Property and Equipment, Net

3 Months Ended

Sep. 30, 2024

Property, Plant And Equipment [Abstract]

Property and Equipment, Net

10. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

		September 30,		June 30,
	Useful Life	2024		2024
Land	-	$	31,776	$	31,776
Buildings and improvements	10 - 31 years		200,238		200,274
Leasehold improvements	Shorter of asset useful life or lease term		115,148		114,019
Furniture and equipment	3 - 8 years		99,238		103,961
Software	3 - 5 years		115,429		113,219
Construction in progress	-		11,723		11,554
Property and equipment, gross			573,552		574,803
Accumulated depreciation			(329,049)		(326,279)
Property and equipment, net		$	244,503	$	248,524

During the second quarter of fiscal year 2024, management committed to a plan to sell a building owned by Adtalem located in Naperville, Illinois, and the building met criteria to be classified as assets held for sale. As a result, the building’s carrying value of $8.4 million was adjusted to its estimated fair value less cost to sell of $7.8 million, and the resulting $0.6 million charge was recognized within student services and administrative expense in the Consolidated Statements of Income for the three months ended December 31, 2023. In addition, the building is presented as assets held for sale on the Consolidated Balance Sheets as of September 30, 2024 and June 30, 2024.