LMNR - Limoneira stock jumps 10% after the bell on $99M sale of northern properties

• Limoneira ( NASDAQ: LMNR ) stock jumped 9.8% after the bell on Tuesday as the company announced the sale of its northern properties for ~$99M in cash.
• The sale is expected to be accretive to Limoneira's ( LMNR ) pro forma EBITDA and EPS, and to significantly reduce debt.
• The properties in Tulare County, California, were sold to PGIM Agricultural Investments, a PGIM Real Estate Finance unit.
• Limoneira ( LMNR ) will provide farming services related to the property for an initial term of one year.
• The company will also provide packing, marketing and selling services for lemons harvested on the property for a minimum of five years.
• The sale accelerates Limoneira's ( LMNR ) asset monetization plan, with $130M of the $150M identified assets sold in the last three months.
• "We still expect to receive $115M over seven fiscal years from Harvest at Limoneira and the addition of the Harvest Medical Pavilion with proceeds of $8M received in Q4 2022," said CEO Harold Edwards.
• The company expects to achieve targets in its asset monetization plan over the next 12-18 months.
• Earlier, Limoneira ( LMNR ) reported Q4 results largely in line with expectations .

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