Limoneira Announces $20 Million Cash Distribution from Real Estate Development Joint Venture
Limoneira (LMNR) has received a $10 million cash distribution from its real estate development joint venture, Harvest at Limoneira, representing its 50% share of a $20 million total distribution. The joint venture, partnered with The Lewis Group of Companies, reported unaudited cash and cash equivalents of $62.4 million as of January 31, 2025.
The company anticipates receiving total proceeds of $180 million from Harvest at Limoneira, LLCB II and East Area II over seven fiscal years, with approximately $15 million expected in fiscal year 2024. Management indicates the funds may be used for dividends, share repurchases, debt reduction, and future growth opportunities.
Harvest at Limoneira is a residential community development project offering new housing options near the Pacific Ocean, featuring scenic views, parks, hiking trails, and proximity to retail destinations.
Limoneira (LMNR) ha ricevuto una distribuzione in contante di 10 milioni di dollari dalla sua joint venture di sviluppo immobiliare, Harvest at Limoneira, che rappresenta la sua quota del 50% di una distribuzione totale di 20 milioni di dollari. La joint venture, in collaborazione con The Lewis Group of Companies, ha riportato disponibilità liquide e equivalenti per 62,4 milioni di dollari al 31 gennaio 2025.
L'azienda prevede di ricevere proventi totali di 180 milioni di dollari da Harvest at Limoneira, LLCB II e East Area II nell'arco di sette anni fiscali, con circa 15 milioni di dollari attesi per l'anno fiscale 2024. La direzione indica che i fondi potrebbero essere utilizzati per dividendi, riacquisto di azioni, riduzione del debito e opportunità di crescita futura.
Harvest at Limoneira è un progetto di sviluppo di una comunità residenziale che offre nuove opzioni abitative vicino all'Oceano Pacifico, con viste panoramiche, parchi, sentieri escursionistici e vicinanza a destinazioni commerciali.
Limoneira (LMNR) ha recibido una distribución en efectivo de 10 millones de dólares de su empresa conjunta de desarrollo inmobiliario, Harvest at Limoneira, que representa su participación del 50% en una distribución total de 20 millones de dólares. La empresa conjunta, asociada con The Lewis Group of Companies, reportó efectivo y equivalentes de efectivo de 62.4 millones de dólares al 31 de enero de 2025.
La compañía anticipa recibir ingresos totales de 180 millones de dólares de Harvest at Limoneira, LLCB II y East Area II durante siete años fiscales, con aproximadamente 15 millones de dólares esperados para el año fiscal 2024. La dirección indica que los fondos pueden ser utilizados para dividendos, recompra de acciones, reducción de deuda y oportunidades de crecimiento futuro.
Harvest at Limoneira es un proyecto de desarrollo de comunidad residencial que ofrece nuevas opciones de vivienda cerca del Océano Pacífico, con vistas escénicas, parques, senderos para caminatas y proximidad a destinos comerciales.
리모네이라 (LMNR)는 부동산 개발 합작 투자인 Harvest at Limoneira로부터 1천만 달러의 현금 배당금을 받았습니다. 이는 2천만 달러의 총 배당금 중 50%의 지분을 나타냅니다. 이 합작 투자는 The Lewis Group of Companies와 파트너십을 맺고 있으며, 2025년 1월 31일 기준으로 6천2백40만 달러의 현금 및 현금성 자산을 보고했습니다.
회사는 Harvest at Limoneira, LLCB II 및 East Area II로부터 7개 회계 연도 동안 총 1억8천만 달러의 수익을 예상하고 있으며, 2024 회계 연도에는 약 1천5백만 달러가 예상됩니다. 경영진은 자금이 배당금, 자사주 매입, 부채 감소 및 미래 성장 기회에 사용될 수 있다고 밝혔습니다.
Harvest at Limoneira는 태평양 근처에 새로운 주택 옵션을 제공하는 주거 커뮤니티 개발 프로젝트로, 경치 좋은 전망, 공원, 하이킹 코스 및 상업 지역과의 근접성을 특징으로 합니다.
Limoneira (LMNR) a reçu une distribution en espèces de 10 millions de dollars de sa coentreprise de développement immobilier, Harvest at Limoneira, représentant sa part de 50 % d'une distribution totale de 20 millions de dollars. La coentreprise, associée à The Lewis Group of Companies, a déclaré des liquidités et des équivalents de liquidités de 62,4 millions de dollars au 31 janvier 2025.
