Equity in Investments

6 Months Ended

Apr. 30, 2020

Equity Method Investments and Joint Ventures [Abstract]

Equity in investments consist of the following (in thousands):



	April 30, 2020		October 31, 2019
Limoneira Lewis Community Builders, LLC	$	56,755	$	54,016
Limco Del Mar, Ltd.	1,928		1,950
Rosales	1,218		1,745
Romney Property Partnership	512		512
	$	60,413	$	58,223

8. Equity in Investments (continued)

Unconsolidated Significant Subsidiary

In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered “significant subsidiaries”. In evaluating its investments, there are two tests utilized to determine if equity method investees are considered significant subsidiaries: the income test and the investment test. Summarized income statement information of an equity method investee is required in an interim report if either of the two tests exceed 20% in the interim periods presented. During the year-to-date interim period for the six months ended April 30, 2019, this threshold was met for the LLCB and thus summarized income statement information is presented in this Quarterly Report on Form 10-Q.

The following is unaudited summarized financial information for LLCB (in thousands):



	Six Months Ended April 30,
	2020		2019
Revenues	$	4,768	$	30,354
Cost of land sold	3,975		22,005
Operating expenses	649		107
Net income	$	144	$	8,242
Net income attributable to Limoneira Company	$	132	$	3,481