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Note 5 - Leasing Arrangements | 12 Months Ended
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Dec. 31, 2020
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 delivery services of potable and non-potable water to West and Upcountry Maui areas. These operating leases generally provide for minimum rents. Leases may also include 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. The impact of COVID- 19 on tenants' sales activity resulted in lower percentage rental income. Rent abatements of $0.4 million were also granted to tenants during 2020. Total leasing income for the years ended December 31, 2020 and 2019 were as follows:
|  | 2020 |  |  | 2019 |
|  | (in thousands) |
Minimum rentals |  | $ | 2,719 |  |  | $ | 2,863 |
Percentage rentals |  |  | 427 |  |  |  | 1,779 |
Licensing fees |  |  | 456 |  |  |  | 912 |
Other (primarily common area recoveries) |  |  | 1,236 |  |  |  | 1,353 |
Water system sales |  |  | 1,110 |  |  |  | 1,241 |
|  | $ | 5,948 |  |  | $ | 8,148 |
Leased property, net of accumulated depreciation, was $12.7 million and $14.1 million at December 31, 2020 and 2019, respectively. Future minimum rental income during the next five years and thereafter is as follows:
|  | (in thousands) |
2021 |  | $ | 2,849 |
2022 |  | $ | 2,215 |
2023 |  | $ | 1,334 |
2024 |  | $ | 788 |
2025 |  | $ | 769 |
Thereafter |  | $ | 8,847 |

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