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Property and Equipment, Net | 6 Months Ended
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Mar. 31, 2019
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consists of the following at March 31, 2019 and September 30, 2018:
(in thousands) | March 31, |  | September 30,
| 2019 |  | 2018
Citrus trees | $ | 272,100 |  |  | $ | 264,714 |
Equipment and other facilities | 54,985 |  |  | 53,544 |
Buildings and improvements | 8,213 |  |  | 8,052 |
Total depreciable properties | 335,298 |  |  | 326,310 |
Less: accumulated depreciation and depletion | (98,609 | ) |  | (91,858 | )
Net depreciable properties | 236,689 |  |  | 234,452 |
Land and land improvements | 106,241 |  |  | 105,951 |
Net property and equipment | $ | 342,930 |  |  | $ | 340,403 |
During the six months ended March 31, 2019, the Company purchased 188 net tree acreage of citrus blocks for approximately $1,848,000. These purchases were made from grove owners from within the Company’s existing grove locations. In April 2019, the Bank agreed to accept these purchases as substitute collateral and release approximately $1,800,000 from restricted cash. On September 29, 2018, the Company sold its property at Island Pond for $7,900,000. As Island Pond was collateralized under one of the Company’s loan documents, $7,000,000 of the proceeds is restricted in use.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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