Kaanapali Land LLC Files 2023 Annual Report on Form 10-K

TL;DR

<b>Kaanapali Land LLC has submitted its 2023 annual report (10-K), detailing its operations as a land subdivider and developer.</b>

AI Summary

KAANAPALI LAND LLC (KANP) filed a Annual Report (10-K) with the SEC on March 27, 2024. Kaanapali Land LLC filed its 2023 Form 10-K on March 27, 2024. The company's fiscal year ends on December 31, 2023. Kaanapali Land LLC is classified under 'LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES)' with SIC code 6552. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is in Chicago, IL.

Why It Matters

For investors and stakeholders tracking KAANAPALI LAND LLC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Kaanapali Land LLC's financial performance and operational status for the fiscal year 2023, crucial for investors and stakeholders to assess the company's health and future prospects. The SIC code 6552 indicates the company's specific niche in the real estate market, focusing on land subdivision and development, which helps in understanding its business model and competitive landscape.

Risk Assessment

Risk Level: low — KAANAPALI LAND LLC shows low risk based on this filing. The filing is a standard 10-K for a land developer, with no immediate red flags or significant financial distress indicated in the provided metadata.

Analyst Insight

Review the detailed financial statements and risk factors within the full 10-K to understand Kaanapali Land LLC's specific performance and potential challenges.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240327 — Filing Date (Filed as of Date)
• 6552 — SIC Code (Standard Industrial Classification)
• 000-50273 — SEC File Number (SEC File Number)

Key Players & Entities

• KAANAPALI LAND LLC (company) — Filer name
• JMB REALTY CORP (company) — Business address reference
• 900 NORTH MICHIGAN AVE (company) — Business and mailing address
• CHICAGO (company) — Business and mailing city
• IL (company) — Business and mailing state

FAQ

Industry Context

Kaanapali Land LLC operates in the real estate sector, specifically as a land subdivider and developer, indicated by its SIC code 6552.

Regulatory Implications

The filing is a standard Form 10-K, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including revenue, expenses, assets, and liabilities.
2. Examine the 'Risk Factors' section of the 10-K to identify potential challenges and uncertainties facing Kaanapali Land LLC.
3. Review management's discussion and analysis (MD&A) to understand the company's performance drivers and strategic outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 annual report (10-K) filing for Kaanapali Land LLC.

Key Financial Figures

• $1 million — initial, unallocated advance payment of $1 million from its insurance carrier. Notwithstan
• $0.6 m — tly amended) commits KLMC to fund up to $0.6 million, depending on various factors, fo
• $1.1 million — t, KLMC has entered into a contract for $1.1 million to install the sewer line. KLMC has pai
• $0.2 million — e, less KLMC's sewer line commitment of $0.2 million. In accordance with the Purchase Agreem
• $6.7 million — d to contribute an amount not exceeding $6.7 million toward construction costs. Any such amo

Filing Documents

• kaana10k-2023.htm (10-K) — 942KB
• kaa10k2023-exh41.htm (EX-4.1) — 13KB
• kaa10k2023-exh21.htm (EX-21) — 7KB
• kaa10k2023-exh31.htm (EX-31) — 15KB
• kaa10k2023-exh32.htm (EX-32) — 4KB
• 0000892626-24-000006.txt (&nbsp;) — 5074KB
• kanp-20231231.xsd (EX-101.SCH) — 38KB
• kanp-20231231_cal.xml (EX-101.CAL) — 57KB
• kanp-20231231_def.xml (EX-101.DEF) — 99KB
• kanp-20231231_lab.xml (EX-101.LAB) — 329KB
• kanp-20231231_pre.xml (EX-101.PRE) — 248KB
• kaana10k-2023_htm.xml (XML) — 802KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 Part II Item 5. Market for Registrant's Common Equity, Related Stockholders Matters and Issuer Purchases of Equity Securities 20 Item 6. [ Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 56 Item 9A.

Controls and Procedures

Controls and Procedures 56 Item 9B. Other Information 56 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections ` 56 Part III Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11.

Executive Compensation

Executive Compensation 59 Item 12.

Security Ownership of Certain Beneficial

Security Ownership of Certain Beneficial 60 Item 13. Certain Relationships and Related Transactions, and Director Independence 60 Item 14. Principal Accountant Fees and Services 61 Part IV Item 15. Exhibit and Financial Statement Schedules 62 Item 16. Form 10-K Summary 63

Signatures

Signatures 64 3 Table of Contents Part I

Business

Item 1. Business Kaanapali Land, LLC ("Kaanapali Land" or the "Company"), a Delaware limited liability company, is the reorganized entity resulting from the Joint Plan of Reorganization of Amfac Hawaii, LLC (now known as KLC Land Company, LLC ("KLC Land")), certain of its subsidiaries (together with KLC Land, the "KLC Debtors") and FHT Corporation ("FHTC" and, together with the KLC Debtors, the "Debtors") under Chapter 11 of the Bankruptcy Code, dated June 11, 2002 (as amended, the "Plan"). The Plan was filed jointly by all Debtors to consolidate each case for joint administration in the Bankruptcy Court in order to (a) permit the petitioners to present a joint reorganization plan that recognized, among other things, the common indebtedness of the debtors (i.e. the Certificate of Land Appreciation Notes ("COLAs") and Senior Indebtedness (as defined in the Plan)) and (b) facilitate the overall administration of the bankruptcy proceedings. As indicated in the Plan, Kaanapali Land has elected to be taxable as a corporation. The Plan was confirmed by the Bankruptcy Court by orders dated July 29, 2002 and October 30, 2002 (collectively, the "Order") and became effective November 13, 2002 (the "Plan Effective Date"). During August 2005, pursuant to a motion for entry of final decree, the bankruptcy cases were closed. The Company operates in two primary business segments: (i) Property and (ii) Agriculture. The Company operates through a number of subsidiaries, each of which is owned directly or indirectly by Kaanapali Land. KLC Land is the direct subsidiary of Kaanapali Land through which the Company conducts substantially all of its remaining operations. KLC Land conducts substantially all of its business through various subsidiaries. Those subsidiaries with remaining assets of significant net value include KLC Holding Corp. ("KLC"), Pioneer Mill Company, LLC ("PMCo"), Kaanapali Land Management Corp. ("KLMC" formerly known as Kaanapali Development Corp.) and PM Land

View Full Filing

View this 10-K filing on SEC EDGAR