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

9 Months Ended

Jun. 30, 2023

Property Plant And Equipment [Abstract]

Property and Equipment, Net

Note 4. Property and Equipment, Net

Property and equipment, net consists of the following at June 30, 2023 and September 30, 2022:


(in thousands)	June 30,			September 30,
	2023			2022
Citrus trees	$	332,749		$	329,582
Equipment and other facilities		58,238			58,021
Buildings and improvements		7,081			7,374
Total depreciable properties		398,068			394,977
Less: accumulated depreciation and depletion		(143,401	)		(135,990	)
Net depreciable properties		254,667			258,987
Land and land improvements		113,623			113,492
Property and equipment, net	$	368,290		$	372,479

For the nine months ended June 30, 2023 and fiscal year ended September 30, 2022, the Company did not record any impairments.

The Company recorded a casualty loss of approximately $1,400,000 for the year ended September 30, 2022 with respect to one of its groves, which sustained tree loss of approximately $1,300,000, and damage to one of its buildings of approximately $100,000, as a direct result of Hurricane Ian.

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.