Corrections Corp.'S Jail ConversionSusan Garland
Corrections Corp. is rehabilitating itself. The Nashville prison operator said on Apr. 20 it will become a real estate investment trust by merging with CCA Prison Realty Trust--just nine months after it sold shares of that REIT to the public. Corrections Corp. says the move makes it a stronger marketer. But shares fell 3 5/8, to 29 7/8--and dropped further, to 27 7/16, on Apr. 21. Investors were disappointed to learn the new company will grow only about 25% a year, down from 45%.