Sallie Mae 2011 Annual Report Download - page 21

Item 2. Properties
The following table lists the principal facilities owned by us as of December 31, 2011:
Location Function Business Segment(s)
Approximate
Square Feet
Fishers, IN ......... Loan Servicing and Data Center Consumer Lending; Business Services; FFELP Loans 450,000
Newark, DE ........ Headquarters Consumer Lending; Business Services; FFELP Loans; Other 160,000
Wilkes-Barre, PA .... Loan Servicing Center Consumer Lending; Business Services; FFELP Loans 133,000
Indianapolis, IN ..... Loan Servicing Center Business Services 100,000
Big Flats, NY ....... GRC—Collections Center Business Services 60,000
Arcade, NY(1) ....... Pioneer Credit Recovery —
Collections Center Business Services 46,000
Perry, NY(1) ......... Pioneer Credit Recovery —
Collections Center Business Services 45,000
(1) In the first quarter of 2003, we entered into a ten year lease with the Wyoming County Industrial Development Authority with a
right of reversion to us for the Arcade and Perry, New York facilities.
The following table lists the principal facilities leased by us as of December 31, 2011:
Location Function Business Segment(s)
Approximate
Square Feet
Reston, VA ......... Administrative Offices Consumer Lending; Business Services; FFELP Loans; Other 90,000
Newark, DE ........ Sallie Mae —Operations Center Consumer Lending; Business Services; Other 86,000
Niles, IL ........... Collections Center Other 84,000
Newton, MA ........ Upromise Business Services 78,000
Cincinnati, OH ...... GRCHeadquarters and Collections
Center
Business Services
59,000
Muncie, IN ......... Collections Center Consumer Lending; Business Services 54,000
Moorestown, NJ ..... Pioneer Credit Recovery —
Collections Center
Business Services
30,000
White Plains, NY(1) . . . N/A N/A 26,000
Kansas City, MO .... Upromise and Campus Payment
Solutions
Business Services
21,000
Whitewater, WI(2) .... N/A N/A 16,000
Murray, UT ......... Sallie Mae Bank Consumer Lending; Business Services 10,000
(1) Space vacated in December 2009 and lease terminated in February 2012.
(2) Space vacated in September 2010; we are actively searching for subtenants or tenants.
None of the facilities that we own is encumbered by a mortgage. We believe that our headquarters, loan
servicing centers, data center, back-up facility and data management and collections centers are generally
adequate to meet our long-term student loan and business goals. Our headquarters are currently in owned space at
300 Continental Drive, Newark, Delaware, 19713. We relocated our headquarters to Newark, Delaware from
Reston, Virginia on March 31, 2011.
Item 3. Legal Proceedings
Investor Litigation
In Re SLM Corporation Securities Litigation. On January 31, 2008, a putative class action lawsuit was filed
in the U.S. District Court for the Southern District of New York alleging that the Company and certain officers
violated federal securities laws by, among other things, issuing a series of materially false and misleading
statements with respect to our financial results for year-end 2006 and the first quarter of 2007. This case and
other actions arising out of the same circumstances and alleged acts have been consolidated and are now
identified as In Re SLM Corporation Securities Litigation. The case purports to be brought on behalf of those
who acquired our common stock between January 18, 2007 and January 23, 2008. On January 24, 2012, the court
certified a class, appointed class counsel and appointed a class representative. On February 10, 2012, the parties
entered into a settlement term sheet under which we agreed to pay $35 million, which amount includes all
19