Limoneira – a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations – announced that it has received $10 million as its share of a $20 million cash distribution from its 50%/50% real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies.
This distribution comes from the joint venture’s available unaudited cash and cash equivalents, which as of January 31, 2025, totaled $62.4 million. And as equal partners in the joint venture, Limoneira and Lewis each received $10 million from the distribution. And the company expects to receive total proceeds of $180 million from Harvest at Limoneira, LLCB II and East Area II spread out over seven fiscal years, with about $15 million received last year.
Harvest at Limoneira is a well-balanced and comprehensively designed community offering a range of new housing options near the Pacific Ocean. With scenic views, and close proximity to parks, hiking trails and popular retail destinations, this community continues to attract strong interest from new home buyers throughout Southern California.
KEY QUOTE:
“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.”
– Harold Edwards, President and Chief Executive Officer of Limoneira Company
