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Corrections Corporation of America Message Board

  • pcbondsman pcbondsman Aug 30, 1999 2:53 PM Flag

    Felons and Prison Guards

    http://www.n-jcenter.com/1999/Aug/30/FLA1.htm

    Wonder if AFSCME allows felons as memebers?

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • know how that guard is "retired" from the military at age 34. It would have to either be a mental or physical problem that should prevent his hiring as a guard.

      w_

    • If the dont allow felons as members, they should if the follow pzn lead, They allow felons as guards, so what would be the diference.

    • "REITS dont pay 95% of anything"
      In a recent
      news release by NAREIT-" The Real Estate Investment
      trusts assoc. are for lowering the requirement for
      AFFO(adjusted funds from operations) distribution to
      shareholders from 95% to 90%". This will provide more cash for
      expansion.
      Less dividends to be paid versus tax
      consequences..It must be in their favor to pay less in dividends..

    • Never mind... I give up!

      <<In a
      recent news release by NAREIT-" The Real Estate
      Investment trusts assoc. are for lowering the requirement
      for AFFO(adjusted funds from operations) distribution
      to shareholders from 95% to 90%".>>


      This is NOT a quote from any NAREIT news release, not
      even close! If you are going to make up totally
      incorrect material out of your head and then put quotes
      around it and claim you are quoting from the NAREIT,
      then I'm wasting my time with someone who neither
      cares about facts nor accuracy and doesn't want to
      learn what the truth and facts are.

      For others
      who may read this, there is not even a generally
      accepted definition for AFFO and there is no requirement
      to pay out 95% of FFO, AFFO or FAD!! There are many,
      many REITS that have been paying less than 95% of FFO
      and AFFO for years and they are still legal
      REITS!

      If you can show me where you saw this news release
      that you quoted, I will give you my upmost apology
      before I get on the phone to the NAREIT and let them
      know they have an total idiot there making press
      releases!

    • It seems you do not understand the terminology
      used in the REIT industry or else you didn't carefully
      read or understand my message in post #6466. Please
      re-read it again as your reply to it doesn't make any
      sense.

      REITS don't pay out 95% of anything!!!!
      After re-reading my post, please let me know what part
      you don't understand. I'll be happy to explain it
      further to you.

    • 'fair value'? Hell, we don't want to settle for 'fair' value, or even 'good' value: we're holding out for 'outstanding' value.

    • Lowering the requirement to 90% could add between
      7-11 million for expansion( my guesstimate) I have
      emailed PZN for confirmation of possible gain. The
      requirement will be that they must distribute to shareholders
      90% of TAXABLE INCOME to qualify as a REIT.


      EXCERPT.... LIQUIDITY AND CAPITAL RESOURCES.

      The
      Company's growth strategy includes acquiring, developing
      and expanding correctional and detention facilities
      as well as other properties. The Company expects
      that it generally will not be able to fund its growth
      with cash from its operating activities because the
      Company will be required to distribute to its
      stockholders at least>>> 95% of its taxable income
      each year to qualify as a REIT. Consequently, the
      Company will be required to rely primarily upon the
      availability of debt or equity capital to fund the
      construction and acquisitions of and improvements to
      correctional and detention facilities.

    • From TI's analyst report: " PZN plans to conserve
      as much capital as possible in order to invest in
      expansion facilities in 1999 and 2000. If the company's
      cost of capital continues to be as high as it is
      currently, then the company has plans to suspend its DRIP
      and cut its dividend in order to keep it at the
      minimum level and conserve cash. "

      Slowing growth,
      cutting dividends (but paying a big special)...why? Just
      to stubbornly be a REIT. They need capital, but
      continue to insist on paying it out via REIT
      status.

      If they gave up REIT status, they'd owe tax on the
      first six months' of income, but they'd save $170MM of
      special dividend and $130MM or so of Q3 and Q4 dividends
      (well, too late for Q3, I guess). Plus no more dilution.
      That builds a lot of prisons. Plus no more complicated
      structure. And no more dividend investors (are there any
      anyway?)

      C'mon, Doc. Whip up a proxy and let us vote on it (thus
      no law suits).

    • for??

    • <<"The question is...Will REITS have more
      cash for investment if the distribution is lowered? I
      say yes!Are they required to pay
      a specific amount
      to maintain REIT status....YES!! What are you trying
      to prove? End of discussion. . .
      ">>

      Fisrt, the only reason I'm replying again here to warn
      others who are new to REITS and who ARE willing and
      wanting to learn how REITS operate that the information
      that YOU posted is TOTALLY INCORRECT! I didn't want to
      take a chance of them becoming totally confused by
      your invalid arguments!

      Second, I don't have to
      prove anything to you. Your posts here regarding this
      have proven to anyone that understands REITS that you
      don't know how REITS operate and that you don't know
      what you are talking about. You're pulling out
      statements that are wrong and using them to try to "educate"
      others. I've even seen magazine articles stating the
      'REITS must pay out 95% of their profits'. That is no
      more correct than you are.

      Third, even though
      it matters not in the discussion, AFFO has
      absolutely nothing to do with the amount that is required to
      be paid out! If you ask the NAREIT and 25 REIT CFO's
      on how AFFO is calculated, you will likely get 6 or
      more different ways to calculate it! Whether you want
      to believe it or not, there is no standard to
      calculate AFFO.

      Fourth, the IRS could care less
      about AFFO, FAD or FFO because none of these have any
      bearing as to dertemine how much in dividends have to be
      paid out to maintain REIT status or in the calculation
      of the amount of income taxes payable, if any, by
      the REIT!

      Fifth and last, almost every equity
      REIT in operation today could lower their distribution
      by a whole lot more than 5% to have more cash for
      investment if they wanted to do so while still maintaining
      REIT status even under the existing 95% rules. So,
      with a reduction from 95% to 90% nothing will likely
      change! That is what I've been trying to explain to you
      since my first reply. Apparently you must have trouble
      with reading comprehension or else for some other
      reason, YOU JUST DON'T GET IT! So, I give up!

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