Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.8.0.1
Property and Equipment, Net
 12 Months Ended
Sep. 30, 2017
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
Property and Equipment, Net

Property and equipment, net consists of the following at September 30, 2017 and September 30, 2016:
(in thousands)
September 30,
 
2017
 
2016
Citrus trees
$
258,949

 
$
253,665

Equipment and other facilities
54,592

 
59,355

Buildings and improvements
8,835

 
21,780

Breeding herd
—

 
10,921

Total depreciable properties
322,376

 
345,721

Less: accumulated depreciation and depletion
(82,443
)
 
(83,122
)
Net depreciable properties
239,933

 
262,599

Land and land improvements
109,404

 
116,648

Net property and equipment
$
349,337

 
$
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 Consolidated Statement of Operations for the year ended September 30, 2017.

During the fiscal year ended September 30, 2017, the Company recorded impairments aggregating to approximately $5,215,000 on certain mines located within their properties and other property and equipment related to the Company's decision to phase out its operation at one of its nurseries. These impairments are included in operating expenses on the Consolidated Statement of Operations for the year ended September 30, 2017.