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Corrections Corporation of America Message Board

  • RetiredPaperman RetiredPaperman Jan 9, 1999 8:06 PM Flag

    This weekend's Barron's reports that...

    Starwood and MGI Properties will be dropped from
    the Morgan Stanley REIT index following the close of
    trading January 15th. Four REITs will be added including
    PZN, La Salle Hotel Properties, Philips International
    Realty and Host Marriott.

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    • The "special dividend" will be a disbursement of
      CCA retained earnings. It will be declared, I
      believe, sometime in early December to be paid near the
      end of December.

      I have no idea what the
      "record date" will be but probably end of November, or
      what ever is standard procedure. It will go to share
      holders of record on that date, not to any previous CCA
      share holders who have since sold. The amount of the
      dividend is still debatable but many belive it will be in
      the range you mentioned.

      Anyone with better
      info. please feel free to correct/ammend my memory on
      this.

    • It's been a long time since I posted here and I
      have a question regarding what I thought was going to
      be a one time dividend payment to those people who
      were and had been holding cca stock before the merger.
      I know that for ever 100 shares I have been reduced
      to 87.5 and I have lost a great growth stock for a
      reit and at a time when reits are out of favor. But I
      thought at least there was going to be a perk of that one
      time dividend of $2.00 + to CCA shareholders.... Where
      is it? And when will I see it if it exists......
      Somebody out there please answer me... Thanks

    • People forget that Doc started out running a
      management company, no Real estate. Over the years it's
      become apparent to Doc (and his competitors) that owning
      the property is a good way to go. Doc, IMO, has
      taking the next logical step in his progress of
      converting a management company into a real estate
      management company, turn it into the structure of choice by
      RE operators, a REIT.

    • Peter principle? Probably not.

      This has
      been covered by a number of posters smarter than

      me over the past several months. As shareholders, we
      pay Doc
      to run a private corrections company in a
      way that produces
      maximum returns and beats the
      competition. Stock price is a
      function of many influences,
      not all controllable or rational or
      permanent.
      Ultimately, if Doc does what we pay him to do,
      the stock
      price will follow.

      The history of CCA speaks for
      itself. The future course of the
      private corrections
      business is anybody's guess, but I think Doc's
      guess
      is likely to be the best. What happened in Texas in
      the
      past year may be a good indication of the
      future of the business.
      Low rate re-bids don't
      exactly increase margins. In this business,
      whether
      you agree with Doc or not, you have to admit that he
      is
      the leader. Everyone else is a follower.

    • .....Everyone has limits to their abilities. Has Doc reached his?

      Peter Principle?

    • the Christians outlasted the Romans. Faith in Doc
      is based on his track record and demonstrated
      vision, not wishful thinking.
      Everyone has limits to
      their abilities. Has Doc reached his? Maybe, but maybe
      not. I still have money on him.

      And what does
      gender have to do with it? Or was it gander?

      In
      any case, this duck still is the market leader and is
      still growing. Seems like even lame ducks deserve the
      chance to heal.

    • was NEVER a good idea. Remember those christians in the old Rome!
      If it walks like a duck and talks like a duck, IT IS a duck, regardless of what a gender says!

    • The old cleo might recall that I expressed all
      those thoughts many months ago and fairly consistently.
      The overriding consideration is Doc (as we have
      discussed before). He's smarter than either of us, and he's
      been through worse than this.

    • You seems to be getting religion! Remember, that
      ostensibly the reason for the merger, as the management
      would like us believe, was to gain access to capital.
      We gained this access, allright, but at what
      cost??!! I bet you, selling some shares in the old CCA at,
      oh, say, $40, would look mighty good now! Well, enjoy
      your dividends, while they last!

    • <<<<<<Also, as you may recall,
      Doc was puzzled way back in April that PZN's price
      would go down. Is it possible that he saw little
      dilution when the deal was originally planned and PZN was
      in the high 30s? Or could it be that someone just
      plain forgot about dilution? The consensus growth
      figures are depressing. >>>>

      Of course
      PZN at $19 would be twice as dilutive, adding new
      shares, then at $38. That would certainly would eat into
      your payback time on any project, correct?. This
      depressed stock fact alone would easily cut a 40% growing,
      knowing how much new capital PZN is in need of and will
      be in the future.

      As has been said before by
      LT and Anderson, adding new equity is accretive. BUt
      certainly the margins are not what they used to
      be.

      Also adding 20% new shares means that you would have
      to 20% of new earnings to cover that dilution just
      to remain at staus quo.
      Your right MK 10k in new
      beds for '99 sounds low from what I've heard. They put
      over 7,000 new beds in the 4th quarter alone. I just
      don't see a reverse effect of HSBC equity capital this
      year. New earnings should easily be able to cover any
      new dilution it seems with room to spare for FFO/Div
      growth.

      But the upside is it's becoming a BIG BOY
      game. Two guys and a line of credit are not going to be
      competition anymore. That alone should hopefully keep the
      payment per prisoner steady, I hope.

      And no news
      of "other business" too bad. Watching WHC they seem
      to be diversifing more quickly then before doing
      guard services, etc. Doc has obviously wanted to go a
      differnet route and get in the financing and building
      game.

      I'll await the conference call with interest.

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