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REAL ESTATE AND RELATED ASSETS | 12 Months Ended
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Dec. 31, 2022
REAL ESTATE AND RELATED ASSETS | 4. REAL ESTATE AND RELATED ASSETS At December 31, 2022, CoreCivic owned 63 correctional, detention, and residential reentry real estate properties, and 8 properties leased to government agencies. At December 31, 2022, CoreCivic also managed four correctional and detention facilities owned by governmental agencies. Property and equipment, at cost, consists of the following (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Land and improvements |  | $ | 238,707 |  |  | $ | 247,525 |
Buildings and improvements |  |  | 3,115,101 |  |  |  | 3,175,090 |
Equipment and software |  |  | 445,658 |  |  |  | 436,831 |
Office furniture and fixtures |  |  | 38,523 |  |  |  | 38,256 |
Construction in progress |  |  | 54,392 |  |  |  | 43,263 |
|  |  | 3,892,381 |  |  |  | 3,940,965 |
Less: Accumulated depreciation |  |  | (1,716,283 | ) |  |  | (1,657,709 | )
|  | $ | 2,176,098 |  |  | $ | 2,283,256 |
Construction in progress primarily consists of property improvements in process. Interest is capitalized on construction in progress and amounted to $1.0 million, $0.4 million, and $0.5 million in 2022, 2021, and 2020, respectively. Depreciation expense was $126.7 million, $132.9 million, and $141.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. Ten of the facilities owned by CoreCivic are subject to options that allow various governmental agencies to purchase those facilities. Certain of these options to purchase are based on a depreciated book value while others are based on a fair market value calculation. Four of the facilities that are subject to options are accounted for in accordance with ASC 853 and are recorded in other real estate assets on the consolidated balance sheets, as further described in Note 2. As of December 31, 2022 and 2021, CoreCivic had $208.2 million and $218.9 million, respectively in other real estate assets, including $136.3 million and $140.5 million, respectively, accounted for as a contract cost and $71.9 million and $78.4 million, respectively, accounted for as costs of fulfilling the related service contract.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
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