{"id":727358,"date":"2023-01-31T16:13:44","date_gmt":"2023-01-31T21:13:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/limoneira-closes-sale-of-its-northern-properties-for-100-million\/"},"modified":"2023-01-31T16:13:44","modified_gmt":"2023-01-31T21:13:44","slug":"limoneira-closes-sale-of-its-northern-properties-for-100-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/limoneira-closes-sale-of-its-northern-properties-for-100-million\/","title":{"rendered":"Limoneira Closes Sale of its Northern Properties for $100 Million"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Limoneira Closes Sale of its Northern Properties for $100 Million<\/b><\/p>\n<p class=\"bwalignc\"><i>Sale Expected to be Accretive to Pro Forma EBITDA and Earnings Per Share and Significantly Reduce Overall Debt<\/i><\/p>\n<p class=\"bwalignc\"><i>Proceeds will Strengthen the Balance Sheet and Enable Company to Pursue a Range of Strategic Opportunities to Maximize Shareholder Value<\/i><\/p>\n<p class=\"bwalignc\"><i>Sale will Accelerate the Company\u2019s Strategic Plan for Asset Monetization with $130 Million of the $150 Million Identified Assets Sold in the Past Three Months<\/i><\/p>\n<p class=\"bwalignc\"><i>Company will Host a Conference Call to Discuss the Transaction on February 1, 2023 at 10:00 a.m. ET<\/i><\/p>\n<p>SANTA PAULA, Calif.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nLimoneira Company (the \u201cCompany\u201d or \u201cLimoneira\u201d) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced the closing of the sale of its Northern Properties to PGIM Agricultural Investments (\u201cPAI\u201d), a business unit of PGIM Real Estate Finance, LLC (\u201cPGIM\u201d). The property consists of 3,537 acres in Tulare County, CA, comprised of a total of 2,700 planted acres, 231 acres of plantable ground and 606 acres of open space. The Company received approximately $99 million in net cash proceeds. As part of the transaction, Limoneira and PAI entered into a Farm Management Agreement for Limoneira to provide farming services related to the property for an initial term of one year. Additionally, Limoneira and PAI entered into a Grower Packing &amp; Marketing Agreement for Limoneira to provide packing, marketing and selling services for lemons harvested on the property for a minimum five-year period.\n<\/p>\n<p>\nThis transaction aligns with the Company\u2019s Strategic Plan as established by its Board of Directors at the beginning of 2022. Within the next 12 to 18 months, the Company expects to further realize the following goals of its Strategic Plan:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nTransition One World of Citrus\u2122 to an \u201casset light\u201d model\n<\/li>\n<li>\nStreamline operations and sell non-strategic assets\n<\/li>\n<li>\nImprove consistency of earnings\n<\/li>\n<li>\nIncrease EBITDA and Dividend Per Share\n<\/li>\n<li>\nReduce debt and right-size the balance sheet\n<\/li>\n<li>\nImprove Return on Invested Capital (ROIC)\n<\/li>\n<\/ul>\n<p>\nHarold Edwards, President, and Chief Executive Officer, stated, &#8220;We expect the $100 million Northern Properties transaction will be accretive to EBITDA and earnings on a pro forma basis. In addition, it is a great example of the planned expansion of our asset-light supply chain as we pivot towards being a service provider as a farm manager and packer, marketer and seller of the lemons harvested from these properties. The proceeds from the sale will significantly reduce our overall debt and allow us greater flexibility to consider a broad range of strategic opportunities and then selectively pursue those that will maximize value for our stockholders.\u201d\n<\/p>\n<p>\nMr. Edwards, continued, \u201cDuring the past three months, we have sold approximately $130 million of the $150 million of non-strategic assets identified for sale and are exceeding our internal timeline and valuation projections. Moving forward, we will continue to advance our asset-light model as we focus on the best use of our valuable portfolio of agricultural lands, real estate properties and water rights, along with utilizing our expertise in packing, marketing and distributing to increase our grower partners.\u201d\n<\/p>\n<p>\n\u201cLastly, as previously mentioned on our fourth quarter 2022 earnings call, we still expect to receive $115 million over seven fiscal years from <i>Harvest at Limoneira<\/i> and the addition of the Harvest Medical Pavilion with proceeds of $8 million received in the fourth quarter of fiscal year 2022. Over the next 12 to 18 months we expect to achieve the goals set out in our Strategic Plan, to include streamlining operations, improving consistency of earnings, and increasing EBITDA and dividends per share.