---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-23-000968"
form_type: "8-K"
ticker: "EDUC"
cik: "0000031667"
company_name: "EDUCATIONAL DEVELOPMENT CORP"
filed_at: "2023-09-13T23:59:59+00:00"
generated_at: "2026-06-10T19:33:21.446626+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# EDC sells former headquarters for $5.1M in sale-leaseback; proceeds to reduce term loan debt

## Summary
- Sale price $5,100,000 for property at 10302 E 55th Pl, Tulsa (104,875 rentable sq ft).
- Closing expected on or before October 25, 2023; buyer MA Temple Investments LLC.
- Post-closing, EDC will lease back the entire building for 3 years at $4/sqft, 3% annual escalation.
- All net cash proceeds applied to pay down outstanding Term Loans under credit agreement.
- CEO Craig White says interest savings on reduced borrowing will exceed monthly lease payments.

## SEC filing metadata
- accession: 0001185185-23-000968
- form_type: 8-K
- ticker: EDUC
- cik: 0000031667
- company_name: EDUCATIONAL DEVELOPMENT CORP
- filed_at: 2023-09-13T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/31667/000118518523000968/0001185185-23-000968-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/31667/000118518523000968/edc20230913_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-23-000968
- JSON: https://secwatch.observer/filing/0001185185-23-000968.json
- Plain text: https://secwatch.observer/filing/0001185185-23-000968.txt

## Key facts
- Material Agreements
  EDUCATIONAL DEVELOPMENT CORP entered into Contract of Sale of Real Estate with MA Temple Investments LLC valued at Sale price of $5,100,000. Initial lease rate $4.00 per rentable square foot, with 3% annual escalati (effective 2023-09-11).
  - Action: entry
  - Counterparty: MA Temple Investments LLC
  - Value: Sale price of $5,100,000. Initial lease rate $4.00 per rentable square foot, with 3% annual escalati
  - Effective: 2023-09-11
  source text: Effective September 11, 2023, Educational Development Corporation (the "Company" or "Seller") entered into a Contract of Sale of Real Estate ("Sale Agreement") with MA Temple Investments LLC (the "Buyer"), for the sale of the Company's property located at 10302 East 55 th Place, Tulsa, Oklahoma 74146 consisting of 104,875 rentable square feet on approximately 3.5 acres.
  evidence_url: https://www.sec.gov/Archives/edgar/data/31667/000118518523000968/0001185185-23-000968-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.