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Barnwell Industries Advances Strategic Transformation Through Sale of Remaining Hawaii Development Interests

BRN
  • Barnwell Industries, Inc. entered a definitive agreement to sell its remaining Hawaii development interests & project rights.
  • The transaction includes indirect partnership interests in KKM Makai, LLLP & KD Kona 2013 LLLP, covering Increment 1 & 2 areas of Lot 4-A at Ka'upulehu.
  • Barnwell expects net cash proceeds of approximately $1.5 million from a gross purchase price of $1.77 million, plus a pre-closing distribution of $0.1 million.
  • The sale is subject to customary closing conditions & is expected to close before September 30, 2026.
  • Completion of the Partnership winding-up is anticipated promptly, likely allowing the company to exit Hawaii operations by the end of fiscal 2026.
  • The deal reduces future capital commitments & supports the company's strategy to simplify its portfolio & redeploy capital toward higher-return opportunities.
  • Barnwell continues to evaluate strategic opportunities, including potential business combinations with private operating companies.