Scholastic signs sale-leasebacks for NYC HQ and Jefferson City facility; expects $401M net proceeds

SCHOLASTIC CORP

Net proceeds of $401M from sale-leasebacks of 555-557 Broadway (NYC) and Jefferson City distribution center.
NYC sale to Empire State Realty Trust (ESRT) for $386M gross ($327M net); 15-year lease with two 10-year extensions.
Jefferson City sale to Fortress for $95M gross ($74M net); 20-year triple net lease with two 10-year extensions.
Proceeds will be used for debt reduction and share repurchases; transactions expected to close by end of 2025.
NYC lease adds $11.2M annual expense (net of reduced operating costs); ESRT assumes retail leases that generated $11.2M rental income in FY2025.

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