Tuesday, July 07, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Asset Sale. CoreCivic sold two detention facilities— the 2,560-bed California City Detention Facility in California City, California, and the 1,994-bed Otay Mesa Detention Facility in San Diego-to the U.S. Government for gross proceeds of $1.5 billion or approximately $1.1 billion in net proceeds. Significantly, CoreCivic expects to continue to manage both facilities under existing management contracts with ICE.
Value Validation. Cal City sold for $286,172 per bed and Otay Mesa for $370,712 per bed. Even acknowledging a “California premium,” the facilities sold significantly above previous sales of detention facilities on a per-bed basis, confirming our long-standing thesis that the Company’s assets are worth well in excess of what the market is giving the Company credit for.
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