Equity in Investments

3 Months Ended

Jan. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

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


	January 31, 2021		October 31, 2020
Limoneira Lewis Community Builders, LLC	$	57,574	$	57,142
Limco Del Mar, Ltd.	1,986		1,920
Rosales	1,511		1,641
Romney Property Partnership	509		511
	$	61,580	$	61,214

Unconsolidated Significant Subsidiary

6. Equity in Investments (continued)

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 periods for the three months ended January 31, 2021 and 2020, this threshold was not met for any of the Company's equity investments. Although not required for the three months ended January 31, 2021, the Company included the LLCB summarized income statement information in this Quarterly Report on Form 10-Q since it anticipates it will be required in the second quarter of 2021.

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


	Three Months Ended January 31,
	2021		2020
Revenues	$	7,341	$	4,743
Cost of land sold	5,750		3,960
Operating expenses	255		328
Net income	$	1,336	$	455
Net income attributable to Limoneira Company	$	678	$	249