CoreCivic Investor Presentation Q4 2020
Calculation of FFO, Normalized FFO and AFFO
($ in thousands, except per share amounts)
December 31,
2020
September 30,
2020
For the Three Months Ended
June 30,
March 31,
2020
2020
December 31,
2019
Net income (loss)
($26,803)
$26,717
$22,186
Depreciation and amortization of real estate assets
27,447
28,249
28,244
$33,238
28,106
$41,974
27,036
Impairment of real estate assets
4,225
9,750
405
Loss (gain) on sale of real estate assets, net of taxes
17,943
(1,570)
(2,818)
Funds From Operations
$22,812
$53,396
$57,362
$61,749
$69,010
Expenses associated with debt repayments and refinancing transactions
7,141
602
Expenses associated with mergers and acquisitions
338
175
Contingent consideration for acquisition of businesses
Expenses associated with COVID-19
Expenses associated with changes in corporate tax structure
Deferred tax expense on Kansas lease structure
620
2,792
195
2,820
4,698
8,165
347
3,085
I
I
I
I
Start-up expenses
I
Goodwill and other impairments
43,345
805
1,967
131
Normalized Funds From Operations
$76,285
$62,339
$67,841
$65,303
$69,787
Maintenance capital expenditures on real estate assets
(12,375)
(9,785)
(5,691)
(2,619)
(7,814)
Stock-based compensation
4,253
4,082
4,319
4,610
4,552
Amortization of debt costs
1,383
1,396
1,384
1,356
785
Other non-cash revenue and expenses
1,258
1,241
1,469
1,657
1,648
Adjusted Funds From Operations
$70,804
$59,273
$69,322
$70,307
$68,958
Funds from operations per diluted share
$0.19
$0.44
$0.47
$0.51
$0.58
Normalized funds from operations per diluted share
$0.63
$0.52
$0.56
$0.54
$0.59
Adjusted funds from operations per diluted share
$0.58
$0.49
$0.57
$0.58
$0.58
28View entire presentation