CCA Prison Realty Trust Acquires Torrance County Dentention Facility.NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 1, 1997--CCA Prison Realty Trust (NYSE NYSE See: New York Stock Exchange : PZN PZN Pharmazentralnummer PZN Persoonlijk ZorgNetwerk (Dutch) ), a Maryland real estate investment trust, announced today it has acquired the Torrance County Detention Facility in Estancia es·tan·cia n. A large estate or cattle ranch in Spanish America. [Spanish, room, enclosure, country estate, from Vulgar Latin *stantia, something standing, from Latin , N.M. for $38.5 million. CCA (1) (Common Cryptographic Architecture) Cryptography software from IBM for MVS and DOS applications. (2) (Compatible Communications A Realty will lease the 910-bed, multi-security facility back to Corrections Corp. of America at an initial lease rate of 11%, yielding $4.2 million in annual rent. The 60,000 square foot facility houses pre-trial and pre-sentence prisoners for the U.S. Marshals Service The U.S. Marshals Service, a division of the Justice Department, is the oldest federal law enforcement agency, having served as a link between the executive and judicial branches of the government since 1789. The president appoints U.S. marshals for terms of four years. and Federal Bureau of Prisons Noun 1. Federal Bureau of Prisons - the law enforcement agency of the Justice Department that operates a nationwide system of prisons and detention facilities to incarcerate inmates sentenced to imprisonment for federal crimes BoP , as well as sentenced inmates for the New Mexico Department of Corrections and Torrance County. Corrections Corp. of America will continue to manage the facility under a ten-year, triple net lease, paying all operating expenses, taxes, insurance and other costs. In July, CCA Realty purchased ten other facilities formerly owned by Corrections Corp. of America with proceeds from an initial public offering that netted the company approximately $415 million. The latest acquisition in New Mexico was purchased with proceeds from the offering, and a draw of less than $1 million on the company's $150 million line of credit. CCA Prison Realty Trust is based in Nashville and qualifies as a real estate investment trust under the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . The company's business is to acquire and own correctional and detention facilities from both private prison managers and government entities. CCA Realty currently owns eleven facilities including five in Texas, two in Arizona, and one in Tennessee, Kansas, Ohio and New Mexico. This press release contains forward-looking statements that involve various risks and uncertainties. Actual results could differ materially from those contained in these forward-looking statements due to certain factors. These and other risks and uncertainties are detailed in the company's reports filed with the SEC. CONTACT: CCA Prison Realty Trust, Nashville Linda A. Kelley, 615/460-7452 |
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