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| CCA to Lease the North Fork Correctional Facility to the Oklahoma Department of Corrections |
| By virtual-strategy.com |
| Published: 05/06/2016 |
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NASHVILLE, Tenn., May 06, 2016 (GLOBE NEWSWIRE) -- Corrections Corporation of America (NYSE:CXW) (the “Company” or “CCA”), America's largest owner of partnership correctional, detention, and reentry facilities, announced today that it has entered into a lease for its North Fork Correctional Facility with the Oklahoma Department of Corrections. The lease agreement commences on July 1, 2016, and includes a five-year base term with unlimited two-year renewal options. The average annual rent during the five-year base term is $7.5 million, including annual rent in the fifth year of $12.0 million. After the five-year base term, the annual rent will be equal to the rent due during the prior lease year, adjusted for increases in the Consumer Price Index (CPI). CCA will be responsible for repairs and maintenance, property taxes and property insurance, while all other aspects and costs of facility operations will be the responsibility of the Oklahoma Department of Corrections. This transaction is expected to generate $0.03 per diluted share for the year ending December 31, 2016. Read More. |
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