Property and Equipment, Net

9 Months Ended

Mar. 31, 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):

	March 31,		June 30,
	2024		2023
Land	$	34,127	$	38,345
Building		296,124		303,737
Equipment		233,548		226,600
Construction in progress		36,107		28,668
Property and equipment, gross		599,906		597,350
Accumulated depreciation		(327,114)		(338,828)
Property and equipment, net	$	272,792	$	258,522

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, 2024.