LINCOLN EDUCATIONAL SERVICES CORP
For the period ended Dec 31, 2024. Filed Mar 4, 2025.
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FY2024 · Filed Mar 4, 2025
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Item 2. PROPERTIES
| ITEM 2. | PROPERTIES |
|---|
As of December 31, 2024, we lease all of our properties. 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, 2024, all of our existing leases expire between 2025 and 2045.
The following table provides information relating to our facilities as of December 31, 2024, including our corporate office:
| Current Locations | Brand | Approximate Square Footage |
|---|---|---|
| Columbia, Maryland | Lincoln College of Technology | 111,000 |
| Denver, Colorado | Lincoln College of Technology | 213,000 |
| Grand Prairie, Texas | Lincoln College of Technology | 158,000 |
| 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 | 49,000 |
| 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 | 50,000 |
| Shelton, Connecticut | Lincoln Technical Institute | 57,000 |
| South Plainfield, New Jersey | Lincoln Technical Institute | 60,000 |
| Union, New Jersey | Lincoln Technical Institute | 56,000 |
| Nashville, Tennessee | Nashville Auto Diesel College | 292,000 |
| East Point, Georgia | Lincoln Technical Institute | 56,000 |
| Parsippany, New Jersey | Corporate Office | 17,000 |
| Future Locations | Brand | Approximate Square Footage |
|---|---|---|
| Hicksville, New York1 | Lincoln Technical Institute | 65,000 |
| Houston, Texas2 | Lincoln College of Technology | 100,000 |
| Nashville, Tennessee3 | Nashville Auto Diesel College | 124,000 |
| Levitttown, Pennsylania4 | Lincoln Technical Institute | 91,000 |
We believe that our facilites are suitable for their intendedn puposes.
| 1 | On December 12, 2024, the Company entered into a lease for approximately 65,000 square feet of space to serve as the Company’s new campus in Hicksville, New York. The lease term is currently planned to commence on or about May 1, 2025, with an initial lease term of 15 years and 9 months. The lease contains a renewal option allowing for either a 10-year renewal or two five-year renewals. |
| 2 | 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. |
| 3 | 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. |
| 4 | 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. |
Index
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