Equity in Investments

9 Months Ended

Jul. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

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


	July 31, 2022		October 31, 2021
Limoneira Lewis Community Builders, LLC	$	60,827	$	60,216
Limco Del Mar, Ltd.	2,106		1,997
Rosales	1,183		1,351
Romney Property Partnership	505		508
	$	64,621	$	64,072

Net amounts due from Rosales were $540,000 and $1,570,000 at July 31, 2022 and October 31, 2021, respectively, and are included in receivables/other from related parties and payables to related parties.

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, 2021, this threshold was met for the Company's equity investment in LLCB.

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


	Nine Months Ended July 31,
	2022		2021
Revenues	$	1,686	$	36,684
Cost of land sold	—		28,062
Operating expenses	569		634
Net income	$	1,117	$	7,988
Net income attributable to Limoneira Company	$	658	$	3,944