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Equity in Investments
 12 Months Ended
Oct. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Equity in Investments Equity in Investments
Limco Del Mar, Ltd.
As of July 31, 2025, the Company had a 1.3% interest in Limco Del Mar, Ltd. (“Del Mar”) as a general partner and a 27.5% interest as a limited partner. Based on the terms of the partnership agreement, the Company may be removed as general partner without cause from the partnership upon the vote of the limited partners owning an aggregate of 50% or more interest in the partnership. Since the Company had significant influence, but less than a controlling interest, the Company’s investment in Del Mar was accounted for using the equity method of accounting.
To enable the Company to determine the strategy for Del Mar to enhance long term financial returns and to provide liquidity for limited partners, on March 21, 2025, the Company made an offer to purchase up to 224,859 limited partnership units of Del Mar from the limited partners (the “Offer”). On August 4, 2025, the Company closed the Offer and purchased 80,608 limited partnership units from 78 limited partners at a price of $70.00 per unit for approximately $5,643,000 (the “Purchase”). In addition to the Purchase, the Company also purchased 2,149 limited partnership units for $150,000 separate from the Offer. The Purchase increased the Company’s ownership from 28.8% to 54.5%. As a result of obtaining a controlling interest, Del Mar is now consolidated and reported as a subsidiary of the Company.
7. Equity in Investments (continued)
Limco Del Mar, Ltd. (continued)
The transaction was accounted for as an asset acquisition. The Company elected to include the fair value of the previously held interest in the acquisition costs and recognized a gain of $2,852,000 on the remeasurement of the previously held equity method investment. Below is a summary of the fair value of the net assets acquired on the acquisition date based on a third-party valuation (in thousands):
Net assets acquired
Cash$1,673 
Prepaid expenses and other current assets72 
Receivables/other from related parties28 
Land16,027 
Land improvements755 
Equipment54 
Orchards915 
Construction in progress470 
Other assets592 
Accounts payable(48)
Noncontrolling interest(9,335)
Net assets acquired11,203 
Cost of assets acquired
Cash paid for additional shares5,643 
Book value of equity method investment2,568 
Transaction costs140 
Total cost of assets acquired8,351 
Gain on remeasurement of previously held equity method investment$2,852 
The unaudited, pro forma consolidated statement of operations as if Del Mar had been included in the consolidated results of the Company for the year ended October 31, 2025 would have resulted in revenues of $161,449,000 and net loss of $17,940,000.
Through August 3, 2025, the Company provided Del Mar with farm management, orchard land development and accounting services and received farm management revenue and expense reimbursements of $238,000, $128,000 and $206,000 for fiscal years 2025, 2024 and 2023, respectively. Del Mar also marketed lemons through the Company pursuant to its customary marketing agreements and the amount of lemons procured from Del Mar was $216,000, $1,182,000 and $1,161,000 for fiscal years 2025, 2024 and 2023, respectively. In addition, fruit proceeds due to Del Mar was $527,000 as of October 31, 2024 and was included in payables to related parties in the Company’s consolidated balance sheets.
Romney Property Partnership
In May 2007, the Company and an individual formed the Romney Property Partnership (“Romney”) for the purpose of owning and leasing an office building and adjacent lot in Santa Paula, California. The Company paid $489,000 in 2007 for 75% interest in Romney. The terms of the partnership agreement affirm the status of the Company as a noncontrolling investor in the partnership since the Company cannot exercise unilateral control over the partnership. Since the Company has significant influence, but less than a controlling interest, the Company’s investment in Romney is accounted for using the equity method of accounting. Net profits, losses and cash flows of Romney are shared by the Company, which receives 75% and the individual, who receives 25%.
7. Equity in Investments (continued)
Rosales S.A.
The Company currently has a 47% equity interest in Rosales S.A. (“Rosales”) of which 35% was acquired in fiscal year 2014 and an additional 12% interest was acquired with the purchase of PDA in fiscal year 2017. Rosales is a citrus packing, marketing and sales business located in La Serena, Chile. In addition, the Company has the right to acquire the interest of the majority shareholder of Rosales upon death or disability of Rosales’ general manager for the fair value of the interest on the date of the event as defined in the shareholders’ agreement. Since the Company has significant influence, but less than a controlling interest, the Company’s investment in Rosales is accounted for using the equity method of accounting.
Rosales’ functional currency is the Chilean Peso. The following financial information has been translated to U.S. dollars. In addition, as a result of the Company’s acquisition of its equity interest, basis differences were identified between the historical cost of the net assets of Rosales and the proportionate fair value of the net assets acquired. Such basis differences aggregated to $1,683,000 on the acquisition date and are primarily comprised of intangible assets, including $343,000 of equity method goodwill. An additional $925,000 of basis differences were identified with the February 2017 PDA acquisition, including $143,000 of equity method goodwill. The $2,122,000 in basis differences exclusive of goodwill is being amortized over the estimated life of the underlying intangible assets as a reduction in the equity investment and an expense included in equity in earnings of investments. Amortization was immaterial, $76,000 and $87,000 for fiscal years for 2025, 2024 and 2023, respectively, and is estimated to be immaterial thereafter.
