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.”
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in