Joint Venture Has Now Closed 586 Residential Unit Sales

Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, announced today that its 50%/50% real estate development joint venture with The Lewis Group of Companies (“Lewis”) has closed an additional 30 residential homesites with K. Hovnanian® Homes. The closing of these additional homesites now completes Phase 1, comprised of 586 residential units, and commences Phase 2 of the Company’s Harvest at Limoneira project.

Harold Edwards, President and Chief Executive Officer, stated, "We are very pleased to announce these additional 30 closings with our respected guest builder, K. Hovnanian® Homes. Our joint venture has closed 232 residential units in fiscal 2021.”

Including today’s announcement, K. Hovnanian® Homes has now purchased 124 single-family home sites within Harvest at Limoneira and this is a continuation of the existing Sage community with three different floor plans utilizing three distinct architectural elevations.

Harvest at Limoneira is a well-balanced, comprehensively designed community providing a range of new housing options near the Pacific Ocean. Boasting scenic views, and close proximity to parks, hiking trails and popular retail destinations, this exceptional community continues to attract strong interest from new home buyers throughout Southern California.

About Limoneira Company

Limoneira Company, a 128-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lç moñ âra) is a dedicated sustainability company with 15,400 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. 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 www.limoneira.com.

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