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CoreCivic secures contract to activate detention facility in Eden, Texas

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CoreCivic secures contract to activate detention facility in Eden, Texas

CoreCivic Inc. will activate its 1,422-bed Eden Detention Center in Eden, Texas, after landing a management contract that begins June 1.

The contract, which is part of an intergovernmental agreement between the city of Eden and the U.S. Marshals Service, has an indefinite term.

The prison real estate investment trust expects the contract to generate about $35 million to $40 million in annualized revenue, and to add 1 cent to 2 cents of normalized funds from operations per share in 2019.