Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

v3.22.0.1
Property and Equipment, Net
3 Months Ended
Dec. 31, 2021
Property Plant And Equipment [Abstract]  
Property and Equipment, Net

Note 4. Property and Equipment, Net

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

 

(in thousands)

 

December 31,

 

 

September 30,

 

 

 

2021

 

 

2021

 

Citrus trees

 

$

323,431

 

 

$

320,245

 

Equipment and other facilities

 

 

57,881

 

 

 

57,584

 

Buildings and improvements

 

 

8,482

 

 

 

8,494

 

Total depreciable properties

 

 

389,794

 

 

 

386,323

 

Less: accumulated depreciation and depletion

 

 

(130,266

)

 

 

(127,046

)

Net depreciable properties

 

 

259,528

 

 

 

259,277

 

Land and land improvements

 

 

113,631

 

 

 

113,954

 

Property and equipment, net

 

$

373,159

 

 

$

373,231

 

 

For the three months ended December 31, 2021 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.