CoreCivic, Inc. announced that it has completed the acquisition of a portfolio of 28 properties, 24 of which the counter-party contributed to a newly formed partnership of the Company's, for total consideration of $83.2 million, excluding transaction-related expenses. All of the properties are leased to the federal government through the General Services Administration (GSA). The 445,000 square foot portfolio serves numerous federal agencies, including primarily the Social Security Administration, the Department of Homeland Security, and the Office of Hearings Operations. The 28-property portfolio is strategically located throughout the Mid-South, complementing CoreCivic's existing real estate footprint, and each property was built-to-suit for its federal tenant. The buildings have been continuously owned and professionally managed by the original developer since construction. The portfolio-average property age is 15 years and the portfolio's weighted average remaining lease term is 5.6 years. CoreCivic financed the acquisition with $7.7 million of cash, assumed debt of $52.2 million and the issuance of 1.3 million limited partnership units that are convertible after two years into cash or shares of company's common stock. The assumed debt carries a fixed interest rate of 4.9%, with fixed monthly payments extending through November 2025, and a balloon payment of $46.2 million due at maturity. The acquisition is expected to contribute $0.01 to $0.02 of Funds From Operations per share on an annualized basis.