Limoneira Announces National Homebuilders, Lennar and KB Home, to Lead First Phase of Residential Home Building for Harvest at Limoneira

Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus packing, sales and marketing company with related agribusiness activities and real estate development operations, announced today that it is partnering with two of the United States leading homebuilders, Lennar (NYSE: LEN) and KB Home (NYSE: KBH), to be primary builders for the first 180 homes in the initial 632 residential units of the Company’s Harvest at Limoneira project. Phase one sales began in October 2018 and lot closings are anticipated in January 2019.

Harold Edwards, President and Chief Executive Officer, stated, "We are very pleased to be partnering with two of the nation’s largest homebuilders, Lennar and KB Home, to lead the first phase of development at Harvest at Limoneira. Both builders are very excited about this long-term opportunity based on the development’s well-balanced, comprehensively designed community near the Pacific Ocean. The amazing views, parks and miles of hiking trails in addition to retail shops within walking distance is attracting strong interest from families throughout Southern California.”

The first phase of the project broke ground in November 2017. Project plans include approximately 632 residential units in the initial phase and 1,500 residential units for the entire project. Limoneira Lewis Company Builders, LLC, is a 50%/50% real estate development joint venture between Limoneira and The Lewis Group of Companies (“Lewis”) that will engage in the residential development of Harvest at Limoneira.

About Limoneira Company

Limoneira Company, a 125-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced lē mon´âra) is a dedicated sustainability company with 14,500 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona and Chile. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

About Lennar Corporation

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. The Company builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title insurance and closing services for both buyers of the Company's homes and others. Lennar's Rialto segment is a vertically integrated asset management platform focused on investing throughout the commercial real estate capital structure. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. For more information on the Company, please visit www.lennar.com.