On May 13, 2024, Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported financial results covering the three-month period ended March 31, 2024.
“Maui Land & Pineapple Company’s renewed mission to maximize the productive use of our diverse portfolio of land and commercial properties is starting to yield tangible results. Despite the challenges following the 2023 Maui wildfires, concerted efforts to reposition and increase occupancy at the Kapalua Village and Hali‘imaile Town Centers contributed to an 8% year-over-year growth in revenue. Our strategic investments to enhance the Company’s commercial properties and prepare unimproved landholdings for new projects will help position us to meet the needs of current and prospective tenants, improve Maui’s housing supply, and create added value for shareholders.” – Race Randle, CEO of Maui Land & Pineapple Company.
First Quarter 2024 Highlights:
Total operating revenues increased $185,000 year-over-year. Leasing revenues increased by $139,000 due to an increase in percentage and base rents, indicating that tourism activity is returning to pre-wildfire levels and the rise in base rents is a result of Maui Land & Pineapple Company’s work to fill vacancies and renew leases at market rates.
Operating costs and expenses totaled $3,882,000, an increase of $214,000 compared to the same period last year.
Net loss was $1,375,000 or $0.07 per common share, driven by non-cash, GAAP expenses related to depreciation, share-based compensation and post-retirement expenses.
Adjusted EBITDA (Non-GAAP) was $197,000.
Cash and liquid investments convertible to cash totaled $8,553,000, a decrease of $282,000 compared to December 31, 2023, attributable to the additional cash spent towards reinvestment into the commercial assets and preparing for new projects.