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

6 Months Ended

Mar. 31, 2022

Property Plant And Equipment [Abstract]

Property and Equipment, Net

Note 4. Property and Equipment, Net

Property and equipment, net consists of the following at March 31, 2022 and September 30, 2021:

(in thousands)	March 31,			September 30,
	2022			2021
Citrus trees	$	325,923		$	320,245
Equipment and other facilities		58,760			57,584
Buildings and improvements		7,374			8,494
Total depreciable properties		392,057			386,323
Less: accumulated depreciation and depletion		(131,827	)		(127,046	)
Net depreciable properties		260,230			259,277
Land and land improvements		113,633			113,954
Property and equipment, net	$	373,863		$	373,231

For the six months ended March 31, 2022, and fiscal year ended September 30, 2021, the Company did not record any impairments.

In connection with the State of Florida’s condemnation of a certain portion of Alico’s property in October 2021, the Company received approximately $1,450,000, all of which was recognized as a gain.

On October 30, 2020, the Company purchased approximately 3,280 gross citrus acres located in Hendry County for a purchase price of approximately $18,230,000. This acquisition complements the Company’s existing citrus acres as these acres are located adjacent to existing groves in Hendry County. This purchase was part of a like-kind exchange transaction, which allowed the Company to defer taxes relating to the sale of certain sections of the West Ranch.