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Note 4 - Property & Equipment | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] |
4. | PROPERTY & EQUIPMENT
Property and equipment at December 31, 2024 and 2023 consist of the following:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Land |  | $ | 7,715 |  |  | $ | 5,052 |
Land improvements |  |  | 13,158 |  |  |  | 13,853 |
Buildings |  |  | 22,976 |  |  |  | 22,869 |
Machinery and equipment |  |  | 9,124 |  |  |  | 10,500 |
Construction in progress |  |  | 1,367 |  |  |  | - |
Total property and equipment |  |  | 54,340 |  |  |  | 52,274 |
Less accumulated depreciation |  |  | (36,939 | ) |  |  | (36,215 | )
Property and equipment, net |  | $ | 17,401 |  |  | $ | 16,059 |
Land Most of the Company’s 22,300 acres of land were acquired between 1911 and 1932 and is carried in its balance sheets at cost. More than 20,000 acres of land are located in West Maui and comprise a largely contiguous that extends from the sea to an elevation of approximately 5,700 feet. This area includes approximately 900 acres entitled for mixed-use development within the Kapalua Resort, a master-planned, destination resort and residential community located in West Maui. The Company’s remaining approximate 1,500 acres of land are located in Upcountry Maui in an area commonly known as Hali‘imaile and are mainly comprised of agricultural fields, ranch lands and industrial and retail properties. Land Improvements Land improvements are comprised primarily of roads, utilities, and landscaping infrastructure improvements at the Kapalua Resort. Also included is the Company’s potable and non-potable water systems in West Maui. Majority of the Company’s land improvements were constructed and placed in service in the mid-to-late 1970’s or conveyed in 2017. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Buildings Buildings are comprised of restaurant, retail and light industrial spaces located at the Kapalua Resort and Hali’imaile which are used in the Company’s leasing operations. Most of the Company’s buildings were constructed and placed in service in the mid-to-late 1970s. Depreciation expense would be considerably higher if these assets were stated at current replacement cost. Machinery and Equipment Machinery and equipment are mainly comprised of zipline course equipment installed in 2008 at the Kapalua Resort and used in the Company’s leasing operations.

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