Limoneira Company has announced that it received $10 million as part of a $20 million cash distribution from its real estate joint venture, Harvest at Limoneira, which it operates in partnership with The Lewis Group of Companies. Both companies hold a 50% stake in the joint venture and receive equal shares of the distribution.
The funds were distributed from the joint venture's available unaudited cash and cash equivalents, which totaled $62.4 million as of January 31, 2025. Limoneira expects to receive total proceeds of approximately $180 million from the joint venture over a seven-year period, with around $15 million received during the fiscal year 2024.
According to Limoneira President and CEO Harold Edwards, the distribution reflects the current financial performance of the joint venture. He noted that the funds may be allocated toward various financial strategies, including dividends, share repurchases, and debt reduction.
The Harvest at Limoneira project is a residential development offering new housing near the Pacific Coast. The development features various housing options and is located near parks, trails, and retail areas. The company reports continued interest in the project from homebuyers across Southern California.
© LimoneiraFor more information:John Mills
Limoneira
Tel: +1 646 277 1254
Email: John.Mills@icrinc.com
www.investor.limoneira.com