- Final Tract Map 5854 allows for up to 1,500 Residential Homes,
Parks & Open Space, Schools, Recreation Area and Commercial areas-
SANTA PAULA, Calif.--(BUSINESS WIRE)--Dec. 22, 2017--
Limoneira Company (the “Company” or “Limoneira”) (NASDAQ:LMNR), a
leading global agribusiness with prime agricultural land and operations,
real estate and water rights in California, Arizona and Chile today
reported it has recorded Final Tract Map 5854 for the development,
Harvest at Limoneira.
The Recordation of Final Tract 5854 Map subdivides the three main
parcels of land into legal lots for the parks, schools, recreations
area, commercial areas, open space, and the backbone streets. This is a
significant step in delivering lots to homebuilders in the near future.
Harold Edwards, President and Chief Executive Officer, stated, “This
final tract map is a complex and significant accomplishment in a
sequence of events for developing Harvest at Limoneira. The final map
allows for up to 1,500 residential units that will be sold in the coming
years. Phase 1 of this final map includes 632 residential units and the
sales process with builders for phase 1 is expected to begin in the
spring of 2018 and we believe the initial closing of lots sales will
begin the first quarter of fiscal 2019.”
Harvest at Limoneira
On November 10, 2015, the Company entered into a joint venture with The
Lewis Group of Companies (“Lewis”) for the residential development of
its East Area I real estate development project. The first phase of the
project broke ground to commence mass grading on November 8, 2017.
Project plans include approximately 632 residential units in Phase 1.
Phase 1 site improvements will begin during the winter of this fiscal
year.
Limoneira Lewis Community Builders, LLC, is a 50%/50% real estate
development joint venture between Limoneira Company and The Lewis Group
of Companies that will engage in the residential development of Harvest
at Limoneira. Limoneira expects to receive 25% to 80% of the net cash
flows from the project, based on projected cash flow milestones, which
are estimated to aggregate approximately 70% of total net cash flows to
Limoneira, and the balance of net cash flows to The Lewis Group over the
estimated seven to ten-year life of the project. The joint venture's
results of operations are expected to be recognized by the Company under
the equity method of accounting.
About Limoneira Company
Limoneira Company, a 125-year-old international agribusiness
headquartered in Santa Paula, California, has grown to become one of the
premier integrated agribusinesses in the world. Limoneira (pronounced lē
mon΄âra) is a dedicated sustainability company with 11,200 acres of rich
agricultural lands, real estate properties, and water rights
in California, Arizona and Chile. 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, including
earnings guidance for fiscal year 2015, 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 which may cause future
outcomes to differ materially from those foreseen in forward-looking
statements include, but are not limited to: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'sSEC filings which 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: http://www.businesswire.com/news/home/20171222005224/en/
Source: Limoneira Company
Investor Contact:
ICR
John Mills, 646-277-1254
Managing
Partner
