MAUI LAND & PINEAPPLE CO INC

Previous wording

Maui Land & Pineapple Company, Inc. is a Delaware corporation and the successor to a business organized in 1909 as a Hawaii corporation. The Company reincorporated from Hawaii to Delaware pursuant to a plan of conversion completed on July 18, 2022. Total authorized capital stock of the Company includes 48,000,000 shares, consisting of 43,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share. Shares of the Company’s common stock are listed on the New York Stock Exchange under the ticker symbol “MLP.” The Company consists of a landholding and operating parent company, has a principal subsidiary, Kapalua Land Company, Ltd., and certain other subsidiaries

Current wording

Maui Land & Pineapple Company, Inc. is a Delaware corporation and the successor to a business organized in 1909 as a Hawai‘i corporation. The Company reincorporated from Hawai‘i to Delaware pursuant to a plan of conversion completed on July 18, 2022. Total authorized capital stock of the Company includes 48,000,000 shares, consisting of 43,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share. Shares of the Company’s common stock are listed on the New York Stock Exchange under the ticker symbol “MLP.” The Company consists of a landholding and operating parent company, its principal subsidiary, Kapalua Land Company, Ltd., and certain other subsidiaries

Previous wording

We own and manage a diverse portfolio including over 22,000 acres of land on the island of Maui, Hawaii along with approximately 247,000 square feet of commercial real estate. For over a century, we have built a legacy of thoughtful stewardship through conservation, agriculture, community building and land management. Our current portfolio of assets includes unimproved land, entitled land allowing for various residential and mixed-use construction, and completed commercial properties.

Current wording

We own and manage a diverse portfolio including over 22,000 acres of land on the island of Maui, Hawai‘i along with approximately 247,000 square feet of commercial real estate. For over a century, we have built a legacy of thoughtful stewardship through conservation, agriculture, community building and land management. Our current portfolio of assets includes unimproved land, entitled land allowing for various residential and mixed-use construction, and completed commercial properties.

Previous wording

In April 2023, a leadership transition was initiated by appointing a new Chief Executive Officer and new Chairperson of the Board, both of whom are experienced in large scale real estate portfolio management including master planning, community building, and asset management. The strengthening of our team continued with the addition of team members with localized experience including planning, engineering, permitting, community development, land and natural resource stewardship, and asset management.

Current wording

In April 2023, a leadership transition was initiated by appointing a new Chief Executive Officer and new Chairperson of the Board, both of whom are experienced in large scale real estate portfolio management including master planning, community building, and asset management. The strengthening of our team continued with the addition of team members with localized experience including planning, engineering, permitting, community development, land and natural resource stewardship, sustainable agriculture, and asset management.

Previous wording

As a key initiative of the new leadership team, we have advanced efforts to maximize the productivity of our leasable land and commercial properties. At March 31, 2025, our commercial properties and land were occupied at the following levels:

Current wording

As a key initiative of our strategic mission, we have advanced efforts to maximize the productivity of our leasable land and commercial properties. At June 30, 2025, our commercial properties and land were occupied at the following levels, with the net increase (decrease) in leased area as of June 30, 2025, compared to December 31, 2024:

Previous wording

From January 1, 2024 to March 31, 2025, the team has increased commercial property occupancy from 72% to 86%, including tenant relocations and improvements necessary to enhance the variety and quality of experiences in our town centers. This effort will continue, along with capital improvements necessary to continue attracting top tier tenants. In addition to stable cashflow in a supply-constrained market, our commercial properties allow us to perform value-creating placemaking for our surrounding landholdings. We anticipate cashflow from our commercial properties to increase in the coming years, as we reach stabilization and fund the near-term costs for tenant improvements and leasing costs inherent with new tenancies.

Current wording

From January 1, 2025 to June 30, 2025, the team has increased commercial property occupancy from 86% to 89%, including tenant relocations and improvements necessary to enhance the variety and quality of experiences in our town centers. This effort will continue, along with capital improvements necessary to continue attracting top tier tenants. In addition to stable cashflow in a supply-constrained market, our commercial properties allow us to perform value-creating placemaking for our surrounding landholdings. We anticipate cashflow from our commercial properties to increase in the coming years, as we reach stabilization and fund the near-term costs for tenant improvements and leasing costs inherent with new tenancies.

