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July 03, 2015 1:36 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of Corrections Corporation of America

Company Overview

Corrections Corporation of America, together with its subsidiaries, owns and operates privatized correctional and detention facilities in the United States. It owns, operates, and manages prisons and other correctional facilities; and provides inmate residential and prisoner transportation services for governmental agencies. The company also offers various rehabilitation and educational programs, including basic education, religious services, life skills and employment training, and substance abuse treatment, as well as food services, work and recreational programs, and healthcare services, such as medical, dental, and mental health services. In addition, it leases its facilities to third-pa...

10 Burton Hills Boulevard

Nashville, TN 37215

United States

Founded in 1983

14,040 Employees

Phone:

615-263-3000

Fax:

615-263-3140

Key Executives for Corrections Corporation of America

Chief Executive Officer, President, Director and Member of Executive Committee
Age: 45
Total Annual Compensation: $811.2K
Chief Financial Officer and Executive Vice President
Age: 47
Total Annual Compensation: $323.0K
Chief Development Officer and Executive Vice President
Age: 45
Total Annual Compensation: $377.4K
Chief Corrections Officer and Executive Vice President
Age: 59
Total Annual Compensation: $377.4K
Executive Vice President, General Counsel and Secretary
Age: 63
Total Annual Compensation: $308.2K
Compensation as of Fiscal Year 2014.

Corrections Corporation of America Key Developments

Corrections Corporation of America Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015

Corrections Corporation of America Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 . Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States.

Corrections Corporation of America Declares Quarterly Cash Dividend, Payable on July 15, 2015

Corrections Corporation of America announced that its Board of Directors declared a quarterly dividend of $0.54 per share to be paid on July 15, 2015 to shareholders of record as of the close of business on July 2, 2015.

Corrections Corporation of America Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Second Quarter Ending June 30, 2015 and Full Year Ending December 31, 2015; Reports Asset Impairments for the First Quarter Ended March 31, 2015

Corrections Corporation of America announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported total revenue of $426,000,000 against $404,222,000 a year ago. Operating income was $68,826,000 against $63,066,000 a year ago. Income before income taxes was $58,662,000 against $53,105,000 a year ago. Net income was $57,277,000 or $0.49 basic and diluted against $51,738,000 or $0.44 diluted per share a year ago. Diluted adjusted net income was $58,232,000 or $0.49 diluted per share against $51,738,000 or $0.44 diluted per share a year ago. Funds from operations were $78,549,000 against $72,815,000 a year ago. Normalized funds from operations were $79,504,000 or $0.68 diluted per share against $72,815,000 or $0.62 diluted per share a year ago. Adjusted funds from operations were $79,824,000 or $0.68 diluted per share against $68,135,000 or $0.58 diluted per share a year ago. The increase in revenue was primarily attributable to the operational ramp of its South Texas Family Residential Center, which contributed approximately $36.0 million in first quarter revenue, and the acceptance of an additional 500 inmates from the state of Arizona at the Red Rock Correctional Center. The company provided earnings guidance for the second quarter ending June 30, 2015 and full year ending December 31, 2015. For the quarter, the company expected net income in the range of $58,000,000 to $60,000,000, adjusted net income in the range of $58,000,000 to $60,000,000, funds from operations in the range of $79,000,000 to $81,000,000, maintenance capital expenditures of $7,000,000, adjusted funds from operations in the range of $77,000,000 to $79,000,000, adjusted EPS per diluted share in the range of $0.49 to $0.51, FFO per diluted share in the range of $0.67 to $0.69, AFFO per diluted share in the range of $0.65 to $0.67, Interest expense, net of $12,000,000, depreciation and amortization in the range of $38,000,000 to $39,000,000, EBITDA in the range of $112,000,000 to $115,000,000 and adjusted EBITDA in the range of $101,000,000 to $104,000,000. For the year, the company expected net income in the range of $222,045,000 to $231,045,000, adjusted net income in the range of $223,000,000 to $232,000,000, funds from operations in the range of $309,000,000 to $319,000,000, maintenance capital expenditures on real estate assets in the range of $25,000,000 to $26,000,000, adjusted funds from operations in the range of $303,000,000 to $312,000,000, adjusted EPS per diluted share in the range of $1.89 to $1.97, FFO per diluted share in the range of $2.62 to $2.70, AFFO per diluted share in the range of $2.57 to $2.64, interest expense, net in the range of $49,000,000 to $51,000,000, depreciation and amortization in the range of $154,000,000 to $156,000,000, EBITDA in the range of $438,000,000 to $453,000,000 and adjusted EBITDA in the range of $400,000,000 to $415,000,000. Updated full-year 2015 guidance to reflect year-to-date financial results and current market developments, the most significant development being an expected decline in California inmates housed in certain of its facilities located outside the state of California as a result of decreases in inmate populations within the state's correctional system. The company reported asset impairments for the first quarter ended March 31, 2015. For the quarter, the company reported asset impairments of $955,000.

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