REAL ESTATE AND RELATED ASSETS

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

At December 31, 2024, CoreCivic owned or controlled via long-term leases 65 correctional, detention, and residential reentry real estate properties, including 6 correctional properties in the Company's CoreCivic Properties segment. At December 31, 2024, 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,
	2024			2023
Land and improvements	$	240,050		$	237,505
Buildings and improvements		3,210,239			3,193,948
Equipment and software		478,134			465,337
Office furniture and fixtures		37,109			38,747
		3,965,532			3,935,537
Less: Accumulated depreciation		(1,905,508	)		(1,821,015	)
	$	2,060,024		$	2,114,522

Depreciation expense was $127.6 million, $126.8 million, and $126.7 million for the years ended December 31, 2024, 2023, and 2022, 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, 2024 and 2023, CoreCivic had $193.1 million and $201.6 million, respectively, in other real estate assets, including $132.5 million and $134.8 million, respectively, accounted for as a contract cost and $60.6 million and $66.8 million, respectively, accounted for as costs of fulfilling the related service contract.