Maui Land & Pineapple Co

What Maui Land & Pineapple Co does

Maui Land & Pineapple Company, Inc. (NYSE: MLP) is a 115-year-old, publicly traded Hawaiian landholding and operating company headquartered in Lahaina, Maui, that stewards more than 22,000 acres of agricultural, conservation, and developable land alongside approximately 247,328 square feet of commercial real estate. The business operates across four reportable segments: Land Development & Sales (resort residential, workforce housing, farm lots, and non-strategic parcel disposition, with structured deposit and value true-up mechanisms), Commercial Real Estate Leasing (industrial, retail, office, and residential space concentrated in Kapalua Resort and Hali'imaile Town Center, marketed through an exclusive Colliers partnership at 93% occupancy), Land Leasing & Management (over 21,000 acres of agricultural and conservation land, including 11,045 acres under conservation, plus water and wastewater infrastructure), and Agribusiness Ventures (drought-tolerant blue agave cultivation launched in 2025 at Hali'imaile Ranch). The company generates revenue from a mix of one-time land sale license events and recurring leasing and management fees, with disclosed FY2025 total operating revenues of $19.5 million (up 68% year-over-year) and Adjusted EBITDA of $1.8 million (up 146%). Its customer set spans land developers and homebuilders (its largest buyer base by deal size, including a 30-acre parcel sale to CEO Race Randle), commercial tenants in resort and industrial settings (e.g., Merriman's Kapalua, Hali'imaile General Store, Hua Momona Farms), agricultural tenants, and government counterparties (notably the County of Maui, which in May 2025 executed an MOU to acquire the company's West Maui water infrastructure to raise public drinking water stewardship from 45% to 93%). Distribution runs through direct land sales, exclusive brokerage with Colliers International, and direct agricultural lease administration, while brand and intellectual property is anchored by the Maui Gold pineapple sub-brand and Pu'u Kukui Watershed preserve, the largest private nature preserve in Hawaii.

Name

Maui Land & Pineapple Co

Legal name

Maui Land & Pineapple Company, Inc.

Website

https://mauiland.com

Company type

Public

Founded year

1909

Operating status

Operating

Headcount range

11–50 employees

Short description

Maui Land & Pineapple Company (NYSE: MLP) is a publicly traded Hawaiian landholding and operating company stewarding over 22,000 acres of land and 247,328 sq ft of commercial real estate across Maui, generating revenue from land development, commercial leasing, agricultural land leases, and agribusiness ventures.

Ownership category

akta.pro rank

Product category

Land Management & Real Estate

NAICS

Lessors of Other Real Estate Property (53119), Lessors of Real Estate (5311)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Operators (No Developers) & Lessors (6510), Real Estate (6500)

akta.pro primary industry

Timberland Asset Management (Institutional/Private) (AFAMAKAA)

akta.pro secondary industries

Timberland Leasing & Contract Administration (Hunting, Grazing, Recreation) (AFAMAKAD), Vegetation & Right-of-Way (ROW) Asset Management (EUAEAMAJ)

Keywords

• Land management
• Commercial real estate leasing
• Agricultural land leasing
• Resort development
• Agribusiness operations

Headquarters

HQ city

Lahaina

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Others

Revenue model

1. Land Development & Sales: Revenue from sale of developed land, home lots, and non-strategic parcels. The company reports binding land sales in escrow and ongoing contract negotiations. Sales include 30-acre parcels to CEO and 6.5-acre parcels to nonprofits.
2. Commercial Real Estate Leasing: Approximately 247,328 square feet of commercial real estate space including industrial (168,880 sq ft), retail (61,004 sq ft), office (10,105 sq ft), and residential (7,339 sq ft). Portfolio reached 93% occupancy with 231,009 sq ft leased.
3. Land Leasing & Management: Leasing of over 21,000 acres of agricultural and conservation land. Increased leased agricultural lands by 33.73% to 6,268 leased acres. Also includes water and wastewater infrastructure operations.
4. Agribusiness Ventures: Drought-resistant blue agave farm on 325-acre Hali'imaile Ranch. Strategic investment of approximately $2.0 million to launch this business. Agave cultivation represents self-performed value-added agriculture.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Maui Land & Pineapple Company is a landholding and operating company that generates revenue through four segments: selling developed and undeveloped land parcels to developers and buyers, leasing approximately 247,328 square feet of commercial real estate (industrial, retail, office, residential), leasing over 21,000 acres of agricultural and conservation land to tenants, and self-performing agribusiness through drought-resistant blue agave cultivation on Hali'imaile Ranch. The company also operates resort community assets including Kapalua Resort.

Product overview

Maui Land & Pineapple Company operates as a diversified land management and real estate company organized into four reportable operating segments: Land Development & Sales (residential, workforce housing, farm lots, resort development), Commercial Real Estate Leasing (247,328 sq ft of industrial, office, retail, and residential properties), Land Leasing & Management (over 21,000 acres of agricultural and conservation land with water infrastructure), and Agribusiness Ventures (drought-resistant agave farming). The company also operates the Kapalua Resort brand featuring luxury hotels, championship golf courses, and residential communities, while stewarding significant conservation assets including the Pu'u Kukui Watershed Preserve. Their commercial real estate portfolio spans Kapalua Resort in West Maui and Haliimaile Town Center in Upcountry Maui, with properties managed through Colliers for leasing.

