Kaanapali Land LLC

Kaanapali Land LLC is a Maui-based land investment and development company focused on subdividing, entitling, and selling its real estate assets on the Island of Maui. Its business is centered on long-duration land development projects, with cash generation dependent on the timing of land sales and regulatory approvals.

−318,7 %

−12,5 %

−226,5 %

−15,7 %

— Kaanapali Land LLC
%
Land development and subdivision60% Planning, entitling, and subdividing large land parcels into saleable lots.
Land sales35% Sales of developed and undeveloped parcels, which are the main cash source.
Agricultural lot pre-sales5% Pre-sales of undeveloped agricultural lots once final approvals are secured.

The company sells land primarily to individual buyers and potentially other land purchasers interested in agricultural...

  • Individual lot buyersprimary

    Buy agricultural lots in the KCF Mauka project for ownership, use, or long-term holding.

  • Local real estate purchasersprimary

    Buy Maui land parcels based on location, subdivision status, and future development potential.

  • Pre-sale customerssecondary

    Reserve undeveloped lots once final approvals are obtained, helping de-risk the first phase.

Kaanapali Land's business is concentrated on the Island of Maui, with development activity centered in the Kaanapali...

  • •Operations are concentrated on the Island of Maui
  • •KCF Mauka is the key development parcel near Kaanapali Coffee Farms
  • •County of Maui approvals are critical to subdivision timing
  • •Water permits from CWRM are required for development feasibility
  • •Local Maui conditions drive demand, costs, and project risk

The company's near-term strategy is to secure subdivision approval, water permits, and bonding so it can pre-sell the...

01
Finalize subdivision approvals for KCF Maukashort-term

Approval is required before the company can market and pre-sell lots.

02
Secure water permits and utility supportshort-term

Water availability is a gating factor for the feasibility of the development.

03
Monetize land through phased salesmedium-term

Land sales are the company's only significant source of cash proceeds.

The company faces execution risk because its main project depends on county approvals, water permits, and bonding...

critical

Water permit denial or restrictions

Development depends on securing sufficient water use permits from CWRM.

Scope
KCF Mauka development feasibility
Materiality
high
high

County subdivision approval delay

The company cannot market or pre-sell lots until final approval and plat are received.

Scope
KCF Mauka first phase
Materiality
high
high

Liquidity dependence on land sales

Land sales are the only significant source of cash proceeds.

Scope
Company-wide
Materiality
high
high

Wildfire and property damage exposure

The Lahaina wildfire affected structures, equipment, coffee operations, and insurance recoveries.

Scope
Maui assets and operations
Materiality
high
Inventory capitalization for land development
Can defer expenses and create uneven cost of sales across periods
Insurance recoveries and advances
Can materially distort year-over-year earnings trends
Estimates for remediation, litigation, and tax audits
May require accruals or contingent liability disclosures

MAUI LAND & PINEAPPLE CO INC

MLP · Real Estate

HAWAIIAN ELECTRIC INDUSTRIES INC

HE · Electric Services

CENTRAL PACIFIC FINANCIAL CORP

CPF · State Commercial Banks

FIRST HAWAIIAN, INC.

FHB · State Commercial Banks

Alexander & Baldwin, Inc.

Real Estate Investment Trusts

International Land Alliance Inc.

ILAL · Land Subdividers & Developers (No Cemeteries)

: 28/04/2026