Previous wording

We have recognized revenue from one non-strategic parcel sale in the first quarter of 2025 and anticipate additional near-term sales revenues (1-3 years) from other remnant parcels for sale, along with improved land in active marketing for sale and/or development with partner(s).

Current wording

We have recognized revenue from two non-strategic parcel sales in the first six months of 2025 and anticipate additional near-term sales revenues (1-3 years) from other remnant parcels for sale, along with improved land in active marketing for sale and/or development with partner(s).

Previous wording

For the Honokeana Homes project, we have agreed to lease up to 50 acres to the State of Hawaii for up to seven years with no lease revenue, to support the needs of victims of the 2023 Lahaina wildfire. The State of Hawaii set aside an initial $35.5 million for the project, to fund hard and soft costs related to horizontal improvements on the land. We have agreed to administer the horizontal improvements utilizing third party contractors, on a cost recovery basis with no direct profit from the administrative work.

Current wording

In connection with the Honokeana Homes project, we have agreed to lease up to 50 acres to the State of Hawai‘i for up to seven years with no lease revenue, to support the needs of victims of the 2023 Lahaina wildfire. The State of Hawai‘i set aside an initial $35.5 million for the project, to fund hard and soft costs related to horizontal improvements on the land. We have agreed to administer the horizontal improvements utilizing third party contractors, on a cost recovery basis with no direct profit from the administrative work.

Previous wording

Approximately $2.3 million was spent on behalf of the State during the three months ended March 31, 2025 to administer the State’s improvements on the Honokeana Homes emergency relief project. On other projects, approximately $266,000 in development expenditures were made during the three months ended March 31, 2024.

Current wording

Approximately $3.1 million was spent on behalf of the State of Hawai‘i during the six months ended June 30, 2025 to administer the State of Hawai‘i's improvements on the Honokeana Homes emergency relief project. On other projects, approximately $1,587,000 in development expenditures were made during the six months ended June 30, 2025. Expenditures on the Agave development amounted to $557,000 of the total $1,587,000 spent year to date.

Previous wording

As part of the effort to reactivate dormant croplands that were formerly irrigated, graded and actively farmed, we have initiated a new scalable business venture to cultivate agave. The business aligns with our focus on creating living wage jobs for local families, connecting people to the land, and boosting environmental and economic sustainability. Agave is a drought tolerant, low-maintenance crop attracting a growing global demand for agave-based added-value products. Our strategy complements our ongoing leasing and development projects, and utilizes our prime landholdings to enable revenue upside potential from vertical integration with on-island distillation, regenerative agri-tourism and global distribution.

Current wording

As part of the effort to reactivate dormant croplands that were formerly irrigated, graded and actively farmed, we have initiated a new scalable business venture to cultivate agave. The business aligns with our focus on creating living wage jobs for local families, connecting people to the land, and boosting environmental and economic sustainability. Agave is a drought tolerant, low-maintenance crop attracting a growing global demand for agave-based added-value products. Our strategy complements our ongoing leasing and development projects, and utilizes our prime landholdings to enable revenue upside potential from vertical integration with on-island distillation, regenerative agri-tourism and global distribution. Planting has begun on the agave farm with over 12,000 plants currently in the ground.

Previous wording

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

Current wording

Three and Six Months Ended June 30, 2025 Compared to Three and Six Months Ended June 30, 2024

Previous wording

Land development and sales operating revenues primarily consist of the project revenue from the Honokeana Homes project. There were no sales of real estate during the three months ended March 31, 2025 or 2024. This is purposeful as we continue to evaluate our commercial assets and land holdings to determine the best utilization of our assets in West Maui and in Upcounty Maui in the town of Haliimaile to increase value.

Current wording

Land development and sales operating revenues for the three months ended June 30, 2025, consisted of $0.9 million for the Honokeana Homes project revenue and a sale of a non-strategic remnant parcel amounting to $0.2 million, compared to $0 revenue for the Honokeana Homes project and a sale of an easement in the amount of $0.2 million for the three months ended June 30, 2024. Land development and sales operating revenues in the six months ended June 30, 2025, have primarily consisted of the project revenue from the Honokeana Homes project. There were two sales of real estate during the six months ended June 30, 2025 and one real estate sale during six months ended June 30, 2024. This is purposeful as we continue to evaluate our commercial assets and land holdings to determine the best utilization of our assets in West Maui and in Upcountry Maui in the town of Hali‘imaile to increase value.

