AMERICAN PUBLIC EDUCATION INC 10-K

ITEM 2. PROPERTIES APEI and APUS together operate administrative facilities in Charles Town, West Virginia, which also serves as our corporate headquarters, and Ranson, West Virginia. These facilities comprise four owned facilities totaling approximately 60,000 square feet. APEI’s administrative offices also include approximately 3,100 square feet of leased space in Fort Lauderdale, Florida, under a lease that expires in January 2029. Excess real property located in Charles Town, West Virginia, totaling approximately 151,000 square feet, classified as assets held for sale as of December 31, 2024, was sold in June 2025. For additional details regarding assets held for sale, please refer to “Note 5. Assets Held For Sale” included in our Consolidated Financial Statements. RU leases 18 campuses located across five states. Not included in these counts are the Green Bay, Wisconsin, campus that was closed effective December 31, 2025 and the Wausau, Wisconsin, campus which RU intends to close on December 31, 2026. The 18 campuses include a total of approximately 500,000 square feet combined. Prior to October 31, 2025, RU leased administrative office space in Minneapolis, Minnesota. HCN leases an administrative office located in suburban Columbus, Ohio, and leases eight campuses located in three states. This administrative office and campuses include a total of approximately 228,000 square feet combined. RU and HCN lease terms and extension options vary by location with expiration dates ranging from 2026 to 2034. We believe our existing facilities are in good operating condition and are adequate and suitable for the conduct of our business. ITEM 3. LEGAL PROCEEDINGS 80 From time to time, we have been and may be involved in various legal proceedings. We currently have no material legal proceedings pending. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II