Corecivic (NYSE:CXW) shares are trading lower on Wednesday after the company suspended its quarterly dividend and issued April and May sales guidance.

Corecivic through its subsidiaries operates as a diversified Corrections Corporation of America, or CCA is a real estate investment trust involved in the ownership and operation of private prisons.

CCA mainly controls medium-security correctional and detention facilities located throughout the U.S. The company derives the vast majority of its income in the form of management revenue from medium-term contracts.

Corecivic shares were trading down 13.9% at $10.78 at time of publication on Wednesday. The stock has a 52-week high of $24.38 and a 52-week low of $8.33.

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