Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

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Property and Equipment, Net
 6 Months Ended
Mar. 31, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
Property and Equipment, Net

Property and equipment, net consists of the following at March 31, 2018 and September 30, 2017:

(in thousands)
March 31,
 
September 30,
 
2018
 
2017
Citrus trees
$
263,987

 
$
258,949

Equipment and other facilities
55,019

 
54,592

Buildings and improvements
8,162

 
8,835

Total depreciable properties
327,168

 
322,376

Less: accumulated depreciation and depletion
(88,496
)
 
(82,443
)
Net depreciable properties
238,672

 
239,933

Land and land improvements
109,345

 
109,404

Net property and equipment
$
348,017

 
$
349,337



On March 15, 2018, the Company sold certain parcels comprised of citrus trees and land located on its Ranch One grove for approximately $586,000 and recognized a loss of approximately $80,000. As part of the transaction, the revenues generated from these parcels during the 2017/2018 harvest season were allocated to the purchaser.