\u201d\n<\/p>\n<p><b>Conference Call<\/b><\/p>\n<p>\nThe Company will host a conference call to discuss the Northern Properties sale transaction on February 1, 2023, at 7:00 am Pacific Time (10:00 am Eastern Time). Investors interested in participating in the live call from the U.S. can dial (877) 407-0789. International callers can dial (201) 689-8562. A telephone replay will be available approximately two hours after the call concludes and will be available through February 15, 2023, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; passcode is 13735815.\n<\/p>\n<p>\nThere also will be a simultaneous, live webcast available on the Investor Relations section of the Company&#8217;s web site at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.limoneira.com&amp;esheet=53293538&amp;newsitemid=20230131005106&amp;lan=en-US&amp;anchor=www.limoneira.com&amp;index=1&amp;md5=0c0094024492cddaf82454f446f7ebe6\">www.limoneira.com<\/a>. The webcast will be archived for 30 days.\n<\/p>\n<p><b>About Limoneira Company<\/b><\/p>\n<p>\nLimoneira Company, a 130-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (l\u0113 mo\u00f1 \u00e2ra) is a dedicated sustainability company with 11,900 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 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.limoneira.com&amp;esheet=53293538&amp;newsitemid=20230131005106&amp;lan=en-US&amp;anchor=www.limoneira.com.&amp;index=2&amp;md5=822918eb54eb4d3a18f3b63ec7efe5b4\">www.limoneira.com<span>.<\/span><\/a><\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p><i>This press release contains forward-looking statements, including guidance for fiscal years 2023 and beyond, 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\u2019s current expectations about future events and can be identified by terms such as \u201cexpect,\u201d \u201cmay,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cshould be,\u201d \u201cwill be,\u201d \u201cis likely to,\u201d \u201cstrive to,\u201d and similar expressions referring to future periods.<\/i><\/p>\n<p><i>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; disruption in the global supply chain; 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\u2019s SEC filings that are available on the SEC\u2019s website at <\/i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53293538&amp;newsitemid=20230131005106&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sec.gov&amp;index=3&amp;md5=9dfa69f9bf99efebab0d8b8177c91365\">http:\/\/www.sec.gov<\/a><i>. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230131005106r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230131005106\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230131005106\/en\/<\/a><\/span><\/p>\n<p><b>Investors:<br \/>\n<\/b><br \/>John Mills<br \/>\n<br \/>Managing Partner<br \/>\n<br \/>ICR 646 277-1254\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America California<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Commercial Building &amp; Real Estate Construction &amp; Property Other Retail Supermarket Other Natural Resources Food\/Beverage Agriculture Other Construction &amp; Property Retail Natural Resources<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Limoneira Closes Sale of its Northern Properties for $100 Million Sale Expected to be Accretive to Pro Forma EBITDA and Earnings Per Share and Significantly Reduce Overall Debt Proceeds will Strengthen the Balance Sheet and Enable Company to Pursue a Range of Strategic Opportunities to Maximize Shareholder Value Sale will Accelerate the Company\u2019s Strategic Plan for Asset Monetization with $130 Million of the $150 Million Identified Assets Sold in the Past Three Months Company will Host a Conference Call to Discuss the Transaction on February 1, 2023 at 10:00 a.m. ET SANTA PAULA, Calif.&#8211;(BUSINESS WIRE)&#8211; Limoneira Company (the \u201cCompany\u201d or \u201cLimoneira\u201d) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/limoneira-closes-sale-of-its-northern-properties-for-100-million\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Limoneira Closes Sale of its Northern Properties for $100 Million&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-727358","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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