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Shareholder Letter
Revenue for the full year increased 3.4% to $1.96 billion, with increases across all partner types - Federal, State and Local. Net income increased to $68.9 million in 2024 from $67.6 million in 2023, and our 2024 Normalized Funds from Operations increased 13% to $190 million and 16% on a per share basis, to $1.70. The increase in Normalized Funds From Operations was supported by an improving operating environment, including higher facility occupancy and per diem levels at many facilities, as well as strong cost management. Our reduced reliance on temporary labor and labor incentives made a significant difference at facilities such as our 3,060-bed La Palma Correctional Center, which is our second largest facility.
https://ir.corecivic.com/static-files/e3725fbb-67d7-49fc-b0b9-ed30e70e47cf
Annual Report
https://ir.corecivic.com/static-files/0e4bbc4e-b885-4f3f-a957-6c1f071bfb17
FAQ
Is CoreCivic a publicly-traded company?
Yes, the company’s stock is publicly traded on the New York Stock Exchange under the trading symbol “CXW” and is included in the indices:
- S&P 600 Small-Cap Index
- Russell 1000 Index
Is CoreCivic a Real Estate Investment Trust (REIT)?
No, CoreCivic was previously a REIT effective January 1, 2013, through December 31, 2020. Effective January 1, 2021, CoreCivic is no longer a Real Estate Investment Trust for the purposes of its federal tax election and is a traditional, taxable C-Corporation.
When did CoreCivic stock begin trading publicly?
CoreCivic’s initial public offering was in October 1986 on the NASDAQ under the symbol CCAX. The initial number of shares issued was 2 million at a price of $9.00 per share. In December 1994 CoreCivic changed its listing from the NASDAQ to the New York Stock Exchange under the symbol CXC. In July 1997 Prison Realty Trust was formed and began trading as a REIT on the NYSE under the symbol PZN, and in January 1999, all shares of CoreCivic common stock converted to PZN at 0.875 shares of PZN for each share of CXC. In October 2000, PZN recombined with CoreCivic, then operating under the corporate name Corrections Corporation of America, to become a single operating company. The new company reassumed the name Corrections Corporation of America, now CoreCivic, converted back to a C-corporation and began trading on the NYSE under the symbol CXW.