Property and Equipment

6 Months Ended

Mar. 31, 2020

Property and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

PROPERTY AND EQUIPMENT

The Company’s property and equipment balances and the related accumulated depreciation at March 31, 2020 and September 30, 2019 are summarized below. These balances include properties related to the operations of DHI Communities, which develops, constructs and owns multi-family residential properties that produce rental income. DHI Communities has three projects under active construction and one project that was substantially complete at March 31, 2020.

	March 31, 2020		September 30, 2019
	(In millions)
Buildings and improvements (1) (2)	$	335.7	$	329.4
Multi-family rental properties under construction	75.5		65.2
Single-family rental properties	101.6		37.0
Model home furniture	134.5		128.3
Office furniture and equipment	126.0		128.6
Land (1) (2)	91.9		71.6
Total property and equipment	$	865.2	$	760.1
Accumulated depreciation	(275.5)		(260.9)
Property and equipment, net	$	589.7	$	499.2

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(1)At March 31, 2020, buildings and improvements included $53.1 million related to completed multi-family rental properties and $63.6 million related to the Company’s oil and gas related assets. Additionally, at March 31, 2020, land included $55.1 million related to the Company’s multi-family rental operations.

(2)At September 30, 2019, buildings and improvements included $50.7 million related to completed multi-family rental properties and $56.9 million related to the Company’s oil and gas related assets. Additionally, at September 30, 2019, land included $38.0 million related to the Company’s multi-family rental operations.

Depreciation expense was $17.3 million and $34.5 million during the three and six months ended March 31, 2020, respectively, compared to $15.9 million and $31.7 million in the same periods of fiscal 2019.