thank Thank quarter and Cameron. today. you, Good our morning, you second joining for everyone, XXXX conference call
about recent a forward. and future second capital correct saw growth sheet our within the our XXXX, on in will how relationships, trends we manage guidance few before to prospect banking record various a I the in half discussion misrepresentations developments the to I of of figures. the developments which the and on I in of financial and moving flow further we discussion strategy I quarter special the increased perpetrated interests, begin driving CoreCivic moving again these will brief by views XXXX, balance second financial a and particularly of financial details industry, pertaining for common then will media close performance overview with with all for cash those provide will our on our our metrics. political growth the allocation once key
investment CoreCivic to solutions trust the estate in real government real estate delivering public diversified is specializing serve a good.
cost the million We agencies assets government to a used broad square solutions tough and of are real over private help government flexible, solve totaling largest of history by XX a real ways. and of country’s XXX of owner estate feet effective States facilities, with XX-year United estate in range challenges delivering
of underwritten reoccurring generates portfolio unique government flow steady, diversified a cash grade stream, tenants. assets Our by investment
business Each of government real estate tenants. to our three complementary specialized provides segments
people. and including a owns with corrections XX,XXX XX securely design and and care detention and for segment manages Safety nearly capacity correctional facilities detention safely to Our facilities,
non-residential is of X,XXX and segment residential a crisis, Our with and Community nearly centers residential support reentry corrections growing includes XX alternatives reentry address community-based a that help capacity network to recidivism design individuals. facilities America’s
XX properties, of segment that includes growing the end of representing our second the nearly real million properties estate. Finally, of X.X mission of feet as portfolio critical a square Properties is quickly quarter, government-leased
$XXX with XXXX, income. Our meaningful in operating in where leased approaching the we scale Facility Community but Lansing and are of part Correctional now generate quarter often level approximately facility in net revenue. Properties million $XXX CoreCivic, we have are we annualized segments annualized overlooked quickly And first the achieved of addition million of the
Federal CoreCivic largest and Bureau five prison growth cash our perspective, of meaningful business a trends To state flows, than contract will generate in segments revenue over of component put we with generate current be revenue their times Prisons. quarters. a flows, this that they expect more Properties not they remaining of any future customers larger than rapid into these cash are our more only recent our and of Community component thanks but to the
is positive to financial trends in and of our the revenue a revenue in X% second year-over-year quarter providing of a of discussion over our to million] quarter increase the the results. last million, Properties diversification growth result CoreCivic This and quarter Moving second an year. respectively. growth direct and XX% of Total (sic) CoreCivic Community was Safety [$XXX $XXX for was quarter whose CoreCivic XX%,
due And to wide recorded over the of and $XXX contract million, federal of increase a past prior the a revenue our of segment range the new been and Safety year. CoreCivic state X% over commenced impact we’ve awarded year,
normalized a and XXXX FFO over versus the of quarter guidance. the our $X.XX represents second second per of end XX% comes in of increase share $X.XX Our quarter high
second in an guidance. and was XX% over EBITDA the quarter prior increase nearly representing financial $X million, end from the adjusted million high Our quarter in came $XXX.X of the year our
growth from recent was quarter as and Safety, Community our that driven by growth attractive an return second Properties transactions Our M&A organic in well as portfolios. combination expanded of CoreCivic
approximately new state Seven and of XXXX within came first line and partners XXXX, awards on beds half CoreCivic throughout X,XXX representing the Safety. federal through from contract
Simply second strong quarter business each put, our well. our performing segments financial result of of is performance a very the in
has quarter second updated full guidance. performance financial XXXX improved the second been outlook half reflected and in Our of for year year financial the our
an share over This per $X.XX FFO by increase in are normalizing guidance to $X.XX of the XX% at per FFO our a share of $X.XX. our represents $X.XX, per performance in We previous to nearly XXXX the forecasting increase at share now range normalized midpoint.
We on on we contribute May, in X,XXX in cash new coming in million XXXX. our Safety, in annualized XXXX awarded Since XXXX, CoreCivic additional which contracts representing over coming and call last and approximately in are been for two additional line revenue, growth second nearly of additional contracts meaningfully have $XX in the line potential half balance growth XXXX. of have driving flow the beds to new will the
our XXX-bed Detention County Torrance Facility, previously which and contract of both result Center idled. activated these XXXX-bed have a our of As awards, we Detention Eden were
expansion scheduled Center XXX-bed Detention the this are to Later of complete our this at Mesa Otay partners help our month, existing to longstanding capacity satisfy facility. we to
full utilized this and year year be the a XXXX. have later expect additional in capacity We impact will
Otay combined with contracts annualized segment. the through in Safety, of growth of and million in to approximately future on CoreCivic the new revenue $XX end contributing nearly expansion in business XXXX line the three coming aforementioned The this growth represents
for revised. also Bureau transitioning We're ICE Correctional detainees and new at contract assist We use extended County interim, contract. available with towards are to of XXX from potentially process finalizing facility the of allowed effort, the our to the in XXX they and our the a by a currently the X,XXX-bed for Adams BOP approximately working contract at ICE of facility care beds the facility has this Federal in Center contract one To Prisons the new month. sue
states receive There contract growth new multiple are staffing flow to we own own also capacity cash alleviate in mostly for their challenges pursuing Should our to ICE this from within systems, facilities. facility, a incremental in or help pressure overcrowding XXXX. to additional would it contribute actively due also points
in agreement annual Facility CoreCivic the the generate Properties The scheduled built the $XX beyond million completion XXXX. also financial revenue with Lansing has established of million for X,XXX-bed XXXX January of growth of our lease $XXX project, a approximately lease January will XXXX. Correctional of in guidance scope safety through upon XX-year new commencement opportunities the of
as is position the financial strong Company ever of it as underlying has The been.
