investor presentation june 2013 cxw
TRANSCRIPT
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1
InvestorPresentation
June2013
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2
ForwardLookingStatements
AsdefinedwithinthePrivateSecuritiesLitigationReformActof1995,certainstatementshereinmaybeconsideredforwardlookingstatementsthataresubjecttorisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthestatementsmade.
FactorsthatcouldcauseoperatingandfinancialresultstodifferaredescribedintheCompany'sForm10K,aswellasinotherdocumentsfiledwiththeSecuritiesandExchangeCommission.Thesefactorsinclude,butarenotlimitedto,risksanduncertaintiesassociatedwithgeneraleconomicandmarketconditions,includingtheimpactgovernmentalbudgetscanhaveonourperdiemrates,occupancyandoverallutilization; fluctuationsinouroperatingresultsbecauseof,amongotherthings,changesinoccupancylevels,competition,andincreasesincostofoperations;theCompany'sabilitytoobtainandmaintainfacilitymanagementcontractsincludingastheresultofsufficientgovernmentalappropriations
andinmatedisturbances;changesintheprivatecorrectionsanddetentionindustry;changesingovernmentalpolicyandinlegislationandregulationofthecorrectionsanddetentionindustryincludingtheimpactoftheBudgetControlActof2011onfederalcorrectionsbudgets,California'sutilizationofoutofstateprivatecorrectionalcapacity,andtheimpactofanychangestoimmigrationreformlaws;thetimingoftheopeningofanddemandfornewprisonfacilities; increasesincoststodeveloporexpandcorrectionalfacilitiesthatexceedoriginalestimates,ortheinabilitytocompletesuchprojectsonscheduleasaresultofvariousfactors,manyofwhicharebeyondtheCompany'scontrol;ourabilitytomeetand
maintainREITqualificationtests;andtheavailabilityofdebtandequityfinancingontermsthatarefavorabletous.OtherfactorsthatcouldcauseoperatingandfinancialresultstodifferaredescribedinthefilingsmadebyuswiththeSecuritiesandExchangeCommission.
TheCompanydoesnotundertakeanyobligationtopubliclyreleaseorotherwisedisclosetheresultofanyrevisionstoforwardlookingstatementsthatmaybemadetoreflecteventsorcircumstancesafterthedatehereofortoreflecttheoccurrenceofunanticipatedevents.
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AttractiveInvestmentCharacteristics
3
REITconversionnowfinalized
$0.48quarterlydividend;$1.92annualized
Only10%ofthe$74billionU.S.correctionsmarketisprivatized
Increasingmarketpenetration:7%in2002to10%in2011
Significantgrowthandvaluecreationpotential
Populationgrowth,overcrowding,needforcostsavingsandagingpublicfacilities
Fillingvacantbedsadds$0.92toEPS&AFFOperdilutedshare
Acquireexistingfacilities
Replaceagingpublicprisons
Repricecontracts
Strongbalancesheetsupportsgrowth
3xleverage;7xfixedchargecoverage,lowcostofdebtcapital,BB+/BA1ratings
Difficulttoreplacerealestate=resilientcashflow&highbarrierstoentry
Nationalplatformwithgeographicdiversity
Moreownedthanleasedassetsenableshigher,moreresilientvaluecreation
Contractualrateescalators;certaincontractsprovideoccupancyguarantees
Clearindustryleaderwith44%marketshareofprivatizedcorrectionsmarket
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WhoWeAre
4
CCAisAmerica'sleaderinPrivateCorrections
Establishedin1983,CCAownsandoperatesminimum,mediumandmaximum
levelsecuritycorrectionalfacilities ConvertedtoaREITeffectiveJanuary1,2013
FifthlargestcorrectionalsystemintheUnitedStates PublicorPrivate
Largestprivateowner&operatorinU.S.
67facilitieslocatedin20statesandtheDistrictofColumbia Clearleaderwith44%marketshareofallprivateprisonbedsintheU.S.
