Quarterly report pursuant to sections 13 or 15(d)

Property, Buildings and Equipment, Net

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Property, Buildings and Equipment, Net
 9 Months Ended
Jun. 30, 2013
Property, Buildings and Equipment, Net [Abstract]  
Property, Buildings and Equipment, Net

Note 3. Property, Buildings and Equipment, Net

 

Property, buildings and equipment consisted of the following at June 30, 2013 and September 30, 2012:

 

                 
(in thousands)     June 30,       September 30,  
      2013       2012  
                 
Breeding herd   $ 12,943     $ 10,062  
Buildings     11,594       10,975  
Citrus trees     33,955       33,164  
Sugarcane     15,834       12,617  
Equipment and other facilities     46,276       42,043  
                 
Total depreciable properties     120,602       108,861  
Less accumulated depreciation and depletion     (70,101 )     (65,220 )
                 
Net depreciable properties     50,501       43,641  
Land and land improvements     81,747       79,193  
                 
Net property, buildings and equipment   $ 132,248     $ 122,834  

 

Alachua County Property

 

In June 2013, the Company purchased 396 acres in Alachua County, Florida for $1,175,000. The Company intends to build a citrus tree nursery on the property and utilize the trees produced in its own operations and to sell excess tress to citrus growers in the state of Florida.

 

 

Lee County, Florida Properties

 

On October 3, 2012, the sale of the final two parcels of our Lee County, Florida properties closed. The total sales price for the parcels was $2,475,000. At September 30, 2012, the parcels were recorded in assets held for sale on the Condensed Consolidated Balance Sheet totaling $2,475,000 and a deposit for the parcels of $2,500,000 was included in restricted cash and other current liabilities.