to introduce Harold Edwards. Harold is the CEO of Limoneira. For those of you that do not know, Limoneira is a 130-year-old international ag business headquartered in California, and has grown to become one of the largest producers of lemons and avocados in the U.S., and a large integrator, packer, marketer, and distributor of lemons globally. Limoneira is a leading sustainability company with over 10,600 acres of rich agricultural land, real estate property, and water rights throughout California, Arizona, Chile, and Argentina. The company has seen a lot of changes over its history and is currently undergoing a strategic pivot to migrate its business to a more asset-light model, which management will talk about more in detail in today's presentation and provide a comprehensive overview of their company. And with that, it's my pleasure to turn it over to Harold Edwards.
Thank you very much, John, and good morning, everybody. So, the Limoneira Company, as John mentioned, has been in business for 130 years, and today we're proud of our experienced senior management team. We are an agricultural and a development company that seeks to maximize value for our customers and our shareholders, but also to enhance our legacy and our stewardship of both our natural and our human resources. We are well-positioned for continued global expansion and, as John also mentioned, a movement towards more of an asset-lighter business model that will give us more control of our assets and less dependence on commodity pricing. Today, we own and operate and farm about 10,600 acres. Five thousand two hundred of those are fruit-bearing acres.
One of the parts of our story that's compelling and interesting is that all of our land assets are complemented by very strong water rights. As water becomes more and more scarce in different parts of the United States, that value creation presents itself, and we're actually in the process of monetizing some of our water currently. By virtue of being around for a long time, we have some acres that are very close to urban centers that we also work on entitling and developing the land for. We have developed a One World of Citrus business model that eliminates seasonality for the supply of our citrus and our avocados.
We also, as I mentioned a minute ago, develop real estate, and we have $131 million of anticipated cash flows coming back to the company in the near term. We have three pieces to our business. We have a farm management and an agricultural growing part of our business. We also pack and also market and distribute high-quality citrus products. The three primary drivers fueling our long-term growth are our monetization of our non-core assets through real estate development, but we also have a core operating business and the revenue streams involved in citrus, avocado growing, farm management, packing, marketing, and distribution. We have a five-year plan before us that will pivot us into being only 20% vertically integrated.
If you look back 10 years ago, we were almost entirely vertically integrated, but we're moving the business more towards being 20% vertically integrated, with growth of 60% of our supply chains migrating towards working with grower partners, and then 20% working with supplier partners through agency and brokerage. Our recently updated strategic objectives and priorities is 1, to continue to expand our One World of Citrus business model, but utilizing more of an asset-light business model. 2 is to unlock our marketing, our market value of non-strategic assets. 3 is develop the developable real estate. And finally, to improve on our ESG efforts. The expected outcomes of these strategic objectives and priorities is to transition our One World of Citrus business model into being more asset-light.
2 is to streamline our operations and sell our non-strategic assets. 3 is to improve the consistency of our earnings with less dependence on commodity pricing. Fourth is to increase our EBITDA and dividends per share. Fifth is to reduce our debt and rightsize our balance sheet, and finally, to improve our return on invested capital. We've made a lot of progress recently, and some of the highlights of our recent progress is we've developed a grower service team now that's recruited over 1 million new cartons of fresh lemons through the development and the recruiting of new grower partners into our business, and we look forward to seeing that continue to grow by offering stronger grower returns than our competition.
We also have sold four out of our six identified non-strategic assets that were identified for a total of $130 million of proceeds that we brought into the company. And we've still identified $50 million of additional assets that we're working on monetizing currently. We've established a three-year fallowing program in Yuma, Arizona, that'll drive $1.3 million of annual revenue by not farming 531 of 1,300 acres. And we anticipate that in the next year or two, that number could become significantly greater as the new accord on the Colorado River is established by the year 2026.
We've pivoted our San Joaquin Valley operations to farming services versus being vertically integrated farmers, and today provide packing, marketing, and selling services for the supplies of citrus that come off of those properties, but also providing farm management services to our now landlord. We've eliminated unprofitable operations in Cadiz. We've terminated our long-term retirement plans for internal annual savings of $1 million a year. And finally, we've reduced our net debt position to $37.4 million at the end of fiscal year 2023, paying down approximately $130 million in the last 12 months. So what's next? We'll move to 80% source volume from grower partners and agency brokerage in the next five years from 52% today. We'll continue to develop a burgeoning farm management services division within the company.
We'll sell our remaining 2 non-strategic assets identified for monetization and expected total proceeds of $50 million over the next fiscal year. Interestingly, that $50 million identified is the book value of those assets, and we believe the fair market value of those could be significantly greater. We will potentially add additional fallowing monetization in Yuma, Arizona, by the end of 2026. And then we're also targeting 2,000 acres of avocado production over the next 5 years, reducing some of our lemon plantings, older more tired lemons that have seen their productivity declining, and replacing those with increased avocado plantings to take advantage of the tailwinds in avocado consumption here in the United States.
