Property and Equipment

9 Months Ended

Jun. 30, 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 June 30, 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 had four projects under active construction and one project that was substantially complete at June 30, 2020.

	June 30, 2020		September 30, 2019
	(In millions)
Buildings and improvements (1) (2)	$	349.7	$	329.4
Multi-family rental properties under construction	86.2		65.2
Single-family rental properties	118.9		37.0
Model home furniture	136.4		128.3
Office furniture and equipment	129.1		128.6
Land (1) (2)	100.3		71.6
Total property and equipment	$	920.6	$	760.1
Accumulated depreciation	(288.7)		(260.9)
Property and equipment, net	$	631.9	$	499.2

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(1)At June 30, 2020, buildings and improvements included $63.5 million related to completed multi-family rental properties and $65.1 million related to the Company’s oil and gas related assets. Additionally, at June 30, 2020, land included $60.0 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 $17.1 million and $51.6 million during the three and nine months ended June 30, 2020, respectively, compared to $16.7 million and $48.4 million in the same periods of fiscal 2019.