Limoneira monetizes portion of water rights

Limoneira (LMNR) announced the successful completion of three separate water pumping rights transactions in the Santa Paula Basin, totaling $1.7M. The sales, which valued the water pumping rights at $30,000 per acre-foot. The transactions represent a strategic monetization from the company’s substantial portfolio of approximately 9,000 acre-feet of water pumping rights in the Santa Paula Basin, which Limoneira has accumulated through efficient water application practices and strategic land management over the past century. Limoneira retains approximately 21,000-acre feet of water rights, usage rights and pumping rights located in the Santa Paula and Fillmore Basins, the Paso Robles Basin, and Class 3 Colorado River water rights. These rights represent a strategic asset that may be opportunistically monetized for shareholder benefit while maintaining the company’s core agricultural and development operations.