Limoneira to Build Additional Agriculture Workforce Housing Units

Limoneira Company 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.”