Item 2. Properties
Item 2. Properties
Except for five campus facilities which we own, our Strayer University, Capella University, and Australia/New Zealand campus and administrative facilities are leased. The Company’s corporate headquarters is located at 2303 Dulles Station Blvd., Herndon, VA 20171. Our primary location in Minneapolis, also the headquarters for Capella University, is located at 225 South 6 th Street, Minneapolis, MN 55402. The headquarters and main campus of Strayer University is located at 1133 15 th Street NW, Washington, D.C. 20005. The headquarters of ANZ is located at Level 24, 680 George Street, Sydney, NSW, 2000 in Australia.
We evaluate current utilization of our facilities and anticipated enrollment to determine facility needs. In 2020, we opened three new Strayer University campuses. New locations in the U.S. continue to incorporate a new smaller cost-efficient design intended to service a student body that values a brick and mortar presence, even while taking an increasing number of their courses online.
Our leases generally range from five to ten years with one to two renewal options for extended terms. As of December 31, 2020, the Company leased approximately 90 campus and administrative facilities in the United States consisting of approximately 1.4 million square feet. In 2020, we reduced our leased facility footprint by approximately 115,000 square feet, primarily due to lease terms expiring and by reducing the size of existing campuses at the time of lease renewal. The facilities that we own consist of approximately 110,000 square feet.
For more information regarding our ongoing lease commitments, see Notes to Consolidated Financial Statements below.
48
Table of Contents
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.