Alico, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

Property and Equipment, Net

3 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following at December 31, 2016 and September 30, 2016:



(in thousands)	December 31,			September 30,
	2016			2016
Citrus trees	$	254,689		$	253,665
Equipment and other facilities	59,456			59,355
Buildings and improvements	19,068			21,780
Breeding herd	10,918			10,921
Total depreciable properties	344,131			345,721
Less: accumulated depreciation and depletion	(83,278		)	(83,122		)
Net depreciable properties	260,853			262,599
Land and land improvements	115,953			116,648
Net property and equipment	$	376,806		$	379,247

Asset held for sale

In December 2016, the Company reached an agreement in principle to sell approximately 49 acres of land and facilities in Hendry County, Florida, for approximately $2,200,000. The property, known as Alico Plant World, is currently leased to a vegetable nursery operator. The buyer is an affiliate of the tenant. The anticipated sale price exceeds its net book value, and no impairment will be recognized. The property is included in "Prepaid expenses and other current assets" on the Company's Condensed Consolidated Balance Sheets as of December 31, 2016. See Note 11. "Subsequent Event".