Property and Equipment, Net

12 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

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.