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  "documentTitle": "Corrections Corporation of America (CXW)",
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  "authorName": "William Ackman",
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  "presentationDate": "2009-10-20 00:00:00",
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  "notes": "Includes a 'Pershing Square Forecast' memo section at the bottom of the table.",
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      "kind": "callout",
      "text": "Potential upside to our estimates",
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      "text": "We estimate CXW's owned beds represent >40% of the industry's spare capacity",
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      "text": "If private prisons can capture just 25% of the incremental growth in the U.S. inmate population, CXW should achieve >98% occupancy in its Owned & Managed business by 2012. Private prison operators captured 49% of the growth in 2007 as state budget pressures have postponed new prison construction",
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      "text": "If private prisons can capture just 25% of the incremental growth in the U.S. inmate population, CXW should achieve >98% occupancy in its Owned & Managed business by 2012.",
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      "text": "(1) Source ('04-'07): Bureau of Justice Statistics and Office of Detention Trustee Statistics. Excludes juvenile, jail and ICE population. Source ('08-'12): In 2007, Pew Charitable Trust estimated there will be an incremental 153,000 prisoners by YE 2011. This analysis assumes an incremental 140,000 prisoners by YE 2012. (2) Source ('04-'07): Bureau of Justice Statistics and Office of Detention Trustee Statistics. Excludes juvenile, jail and ICE population. Assumes 35% private capture rate in 2008 and 25% private capture rate going forward.",
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      "text": "Occupancy (Owned): 98.7%",
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      "kind": "title",
      "text": "Supply / Demand Imbalance Drives Growth",
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