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

6 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Property and equipment, net consists of the following at March 31, 2017 and September 30, 2016:



(in thousands)	March 31, 2017			September 30, 2016

Citrus trees	$	255,948		$	253,665
Equipment and other facilities	60,514			59,355
Buildings and improvements	16,035			21,780
Breeding herd	10,789			10,921
Total depreciable properties	343,286			345,721
Less: accumulated depreciation and depletion	(86,303		)	(83,122		)
Net depreciable properties	256,983			262,599
Land and land improvements	115,529			116,648
Net property and equipment	$	372,512		$	379,247

On February 2, 2017, the Company sold 49 acres of land and facilities in Hendry County, Florida, to its former tenant for $2,200,000, resulting in a gain of approximately $1,400,000 which is included in gain on sale of real estate on the Condensed Consolidated Statements of Operations for the three and six months ended March 31, 2017.

Asset held for sale

In March 2017, the Company's Board of Directors approved listing its office building in Fort Myers, Florida, for sale for approximately $6,000,000. As a result, the Company reclassified the net book value of the property to assets held for sale as of March 31, 2017. The estimated fair value of the property exceeds the net book value, and no impairment was recognized as a result of the reclassification.