CoreCivic launches $500M ASR, raises 2026 EPS view

CoreCivic, Inc. entered into an accelerated share repurchase (ASR) agreement with a financial institution to repurchase $500 million of common stock as part of its expanded share repurchase program, which has total capacity of $755.8 million.

Rhea-AI Filing Summary

CoreCivic, Inc. entered into an accelerated share repurchase (ASR) agreement with a financial institution to repurchase $500 million of common stock as part of its expanded share repurchase program, which has total capacity of $755.8 million. After completion of the ASR, approximately $255.8 million of authorization is expected to remain. CoreCivic will pay $500 million to the dealer on August 10, 2026 and expects an initial delivery of about 12.4 million shares, with the final share count based on the volume-weighted average price over the ASR term, less a discount. Final settlement is scheduled before the end of the second quarter of 2027 and may require additional share or cash exchanges between the parties.

The company also updated full-year 2026 guidance to reflect the ASR’s impact, including reduced interest income and fewer weighted-average shares. Updated ranges include net income of $1.492 billion–$1.511 billion, adjusted net income of $157.0 million–$165.0 million, diluted EPS of $15.62–$15.82, adjusted diluted EPS of $1.64–$1.73, FFO per diluted share of $2.66–$2.75, normalized FFO per diluted share of $2.68–$2.77, EBITDA of $2.216 billion–$2.236 billion, and adjusted EBITDA of $434.5 million–$439.5 million.

Positive

• $500 million accelerated share repurchase signals a substantial return of capital and immediate reduction in share count through an initial delivery of about 12.4 million shares.
• Updated 2026 guidance increases diluted EPS to $15.62–$15.82 and FFO per diluted share to $2.66–$2.75, reflecting the earnings impact of a lower share base.

Negative

• Full-year 2026 guidance for net income and adjusted net income is modestly reduced to $1.492–$1.511 billion and $157.0–$165.0 million, partly due to lower interest income after deploying $500 million of cash.
• Updated 2026 adjusted EBITDA guidance is slightly lower at $434.5–$439.5 million, indicating a small reduction in expected operating performance after the ASR funding changes.

8-K Event Classification

3 items: 7.01, 8.01, 9.01

3 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

ASR Size: $500 million Initial ASR Shares: 12.4 million shares Repurchase Program Capacity: $755.8 million +5 more

8 metrics

ASR Size $500 million Aggregate common stock repurchase under the accelerated share repurchase agreement

Initial ASR Shares 12.4 million shares Approximate initial delivery of common stock from the dealer under the ASR

Repurchase Program Capacity $755.8 million Total capacity under the expanded share repurchase program

Remaining Authorization $255.8 million Expected share repurchase authorization remaining after completion of the ASR

2026 Net Income Guidance $1.492–$1.511 billion Updated full-year 2026 net income guidance range

2026 Diluted EPS Guidance $15.62–$15.82 Updated full-year 2026 diluted EPS guidance range

2026 Adjusted EBITDA Guidance $434.5–$439.5 million Updated full-year 2026 adjusted EBITDA guidance range

2026 FFO per Diluted Share $2.66–$2.75 Updated full-year 2026 FFO per diluted share guidance range

Key Terms

accelerated share repurchase, volume-weighted average price, Funds From Operations, Normalized Funds From Operations, +2 more

6 terms

accelerated share repurchase financial

"entered into an accelerated share repurchase agreement (the “ASR Agreement”)"

An accelerated share repurchase is a deal where a company hires a bank to buy back a large block of its own stock immediately on the open market, with the bank later settling the exact number of shares over time. For investors it matters because the immediate reduction in shares outstanding can raise per‑share earnings and often supports the stock price, but it also uses company cash or borrowing and can change liquidity and future growth funding.

volume-weighted average price financial

"based on the average of the daily volume-weighted average price of the Common Stock"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

Funds From Operations financial

"Funds From Operations | | $ | 253,713 | | | $ | 262,713"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Normalized Funds From Operations financial

"Normalized Funds From Operations | | $ | 256,000 | | | $ | 265,000"

Normalized funds from operations is an adjusted measure of a real estate company's recurring cash flow that removes one-time or unusual gains, losses and accounting quirks so investors see the business’s steady earning power. Think of it as a household budget that strips out one-off expenses and windfalls to reveal what money is reliably available for paying dividends or reinvesting. It matters because it gives a clearer picture of sustainable payout capacity and underlying operating performance than raw accounting figures.

