Alico, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Assets Held for Sale

Assets Held for Sale

3 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

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 at December 31, 2024 and September 30, 2024:


(in thousands)	Carrying Value
	December 31, 2024		September 30, 2024
Ranch	$	140	$	69
Alico Citrus	3,205		3,037
Total assets held for sale	$	3,345	$	3,106

On December 19, 2024, the Company entered into an agreement to sell 1,177 acres of ranch and citrus land for $7,297 ($6,200 per acre).

No land was sold during the three months ended December 31, 2024.

During the three months ended December 31, 2023, the Company consummated the sale of approximately 17,556 acres of land for $79,090 and recognized a gain of $77,025, including 17,229 acres of the Alico Ranch to the State of Florida for $77,631 in gross proceeds. A portion of the proceeds from these sales was used to repay the outstanding balance on the Company’s working capital line of credit (“WCLC”) with Rabo Agrifinance, Inc. (“Rabo”), the $19,094 Met Life Variable-Rate Term Loans, plus accrued interest and for general corporate purposes.