's revenues, expenses, operating profit, and cash flows: •Commercial Real Estate: The CRE segment owns, operates and manages a portfolio of retail, industrial and office properties in Hawai‘i totaling four million square feet of gross leasable area. The Company also owns approximately 145 acres of commercial land in Hawai‘i, of which substantially all is leased pursuant to urban ground leases. •Land Operations: The Land Operations segment generates its revenues from real estate development and unimproved land sales, income/loss from joint ventures, and other legacy business activities in Hawai‘i. Historically, this segment also generated revenues from trucking and storage services until the disposal of Kahului Trucking & Storage, Inc. in 2023. Segment information for the years ended December 31, 2025, 2024, and 2023, is summarized below (in thousands):
|  | 2025 |  | 2024 |  | 2023
Commercial Real Estate |  |  |  |  |  |
Revenue from external customers |  | $ | 202,861 |  |  | $ | 197,365 |  |  | $ | 193,971 |
Intersegment revenue |  | — |  |  | 25 |  |  | 61 |
Total segment revenue |  | 202,861 |  |  | 197,390 |  |  | 194,032 |
Less:3 |  |  |  |  |  |
Operating costs and expenses |  | 52,668 |  |  | 51,760 |  |  | 49,635 |
Property taxes |  | 15,242 |  |  | 14,698 |  |  | 14,871 |
Depreciation and amortization |  | 38,133 |  |  | 36,093 |  |  | 36,490 |
Selling, general, and administrative |  | 5,984 |  |  | 5,356 |  |  | 6,984 |
Impairment of assets 1 |  | — |  |  | 256 |  |  | 4,768 |
Other segment items 2 |  | (95) |  |  | (184) |  |  | 59 |
Commercial Real Estate segment operating profit |  | $ | 90,929 |  |  | $ | 89,411 |  |  | $ | 81,225 |
Land Operations |  |  |  |  |  |
Revenue from external customers |  | $ | 3,812 |  |  | $ | 39,276 |  |  | $ | 14,872 |
Total segment revenue |  | 3,812 |  |  | 39,276 |  |  | 14,872 |
Less:3 |  |  |  |  |  |
Development cost of sales |  | — |  |  | 12,592 |  |  | — |
Unimproved/other property land cost of sales |  | 668 |  |  | 7,323 |  |  | 1,759 |
Other operating costs and expenses |  | 3,168 |  |  | 4,547 |  |  | 7,791 |
Expense (income) from changes to liabilities related to legacy operations |  | 700 |  |  | 2,028 |  |  | (3,965) |
Selling, general, and administrative |  | 1,056 |  |  | 1,310 |  |  | 1,792 |
(Gain) loss from disposals, net |  | (11,748) |  |  | (2,148) |  |  | (1,114) |
(Earnings) loss from joint ventures |  | (8,288) |  |  | (4,556) |  |  | (1,872) |
Impairment of equity method investment |  | 406 |  |  | — |  |  | — |
Other segment items 4 |  | 23 |  |  | (742) |  |  | (349) |
Land Operations segment operating profit |  | $ | 17,827 |  |  | $ | 18,922 |  |  | $ | 10,830 |
Operating Profit (Loss) |  |  |  |  |  |
Commercial Real Estate |  | $ | 90,929 |  |  | $ | 89,411 |  |  | $ | 81,225 |
Land Operations |  | 17,827 |  |  | 18,922 |  |  | 10,830 |
Total operating profit (loss) |  | 108,756 |  |  | 108,333 |  |  | 92,055 |
Gain (loss) on commercial real estate transactions |  | 7,454 |  |  | 51 |  |  | — |
Interest expense |  | (23,801) |  |  | (23,169) |  |  | (22,963) |
Corporate and other expense |  | (27,893) |  |  | (21,038) |  |  | (28,247) |
Income (Loss) from Continuing Operations Before Income Taxes |  | $ | 64,516 |  |  | $ | 64,177 |  |  | $ | 40,845 |
1 Commercial Real Estate impairment for the year ended December 31, 2024 includes $0.3 million of impairment - abandoned development costs. For the year ended December 31, 2023, it includes $2.2 million of impairment - CRE properties and $2.6 million of impairment - abandoned development costs. 2 Commercial Real Estate other segment items includes interest income and gain (loss) on fixed asset disposals. 3 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses were immaterial for the years ended December 31, 2025, 2024, and 2023, and are included within other operating costs and expenses. 4 Land Operations other segment items includes interest income related to seller financing receivables from the sales of unimproved legacy property or development parcels and expenses related to non-qualified plan and other post-retirement benefits related to legacy operations.
