Limoneira closes $20M sale of Oxnard packing facility; proceeds to reduce debt

Limoneira CO

Sold Oxnard Lemon Packing Facility to Ventura County Railway for $20M in cash proceeds.
Expects ~$900K gain in fiscal Q4 2022 ending Oct 31, 2022; uses proceeds to reduce debt.
CEO highlights strategy to monetize over $150M of non-core assets; additional monetization events expected.
Leases back wash and storage space from buyer for 36 months at no additional net cost.
Company reports over 15,400 acres with fair market values >$600M vs. balance sheet book value of $220M.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Limoneira CO entered into Standard Industrial/Commercial Single Tenant Lease with Ventura County Railway Company, LLC (effective 2022-10-26).

Action: entry
Agreement: lease
Counterparty: Ventura County Railway Company, LLC
Effective: 2022-10-26

Exact text from the filing

On October 26, 2022, Limoneira Company, a Delaware Corporation (the “Company”), in connection with the closing of the previously announced Purchase and Sale Agreement and Joint Escrow Instructions (the “Agreement”) with Ventura County Railway Company, LLC, a California limited liability company (“Ventura”), entered into the Standard Industrial/Commercial Single Tenant Lease with Ventura (the “Lease”).

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Limoneira CO filing history →

Source: SEC EDGAR

accession 0001104659-22-112693

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