Limoneira (LMNR) said Wednesday that it has received $10 million as its share of a $20 million cash distribution from its 50/50 real estate development joint venture, Harvest at Limoneira, with the Lewis Group of Companies.
The distribution is from the joint venture's available cash, totaling $62.4 million as of Jan. 31. Limoneira expects to receive $180 million in total from this venture over the next seven years, with about $15 million received in fiscal year 2024, the agribusiness company said.
Harvest at Limoneira is a community in Santa Paula, California that offers various housing options, according to the company.
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