Adjusted EBITDA financial

"Adjusted EBITDA | | $ | 434,476 | | | $ | 439,526"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP financial measures financial

"Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO ... are non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Offering Details

other · $500 million

Offering

Offering Type other

Securities Offered Common stock repurchased via accelerated share repurchase agreement

Offering Amount $500 million

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What accelerated share repurchase did CoreCivic (CXW) announce?

CoreCivic entered into an accelerated share repurchase (ASR) with a dealer to buy back $500 million of common stock under its expanded repurchase program, funded by a $500 million cash payment on August 10, 2026.

How many CoreCivic (CXW) shares are initially delivered under the ASR?

CoreCivic expects an initial delivery of approximately 12.4 million shares of common stock. The final number of shares repurchased will depend on the volume-weighted average price during the ASR term, less a discount and subject to adjustments.

When will CoreCivic’s $500 million ASR settle?

Final settlement of the CoreCivic $500 million ASR is scheduled before the end of the second quarter of 2027. At settlement, either the dealer or the company may deliver additional shares or cash, depending on price performance and ASR terms.

What is CoreCivic’s updated 2026 net income guidance (CXW)?

CoreCivic now guides 2026 net income to $1.492 billion–$1.511 billion. This reflects the projected impact of the ASR, including lower interest income from using $500 million of cash and the resulting changes to per-share metrics.

How did CoreCivic’s 2026 EPS guidance change after the ASR?

CoreCivic’s 2026 diluted EPS guidance increased to $15.62–$15.82, and adjusted diluted EPS to $1.64–$1.73. The company cites fewer weighted-average shares outstanding and reduced interest income as key drivers of these updated per-share ranges.

What are CoreCivic’s 2026 FFO and EBITDA guidance ranges?

For 2026, CoreCivic projects FFO of $253.713–$262.713 million and normalized FFO of $256.0–$265.0 million, with EBITDA of $2.216–$2.236 billion and adjusted EBITDA of $434.476–$439.526 million, reflecting ASR-related adjustments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/10/2026 - 08:15 AM EDT Learn about SEC filing dates

false 0001070985 0001070985 2026-08-07 2026-08-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2026

CoreCivic, Inc.

(Exact name of registrant as specified in its charter)

Maryland		001-16109		62-1763875
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

5501 Virginia Way, Brentwood, Tennessee		37027
(Address of principal executive offices)		(Zip Code)

(615) 263-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		CXW		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure

On August 10, 2026, CoreCivic, Inc., a Maryland corporation (the “Company”) issued a press release announcing the ASR Agreement and updating full-year guidance for 2026, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K (“Form 8-K”) and is incorporated herein by reference.

Item 8.01. Other Events.

On August 7, 2026, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with a financial institution (the “Dealer”). Under the ASR Agreement, the Company will repurchase an aggregate of $500.0 million of the Company’s common stock, par value $0.01 per share (the “Common Stock”) as part of its existing capacity of $755.8 million under the Company’s recently announced expanded share repurchase program, which was approved by the Company’s Board of Directors on August 4, 2026. Upon completion of the ASR Agreement, the Company anticipates that approximately $255.8 million of share repurchase authorization will remain available under the Company’s existing share repurchase program.

The Company will make a payment of $500 million to the Dealer on August 10, 2026 and expects to receive an initial delivery of approximately 12.4 million shares of Common Stock from the Dealer, pursuant to the ASR Agreement. The final number of shares to be repurchased by the Company will be based on the average of the daily volume-weighted average price of the Common Stock during the term of the ASR Agreement, less a discount and subject to adjustments pursuant to the ASR Agreement. At settlement, the Dealer may be required to deliver additional shares of Common Stock to the Company, or under certain circumstances, the Company may be required to deliver shares of Common Stock or to make a cash payment, at its election, to the Dealer. The final settlement of the transaction under the ASR Agreement is scheduled to occur prior to the end of the second quarter of 2027.

