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Real Estate Transactions
12 Months Ended
Jun. 30, 2011
Real Estate Owned Disclosure Of Detailed Components Abstract  
REAL ESTATE TRANSACTIONS

NOTE 9:  REAL ESTATE TRANSACTIONS

 

In January 2009, DeVry bought out the lease on approximately 40 percent of the space it occupied at its DeVry University campus in Long Island City, New York. In the third quarter of fiscal year 2009, DeVry recorded a pre-tax charge of approximately $4.0 million. The charge is composed of a $2.7 million cash outlay and a non-cash charge of $1.3 million related to the write-off of leasehold improvements, net of a deferred rent credit. This loss is separately classified in the Consolidated Statements of Income as a component of Total Operating Costs and Expenses and is related to the Business, Technology and Management reportable segment.

 

In the second quarter of fiscal 2009, DeVry moved its Decatur, Georgia campus to a new leased facility.  The campus was previously located in an owned facility that is currently held as available for sale.  DeVry estimates the fair value of this property less costs to sell to be in excess of its carrying value; therefore, no impairment loss was recognized.