Note 12 - Leasing Arrangements

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

12. LEASING ARRANGEMENTS

The Company leases land primarily to agriculture operators and space in commercial buildings, primarily to restaurant and retail tenants through

2048.

In addition, the Company provides potable and non-potable water to West and Upcountry Maui areas These operating leases generally provide for minimum rents and, in some cases, licensing fees, percentage rentals based on tenant revenues, and reimbursement of common area maintenance and other expenses. Certain leases allow the lessee an option to extend or terminate the agreement. There are

no

leases allowing a lessee an option to purchase the underlying asset. Total leasing income for the

three

months ended

March 31, 2020

and

2019

were as follows:

	Three Months
	Ended March 31,
	(unaudited)
	2020		2019
	(in thousands)
Minimum rentals	$	697	$	710
Percentage rentals		266		405
Licensing fees		234		234
Other (primarily common area recoveries)		290		327
Water system sales		249		240
Total	$	1,736	$	1,916