Prison Realty Trust, Inc. announced recently that its primary tenant Corrections Corporation of America has contracted with the state of Georgia for an additional 1,000 beds at the company's Coffee and Wheeler county facilities in Georgia.
It is expected that the first of 500 inmates at each facility will begin arrival in the fourth quarter of 2000. Additional annual revenues for both contracts are expected to be approximately $15 million. Total annual revenues for both contracts are expected to be in excess of $49 million. Currently, each of the 1,500-bed institutions now operates with approximately 1,000 inmates each.
'Adding these beds to our system allows these two Georgia facilities to operate at full occupancy, which means both added revenue for the company and greater savings for Georgia taxpayers,' said John F. Ferguson, CCA president and CEO.  'Plus, we are able to fulfill one of the commitments that we have made to the investment community in regard to increasing our occupancy rates.'