Property and Equipment, Net

12 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 5. Property and Equipment, Net

Property and equipment, net consists of the following at September 30, 2024 and September 30, 2023:

(in thousands)	September 30,
	2024		2023
Citrus trees	$	319,149	$	328,421
Equipment and other facilities	58,293		57,779
Buildings and improvements	6,515		7,081
Total depreciable properties	383,957		393,281
Less: accumulated depreciation and depletion	(146,086)		(144,150)
Net depreciable properties	237,871		249,131
Land and land improvements	114,862		112,718
Property and equipment, net	$	352,733	$	361,849

For the years ended September 30, 2024 and 2023 the Company recognized a loss on the disposal of property and equipment of $6,990 and $9,624, respectively, due to tree clippings, which has been recognized within Operating expenses. These losses were principally driven by a decision not to continue to provide caretaking for certain groves which were under performing and a decision to enter a lease with a third-party to remove certain trees in exchange for allowing them to utilize a portion of the grove for other agricultural development during the years ended September 30, 2024 and 2023, respectively. For the years ended September 30, 2024 and 2023 depreciation expense was $14,959 and $15,444, respectively and depletion expense was $51 and $43, respectively.