Why CCA dropped on its REIT news

So Corrections Corp. of America finally got to announce Friday that its planned conversion into a real estate investment trust will go ahead. But the company's plans for a quarterly dividend — which were more than 5 percent below analysts' expectations — disappointed investors, who promptly pushed down CCA shares (Ticker: CXW) by more than 6 percent. CEO Damon Hininger and CFO Todd Mullenger said Friday they expect the dividend will keep pace with their projections of growth of between 5 percent and 7 percent annually for CCA's adjusted funds from operations. We'll see if that's enough to entice other investors into the fold.