Assets Held for Sale |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets Held for Sale |
Note 4. Assets Held for Sale
In accordance with its strategy to dispose of non-core and under-performing assets, the following assets have been classified as assets held for sale as of September 30, 2024 and September 30, 2023:
On April 19, 2024, the Company entered into an agreement to sell 798 acres of citrus land, which were not producing as expected, for $7,183 ($9,000 per acre). This agreement includes an option to purchase approximately 680 additional acres within ten months of the closing date of the sale, at the same price per acre. The 798 acre sale closed on June 28, 2024 (included in the September 30, 2024 land sales below).
In addition, the Company has a purchase option agreement to sell 899 acres of ranch and citrus land for $10,333 ($11,494 per acre) that expires on January 13, 2025.
During the year ended September 30, 2024, we sold approximately 18,354 acres of land for approximately $86,217 and recognized a of $81,416 (including 17,229 acres of the Alico Ranch to the State of Florida for approximately $77,631 in gross proceeds).
During the year ended September 30, 2023 we sold approximately 2,225 acres of ranch land for $12,000 and recognized a of $11,432.
The Company recorded no impairment loss during the years ended September 30, 2024 and 2023.
During the year ended September 30, 2024, the Company used a portion of the proceeds from these various asset sales to pay down debt (see Note 7. Long-Term Debt and Lines of Credit for further information) and for general corporate purposes. During the year ended September 30, 2023, these proceeds were used for general corporate purposes.
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