The Company recognized lemon and orange sales to Rosales of $4,102,000, $4,541,000 and $4,581,000 for fiscal years 2025, 2024 and 2023, respectively. The aggregate amount of lemons and oranges procured from Rosales was $7,125,000, $5,387,000 and $5,826,000 for fiscal years 2025, 2024 and 2023, respectively. Net amounts due to Rosales were $1,671,000 and $629,000 as of October 31, 2025 and 2024, respectively, and are included in payables to related parties in the Company’s consolidated balance sheets.
Limoneira Lewis Community Builders, LLC (“LLCB”)
As described in Note 6 – Real Estate Development, the Company has a joint venture with Lewis for the residential development of its East Area I real estate development project. In addition to the assessment performed by the Company of its investment in LLCB under the requirements of Regulation S-X Rule 4-08(g), the Company also assessed its investment in LLCB under the requirements of Regulation S-X Rule 3-09(b). LLCB was deemed significant for the fiscal years ended October 31, 2024 and 2023, but was not significant for the year ended October 31, 2025. The audited financial statements of LLCB for the years ended October 31, 2025, 2024 and 2023 are presented in this Annual Report on Form 10-K to comply with this rule. Additionally, there is a basis difference between the Company’s historical investment in the project and the amount recorded in members’ capital by LLCB of $54,076,000 as of October 31, 2025. The basis difference of $4,340,000 as of October 31, 2025 was primarily comprised of capitalized interest and certain other costs incurred by Limoneira Company during the development period. This basis difference is being amortized as lots are sold utilizing the relative sales value method and the amount amortized totaled $41,000, $2,545,000 and $717,000 for fiscal years 2025, 2024 and 2023, respectively. The Company’s share of LLCB’s net income prior to basis amortization was $498,000, $20,304,000 and $5,851,000 for fiscal years 2025, 2024 and 2023, respectively.
LLCB II, LLC (“LLCB II”)
As described in Note 6 - Real Estate Development, in October 2022, the Company formed a joint venture with Lewis for the residential development of its Retained Property. Control is shared with Lewis, therefore the Company's investment in LLCB II is accounted for using the equity method of accounting.
7. Equity in Investments (continued)
The following is financial information of the equity method investees for fiscal years 2025, 2024 and 2023 (in thousands):
2025Del Mar1RomneyRosalesLLCBLLCB II
Current assets$16 $5,437 $120,245 $22,382 
Non-current assets$596 $2,102 $— $— 
Current liabilities$3 $5,634 $13,076 $20 
Non-current liabilities$— $288 $— $— 
Revenues$1,964 $30 $14,471 $1,272 $— 
Operating income$1,079 $4 $319 $970 $1 
Net income$1,079 $4 $130 $970 $1 
2024
Current assets$1,299 $6 $5,289 $141,660 $18,061 
Non-current assets$790 $602 $2,455 $— $— 
Current liabilities$— $3 $4,937 $15,461 $— 
Non-current liabilities$— $— $650 $— $— 
Revenues$2,331 $26 $12,168 $87,100 $— 
Operating income (loss)$1,305 $(2)$985 $38,364 $7 
Net income (loss)$1,305 $(2)$646 $38,364 $7 
2023
Revenues$1,434 $22 $10,903 $30,933 $— 
Operating income (loss)$100 $(4)$738 $11,770 $(2)
Net income (loss)$100 $(4)$538 $11,770 $(2)
1 The 2025 Del Mar revenues, operating income and net income are for the period November 1, 2024 through August 3, 2025.
7. Equity in Investments (continued)
The Company’s investment and equity in earnings (losses) of the equity method investees are as follows (in thousands):
 Del MarRomneyRosalesLLCBLLCB IITotal
Investment balance October 31, 2022
$2,024 $507 $1,147 $61,154 $8,023 $72,855 
Equity earnings (losses)28 (5)166 5,134 (1)5,322 
Cash distributions(220)— — — — (220)
Cash contributions— — — — 525 525 
Capitalized interest— — — — 322 322 
Foreign currency adjustments— — 12 — — 12 
Investment balance October 31, 2023
1,832 502 1,325 66,288 8,869 78,816 
Equity earnings (losses)366 (1)228 17,759 4 18,356 
Cash distributions— — (148)(15,005)— (15,153)
Cash contributions— — — — 480 480 
Capitalized interest— — — — 213 213 
Fair value of loan guarantee— — — (1,080)— (1,080)
Foreign currency adjustments— — (86)— — (86)
Investment balance October 31, 2024
2,198 501 1,319 67,962 9,566 81,546 
Equity earnings308 3 29 458 — 798 
Cash distributions(88)— (297)(10,004)— (10,389)
Cash contributions— — — — 2,150 2,150 
Purchase of shares5,793 — — — — 5,793 
Consolidation(8,211)— — — — (8,211)
Capitalized interest— — — — 441 441 
Foreign currency adjustments— — 39 — — 39 
Investment balance October 31, 2025
$— $504 $1,090 $58,416 $12,157 $72,167