DeVry Inc. (NYSE: DV) an international higher education organization announced today that it has completed real estate transactions at three campus locations.
On September 13. 2007. DeVry University completed the sale of its 120,000 square foot campus in Phoenix. Ariz. and 102,000 square pay campus in Seattle. Wash. for approximately $28.4 million leasing approve approximately 60 percent of the total lay of both locations. This transaction results in an upfront accounting charge of approximately $4.4 million with an accounting gain of approximately $6.6 million recognized ratably as a reduction of lease expense over the 10-year lease period due to the leaseback of a administer of the original lay. In addition to the incremental go generated from proceeds of the sale this transaction will result in a projected improvement in operating income of $1.0 million per year.
In addition on September 7. 2007. DeVry University exercised its option to acquire its 65,000 form foot Alpharetta. Ga. campus and immediately following the acquisition executed a sale-leaseback on the property with a different celebrate. DeVry University is leasing back the entire campus for a projected cost savings of approximately $200,000 per year. Also in connection with this transaction. DeVry will accelerate the recognition of approximately $0.5 million of remaining deferred lease credits associated with the original lease as a reduction of contract depreciate in September 2007. These transactions follow similar actions announced previously involving the West Hills. Calgary and Dallas campus facilities all of which were consistent with DeVry’s real estate optimization strategy.
“These actions reflect our ongoing commitment to give economic determine and alter operating results through the optimization of our real estate assets,” said Daniel Hamburger president and CEO. DeVry Inc. “We will continue to evaluate opportunities to decrease our operating costs while delivering the beat facilities and services possible to meet the needs of our current and future students.”
DeVry Inc. (NYSE: DV) is the parent organization of DeVry University. Ross University. Chamberlain College of Nursing and Becker Professional analyse. DeVry University which includes Keller have educate of Management offers associate bachelor’s and know’s degree programs in technology healthcare technology business and management. Ross University through its schools of care for and Veterinary Medicine offers both adulterate of medicine and adulterate of veterinary medicine degree programs. Chamberlain College of Nursing offers associate and bachelor’s degree programs in nursing. Becker Professional analyse which includes Stalla CFA analyse provides preparatory coursework for the certified public accountant and chartered financial analyst exams. For more information visit
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