Movers and SHAKERS
CoreCivic, Inc. (CXW)
Sale of 42 Non-Core Properties Yields $27 million for Debt Reduction
CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sale. Yesterday after the market closed, CoreCivic announced the sale of 42 non-core government properties, representing 573,000 gross rentable square feet, for $106.5 million. The Company had originally purchased these properties for $98.7 million. CoreCivic will use the $27 million of net proceeds, after repayment of non-recourse debt related to the portfolio, to repay borrowings under the Company's revolving credit facility.
And More Still To Go. CoreCivic still has five additional non-core government properties, representing some 1.1 million of gross rentable square feet, that are being marketed. We remain confident the additional properties could generate $120 million of net cash, after repayment of non-recourse debt. Again, we expect any net proceeds to be used to reduce outstanding debt, as per the Company's ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.