💰 Financial Record

This document is a page from a financial memorandum detailing the corporate structure and real estate strategy of KLC (Knowledge Learning Corporation). It describes the separation of the company into an operating company (KLC OpCo) and a real estate company (KLC PropCo) in November 2005, involving the transfer of 845 Early Childhood Education (ECE) centers and significant debt restructuring including $700 million in CMBS debt. The document outlines the lease terms between the two entities and asserts KLC PropCo's status as the largest private owner of education real estate assets globally.