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REAL ESTATE AND RELATED ASSETS | 12 Months Ended
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Dec. 31, 2023
REAL ESTATE AND RELATED ASSETS | 4. REAL ESTATE AND RELATED ASSETS At December 31, 2023, CoreCivic owned or controlled via long-term leases 68 correctional, detention, and residential reentry real estate properties, including 6 correctional properties in the Company's CoreCivic Properties segment. At December 31, 2023, 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, |
|  | 2023 |  |  | 2022 |
Land and improvements |  | $ | 237,505 |  |  | $ | 238,707 |
Buildings and improvements |  |  | 3,193,948 |  |  |  | 3,169,493 |
Equipment and software |  |  | 465,337 |  |  |  | 445,658 |
Office furniture and fixtures |  |  | 38,747 |  |  |  | 38,523 |
|  |  | 3,935,537 |  |  |  | 3,892,381 |
Less: Accumulated depreciation |  |  | (1,821,015 | ) |  |  | (1,716,283 | )
|  | $ | 2,114,522 |  |  | $ | 2,176,098 |
Depreciation expense was $126.8 million, $126.7 million, and $132.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. Nine 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, 2023 and 2022, CoreCivic had $201.6 million and $208.2 million, respectively in other real estate assets, including $134.8 million and $136.3 million, respectively, accounted for as a contract cost and $66.8 million and $71.9 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 -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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