Limoneira’s Joint Venture with Lewis Group of Companies Announces Additional Lot Closings of 60 Residential Units with National Home Builder Richmond American Homes

Rhea-AI Summary

Limoneira Company (Nasdaq: LMNR) has announced the closing of an additional 60 residential homesites in its real estate joint venture with The Lewis Group, now totaling 138 sites sold to Richmond American Homes. This project, Harvest at Limoneira, consists of 586 units and has attracted strong interest from Southern California families. CEO Harold Edwards expressed optimism about the community's appeal and potential growth, marking a total of 126 lots closed in fiscal 2021.

Positive

• Closed an additional 60 residential homesites, increasing total sold to 138.
• Strong interest in Harvest at Limoneira from families in Southern California.
• Total of 126 homesites closed in fiscal 2021, indicating positive sales momentum.

Negative

• None.

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, announced today that its 50%/50% real estate development joint venture with The Lewis Group of Companies (“Lewis”) has closed an additional 60 residential homesites. These homesites were purchased by Richmond American Homes of Maryland, which operates in California and was one of the primary builders in Phase 1 of the Company’s Harvest at Limoneira project, which is currently comprised of 586 residential units.

Harold Edwards, President and Chief Executive Officer, stated, "We are very pleased to announce these additional 60 lot closings with our respected guest builder, Richmond American Homes. We have now announced an additional 126 lot closings in fiscal 2021 and expect additional closings. The many attributes of Harvest are attracting people from all over southern California and we are excited about the long-term success of this project.”

Including today’s announcement, Richmond Homes has now purchased a total of 138 single-family homesites within Harvest at Limoneira, and this is a new community with four distinctive floor plans with sought-after architectural and design options.

Harvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options to the coastal communities. Boasting scenic views, and close proximity to parks, hiking trails and popular retail destinations, this exceptional community continues to attract strong interest from families throughout Southern California.

About M.D.C. Holdings, Inc.

Operating under the name Richmond American Homes, MDC’s homebuilding subsidiaries have built more than 210,000 homes since 1977. Among the nation’s largest homebuilders, MDC’s subsidiary companies have operations in Arizona, California, Colorado, Florida, Idaho, Maryland, Nevada, Oregon, Pennsylvania, Utah, Virginia, and Washington. Mortgage lending, plus insurance and title services are offered by the following MDC subsidiaries, respectively: HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit MDCHoldings.com.

About Limoneira Company

Limoneira Company, a 127-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 15,400 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

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,” “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: additional impacts from the current COVID-19 pandemic, 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; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005601/en/

FAQ

What is the recent announcement by Limoneira Company regarding LMNR?

Limoneira announced the closing of 60 additional residential homesites as part of its joint venture with The Lewis Group.

How many total homesites has Limoneira sold to Richmond American Homes?

Limoneira has sold a total of 138 homesites to Richmond American Homes.

What is Harvest at Limoneira?

Harvest at Limoneira is a residential community that currently includes 586 units in total.

What is the significance of the homesite sales for Limoneira's future prospects?

The sales indicate strong demand and interest in the community, which may contribute to Limoneira's long-term success.

How many homesites did Limoneira close in fiscal 2021?

Limoneira has closed a total of 126 homesites in fiscal 2021.