CoreCivic Publicizes the Sale of 42 Non-Core Authorities Leased Properties for $106.5 Million NYSE:CXW

BRENTWOOD, Tenn., Dec. 23, 2020 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the “Firm”) introduced immediately that following an intensive and ongoing advertising and marketing course of for the proposed sale of sure non-core actual property belongings in its CoreCivic Properties phase, it closed on the sale of 42 of its non-core authorities leased properties to a 3rd occasion for an combination buy worth of $106.5 million. The belongings offered represented roughly 573,000 gross rentable sq. toes and are anticipated to generate approximate internet proceeds of $27.zero million, following reimbursement of non-recourse mortgage notes related to a few of the properties and different transaction-related prices. Web money proceeds shall be utilized to repay borrowings underneath the Firm’s revolving credit score facility.

“We’re happy with the constructive market response we now have seen all through the advertising and marketing means of our non-core authorities leased properties, and immediately’s closing announcement is a constructive preliminary step within the course of to recycle capital in direction of increased returning alternatives,” stated Damon Hininger, CoreCivic’s President and Chief Govt Officer. “The remaining non-core belongings we’re evaluating on the market are considerably bigger by way of gross rentable sq. toes, each individually and in combination, and we stay optimistic in our prospects for consummating extra gross sales.”

The Firm’s unique buy worth for the 42 properties offered was $98.7 million. Subsequent to the shut of the transaction, the CoreCivic Properties portfolio consists of 15 properties representing 2.7 million sq. toes, together with 5 non-core authorities leased properties representing 1.1 million gross rentable sq. toes. Along with the CoreCivic Properties portfolio, CoreCivic operates 48 correctional and detention amenities, 42 of which it owns, with a complete design capability of roughly 71,000 beds, and 27 residential reentry facilities with a complete design capability of roughly 5,000 beds.

About CoreCivic

The Firm is a diversified authorities options firm with the dimensions and expertise wanted to resolve powerful authorities challenges in versatile, cost-effective methods. We offer a broad vary of options to authorities companions that serve the general public good via corrections and detention administration, a community of residential reentry facilities to assist deal with America’s recidivism disaster, and authorities actual property options. We’re a publicly traded actual property funding belief and the nation’s largest proprietor of partnership correctional, detention and residential reentry amenities. We additionally consider we’re the biggest non-public proprietor of actual property utilized by U.S. authorities companies. The Firm has been a versatile and reliable companion for presidency for greater than 35 years. Our workers are pushed by a deep sense of service, excessive requirements of professionalism and a duty to assist authorities higher the general public good. Be taught extra at http://www.corecivic.com/.

Ahead-Trying Statements

This press launch accommodates statements as to our beliefs and expectations of the end result of future occasions which might be “forward-looking” statements inside the that means of Part 21E of the Securities Alternate Act of 1934, as amended, and the Non-public Securities Litigation Reform Act of 1995. These forward-looking statements are topic to dangers and uncertainties that might trigger precise outcomes to vary materially from the statements made. These embrace, however usually are not restricted to, the dangers and uncertainties related to: (i) adjustments in authorities coverage, laws and rules that have an effect on utilization of the non-public sector for corrections, detention, and residential reentry providers, normally, or our enterprise, specifically, together with, however not restricted to, the continued utilization of the South Texas Household Residential Middle by Immigration and Customs Enforcement underneath phrases of the present contract, and the influence of any adjustments to immigration reform and sentencing legal guidelines (our firm doesn’t, underneath longstanding coverage, foyer for or in opposition to insurance policies or laws that will decide the premise for, or period of, a person’s incarceration or detention); (ii) our capability to acquire and keep correctional, detention, and residential reentry facility administration contracts due to causes together with, however not restricted to, adequate governmental appropriations, contract compliance, destructive publicity and results of inmate disturbances; (iii) adjustments within the privatization of the corrections and detention business, the acceptance of our providers, the timing of the opening of recent amenities and the graduation of recent administration contracts (together with the extent and tempo at which new contracts are utilized), in addition to our capability to make the most of accessible beds; (iv) common financial and market circumstances, together with, however not restricted to, the influence governmental budgets can have on our contract renewals and renegotiations, per diem charges, and occupancy; (v) fluctuations in our working outcomes due to, amongst different issues, adjustments in occupancy ranges, competitors, contract renegotiations or terminations, will increase in prices of operations, fluctuations in rates of interest and dangers of operations; (vi) the period of the federal authorities’s denial of entry at the USA southern border to asylum-seekers and anybody crossing the southern border with out correct documentation or authority in an effort to comprise the unfold of COVID-19; (vii) authorities and employees responses to employees or residents testing constructive for COVID-19 inside private and non-private correctional, detention and reentry amenities, together with the amenities we function; (viii) the placement and period of shelter in place orders and different restrictions related to COVID-19 that disrupt the prison justice system, together with authorities insurance policies on prosecutions and newly ordered authorized restrictions that have an effect on the variety of individuals positioned in correctional, detention, and reentry amenities; (ix) whether or not revoking our REIT election and our revised capital allocation technique might be applied in a value efficient method that gives the anticipated advantages, together with facilitating our deliberate debt discount initiative and deliberate return of capital to shareholders; (x) our capability to establish and consummate the sale of extra non-core belongings at enticing costs; (xi) our capability to efficiently establish and consummate future improvement and acquisition alternatives and our capability to efficiently combine the operations of our accomplished acquisitions and understand projected returns ensuing therefrom; (xii) our capability, following the revocation of our REIT election, to establish and provoke service alternatives that have been unavailable underneath the REIT construction; (xiii) our capability to satisfy and keep qualification for taxation as a REIT for the years the Firm elected REIT standing; and (xiv) the provision of debt and fairness financing on phrases which might be favorable to us, or in any respect. Different elements that might trigger working and monetary outcomes to vary are described within the filings we make once in a while with the Securities and Alternate Fee.

CoreCivic takes no duty for updating the knowledge contained on this press launch following the date hereof to replicate occasions or circumstances occurring after the date hereof or the incidence of unanticipated occasions or for any adjustments or modifications made to this press launch or the knowledge contained herein by any third-parties, together with, however not restricted to, any wire or web providers.

Contact: Traders: Cameron Hopewell – Managing Director, Investor Relations – (615) 263-3024
  Media: Steve Owen – Vice President, Communications – (615) 263-3107

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