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Note 5 - Leasing Arrangements | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Lessor, Operating Leases [Text Block] |
5. | LEASING ARRANGEMENTS
The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through 2048. In addition, the Company provides potable and non-potable water to West and Upcountry Maui areas These operating leases generally provide for minimum rents and, in some cases, licensing fees, percentage rentals based on tenant revenues, and reimbursement of common area maintenance and other expenses. Certain leases allow the lessee an option to extend or terminate the agreement. There are no leases allowing a lessee an option to purchase the underlying asset. Total leasing income for the years ended December 31, 2019 and 2018 were as follows:
|  | 2019 |  |  | 2018 |
|  | (in thousands) |
Minimum rentals |  | $ | 2,863 |  |  | $ | 2,720 |
Percentage rentals |  |  | 1,779 |  |  |  | 1,544 |
Licensing fees |  |  | 912 |  |  |  | 903 |
Other (primarily common area recoveries) |  |  | 1,353 |  |  |  | 1,056 |
Water system sales |  |  | 1,241 |  |  |  | 1,043 |
|  | $ | 8,148 |  |  | $ | 7,266 |
Property at December 31, 2019 and 2018 includes leased property of $42.5 million (before accumulated depreciation of $28.4 million and $27.2 million, respectively). Future minimum rental income during the next five years and thereafter is as follows:
|  | (in thousands) |
2020 |  | $ | 3,066 |
2021 |  | $ | 2,618 |
2022 |  | $ | 1,852 |
2023 |  | $ | 855 |
2024 |  | $ | 326 |
Thereafter |  | $ | 1,840 |

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