RealEstateisanessentialcoreofourbusiness
Over14millionsquarefeetin51owned/controlledfacilities
Land&buildingscomprise90%ofgrossfixedassets >90%ofour$508millionof2012NOIwasgeneratedbyourowned
facilities
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DifficulttoReplaceRealEstate
5
Attractiverealestateportfolio:
51ownedorcontrolledpropertieswith67,975bedsandover14millionsquarefeet
>90%ofnetoperatingincomegeneratedbyownedproperties 75+yeareconomicusefullife
Youngandwellmaintainedportfolio:16yearmedianageofownedproperties
Modestannualrealestatemaintenancecapex:5%ofNOI
Allfixedassetsfullyunencumbered
Difficulttoreplaceassets=highcontractretention&highbarrierstoentry
Difficultpermittingandzoning,longdevelopmentleadtimes,uniqueknowledgerequirementsandhighcapitalinvestment
90%contractrenewalrateonownedfacilities
InflationHedge:Correctionalrealestateappreciatesinvalue
Replacementcostinflation:concrete,steel,labor=repricingopportunities
Supplyshortage=repricingopportunities
ManycontractsincludeCPIescalators
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ClearIndustryLeader
6
CCAistheclearleaderofprivateprisons,controllingapproximately44%oftheprivatecorrectionsanddetentionbedsintheUnitedStates.
CCA Total CapacityatMarch31,2013GEO Asreportedoncompanywebsiteorotherpublicsources March2013MTC AsreportedoncompanywebsiteorotherpublicsourcesMarch2013Allothers Asreportedoncompanywebsites,brochuresorotherpublicsourcesMarch2013
67,975
42,086
976 5,773
43.9%
28.9%
14.1% 13.1%
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
CCA GEO MTC AllOthers
Owned/Controlled ManagedOnly
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NationalPortfoliowithGeographicDiversity
7
51Ownedandcontrolledfacilitieslocatedin16statesandtheDistrictofColumbia(49owned;2controlledvialease),18managedonlyfacilitieslocatedin7states
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HighQuality,DiverseCustomerBase
8
Mostagencieshavemultiple,individualagreementswith
staggeredexpirationdates Compensatedperoccupant,
perday "PerDiem";Averagetermof35years
Certainagreementsprovide
occupancyguarantees Allofourcustomershave
investmentgradecreditratings;Nobaddebts
PercentageofRevenuefortheThreeMonthsEndedMarch31,2013
USMS,18.21%
BOP,12.07%
California,11.91%
ICE,11.56%Georgia,6.14%
Texas,5.15%
Tennessee,5.01%
Florida,4.47%
Colorado,3.63%
Oklahoma,2.54%
AllOthers,19.30%
Weprovidehousingandservicesunderapproximately90agreementswithvariousfederal,state,andlocalagencies
Furtherdiversificationwithinfederalagencycustomers:
>100potentialcustomerswithinfederalagencies:94U.S.Marshaldistricts;24ICEfieldofficesandtheFederalBureauofPrisons
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FinancialHighlights
9
2013 2012
AdjustedDilutedEPS (1) 0.50$ 0.33$
NormalizedFFOperdilutedshare(2)
0.70$ 0.52$
Debtleverage 2.7x 3.0x
Fixedchargecoverageratio 7.9x 5.9x
FortheFirstQuarter
Q12013AdjustedEPSof$0.50exceededpreviousguidanceandconsensus
RaisedfullyearAdjustedEPSguidanceto$1.91to$1.98(1)(2)
$0.48regularquarterlycashdividend,$1.92annually
75%AFFOpayoutratio
(1) RefertotheAppendixsectionforaReconciliationofthesenonGAAPamountstothepershareamountsasreportedundergenerallyacceptedaccountingprinciples(2) GuidancereflectstheissuanceofsharesinconnectionwiththespecialdividendpayableMay20,2013 RefertotheReconciliationto2013GuidanceintheAppendixsectionofthis
presentation
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CapitalAllocationPolicy
