Barnwell Industries to sell remaining Hawaii development interests for $1.77M, net ~$1.5M

BARNWELL INDUSTRIES INC

Gross purchase price $1.77M; net proceeds to Barnwell estimated at ~$1.5M plus ~$0.1M pre-closing distribution.
Sale includes indirect partnership interests in KKM Makai and KD Kona 2013, and development rights in Ka'upulehu.
Buyer is David Johnston, son of a partner; closing expected by September 15, 2026 or before fiscal year end Sept 30, 2026.
Company expects complete exit from Hawaii real estate interests by end of fiscal 2026, with minimal winding-up costs.
CFO states proceeds will be redeployed into higher-return opportunities; company continues to evaluate strategic options including potential business combinations.

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