NewMK could answer but I thought I'd make a quick comment on the lease rates between CCA and PZN, as many of us hashed over this a LOT.
When a State or county contracts CCA's services they contract for everything, guards, food, housing, etc.. The lease cost of the facility to the Gov't entity might represent a 10-12% rate, roughly. The thing is when CCA leases from PZN they pay ALL the monies to PZN in the form of a lease payment. In reality much of the lease payment is actually management services, that's how you got a 40% rate. It's the crazy stuff that went on to make PZN a REIT. PZN took the stance they were leasing the service too as you would get garbage pick-up, heat, etc. when reanting an apartment. This is my understanding.
So what happens between CCA and PZN makes no difference to the contracting Gov't entity. It's CCA "washing" management income into a passive lease to fit IRS rules of 75%-25% passive to active receipts.