9 unchanged sentences
We own approximately 22,300 acres of land and 247,000 square feet of commercial property on the island of Maui, Hawai‘i which we put into productive use by planning, managing, developing, and selling residential, resort, commercial, agricultural, and industrial real estate through three business segments:
−Removed: Land Development & Sales :
Our land development and sales operations consist of land planning and entitlement, development, development related construction, and sales activities.
Our leasing operations include commercial, agricultural, and industrial land and property leases, licensing of our registered trademarks and trade names, management of potable and non-potable water systems in West and Upcountry Maui, and stewardship of conservation areas.
−Removed: Resort Amenities :
Our resort amenities operations include the operations of the Kapalua Club, a private, non-equity club, providing its members special programs, access, and other privileges at certain amenities in the Kapalua Resort.
14 unchanged sentences
We actively work with the community, regulatory agencies, and legislative bodies at all levels of government to obtain and manage necessary approvals consistent with the needs of the community.
−Removed: In 2024, under new leadership, our primary activities in this segment focused on the marketing and sale of non-strategic parcels and initiating the development of active projects.
+Added: In 2024, our primary activities in this segment focused on the marketing and sale of non-strategic parcels and initiating the development of active projects.
In addition to strategic planning of our entire asset portfolio, we have approximately 7,954 acres of land on Maui that are in various stages of active planning and development process.
The following is a summary of our active land development projects as of December 31, 2025:
−Removed: Approximate Project
Location/Project
−Removed: Number of Acres
−Removed: Start/End Dates
−Removed: Upcountry Maui - Baldwin Ranch Estates Phase 2 (JV)
West Maui - Kapalua Resort - Makai
15 unchanged sentences
Kapalua Makai is a 36-acre project of the Kapalua Resort which is located adjacent to Honokahua Bay, also known as DT Fleming Beach Park.
−Removed: The land has State and County land use entitlements to deliver up to up to 573 residences, 349 hotel units, and new commercial and/or resort amenities.
−Removed: As of this filing, planning efforts are in process the project.
+Added: The land has State and County land use entitlements to deliver up to 573 residences, 349 hotel units, and new commercial and/or resort amenities.
+Added: As of this filing, planning efforts are in process for this project.
Kapalua Central Resort is a commercial town center and residential community located in the heart of the Kapalua Resort.
2 unchanged sentences
In December 2021, we entered into an agreement to sell the Kapalua Central Resort property for $40.0 million.
−Removed: On April 11, 2023, we regained control of the project from the buyer.
−Removed: We are currently processing an extension of a Special Management Area (“SMA”) permit issued by the County of Maui.
−Removed: We are actively working with our consultants and engaging with the community in preparation for the permit extension, which is anticipated to occur in 2025 or 2026.
+Added: On April 11, 2023, we regained control of the project from the buyer after the purchase agreement terminated due to the buyer failing to extend the applicable construction completion deadline under a Special Management Area (“SMA”) permit.
+Added: We are currently processing an extension under the SMA permit issued by the County of Maui for the property.
+Added: We are actively working with our consultants and engaging with the community in preparation for the permit extension, which is anticipated to occur in 2026.
Kapalua Mauka was master planned and entitled in 2008 as a luxury single-family residential neighborhood within Kapalua Resort.
6 unchanged sentences
We own approximately 1,485 acres in Hali‘imaile zoned for agriculture, light industrial, and business.
−Removed: The majority of this land is in the federal Tax Cuts and Jobs Act (“TCJA”) Opportunity Zone.
+Added: The majority of this land is in a federal Tax Cuts and Jobs Act (“TCJA”) Opportunity Zone.
Our landholdings include 290 acres classified for growth potential as “Small Town” in the long-range County of Maui Island Plan.
As of this filing, we are underway with development activities including planning, design, and subdivision for all land in Hali‘imaile.
−Removed: In December 2023, we entered into a joint venture, BRE2 LLC, with Stone Properties, a Maui based developer.
+Added: In December 2023, we entered into a joint venture, BRE2 LLC (“BRE2”), with Stone Properties, a Maui based developer.
The joint venture developed approximately 31 acres in Hali‘imaile Town into two ranch lots.
−Removed: The LLC sold one ranch lot during the year ended December 31, 2024.
+Added: BRE2 sold one ranch lot during the year ended December 31, 2024.
The second ranch lot sold and closed in February 2025.
As we develop these and other strategic projects, we expect to finance pre-development costs with operating revenues, proceeds from non-strategic land sales, debt financing, capital from joint venture partners, other sources, or a combination of these methods.
−Removed: The price and market for resort and other real estate in Maui is generally cyclical and influenced significantly by interest rates, other real estate markets in the mainland United States, specifically the west coast, where Hawai‘i is a popular location for vacations and the second-home market, the general condition of the economy in the United States and Asia, and the relationship of the dollar to foreign currencies.
+Added: The price and market for resort and other real estate in Maui is generally cyclical and influenced by various factors, including but not limited to (i) interest rates, (ii) other real estate markets in the mainland United States, specifically the west coast, where Hawai‘i is a popular location for vacations and the second-home market, (iii) the general condition of the economy in the United States and Asia, (iv) the relationship of the dollar to foreign currencies, (v) natural disasters, including wildfires and floods, (vi) environmental regulations, and (vii) tourism trends.
Our Land Development and Sales segment faces competition from other landowners and developers in Maui, as well as in other parts of Hawai‘i and the mainland United States.
−Removed: Our land holdings in West Maui are highly desired due to their proximity to beaches and amenities, along with a natural grade which provides a majority of the land with unobstructed ocean views.
+Added: Our land holdings in West Maui have historically been highly desired due to their proximity to both beaches and mountains as well as amenities, along with a natural grade which provides a majority of the land with unobstructed ocean views.
Our Leasing segment includes commercial, industrial, and agricultural leases of land and property, licensing of our registered trademarks and trade names, sales of potable and non-potable water in West and Upcountry Maui, and grants related to watershed stewardship and conservation efforts.
Revenues from our Leasing segment totaled $12.8 million, or approximately 66% of our total operating revenues for the year ended December 31, 2025.
−Removed: Commercial and Industrial Leases – We are the owner and lessor of approximately 247,328 square feet of commercial, retail and light industrial properties, including restaurants, retail outlets, office buildings, warehouses and Kapalua Resort activities.
+Added: Commercial and Industrial Leases – We are the owner and lessor of 247,328 square feet of commercial, retail and light industrial properties, including restaurants, retail outlets, office buildings, warehouses and Kapalua Resort activities.
The following summarizes information related to our commercial, retail and industrial leases as of December 31, 2025:
15 unchanged sentences
The resort faces competition from other resort destination communities on Maui and other parts of Hawai‘i.
−Removed: As of December 31, 2024, we had fifteen employees, fifteen of which were full-time employees.
+Added: As of December 31, 2025, we had twenty employees, all of whom were full-time employees.
None of our employees are members of a collective bargaining group.
7 unchanged sentences
We make available free of charge on or through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and other reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.
−Removed: We also make available through our website all filings of our executive officers and directors on Forms 3, 4 and 5 pursuant to Section 16 of the Exchange Act.
These filings are also available on the SEC’s website at www.sec.gov.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.