White Paper
Institutional Real Estate & Capital Markets · April 2026
Correctional Facility
Sale-Leaseback:
The Emerging Asset Class
How fiscally stressed states and counties can unlock dormant balance-sheet value — and why the convergence of corrections budget pressure and AI-driven data center demand may create a durable transaction market.
The fiscal case. West Virginia ($47M shortfall), California ($358M overrun), Pennsylvania (two facility closures proposed) — corrections budgets are breaking across the country.
The Kansas Lansing model. Full transaction terms: 20-year lease, $14.9M base rate, 1.94% escalator, $23.6M net savings to the state. Cost-neutral at execution.
The data center reuse thesis. U.S. data centers projected to grow from 183 TWh (2024) to 426 TWh by 2030. Power-ready sites with physical security are in acute shortage.
Transaction structure. Legislative authorization, procurement process, lease mechanics, capital arranger selection, and risk framework — covered in full.
10
Sections of analysis
183TWh
US data center power demand, 2024
$23.6M
Kansas Lansing net savings to state
All data sourced & cited
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