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  "documentTitle": "Corrections Corporation of America (CXW)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2009-10-20 00:00:00",
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  "density": "overcrowded",
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  "notes": "The slide uses a 'capture rate' calculation to show that only 24% of projected federal demand is needed to fill the company's entire capacity.",
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      "text": "Federal demand alone could fill CXW's ~12,000 bed inventory over the coming years",
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      "text": "The Federal Bureau of Prisons (\"BOP\") is currently operating at 137% of rated capacity, with a stated desire to operate closer to 115%\nThe BOP projects that between 2008 and 2011 its population will grow by ~19,000 inmates, with just over 12,000 new beds planned for development by 2012\nThe United States Marshals Service (\"USMS\") has a population of about 60,000-65,000 and has grown 8%-10% per annum over the last five years\nSince 1994, Immigration and Customs Enforcement (\"ICE\") detainee populations have grown by over 300% to ~35,000",
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      "text": "Capture Rate Required to Fill Inventory: 24%",
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      "text": "(1) Based on 172,827 inmates in BOP facilities as of 9/26/09. Source: BOP website. Assumes the shift from 137% to 115% takes place over the next three years. (2) The BOP projects its inmate population will grow by ~19,000 inmates from 2008 to 2011 but has only planned the development of ~12,000 beds. (3) Assumes ~5% growth of USMS / ICE inmate populations over the next three years. (4) Includes 2,572 beds not yet developed. Source: CXW investor presentation, Aug. 2009.",
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      "text": "Federal Demand Drivers: BOP shift (28k), BOP growth (7k), USMS/ICE (15k). Total 50k. CXW inventory 11,979. Capture rate 24%.",
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      "text": "Federal Demand Drives Growth",
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