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Note 2 - Assets Held for Sale and Real Estate Sales | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] |
2. | ASSETS HELD FOR SALE AND REAL ESTATE SALES
At December 31, 2016 and 2015 assets held for sale consisted of the following:
|  | December 31 , 201 6 |  |  | December 31, 2015 |
|  | (in thousands) |
Upcountry Maui, 630-acre parcel of agricultural land |  | $ | 156 |  |  | $ | 147 |
Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility |  |  | 56 |  |  |  | 45 |
Kapalua Resort, 15-acre golf practice course |  |  | 247 |  |  |  | - |
West Maui, 5-acre fully entitled, 42-unit workforce housing project |  |  | - |  |  |  | 70 |
Assets held for sale |  | $ | 459 |  |  | $ | 262 |
None of the above assets held for sale have been pledged as collateral under the Company’s credit facility. In December 2016, the Company sold a 3.4 -acre property with an approximately 26,000 square foot building, commonly referred to as the Kapalua Village Center, for $18.0 million to the owner of the Kapalua Plantation and Bay Golf Courses. The Kapalua Village Center, which served as the golf clubhouse for the former Kapalua Village Golf Course, was sold without any development entitlements. The sale resulted in a gain of $12.9 million. Proceeds from the sale were used to pay down the Company’s long-term debt. In August 2016, the Company sold a five -acre, fully entitled 42 -unit workforce housing project located in West Maui for $3.0 million. As part of the transaction, the buyer agreed to provide the Company with 12 residential workforce housing credits by August 2021. The sale resulted in a gain of approximately $2.8 million. Proceeds from the sale were used to pay down the Company’s long-term debt. In June 2016, the Company sold a 304 -acre, fully entitled working-class community project located in West Maui, commonly referred to as Pulelehua, for $15.0 million. The sale resulted in a gain of approximately $14.3 million. Proceeds from the sale were used to pay down the Company’s long-term debt. In September 2015, we sold the 25 -acre Kapalua Golf Academy to the owner of the Kapalua Plantation and Bay Golf Courses for $12.0 million. The property was sold without any development entitlements. The sale resulted in a gain of $10.2 million. The majority of the proceeds from the sale were used to pay down the Company’s long-term debt.

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- Definition This element represents description and amounts relating to assets held for sale and sale of real estate inventories. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss. For sale of real estate inventories, the disclosure may include the revenues and profit or loss recognized in the income statement. + References No definition available. + Details
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- References No definition available. + Details
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