Property and Equipment

9 Months Ended

Jun. 30, 2021

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, 2021 and September 30, 2020 are summarized below.

	June 30, 2021		September 30, 2020
	(In millions)
Homebuilding
Buildings and improvements	$	277.0	$	267.4
Model home furniture	133.9		134.0
Office furniture and equipment	105.6		108.1
Land	32.2		32.3
Single-family rental properties (1)
Single-family rental properties	—		68.1
Land	—		19.1
Total single-family rental properties	—		87.2
Accumulated depreciation	(268.4)		(256.2)
Total homebuilding	280.3		372.8
Other Businesses
Multi-family rental properties (1)
Multi-family rental properties	—		173.8
Land	—		58.3
Total multi-family rental properties	—		232.1
Oil and gas related assets	75.1		69.7
Office furniture and equipment	16.5		15.6
Land	16.1		19.7
Accumulated depreciation	(26.6)		(28.2)
Total other businesses	81.1		308.9
Forestar, net	2.2		1.1
Financial services, net	3.4		3.9
Eliminations	—		(3.0)
Property and equipment, net	$	367.0	$	683.7

__________________

(1)    Assets related to single-family and multi-family rental properties totaling $303.1 million and $436.3 million, respectively, are recorded as rental property inventory in the current year period.

Depreciation expense was $14.7 million and $49.5 million during the three and nine months ended June 30, 2021, respectively, compared to $17.1 million and $51.6 million in the same periods of fiscal 2020.