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

3 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property and Equipment, Net

Note 4. Property and Equipment, Net

Property and equipment, net consists of the following at December 31, 2020 and September 30, 2020:

(in thousands)	December 31,			September 30,
	2020			2020
Citrus trees	$	307,384		$	296,012
Equipment and other facilities		56,617			55,593
Buildings and improvements		8,110			8,128
Total depreciable properties		372,111			359,733
Less: accumulated depreciation and depletion		(118,795	)		(115,440	)
Net depreciable properties		253,316			244,293
Land and land improvements		113,905			105,768
Property and equipment, net	$	367,221		$	350,061

For the three months ended December 31, 2020 and fiscal year ended September 30, 2020, the Company did not record any impairments.

On October 30, 2020, the Company purchased approximately 3,280 gross acres located in Hendry County for a purchase price of approximately $16,450,000.

On June 1, 2020, the Company sold approximately 30 ranch acres to an employee for approximately $122,000 and recognized a gain of approximately $83,000.

On May 4, 2020, the Company purchased approximately 334 citrus acres for approximately $2,850,000. This acquisition complements the Company’s existing citrus acres as these acres are located adjacent to existing groves in the Frostproof area. Additionally, this purchase was part of a like-kind exchange transaction, which will allow the Company to defer taxes relating to the sale of certain sections of the East Ranch.