Limoneira (LMNR) Enters Leases for 1,000 Productive Acres in San Joaquin Valley
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Price: $20.62 +0.24%
Overall Analyst Rating:
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Dividend Yield: 0.8%
Revenue Growth %: +44.7%
Overall Analyst Rating:
BUY (
Up)Dividend Yield: 0.8%
Revenue Growth %: +44.7%
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Limoneira Company (Nasdaq: LMNR), has entered into a series of leases for the Sheldon Ranches, which consist of approximately 1,000 acres of productive agriculture property in the San Joaquin Valley of California. The orchards include approximately 800 acres of citrus and 200 acres of other crops.
The initial lease terms begin January 1, 2012 and are for ten years with options to extend each term for four consecutive five year terms. The leases include provisions for the potential purchase of the property by Limoneira in the future. Terms of the leases include base rent and participation in operating profits of the leased property.
Due to the timing of the growing and harvesting seasons, and because the farming costs associated with the leased property were incurred by the lessor prior to lease commencement, Limoneira will not share in the citrus crop revenue in its fiscal year 2012 ending October 31, 2012. Fiscal year 2013 and forward operating results on the leased property are expected to be similar on a per acre basis as existing citrus orchard operating results.
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The initial lease terms begin January 1, 2012 and are for ten years with options to extend each term for four consecutive five year terms. The leases include provisions for the potential purchase of the property by Limoneira in the future. Terms of the leases include base rent and participation in operating profits of the leased property.
Due to the timing of the growing and harvesting seasons, and because the farming costs associated with the leased property were incurred by the lessor prior to lease commencement, Limoneira will not share in the citrus crop revenue in its fiscal year 2012 ending October 31, 2012. Fiscal year 2013 and forward operating results on the leased property are expected to be similar on a per acre basis as existing citrus orchard operating results.
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