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Editor s note: This article has been corrected. The Northeast Ohio Correctional Center will not be empty after the contract with the federal government ends.
What happened
Shares of prison operator
CoreCivic (NYSE:CXW) fell as much as 13% on Feb. 26. The primary cause appears to be a business update provided by the real estate investment trust (REIT) after the market closed on Feb. 25. It wasn t good news, but there are bigger implications to consider here.
So what
The specific news that caused investors to push CoreCivic s stock lower was that it entered into a 90-day extension with the U.S. Marshals Service for its 2,016-bed Northeast Ohio Correctional Center. After the 90-day extension is up, however, the REIT does not expect further renewals of the contract. The Marshals Service currently houses roughly 800 federal detainees at
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
CoreCivic Expects the Contract with the United States Marshals Service at the Northeast Ohio .
CoreCivic, Inc.February 25, 2021 GMT
BRENTWOOD, Tenn., Feb. 25, 2021 (GLOBE NEWSWIRE) CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that, effective March 1, 2021, it has entered into a 90-day contract extension with the United States Marshals Service (“USMS”) at the Company’s 2,016-bed Northeast Ohio Correctional Center. The USMS has notified the Company that it does not anticipate extending the contract following the 90-day extension.
While the Company is not currently aware of alternative locations where the USMS can house the approximately 800 federal detainees currently located at the Northeast Ohio facility, President Biden recently issued an executive order directing the Department of Justice not to renew contracts with privately operated criminal detention facilitie