Equity in Investments

9 Months Ended

Jul. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

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


	July 31, 2020		October 31, 2019
Limoneira Lewis Community Builders, LLC	$	57,424	$	54,016
Limco Del Mar, Ltd.	1,968		1,950
Rosales	1,344		1,745
Romney Property Partnership	509		512
	$	61,245	$	58,223

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 nine months ended July 31, 2019, this threshold was met for LLCB and thus summarized income statement information is presented in this Quarterly Report on Form 10-Q.

8. Equity in Investments (continued)

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


	Nine Months Ended July 31,
	2020		2019
Revenues	$	25,716	$	36,551
Cost of land sold	21,614		26,770
Operating expenses	848		445
Net income	$	3,254	$	9,336
Net income attributable to Limoneira Company	$	1,659	$	4,021