Target Hospitality (TH) said Thursday it signed a five-year lease and services agreement with CoreCivic to restart operations at its Dilley, Texas site.
The site, known previously as the South Texas Family Residential Center and housed up to 2,400 individuals, will maintain its original capacity and set up requiring no capital investments, the company said.
The agreement has a fixed minimum revenue structure similar to the former deal, with over $246 million expected in total revenue by March 2030 and about $30 million in revenue in 2025, it added.
Like other US government contracts, the agreement depends on annual appropriations and can be canceled with 60 days' notice, according to the company.
Shares of the company were up over 9% in recent premarket activity.
Price: 6.09, Change: +0.55, Percent Change: +9.93
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