Maintain AmpleLiquidityandSolidBalanceSheet
PayoutAFFOinDividends InvestAFFOinGrowth
Paidoutofinternallygeneratedcashflow
Revisitpayoutratioannuallyor
soonerifindicated
Increasedividendwithfuturegrowth
Investinfacilityacquisitionsanddevelopmenttogrowearnings
Unusedamountsavailablefor
increaseddividendsand/ordebtreduction
Raisedebtandequitycapitaltofurther
fundfacilityacquisitionsanddevelopment,ifwarrantedgivenourcostofcapital
(1) DividendpaymentssubjecttoBoardapprovalandminimumpayoutrequiredtomeetREITqualificationrequirements
10
Maximum4xDebtLeverage
FundAdditionalGrowth
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Q12013NetOperatingIncomeBreakdown
11
>90%ofNOIderivedfromownedandcontrolledproperties
OwnedandControlled
Properties,95%
ManagedonlyPropertiesandOther,
5%
(inthousands)NetOperatingIncomebySegment
OwnedorControlledProperties 112,330$
5,864
TotalNOI 118,194$
ReconciliationtoGAAPFinancialsOperatingIncome 59,332$
Add:Depreciationandamortization 27,630
Add:Generalandadministrativeexpenses 31,232
TotalNOI 118,194$
ManagedonlyandOther
Q12013NetOperatingIncomeBreakdown
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StrongHistoricalCashFlowGrowth
I1)Proforma AFFOpershareadjustedtoreflectProforma WASOforspecialdividendshareissuanceasiftheimpactin2013wasreflectedforeachprioryearperiod Pleaserefertothe
Appendix
section
of
this
presentation
for
reconciliation
of
net
income
to
AFFO
12
StrongAFFOgrowthwithmodestleverage
Durablecashflowduringeconomicdownturns
GreatRecession GuidanceMidPoint
AFFOperdi
lutedshare
LeverageRatio
1.0
2.0
3.0
4.0
5.0
6.0
7.0
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
2006 2007 2008 2009 2010 2011 2012 2013E
ProformaAFFOperdilutedshare Leverage
R
E
I
T
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StrongBalanceSheetSupportsGrowth
LowCostofCapitalCompetitiveAdvantage
Q22013issued$675million810yearseniornotesat41/8%&45/8%
$900millionrevolver@LIBOR+1.75%
$374.6millioninliquidity
S&P:BB+
(1) Proforma postSpecial
Dividend
(2) Followingredemptionoftheremaining7.75%SeniorNotesinJune2013
13
30%Debt/Undepreciated
Assets(1)
3.1xDebt toEBITDA(1)
7.0xFixedChargeCoverage(1)
100%UnencumberedFixed
Assets
Moody's:Ba1 Fitch:BB+
$560
$325$350
$
$100
$200
$300
$400
$500
$600
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
StaggeredDebt
Maturities
(2)
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MacroEnvironmentProvidesGrowthOpportunities
15
ISSUE
Improvingeconomy&taxcollectionswilldrivepopulations
higher Publicprisonsare
overcrowded Historicallylowpublic
sectorprisondevelopment
Desiretoimprovecostefficiencyofgovernment
Unfundedpensions Reduceoperationalcosts
Limitedcapitalavailabletofundnumerouspublicworksprojects
Largeportfolioofold,costlypublicprisons
CCA'sSOLUTION
Vacantbedsavailableatlower
operationalcost,avoidsneedforlargecapitalinvestmentbygovernment(Fillingvacantbedsadds$0.92toEPS&AFFOpershare)
UsingCCAstemsgrowthinunfundedpensions
CCAprovidescostssavingsof12%ormore
Sellinggovernmentprisonsprovidescash+costsavings
CCAprovidescapitalfornewcostefficientfacilities
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EconomicRecoveryWillDrivePopulationsHigher
16
Generally,U.S.inmatepopulationsgrowinlinewithtotalU.S.populationgrowth
From2002 2007stateinmatepopulationsgrew2%orabout23,000annually
Recessionsinterruptinmatepopulationgrowth:decreasesintaxcollectionslaw