across cash for segments. business path clear a growing have diversified We flows three
Our towards the down of XXXX. of long-term midpoint X leverage of the of that end to at has times, the been reduced end our X high target from range
in to in thanks needs have grow, inventory no Safety. CoreCivic remaining our for order idle near-term beds capital X,XXX We strong demand to of
So, our growth can further traded cash publicly substantially is most leverage reduce our already the leverage, of below REITs. flow which
year, through first dividend payout an levels, a half of of well our updated covered ratio Our on based midpoint full-year for guidance. the would XX% XX% the is AFFO quarterly we the current XXXX. ratio dividend of XXXX very balance payout maintain at AFFO At the
For comparison as XX, of average ratio the XX% XXXX. AFFO REIT June sake, payout was
traded than is dividend our the better average publicly REITs. So, covered
ratio XXXX, converting target maintained a in payout to have Since AFFFO XX%. REIT of we a
time exceeding ratio to compared payout yield a target. of would toward current increasing light we at historic it REIT flow this with believe allocate cash dividend in average XX%, don't be to prudent to closer However, our our X%, the dividend additional
is allocate level priorities. it above cash the other current excess prudent believe to dividend flows our We more to
assess While to shareholder on the basis and we our debt and diversification case is equity value. case by creating constrained, M&A capital long-term markets continue opportunities temporarily strategy M&A become forward the have believe for to more that best path through a continue
leverage approximately we annual near portfolio. trajectory with the growth are term given further reduce over believe We cash strong in of we flows reduce leverage profile. dividend, in market after cash of the $XXX conditions, so current that when can materially cash our million underlying time, excess use especially our our However, to excess coupled flow generate best flow
million had At the and end $XXX available borrowing drawn million. we capacity of of $XXX under the second quarter, revolver
$XXX I'll more refinancing. my cover at process have of which have maturing topic in Dave most means in of evaluating April bonds conclusion detail We the we of XXXX, are cost of efficient, million remarks. effective that in the the
we However, given balance are our strong capital forward. access appropriate sheet, manage and confident we trajectory we manner growth the that to in have prudent will going generation, which cash flow
and banks politically independent false clearly to to Despite audit our a a reality, pushing this year company on kind small by those ourselves of protesting more for out about progress, of and we threats to motivated policies activists commitments the In programs declared evidenced has boldly has our other review thorough more, facts. few other have don’t do. No a of industry policy hold other what both to industry a access a many intentional first financing about in media so make its made and with accountable dialogue of that no like result undertaken ways minutes conducting and decisions all a inmates take levels to conducting public led of rather released group and as than capital, we tackle difference. government rights I’d to down a an Even No mark to human as report has prison. we of vigorously of our America's Staying review adopted social to of company engage targeted recent third-party to the the topic ESG in to banks support stay earlier public address a strengthen bow map bench campaigns efforts. at claims specific help constructive misrepresentations information various out stop they crisis. company process, recidivism do publically based
release. shortfalls to supplemental above [ph] conditions our enforce cover just the decided Border to We not against request do not And, do debate, or not for current or been We any CoreCivic, say as individual’s public determines deliberately behalf facilities long-standing, deportation Protection budget what minors for duration Southwest important laws, who or the the laws as in as not a not violation unaccompanied United recently the that immigration important along activity to most arduous do an immigration average and in incarceration what legislation States any individual’s news any we due have for, or facilities. have We house to as of not, have perhaps advocate of whose an not facilities do: in border. zero-tolerance Customs we For operate have of on or basis be our arrest to and do and have in will policy of, anyone detention. may funding whatsoever we serves
immigration unaccompanied operate. and Department Homeland housing the our operate Human Department enforcement the government of Department Security Services, customs partners on the Health Justice States of and Facilities the not half of which or United in under of minors
While made CoreCivic are special aggressively issues. and campaigns politically these these public facts, statements to inarguable misinformation in inappropriately politicians and have attempting interests motivated pushed implicate
on activists of legal being ability these hand. dangerous based solution in than limits partner of American awarded it who of the misinformation their the The disingenuous politicians, and we that discussed, open because who should for we with no honest private people aspect and at most receive the rather never proposals or because the to to. from hurt. hurts poor process provide variety migrants people decisions, overcrowded, efforts, challenges It policies critical and entitled due made is disappointing will politicized an hurts our hurts while they’re dialogue humane equipped the safe housing It sector government incarcerated success programming It they with and are the on conditions help ultimately of better who to the be provide. alleviate be services wide they reentry bank
in others could government ways to sends it problems not private to terrible a serious alone. do it And our working the help sector message who in are solve
a to solve on has the Republican border. crises our both Democrat and of very record working of southern with types seeing are XX-year administrations CoreCivic now track we help
proud Our service. more role view which than XX,XXX of they they employees are rightfully as play, the public
or our our the will correction vigorously Company direct false misleading and against our and limited help to government interference media Making in challenges and business and detention our detention about in valued, defend to our systems. partners, our America’s a serious We whether statements is but about our role ability and solve partners. in banking the Company, false corrections statements facing and misleading
facts new than that The plenty a good partners, are rather unproductive interested signaling. and and news financial of is that posturing both in there political existing the are virtue
the based decades-long recently those induced serious our capital sheet business our and coupled Having address that an in we that made facts with who as to challenges access our cost ethical, relationships, confident side, negative a manage ability responsible our feel doing facing now some on effectively have necessary. up fundamentals about in deeply these statements, even leader helping of partners, country. in way we Our banking strong most balance stepped credit-worthy and politically care we on when our have
turn over the provide quarter Dave guidance. our results now XXXX second and overview an to of I'll to our updated Dave? financial call