Cautionary Statement Regarding Forward-Looking Statements

This Form 8-K contains statements as to the Company’s beliefs and expectations of the outcome of future events that are “forward-looking” statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding the ASR Agreement, the Company’s funding of the transactions contemplated by the ASR Agreement, and the Company’s expectations regarding the financial impact resulting from the transactions contemplated by the ASR Agreement. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or the Company’s business, in particular, including, but not limited to, the continued utilization of the Company’s correctional and detention facilities by the federal government as a consequence of presidential executive orders, changes in how the federal government, including ICE, elects to use the Company’s detention capacity or otherwise procures alternative detention capacity, and the impact of any changes to immigration reform and sentencing laws (the Company does not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) the Company’s ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of the Company’s services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as the Company’s ability to utilize available beds; (iv) the Company’s ability to successfully activate idle facilities in a timely manner in order to meet the growth in demand for the Company’s facilities and services from the federal government that has occurred as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom; (v) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on the Company’s contract renewals and renegotiations, per diem rates, and occupancy; (vi) fluctuations in the Company’s operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations including as a result of a change in facility ownership; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations; (vii) government budget uncertainty, the impact of debt ceilings and government shutdowns, including partial shutdowns, and changing budget priorities; (viii) the Company’s ability to successfully identify and consummate future development and acquisition opportunities, integrate their operations, and realize projected returns resulting therefrom; (ix) the availability of debt and equity financing on terms that are favorable to us, or at all and (x) the Company’s ability to successfully consummate the sales of additional company-owned assets, including the potential sale of additional facilities to ICE, on a timely basis and on commercially favorable terms. Other factors that could cause operating and financial results to differ are described in the filings the Company makes from time to time with the Securities and Exchange Commission.

The Company takes no responsibility for updating the information contained in this Form 8-K following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events, except as may be required by law.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

99.1		Press Release dated August 10, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 10, 2026				CORECIVIC, INC.
				By:		/s/ David M. Garfinkle
						David M. Garfinkle
						Executive Vice President and Chief Financial Officer

Exhibit 99.1

News Release   

Contact: Investors: Jeb Bachmann - Managing Director, Investor Relations - (615) 263-3024 Media: Steve Owen - Vice President, Communications - (615) 263-3107

CORECIVIC ANNOUNCES $500 MILLION ACCELERATED SHARE REPURCHASE AGREEMENT

BRENTWOOD, Tenn. – August 10, 2026 – CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today that is has entered into an accelerated share repurchase agreement (“ASR Agreement”) with a financial institution (“Dealer”) to repurchase $500 million of the Company’s common stock, par value $0.01 per share (the “Common Stock”), as part of its existing capacity of $755.8 million under the Company’s recently announced expanded share repurchase program, which was approved by the Company’s Board of Directors on August 4, 2026. Upon completion of the ASR Agreement, the Company anticipates that approximately $255.8 million of share repurchase authorization will remain available under the Company’s existing share repurchase program.

The Company will make a payment of $500 million to the Dealer on August 10, 2026, and expects to receive an initial delivery of approximately 12.4 million shares of Common Stock from the Dealer, pursuant to the ASR Agreement. The final number of shares to be repurchased by the Company will be based on the average of the daily volume-weighted average price of the Common Stock during the term of the ASR Agreement, less a discount and subject to adjustments pursuant to the ASR Agreement. At settlement, the Dealer may be required to deliver additional shares of Common Stock to the Company, or under certain circumstances, the Company may be required to deliver shares of Common Stock or to make a cash payment, at its election, to the Dealer. The final settlement of the transaction under the ASR Agreement is scheduled to occur prior to the end of the second quarter of 2027.

2026 Revised Financial Guidance

As a result of the execution of the ASR Agreement, the Company is providing the following updated financial guidance for the full year 2026:

		Updated Guidance Full Year 2026		Prior Full Year 2026 Guidance Issued August 5, 2026
Ø Net income		$1.492 billion to $1.511 billion		$1.497 billion to $1.516 billion
Ø Adjusted Net Income		$157.0 million to $165.0 million		$161.5 million to $169.5 million
Ø Diluted EPS		$15.62 to $15.82		$15.00 to $15.20
Ø Adjusted Diluted EPS		$1.64 to $1.73		$1.62 to $1.70
Ø FFO per diluted share		$2.66 to $2.75		$2.59 to $2.68
Ø Normalized FFO per diluted share		$2.68 to $2.77		$2.61 to $2.70
Ø EBITDA		$2.216 billion to $2.236 billion		$2.222 billion to $2.242 billion
Ø Adjusted EBITDA		$434.5 million to $439.5 million		$440.5 million to $445.5 million

5501 Virginia Way, Brentwood, Tennessee 37027, Phone: 615-263-3000

The updated guidance reflects the Company’s current expectations for the financial impact from the ASR Agreement, which includes the expected initial delivery of approximately 12.4 million shares, a reduction to interest income as a result of the deployment of $500 million of cash on hand pursuant to the ASR Agreement, and the corresponding impact on per share results from the reduction in weighted average shares outstanding.

