Business
Limoneira Announces $20 Million Cash Distribution from Real Estate Development Joint Venture
SANTA PAULA, Calif., April 09, 2025--Limoneira Company (the "Company" or "Limoneira") (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced that it has received $10.0 million as its share of a $20.0 million cash distribution from its 50%/50% real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies ("Lewis"). The distribution comes from
About this update from Limoneira Co
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":480,"height":334,"url":"https://media.zenfs.com/en/business-wire.com/275845a5a75ef72ffc55c57f9ac73b86"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/X4yfXTou6o.4F.8D3pbV.A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY2ODtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/275845a5a75ef72ffc55c57f9ac73b86","width":480,"height":334}},"lazy":false},{"type":"text","content":"SANTA PAULA, Calif., April 09, 2025--(BUSINESS WIRE)--Limoneira Company (the "Company" or "Limoneira") (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced that it has received $10.0 million as its share of a $20.0 million cash distribution from its 50%/50% real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies ("Lewis"). The distribution comes from the joint venture’s available unaudited cash and cash equivalents, which as of January 31, 2025, totaled $62.4 million. As equal partners in the joint venture, Limoneira and Lewis each received $10.0 million from the distribution. The Company expects to receive total proceeds of $180.0 million from Harvest at Limoneira, LLCB II and East Area II spread out over seven fiscal years, with approximately $15.0 million received in fiscal year 2024.","length":992,"tagName":"p"},{"type":"text","content":"Harold Edwards, President and Chief Executive Officer of Limoneira Company, stated, "This distribution reflects the strong performance and liquidity position of our joint venture with Lewis. We may use these funds to enhance our capital allocation options including dividends, share repurchases and reducing debt. We are taking decisive action to strengthen our financial foundation and create additional capacity for future growth opportunities. This strategic capital allocation reinforces our commitment to disciplined financial management while positioning us to capitalize on market opportunities as they arise."","length":627,"tagName":"p"},{"type":"text","content":"Harvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options near the Pacific...