L'entreprise anticipe des recettes totales de 180 millions de dollars provenant de Harvest at Limoneira, LLCB II et East Area II sur sept exercices fiscaux, avec environ 15 millions de dollars attendus pour l'exercice 2024. La direction indique que les fonds pourraient être utilisés pour des dividendes, des rachats d'actions, la réduction de la dette et des opportunités de croissance future.
Harvest at Limoneira est un projet de développement de communauté résidentielle offrant de nouvelles options de logement près de l'océan Pacifique, avec des vues pittoresques, des parcs, des sentiers de randonnée et à proximité de destinations commerciales.
Limoneira (LMNR) hat eine Barausschüttung von 10 Millionen Dollar aus seinem Immobilienentwicklungs-Joint Venture, Harvest at Limoneira, erhalten, was seinem 50% Anteil an einer Gesamtausschüttung von 20 Millionen Dollar entspricht. Das Joint Venture, das mit The Lewis Group of Companies zusammenarbeitet, berichtete zum 31. Januar 2025 über liquide Mittel und Zahlungsmitteläquivalente in Höhe von 62,4 Millionen Dollar.
Das Unternehmen erwartet, über sieben Geschäftsjahre insgesamt 180 Millionen Dollar von Harvest at Limoneira, LLCB II und East Area II zu erhalten, wobei für das Geschäftsjahr 2024 etwa 15 Millionen Dollar erwartet werden. Das Management gibt an, dass die Mittel für Dividenden, Aktienrückkäufe, Schuldenabbau und zukünftige Wachstumschancen verwendet werden könnten.
Harvest at Limoneira ist ein Wohnbauprojekt, das neue Wohnmöglichkeiten in der Nähe des Pazifischen Ozeans bietet, mit malerischen Ausblicken, Parks, Wanderwegen und der Nähe zu Einzelhandelszielen.
- Received $10 million cash distribution from joint venture
- Expected total proceeds of $180 million over seven years
- Joint venture maintains strong liquidity with $62.4 million in cash
- Multiple capital allocation options available including dividends and share repurchases
- Distribution timeline extends over seven years, indicating delayed cash realization
Insights
Limoneira's $10 million cash distribution from its real estate joint venture represents a significant liquidity event that strengthens the company's financial position. For context, this single distribution equals approximately 3.3% of Limoneira's total market capitalization, making it materially important to investors.
More compelling is the company's disclosure of expected $180 million in total proceeds over seven fiscal years from the development project. This creates a predictable revenue stream that complements Limoneira's agricultural operations, which typically face seasonal volatility and commodity price fluctuations. The development joint venture's strong cash position ($62.4 million) suggests potential for additional distributions beyond what's already announced.
Management's outlined capital allocation options demonstrate financial discipline. Debt reduction would strengthen the balance sheet, while dividends or share repurchases would directly return value to shareholders. For a company with agricultural exposure, having this strategic flexibility is particularly valuable.
The 50/50 joint venture structure with Lewis is advantageous - it allows Limoneira to participate in real estate development upside while limiting operational complexity and capital requirements. This asset-light approach to monetizing land holdings efficiently unlocks value from non-core assets without distracting from the primary agricultural business.
This distribution validates Limoneira's diversification strategy and demonstrates management's ability to create value beyond traditional citrus operations. The continued strong performance of the residential development in Southern California provides a significant non-cyclical revenue component to balance agricultural earnings volatility.
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."
Harvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options near the Pacific Ocean. Boasting scenic views, and close proximity to parks, hiking trails and popular retail destinations, this exceptional community continues to attract strong interest from new home buyers throughout
About Limoneira Company
Limoneira Company, a 132-year-old international agribusiness headquartered in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” "plans", “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.
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Investor:
John Mills
Managing Partner
ICR 646-277-1254
Source: Limoneira Company
FAQ
How much cash distribution did Limoneira (LMNR) receive from its Harvest at Limoneira joint venture?
What is the total expected proceeds for LMNR from Harvest at Limoneira project?
How much cash and cash equivalents does the Harvest at Limoneira joint venture hold as of January 2025?
What are LMNR's planned uses for the cash distribution from Harvest at Limoneira?
