Limoneira (LMNR) announced that it has received $10M as its share of a $20M cash distribution from its 50/50 real estate development joint venture, Harvest at Limoneira, with The Lewis Group of Companies. The distribution comes from the joint venture’s available unaudited cash and cash equivalents, which as of January 31, totaled $62.4M. As equal partners in the joint venture, Limoneira and Lewis each received $10M from the distribution. The company expects to receive total proceeds of $180.0M from Harvest at Limoneira, LLCB II and East Area II spread out over seven fiscal years, with approximately $15M received in fiscal year 2024.
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