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Limoneira’s Joint Venture with Lewis Group of Companies Expects Additional Lot Closings of 76 Residential Units with National Home Builder Lennar by End of June 2021

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Lennar Closed 44 Residential Unit Sales in December 2020

Lennar Expects to Close Additional 32 Residential Unit Sales by June 2021

Joint Venture has closed on 398 Residential Units to Date

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 44 residential lots and expects to close another 32 residential lots with Lennar (NYSE: LEN) by the end of June 2021. Lennar is one of the primary builders in the initial 586 residential units of the Company’s Harvest at Limoneira project.

Harold Edwards, President and Chief Executive Officer, stated, "Lennar has been a great partner for our Harvest at Limoneira project and we have been extremely impressed with the strong momentum they have garnered since we announced our partnership with them in October 2018. We closed 187 residential units in fiscal 2020 and are already on track to close an additional 76 residential units in fiscal 2021, which will bring our total to 263 residential units with Lennar."

Including today’s announcement, Lennar has now purchased a total of 231 residential units within Harvest at Limoneira, comprised of 55 single-family lots and eleven condominium lots that include 176 single-family residences. Lennar expects to purchase an additional 32 residential units by the end of June 2021, whereby their total purchased will increase to 263 residential units within Harvest at Limoneira.

Harvest at Limoneira is a well-balanced, comprehensively designed community near the Pacific Ocean. The amazing views, parks and miles of hiking trails in addition to retail shops within walking distance is attracting strong interest from families throughout Southern California.

About Limoneira Company

Limoneira Company, a 126-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 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/20201222005081/en/


John Mills
Managing Partner
ICR 646-277-1254

Corporate Communications:
John Chamberlain
Vice President Global Marketing
805-525-5541 ext. 1056