enforcementandcorrectionsbudgetcutsearlyprisonreleases&fewerarrests 2001Recession:taxcollections&inmatepopulationgrowthdeclined,followedbygrowth
GreatRecession:onaverage850,000fewerarrestsmadeannuallyfrom20082011vs.20042007resultinginsignificantreductionsininmatepopulationgrowth
Inmatepopulationsareexpectedtoincreaseastaxcollectionscontinuetorecoverfrom
theirbottomin2009/2010
l
Sources:IncrementalStatePrisonPopulationsfromBureauofJusticeStatistics whichexcludeCaliforniaStateTaxCollectionsfromU.S.CensusBureauandareadjustedforinflation(1)EPSadjustedtoexcludespecialitems
17,4
56
4,7
51
27,6
60
15,8
00
19,1
61
19,4
19
31,7
52
22,9
58
8,9
87
2,7
62
2,8
76
(6,1
21)
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
IncrementalStatePrisonPopulationw/oCA PerCapitaStateTaxCollections
N/A
$0.98 EPS(1) Increase20022007 $0.51 EPS(1) Increase20072012
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PublicPrisonsareOvercrowded
17
AtDecember31,2011,24stateswereoperatingat100%ormoreofcapacity(1)
TheFederalprisonsystem(BOP)isoperatingat136%ofcapacity.(2)
BOP'sdesiredcapacityis115%
Nomeaningfulpublicsectorprisondevelopmentinlast5years
Overcrowding in some systems is
severe. For example, at one timeCalifornia's prison population was
about 100% overcrowded.
California's prison system at the end
of December 2012, was operating at
approximately 150% of its rated
capacity. (3)
(1) BJSPrisonersin2011
(2) BOP
website,
April
2013(3) CDCRwebsite OnlyincludesinmatesinCaliforniastateprisonsystem,doesnotincludeoutofstatepopulations
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WhyOurGovernmentPartnersUseCCA
18
Inventoryofavailablebeds
Immediate"justintime"occupancy
Avoidlargecapitalinvestment
Freesupcapitalforotherpublicworksprojects
Annualcostssavingsof12%ormore
SubstantiatedbyTempleUniversitystudyinApril2013
Stemsgrowthofunfundedpensionliabilities Compellingvaluepropositionhasdrivenprivatizedmarketpenetrationhigher
5.0%
7.0%
9.0%
11.0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
PrivateC
aptureof
IncrementalGrowth
TotalPrivate%w/oCASource: BureauofJusticeStatistics&USMarshals Service(FederalpopulationfiguresincludeBOPandUSMS,theydonotincludeICE). PrivateinmatetotalsforCaliforniahavebeenrevisedfromBJSreportednumberstoincludetheoutofstateprogram)
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GrowthThroughFacilityAcquisitions
19
In2011,CCApurchasedandassumedoperationsofthestateownedLakeErie,Ohiofacility,anindustryfirst.
Eachsuccessivetransactionshouldresultinincreasedinterestfromothers
RecentlyGEOannouncedtheacquisitionoftheJoeCorleyDetentionCenterJailownedbyMontgomeryCounty
InterestfromotherstatesandmunicipalitiesincopyingtheOhiomodel
CCAisformallysolicitinginterestedsellersthrough"CorrectionsInvestment
Initiative"
Saleofprisonsbenefitsourourgovernmentpartners
Cashinfusion
Ongoingoperationalcostsavingswithoutthelossofoperationalquality
Stemgrowthoflongtermpensionobligations
Freebudgetdollarsforroads,bridges,airports,schools
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ReplaceOldCostly,UnsafePublicPrisons
20
120,659
94,956
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
75100
years 100
or
more
years
Replacingoldpublicprisonsprovidesoperationalcostsavings&improvessafetyandlivingconditions
CCAprovidescapitalallowinggovernmenttofundotherpublicworksprojects
>200,000publicprisonbedsare>75yearsold.
Source: Bureau of Justice Statistics Census of State and Federal Correctional Facilities 2005.
