Depreciation is generally computed on a straight-line basis based on estimated useful lives as follows: 
Asset ClassUseful Lives
Buildings and improvements 
25 - 30 years
Information systems 
Lesser of estimated useful life of the asset or 5 years
Furniture, fixtures and computer and office equipment 
3 - 7 years
Model and sales office improvements Lesser of estimated useful life of the asset or estimated life of the community
Leasehold improvements Lesser of the lease term or the estimated useful life of the asset
The following table presents our property and equipment as of September 30, 2025 and 2024:
in thousandsSeptember 30, 2025September 30, 2024
Model furnishings and sales office improvements$32,727 $32,179 
Information systems39,483 30,140 
Furniture, fixtures and office equipment17,274 15,447 
Leasehold improvements4,192 3,226 
Buildings and improvements1,382 1,382 
Property and equipment, gross95,058 82,374 
Less: Accumulated depreciation(47,113)(43,746)
Property and equipment, net$47,945 $38,628 

Historical Timeline

Fiscal YearFiled
2025Nov 13, 2025Showing above
2024Nov 13, 2024
2023Nov 16, 2023
2022Nov 10, 2022
2021Nov 10, 2021
2020Nov 12, 2020
2019Nov 13, 2019
2018Nov 13, 2018
2017Nov 14, 2017
2016Nov 15, 2016
2015Nov 10, 2015

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.