Maui Land & Pineapple Company reported fiscal third‑quarter 2025 results that highlighted a 39% year‑over‑year increase in recurring leasing revenue, which rose to $5.9 million, and a positive Adjusted EBITDA of $1.6 million for the nine‑month period, up $1.7 million from the $‑0.1 million reported for the same period in 2024.
The leasing revenue growth was driven by higher occupancy rates and rent adjustments across the company’s portfolio of residential and commercial properties. New tenant acquisitions and the expansion of existing leases contributed to the 39% jump, while the company’s focus on optimizing lease terms helped sustain the upward trajectory.
Adjusted EBITDA turned positive for the first time in the year, reflecting improved operating performance and the effectiveness of strategic initiatives aimed at unlocking value from the company’s land and property assets. The improvement was offset by a one‑time pension plan termination expense of $6.9 million, of which $6.6 million was non‑cash, which contributed to the GAAP net loss for the quarter.
Beyond leasing, the company sold three non‑strategic land parcels during the quarter and has five additional parcels listed for sale, generating additional cash flow. The Relief Housing Project with the State of Hawai‘i was paused pending further direction, and the company announced a new venture to plant 15,000 blue weber agave plants on 25 acres, hiring a Director of Agricultural Operations to oversee the initiative.
CEO Race Randle emphasized that the results demonstrate the successful execution of the company’s strategic initiatives, noting that the positive Adjusted EBITDA and leasing growth underscore the company’s commitment to unlocking asset value and accelerating growth in housing, economic vitality, and employment on Maui. He also highlighted the company’s ongoing efforts to diversify revenue streams through new agricultural ventures and land sales.
The results signal a positive trajectory for Maui Land & Pineapple, with leasing revenue growth and a turnaround in Adjusted EBITDA indicating operational resilience. The pension expense and pause in the Relief Housing Project represent headwinds that the company is managing, while the new agave farming venture and land sales provide tailwinds that could support future growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.