Property and Equipment, Net

9 Months Ended

Mar. 31, 2025

Property, Plant And Equipment [Abstract]

Property and Equipment, Net

10. Property and Equipment, Net

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

		March 31,		June 30,
	Useful Life	2025		2024
Land	-	$	31,776	$	31,776
Buildings and improvements	10 - 31 years		202,150		200,274
Leasehold improvements	Shorter of asset useful life or lease term		116,375		114,019
Furniture and equipment	3 - 8 years		100,959		103,961
Software	3 - 5 years		111,076		113,219
Construction in progress	-		20,625		11,554
Property and equipment, gross			582,961		574,803
Accumulated depreciation			(332,197)		(326,279)
Property and equipment, net		$	250,764	$	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 nine months ended March 31, 2024. In addition, the building is presented as assets held for sale on the Consolidated Balance Sheets as of March 31, 2025 and June 30, 2024.