Limoneira to Build Additional Agriculture Workforce Housing Units

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Limoneira to Build Additional Agriculture Workforce Housing Units

SANTA PAULA, Calif.--(BUSINESS WIRE)-- Limoneira Company (NAS: LMNR) , a leading agribusiness with prime agricultural land and operations, real estate and water rights in California, announced today that it plans to build 71 agriculture workforce housing units in Santa Paula, California, that will be available for rent to local agriculture workers and Limoneira employees. The Company estimates that the total cost of the development will be approximately $8.5 million and will be completed and available for rent over the next 18 months. When fully occupied, annual rental revenue from the additional housing units is anticipated to be approximately $850,000 to $900,000. The Company currently rents 192 workforce housing units and continues to lead the effort in Ventura County agriculture workforce housing. The Company's rental operations include workforce housing, commercial property, leased agriculture land and organic recycling generating total rental revenue of $4.0 million in fiscal year 2012.

Harold Edwards, President and Chief Executive Officer, stated, "We are excited to expand our rental business with the additional agriculture workforce housing units. Our rental business is a steady and predictable revenue stream that provides us with a dependable source of annual cash flow. In addition, it provides Limoneira the unique ability to offer housing to agriculture workers and our employees, which in turn helps provide us with a consistent source of labor that is core to the success of our agribusiness."

About Limoneira Company

Limoneira Company, a 120-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 approximately 8,200 acres of rich agricultural lands, real estate properties and water rights in California. 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

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 which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: 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, which are available on the SEC's website at . Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

Investor Contact:
John Mills, 310-954-1105
Senior Managing Director

KEYWORDS:   United States  North America  California


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