Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.19.1
Property and Equipment, Net
 6 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net
Property and Equipment, Net

Property and equipment, net consists of the following at March 31, 2019 and September 30, 2018:

(in thousands)
March 31,
 
September 30,
 
2019
 
2018
Citrus trees
$
272,100

 
$
264,714

Equipment and other facilities
54,985

 
53,544

Buildings and improvements
8,213

 
8,052

Total depreciable properties
335,298

 
326,310

Less: accumulated depreciation and depletion
(98,609
)
 
(91,858
)
Net depreciable properties
236,689

 
234,452

Land and land improvements
106,241

 
105,951

Net property and equipment
$
342,930

 
$
340,403



During the six months ended March 31, 2019, the Company purchased 188 net tree acreage of citrus blocks for approximately $1,848,000. These purchases were made from grove owners from within the Company’s existing grove locations. In April 2019, the Bank agreed to accept these purchases as substitute collateral and release approximately $1,800,000 from restricted cash.

On September 29, 2018, the Company sold its property at Island Pond for $7,900,000. As Island Pond was collateralized under one of the Company’s loan documents, $7,000,000 of the proceeds is restricted in use.