Also to add value to avocados beyond production in packing, marketing, and selling as a complement to our One World of Citrus product offering. And finally, to pursue additional lemon packing capabilities in Yuma, Arizona, in the San Joaquin Valley, and possibly in Chile. The transition to the asset-lighter business model is really just a way of saying that we're transitioning the business to focus more on providing services to third-party grower partners, as well as different landowners, where we can provide farm management services. We're providing these services in the three distinct growing districts in California and Arizona.
In order to complement or have a year-round supply chain, it's important for us to balance the services and the supply chains that we pull out of each district to match the demand profiles globally with consumption of the citrus that we're actually providing services for. So we're currently reducing our owned lemon production in each of those districts and replacing them with complementary supplies from grower partners who are not only complementing our own production, but allowing us to continue to grow. And we have a five-year goal to increase our citrus supply to 15 million cartons. We're about 7 million cartons today, with 80% of that source volume coming from grower partners and supplier partners through an agency and brokerage model.
If you took time with this chart, this would explain to you why we're doing this. If you look back in 2017 and 2018, we were clipping about $8-$10 a carton through very efficient, low costs and very favorable FOB selling prices. And as the world became oversupplied with citrus, primarily driven by the global pandemic and the destruction of demand that took place in the food service segment, we saw the nasty trend of decreasing pricing capabilities with rapid inflation taking place. And we've just endured a 5-year stretch of being inverted in our margin structure.
By pivoting the business to providing more services, we're actually able to have much greater control on our margins by controlling our fees for our services that we provide to our grower partners and our suppliers, while also managing our costs, which give us a much more, a stronger way of providing more profitable operations, for our business. We've identified $25 million of planned incremental EBITDA growth by the year 2028. We've already accomplished $4 million of that, that growth, but we also see opportunities to grow through providing more grower partner services, growing our agency and our brokerage business, expanding our farm management services business, and also then expanding our packing business, not only here in the United States, but also in, Chile.
Of that $25 million identified EBITDA growth, roughly $4 million will come from operations in District One in the San Joaquin Valley. About $5 million will come from identified opportunities where our home base is in Ventura County. About $2 million of that will come from our operations in the desert. $4 million will come through agency and brokerage, and finally, $10 million of it will come through the development of a new packing house in the Southern Hemisphere in Chile. We've identified and developed a One World of Citrus business model. Really, the essence of it is it allows us to have consistent and reliable citrus supplies 365 days a year, 24 hours, 7 days a week. And last year, in 2023, we sold an awful lot of lemons.
We sold 6.7 million 40-pound cartons, which eclipsed 1 billion lemons sold. Now, if we could only get $1 for each of those lemons. We're working on it. We are providing a critical link between the highly fragmented citrus and avocado growers and diverse end markets. Some of it is vertically integrated, where we actually grow, pack, market, and sell. But as we've mentioned, we're pivoting the business more towards seeing growth in providing services to grower partners and also supplier partners through agency and brokerage. As I mentioned, we're beginning to reduce our dependence on our vertically integrated operations to 20% of our supply chains, down from about 60% today. The company has seen significant growth over the last decade. We're very proud to see, too, right now in lemons, we represent about 15% of the U.S. market.
The U.S. consumes somewhere around 35-40 million 40-pound boxes of fresh lemons annually, of which we're about 15% of that. And the U.S. market is growing anywhere from 5%-6% annually, and we're pretty much back to pre-pandemic demand levels, so we're back to seeing that steady growth again, which will create an opportunity. We're wrestling in the lemon sector with oversupplied markets, not only from each of the growing districts here in California and in Arizona, but also from the Southern Hemisphere and Europe and South Africa. One of the ways that we've fought back with in inflating costs is through investments in technology and the modernization of a new state-of-the-art packing facility.
The facility allows us to process 4-5 times the amount of fruit with about 70% of the original labor that we actually used to utilize in our old operations, and that's kept us in the game with the lights on and allowed us to generate great value for our shareholders, while also providing great results for our grower partners in the packaging, marketing, and selling of our fresh citrus. We have established a new farm management services division, which is a really exciting part of our business in that, having been in business for 130 years and established core competencies in agronomy and agricultural production, we recognize that we have the capability of providing that expertise to third-party landowners that don't wanna farm their own assets.
We can do that very successfully and in a way that complements our own production throughout each of the growing areas in California and Arizona. Just recently, we actually converted 3,000 acres of owned San Joaquin Valley properties with a sale to a large insurance company, who then hired us back to farm that property, which allowed us to establish this farm management services division. We kept the supply chains of all the production that come off of those properties into the supply chains that we manage profitably by packaging, marketing, and selling.
We see the opportunity to replicate that opportunity with other assets, but also then to take advantage of the growing trend of generational family farms, where the kids don't want to farm, but they enjoy receiving the dividend checks that come from the efforts that come from that farming. So by providing these farming services, it means that these families are able to keep their land and water assets in their family, but also then take advantage of the services that we're able to provide. We see great opportunities to grow this area, and we're looking forward to doing so in the next five years. As we look out into the future, we believe that there's long-term growth opportunities for lemon supply.
