Note 5. Property and Equipment  Net Property and equipment  net consists of the following at September 30  2019 and September 30  2018: (in thousands) September 30  2019 2018 Citrus trees $ 281 149 $ 264 714 Equipment and other facilities 54 622 53 544 Buildings and improvements 8 224 8 052 Total depreciable properties 343 995 326 310 Less: accumulated depreciation and depletion (104 169 ) (91 858 ) Net depreciable properties 239 826 234 452 Land and land improvements 105 822 105 951 Property and equipment  net $ 345 648 $ 340 403 During the fiscal year ended September 30  2019  the Company purchased 203 acres of citrus blocks for approximately $1 950 000. These purchases were made from grove owners from within the Company’s existing grove locations. In April 2019  the lender  PGIM Real Estate Finance  LLC (“Prudential”)  agreed to accept those purchases completed through April 2019 as substitute collateral and release $1 800 000 from restricted cash  which was completed in the fourth quarter of fiscal year 2019. Subsequent to April 2019  there were two additional purchases of Citrus blocks for approximately $100 000 that are not included as part of the substitution collateral. On September 27  2019  the Company sold approximately 5 500 acres from its West Ranch for approximately $14 775 000 and realized a gain on sale of approximately $13 033 000. Upon the sale of these acres  the lease rate pertaining to the grazing and other rights was adjusted from $98 750 to $80 000 per month  as this space was previously being leased to a third party. 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 was restricted in use. On September 28  2018  The Company sold a parcel within the East Ranch for approximately $1 920 000 and realized a gain of approximately $1 759 000. On March 30  2018  the Company sold property located on its Winterhaven location for approximately $225 000 and recognized a loss of approximately $50 000. On March 15  2018  the Company sold certain parcels comprised of citrus trees and land located on its Ranch One grove for approximately $586 000 and recognized a loss of approximately $87 000. On February 2  2017  the Company sold 49 acres of land and facilities in Hendry County  Florida  to its former tenant for $2 200 000  resulting in a gain of approximately $1 371 000. During fiscal year ended September 30  2019  the Company recorded impairments approximately $244 000 relating to the loss of citrus trees. During the fiscal year ended September 30  2018  the Company recorded impairments aggregating to approximately $2 084 000  which consisted of $1 032 000 relating to Island Pond and $1 052 000 relating to certain citrus trees damaged by Hurricane Irma and from other natural attrition. 61