Differentiator

Problem solved

Functional benefit

Brands

• Maui Gold: Iconic pineapple brand grown on the slopes of Haleakala, known for sweetness, high Vitamin C, and low acidity. The brand is dedicated to sustainable farming practices.

Products and services

• Land Development & Sales Real estate development and sales of land parcels, developed projects, home lots, and non-strategic land holdings for residential, workforce housing, mixed-use, and resort development. Targeted at developers, homebuilders, and land buyers in Maui's supply-constrained market.
• Commercial Real Estate Leasing Leasing of approximately 247,328 square feet of commercial real estate including industrial (168,880 sq ft), retail (61,004 sq ft), office (10,105 sq ft), and residential (7,339 sq ft) properties in Kapalua Resort and Hali'imaile Town Center. Leased through Colliers International brokerage.
• Land Leasing & Management Leasing and management of over 21,000 acres of agricultural and conservation land, including water and wastewater infrastructure operations. Increased leased agricultural lands from 4,687 to 6,268 acres in Q1 2026.
• Agribusiness Ventures Self-performed value-added agriculture including drought-resistant blue agave cultivation on 325-acre Hali'imaile Ranch, representing the company's pivot from tenant-leasing to self-performed agribusiness operations.
• Kapalua Resort Resort community in West Maui featuring two championship golf courses (Plantation Course and Bay Course), luxury hotels including The Ritz-Carlton Maui and Montage Kapalua Bay, residential communities, beaches, marine sanctuaries, and hiking trails.
• Kapalua Club Exclusive membership program for Kapalua residents offering amenities throughout the resort including access to Montage Spa & Fitness Center and exclusive member events.
• Haliimaile Town Center Commercial town center in Upcountry Maui featuring retail spaces, Haliimaile General Store restaurant, and dynamic makerspace for local businesses. Located within a federally designated Opportunity Zone.
• Kapalua Adventure Center Eco-tourism and mountain adventure hub in Kapalua offering ziplines and other mauka (mountain) adventure activities with land leasing opportunities for tourism operators.
• Maui Gold Pineapple Iconic pineapple grown on the slopes of Haleakala, prized for sweetness, high Vitamin C levels, and low acidity. Associated with plantation history and culture in Hali'imaile.

Quantifiable outcome

• 68% increase in total operating revenues to $19.5 million in FY2025
• +4 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• County of MauicoreStrategic or Co-development Partner · 18 May 2026Historic MOU signed for County acquisition of MLP's West Maui water infrastructure assets including Honokohau Ditch System, Puu Kukui Watershed lease, aquifer wells, and proposed reservoir sites. Will increase public stewardship of drinking water from 45% to 93%.
• Amazon Air CargominorStrategic or Co-development Partner · 18 July 2025Partnership between Maui Gold Pineapple (separate entity) and Amazon Air Cargo to ship fresh pineapples to continental US. Reduced per-pound shipping costs by 40-60% and cut transit times from several days to 1-2 days. Facilitated by Hawaii state Sen. Glenn Wakai.
• Colliers InternationalcoreChannel Partner/ Reseller/ DistributorExclusive brokerage partner for commercial real estate leasing including 247,328 sq ft of industrial, retail, office, and residential spaces. Contact persons include Emalia Pietsch (Retail), Alika Cosner and Charles Buckingham (Industrial/Land).
• TY Management Corp (Tadashi Yanai)minorOthersJapanese billionaire Tadashi Yanai's TY Management Corp owns Kapalua golf courses and has proposed spending over $30 million to acquire and improve the century-old surface water ditch system and build a pipeline for treated wastewater irrigation.
• Maui Gold PineappleminorStrategic or Co-development PartnerIconic Maui Gold pineapple brand grown on Haleakala slopes, representing 40+ years of agricultural heritage. MLP supports sustainable farming practices and diversified agriculture in Hali'imaile area.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Rayonier: Timberland REIT (NYSE: RYN) with large-scale landholdings and a strategy that combines recurring timber/land leasing with higher-margin real estate development — closely mirrors MLP's recurring + episodic mix.
• Weyerhaeuser Company: Largest publicly traded timberland REIT (NYSE: WY); comparable institutional-scale land asset manager model where recurring land-related revenue is paired with periodic higher-margin real estate transactions.
• PotlatchDeltic Corporation: Timberland REIT (Nasdaq: PCH) managing timberland, real estate, and wood products — analogous structure to MLP's combination of land leasing, conservation easements, and land sales.

Direct peers

• Alexander & Baldwin: Public Hawaii-based company (NYSE: ALEX) operating landholdings, commercial real estate, and agribusiness; the closest direct comparable to MLP given similar geography, diversified segments, and focus on Maui/Kauai real estate.
• Tejon Ranch Co. Public California landowner (NYSE: TRC) developing master-planned communities and commercial/industrial parks on a large legacy ranch; matches MLP's model of holding and entitling large tracts for long-dated real estate development.
• James Campbell Company: Privately held, large-scale Hawaii landowner and operator with a focus on commercial real estate and master-planned communities; comparable to MLP's Kapalua/Upcountry landholding and community-buildout model.

Emerging players

• Catchmark Timber Trusts (formerly Pope Resources): Mid-cap timberland REIT model with significant resource and conservation assets and an active land sale program — structurally comparable to MLP's mix of conservation, timber-like, and development land use.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61553170551148
• LinkedInlinkedin.com/company/146000/admin/feed/posts
• Instagraminstagram.com/mauiland_pineapple

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maui Land & Pineapple Co