Previous wording

In December 2021, we entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. On May 13, 2022, terms of the agreement were amended to include a closing condition requiring the Maui Planning Commission to approve a five-year extension of a Special Management Area (SMA) permit issued by the County of Maui. We allowed the agreement to expire on April 11, 2023. The development plans for our real estate holdings remain subject to our review and evaluation. The Kapalua Central Resort project continues to be marketed for sale or development with partner(s) and the application for the SMA permit extension remains ongoing.

Current wording

In December 2021, we entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. On May 13, 2022, terms of the agreement were amended to include a closing condition requiring the Maui Planning Commission to approve an application to extend our Special Management Area (SMA) permit issued by the County of Maui for an additional five years. We allowed the sale agreement to expire on April 11, 2023, however, the Kapalua Central Resort project continues to be marketed for sale or development with partner(s) and the application for the SMA permit extension remains ongoing. The development plans for our real estate holdings remain subject to our ongoing review and evaluation.

Previous wording

Approximately $2.3 million was spent towards real estate development expenditures during the three months ended March 31, 2025 related to the Honokeana Homes project. Approximately $266,000 in development expenditures were made during the three months ended March 31, 2024.

Current wording

Land development and sales operating expenses for the three months ended June 30, 2025, were comprised of $0.9 million in Honokeana Homes project direct costs. Approximately $187,000 in development costs were incurred during the three months ended June 30, 2024. Approximately $3.3 million was spent towards real estate development expenditures during the six months ended June 30, 2025 related to the Honokeana Homes project compared to approximately $450,000 that was spent towards real estate development made during the six months ended June 30, 2024.

Previous wording

Land development and sales are cyclical and depend on several factors, such as interest rates and demand. Results from one period are not indicative of future performance trends in this business segment. Prior to the Maui wildfires which occurred on August 8, 2023, there was a shortage of primary housing supply on Maui. While the provision of land to generate primary housing and additional jobs was a priority of ours prior to the wildfires, the loss of over 2,000 homes and over 3,000 jobs in the Maui wildfire accelerated our efforts to get land into productive use to meet these critical needs.

Current wording

Land development and sales are cyclical and depend on several factors, such as interest rate impacts on financing and demand. Results from one period are not indicative of future performance trends in this business segment. Prior to the Maui wildfires which occurred on August 8, 2023, there was a shortage of primary housing supply on Maui. While the provision of land to generate primary housing and additional jobs was a priority of ours prior to the wildfires, the loss of over 2,000 homes and over 3,000 jobs in the Maui wildfire accelerated our efforts to get land into productive use to meet these critical needs.

Previous wording

Operating revenues from leasing activities for the three months ended March 31, 2025, were comprised primarily of $2.2 million from commercial, industrial, and agricultural leases, and the remaining $1.0 million was primarily comprised of $33,000 of licensing fees from our registered trademarks and trade names, approximately $800,000 from potable and non-potable water system sales and $86,000 in grant revenue from the State of Hawai‘i for conservation management of our Pu‘u Kukui Watershed. Operating revenues from leasing activities for the three months ended March 31, 2024, were comprised primarily of $1.9 million from commercial, industrial, and agricultural leases, and the remaining $0.3 million was comprised of $33,000 of licensing fees from our registered trademarks and trade names, $175,000 from potable and non-potable water system sales and $85,000 in grant revenue from the State of Hawai‘i for conservation management of our Pu‘u Kukui Watershed.

Current wording

Operating revenues from leasing activities for the six months ended June 30, 2025, were comprised primarily of $4.6 million from commercial, industrial, and agricultural leases, and the remaining $1.8 million was primarily comprised of $72,000 of licensing fees from our registered trademarks and trade names, approximately $1.6 millions from potable and non-potable water system sales and $171,000 in grant revenue from the State of Hawai‘i for conservation management of our Pu‘u Kukui Watershed. Operating revenues from leasing activities for the six months ended June 30, 2024, were comprised primarily of $3.4 million from commercial, industrial, and agricultural leases, and the remaining $0.9 million was primarily comprised of $69,000 of licensing fees from our registered trademarks and trade names, approximately $0.5 millions from potable and non-potable water system sales and $170,000 in grant revenue from the State of Hawai‘i for conservation management of our Pu‘u Kukui Watershed.

