Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Net

v3.23.3
Property and Equipment, Net
 12 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consists of the following at September 30, 2023 and September 30, 2022:
(in thousands) September 30,
2023 2022
Citrus trees $ 328,421  $ 329,582 
Equipment and other facilities 57,779  58,021 
Buildings and improvements 7,081  7,374 
Total depreciable properties 393,281  394,977 
Less: accumulated depreciation and depletion (144,150) (135,990)
Net depreciable properties 249,131  258,987 
Land and land improvements 112,718  113,492 
Property and equipment, net $ 361,849  $ 372,479 
For the year ended September 30, 2022, the Company recorded a casualty loss of $1,400 thousand with respect to one of its groves, which sustained tree loss of $1,300 thousand, and damage to one of its buildings of $100 thousand, as a direct result of Hurricane Ian.
For the years ended September 30, 2023, 2022 and 2021, the Company recognized a loss on the disposal of property and equipment of $9,624 thousand, $3,251 thousand and $2,338 thousand, respectively, due to tree clippings. The significant
increase for the year ended September 30, 2023 was principally driven by a change in plans with respect to the management of a portion of one of its groves and an increase in clippings to support the planting of new trees.
In the year ended September 30, 2023, the Company recognized a $3,744 thousand loss on the disposal of a portion of one of its citrus groves, as it entered into a lease with a third-party to remove these trees and allow them to utilize this portion of the grove for other agricultural development.