LINCOLN EDUCATIONAL SERVICES CORP
For the period ended Dec 31, 2023. Filed Mar 5, 2024.
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FY2023 · Filed Mar 5, 2024
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Item 2. PROPERTIES
| ITEM 2. | PROPERTIES |
|---|
As of December 31, 2023, we leased all of our facilities, except the Levittown, Pennsylvania campus, for which we entered into a sale lease-back transaction on January 30, 2024. We continue to reevaluate our facilities to maximize our facility utilization and efficiency and to allow us to introduce new programs and attract more students. As of December 31, 2023, all of our existing leases expire between 2024 and 2045.
The following table provides information relating to our facilities as of December 31, 2023, including our corporate office:
| Current Locations | Brand | Approximate Square Footage |
|---|---|---|
| Las Vegas, Nevada | Euphoria Institute | 23,000 |
| Columbia, Maryland | Lincoln College of Technology | 111,000 |
| Denver, Colorado | Lincoln College of Technology | 213,000 |
| Grand Prairie, Texas | Lincoln College of Technology | 157,000 |
| Indianapolis, Indiana | Lincoln College of Technology | 126,000 |
| Marietta, Georgia | Lincoln College of Technology | 30,000 |
| Melrose Park, Illinois | Lincoln College of Technology | 88,000 |
| Allentown, Pennsylvania | Lincoln Technical Institute | 25,000 |
| East Windsor, Connecticut | Lincoln Technical Institute | 289,000 |
| Iselin, New Jersey | Lincoln Technical Institute | 32,000 |
| Lincoln, Rhode Island | Lincoln Technical Institute | 66,000 |
| Mahwah, New Jersey | Lincoln Technical Institute | 79,000 |
| Moorestown, New Jersey | Lincoln Technical Institute | 48,000 |
| New Britain, Connecticut | Lincoln Technical Institute | 36,000 |
| Paramus, New Jersey | Lincoln Technical Institute | 30,000 |
| Philadelphia, Pennsylvania | Lincoln Technical Institute | 30,000 |
| Queens, New York | Lincoln Technical Institute | 48,000 |
| Shelton, Connecticut | Lincoln Technical Institute and Lincoln Culinary Institute | 57,000 |
| South Plainfield, New Jersey | Lincoln Technical Institute | 60,000 |
| Union, New Jersey | Lincoln Technical Institute | 56,000 |
| Nashville, Tennessee | Lincoln College of Technology | 292,000 |
| Parsippany, New Jersey | Corporate Office | 17,000 |
| Future Locations | Brand | Approximate Square Footage |
|---|---|---|
| Houston, Texas1 | Lincoln College of Technology | 100,000 |
| Levittown, Pennsylania3 | Lincoln Technical Institute | 90,000 |
| East Point, Georgia4 | Lincoln Technical Institute | 55,000 |
| Nashville, Tennessee2 | Lincoln College of Technology | 120,000 |
We believe that our facilities are suitable for their intended purposes.
| 1 | On October 31, 2023, the Company entered into a lease for approximately 100,000 square feet of space to serve as the Company’s new campus in Houston, Texas. The lease term commenced on January 2, 2024, with an initial lease term of 21-years and 6 months with three five-year renewal options. |
| 2 | On October 18, 2023, the Company entered into a lease for approximately 120,000 square feet of space. to serve as the Company’s new Nashville, Tennessee campus. The lease term commenced on November 1, 2023, with an initial lease term of 15-years with two five-year renewal options. |
| 3 | On September 28, 2023, the Company purchased a 90,000 square foot property located at 311 Veterans Highway, Levittown, Pennsylvania for approximately $10.2 million and, subsequently on January 30, 2024, entered into a sale-leaseback transaction for this property. As of December 31, 2023, this property was classified as held-for-sale on the Consolidated Balance Sheets. |
| 4 | On June 30, 2022, the Company executed a lease for approximately 55,000 square feet of space to serve as the Company’s new campus, in East Point, Georgia. The lease term commenced in August 2022 with an initial lease term of 12 years term with two five-year renewal options. The Company had no involvement in the construction or design of the facilities on the property and was not deemed to be in control of the asset prior to the lease commencement date. For the year ended December 31, 2023, the Company incurred approximately $0.8 million in rent expenses. |
Index
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