Previous wording

Certain rental income is contingent upon the sales of tenants exceeding a defined threshold and recognized as a percentage of sales after those thresholds are achieved. As the COVID-19 pandemic waned, visitor traffic to Maui began to increase and these percentage rents, leasing revenues in general and land licensing from adventure tourism tenants were returning to pre-pandemic levels until the occurrence of the devastating Maui wildfires on August 8, 2023. The wildfires directly and critically impacted West Maui and took its toll on percentage rents and revenues for tourism based tenants. The $3.2 million of operating revenues from leasing activities for the three months ended March 31, 2025, compared to $2.2 million for the three months ended March 31, 2024 is an indication that tourism and visitor traffic is returning to pre-pandemic levels. The increase in operating revenues at March 31, 2025 compared to March 31, 2024, is reflective of our efforts to re-tenant, re-merchandise and convert below market leases to current market rate leases throughout the three commercial centers owned by the Company in the Kapalua Resort, Haliimaile Town and the Alaeloa Business Park. New tenant leases are typically being executed with an initial free rent period to reflect current market rental rates.

Current wording

Certain rental income is contingent upon the sales of tenants exceeding a defined threshold and recognized as a percentage of sales after those thresholds are achieved. As the COVID-19 pandemic waned, visitor traffic to Maui began to increase and these percentage rents, leasing revenues in general and land licensing from adventure tourism tenants were returning to pre-pandemic levels until the occurrence of the devastating Maui wildfires on August 8, 2023. The wildfires directly and critically impacted West Maui and took its toll on percentage rents and revenues for tourism based tenants. The $3.2 million in operating revenues for the three months ended June 30, 2025 compared to the $2.2 million for the three months ended June 30, 2024 and the $6.4 million of operating revenues from leasing activities for the six months ended June 30, 2025, compared to $4.4 million for the six months ended June 30, 2024 is an indication that tourism and visitor traffic is returning to pre-pandemic levels. The increase in operating revenues at June 30, 2025 compared to June 30, 2024, is reflective of our efforts to re-tenant, re-merchandise and convert below market leases to current market rate leases throughout the three commercial centers owned by the Company in the Kapalua Resort, Hali‘imaile Town and the Alaeloa Business Center.

Previous wording

The increase in leasing operating costs and expenses for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, can be attributed to higher property maintenance costs for our commercial leasing portfolio properties, which had been deferred in prior years, hiring a property management and leasing firm to increase occupancy of our leasing portfolio, and the costs associated with our efforts to improve the tenant composition in our leasing portfolio.

Current wording

The increase in leasing operating costs and expenses for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, can be attributed to increased leases executed in 2025 resulting in higher property maintenance costs for our commercial leasing portfolio properties, increased property management fees and commissions driven by the increased occupancy of our leasing portfolio, and the costs associated with our efforts to improve the tenant composition in our leasing portfolio.

Previous wording

Our resort amenities and other segment includes the operations of the Kapalua Club, a private, non-equity club that provides its members special programs and access and other privileges at certain of the amenities at the Kapalua Resort, including a 30,000 square foot full-service spa and fitness center, a private pool-side dining beach club, and two 18-hole championship golf courses. The Kapalua Club does not own or operate any resort amenities and the member dues collected are primarily used to pay contracted fees to provide access for its members to the spa, beach club and other resort amenities.

Current wording

Our resort amenities and other segments include the operations of the Kapalua Club, a private, non-equity club that provides its members special programs and access and other privileges at certain of the amenities at the Kapalua Resort, including a 30,000 square foot full-service spa and fitness center, a private pool-side dining beach club, and two 18-hole championship golf courses. The Kapalua Club does not own or operate any resort amenities and the member dues collected are primarily used to pay contracted fees to provide access for its members to the spa, beach club and other resort amenities. The Kapalua Club was restructured in 2023. Its revised policies and practices have been implemented to better align club dues and club expenses. The Kapalua Club began to accept new membership applications beginning late 2023.

Previous wording

Contracted fee expenses increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to bad debt write off.

Current wording

Operating costs and expenses decreased for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to decreased fees for golf true ups due to restructuring of golf privileges made in 2024. Operating costs and expenses increased for the six months ended June 30, 2025, compared to the six month period ended June 30, 2024, due to bad debt write offs incurred in the first quarter of 2025.

