Devry University News DeVry University Completes Sale of West Hills Facility and Announces Sherman Oaks Location; Sale part of ongoing real estate strategy to match facility needs with student population
September 12, 2006 — Oakbrook Terrace, Illinois — DeVry University, a subsidiary of DeVry Inc.(NYSE:DV), announced that on September 7, 2006, it completed the sale of its building and land located at 22801 Roscoe Boulevard in West Hills, California for $36 million. DeVry University will lease back the property for three months with an option to extend the lease if its new Sherman Oaks facility is not ready for occupancy. The pre-tax gain on the sale, net of expected charges for the leaseback, is approximately $19 million. Proceeds from the sale will be used to reduce debt and for general corporate purposes.
Situated in the iconic Sherman Oaks Galleria, also known as the “town center” of Los Angeles' San Fernando Valley, the new facility will benefit from a convenient location at the corner of Ventura and Sepulveda boulevards in Sherman Oaks, immediately southeast of the junction of the 101 (Ventura) and 405 (San Diego) freeways.
“The sale of the West Hills facility and the relocation to the very desirable Sherman Oaks Galleria is part of our strategy to improve operating results through the optimization of our real estate assets, ” said David J. Pauldine, president of DeVry University. “Our goal is to reduce operating costs while serving the needs of our current and future student population. We will continue to evaluate and address other underutilized facilities”
In addition to the planned relocation to Sherman Oaks, DeVry University will continue to serve students in the southern California market through its Colton, Irvine, Long Beach, Pomona and San Diego facilities.
Celebrating 75 years as one of the largest degree-granting higher education systems in North America, DeVry University provides high-quality, career-oriented associate, bachelor's and master's degree programs in technology, healthcare technology, business and management. Approximately 46,000 students are enrolled at its 81 locations that are in 23 states and Canada, as well as through DeVry University Online. DeVry University is accredited by The Higher Learning Commission and is a member of the North Central Association (NCA). DeVry University, a division of DeVry Inc. (NYSE:DV), is based in Oakbrook Terrace, Ill. For more information about DeVry University, visit http://www.devry.edu.
About DeVry Inc.
DeVry Inc. (NYSE:DV) is the holding company for DeVry University, Ross University, Chamberlain College of Nursing and Becker Professional Review. DeVry University, which includes Keller Graduate School of Management, offers associate, bachelor's and master's degree programs in technology, healthcare technology, business and management. Ross University, through its schools of Medicine and Veterinary Medicine, offers both doctor of medicine and doctor of veterinary medicine degree programs. Chamberlain College of Nursing offers associate and bachelor's degree programs in nursing. Becker Professional Review, which includes Stalla CFA Review, provides preparatory coursework for the certified public accountant and chartered financial analyst exams. DeVry Inc. is based in Oakbrook Terrace, Ill. For more information about the company, visit http://www.devryinc.com.
Certain statements contained in this release concerning DeVry's future performance, including those statements concerning DeVry's expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described in the Company's most recent Annual Report on Form 10-K for the year ending June 30, 2005 filed with the SEC September 13, 2005, especially in the section entitled “Forward Looking Statements” at the beginning of Part I and in the subsections of “Item 1 - Business” entitled “Competition,” “Student Recruiting,” “Accreditation and Approvals,” “Tuition and Fees,” “Financial Aid and Financing Student Education,” and “Career Services,” and “Faculty”
Source: Devry University