About CoreCivic

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. CoreCivic provides a broad range of solutions to government partners that help build safer, healthier, and more productive communities one person at a time through residential corrections, detention, and reentry management, complementary service offerings to the corrections industry that include pharmaceutical, transportation, and alternatives to incarceration, and government real estate solutions. CoreCivic is the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest operators of such facilities in the United States. CoreCivic has been a flexible and dependable partner for government for more than 40 years. CoreCivic’s employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding the Company’s recently announced expanded share repurchase program, the Company’s funding of the transactions contemplated by the ASR Agreement, the Company’s expectations regarding the financial impact resulting from the transactions contemplated by the ASR Agreement and the Company’s 2026 financial performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government as a consequence of presidential executive orders, changes in how the federal government, including ICE, elects to use our detention capacity or otherwise procures alternative detention capacity, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) our ability to successfully

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activate idle facilities in a timely manner in order to meet the growth in demand for our facilities and services from the federal government that has occurred as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom; (v) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (vi) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations including as a result of a change in facility ownership; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations; (vii) government budget uncertainty, the impact of debt ceilings and government shutdowns, including partial shutdowns, and changing budget priorities; (viii) our ability to successfully identify and consummate future development and acquisition opportunities, integrate their operations, and realize projected returns resulting therefrom; (ix) the availability of debt and equity financing on terms that are favorable to us, or at all and (x) our ability to successfully consummate the sales of additional company-owned assets, including the potential sale of additional facilities to ICE, on a timely basis and on commercially favorable terms. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.

###

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CORECIVIC, INC. AND SUBSIDIARIES

SUPPLEMENTAL FINANCIAL INFORMATION

(UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

GUIDANCE — CALCULATION OF ADJUSTED NET INCOME, FUNDS FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATIONS, EBITDA, AND ADJUSTED EBITDA

		Guidance Range
		For the Year Ending
		December 31, 2026
		Low End of Guidance				High End of Guidance
Net income		$	1,492,035			$	1,511,273
Expenses associated with mergers and acquisitions			3,124				3,174
Gain on sale of real estate assets, net			(1,785,000	)			(1,800,000	)
Income tax expense for special items			446,841				450,553
Adjusted net income		$	157,000			$	165,000
Net income		$	1,492,035			$	1,511,273
Depreciation and amortization of real estate assets			99,000				100,000
Gain on sale of real estate assets, net			(1,785,000	)			(1,800,000	)
Income tax expense for special items			447,678				451,440
Funds From Operations		$	253,713			$	262,713
Expenses associated with mergers and acquisitions			3,124				3,174
Income tax benefit for special items			(837	)			(887	)
Normalized Funds From Operations		$	256,000			$	265,000
Diluted EPS		$	15.62			$	15.82
Adjusted Diluted EPS		$	1.64			$	1.73
FFO per diluted share		$	2.66			$	2.75
Normalized FFO per diluted share		$	2.68			$	2.77
Net income		$	1,492,035			$	1,511,273
Interest expense			80,000				79,000
Depreciation and amortization			142,500				141,500
Income tax expense			501,817				504,579
EBITDA		$	2,216,352			$	2,236,352
Expenses associated with mergers and acquisitions			3,124				3,174
Gain on sale of real estate assets, net			(1,785,000	)			(1,800,000	)
Adjusted EBITDA		$	434,476			$	439,526

Page 4

NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company’s results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, security analysts, and other interested parties disclosures of its results of operations on the same basis that is used by management.

FFO, in particular, is a widely accepted non-GAAP supplemental measure of performance of real estate companies, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT). NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. As a company with extensive real estate holdings, we believe FFO and FFO per share are important supplemental measures of our operating performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs and other real estate operating companies, many of which present FFO and FFO per share when reporting results. EBITDA, Adjusted EBITDA, and FFO are useful as supplemental measures of performance of the Company’s properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company’s tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company’s properties, management believes that assessing performance of the Company’s properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt repayments and refinancing transactions, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented.

Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company’s operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company’s consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.

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Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 47.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB