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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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    • according to Barron's Online.

    • It probably a little burr in the pants of Wall
      Street that Doc arranged his own equity financing with
      HSBC. AND it comes in as regular as money from home
      too. Each month.

      The way Doc's going he'll only
      need the Wall Street firms if he's looking for a free
      lunch and invites one of the turkey's to come in and
      pick up the tab.

      Notice how Smith,Barney and JC
      Bradford just picked up research on CPV, of course with a
      "buy". Kissy,kissy. Expect a secondary there
      soon.

      I've mentioned this in other places but I do find it
      very interesting how Bob and Doc are cutting out Wall
      Street and their little monpoly down there. For years
      places like GE relied on Investments Bankers(IB) to
      underwrite their commercial paper. Now they place it direct
      with money market funds. More and more companies are
      "cutting out the middleman". Wall Street in the past has
      held research over the companies head to get IB
      business. BUt more and more firms are realizing, IMO, it's
      not worth the price. The IB's are starting to hit a
      point, IMO, they have to do research just to justify
      anyone talking to them.

    • I've read that REITs can also offer a tax
      advantage to investors in the sense that as much as half of
      their cash distributions (dividends) may be
      sheltered.....does anybody have any information on this and whether
      PZN dividends qualify?

    • 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!

    • yet another problem with the "Research" section
      of Yahoo!. The Analyst's RATINGS, FFO/EPS
      projections and LONG TERM GROWN RATE PROJECTIONS can be quite
      dated. Presently for PZN, Research shows 11 of the 12
      Analysts covering PZN have input FFO projections. Problem
      is, we don't know how old they are. I have seen
      specific situations where 2 of 6 Analysts following a
      stock have way outdated numbers which skew the
      "average" or "mean". Also, I noticed the LONG TERM

    • Your sharing your info regarding what NB
      Montgomery Securities (NBMS), Legg Mason (LM), and Putnam,
      Lovell and Thornton (PL&T) had to say re: PZN a couple
      of months ago is appreciated.

      If PZN began
      1999 with 101.9 million fully diluted shares
      outstanding at say, $23 per share and NBMS expects a 12 month
      target of $32 while LM is looking at $33, on an assumed
      straight-line appreciation basis, the averaged price for 1999
      would be on the order of $28.

      If, as I
      understood what Doc had to say about HSBC's $600 million
      investment for FY99 being in equity, @ an averaged price of
      $28/share, its $600 M should buy it about 21+ million shares
      in 1999.

      If PZN is starting out 1999 with
      101.9 million shares outstanding, it seems to me it
      should finish up 1999 with about 123+ million fully
      diluted shares outstanding.

      How does NBMS come up
      with only 106 million fully diluted shares
      outstanding?

      Is only about a fifth of HSBC's $600 million FY99
      investment to be in equity and the bulk on debt? Why is this
      not adding up?

    • Not only does MK have the good fortune to have
      been selected by a spouse whose stock picking
      investment acumen will probably sustain him in his
      retirement years, provided he continues to do what he
      apparently does best (and he doesn't even have to support
      PFE to do that), but his memory is evidently good
      enough that he doesn't need to sew name and address
      labels in his garments (as does yours truly) and leave a
      trail of bread crumbs when he ventures out of his
      domicile.

      And he's wide awake at night wonderin' if he's in the
      Happy Brigade.

      With regard to Doc's "80/20" bit
      in the CC, that's the way I remember it.

      With
      respect to the reasoning behind Doc's comment in an April
      '98 press interview about his surprise at PZN's
      initial price punishment by the market, I can't answer as
      to what was going on in his mind at the
      time.

      I'm still trying to figure out what was going on in
      the head of our Commander-In-Chief in the Oral
      Office.

    • 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.

    • 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.

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