Examplesofstatesthathaveshutteredoldfacilitiesthatusetheprivatesector: Georgia(shuttered9facilities) Colorado
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GrowthScenarioA:
EconomyContinuestoImproveIncreasedtaxcollectionsfundbudgetincreasesforlawenforcementandcorrections;inmatepopulationsincrease;desireforcostsavings&capitaltofundpublicworksprojects;needtoreduceunfundedpensions
Fillvacantbeds(adds$0.92toEPS&AFFOperdilutedshare)(1)
Build&fillnewbeds
InvestundistributedAFFO&newcapital
Bedabsorptioncreatespotentialtorepricecontractshigher
Acquireexistinggovernmentownedfacilities
Replaceold,unsafe&inefficientpublicprisons
GrowdividendasAFFOgrows;reassesspayoutratio
21
(1)RefertoreconciliationandassumptionsintheAppendixSectionofthispresentation
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GrowthScenarioB:
EconomyStallsorDoubleDipsPrisonovercrowding;desireforcostsavings&capitaltofundpublicworks;needtoreduceunfundedpensions
Fillvacantbeds
Acquireexistinggovernmentownedfacilities
Replaceold,unsafe&inefficientpublicprisons
GrowdividendasAFFOgrows
Strongbalancesheet&durablecashflow
Dividendresilientineconomicdownturns
Evaluategrowingdividendbyincreasingpayoutratio
Opportunisticsharebuybacks
22
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AppendixSection
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FinancialModelingConsiderations
$2to$4million:IncreaseinannualG&AexpenseduetoongoingREITcompliancecosts
8.5%to9.0%:consolidatedGAAPincometaxrate(drivenbyTRStaxes) Onetimeconversionitems(excludedin2013Guidance)
$675million:2013specialonetimedividendofaccumulatedE&PpaidoutonMay20,2013
Similartostocksplitasequityinvestorswillnotbediluted
80%orapproximately13.88millionsharesissuedbasedonthe$38.90averageclosingpriceofthecommonstockforthethreetradingdaysfollowingMay9th
20%orapproximately$135millionpaidoutincash
$18million:Conversioncosts Legal,tax,investmentbanking,accountingandotheronetimeconversion
specificcosts
$137.7million:2013incometaxbenefitfromreversalofcertainnetdeferredtaxliabilities
A1
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FinancialModelingConsiderations
Sharesoutstanding:
Q1WASO:101.8million
Q2WASO:109.1million
FYWASO:111.5million
Sharesoutstandingimmediatelyfollowingspecialdividend:115.2million
A2
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HowCCAisMoreEfficient
A3
Lowercostofconstructionwithshorterdevelopmentcycle
Facilitylocationselectionanddesignprocessdrivenbyeconomicsaswellasability
tostaffandoperatesafelyandsecurely Nationalpurchasingpower
Bestpracticesdevelopedfromexperienceservingmultiplecustomers
Definedcontributionplansvs.definedbenefitplans
Safetyandsecurityremain1st priority
CCA Government Agencies
Total Cost per 1,000 beds $55 to $65 million $80 to $250 million
Average Length of Construction 1 - 3 years 3 - 7 years
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FillingVacantBedsDrivesGrowthEarnings
Fillingavailablebedsuptostandardoperatingcapacityatthemarginsweachievedduringthefirstquarterof2013wouldgenerateapproximately$0.92ofadditionalEPS(2) andAdjustedFundsFromOperationsperdilutedshare
Actualoperatingoccupancycanbesignificantlyhigherthanstandardoperatingcapacity
Carryinganinventoryofownedbedsprovidesasignificantcompetitiveadvantageincapturingnewbusiness nolongconstructionleadtimes
Cashoperatingcostsofvacantbedsweownisverymanageableatapproximately$1,000
