McRae Sale. In an 8-K filing on Friday, CoreCivic disclosed the Company has entered into an agreement with the Georgia Building Authority for the sale of the 1,978 bed McRae Correctional Facility for a purchase price of $130 million, or approximately $66,000 per bed. The McRae facility is currently under contract to the Bureau of Prisons until November 30th.Validation. In our valuation section we have provided a per-bed valuation matrix to highlight what we believed to be the undervaluation of CoreCivic on an asset basis. The proposed sale of the McRae facility validates how undervalued these assets are, in our opinion. Applying the $65,723 per bed value to CoreCivic's owned Safety and Properties Segments beds and subtracting out net cash results in a equity value per share in excess of $29, more than double the current trading price. And we are not including any value for the Community Segment. Read More >>