Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

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Property and Equipment, Net
 3 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net

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

(in thousands)
December 31,
 
September 30,
 
2019
 
2019
Citrus trees
$
284,578

 
$
281,149

Equipment and other facilities
54,429

 
54,622

Buildings and improvements
8,201

 
8,224

Total depreciable properties
347,208

 
343,995

Less: accumulated depreciation and depletion
(107,471
)
 
(104,169
)
Net depreciable properties
239,737

 
239,826

Land and land improvements
105,835

 
105,822

Property and equipment, net
$
345,572

 
$
345,648



During the three months ended December 31, 2019, the Company recorded impairments of approximately $88,000 relating to the loss of citrus trees.

During the fiscal year ended September 30, 2019, the Company purchased 203 acres of citrus blocks for approximately $1,950,000. These purchases were made from grove owners from within the Company’s existing grove locations. In April 2019, the lender, PGIM Real Estate Finance, LLC (“Prudential”), agreed to accept those purchases completed through April 2019 as substitute collateral and release $1,800,000 from restricted cash, which was completed in the fourth quarter of fiscal year 2019. In the fiscal year 2019, subsequent to April 2019, there were two additional purchases of Citrus blocks for approximately $100,000 that are not included as part of the substitution collateral. In the three months ended December 31, 2019, two additional purchases of Citrus blocks for approximately $70,000 were completed.

On September 27, 2019, the Company sold approximately 5,500 acres from its West Ranch for approximately $14,775,000 and realized a gain on sale of approximately $13,033,000. Upon the sale of these acres, the lease rate pertaining to the grazing and other rights was adjusted from $98,750 to $80,000 per month, as these acres were previously being leased to a third party.