perbedperyear
(1) AveragemarginisbasedonmarginsactuallyachievedforQ12013.Actualmarginsforthesebedsmaydifferfromthosehistoricallyachieved,particularlyformanagementcontractswithtieredperdiemsoratfacilitiesthathaveachievedstabilizedoccupancyandthereforefixedcosts
(2) Assumesapproximately111.5 millionweightedaveragesharesoutstanding
($ in thousands)
TotalBedsAvailable
atMay1,2013
Average
Margin(1)
EstimatedPotential
AnnualIncremental
NOI
TotalOwnedAvailableBeds 13,595 22.40$ 111,152,720$
A4
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A6
ReconciliationtoAdjustedDilutedEPS
($inthousands)
2013 2012
Netincome 181,092$
31,680$Specialitems:
Expensesassociatedwithdebtrefinancingtransactions 225 1,541
ExpensesassociatedwithREITconversion 8,061 50
IncometaxbenefitforreversalofdeferredtaxesduetoREITconversion (137,686)
Incometaxbenefitforspecialitems (602) (593)
Dilutedadjustednetincome 51,090$ 32,678$
Weightedaveragecommonsharesoutstandingbasic 100,070 99,292
Effectofdilutivesecurities
Stockoptions 1,556 631
Restrictedstockbasedcompensation 209 163
Weightedaveragesharesandassumedconversionsdiluted 101,835 100,086
AdjustedDilutedEarningsPerShare 0.50$
0.33$
March31,
FortheQuarterEnded
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A7
ReconciliationtoAFFO
($amountsinthousands)
2013 2012
Netincome 181,092$ 31,680$
Depreciationonrealestateassets 19,747 19,343
FundsFromOperations 200,839$ 51,023$
Expensesassociatedwithdebtrefinancingtransactions 225 1,541
ExpensesassociatedwithREITconversion 8,061 50
Incometaxbenefitforspecialitems (602) (593)
IncometaxbenefitforreversalofdeferredtaxesduetoREITconversion (137,686)
NormalizedFundsFromOperations 70,837$ 52,021$
Maintenanceandtechnologycapitalexpendituresonrealestateassets (4,134) (2,112)
Stockbasedcompensation 3,205 2,629
Amortizationofdebtcostsandothernoncashinterest 1,047 1,153
AdjustedFundsFromOperations 70,955$ 53,691$
NormalizedFundsFromOperationsPerDilutedShare 0.70$ 0.52$
AdjustedFundsFromOperationsPerDilutedShare 0.70$ 0.54$
FortheQuarterEndedMarch31,
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A8
Reconciliationto2013Guidance
GuidanceexcludesREITconversioncosts,anddebtrefinancingcostsandthereversalofcertainnetdeferredtaxliabilitiesassociatedwiththeREITconversion.FormorespecificsonthoseitemsrelatedtotheREITconversion,pleaserefertothepressreleaseandinvestorpresentationweissuedonFebruary7,2013.
Note:CCAprovideditsEPSandAFFOperdilutedshareguidanceforthesecondquarterandfullyear2013initsFirstQuarterFinancialResultsreleasedatedMay8,2013.OnMay16,2013,weissuedapressreleaseandupdatedthatguidancetoreflect thesharesissuedinconnectionwiththespecialdividend.Thisslidesetsforththeguidancegivenatthattimeanddoesnotconstituteareaffirmationorupdateofthatguidance.
($inthousands,exceptpershareamounts)Low High Low High
Adjustedearningsperdilutedshare 0.49$ 0.50$ 1.91$ 1.98$
Adjustednetincome 53,000$ 54,000$ 213,000$ 221,000$
Depreciationonrealestateassets 19,000 20,000 77,000 77,000
FundsfromOperations 72,000$ 74,000$ 290,000$ 298,000$
Othernoncashexpenses 4,300 4,400 17,000 17,000
Maintenancecapitalexpendituresonrealestateassets (5,250) (6,250) (25,000) (20,000)
AdjustedFundsFromOperations 71,050$ 72,150$ 282,000$ 295,000$
FFOperdilutedshare 0.66$ 0.68$ 2.60$ 2.67$
AFFOperdilutedshare 0.65$ 0.66$ 2.53$ 2.65$
SecondQuarter2013 FullYear2013
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