Here is what I think it means: LMNR is well-diversified when it came to spreading their cash investments around and California real estate has been a good investment when other cash investments were earning 0%. It shows good risk management when seeking investment returns. Socks and mattresses were other alternatives. Or racing car drivers. Plenty of California land is still pure gold, particularly vast tracks on Platinum Coast area so the initial purchase as a cash park was sound. Since this was working land outside of core operations, one does have to know when it is time to let it go and when to put resources back into one's core mission. East Area One is now LMNR's core mission, not working land miles away up the coast. The timing here may well have been perfect. California is slowly recovering because it is getting serious about its systemic problems. Brown may well turn green and golden in California again. Who would have guessed. But sometimes you need the hair on the dog cure for last night's excesses.
Pardon my ignorance here, I've just started looking into this company. From their website, it seems that East Area 1 (which you mentioned as their top priority) is a residential and commercial development project. Is there anything going on with their agribusiness and water divisions? I was unable to find any news on these areas. I am more interested in this company as an agri and water rights play. Thanks in advance for any info you may have.