Reity, you've been around here a while; I would have thought you knew the answers to your questions, as it's all been posted before. Nonetheless, it IS confusing, so here's my understanding of the 1999 dividend situation:
Quarterly dividends: figure on .60/share each quarter (includes .05/sh/qtr of special dividend; as post 1186 explained, about .04 of the "operating" dividend further reduces the amount of special dividend that has to be paid at the end of the year), or 2.40 for the year. Based on Yahoo detailed research consensus estimates, this could be 2.50. It might be higher or lower, as I don't know how many shares they were figuring. 1st quarter pmt was based on 103.6 million shares. There are currently 117 million shares, with no more dilution expected through the end of the year. Interest expense from new debt offering (instead of stock issuance) will decrease FFO. Anyway, .60/sh/qtr should be bankable.
The first quarter dividend was paid on March 31 to SHs of record on March 19. Subsequent quarters should have comparable dates.
The remaining special dividend will be $1.54 per share (assuming no more shares issued this year) payable as late as possible, probably on or near 12/31/99, to shareholders of record as of a date about two weeks prior to the payment date.
As Flipper has pointed out (and experience with the first quarter proved), the stock will open the day after a dividend record date at the previous days close less the dividend.
As I understand it, substantially all of a REIT's income-producint activities must be passive in nature (i.e. leasing out real estate) in order to qualify as a REIT. The 10K for PZN states that the management contracts (to manage the prisons) have been transferred to several new entities, of which PZN retains some ownership interest.
Does anyone know whether this is an issue for maintaining PZN's REIT status? Does substantially all of PZN's cash flow result purely from leasing out its prisons? The reason I ask is that I like owning PZN for its prison constructing and leasing business but don't want to buy into the prison management business (too risky, volatile, legal problems, breakouts, etc).