Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 165

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1B
Chunk 165
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The Company had the following property and equipment balances as of September 30, 2025 and 2024, dollars in thousands:

			Useful lives

			As of September 30,

			(in years)

			2025

			2024

			Construction in process

			n/a

			$
			3,009

			5,758

			Land

			n/a

			10,990

			6,746

			Buildings

			16
			 –
			40

			65,591

			60,556

			Land improvements

			1
			–
			24

			2,600

			2,324

			Leasehold and building improvements

			1
			–
			25

			192,171

			185,045

			Fixtures and equipment

			5
			–
			7

			173,491

			167,060

			Computer hardware and software

			3
			–
			5

			32,968

			30,622

			480,820

			458,111

			Less accumulated depreciation and amortization

			(298,079
			
			)

			(279,502
			
			)

			Property and equipment, net

			$
			182,741

			178,609

Total costs capitalized for qualifying construction projects of leasehold and building improvements included $0.2 million, $0.4 million and $0.5 million for the years ended September 30, 2025, 2024 and 2023, respectively, related to internal staff compensation. Depreciation expense related to capitalized internal staff compensation was $0.4 million, $0.7 million and $0.7 million for the years ended September 30, 2025, 2024 and 2023, respectively. Capitalized interest costs were $0.3 million for each of the years ended September 30, 2025, 2024 and 2023.

69

Depreciation and amortization expense for the years ended September 30, 2025, 2024 and 2023 is summarized as follows, dollars in thousands:

			Year ended September 30,

			2025

			2024