What this chart shows you is the oversupply impact on pricing, which is the yellow chart, and then what's gone on with the FOBs over those years, and this has been a challenging time from a pricing perspective, driven by oversupplies. As we begin our new fiscal year in fiscal year 2024, we've actually seen the beginning of the fiscal year with the highest FOB pricing that we've seen since 2018, which was our last really strong year in lemon supplies. So we're optimistic that we're gonna see continued favorable pricing, which should snap back strong profitability for the company over the next 12 months.
We also expect long-term growth in avocados, and as I mentioned earlier, we're pivoting our production to get upwards of 2,000 acres of supply to put ourselves in a position of being a 25-30 million pound producer and supplier of avocados, to take advantage of a really valuable market niche that can be established by producing in Ventura County in California, but also to continue to take advantage of the tailwinds of avocado consumption, not only here in the United States, but also globally. Touching on our real estate development, we do have other assets, other land assets, that are contiguous to urban centers that will provide us opportunities to continue on with our entitlement efforts and our conversion from agricultural land to urban development land. That's it's a great opportunity to create value, significant value, in that process.
It's a long, drawn-out, extremely bureaucratic process, but if you're successful, you can increase the value of your agricultural land upwards of 10 times if you can get it entitled. Where we operate and live and work in Ventura County, which it sits right in between Santa Barbara and Malibu, California, the land assets are extremely constrained, and so when we're able to convert from an agricultural use to an urban development use, there's huge value creation opportunities for our shareholders, and we've taken advantage of some of that before. We mentioned that we had a roadmap to monetize certain assets, and we identified $180 million worth of assets to monetize, of which we've currently monetized $130 million of those.
Two remaining assets still on the docket that we're working on and we're running a process on right now, one is our vineyard in Paso Robles, California, called Windfall Farms, and the other are our Chilean production assets, which we hope to then convert those proceeds from the sale of those assets into the capital which we would use to construct a new packing house to pivot more towards a service provider of packing, marketing, and selling services for the supply chains that come out off of those ranches. This is an older slide, but is sort of the story. By being around for 130 years, it follows that many of our assets are on the books at well below their NAVs or their fair market values.
The book values on some of these assets, just for reference, might be $400 an acre, where fair market values of this acreage might be $100,000-$120,000 an acre based on agricultural uses today. So this is one of the great opportunities, is trying to figure out and then execute on how we can get this value back to our shareholders, which is what we're currently working on with our exploration of strategic alternatives today. We've talked about the water a little bit. We've got a lot of water rights, consistent with each one of our land assets, and some of those assets are... Some of those water assets are providing opportunities for us to begin to monetize them as well, which we're working on right now.
As mentioned earlier, we're taking advantage of fallowing opportunities for some of our Colorado River water rights assets, and we're very close to announcing the monetization of surplus water assets from the Santa Paula Water Basin in Ventura County as well. I've just mentioned our Yuma, Arizona, water rights and then the Santa Paula Basin water rights as well. Those could provide very significant amounts of value, which we're also working on getting back out to shareholders as well. But really just working on the beginning of some of this monetization to begin to demonstrate the significant value opportunity that exists with some of those assets. We own land in Southern California, Arizona, Chile, Argentina, as well as a variety of commercial properties.
We have diversified revenue streams, including monetizations of non-core agribusiness land. We have our Harvest at Limoneira real estate development project, which is a master planned community. After 18 months of not selling any lots due to the rising interest rate and mortgage rate environment, we were very excited to announce the sale of 121 additional lots in 2023. To date, we've monetized 707 lots of the entitled 1,500 lots, and we're very close to increasing the number of entitled lots upwards of 2,000 lots, which we look forward to doing, we believe in 2024. We're also developing a 32.5-acre commercial venture with the expansion of what we're calling the Harvest Medical Pavilion. The Limoneira Company will actually sell the land to a developer.
We entered into a letter of intent with the Pacific Coast Investments group on July 14th of 2021 to develop a new hospital, a new medical office building, and a large ancillary commercial offering to service the medical community of Santa Paula and Ventura County. I included it; if you take time in the deck, you'll see a projection and an updated projection of the cash flows that we anticipate coming out of the Harvest at Limoneira. I think it's important to point out that while we're doing our best guess to crystal ball when the lots will sell and values on those lots, that there's always the opportunity based on pent-up demand from builders to accelerate this, and we're working hard to actually execute on that.
In the interest of time, I'll just mention that from the ESG, this is a very important part of our business, and we've made great progress with the refreshment, I guess, is the best way to say it, of our Board of Directors. We've right-sized our Board down to seven members. We have new, fresh blood, all independent directors on the Board, and they're doing a fantastic job guiding us towards value creation for our shareholders. Thank you very much for your time and attention.