Previous wording

General and administrative costs and share-based compensation for the three months ended March 31, 2025 amounted to $3.1 million, compared to $2.0 million for the three months ended March 31, 2024.

Current wording

General and administrative costs and share-based compensation for the three months ended June 30, 2025, decreased by approximately $1.0 million, compared to the three months ended June 30, 2024, primarily attributable to a reduction in share-based compensation. General and administrative costs and share-based compensation for the six months ended June 30, 2025 remained consistent at $4.8 million, compared to the six months ended June 30, 2024.

Previous wording

An option to purchase 400,000 shares of our common stock under the 2017 Equity and Incentive Award Plan (the Plan) was granted to our Chief Executive Officer during the three months ended March 31, 2024, none of these options shares vested during this period. Additional information of the option issuance to the Chief Executive Officer is detailed in Note 11 of the financial statements. During the three months ended March 31, 2025, 229,709 shares of stock options vested which were comprised of 96,375 option shares issued to directors in May 2024 and 133,334 option shares issued to the Chairperson of the Board in March 2023. For the three months ended March 31,2024, director options to purchase 82,000 shares and 164,000 shares vested for annual board and committee service, respectively.

Current wording

An option to purchase 400,000 shares of our common stock under the 2017 Equity and Incentive Award Plan (the Plan) was granted to our Chief Executive Officer during the three months ended March 31, 2024, none of these shares vested during this period. Additional information of the option issuance to the Chief Executive Officer is detailed in Note 13, Share-Based Compensation, to our unaudited condensed consolidated interim financial statements. During the six months ended June 30, 2025, 229,709 shares of underlying stock options vested which were comprised of 96,375 option shares issued to directors in May 2024, 133,334 option shares issued to the Chairperson of the Board in March 2023 and 133,334 option shares issued to the Chief Executive Officer in January 2024. For the six months ended June 30, 2024, director options to purchase 82,000 shares and 243,709 shares vested for annual board and committee service and the Chairman of the Board, respectively.

Previous wording

Other income of $0.1 million was earned during the three month period ended March 31, 2025 and 2024. During the three months ended March 31, 2025 and 2024, other income was due to interest earned on savings and dividends earned on an investment bond fund of varying maturities. We do not maintain nor possess any off-balance sheet financings nor transactions.

Current wording

Other income of $0.5 million and $0.2 million was earned during the six months ended June 30, 2025 and 2024. During the six months ended June 30, 2025 other income was due to interest earned on savings and dividends earned on an investment bond fund of varying maturities and Employe Retention Credit revenue. During the six months ended June 30, 2024, other income was due to interest earned on savings and dividends earned on an investment bond fund of varying maturities. We do not maintain nor possess any off-balance sheet financings nor transactions.

Previous wording

Our cash and cash equivalents were $7.9 million and $6.8 million (audited) at March 31, 2025 and December 31, 2024, respectively.

Current wording

Our cash and cash equivalents were $6.5 million and $6.8 million (audited) at June 30, 2025, and December 31, 2024, respectively.

Previous wording

We also had investments in a bond fund with varying maturities in the amount of $1.6 million and $2.7 million at March 31, 2025 and December 31, 2024. Our investments consist of corporate bond securities maturing on various dates through November 2025. These bond investments yield approximately 3.8% at March 31, 2025. We intend to hold our bond securities until maturity.

Current wording

We also had investments in a bond fund with varying maturities in the amount of $0.5 million and $2.7 million at June 30, 2025, and December 31, 2024, respectively. Our investments consist of corporate bond securities maturing on various dates through November 2025. These bond investments yield approximately 3.7% at June 30, 2025. We intend to hold our bond securities until maturity.

Previous wording

At March 31, 2025, $12.0 million was available from our revolving line of credit facility (“Credit Facility”) with First Hawaiian Bank (“Bank”), as the Company borrowed $3,000,000 in 2024. The Credit Facility, which matures on December 31, 2025, provides for revolving or term loan borrowing options. Interest on revolving loan borrowings is calculated using the Bank’s prime rate minus 1.125 percentage points. Interest on term loan borrowing is fixed at the Bank’s commercial loan rates with interest rate swap options available. We have pledged approximately 30,000 square feet of commercial leased space in the Kapalua Resort as security for the Credit Facility. Net proceeds from the sale of any collateral are required to be repaid toward outstanding borrowings and will permanently reduce the Credit Facility’s revolving commitment amount. There are no commitment fees on the unused portion of the Credit Facility.