|  | 2025 |  | 2024 |  | 2023
Identifiable Assets: |  |  |  |  |  |
Commercial Real Estate |  | $ | 1,540,718 |  |  | $ | 1,516,058 |  |  | $ | 1,493,826 |
Land Operations 1 |  | 83,944 |  |  | 98,751 |  |  | 112,408 |
Total reportable segment assets |  | 1,624,662 |  |  | 1,614,809 |  |  | 1,606,234 |
Corporate and unallocated assets 2 |  | 34,875 |  |  | 55,623 |  |  | 40,007 |
Total assets |  | $ | 1,659,537 |  |  | $ | 1,670,432 |  |  | $ | 1,646,241 |
Capital Expenditures: |  |  |  |  |  |
Commercial Real Estate 3 |  | $ | 52,029 |  |  | $ | 50,680 |  |  | $ | 31,089 |
Land Operations 4 |  | — |  |  | 28 |  |  | 1 |
Total reportable segment capital expenditures |  | 52,029 |  |  | 50,708 |  |  | 31,090 |
Corporate |  | 201 |  |  | 69 |  |  | 60 |
Total capital expenditures |  | $ | 52,230 |  |  | $ | 50,777 |  |  | $ | 31,150 |
Depreciation and Amortization: |  |  |  |  |  |
Commercial Real Estate |  | $ | 38,133 |  |  | $ | 36,093 |  |  | $ | 36,490 |
Land Operations |  | 9 |  |  | 11 |  |  | 35 |
Total reportable segment depreciation and amortization |  | 38,142 |  |  | 36,104 |  |  | 36,525 |
Corporate |  | 196 |  |  | 208 |  |  | 266 |
Total depreciation and amortization |  | $ | 38,338 |  |  | $ | 36,312 |  |  | $ | 36,791 |
Revenue |  |  |  |  |  |
Commercial Real Estate |  | $ | 202,861 |  |  | $ | 197,390 |  |  | $ | 194,032 |
Land Operations |  | 3,812 |  |  | 39,276 |  |  | 14,872 |
Total reportable segment revenue |  | 206,673 |  |  | 236,666 |  |  | 208,904 |
Corporate |  | — |  |  | — |  |  | — |
Elimination of intersegment revenue |  | — |  |  | (25) |  |  | (61) |
Total revenue |  | $ | 206,673 |  |  | $ | 236,641 |  |  | $ | 208,843 |
Interest Income |  |  |  |  |  |
Commercial Real Estate |  | $ | 5 |  |  | $ | 51 |  |  | $ | — |
Land Operations |  | 304 |  |  | 1,060 |  |  | 387 |
Total reportable segment interest income |  | 309 |  |  | 1,111 |  |  | 387 |
Corporate |  | 483 |  |  | 1,080 |  |  | 44 |
Total interest income |  | $ | 792 |  |  | $ | 2,191 |  |  | $ | 431 |
Interest Expense |  |  |  |  |  |
Commercial Real Estate |  | $ | 1,843 |  |  | $ | 5,341 |  |  | $ | 7,303 |
Land Operations |  | — |  |  | — |  |  | — |
Total reportable segment interest expense |  | 1,843 |  |  | 5,341 |  |  | 7,303 |
Corporate |  | 21,958 |  |  | 17,828 |  |  | 15,660 |
Total interest expense |  | $ | 23,801 |  |  | $ | 23,169 |  |  | $ | 22,963 |
1 The Land Operations segment includes assets related to the Company's investment in various joint ventures. 2 The Company had assets held for sale included in unallocated assets as of December 31, 2025 and December 31, 2023. 3 Represents gross capital additions to the commercial real estate portfolio, including real estate acquisitions, but excluding the assumption of debt, that are reflected as non-cash transactions in the consolidated statements of cash flows. 4 Excludes expenditures for real estate developments held for sale, which are classified as cash flows from operating activities within the consolidated statements of cash flows, and excludes investment in joint ventures classified as cash flows from investing activities.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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