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LEASES | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
LEASES | 4. LEASES Lessee As further described in Note 2, CoreCivic accounts for leases in accordance with ASC 842. CoreCivic leases land and buildings from third-party lessors for multiple properties under operating leases that expire over varying dates through 2032. The ROU asset related to these leases amounted to $137.0 million and $42.4 million at December 31, 2025 and 2024, respectively, while the current portion of the lease liability amounted to $23.8 million and $3.3 million and the long-term portion of the liability amounted to $100.1 million and $17.7 million at December 31, 2025 and 2024, respectively. As of December 31, 2025, the weighted-average lease term of the operating leases was 4.3 years, and the weighted average discount rate associated with the operating leases was 6.8%. The Company received notification from ICE of its intent to terminate an intergovernmental service agreement ("IGSA") for services at the 2,400-bed Dilley Facility in Dilley, Texas effective August 9, 2024, after nearly ten years of operation. CoreCivic leased the Dilley Facility and the site upon which it was constructed from a third-party lessor. CoreCivic's lease agreement with the third-party lessor was over a base period concurrent with the IGSA with ICE and provided CoreCivic with the ability to terminate the lease with a notification period of at least 60 days if ICE terminated the IGSA. Upon being notified by ICE of its intent to terminate funding of the IGSA at the Dilley Facility, CoreCivic provided notice to the third-party lessor of its intent to terminate the lease agreement effective August 9, 2024. In accordance with ASC 842, in the second quarter of 2024, CoreCivic remeasured the lease liability and recorded a corresponding adjustment of $57.0 million to the associated right of use asset to reflect the reduction to the lease term. Given the lease termination, as of December 31, 2024, there were no balances remaining associated with a ROU asset or lease liability for the Dilley Facility site. On March 5, 2025, CoreCivic announced that it had agreed under an amendment to the IGSA discussed above to resume operations and care for up to 2,400 individuals at the Dilley Facility. The amended IGSA expires in March 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment in accordance with a graduated schedule during the first six months, subject to acceleration, to correlate with the activation of the five neighborhoods within the facility, each designed to accommodate up to 480 individuals. ICE's termination rights permit ICE to terminate the amended IGSA for convenience or non-appropriation of funds without penalty by providing CoreCivic with at least a 60-day prior notice. Simultaneously, the Company entered into a new operating lease agreement with the same third-party lessor over a period co-terminus with the term of the IGSA. The new lease also contains a graduated lease rate over the first six months consistent with the IGSA to correlate with the activation of the five neighborhoods within the facility. As a result, in the first quarter of 2025, CoreCivic recorded the establishment of a ROU asset and liability in accordance with ASC 842 amounting to $116.9 million to reflect the new lease associated with the Dilley Facility, which is included in other assets in the accompanying consolidated balance sheet as of December 31, 2025. The new lease agreement provides CoreCivic with the ability to terminate the lease if ICE terminates the amended IGSA associated with the Dilley Facility upon at least a 60-day prior notice. The expense incurred for all operating leases, inclusive of short-term and variable leases, but exclusive of the non-lease food services component of the Dilley lease, was $28.8 million, $20.9 million, and $34.2 million for the years ended December 31, 2025, 2024, and 2023, respectively. The cash payments for operating leases are reflected as cash flows from operating activities on the accompanying consolidated statements of cash flows and cash payments for financing leases are reflected as cash flows from financing activities. Future minimum lease payments as of December 31, 2025 for the Company's operating lease liabilities are as follows (in thousands):
2026 |  | $ | 33,668 |
2027 |  |  | 33,134 |
2028 |  |  | 32,685 |
2029 |  |  | 32,215 |
2030 |  |  | 7,966 |
Thereafter |  |  | 3,347 |
Total future minimum lease payments |  |  | 143,015 |
Less amount representing interest |  |  | (19,077 | )
Total present value of minimum lease payments |  | $ | 123,938 |
Lessor Through its CoreCivic Properties segment, as of December 31, 2025, the Company owned $161.7 million in property and equipment at five properties, four of which are currently leased to government agencies under operating and finance leases that expire over varying dates through 2040 and some of which contain renewal options. In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Lease incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. Future minimum lease payments to be received from third-party lessees as of December 31, 2025 for the Company's operating leases are as follows (in thousands):
2026 |  | $ | 16,213 |
2027 |  |  | 15,668 |
2028 |  |  | 12,004 |
2029 |  |  | 12,308 |
2030 |  |  | 10,279 |
Thereafter |  |  | 4,000 |
Financing Leasing Transactions On January 24, 2018, CoreCivic entered into a 20-year lease agreement with the Kansas Department of Corrections ("KDOC") for a 2,432-bed correctional facility to be constructed by the Company in Lansing, Kansas. The new facility, reported in the Company's CoreCivic Properties segment, replaced the Lansing Correctional Facility, Kansas' largest correctional complex for adult male inmates, originally constructed in 1863. CoreCivic will be responsible for facility maintenance throughout the 20-year term of the lease, at which time ownership will revert to the state of Kansas. Construction of the facility commenced in the first quarter of 2018, and construction was completed in January 2020, at which time the lease commenced. CoreCivic accounts for the lease with the KDOC partially as a financing receivable under ASC 842, with the remaining portion of the lease payments attributable to maintenance services and capital expenditures as revenue streams under ASC 606. As of December 31, 2025 and 2024, the financing receivable was $131.2 million an d $135.3 million, respectively, included in Other Assets on the consolidated balance sheets. For the years ended December 31, 2025, 2024 and 2023, the Lansing Correctional Facility generate d $2.6 million, $2.7 million, and $2.6 million, respectively, of revenue associated with the non-lease services components of the arrangement, and $8.1 million, $8.3 million, and $8.5 million of interest income, respectively. Future minimum lease payments to be received from the third-party lessee as of December 31, 2025 for the Company's finance lease is as follows (in thousands):
2026 |  | $ | 16,804 |
2027 |  |  | 17,130 |
2028 |  |  | 17,462 |
2029 |  |  | 17,801 |
2030 |  |  | 18,146 |
Thereafter |  |  | 181,810 |
Total future minimum lease payments to be received |  |  | 269,153 |
Less amount representing interest |  |  | (67,831 | )
Less amount representing maintenance services and capital expenditures |  |  | (70,122 | )
Total present value of minimum lease payments to be received |  | $ | 131,200 |

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