Current wording

At June 30, 2025, $12.0 million was available from our $15 million revolving line of credit facility (“Credit Facility”) with First Hawaiian Bank (“Bank”), as the Company borrowed $3,000,000 in 2024. The Credit Facility, which matures on December 31, 2025, provides for revolving or term loan borrowing options. Interest on revolving loan borrowings is calculated using the Bank’s prime rate minus 1.125 percentage points. Interest on term loan borrowing is fixed at the Bank’s commercial loan rates with interest rate swap options available. We have pledged approximately 30,000 square feet of commercial leased space in the Kapalua Resort as security for the Credit Facility. Net proceeds from the sale of any collateral are required to be repaid toward outstanding borrowings and will permanently reduce the Credit Facility’s revolving commitment amount. There are no commitment fees on the unused portion of the Credit Facility.

Previous wording

We were in compliance with the covenants of our Credit Facility at March 31, 2025. We may borrow under our credit facility to invest in, and build value in, our assets and fund working capital if economic conditions are negatively impacted in future periods.

Current wording

We were in compliance with the covenants of our Credit Facility at June 30, 2025. We may borrow under our credit facility to invest in, and build value in, our assets and fund working capital if economic conditions are negatively impacted in future periods. The Company is currently in discussions with the bank and potential lenders seeking proposals for a credit facility with effective date of December 31, 2025 as the Company's current facility expires on December 30, 2025.

Previous wording

Net cash provided by our operating activities for the three months ended March 31, 2025 was $0.2 million and net cash used in our operating activities was $10,000 for the three months ended March 31, 2024.

Current wording

Net cash used in operating activities for the six months ended June 30, 2025 was $0.7 million and $0.5 million for the six months ended June 30, 2024.

Previous wording

There was land development revenue during the three months ended March 31, 2025 in the amount of $2.3 million for a Honokeana Homes project and no sales of real estate during the three months ended March 31, 2024.

Current wording

There was land development revenue during the six months ended June 30, 2025 in the amount of $3.4 million primarily related to the Honokeana Homes project and two sales of real estate. During the six months ended June 30, 2024, there was one sale of real estate.

Previous wording

Interest income earned from our money market and bond investments was $0.1 million for the three months ended March 31, 2025, and 2024.

Current wording

Interest income earned from our money market and bond investments was $0.2 million and $0.2 million for the six months ended June 30, 2025, and 2024, respectively.

Previous wording

The outstanding balance of our Credit Facility was $3,000,000 at March 31, 2025. There were no interest payments due on our Credit Facility during the three months ended March 31, 2025.

Current wording

The outstanding balance of our Credit Facility was $3,000,000 at June 30, 2025. There were no interest payments due on our Credit Facility during the six months ended June 30, 2025.

Previous wording

Contributions in the amount of $500,000 was required to be made to our defined benefit pension plan during the first quarter of 2025.

Current wording

Aggregate contributions in the amount of $1,060,000 were required to be made to our defined benefit pension plan during the six months ended June 30, 2025.

Previous wording

Our business initiatives include investing in our operating infrastructure and continued planning and entitlement efforts on our development projects. At times, this may require borrowing under our Credit Facility or other indebtedness, repayment of which may be dependent on selling of our real estate assets at acceptable prices in condensed timeframes. We believe our cash and investment balances, cash provided from ongoing operating activities, and available borrowings under our Credit Facility, will provide sufficient liquidity to enable us to meet our working capital requirements, contractual obligations, and timely service our debt obligations for the next twelve months and the foreseeable longer term.

Current wording

Our business initiatives include investing in our operating infrastructure and continued planning and entitlement efforts on our development projects. At times, this may require borrowing under our Credit Facility or other indebtedness, repayment of which may be dependent on selling of our real estate assets at acceptable prices in condensed timeframes. We may also elect to raise additional capital through the sale of equity, from time to time. We believe our cash and investment balances, cash provided from ongoing operating activities, and available borrowings under our Credit Facility, will provide sufficient liquidity to enable us to meet our working capital requirements, contractual obligations, and timely service our debt obligations for the next twelve months and the foreseeable longer term.