Maui Land & Pineapple Co Inc (NYSE: MLP)

Maui Land & Pineapple Company, Inc. (MLP), a Delaware corporation listed on the New York Stock Exchange under the ticker symbol MLP, is a diversified real estate company with a rich history dating back to 1909. Originally organized in Hawaii and later reincorporated to Delaware in 2022, MLP primarily focuses its business activities on real estate development, leasing, and resort amenities. The company operates in the island of Maui, Hawaii, and owns approximately 22,300 acres of land and 268,000 square feet of commercial property.

MLP's operations are divided into three main segments: Land Development & Sales, Leasing, and Resort Amenities. The Land Development & Sales segment is the company's primary source of revenue, generating $1.6 million in 2023, accounting for approximately 15% of the company's total operating revenues. This segment is responsible for planning, managing, and selling residential, resort, commercial, agricultural, and industrial real estate. MLP's primary real estate development is the Kapalua Resort, a master-planned destination resort and residential community located in West Maui.

The Leasing segment includes commercial, industrial, and agricultural leases of land and property, as well as licensing of the company's registered trademarks and trade names. This segment generated $8.5 million in 2023, accounting for approximately 78% of the company's total operating revenues. MLP is the owner and lessor of approximately 267,747 square feet of commercial, retail, and light industrial properties, including restaurants, retail outlets, office buildings, warehouses, and Kapalua Resort activities.

The Resort Amenities segment includes the operations of the Kapalua Club, a private, non-equity club providing its members special programs, access, and other privileges at certain amenities at the Kapalua Resort. This segment generated $0.8 million in 2023, accounting for approximately 7% of the company's total operating revenues.

In terms of competition, MLP faces competition from other landowners and developers in Maui, as well as in other parts of Hawaii and the mainland United States. The company's land holdings in West Maui are highly desirable due to their proximity to beaches and amenities, along with a natural grade that provides a majority of the land with unobstructed ocean views. MLP's competitive advantages include its strong presence in the island of Maui, Hawaii, and its diverse range of business activities.

MLP's primary products and services include residential and commercial real estate development, leasing, and resort amenities. The company's customer base includes individual home buyers, commercial and industrial tenants, and members of the Kapalua Club. The company's primary real estate development is the Kapalua Resort, which includes various projects such as the Kapalua Central Resort, Kapalua Mauka, and Kapalua Makai.