Property and equipment at June 30, 2026 and December 31, 2025 consisted of the following:

Land

The Company holds 22,215 acres of land, the majority of which was acquired between 1911 and 1932 and carried on the balance sheet at original cost. More than 20,000 of these acres lie in West Maui, forming largely contiguous parcels that rise from sea level to approximately 5,700 feet in elevation. Within this expanse sits Kapalua Resort, a master-planned destination resort and residential community with approximately 900 acres entitled for mixed-use development. The remaining approximately 1,500 acres are located in Upcountry Maui in an area known as Hali'imaile, which consists of agricultural fields, ranch lands, and a mix of industrial and retail properties that complete the Company’s portfolio.

Land Improvements

Land improvements consist primarily of roads, utilities, and landscaping infrastructure at Kapalua Resort, as well as the Company's potable and non-potable water systems located in West Maui. The majority of these assets were constructed and placed in service during the mid-to-late 1970s or were acquired in connection with a 2017 conveyance. As a result, related depreciation expense reflected in the consolidated financial statements is significantly lower than the depreciation expense that would be recognized if these assets were recorded at current replacement value. 

Buildings

Buildings consist primarily of restaurant, retail, and light industrial spaces located at the Kapalua Resort, Alaeloa Business Center, and throughout Hali’imaile, which are used in the Company’s leasing operations. Most of the Company’s buildings were constructed and placed in service during the mid-to-late 1970s. As a result, the related depreciation expense reflected in the consolidated financial statements is significantly lower than the depreciation expense that would be recognized if these assets were recorded 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, company vehicles (trucks) and land maintenance equipment used in the agribusiness and land management operations.

Construction in Progress

Construction in progress is comprised of ongoing Kapalua Resort and Hali’imaile projects, including renovations and improvements to buildings, warehouses and commercial assets.